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Mistras Group (MG) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Mistras Group (MG) Q3 2026 earnings results →

Q3 2026 Revenue up 5% year over year to $205M · 3¢ of every $1 of revenue kept as net profit · operating margin 7.4%

Mistras Group made $205M in Q3 2026 (+5% Y/Y): Oil & Gas $99.4M, Aerospace & Defense $28.6M, Industrials $24.7M. Operating margin 7.4%, net earnings $6.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.

Revenue$205M
Year over year+5%
Operating margin7.4%
Net earnings$6.9M
Operating cash flow$11.7M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $204.6M in Q3 2026, up 5% year over year and up 6% from the previous quarter. Oil & Gas was the largest line at 49% of revenue. Infrastructure, Research & Engineering added $7.4M year over year (up 70%), 81% of the total change. Petrochemical declined 34%.

Gross margin was 30.3%, up 0.6 points from Q3 2025. Operating profit was $15.0M, a 7.4% margin (down 3.1 points year over year). Operating profit fell $5.3M even though revenue rose $9.1M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 24% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+100%). Net earnings were $6.9M, down 47% year over year. The effective tax rate was 37.7%.

Operating cash flow was $11.7M (up 163% year over year), 170% of net earnings. Non-cash charges added back $8.9M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items used $5.8M. Capital expenditures of $11.0M left free cash flow of $686K.

Quarterly history

Mistras Group revenue by quarterMistras Group revenue by quarter$162MQ1 2025$185MQ2 2025$196MQ3 2025$181MQ4 2025$169MQ1 2026$193MQ2 2026$205MQ3 2026
Mistras Group net earnings by quarterMistras Group net earnings by quarter−$3.2MQ1 2025$3.1MQ2 2025$13.2MQ3 2025$3.8MQ4 2025$2.4MQ1 2026$7.6MQ2 2026$6.9MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 2, 2026$205M+5%7.4%$6.9M$11.7M
Q2 202610-QAug 10, 2026$193M+4%6.7%$7.6M$14.9M
Q1 202610-QMay 7, 2026$169M+5%2.8%$2.4M$2.8M
Q4 202510-KMar 11, 2026$181M+5%7.0%$3.8M$32.1M
Q3 202510-QNov 6, 2025$196M+7%10.4%$13.2M$4.5M
Q2 202510-QAug 11, 2025$185M-2%4.5%$3.1M−$9.3M
Q1 202510-QMay 9, 2025$162M-12%-0.6%−$3.2M$5.6M

Charts

Mistras Group: revenue growth, year over year and quarter over quarterMistras Group: revenue growth, year over year and quarter over quarterY/YQ/Q-12%Q1 2025-2%+15%Q2 2025+7%+5%Q3 2025+5%-7%Q4 2025+5%-7%Q1 2026+4%+14%Q2 2026+5%+6%Q3 2026
Latest (Q3 2026): Y/Y +5%, Q/Q +6%.
Mistras Group: where the cash came from (+) and went (−), TTM to Q3 2026Mistras Group: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$61.6MNet borrowing (+) / repaid (−)−$36.7MCapital spending−$27.9MCash drawn (+) / kept (−)$8.8MOther investing−$7.1MAsset & business sales$3.9MTaxes on employees’ shares−$1.9MOther financing−$590KExchange rates−$164K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Mistras Group: profit against cash, quarter by quarterMistras Group: profit against cash, quarter by quarterNet incomeOperating cash flow$5.2M$25.7MQ4 2024−$3.2M$5.6MQ1 2025$3.1M−$9.3MQ2 2025$13.2M$4.5MQ3 2025$3.8M$32.1MQ4 2025$2.4M$2.8MQ1 2026$7.6M$14.9MQ2 2026$6.9M$11.7MQ3 2026
Latest (Q3 2026): Net income $6.9M, Operating cash flow $11.7M.
Mistras Group: diluted shares by fiscal yearMistras Group: diluted shares by fiscal year29MFY202030MFY202130MFY202230MFY202332MFY202432MFY2025
+10.0% since FY2020: more shares outstanding (issuance, stock pay).
Mistras Group: long-term debt falling due (FY2025)Mistras Group: long-term debt falling due (FY2025)$12.5M2026$164M2027$487K2028$465K2029$411K2030$61KLater
Cash $28.0M, short-term investments —, long-term debt $178M at 2025-12-31.
Mistras Group in its industry: growth against margin (7 companies, SIC 8711)Mistras Group in its industry: growth against margin (7 companies, SIC 8711)revenue growth, year over year →↑ operating marginmedian +5%median 7%ACMTTEKVSECWLDNACFNOFALMG (+5%, 7%)
Services-Engineering Services; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Mistras Group

This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), regarding Mistras Group, Inc. ("Mistras," "MISTRAS," "the Company," "us," "we," "our" and similar expressions) and our business, financial condition, results of operations and prospects. Such forward-looking statements include those that express plans, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact.

In its own words, from its 10-K, filed Mar 11, 2026.

Mistras Group against its Services-Engineering Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +5%. Operating margin: 7.4% against the peers' median 7.6%.

CompanyQuarterRevenueY/YOp. margin
MG Mistras GroupQ3 2026$205M+5%7.4%
ACM AECOMQ4 FY25$4.2B+2%5.7%
TTEK Tetra TechQ3 FY26$1.3B-4%12.1%
VSEC VSEQ3 2026$541M+91%14.3%
WLDN Willdan GroupQ3 2026$215M+18%7.6%
ACFN Acorn EnergyQ3 2026$2.6M+5%7.3%
HYOR HyOrcQ2 2026$24K—100.0%
OFAL OFAQ1 FY27$15K-22%n/m

Source: Mistras Group 10-Q on SEC EDGAR · CIK 1436126 · Services-Engineering Services

Guidance and outlook

Mistras Group: what its forward-looking statements are about (10-Q filed 2026-11-02)Mistras Group: what its forward-looking statements are about (10-Q filed 2026-11-02)Deals3Other2The economy1Demand1Financing1
8 statements; tone +0.12 (−1 all cautious, +1 all confident); 4 hedged.
Mistras Group: outlook statements against the filing beforeMistras Group: outlook statements against the filing beforeConfident2Cautious1

13F: who owns MG and who is buying

Largest holders of MG (13F)Largest holders of MG (13F)Mill Road Capital Management LLC$33.7MDimensional Fund Advisors LP$29.7MWeber Capital Management LLC$28.6MRoyce & Associates LP$27.6MBlackRock$20.4MIES Holdings$19.6MFirst Eagle Investment Management…$19.4MVanguard Capital Management LLC$18.4MVanguard Group$14.0MFederated Hermes$11.5M
Funds' net buying of MG by quarter (13F)Funds' net buying of MG by quarter (13F)−$5.7M2024-09−$2.1M2024-12$7.5M2025-03$7.1M2025-06$2.5M2025-09−$11.6M2025-12$9.4M2026-03$28.4M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MG

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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