Mistras Group Inc
MG Industrials Security & Protection Services
Mistras Group Inc’s revenue for fiscal 2025 (year ended December 2025) was $724.0 million, down 0.77% from fiscal 2024. In the quarter to June 2026, revenue grew 4.17%, EPS grew 140.0%, free cash flow grew 156.4% and total debt fell 6.38%, each against the same quarter a year earlier.
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Mistras Group Inc (MG) Altman Z-score
Mistras Group Inc's Altman Z-score for fiscal 2025 is 2.38, 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 | 2.38 | 0.11 |
| FY2024 | 2.27 | 0.51 |
| FY2023 | 1.76 | (0.02) |
| FY2022 | 1.78 | 0.07 |
| FY2021 | 1.72 | 0.87 |
| FY2020 | 0.85 | (1.13) |
| FY2019 | 1.99 | (0.09) |
| FY2018 | 2.08 | (1.01) |
| FY2017 | 3.09 | (1.61) |
| FY2016 | 4.70 | 0.37 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.19 | |
| Retained earnings / total assets | 0.01 | — | 0.02 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 1.16 | — | 0.69 | |
| Sales / total assets | 1.25 | — | 1.25 | |
| Altman Z-score | Grey zone | 2.38 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.27 | ||
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 |
|---|---|
| NSSC NAPCO Security Technologies, Inc. compare | 20.7× |
| CIX CompX International Inc. compare | 12.7× |
| BRC Brady Corporation compare | 8.1× |
| NL NLI Holdings, Inc. compare | 3.4× |
| MG Mistras Group Inc | 2.4× |
| EVLV Evolv Technologies Holdings, Inc. compare | 2.2× |
| GEO Geo Group Inc (The) compare | 1.7× |
| BCO Brink's Company (The) compare | 1.6× |
| CXW CoreCivic, Inc. compare | 1.6× |
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