Bowman Consulting (BWMN)


Market Price (10/5/2026): $42.61 | Market Cap: $700.2 MilSector: Industrials | Industry: Construction & Engineering

Bowman Consulting (BWMN)


Market Price (10/5/2026): $42.61
Market Cap: $700.2 Mil
Sector: Industrials
Industry: Construction & Engineering

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Megatrend and thematic drivers
Megatrends include Water Infrastructure, Renewable Energy Transition, and Electrification of Everything. Themes include Water Treatment & Delivery, Show more.

Trading close to highs
Dist 52W High is -4.1%, Dist 3Y High is -4.1%

Weak multi-year price returns
3Y Excs Rtn is -25%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 44x, P/EPrice/Earnings or Price/(Net Income) is 95x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2%

Key risks
BWMN key risks include [1] challenges in successfully integrating strategic acquisitions to realize anticipated growth and [2] an inability to attract and retain skilled technical talent in a highly competitive market.

0 Megatrend and thematic drivers
Megatrends include Water Infrastructure, Renewable Energy Transition, and Electrification of Everything. Themes include Water Treatment & Delivery, Show more.
1 Trading close to highs
Dist 52W High is -4.1%, Dist 3Y High is -4.1%
2 Weak multi-year price returns
3Y Excs Rtn is -25%
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 44x, P/EPrice/Earnings or Price/(Net Income) is 95x
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2%
5 Key risks
BWMN key risks include [1] challenges in successfully integrating strategic acquisitions to realize anticipated growth and [2] an inability to attract and retain skilled technical talent in a highly competitive market.

BWMN in ETFs

Weight = BWMN's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
IWO0.04%
VTWO0.02%
SCHA0.01%
DFAS0.00%
SCHB0.00%
+1 more covered ETF

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

Bowman Consulting (BWMN) stock has gained about 45% since 6/30/2026 because of the following key factors:

1. Definitive Agreement for Acquisition by Bernhard Capital Partners. Bowman Consulting Group entered into a definitive agreement on August 10, 2026, to be acquired by Bernhard Capital Partners in an all-cash transaction for $43.00 per share. This deal, valued at approximately $1.0 billion, represented a significant premium of roughly 58% to Bowman's closing share price of $27.23 on August 7, 2026. The announcement of this acquisition was a primary driver for the stock's surge, as shares jumped 55.1% to $42.24 on the day the news was released.

2. Strong Fiscal Q2 2026 Earnings Beat. On August 10, 2026, Bowman Consulting Group reported robust financial results for fiscal Q2 2026 (ending June 30, 2026), significantly exceeding analyst expectations. The company announced earnings per share (EPS) of $0.62, beating the consensus estimate of $0.47 by $0.15. Additionally, quarterly revenue reached $146.13 million, surpassing analyst estimates of $129.35 million. This strong performance, which included a 19.4% increase in net service billing and 12.7% organic net service billing growth, provided fundamental validation for the company's value.

Show more
Updated on 10/1/2026

Bowman Consulting (BWMN) stock has gained about 45% since 6/30/2026 because of the following key factors:

1. Definitive Agreement for Acquisition by Bernhard Capital Partners. Bowman Consulting Group entered into a definitive agreement on August 10, 2026, to be acquired by Bernhard Capital Partners in an all-cash transaction for $43.00 per share. This deal, valued at approximately $1.0 billion, represented a significant premium of roughly 58% to Bowman's closing share price of $27.23 on August 7, 2026. The announcement of this acquisition was a primary driver for the stock's surge, as shares jumped 55.1% to $42.24 on the day the news was released.

2. Strong Fiscal Q2 2026 Earnings Beat. On August 10, 2026, Bowman Consulting Group reported robust financial results for fiscal Q2 2026 (ending June 30, 2026), significantly exceeding analyst expectations. The company announced earnings per share (EPS) of $0.62, beating the consensus estimate of $0.47 by $0.15. Additionally, quarterly revenue reached $146.13 million, surpassing analyst estimates of $129.35 million. This strong performance, which included a 19.4% increase in net service billing and 12.7% organic net service billing growth, provided fundamental validation for the company's value.

3. Significant Increase in Backlog and Raised Full-Year Guidance. Contributing to the positive sentiment leading up to the acquisition, Bowman Consulting Group reported a gross backlog of $652.7 million at the end of fiscal Q1 2026, marking a 55.9% increase from the prior year. Furthermore, the company raised its full-year 2026 revenue guidance to a range of $520 million to $540 million, an increase from its previous guidance of $495 million to $510 million. This demonstrated strong operational momentum and an optimistic outlook for future financial performance.

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Stock Movement Drivers

Fundamental Drivers

The 45.9% change in BWMN stock from 6/30/2026 to 10/4/2026 was primarily driven by a 115.1% change in the company's P/E Multiple.
(LTM values as of)630202610042026Change
Stock Price ($)29.2042.6045.9%
Change Contribution By: 
Total Revenues ($ Mil)5045284.8%
Net Income Margin (%)2.2%1.4%-35.4%
P/E Multiple44.194.9115.1%
Shares Outstanding (Mil)16160.1%
Cumulative Contribution45.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/4/2026
ReturnCorrelation
BWMN45.9% 
Market (SPY)3.1%6.1%
Sector (XLI)-8.2%3.5%

Fundamental Drivers

The 49.8% change in BWMN stock from 3/31/2026 to 10/4/2026 was primarily driven by a 159.9% change in the company's P/E Multiple.
(LTM values as of)331202610042026Change
Stock Price ($)28.4442.6049.8%
Change Contribution By: 
Total Revenues ($ Mil)4905287.7%
Net Income Margin (%)2.6%1.4%-46.7%
P/E Multiple36.594.9159.9%
Shares Outstanding (Mil)16160.4%
Cumulative Contribution49.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/4/2026
ReturnCorrelation
BWMN49.8% 
Market (SPY)18.6%15.4%
Sector (XLI)5.3%15.3%

Fundamental Drivers

The 0.6% change in BWMN stock from 9/30/2025 to 10/4/2026 was primarily driven by a 50.1% change in the company's P/E Multiple.
(LTM values as of)930202510042026Change
Stock Price ($)42.3642.600.6%
Change Contribution By: 
Total Revenues ($ Mil)46252814.2%
Net Income Margin (%)2.4%1.4%-40.9%
P/E Multiple63.294.950.1%
Shares Outstanding (Mil)1616-0.6%
Cumulative Contribution0.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/4/2026
ReturnCorrelation
BWMN0.6% 
Market (SPY)16.5%27.1%
Sector (XLI)11.2%25.5%

Fundamental Drivers

The 52.0% change in BWMN stock from 9/30/2023 to 10/4/2026 was primarily driven by a 72.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310042026Change
Stock Price ($)28.0342.6052.0%
Change Contribution By: 
Total Revenues ($ Mil)30652872.6%
Net Income Margin (%)1.2%1.4%13.4%
P/E Multiple91.294.94.0%
Shares Outstanding (Mil)1216-25.3%
Cumulative Contribution52.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/4/2026
ReturnCorrelation
BWMN52.0% 
Market (SPY)86.2%31.9%
Sector (XLI)74.3%33.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BWMN Return52%3%63%-30%32%29%204%
Peers Return38%-16%25%27%34%-18%102%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
BWMN Win Rate75%50%67%42%67%33% 
Peers Win Rate58%43%55%63%57%49% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
BWMN Max Drawdown--50%-27%-52%-31%-31% 
Peers Max Drawdown-19%-35%-19%-16%-27%-39% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: J, STN, TTEK, WLDN, ACM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)

How Low Can It Go

EventBWMNS&P 500
2025 US Tariff Shock
  % Loss-16.1%-18.8%
  % Gain to Breakeven19.2%23.1%
  Time to Breakeven2 days79 days
2024 Yen Carry Trade Unwind
  % Loss-32.2%-7.8%
  % Gain to Breakeven47.4%8.5%
  Time to Breakeven338 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.3%-9.5%
  % Gain to Breakeven27.1%10.5%
  Time to Breakeven66 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-49.6%-24.5%
  % Gain to Breakeven98.3%32.4%
  Time to Breakeven164 days427 days

Compare to J, STN, TTEK, WLDN, ACM

In The Past

Bowman Consulting's stock fell -16.1% during the 2025 US Tariff Shock. Such a loss loss requires a 19.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventBWMNS&P 500
2024 Yen Carry Trade Unwind
  % Loss-32.2%-7.8%
  % Gain to Breakeven47.4%8.5%
  Time to Breakeven338 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.3%-9.5%
  % Gain to Breakeven27.1%10.5%
  Time to Breakeven66 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-49.6%-24.5%
  % Gain to Breakeven98.3%32.4%
  Time to Breakeven164 days427 days

Compare to J, STN, TTEK, WLDN, ACM

In The Past

Bowman Consulting's stock fell -16.1% during the 2025 US Tariff Shock. Such a loss loss requires a 19.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Bowman Consulting (BWMN)

Bowman Consulting Group Ltd. (BWMN) is a professional services company based in Reston, Virginia, specializing in comprehensive engineering, environmental, and infrastructure solutions. The firm supports clients across critical sectors such as real estate, energy, infrastructure development, and environmental management throughout the United States.

