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Mistras Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$686K in Q3 2026 · $33.7M over twelve months

Operating cash flow$11.7M
Capital spending−$11.0M
Free cash flow+$686K
Cash / net income1.7×
Cash conversion cycle72 days

Analysis

In Q3 2026, Mistras Group generated $11.7M of operating cash flow and spent $11.0M on capital projects, leaving free cash flow of $686K. That is $4.8M more than in Q3 2025 (−$4.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $61.6M; the largest uses were net borrowing (+) / repaid (−) ($36.7M), capital spending ($27.9M), other investing ($7.1M); besides operations, cash came from asset & business sales ($3.9M); the cash balance fell by $8.8M.

Operating cash flow was $11.7M against net income of $6.9M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$8.9M, receivables −$8.0M, prepaid and other assets −$2.4M.

Its cash conversion cycle was 72 days (receivables 75 + inventory 11 − payables 14).

Free cash flow

Mistras Group: free cash flow by quarterMistras Group: free cash flow by quarter$22.1MQ4 2024$1.1MQ1 2025−$14.7MQ2 2025−$4.1MQ3 2025$26.0MQ4 2025−$3.2MQ1 2026$10.1MQ2 2026$686KQ3 2026
Operating cash flow less capital spending.
Mistras Group: operating cash flow against capital spendingMistras Group: operating cash flow against capital spendingOperating cash flowCapital spending$25.7M$3.6MQ4 2024$5.6M$4.6MQ1 2025−$9.3M$5.4MQ2 2025$4.5M$8.5MQ3 2025$32.1M$6.1MQ4 2025$2.8M$6.0MQ1 2026$14.9M$4.8MQ2 2026$11.7M$11.0MQ3 2026
Latest (Q3 2026): Operating cash flow $11.7M, Capital spending $11.0M.

Capital allocation, year by year

Mistras Group: where the cash came from (up) and went (down), by fiscal yearMistras Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $42.3MFY2021: Net borrowing −$20.4MFY2021: Asset sales $1.2MFY2021: Capital spending −$18.2MFY2021: Acquisitions −$440K$43.4MFY2021FY2022: Operating cash flow $26.4MFY2022: Net borrowing −$14.8MFY2022: Asset sales $1.2MFY2022: Capital spending −$12.6M$27.6MFY2022FY2023: Operating cash flow $26.7MFY2023: Net borrowing −$6.1MFY2023: Asset sales $1.5MFY2023: Capital spending −$20.9M$28.3MFY2023FY2024: Operating cash flow $50.1MFY2024: Net borrowing −$26.1MFY2024: Asset sales $1.6MFY2024: Capital spending −$17.9M$51.7MFY2024FY2025: Operating cash flow $33.0MFY2025: Net borrowing $1.1MFY2025: Asset sales $4.1MFY2025: Capital spending −$24.7M$38.1MFY2025
Over these 5 years operating cash flow totalled $179M; the largest uses were capital spending ($94.2M) and net borrowing ($67.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$19.0M
Debt$174M
Net debt$155M
Due within a year$12.5M

Mistras Group funds itself: free cash flow was $33.7M over the last twelve months, and $19.0M of cash and investments stands against $174M of debt ($12.5M due within a year, 1.5× covered by cash).

Mistras Group: debt maturities by year (FY2025)Mistras Group: debt maturities by year (FY2025)$12.5MYear 1$164MYear 2$487KYear 3$465KYear 4$411KYear 5$61KAfter year 5
Principal due in each year as disclosed in the annual report, against $19.0M of cash and investments now.

Where the cash came from and went

Mistras Group: sources (+) and uses (−) of cash, Q3 2026Mistras Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$11.7MCapital spending−$11.0MCash drawn (+) / kept (−)$3.0MOther investing−$2.5MExchange rates−$558KNet borrowing (+) / repaid (−)−$518KOther financing−$449KAsset & business sales$429KTaxes on employees’ shares−$85K
Mistras Group: sources (+) and uses (−) of cash, TTM to Q3 2026Mistras Group: sources (+) and uses (−) of cash, 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 profit to cash

Mistras Group: net income to operating cash flow, Q3 2026Mistras Group: net income to operating cash flow, Q3 2026Net income$6.9MDepreciation & amortization$8.9MStock-based pay$1.7MOther non-cash−$327KReceivables−$8.0MInventory$28KPayables−$1.3MPrepaid and other assets−$2.4MIncome taxes payable$169KOperating cash flow$11.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202675111472
Q2 202674111471
Q1 202681111280
Q4 202584111282
Q3 202579101376
Q2 202571111170
Q1 202571111073
Q4 20247211974

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$11.7M−$11.0M−$518K$3.0M$686K
Q2 2026$14.9M−$4.8M−$10.9M$3.0M$10.1M
Q1 2026$2.8M−$6.0M$1.4M$3.0M−$3.2M
Q4 2025$32.1M−$6.1M−$26.7M−$203K$26.0M
Q3 2025$4.5M−$8.5M$11.3M−$7.8M−$4.1M
Q2 2025−$9.3M−$5.4M$15.6M−$1.4M−$14.7M
Q1 2025$5.6M−$4.6M$777K−$219K$1.1M
Q4 2024$25.7M−$3.6M−$21.2M$2.0M$22.1M

Mistras Group: income statement and cash flow

Mistras Group, Q3 2026: revenue $205M (+5% year over year), operating margin 7.4%. The chart follows the revenue to costs, profit and cash.

Mistras Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.