Mistras Group (MG) Company Report

MISTRAS Group (NYSE: MG) has been selected by Bechtel to provide Non-Destructive Testing (NDT) services for the Woodside Louisiana LNG terminal.
The Woodside Louisiana LNG terminal is a multibillion-dollar LNG production and export facility under construction in Sulphur, Louisiana, permitted for up to 27.6 million tonnes per annum of LNG production.
This project is described as one of the most significant energy infrastructure developments globally and a major investment in U.S. Gulf Coast energy capacity.

3 days ago

Press Release

Mistras Group outlines strategic priorities and 2024 performance at investor conference

Guidance Update

New Projects/Investments

Demand Weakening

Mistras Group (MG) reported 2024 revenue of approximately $730 million and operates globally with 70% of its business in North America. Its core services include field services, laboratory testing, and data analytical solutions, primarily for oil and gas (largest share) and aerospace and defense industries.
A key differentiator is its proprietary Plant Condition Management Software (PCMS), which is utilized by 50% of U.S. refineries for risk-based asset integrity management. The company aims to leverage this to expand services to existing customers.
The company's Vision 2030 outlines three strategic priorities: expanding wallet share with existing customers, diversifying into new industries such as aerospace and defense, infrastructure, and data centers, and enhancing operational efficiencies. These efforts have driven significant EBITDA expansion since 2022.
While 2025 revenue guidance is flattish due to voluntarily exiting some unprofitable business, Mistras Group is experiencing strong growth in aerospace and defense, with a 14% average price increase in that sector this year. The company acknowledges weakening oil prices are impacting customer spending plans, making diversification a key strategy to reduce dependence on the oil and gas sector.

Dec 10, 2025, 6:45 PM

Transcript

Mistras Group Discusses Strategic Priorities and 2024 Performance

New Projects/Investments

Revenue Acceleration/Inflection

Demand Weakening

Mistras Group (MG) is a technology-enabled industrial asset integrity provider, reporting 2024 revenue around $730 million and approximately 4,800 employees. The company has seen EBITDA expanding significantly since 2022, although 2025 revenue is projected to be flattish due to voluntarily exiting some unprofitable business.
The company's core offerings include field services, laboratory testing, and proprietary data analytical solutions, such as Plant Condition Management Software (PCMS), which is used by 50% of U.S. refineries. MG emphasizes its technical expertise and continuous investment in R&D as key differentiators.
Mistras Group's Vision 2030 strategic plan focuses on expanding wallet share with existing customers, diversifying into new industries like aerospace and defense, infrastructure and data centers, and enhancing operational efficiencies. The aerospace and defense sector is a significant growth area, experiencing double-digit growth in defense orders in Europe and a 14% average price increase this year.

Dec 10, 2025, 6:45 PM

Transcript

Mistras Group Outlines Strategic Priorities and Market Opportunities

Guidance Update

New Projects/Investments

Demand Weakening

Mistras Group (MG) is a leader in technology-enabled industrial asset integrity, providing testing and inspection services to critical industries including energy, oil and gas, aerospace, and defense.
The company reported approximately $730 million in revenue for 2024 and employs over 4,800 individuals across 100+ locations.
Strategic priorities include expanding wallet share with existing customers, diversifying into new industries like aerospace and defense and data centers, and enhancing operational efficiencies.
Mistras Group leverages proprietary industrial software, Plant Condition Management Software (PCMS), which is utilized by 50% of U.S. refineries, as a key differentiator.
While oil and gas customers are looking at maintenance budget reductions due to weakening oil prices, the company's services are non-discretionary, and it sees significant growth opportunities in the aerospace and defense market, which saw a 14% average price increase this year.

Dec 10, 2025, 6:45 PM

Transcript

MG Discusses Strategic Priorities and Financial Outlook

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Mistras Group (MG) reported $730 million in revenue and a 11% EBITDA margin for 2024, with 80% of its business in North America and 57% in oil and gas.
The company's strategic priorities include service expansion, continuous innovation, and diversifying into higher-margin end markets such as aerospace and defense, power and utilities, and infrastructure, moving beyond its core oil and gas business.
For the current year (2025), Mistras Group anticipates revenue to be relatively flat year-over-year due to divestments, but expects an increase in EBITDA, with an outlook range of $86 million-$88 million, resulting in an EBITDA margin of just over 12%.
Mistras Group is focusing on margin expansion in 2025 and aims for profitable growth in 2026, planning investments in digital tools, in-lab capabilities (CAPEX), and its sales force to enhance commercial capabilities and leverage its data analytical solutions like the PCMS software.