The company's core services encompass a wide range of offerings, including civil and site engineering, covering aspects like conceptual land planning, zoning, stormwater management designs, and traffic studies. Bowman also provides extensive environmental consulting, which includes wetlands delineation, permitting, NEPA documentation, and Phase I environmental site assessments. Additionally, it offers construction management, surveying and geospatial engineering, structural engineering, landscape architecture, and specialized mechanical, electrical, and plumbing (MEP) engineering services. Commissioning and energy efficiency services further round out its capabilities.

Bowman Consulting's primary customers are diverse, spanning both private and public sectors. These typically include real estate developers, energy companies, governmental agencies involved in infrastructure and transportation projects, and various other organizations requiring expert guidance in land development, environmental compliance, and construction management. Its broad service portfolio caters to projects demanding specialized engineering, planning, and environmental expertise from inception through completion.

AI Analysis | Feedback

Here are 1-2 brief analogies for Bowman Consulting (BWMN):

  • Like a smaller, US-focused AECOM.
  • Tetra Tech for civil engineering and real estate development.

AI Analysis | Feedback

Bowman Consulting (BWMN) provides a comprehensive suite of engineering, consulting, and management services across various sectors:

  • Civil and Site Engineering: Offers design and planning for land development, including roads, stormwater management, and utility systems.
  • Commissioning and Energy Efficiency Services: Provides testing, observation, and review to ensure optimal system performance and energy efficiency.
  • Construction Management Services: Oversees construction projects, including constructability review, budgeting, coordination, and on-site observation.
  • Environmental Consulting Services: Delivers assessments, surveys, and permitting assistance for environmental compliance and conservation efforts.
  • Landscape Architecture: Provides design services for outdoor spaces, integrating natural and built environments.
  • Land Procurement and Right-of-Way Acquisition: Manages the acquisition of land and access rights necessary for various development projects.
  • Structural Engineering: Designs the structural components for buildings and other infrastructure projects.
  • Surveying and Geospatial Engineering: Offers land surveying and geospatial data services for accurate project planning and execution.
  • Transportation and Water Resources Engineering: Focuses on the design and management of transportation networks and water-related infrastructure.
  • Mechanical, Electrical, and Plumbing (MEP) Engineering: Provides design and consulting for building mechanical, electrical, and plumbing systems.

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Gary Bowman, Chief Executive Officer

Gary Bowman founded Bowman in 1995. He has personally guided the company's national expansion through his oversight of strategy, acquisitions, and operational execution. Mr. Bowman served as president, CEO, and Chairman since the company's founding, resigning as Chair in May 2025. He is a licensed professional engineer with over 40 years of experience. Under his leadership, Bowman has grown to approximately $426 million in annual gross contract revenue and completed over 35 acquisitions since its 2021 IPO. Prior to founding Bowman, he was a principal for 15 years at Urban Engineering. Mr. Bowman plans to retire as CEO and resign as a director later in 2026, and is expected to serve as Senior Advisor during the transition.

Bruce Labovitz, Chief Financial Officer

Bruce Labovitz has over 35 years of experience in financial management and strategy, overseeing accounting, financial reporting, financing, treasury, tax, corporate assets, and investor relations at Bowman. He has worked in a variety of industries for both private and public companies. As CFO of Comstock Homebuilding Companies, he led the company through a successful IPO, managed its transition from private to public, and oversaw multiple subsequent capital markets, debt, and M&A transactions. Mr. Labovitz joined Bowman in 2013 and played a pivotal role in guiding the company through its successful initial public offering (IPO) in May 2021. His leadership has been instrumental in driving Bowman's growth and financial strategy, including the execution and integration of numerous acquisitions. He was named Public Company CFO of the Year by the Northern Virginia Technology Council in June 2024.

Michael Bruen, President

Michael Bruen, who previously served as the Company's Chief Operating Officer, was promoted to President in July 2024.

Daniel Swayze, Chief Operating Officer

Daniel Swayze is a licensed professional engineer with more than 16 years of operational management experience. He joined Bowman in 2022 as Executive Vice President of Energy Services and was later promoted to division manager, overseeing the company's transportation, MEP, and renewables practices. Mr. Swayze was promoted to Chief Operating Officer in July 2024. Previously, he was the Chief Operating Officer at Onyx Renewable Partners L.P., where he managed engineering, procurement, construction, and asset management divisions.

