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Mistras Group
Mistras Group (MG) investor relations material
Mistras Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Q4 2025 revenue grew 5.1% year-over-year to $181.5 million, with double-digit growth in aerospace and defense, power generation, and infrastructure end markets.
Aerospace and defense revenue grew 21.9% in Q4, power generation up 33.2%, and infrastructure up 26.8% year-over-year; laboratories business achieved record 61% growth.
Full year 2025 consolidated revenue was $724.0 million, with gross profit up 6.4% and adjusted EBITDA reaching a record $91.1 million.
Diversification efforts led to growth in all industries except oil & gas, which declined 5.4% due to project timing.
Major contract wins in LNG and data centers supported long-term growth and industry diversification.
Financial highlights
Q4 2025 adjusted EBITDA was $24.8 million, up 18.2% year-over-year, with a margin of 13.7%, the highest ever for Q4.
Full year adjusted EBITDA margin expanded to 12.6%; gross margin for 2025 was 28.4%, up 190 basis points year-over-year.
Q4 GAAP net income was $3.9 million (EPS $0.12); full year GAAP net income was $16.8 million (EPS $0.53); non-GAAP net income for FY 2025 was $28.1 million (EPS $0.88).
Free cash flow for Q4 was $24.6 million, while full year free cash flow was $3.8 million, down due to elevated DSO, restructuring, and higher CapEx.
Gross debt at year-end 2025 was $178 million; net debt was $150 million.
Outlook and guidance
2026 revenue guidance: $730–$750 million; adjusted EBITDA: $91–$93 million.
CapEx to remain elevated at ~4.5% of revenue in 2026 and 2027, focused on lab expansion and AI/data solutions.
Net income and EPS expected to exceed 2025 levels; EBITDA margins to remain resilient.
No macro acceleration in oil and gas or acquisitions assumed in outlook.
Management to provide further 2026 guidance during the scheduled conference call.
How will 2026 investments affect profit growth?
What drives 2025 FCF decline; how to reverse?
What is the strategy behind changing revenue mix?
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Next Mistras Group earnings date
Q1 20267 May, 2026
Mistras Group
Next Mistras Group earnings date
Q1 20267 May, 2026
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Frequently asked questions
Mistras Group Inc is a provider of technology-enabled asset protection solutions, specializing in non-destructive testing (NDT) and inspection services. The company helps clients in industries such as oil and gas, aerospace, power generation, and infrastructure to monitor and assess the integrity of critical assets, including pipelines, pressure vessels, and bridges. Mistras offers a wide range of services, including acoustic emission testing, radiography, and advanced data analytics, to detect flaws, prevent failures, and extend the lifespan of equipment and structures. The company is headquartered in Princeton Junction, New Jersey, and its shares are listed on the NYSE.
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