Bowman Consulting Group Ltd
NASDAQ:BWMN
Bowman Consulting Group Ltd
Bowman Consulting Group Ltd. operates as a professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. The company is headquartered in Reston, Virginia and currently employs 1,000 full-time employees. The company went IPO on 2021-05-06. The firm is engaged in delivering engineering solutions to customers who own, develop, and maintain the built environment. The firm provides planning, civil engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to over 2,200 customers operating in a diverse set of end markets. Its services also include mechanical, electrical, and plumbing (MEP) engineering, structural engineering, transportation engineering, commissioning and peer review. The firm works as both a prime and sub-consultant for public and private sector customers that generally operate in regulated environments. The firm offers its services to various markets, which include commercial and industrial, education, government services, healthcare, mining, parks and recreation, power and energy, retail, real estate, utilities and transportation.
Bowman Consulting Group Ltd. operates as a professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. The company is headquartered in Reston, Virginia and currently employs 1,000 full-time employees. The company went IPO on 2021-05-06. The firm is engaged in delivering engineering solutions to customers who own, develop, and maintain the built environment. The firm provides planning, civil engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to over 2,200 customers operating in a diverse set of end markets. Its services also include mechanical, electrical, and plumbing (MEP) engineering, structural engineering, transportation engineering, commissioning and peer review. The firm works as both a prime and sub-consultant for public and private sector customers that generally operate in regulated environments. The firm offers its services to various markets, which include commercial and industrial, education, government services, healthcare, mining, parks and recreation, power and energy, retail, real estate, utilities and transportation.
Revenue Growth: Bowman delivered 11% year-over-year growth in both gross and net revenue for the third quarter, supported by strong activity in transportation and power and utilities.
Profitability: Net income rose sharply to $6.6 million for the quarter, compared to $800,000 a year ago, and operating cash flow more than doubled to $10.2 million for the quarter.
Backlog: Backlog reached a record $448 million, up 18% year-over-year, with a continued book-to-bill ratio above 1, indicating sustained demand.
Guidance: The company reaffirmed 2025 guidance and initiated 2026 guidance for net revenue between $465 million and $480 million and an adjusted EBITDA margin between 17% and 17.5%.
Margin Profile: Margins remained strong with gross margin at 53% for the quarter, with differentials across business segments; total overhead dropped as a percentage of net revenue.
M&A and Innovation: Bowman remains committed to strategic M&A, with a new $210 million revolver increasing available liquidity and ongoing investments in technology and AI to drive efficiency.
Market Outlook: Management expects continued strong performance in transportation and power & utilities, with Building Infrastructure expected to benefit from improved financing conditions in 2026.