Robert Hickey, General Counsel and Corporate Secretary

Robert Hickey has served as Bowman's general counsel and corporate secretary since 2012. He spent 20 years in the private practice of corporate and real estate law before joining the company. In his role, he oversees legal affairs and risk management, and implements the legal aspects of the company's acquisition initiatives.

AI Analysis | Feedback

The key risks to Bowman Consulting (BWMN) are:

1. Financial Leverage and Interest Coverage Risk

Bowman Consulting faces a significant risk related to its financial leverage, as its interest payments are not consistently well covered by earnings, despite recent earnings growth. This indicates a vulnerability in its financial structure, particularly if earnings decline or interest rates increase. The company's net profit has not been consistently high relative to its fixed obligations like interest.

2. Acquisition Integration and Execution Risk

The company's growth strategy heavily relies on strategic acquisitions. This introduces risks such as potential margin pressures, challenges in successfully integrating acquired companies, and the need to maintain target leverage ratios and working capital efficiency amidst ongoing merger and acquisition activities.

3. Market Cyclicality and Thin Operating Margins

Bowman Consulting operates in sectors highly sensitive to general economic conditions and demand fluctuations from local, state, and private clients in real estate, infrastructure, and construction. While the company has diversified its services, an economic downturn could still impact demand. Furthermore, the company operates on relatively thin net profit margins (around 2.5%), which means any shortfall in projected growth or unfavorable market conditions could significantly pressure its profitability and financial performance.

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Bowman Consulting Group Ltd. provides a variety of services across real estate, energy, infrastructure, and environmental management. The addressable markets for their main products or services in the United States are sizable:

  • Civil Engineering: The U.S. civil engineering market is projected to reach approximately $1.88 trillion (USD 1,883,047.00 million) in 2025, with an expected expansion to approximately $2.78 trillion (USD 2,779,584.00 million) by 2034.
  • Environmental Consulting: The U.S. environmental consulting market was estimated at $15.9 billion in 2023 and is forecast to expand to $27.3 billion through 2025.
  • Surveying & Geospatial Engineering: The market size for Surveying & Mapping Services in the U.S. was $11.3 billion in 2024 and is projected to reach $11.5 billion in 2025.
  • Construction Management: The market size of Construction Project Management Services in the U.S. was $372.5 billion in 2025 and is projected to reach $377.9 billion in 2026.
  • MEP (Mechanical, Electrical, and Plumbing) Engineering Services: The U.S. MEP services market is expected to generate a value of USD 34.90 billion in 2025 and is estimated to reach USD 37 billion by 2026.
  • Transportation Infrastructure Engineering: The U.S. transportation infrastructure market, which includes transportation engineering, was valued at USD 380.4 billion in 2024 and is expected to grow to USD 550.5 billion by 2032.
  • Overall Engineering Services: The broader United States engineering services market size was valued at USD 387.42 billion in 2025 and is estimated to grow to USD 533.33 billion by 2031.

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Bowman Consulting (BWMN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

  1. Strategic Acquisitions: Bowman Consulting has a consistent history of growth through strategic acquisitions, having completed over 35 acquisitions since its IPO in 2021. This approach has significantly added to its annualized net service billing and expanded its geographic footprint and technical services. The company expects to continue leveraging acquisitions to boost billings and earnings.
  2. Robust Organic Growth and Increasing Backlog: The company consistently reports strong organic net revenue growth, indicating sustained demand for its engineering services. This organic growth is further supported by a record-breaking and expanding backlog, which provides strong revenue visibility for the coming years.
  3. Expansion in High-Growth Market Segments: Bowman is experiencing notable order growth and continued expansion in key market segments such as Power Utilities, Transportation, Natural Resources, and Geospatial markets. Analysts also connect the company's earnings growth to its expansion into energy, data centers, and tech-enabled services.
  4. Investments in Technology and Innovation: Bowman Consulting is making significant investments in technology and innovation initiatives. These investments are aimed at improving operational efficiency, empowering data-driven analytics, and enhancing long-term client engagement, which are expected to contribute to future revenue generation.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

  • During the twelve months ending December 31, 2025, Bowman repurchased 683,448 shares of its common stock for a total of $18.8 million under its 2024 and 2025 Share Repurchase Authorizations.
  • From October 1, 2025, to December 31, 2025, the company repurchased 272,885 shares for $9.36 million.
  • A new share repurchase program was authorized on June 6, 2025, allowing the company to repurchase up to $25 million of its common stock over the next 12 months, replacing a prior authorization.

Share Issuance

  • In 2024, Bowman issued and sold 1,502,942 shares of common stock, generating net proceeds of $47.2 million.
  • The company completed an underwritten public offering of 1,691,176 shares, resulting in gross proceeds to Bowman of approximately $51.1 million, intended for general corporate purposes including organic expansion, acquisitions, and debt repayment.