Nov 12, 2025, 10:40 PM

Transcript

Mistras Group Reports Strong Q3 2025 Results and Raises Full-Year Guidance

Earnings

Guidance Update

New Projects/Investments

Mistras Group reported Q3 2025 consolidated revenue of $195.5 million, a 7% increase year-over-year, and net income of $13.1 million, or $0.41 per diluted share.
The company achieved a record quarterly adjusted EBITDA of $30.2 million, an increase of 29.6% over the prior year, with the adjusted EBITDA margin expanding by 270 basis points to 15.4%.
Revenue growth was diversified across all five largest industry verticals, including Energy up 8.1%, Aerospace and Defense up 10.6%, Industrial up 15.8%, and Infrastructure up 21.1%. The PCMS offering within data solutions grew by nearly 25%.
For full year 2025, Mistras Group expects revenue between $716-$720 million and raised its adjusted EBITDA guidance to between $86-$88 million.
The company is advancing its Vision 2030 strategic plan, focusing on integrated solutions, diversification into new markets like data centers, and operational efficiencies, with anticipated growth in aerospace and defense, infrastructure, and power generation in 2026.

Nov 5, 2025, 2:00 PM

Transcript

MISTRAS Group Reports Strong Q3 2025 Financial Results and Updates Full-Year Outlook

Earnings

Guidance Update

Revenue Acceleration/Inflection

MISTRAS Group reported Q3 2025 revenue of $195.5 million, marking a 7.0% increase year-over-year, with net income growing 104.7% to $13.1 million.
Profitability significantly improved, with Gross Profit increasing 19.0% to $58.2 million and Adjusted EBITDA (Non-GAAP) rising 29.6% to $30.2 million in Q3 2025. The Gross Profit Margin expanded by 300 basis points to 29.8%, and the Adjusted EBITDA Margin increased by 260 basis points to 15.4%.
For the nine months ended September 30, 2025, Free Cash Flow (non-GAAP) was negative $20.9 million, attributed to working capital timing. Total Net Debt (non-GAAP) stood at $174.5 million as of September 30, 2025.
The company provided a 2025 full-year outlook with revenue projected between $716 million and $720 million, and Adjusted EBITDA (Non-GAAP) between $86 million and $88 million, targeting an Adjusted EBITDA Margin of 12.0% to 12.2%.

Nov 5, 2025, 2:00 PM

Presentation

Mistras Group, Inc. Announces Third Quarter 2025 Results

Earnings

Guidance Update

Mistras Group, Inc. reported Q3 2025 revenue of $195.5 million, a 7.0% increase year-over-year, with net income of $13.1 million and diluted earnings per share of $0.41.
The company achieved record Adjusted EBITDA of $30.2 million in Q3 2025, representing a 29.6% increase compared to the prior year, and an Adjusted EBITDA margin of 15.4%.
For the first nine months of 2025, revenue was $542.6 million, a 2.6% decrease, while Adjusted EBITDA increased 7.7% to $66.3 million.
Mistras Group updated its full-year 2025 guidance, projecting revenue between $716.0 million and $720.0 million and Adjusted EBITDA between $86.0 million and $88.0 million.

Nov 4, 2025, 10:02 PM

8-K

Mistras Group Announces Third Quarter 2025 Results

Earnings

Guidance Update

MISTRAS Group reported third quarter 2025 revenue of $195.5 million, an increase of 7.0%, with net income of $13.1 million and diluted earnings per share of $0.41.
The company achieved record Adjusted EBITDA of $30.2 million in Q3 2025, representing a 29.6% increase year-over-year, with an Adjusted EBITDA margin of 15.4%.
For the first nine months of 2025, revenue was $542.6 million, and Adjusted EBITDA was $66.3 million, up 7.7% from the prior year period.
MISTRAS Group raised its full-year 2025 Adjusted EBITDA guidance to between $86.0 million to $88.0 million, exceeding the 2024 level of $82.5 million.
The company expects full-year 2025 revenue to be between $716.0 million to $720.0 million.