• Like SGS or Bureau Veritas, but specialized in industrial asset health and non-destructive testing.
• A specialized Intertek for critical industrial infrastructure monitoring and reliability.

• Non-Destructive Testing (NDT) Services: Provides advanced inspection techniques to evaluate materials and components for defects without causing damage.
• Asset Integrity Management (AIM) Services: Offers comprehensive solutions and strategies to maintain the safety, reliability, and functionality of industrial assets throughout their lifecycle.
• Condition Monitoring Solutions: Supplies technologies and services to continuously monitor the health and performance of critical equipment, enabling predictive maintenance.
• Engineering and Consulting Services: Delivers expert advice and technical support for design review, risk assessment, and fitness-for-service evaluations of industrial infrastructure.
• NDT Equipment and Software: Manufactures and supplies specialized instruments, sensors, and proprietary software used for various non-destructive testing applications.

MISTRAS Group (symbol: MG) primarily sells its services and solutions to other companies, operating on a Business-to-Business (B2B) model. Its offerings, including non-destructive testing, asset protection, and condition monitoring, are critical for maintaining the safety and operational efficiency of industrial infrastructure.

Based on the company's SEC filings (e.g., its latest 10-K report), no single customer accounts for 10% or more of MISTRAS Group's consolidated revenues. As such, specific names of major customer companies are not publicly disclosed in their public filings.

However, MISTRAS Group serves a broad range of companies across several critical infrastructure sectors. Its customer base primarily consists of companies within the following categories:

• Energy Sector Companies: This category includes major players in the oil and gas industry (encompassing exploration, production, refining, and pipeline companies) as well as power generation companies and utilities (involved in nuclear, fossil fuel, and renewable energy production). These are often large, publicly traded corporations requiring extensive asset integrity management.
• Industrial & Chemical Manufacturing Companies: Companies operating large-scale chemical processing plants, petrochemical facilities, and other heavy industrial manufacturing operations that depend on robust asset protection and inspection services to ensure compliance, safety, and continuous operation.
• Aerospace & Defense Companies: This includes manufacturers of aircraft, spacecraft, and defense systems, as well as firms involved in the maintenance, repair, and overhaul (MRO) of aerospace components and structures, where precision testing and inspection are paramount.

Natalia Shuman, President and Chief Executive Officer

Natalia Shuman joined MISTRAS Group as President and Chief Executive Officer in 2025. She brings over two decades of global leadership experience in the Testing, Inspection, and Certification (TIC) industry. Prior to MISTRAS, Ms. Shuman served as Executive Vice President and a member of the Group Operating Council at Eurofins Scientific, where she oversaw a team of more than 12,000 employees. She is recognized for her strategic vision and operational expertise, consistently leading organizations through transformative growth and long-term value creation, including scaling billion-dollar enterprises through organic growth and mergers and acquisitions. She also previously served as North American CEO for Bureau Veritas.

Edward J. Prajzner, Senior Executive Vice President and Chief Financial Officer

Edward J. Prajzner was appointed Senior Executive Vice President and Chief Financial Officer in March 2023 and joined MISTRAS Group in January 2018. He leads MISTRAS' financial and IT areas and Investor Relations. Before joining MISTRAS Group, Mr. Prajzner was Executive Vice President of Corporate Development, as well as Chief Financial Officer and Secretary of CECO Environmental Corp, a publicly traded global diversified and energy technology company. He also held senior finance roles at CDI Corporation (now AE Industrial Partners) and American Infrastructure (now Allan Myers). Mr. Prajzner began his career at Ernst & Young.

Manuel N. Stamatakis, Executive Chairman of the Board

Manuel N. Stamatakis is the Executive Chairman of the Board and served as Interim CEO from 2023 through January 1, 2025. He has been a pivotal member of the MISTRAS Group Board since 2002. Mr. Stamatakis was the Founder and former CEO of Capital Management Enterprises, Inc., a Pennsylvania-based financial services and employee benefits consulting firm, which he successfully sold in 2020. He has extensive leadership and entrepreneurial experience, having held multiple board and chairmanship positions, including Chairman of the Delaware River Port Authority and The Drexel College of Medicine.