Inbound Investments

  • In March 2026, Bowman amended its Credit Agreement, increasing its maximum borrowing under the credit facility to $250 million from $210 million.
  • The company maintains a $100 million Revolving Credit Facility with Bank of America to manage liquidity and capital needs.

Outbound Investments

  • Bowman has pursued aggressive growth through acquisitions, completing 35 since its initial public offering in 2021.
  • In 2025, Bowman completed seven acquisitions or acqui-hires for approximately $75.4 million.
  • Significant acquisitions include RPT Alliance in December 2025 for nearly $60 million, enhancing power and utilities capabilities, and e3i Engineers in July 2025 to boost data center engineering services.

Capital Expenditures

  • Capital expenditures for the last twelve months (as of early March 2026) amounted to $2.39 million.
  • In Q4 2025, Bowman Consulting Group Ltd. invested $1.2 million in capital expenditures.

Better Bets vs. Bowman Consulting (BWMN)

Peer Outperformance in Construction & Engineering

BWMN has outperformed 63% of its 30 Construction & Engineering peers over 5Y. Among the peers that beat it are IESC, EME and TPC. Construction & Engineering ranks 1st of 23 industries in Industrials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Construction & Engineering constituents that BWMN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
46%
of 35 industry peers · 2.7% return
3Y
41%
of 32 industry peers · 57.5% return
5Y
63%
of 30 industry peers · 218.6% return
Construction & Engineering peers with revenue growth within 4pp of BWMN's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
BWMN Bowman Consulting 20.1% 94.9x 2.7%57.5%218.6% —
IESC IES 19.4% 29.6x -11.4%387.9%638.0% +419pp
EME EMCOR 16.7% 24.3x 20.4%287.6%571.3% +353pp
TPC Tutor Perini 16.5% 36.8x 39.5%1054.3%553.9% +335pp
PWR Quanta Services 21.5% 76.6x 60.8%303.5%505.1% +286pp
DY Dycom Industries 20.0% 25.0x -4.4%223.9%282.4% +64pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Construction & Engineering is BWMN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering ← 31 9.9%133.1%195.8% CDNL 2264% · STRL 2206% · FIX 2205%
Marine Transportation 5 88.0%70.6%178.4% HOS 39847% · MATX 195% · KEX 178%
Construction Machinery & Heavy Transportation Equipment 13 3.5%54.9%103.6% CAT 379% · ALSN 253% · WAB 231%
Aerospace & Defense 54 -12.8%64.8%71.1% ATI 1031% · FTAI 826% · HWM 631%
Trading Companies & Distributors 19 5.0%37.3%52.1% DXPE 518% · AIT 284% · WCC 224%
Industrial Machinery & Supplies & Components 72 14.5%52.3%50.2% CRS 1129% · PSIX 1065% · EROC 627%
Rail Transportation 7 20.0%62.7%48.3% FSTR 138% · RAIL 64% · CSX 61%
Cargo Ground Transportation 16 37.3%5.9%34.2% XPO 287% · R 220% · CVLG 155%
Electrical Components & Equipment 39 7.3%67.1%31.8% POWL 2405% · BE 1469% · VRT 996%
Diversified Support Services 33 9.3%33.6%30.2% LIME 3065% · TH 369% · CXW 274%
Building Products 33 -14.9%3.0%17.7% LMB 624% · GFF 356% · PPIH 269%
Industrial Conglomerates 17 9.6%6.0%-0.5% RCMT 614% · CSW 133% · CSL 73%
Agricultural & Farm Machinery 17 11.6%4.0%-4.5% BLBD 175% · DE 117% · GENC 59%
Environmental & Facilities Services 30 -18.6%21.1%-8.2% CECO 924% · ADUR 438% · NVRI 314%
Passenger Ground Transportation 3 -29.5%50.8%-9.1% UBER 49% · CAR -9% · LYFT -71%
Research & Consulting Services 13 -12.4%-28.6%-15.8% HURN 221% · CRAI 72% · GRNQ 37%
Security & Alarm Services 9 -38.7%37.8%-20.5% CIX 156% · MG 110% · NL 70%
Office Services & Supplies 9 13.5%18.9%-28.5% PBI 181% · TILE 123% · HNI 47%
Data Processing & Outsourced Services 6 -36.4%-16.5%-28.6% EXLS 43% · BR 4% · G -25%
Passenger Airlines 11 13.1%21.1%-35.8% LTM 2944% · UAL 121% · DAL 95%
Air Freight & Logistics 12 -32.1%-21.8%-37.2% CHRW 103% · FDX 79% · EXPD 77%
Human Resource & Employment Services 22 1.7%-17.6%-40.0% BBSI 63% · ADP 41% · HQI 4%
Airport Services 3 -76.8%-78.7%-71.2% JOBY -35% · ASLE -71% · UP -100%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

