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what it is
Bowman helps design, survey, permit, and manage infrastructure projects for customers building and maintaining roads, water systems, and energy assets.
how it gets paid
Last year Bowman Consulting made $490M in revenue. Engineering design was the main engine at $186.2M, or 38% of sales.
why it's growing
Revenue grew 14.9% last year. Latest-quarter revenue rose 186% vs. prior year to $361 million.
what just happened
Bowman posted $361M in quarterly revenue, with profit also rising as recent deals bulked up the business.
At a glance
B balance sheet — gets the job done, barely
34.5x trailing p/e — you're paying up for this one
1.1% return on capital — nothing to write home about
$0.17 fy2024 eps est
$427M fy2024 rev est
xvary composite: 53/100 — below average
What they do
Bowman helps design, survey, permit, and manage infrastructure projects for customers building and maintaining roads, water systems, and energy assets.
When your project needs planning, engineering, surveying, and construction oversight, hiring one firm is easier than managing four. Bowman has 2,200 employees and just won a $30 million multi-year Chicago water contract. That breadth keeps clients inside the same vendor relationship when projects get bigger.
How they make money
$490M
annual revenue · their business grew +14.9% last year
Engineering design
$186.2M
Construction management and commissioning
$98.0M
Planning services
$73.5M
Survey and geospatial work
$73.5M
Land procurement and other technical services
$58.8M
The products that matter
core project delivery
Engineering Services
$437M · 89% of disclosed mix
this is the center of gravity. it delivered 12.8% organic growth, and it is where most of the backlog conversion story lives.
bulk of revenue
higher-value oversight work
Program Management
$54M · smaller base
this segment is the margin lever. management wants adjusted EBITDA margin expansion of more than 100 basis points, and this is part of how it gets there.
margin lever
external growth engine
Acquisition Pipeline
7 deals in 2025
seven acquisitions in one year tell you the strategy. you are not buying a slow, steady compounder. you are buying integration work dressed up as growth.
execution risk
Key numbers
$0.17
fy2024 eps est
$427M
fy2024 rev est
34.5x
trailing p/e
n/a
dividend yield
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $75M (14% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BWMN right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Bowman posted $361M in quarterly revenue, with profit also rising as recent deals bulked up the business.
Latest-quarter revenue rose 186% vs. prior year to $361 million, while earnings per share reached $0.62, up 68%. Gross margin was 55%, up 190 basis points, according to the March 2026 earnings call.
$361M
revenue
$0.62
eps
55%
gross margin
the number that mattered
The 186% revenue jump matters most because it shows Bowman changed size fast through acquisitions; now you need to see if that scale turns into better returns than 1.1%.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is founder succession at bowman consulting. a premium multiple and a still-fragile return profile leave little room for uncertainty at the top.
med
founder succession
Gary Bowman plans to retire in 2026, and this page does not name a successor. When the founder leaves before the market sees a clean handoff, the stock stops getting the benefit of the doubt.
At 34.5x trailing earnings, governance uncertainty is a valuation issue, not just an HR issue.
med
acquisition digestion
Seven acquisitions in 2025 tell you how Bowman is growing. Roll-ups work until integration misses start leaking into margins, culture, or client retention.
If deal activity stays high while return on capital sits at 1.1%, you are paying growth-company prices for assembly work.
med
backlog conversion
A $479M backlog is useful only if projects move, clients spend, and work turns into billable revenue on time. Project-based firms do not get paid for backlog headlines.
If quarterly results miss the $495M–$510M 2026 guide, the market will start questioning how real that backlog is.
med
premium multiple on weak economics
Bowman trades at 34.5x trailing earnings with a 1.1% return on capital and no dividend. That is a growth multiple on a business that still needs to prove its quality.
If margin expansion stalls, there is no income stream or elite profitability to catch the stock on the way down.
You own a company priced for progress. If succession drags, acquisitions misfire, or backlog fails to convert, the multiple has room to compress before the business has room to disappoint.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next quarter against the $495M–$510M guide
Management raised the 2026 revenue target. Your next check is simple: do reported results keep that range believable.
management
who replaces Gary Bowman
A successor announcement matters because this business still trades with founder risk attached. The longer the wait, the louder the question gets.
quality
return on capital above 1.1%
Growth is nice. Better economics are better. If return on capital stays stuck near 1.1%, the bull case stays unfinished.
m&a
whether seven acquisitions become a habit
Acquisitions fueled 2025. Watch if Bowman starts relying on deals to keep growth alive instead of showing cleaner organic progress.
Analyst rankings
coverage
thin
in human-speak, there is not enough broad sell-side coverage here to lean on rankings alone.
earnings read
beat
Q4 EPS came in at $0.45 versus a $0.38 estimate. That helps sentiment, but one quarter does not erase a 1.1% return on capital.
forward setup
mixed
The raised $495M–$510M 2026 target gives analysts a cleaner top-line path. The debate is whether margin quality catches up.
source: institutional data
Institutional activity
institutional ownership data for BWMN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$32
current price
n/a
target midpoint · n/a from current
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