Forensic Analysis · Professional & Commercial Services · as of Aug 11, 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
43.8
P / E (ttm)
4.9%
ROE
$743M
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). 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 from 3% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+12.8%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +43% over the last 3 years to FY2025 (+12.8%/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 ~12.8% 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 FY2022 has been diluted ~30%.
+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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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%. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 8% of net operating assets, diverging from the balance-sheet accrual read.
4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 4% of revenue and 56% of free cash flow in FY2025 — about $1.12 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 13.3% a year and is falling.
Key fundamentals
Latest Revenue$490.0M
Revenue Growth YoY+14.9%
Revenue CAGR (3yr)+23.2%
Net Margin2.6%
Free Cash Flow$33.4M
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?