Bowman Consulting Group Ltd.

bowman.com

What Do They Do?

Provides engineering, technical consulting and program management services to public agencies, utilities, and private owners and developers of built-environment assets.

How Do They Make Money?

Customers pay for hourly work based on agreed rates and hours worked, or for fixed-price assignments billed monthly or at project milestones; long-term contracts typically carry monthly invoices payable within 30 days.

FY2025 revenue

Who Are Their Customers?

Public agencies and private infrastructure owners and operators hire Bowman for projects; Bowman takes assignments as a prime or sub-consultant, winning work through business development, referrals and cross-selling to existing customers.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.

Operating income, FY2025

4% of revenue

▲ Now profitable vs FY2024 (−$2M, 0%)

Net income, FY2025

3% of revenue

▲ +324% vs FY2024 ($3M, 1%)

Free cash flow, FY2025

7% of revenue

▲ +41% vs FY2024 ($23.7M, 6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +20%; vs $122.1M in Q2 FY2025
Net income: ▼ −58%; vs $6M in Q2 FY2025

Sep 14, 2026 Go-shop period ended with no alternative acquisition proposals The proposed all-cash acquisition by Bernhard Capital Partners is expected to close in the fourth quarter of 2026, subject to approvals and other conditions.
Aug 10, 2026 Bowman agreed to merge with Bernhard Capital Partners-affiliated entities The agreement provides $43.00 in cash per share if completed and requires shareholder and regulatory approvals.

Growing. Revenue grew 3.3x in 4 years, from $150M in FY2021 to $490M in FY2025, about 34% a year.

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