Hani Hammad, Executive Vice President and Chief Operating Officer

Hani Hammad joined MISTRAS Group in 2024 as Executive Vice President and Chief Operating Officer. Prior to MISTRAS, he spent over four years at the global consultancy firm AlixPartners, which included a year-long collaboration with MISTRAS on its Project Phoenix initiative. Before his time at AlixPartners, Mr. Hammad contributed his strategic insight to PwC's Strategy&, focusing on operational strategy for Oil & Gas companies, and held key roles in manufacturing and supply chain management at Baker Hughes Company and General Electric Company.

Gennaro (Jerry) D'Alterio, Executive Vice President and Chief Commercial Officer

Gennaro (Jerry) D'Alterio was appointed Executive Vice President and Chief Commercial Officer in September 2023. He brings over 20 years of executive leadership experience, driving commercial transformations. Mr. D'Alterio most recently served as the Vice President of Product Management and Director, Global Business Development at CECO Environmental's Fluid Handling & Filtration segment, where he also held the positions of President and Global President.

The key risks to MISTRAS Group (MG) primarily revolve around its exposure to volatile industry sectors and the broader macroeconomic environment, intense competition, and challenges related to cash flow and debt management.

1. Dependence on Volatile End Markets and Macroeconomic Conditions: MISTRAS's financial performance is significantly influenced by market conditions in key industries, particularly Oil & Gas. The company has experienced revenue declines in the Oil & Gas sector, which has been a primary driver of its consolidated revenue. Broader global market uncertainties, including tariffs, trade policy shifts, and persistent inflation, also pose significant challenges, leading to a reported net loss and an absence of full-year guidance for 2025 due to unprecedented market uncertainty. While MISTRAS is working to diversify into sectors like Power Generation, Aerospace & Defense, and Industrials, a substantial portion of its revenue remains tied to these potentially volatile sectors.
2. Intense Competition: The asset protection and inspection services market in which MISTRAS operates is highly competitive and fragmented. Key competitors such as SGS, Bureau Veritas, and Intertek present significant challenges. This competitive landscape can limit MISTRAS's pricing power and its ability to gain or maintain market share, thus impacting its growth and profitability.
3. Cash Flow and Debt Management: Despite efforts to improve profitability and operational performance, MISTRAS has faced challenges with negative free cash flow and increasing net debt in recent periods. For instance, the company reported negative free cash flow of $16.2 million for the six months ended June 30, 2025, and total net debt increased to $168.8 million from $151.3 million in 2024. These financial challenges can hinder the company's ability to invest in growth initiatives and maintain operational flexibility.

The increasing prevalence of specialized technology companies offering fully integrated autonomous inspection solutions (e.g., advanced drones and robotics) combined with sophisticated artificial intelligence and machine learning platforms for predictive maintenance and asset integrity management. These new entrants are developing business models centered around providing faster, safer, and highly data-driven alternatives to traditional human-led non-destructive testing and condition monitoring services, potentially capturing market share from MISTRAS's core offerings by disintermediating some traditional service components and offering a more digitally native, end-to-end solution.

MISTRAS Group, Inc. (NYSE: MG) operates in several key addressable markets related to industrial asset integrity solutions. Its main products and services primarily fall under Non-Destructive Testing (NDT), Asset Integrity Management (AIM), and Condition Monitoring.

Non-Destructive Testing (NDT)

• Global Market: The global non-destructive testing market was valued at approximately USD 20.20 billion in 2024 and is projected to reach around USD 52.28 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 10% from 2024 to 2034. Other reports indicate the global NDT market was valued at USD 10.7 billion in 2023, with a projection to reach USD 25.8 billion by 2032 (CAGR of 10.8%). Another estimate for 2023 valued the global market at USD 18.31 billion.
• U.S. Market: The U.S. non-destructive testing market size was estimated at USD 4.62 billion in 2023 and is predicted to be worth around USD 13.48 billion by 2034, expanding at a CAGR of 10.2% from 2024 to 2034. The U.S. market was estimated at around USD 5.2 billion in 2023 and is projected to grow at a CAGR of 9.2% from 2024 to 2030. North America, as a broader region, held a significant market share of 36% in 2023.