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Peer Comparisons

Peers to compare with:

Financials

BWMNJSTNTTEKWLDNACMMedian
NameBowman C.Jacobs S.Stantec Tetra Te.Willdan AECOM  
Mkt Price42.61138.0667.4533.1173.5459.6763.56
Mkt Cap0.716.37.78.51.17.77.7
Rev LTM52814,2198,5525,06974215,3936,811
Op Inc LTM1665078059452715622
FCF LTM1264566654762203375
FCF 3Y Avg1967159444855575512
CFO LTM2373674456771365466
CFO 3Y Avg2477168546864701577

Growth & Margins

BWMNJSTNTTEKWLDNACMMedian
NameBowman C.Jacobs S.Stantec Tetra Te.Willdan AECOM  
Rev Chg LTM14.2%20.1%10.0%-7.6%18.1%-4.2%12.1%
Rev Chg 3Y Avg20.1%16.5%11.5%7.5%17.6%3.6%14.0%
Rev Chg Q19.7%34.5%13.4%-4.5%33.2%-14.2%16.6%
QoQ Delta Rev Chg LTM4.8%7.9%3.2%-1.2%8.4%-3.7%4.0%
Op Inc Chg LTM32.3%-23.4%18.2%1.7%36.3%-29.7%9.9%
Op Inc Chg 3Y Avg23.5%18.1%19.8%16.6%80.5%0.7%18.9%
Op Mgn LTM3.0%4.6%9.1%11.7%7.1%4.6%5.9%
Op Mgn 3Y Avg1.4%5.6%8.5%10.7%6.0%5.5%5.8%
QoQ Delta Op Mgn LTM-0.5%0.0%0.2%0.0%0.6%-2.1%0.0%
CFO/Rev LTM4.4%5.2%8.7%11.2%9.6%2.4%6.9%
CFO/Rev 3Y Avg5.3%8.0%8.8%9.0%10.0%4.4%8.4%
FCF/Rev LTM2.2%4.5%7.8%10.8%8.4%1.3%6.2%
FCF/Rev 3Y Avg4.1%7.0%7.6%8.6%8.6%3.6%7.3%

Valuation

BWMNJSTNTTEKWLDNACMMedian
NameBowman C.Jacobs S.Stantec Tetra Te.Willdan AECOM  
Mkt Cap0.716.37.78.51.17.77.7
P/S1.31.10.91.71.50.51.2
P/Op Inc44.025.09.814.421.110.717.8
P/EBIT44.024.29.713.520.210.616.9
P/E94.948.015.219.616.926.623.1
P/CFO30.122.110.315.115.621.018.3
Total Yield1.1%3.1%8.0%5.9%5.9%5.7%5.8%
Dividend Yield0.0%1.0%1.4%0.8%0.0%2.0%0.9%
FCF Yield 3Y Avg3.2%4.1%6.2%5.1%7.5%4.1%4.6%
D/E0.40.20.40.10.10.40.3
Net D/E0.40.20.30.10.00.30.2

Returns

BWMNJSTNTTEKWLDNACMMedian
NameBowman C.Jacobs S.Stantec Tetra Te.Willdan AECOM  
1M Rtn0.4%-5.6%-8.0%-7.8%-14.3%-10.4%-7.9%
3M Rtn48.5%8.2%-3.4%11.0%-3.6%-11.9%2.4%
6M Rtn43.7%8.4%-22.1%7.1%-8.5%-29.2%-0.7%
12M Rtn2.8%-9.7%-38.4%-1.1%-19.4%-53.2%-14.6%
3Y Rtn57.5%28.4%6.6%8.4%281.4%-23.8%18.4%
1M Excs Rtn-0.7%-6.9%-7.7%-8.5%-16.7%-10.9%-8.1%
3M Excs Rtn42.3%4.8%-6.8%4.1%-9.3%-16.7%-1.4%
6M Excs Rtn26.4%-8.9%-39.4%-10.2%-25.8%-46.6%-18.0%
12M Excs Rtn-14.9%-23.6%-52.6%-14.5%-38.3%-68.8%-31.0%
3Y Excs Rtn-24.8%-54.0%-74.4%-70.7%188.0%-106.9%-62.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Providing multi-disciplinary professional engineering solutions to customers490427346262150
Total490427346262150


Net Income by Segment
$ Mil202520242023
Providing multi-disciplinary professional engineering solutions to customers133-7
Total133-7


