On this page of StockholderLetter.com we present the latest annual shareholder letter from Mistras Group, Inc. — ticker symbol MG. Reading current and past MG letters to shareholders can bring important insights into the investment thesis.

 •  4/7/2026 Letter Continued (Full PDF)
 •  4/12/2023 MG Stockholder Letter
 •  4/4/2024 MG Stockholder Letter
 •  4/9/2025 MG Stockholder Letter
 •  6/2/2025 MG Stockholder Letter
 •  More "Business Services & Equipment" Category Stockholder Letters
 •  MG Benford's Law Stock Score = 74

MG Shareholder/Stockholder Letter Transcript:

2025
Annual Report
MISTRAS Group. Inc.

Key Financial Highlights
Historical Revenues
Revenues by End Market
($ In Millions)
(As of FY2025)
$724
2025
$730
2024
$705
2023
Revenue Growth by
End Market
Market
Revenue
Breakdown
55%
Oil & Gas
13%
Aerospace & Defense
11%
Industrials
6%
Other Process Industries
6%
Power Generation & Transmission
5%
Infrastructure, Research & Engineering
2%
Petrochemical
2%
All Other
Revenues by Region
(As of FY2025)
11%
(FY2025 versus FY2024)
Canada
70%
-5.3%
Oil & Gas
7.8%
Aerospace & Defense
12.6%
Industrials
21.1%
Other Process Industries
USA
-19.6%
Power Generation & Transmission
13.2%
Infrastructure, Research & Engineering
-15.6%
4.7%
1%
17%
S. America
Europe
1%
Asia-PEGM  G
Petrochemical
All Other
Adjusted EBITDA*
Net Income and Non-GAAP Net Income*
($ In Millions)
($ In Millions)
$91
2025
GAAP Net Income
Non-GAAP Net Income*
2023
$66
$28
$23
$82
2024
$6
($17)
2023
$19
$17
2024
2025
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Shareholder Letter
Dear Shareholders,
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Shareholder Letter (cont.)
Advancing Data Analytical Solutions and
Digital Capabilities
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Manuel N. Stamatakis
Executive Chairman, Board of Directors
Natalia Shuman
4resident
Chief Executive 3  cer

GAAP to Non-GAAP Measure Reconciliation Appendix
Reconciliation of Net Income (GAAP) to Adjusted EBITDA (non-GAAP)
(in thousands)
Year ended December 31,
2025
Net income
Less: Net income (loss) attributable to noncontrolling
interests, net of taxes
Net income attributable to Mistras Group, Inc.
Interest expense
Income tax expense
Depreciation and amortization
Share-based compensation expense
Other income
Goodwill Impairment charges
Reorganization and other costs
Environmental expense
Legal settlement and insurance recoveries, net
Foreign exchange (gain) loss
Adjusted EBITDA
Revenue
Adjusted EBITDA Margin
2024
2023
$16,921
$18,970
($17,445)
84
12
8
$16,837
$18,958
($17,453)
14,643
17,067
16,761
5,557
5,274
(1,220)
31,008
33,010
34,099
5,216
5,071
5,147

12,654
1,743
(1,485)
5,517
1,660

13,799
12,278
1,058

(808)
3,451
(1,805)
1,331
$91,109
$82,459
$65,800
$724,024
$729,640
$705,473
12.6%
11.3%
9.3%
MISTRAS Group, Inc. and Subsidiaries
Unaudited Reconciliation of Net Cash Provided by Operating Activities (GAAP)
to Free Cash Flow (non-GAAP)
(in thousands)
Year ended December 31,
Net cash provided by operating activities (GAAP)
Less:
Purchases of property, plant and equipment
2025
2024
2023
$32,981
$50,129
$26,748
(24,674)
(17,902)
(20,854)
Purchases of intangible assets
(4,518)
(5,084)
(2,795)
Free cash flow (non-GAAP)
$3,789
$27,143
$3,099
Reconciliation of Net Income (GAAP) and Diluted EPS (GAAP) to Net Income Excluding Special
Items (non-GAAP) and Diluted EPS Excluding Special Items (non-GAAP)
(tabular dollars in thousands, except per share data)
Year ended December 31,
2025
2024
2023
$16,837
14,397
$18,958
4,884
($17,453)
27,135
Tax impact on special items
(3,181)
(1,168)
(3,256)
Special items, net of tax
$11,216
$3,716
$23,879
$28,053
$22,674
$6,426
Diluted EPS (GAAP)(1)
$0.53
$0.60
($0.58)
Special items, net of tax
$0.35
$0.12
$0.79
Diluted EPS Excluding Special Items (non-GAAP)
$0.88
$0.72
$0.21
Net income attributable to MISTRAS Group, Inc. (GAAP)
Special items
Net income attributable to MISTRAS Group, Inc.
Excluding Special Items (non-GAAP)
(1) For the year ended December 31, 2025, 11,000 shares, related to stock options and 17,000 shares, related to
RSUs were anti-dilutive and therefore were excluded from the calculation of diluted earnings per share.

4/7/2026 Letter Continued (Full PDF)

 

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