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How Mistras Group (MG) makes money
Mistras Group (MG) made $205M of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Oil & Gas brought in $99.4M (49%); Aerospace & Defense brought in $28.6M (14%); Industrials brought in $24.7M (12%). Of every dollar of revenue, 30¢ was left as gross profit, 7¢ was left as operating profit, 3¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Oil & Gas | $99.4M | 48.6% | +5% | -6% |
| Aerospace & Defense | $28.6M | 14.0% | +5% | +18% |
| Industrials | $24.7M | 12.1% | +21% | +9% |
| Infrastructure, Research & Engineering | $18.0M | 8.8% | +26% | +70% |
| Power Generation & Transmission | $15.9M | 7.8% | +7% | +10% |
| Other Process Industries | $10.2M | 5.0% | -2% | +16% |
| Other | $5.5M | 2.7% | -32% | -1% |
| Petrochemical | $2.5M | 1.2% | -32% | -34% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $205M | 100.0% |
| Cost of revenue | $143M | 69.7% |
| Gross profit | $62.0M | 30.3% |
| Operating expenses | $47.0M | 23.0% |
| Operating profit | $15.0M | 7.4% |
| Income tax | $4.2M | 2.0% |
| Net earnings | $6.9M | 3.4% |
| Operating cash flow | $11.7M | 5.7% |
| Free cash flow | $686K | 0.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $205M | +5% |
| Q2 2026 | $193M | +4% |
| Q1 2026 | $169M | +5% |
| Q4 2025 | $181M | +5% |
| Q3 2025 | $196M | +7% |
| Q2 2025 | $185M | -2% |
| Q1 2025 | $162M | -12% |
From Mistras Group's 10-Q filed Nov 2, 2026 (on EDGAR).
Questions
How does Mistras Group make money?
Mistras Group (MG) made $205M of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Oil & Gas brought in $99.4M (49%); Aerospace & Defense brought in $28.6M (14%); Industrials brought in $24.7M (12%). Of every dollar of revenue, 30¢ was left as gross profit, 7¢ was left as operating profit, 3¢ was left as net earnings.
What is Mistras Group's biggest business?
Oil & Gas: $99.4M in the third quarter 2026, 49% of revenue, -6% from a year earlier.
What is Mistras Group's profit margin?
Net earnings were $6.9M, 3.4% of revenue, in the third quarter 2026; the operating margin was 7.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.