Asset Integrity Management (AIM)

• Global Market: The global asset integrity management market was valued at approximately USD 24.70 billion in 2024 and is predicted to reach around USD 40.23 billion by 2034, with a CAGR of 5% between 2024 and 2034. Other estimates show the market was valued at USD 23.98 billion in 2024, with projections to grow from USD 25.28 billion in 2025 to USD 38.31 billion by 2032 (CAGR of 6.12%).
• North America Market: North America held the largest revenue share in the global asset integrity management market, accounting for more than 34% in 2023. The North America asset integrity management market size was approximately USD 8.40 billion in 2024 and is anticipated to grow at a CAGR of 5.15% during the forecast year. The U.S. asset integrity management market size was accounted for USD 5.88 billion in 2024 and is projected to be worth around USD 9.78 billion by 2034, growing at a CAGR of 5.23% from 2024 to 2034.

Condition Monitoring

• Global Market: The global machine condition monitoring market was valued at approximately USD 3.70 billion in 2024 and is expected to reach around USD 6.98 billion by 2034, growing at a CAGR of 6.55% from 2025 to 2034. Another report estimates the global condition monitoring system market to be USD 4.4 billion in 2025, projected to reach USD 9.2 billion by 2035, at a CAGR of 7.7%.
• North America Market: North America dominated the machine condition monitoring market with a share of 36% in 2024. The U.S. machine condition monitoring market is expected to grow in 2024. The U.S. market size is estimated to be USD 0.52 billion in 2025.

1. Expansion in Key End Markets: MISTRAS anticipates continued revenue growth from its strong positioning in the aerospace and defense, infrastructure, and power generation markets. The aerospace and defense market, for example, saw a 10.6% growth in Q3 2025, driven by volume gains and successful pricing strategies. Management has identified these areas as key growth drivers with forward visibility into 2026.
2. Strategic Diversification into New Industries: The company is actively diversifying its client base and securing new project wins in emerging sectors, such as data centers and AI-related new construction projects. This diversification strategy is aimed at expanding its market footprint and reducing reliance on traditional cyclical industries.
3. Shift Towards Integrated Solutions and Cross-Selling: MISTRAS is implementing a strategic plan, "Vision 2030," which emphasizes expanding and transforming its services into more comprehensive and integrated solutions. This approach also involves increased cross-selling to existing and new customers, which is expected to drive growth and mitigate sector cyclicality.
4. Successful Pricing Strategies and Operational Efficiencies: The company has demonstrated the ability to implement successful price increase strategies, contributing to revenue growth and gross margin expansion. Coupled with ongoing operational efficiencies and cost control measures, these efforts are expected to enhance profitability and contribute to top-line growth.
5. Growth in Data Analytical Solutions and PCMS Offerings: MISTRAS is investing in its Data Analytical Solutions segment and expanding its proprietary PCMS (Plant Condition Management Software) offerings. This bundled software and service solution is considered a unique offering that competitors cannot match, providing a distinct advantage for future growth. Additionally, management anticipates a strong spring turnaround season in the oil and gas industry in 2026, which historically contributes significantly to revenue.

Share Repurchases

MISTRAS has not publicly disclosed any significant share repurchase programs or made material share repurchases during the 2020-2025 period. While "buyback yield" is mentioned in some financial analysis, no corresponding dollar amounts of actual repurchases or new authorizations have been identified within the last five years.

Share Issuance

• As of November 3, 2025, MISTRAS had 31,548,153 shares of common stock outstanding.
• Between the fourth quarter of 2024 and the first quarter of 2025, the company's issued and outstanding shares increased from 31,010,375 to 31,325,787, indicating an issuance of 315,412 shares.
• On September 8, 2025, the CEO, Natalia Shuman, was awarded 25,000 restricted stock units and options to purchase 35,000 shares as part of her compensation. [cite: 12 in previous step]

Inbound Investments

No information is available regarding large investments made in MISTRAS by third-parties, such as strategic partners or private equity firms, within the 2020-2025 timeframe.

Outbound Investments

MISTRAS has not publicly disclosed any significant strategic investments in other companies during the 2020-2025 period.

Capital Expenditures

• Capital expenditures were $23.0 million in 2024, consistent with the prior year. [cite: 1 in previous step]
• In 2023, capital expenditures amounted to $19 million. [cite: 2 in previous step]
• Capital expenditures for 2022 were $11 million. [cite: 2 in previous step]
• The primary focus of recent capital expenditures includes investing in efficiency opportunities, internal workflow automation, and productivity enhancements. [cite: 1 in previous step] Additionally, these investments target organic growth in areas such as aerospace shop laboratories and data analytical solutions, with a focus on expanding lab and operational capacity. [cite: 4, 5, 6 in previous step]