Bowman Consulting Group Ltd. (BWMN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Professional & Commercial Services · as of Sep 25, 2026
Bowman Consulting Group Ltd. (BWMN)
A forensic read on Bowman Consulting Group Ltd. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.6
Distress distance
Clean
Earnings quality
4
Forensic signals
99.8
P / E (ttm)
4.9%
ROE
$738M
Market cap
14.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Bowman Consulting Group Ltd. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.6, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
5.0%
FY2025
Return on invested capital.Return on invested capital is 5.0% in the latest fiscal year and rising across FY2023–FY2025 from -0.2%. After-tax operating profit was ($518,240) in FY2023 and $18M in FY2025, with operating income at -0.2% of revenue in FY2023, -0.5% in FY2024 and 4.0% in FY2025. The capital base behind it grew +39% across FY2023–FY2025, from $255M to $354M, and the return did not fall doing it, so the dollars added over that window earned at least the -0.2% the older base was already earning.
+15.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +34% over the last 2 years to FY2025 (+15.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~15.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~25%.
+10.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +10.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +24% against revenue +15%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 8% of net operating assets, against an accruals ratio of 10.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
4% of rev
FY2025
Key fundamentals
Latest Revenue$490.0M
Revenue Growth YoY+14.9%
Revenue CAGR (2yr)+18.9%
Net Margin2.6%
Free Cash Flow$33.1M
Return on Equity4.9%
Debt / Equity0.22x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Bowman Consulting Group Ltd.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Stock-based comp load.Stock-based compensation ran 4% of revenue and 57% of free cash flow in FY2025 — about $1.12 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 16.5% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.