NYSE: MG
Mistras Group, Inc.CIK 0001436126 · SIC 8711 · Engineering Services
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Mistras Group to be acquired by H.I.G. Capital for $20.35 per share in cash
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Mistras Q2 revenue rises 4.2% to $193.1M; net income jumps 151.3% to $7.6M
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Latest financial statements
From 10-Q filed Nov 2, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income (Unaudited)
(in thousands, except per share data)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Revenue | 204,621 | 195,549 | 566,787 | 542,569 |
| Cost of revenue | 136,321 | 131,826 | 386,103 | 372,851 |
| Depreciation | 6,263 | 5,530 | 17,470 | 16,688 |
| Gross profit | 62,037 | 58,193 | 163,214 | 153,030 |
| Selling, general and administrative expenses | 38,493 | 33,478 | 114,201 | 108,923 |
| Reorganization and other costs | 1,455 | 1,764 | 3,457 | 7,802 |
| Transaction-related expense | 4,304 | — | 4,304 | — |
| Environmental expense, net | (110) | 199 | 219 | 1,257 |
| Research and engineering | 247 | 210 | 711 | 778 |
| Depreciation and amortization | 2,599 | 2,161 | 7,645 | 6,473 |
| Income from operations | 15,049 | 20,381 | 32,677 | 27,797 |
| Other (income) expense, net | 522 | — | (1,423) | — |
| Interest expense | 3,446 | 3,381 | 10,463 | 10,944 |
| Income before provision for income taxes | 11,081 | 17,000 | 23,637 | 16,853 |
| Provision for income taxes | 4,172 | 3,797 | 6,819 | 3,692 |
| Net income | 6,909 | 13,203 | 16,818 | 13,161 |
| Less: net (loss) income attributable to noncontrolling interests, net of taxes | (40) | 95 | (100) | 222 |
| Net income attributable to Mistras Group, Inc. | 6,949 | 13,108 | 16,918 | 12,939 |
| Net income per common share: | ||||
| Basic | 0.22 | 0.42 | 0.53 | 0.41 |
| Diluted | 0.21 | 0.41 | 0.51 | 0.41 |
| Weighted-average common shares outstanding: | ||||
| Basic | 31,853 | 31,543 | 31,768 | 31,361 |
| Diluted | 33,039 | 31,880 | 32,919 | 31,920 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
| Description | September 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 18,987 | 28,008 |
| Accounts receivable, net | 169,948 | 154,673 |
| Inventories | 16,855 | 14,002 |
| Prepaid expenses and other current assets | 20,351 | 19,509 |
| Total current assets | 226,141 | 216,192 |
| Property, plant and equipment, net | 106,898 | 93,164 |
| Intangible assets, net | 38,386 | 38,407 |
| Goodwill | 182,282 | 184,829 |
| Deferred income taxes | 4,717 | 5,377 |
| Other assets | 39,039 | 40,812 |
| Total assets | 597,463 | 578,781 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Accounts payable | 18,466 | 14,943 |
| Accrued expenses and other current liabilities | 89,031 | 88,026 |
| Current portion of long-term debt | 12,803 | 12,849 |
| Current portion of finance lease obligations | 8,829 | 7,025 |
| Income taxes payable | 577 | 1,465 |
| Total current liabilities | 129,706 | 124,308 |
| Long-term debt, net of current portion | 160,961 | 165,143 |
| Obligations under finance leases, net of current portion | 21,718 | 17,340 |
| Deferred income taxes | 2,965 | 1,264 |
| Other long-term liabilities | 33,710 | 35,081 |
| Total liabilities | 349,060 | 343,136 |
| Commitments and contingencies (Note 13) | ||
| Equity | ||
| Preferred stock, 10,000,000 shares authorized | — | — |
| Common stock, $0.01 par value, 200,000,000 shares authorized, 31,863,024 and 31,567,434 shares issued and outstanding | 704 | 499 |
| Additional paid-in capital | 260,463 | 256,863 |
| Accumulated earnings | 23,771 | 6,853 |
| Accumulated other comprehensive loss | (36,710) | (29,111) |
| Total Mistras Group, Inc. stockholders’ equity | 248,228 | 235,104 |
| Non-controlling interests | 175 | 541 |
| Total equity | 248,403 | 235,645 |
| Total liabilities and equity | 597,463 | 578,781 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | 16,818 | 13,161 |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Depreciation and amortization | 25,115 | 23,161 |
| Deferred income taxes | 2,404 | 2,287 |
| Share-based compensation expense | 5,527 | 6,067 |
| Bad debt provision for troubled customers, net of recoveries | (324) | 901 |
| Foreign currency (gain) loss | (1,423) | 2,420 |
| Other | (2,185) | (1,226) |
| Changes in operating assets and liabilities, net of effect of acquisitions and dispositions | ||
| Accounts receivable | (16,399) | (44,230) |
| Inventories | (2,841) | (5) |
| Prepaid expenses and other assets | (653) | (7,158) |
| Accounts payable | 2,185 | 6,679 |
| Accrued expenses and other liabilities | 2,097 | 171 |
| Income taxes payable | (885) | (1,385) |
| Net cash provided by operating activities | 29,436 | 843 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (21,762) | (18,534) |
| Purchase of intangible assets | (5,753) | (3,166) |
| Proceeds from sale of equipment | 2,544 | 2,736 |
| Net cash used in investing activities | (24,971) | (18,964) |
| Cash flows from financing activities | ||
| Repayment of finance lease obligations | (5,888) | (4,419) |
| Repayment of long-term debt | (9,838) | (8,441) |
| Proceeds from revolver | 58,850 | 74,000 |
| Repayment of revolver | (53,100) | (33,400) |
| Payment of debt issuance costs | (449) | — |
| Distribution to non-controlling interests | (141) | — |
| Taxes paid related to net share settlement of share-based awards | (1,722) | (1,524) |
| Net cash (used in) provided by financing activities | (12,288) | 26,216 |
| Effect of exchange rate changes on cash and cash equivalents | (1,198) | 1,393 |
| Net change in cash and cash equivalents | (9,021) | 9,488 |
| Cash and cash equivalents at beginning of period | 28,008 | 18,317 |
| Cash and cash equivalents at end of period | 18,987 | 27,805 |
| Supplemental disclosure of cash paid | ||
| Interest, net | 8,516 | 10,070 |
| Income taxes, net of refunds | 3,625 | 6,874 |
| Noncash investing and financing | ||
| Equipment acquired through finance lease obligations | 12,375 | 4,393 |
| Capital expenditures included in accounts payable and accrued liabilities | 1,446 | 985 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share data); (in thousands, except share and per share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