Price Behavior

Price Behavior
Market Price$42.60 
Market Cap ($ Bil)0.7 
First Trading Date05/07/2021 
Distance from 52W High-4.1% 
   50 Days200 Days
DMA Price$39.02$33.47
DMA Trendupup
Distance from DMA9.2%27.3%
 3M1YR
Volatility113.6%71.2%
Downside Capture-194.40133.69
Upside Capture44.71113.99
Correlation (SPY)6.3%27.2%
BWMN Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta-0.030.060.651.041.481.18
Up Beta-0.010.660.611.141.520.97
Down Beta0.0513.607.103.282.351.05
Up Capture-3%31%45%85%123%261%
Bmk +ve Days6162766132424
Stock +ve Days10203059117382
Down Capture-5%-563%-225%1%121%109%
Bmk -ve Days16263760120328
Stock -ve Days6132558125356

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BWMN
BWMN0.1%70.9%0.24-
Sector ETF (XLI)11.5%17.3%0.4625.5%
Equity (SPY)16.2%13.0%0.8827.1%
Gold (GLD)6.8%29.6%0.2214.9%
Commodities (DBC)44.9%20.8%1.672.5%
Real Estate (VNQ)1.5%13.6%-0.156.2%
Bitcoin (BTCUSD)-28.9%44.3%-0.6413.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BWMN
BWMN23.9%53.1%0.58-
Sector ETF (XLI)12.6%17.6%0.5526.7%
Equity (SPY)13.1%17.2%0.5825.1%
Gold (GLD)18.4%18.9%0.798.5%
Commodities (DBC)10.3%19.6%0.415.8%
Real Estate (VNQ)0.7%18.8%-0.0719.0%
Bitcoin (BTCUSD)14.6%52.2%0.4511.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BWMN
BWMN11.7%51.9%0.57-
Sector ETF (XLI)13.2%20.0%0.5825.8%
Equity (SPY)15.3%17.9%0.7224.7%
Gold (GLD)11.5%16.4%0.578.3%
Commodities (DBC)8.2%18.1%0.375.1%
Real Estate (VNQ)4.2%20.7%0.1618.4%
Bitcoin (BTCUSD)64.1%66.2%1.0410.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity0.6 Mil
Short Interest: % Change Since 831202612.1%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest2.2 days
Basic Shares Quantity16.4 Mil
Short % of Basic Shares3.6%

Earnings Returns History

Updated 9/11/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/202655.8%55.3%56.3%
5/5/20265.3%-1.9%-3.8%
3/4/2026-12.0%-12.4%-10.0%
11/5/2025-22.4%-21.3%-26.1%
8/6/20255.1%17.0%20.0%
5/6/20255.7%13.5%17.6%
3/11/202517.1%26.3%19.8%
8/7/2024-20.2%-28.0%-27.4%
...
SUMMARY STATS   
# Positive131212
# Negative899
Median Positive5.3%9.8%11.3%
Median Negative-10.2%-7.9%-10.0%
Max Positive55.8%55.3%56.3%
Max Negative-22.4%-28.0%-27.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/202655.8%55.3%56.3%
5/5/20265.3%-1.9%-3.8%
3/4/2026-12.0%-12.4%-10.0%
11/5/2025-22.4%-21.3%-26.1%
8/6/20255.1%17.0%20.0%
5/6/20255.7%13.5%17.6%
3/11/202517.1%26.3%19.8%
8/7/2024-20.2%-28.0%-27.4%
5/7/20249.3%-0.2%3.9%
3/12/202419.1%16.1%-4.0%
11/7/20231.4%3.3%11.7%
8/8/2023-12.1%-9.0%-19.1%
5/9/2023-8.5%-7.6%-3.8%
3/10/2023-5.2%-7.9%-6.5%
11/14/20222.9%9.4%6.0%
8/12/202213.1%4.5%11.0%
5/12/20223.3%10.2%-11.0%
3/22/2022-1.6%-4.5%7.3%
11/12/20211.3%2.7%14.1%
8/12/2021-0.3%0.2%1.4%
6/10/20211.8%7.2%5.9%
SUMMARY STATS   
# Positive131212
# Negative899
Median Positive5.3%9.8%11.3%
Median Negative-10.2%-7.9%-10.0%
Max Positive55.8%55.3%56.3%
Max Negative-22.4%-28.0%-27.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/06/202610-Q
12/31/202503/05/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/07/202510-Q
12/31/202403/12/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/07/202410-Q
12/31/202303/12/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/15/202310-K
09/30/202211/14/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/06/202610-Q
12/31/202503/05/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/07/202510-Q
12/31/202403/12/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/07/202410-Q
12/31/202303/12/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/15/202310-K
09/30/202211/14/202210-Q
06/30/202208/12/202210-Q
03/31/202205/12/202210-Q
12/31/202103/23/202210-K
09/30/202111/12/202110-Q
06/30/202108/12/202110-Q
03/31/202106/14/202110-Q
12/31/202005/10/2021424B4

