Mistras Group, Inc. (MG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+32.2%

$26.65

vs $20.16 price

Levered DCF

$3.03

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.89

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	23.43×	14.85×	-12.62×	22.41×	57.15×	-2.28×	67.95×	59.92×
P/B	1.69×	1.41×	1.17×	0.74×	1.09×	1.15×	1.43×	1.51×
P/S	0.55×	0.38×	0.31×	0.21×	0.32×	0.38×	0.55×	0.55×
EV / EBITDA	8.98×	6.23×	13.1×	6.46×	7.94×	-6.81×	10.8×	12.12×
Gross margin	26.8%	29.2%	28.9%	28.8%	29.1%	30.1%	29.0%	28.0%
Operating margin	7.4%	5.5%	-0.3%	2.9%	2.7%	-17.1%	3.2%	3.0%
Net margin	2.3%	2.6%	-2.5%	0.9%	0.6%	-16.8%	0.8%	0.9%
Current ratio	1.47×	1.5×	1.55×	1.62×	1.33×	1.48×	1.64×	2.02×
Debt / equity	1.03×	1.01×	1.14×	1.09×	1.13×	1.25×	0.99×	1.12×
Interest coverage	3.63×	2.33×	-0.11×	1.88×	1.67×	-7.81×	1.76×	2.8×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	9.5%	-9.2%	3.3%	1.9%	-50.5%	2.1%	2.5%
Return on invested capital	10.9%	7.1%	-0.4%	3.1%	2.0%	-17.7%	2.2%	1.8%
Return on assets	2.9%	3.6%	-3.3%	1.2%	0.7%	-17.1%	0.8%	1.0%
Free cash flow yield	2.1%	9.7%	1.4%	8.8%	10.5%	23.0%	8.8%	5.0%
Earnings yield	4.2%	6.8%	-7.9%	4.4%	1.8%	-44.0%	1.5%	1.7%
Enterprise value	$611.9M	$463.4M	$421.9M	$342.8M	$421.7M	$445.9M	$677.1M	$686.6M
Net debt / EBITDA	3.15×	2.46×	6.21×	3.68×	3.81×	-3.35×	4.26×	4.91×
Cash conversion cycle (days)	77	66	67	66	59	65	65	72