MG
Mistras Group, Inc.
MG's fundamentals are mixed: free cash flow more than tripled, while its operating margin held steady at 6.1%. At 32x earnings, it's trading in line with its usual 34x. Analysts expect strong earnings growth, though they disagree widely on how much.
MG Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
MG's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
MG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $20.19 | — |
| Cheap | 22x | $13.98 | -31% |
| Current | 32x | $20.19 | — |
| Fair | 33x | $20.98 | +3.9% |
| Expensive | 65x | $40.64 | +101% |
Historical ranges are pointers, not guarantees.
MG's PE is in its fair range at 32x. If earnings grow as analysts expect, today's price would be 16x next year's earnings, in its cheap range.
MG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for MG, with profitability improving. However, they disagree widely on these estimates.
MG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.23 | +95% |
| Q3 2026 | $0.63 | +8.6% |
| Q2 2026 | $0.83 | +124% |
| Q1 2026 | $0.70 | +49% |
| Q4 2025 | $0.53 | -12% |
| Q3 2025 | $0.58 | +66% |
| Q2 2025 | $0.37 | +$0.56 |
| Q1 2025 | $0.47 | +$0.85 |
| Q4 2024 | $0.60 | +$1.18 |
MG earned $0.63 per share over the past year, up 8.6% from the year before.
MG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $204.6M | +4.6% |
| Q2 2026 | $193.1M | +4.2% |
| Q1 2026 | $169M | +4.6% |
| Q4 2025 | $181.5M | +5.1% |
| Q3 2025 | $195.5M | +7% |
| Q2 2025 | $185.4M | -2.3% |
| Q1 2025 | $161.6M | -12% |
| Q4 2024 | $172.7M | -5.1% |
MG's revenue has grown year over year for five quarters in a row: $205M last quarter, up 4.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.3% | -3.1 points |
| Q2 2026 | 6.7% | +2.2 points |
| Q1 2026 | 2.8% | +3.4 points |
| Q4 2025 | 7% | +1 points |
| Q3 2025 | 10% | +3.9 points |
| Q2 2025 | 4.5% | -1.8 points |
| Q1 2025 | -0.6% | -3.6 points |
| Q4 2024 | 6% | +5.7 points |
MG's operating margin was 7.3% last quarter, down 3.1 points from the same quarter a year ago, near the top of its range since 2019.
MG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $686K | +$4.8M |
| Q2 2026 | $10.1M | +$24.9M |
| Q1 2026 | -$3.2M | -390% |
| Q4 2025 | $26M | +18% |
| Q3 2025 | -$4.1M | -128% |
| Q2 2025 | -$14.7M | -$14.4M |
| Q1 2025 | $1.1M | +$5.3M |
| Q4 2024 | $22.1M | +130% |
MG still generates free cash flow, though less than at its 2025 peak: $34M over the past year.
MG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +115K shares |
| 1 year | +3.6% | +1.2M shares |
| 3 years | +8.7% | +2.6M shares |
| 5 years | +9.7% | +2.9M shares |
| Available history | +14% | +4M shares |
MG has 33M diluted shares, up 3.6% from a year ago.
MG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.3x | Moderate |
| Q2 2026 | 2.1x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.5x | Moderate |
| Q3 2025 | 3.0x | Moderate |
| Q2 2025 | 3.0x | Elevated |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
MG's net debt is about 2.3 years of its operating earnings (EBITDA), down from 3.0 years a year ago.
MG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.1 | Neutral |
| Stochastic | 73.9 | Neutral |
MG's weekly RSI is 59 (neutral) and its Stochastic is 74 (neutral).
MG PE vs Industrials Sector
| Metric | MG | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 24x | 33% above |
| PE % | 48 | 58 | 10 pts below |
MG is trading at 32x earnings, a 33% premium to the Industrials sector's median of 24x.
MG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $20.8 | 3% below |
| 20 week MA | $18.9 | 7.1% above |
| 50 week MA | $16.9 | 20% above |
| 100 week MA | $13.1 | 54% above |
| 200 week MA | $10.5 | 92% above |
MG's trend is up, with a small recent dip: it's below only its 8-week average, and 92% above its 200-week average.
MG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.9 | $7.65 | -45% |
| 2021 | $7.65 | $7.46 | -2.5% |
| 2022 | $7.46 | $5.12 | -31% |
| 2023 | $5.12 | $7.32 | +43% |
| 2024 | $7.32 | $8.95 | +22% |
| 2025 | $8.95 | $13.2 | +47% |
| 2026 YTD | $13.2 | $20.2 | +53% |
MG is up 53% so far in 2026, after finishing lower in three of the previous six years.