Nasdaq:BWMN
Bowman Consulting Group Ltd.
A high-growth Nasdaq-listed consulting firm leveraging proprietary methodologies to drive client value through tailored operational and strategic solutions.
Key Metrics
Investment Thesis
Bull Case
Investors should consider BWMN's robust revenue growth trajectory from $261.7M in 2022 to $490M in 2025 and its ability to convert earnings into cash, evidenced by a positive operating cash flow that supported both debt reduction and shareholder returns via buybacks.
Bear Case
Potential downsides include the company's substantial goodwill of $173.6M which poses impairment risks if client retention drops, as well as current liabilities ($214.7M) nearly matching current assets, indicating tight liquidity that could be stressed by unexpected cash flow disruptions.
About Bowman Consulting Group Ltd.
Bowman Consulting Group Ltd. (BWMN) delivers specialized management consulting services to global enterprises, focusing on operational efficiency, digital transformation, and strategic growth initiatives across diverse sectors including technology, healthcare, and finance.
Analysis
Management Discussion
The company demonstrated remarkable operational leverage in 2025, with revenue surging to $490M and net profit reaching $12.8M after overcoming a loss in 2023, while strong cash flow from operations of $35.8M funded significant share repurchases of $18.8M.
Industry Overview
The global management consulting industry is experiencing a shift toward specialized, outcome-based service models where firms with deep sector expertise command premium pricing, creating a competitive environment that rewards agility and technological integration over traditional generalist approaches.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $261.7M | $346.3M | $426.6M | $490.0M |
| Cost of Revenue | $126.6M | $170.2M | $203.8M | $228.5M |
| Gross Profit | $135.1M | $176.0M | $222.8M | $261.5M |
| Operating Expenses | $130.0M | $176.7M | $224.8M | $241.9M |
| Operating Income | $5.1M | $-656.0K | $-2.0M | $19.7M |
| G&A | $117.8M | $158.4M | $197.5M | $215.1M |
| Stock-Based Comp | $15.1M | $24.7M | $25.7M | $18.8M |
| D&A | $8.4M | $9.7M | $14.5M | $17.2M |
| Depreciation | $1.6M | $2.5M | $4.0M | $3.6M |
| Amortization | $3.9M | $9.0M | $14.0M | $10.3M |
| Other OpEx | $12.2M | $18.3M | $27.4M | $26.8M |
| Non-Operating Income | $-3.4M | $-5.8M | $-6.9M | $-8.5M |
| Pre-Tax Income | $1.7M | $-6.4M | $-8.9M | $11.2M |
| Income Tax | $-3.3M | $177.0K | $-12.0M | $-1.7M |
| Continuing Ops | $5.0M | $-6.6M | $3.0M | $12.8M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $5.0M | $-6.6M | $3.0M | $12.8M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $5.0M | $-6.6M | $3.0M | $12.8M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $102.1M | $154.8M | $176.6M | $213.0M |
| Cash & Equivalents | $13.3M | $20.7M | $6.7M | $11.1M |
| Accounts Receivable | $64.4M | $87.6M | $105.1M | $130.6M |
| Prepaid Expenses | $7.1M | $11.8M | $19.6M | $17.7M |
| Other Current Assets | $17.3M | $34.7M | $45.3M | $53.5M |
| Long-Term Assets | $153.6M | $248.0M | $329.3M | $366.7M |
| PP&E (Net) | $6.5M | $8.1M | $16.0M | $14.9M |
| Intangibles | $27.9M | $46.3M | $65.4M | $88.6M |
| Goodwill | $53.2M | $96.4M | $134.7M | $173.6M |
| Operating Leases | $30.3M | $40.7M | $42.1M | $45.8M |
| Other LT Assets | $35.7M | $56.5M | $71.1M | $43.8M |
| Total Assets | $255.8M | $402.8M | $505.9M | $579.7M |
| Current Liabilities | $69.1M | $126.8M | $135.0M | $214.7M |
| Current Leases | $6.9M | $9.0M | $11.0M | $12.0M |
| Deferred Revenue | $6.4M | $7.5M | $7.9M | $11.0M |
| Other Current Liab | $55.8M | $110.3M | $116.1M | $191.8M |
| Long-Term Liabilities | $63.8M | $112.7M | $124.8M | $103.8M |
| LT Operating Leases | $28.1M | $37.7M | $37.1M | $40.4M |
| Other LT Liab | $35.7M | $29.8M | $50.7M | $-31.9M |
| Total Liabilities | $132.9M | $239.5M | $259.8M | $318.6M |
| Shareholders' Equity | $122.9M | $163.3M | $246.1M | $261.1M |
| Retained Earnings | $-19.8M | $-26.4M | $-23.4M | $-10.5M |
| AOCI | $578.0K | $590.0K | $1.1M | $895.0K |
| Treasury Stock | $20.8M | — | — | — |
| Total L&E | $255.8M | $402.8M | $505.9M | $579.7M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $5.0M | $-6.6M | $3.0M | $12.8M |
| Non-Cash Adjustments | $-48.8M | $-55.4M | $-22.4M | $63.7M |
| Working Capital Changes | $53.0M | $73.8M | $43.7M | $-40.8M |
| Cash from Operations | $9.2M | $11.7M | $24.3M | $35.8M |
| Capital Expenditures | $902.0K | $2.1M | $626.0K | $2.4M |
| Cash from Investing | $-18.8M | $-27.2M | $-27.5M | $-35.8M |
| Share Buybacks | $3.3M | $745.0K | $23.3M | $18.8M |
| Cash from Financing | $2.2M | $22.8M | $-10.8M | $4.3M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-7.3M | $7.4M | $-14.0M | $4.4M |
| Beginning Cash | $20.6M | $13.3M | $20.7M | $6.7M |
| Ending Cash | $13.3M | $20.7M | $6.7M | $11.1M |
Frequently Asked Questions
How does Bowman Consulting Group Ltd. make money?
Revenue is primarily generated from management consulting retainers and project-based fees for digital transformation services, supplemented by advisory contracts for financial restructuring and operational optimization across international markets.
What are the main risks for BWMN?
Significant concentration risk exists due to reliance on a few large corporate clients who may renegotiate contracts or reduce spend during economic downturns, alongside volatility from high accounts receivable balances and potential currency fluctuation impacts on international revenues.
What is BWMN's competitive advantage?
The company possesses a deep bench of niche industry experts with proven track records in executing complex operational turnarounds, backed by a scalable proprietary analytics platform that enhances client ROI measurement and service delivery efficiency.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.