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net RevenueReported520.00 Mil530.00 Mil540.00 Mil0 AffirmedGuidance: 530.00 Mil for 2026
2026 Adjusted EBITDA MarginReported17.2%17.45%17.7% 0AffirmedGuidance: 17.45% for 2026


Prior: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net RevenueReported520.00 Mil530.00 Mil540.00 Mil5.5% RaisedGuidance: 502.50 Mil for 2026
2026 Adjusted EBITDA MarginReported17.2%17.45%17.7% 0.2%RaisedGuidance: 17.25% for 2026

Q4 2025 Earnings Reported 3/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net RevenueReported495.00 Mil502.50 Mil510.00 Mil6.3% RaisedGuidance: 472.50 Mil for 2026
2026 Adjusted EBITDA MarginReported17.0%17.25%17.5% 0.0%AffirmedGuidance: 17.25% for 2026

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Net RevenueReported430.00 Mil436.00 Mil442.00 Mil0 AffirmedGuidance: 436.00 Mil for 2025
2025 Adjusted EBITDAReported71.00 Mil74.00 Mil77.00 Mil0 AffirmedGuidance: 74.00 Mil for 2025
2026 Net RevenueReported465.00 Mil472.50 Mil480.00 Mil   
2026 Adjusted EBITDA MarginReported17.0%17.25%17.5%   

Insider Activity

Updated 9/24/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Bowman, GaryChief Executive OfficerDirectSell924202642.5537,5001,595,73833,231,680Form
2Bowman, GaryChief Executive OfficerFamily LLCSell924202642.5522,500957,44254,163,075Form
3Mulroy, Patricia DirectSell812202642.3788337,4151,115,681Form
4Swayze, DanielChief Operating OfficerDirectSell810202627.2491424,897718,128Form
5Grebbien, Virginia Lee DirectSell605202631.657,500237,375235,096Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Bowman, GaryChief Executive OfficerDirectSell924202642.5537,5001,595,73833,231,680Form
2Bowman, GaryChief Executive OfficerFamily LLCSell924202642.5522,500957,44254,163,075Form
3Mulroy, Patricia DirectSell812202642.3788337,4151,115,681Form
4Swayze, DanielChief Operating OfficerDirectSell810202627.2491424,897718,128Form
5Grebbien, Virginia Lee DirectSell605202631.657,500237,375235,096Form
6Vicks, Raymond JR DirectSell513202633.341,23041,011604,931Form
7Bowman, GaryChief Executive OfficerDirectSell424202630.7112,500383,91227,843,638Form
8Bowman, GaryChief Executive OfficerFamily LLCSell424202630.717,500230,34841,565,070Form
9Bowman, GaryChief Executive OfficerDirectSell220202632.6212,500407,75029,980,226Form
10Bowman, GaryChief Executive OfficerFamily LLCSell220202632.627,500244,65044,390,536Form
11Bowman, GaryChief Executive OfficerDirectSell123202635.3712,500442,12531,123,584Form
12Bowman, GaryChief Executive OfficerFamily LLCSell123202635.377,500265,27548,398,115Form
13Bowman, GaryChief Executive OfficerDirectSell1218202535.2512,500440,62531,458,616Form
14Bowman, GaryChief Executive OfficerFamily LLCSell1218202535.257,500264,37548,498,290Form
15Bowman, GaryChief Executive OfficerDirectSell1024202542.2712,500528,32538,315,143Form
16Bowman, GaryChief Executive OfficerFamily LLCSell1024202542.277,500316,99558,468,164Form
17Labovitz, Bruce JChief Financial OfficerDirectSell1014202542.3710,000423,70016,336,177Form
18Bowman, GaryChief Executive OfficerDirectSell925202542.3912,500529,87538,957,427Form
19Bowman, GaryChief Executive OfficerFamily LLCSell925202542.397,500317,92558,957,623Form
20Labovitz, Bruce JChief Financial OfficerDirectSell925202543.3010,000433,00017,127,748Form
21Swayze, DanielChief Operating OfficerDirectSell909202541.331,35055,796452,729Form
22Riddick, Stephen A DirectSell908202541.043,000123,120757,639Form
Core Cache Last Updated: 10/4/2026