Bowman Consulting Group Ltd.
BWMN Industrials Engineering & Construction
Bowman Consulting Group Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $490.0 million, up 14.9% from fiscal 2024. In the quarter to June 2026, revenue grew 19.7%, EPS fell 57.1%, free cash flow fell 457.9% and total debt rose 103.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Bowman Consulting Group Ltd. (BWMN) Altman Z-score
Bowman Consulting Group Ltd.'s Altman Z-score for fiscal 2025 is 1.95, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.95 | 0.18 |
| FY2024 | 1.77 | (0.19) |
| FY2023 | 1.96 | (0.25) |
| FY2022 | 2.21 | (0.59) |
| FY2021 | 2.80 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.00 | — | −0.00 | |
| Retained earnings / total assets | (0.02) | — | −0.03 | |
| EBIT / total assets | 0.03 | — | 0.11 | |
| Market value of equity / total liabilities | 1.70 | — | 1.02 | |
| Sales / total assets | 0.85 | — | 0.85 | |
| Altman Z-score | Grey zone | 1.95 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 1.01 | ||
Z and Z″ put Bowman Consulting Group Ltd. in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PHOE Phoenix Asia Holdings Limited compare | 166× |
| WLDN Willdan Group, Inc. compare | 5.7× |
| ORN Orion Group Holdings, Inc. compare | 3.1× |
| CDNL Cardinal Infrastructure Group Inc. compare | 2.7× |
| BWMN Bowman Consulting Group Ltd. | 1.9× |
| MTRX Matrix Service Company compare | 1.9× |
| AMRC Ameresco, Inc. compare | 1.1× |
| CDLR Cadeler A/S Sponsored ADR compare | 1.1× |
| BBCP CONCRETE PUMPING HOLDINGS, INC. compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets