Forensic Analysis · Professional & Commercial Services · as of Aug 11, 2026
Mistras Group, Inc. (MG)
A forensic read on Mistras Group, Inc. 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
Safe
Financial health
3.1
Distress distance
Clean
Earnings quality
5
Forensic signals
22.5
P / E (ttm)
7.2%
ROE
$498M
Market cap
-0.8%
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.
Mistras Group, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.1, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
7.0%
FY2025
Return on invested capital.Return on invested capital is 7.0% 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.
+2.0%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +6% over the last 3 years to FY2025 (+2.0%/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 ~2.0% 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 ~6%.
stopped
FY2017→FY2019
Shareholder returns — halted.Capital returns have STOPPED — $16M of buybacks + dividends in FY2017, but ~$0 in FY2019. A halt usually means the company is conserving cash.
71d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 65 to 71 days FY2024→FY2025 (receivables +22% vs revenue -1%). Across FY2021–FY2025 the day count ran 59 → 62 → 66 → 65 → 71 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Receivables grew, but deferred revenue grew +12% over the same period too — rising alongside rising unearned revenue reads as upfront billing on multi-period contracts, not slipping collections.
$91M
FY2020–FY2023
Key fundamentals
Latest Revenue$724.0M
Revenue Growth YoY-0.8%
Revenue CAGR (3yr)+1.7%
Net Margin2.3%
Free Cash Flow$8.3M
Return on Equity7.2%
Debt / Equity0.76x
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 Mistras Group, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Goodwill impairments.Took $91M of goodwill writedowns across 2 years (FY2020 ($77M), FY2023 ($14M)). Writedowns mean past acquisitions underperformed what was paid for them.
Mistras Group, Inc. (MG) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy