Start here if you're new
what it is
Montrose cleans up environmental messes, measures pollution, and handles remediation work for companies and governments.
how it gets paid
Last year Montrose Environment made $831M in revenue. Remediation and reuse was the main engine at $351M, or 42% of sales.
why it's growing
Revenue grew 19.3% last year. First nine months of 2025 revenue reached about $637M, up roughly 26% versus the same period in 2024.
what just happened
Q3 2025 revenue was about $225M; GAAP EPS was about $0.21 (adjusted EPS was higher and beat consensus).
At a glance
B balance sheet — gets the job done, barely
45/100 earnings predictability — expect surprises
Q3 2025 GAAP EPS ~$0.21 — returned to profitability vs. prior-year GAAP loss
FY2025 revenue guide ~$810M–$830M (raised)
$696M fy2024 rev est
xvary composite: 55/100 — below average
What they do
Montrose cleans up environmental messes, measures pollution, and handles remediation work for companies and governments.
Montrose has 31 patents and 3,410 employees. That gives you a service stack, not a one-off cleanup crew. Your project can start with permits, move through testing, then end in remediation, so switching vendors means redoing work and paperwork.
How they make money
$831M
annual revenue · their business grew +19.3% last year
Assessment and permitting
$150M
Response services
$110M
Measurement and analysis
$220M
Remediation and reuse
$351M
The products that matter
environmental consulting and compliance
Assessment, Permitting & Response
$332M · about 40% of revenue
This is the largest segment at $332M, and it grew 12.7%. If you want to understand the base business, start here.
largest segment
laboratory testing and monitoring
Measurement & Analysis
$249M · about 30% of revenue
This $249M segment grew 8.0%. It is slower than the others, but recurring testing work is part of what makes the revenue base less lumpy.
recurring work
site cleanup and engineering
Remediation & Reuse
$250M · about 30% of revenue
At $250M, this segment is nearly as large as Measurement & Analysis and it grew 15.0%. It adds growth, but project work can make results jumpier quarter to quarter.
fastest segment
Key numbers
$831M
ttm revenue
This is the top line you are buying. It shows the business is big enough to matter, even if profits are still thin.
2.4%
operating margin
This tells you how much sales turn into operating profit. At 2.4%, one small cost spike can wipe out a lot of the gain.
$341M
long-term debt
This is the balance-sheet weight. It limits how much room management has if the market gets rough.
1.7
beta
This means the stock swings harder than the market. Your position will feel every bad tape move.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
- long-term debt $341M (28% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MEG right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Q3 2025 revenue was about $225M, up ~26% vs. prior year; GAAP EPS was about $0.21.
Consensus called for lower sales and lower adjusted EPS; Montrose beat on profit metrics and grew revenue double digits. (The old $637M figure was nine-month revenue, not one quarter.)
~$225M
Q3 revenue
~$0.21
GAAP EPS
~+26%
vs. prior-year Q3 revenue
context
Nine-month 2025 revenue was about $637M—strong, but do not mistake it for a single quarter.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is failing to turn record revenue into durable GAAP profit.
med
GAAP earnings still lag the operating story
MEG produced $830.5M of revenue and $116.2M of adjusted EBITDA, yet the stock still carries a -178.1x trailing p/e.
If reported earnings stay messy, investors can keep treating this as a perpetual prove-it stock instead of paying up for a cleaner multiple.
med
the 2026 margin target is only one point away — and that one point matters
Adjusted EBITDA margin reached 14.0%. Management is aiming for roughly 15% through $125M–$130M of adjusted EBITDA in 2026.
Miss that step-up, and a big part of the rerating case disappears because the stock is already being valued on improving efficiency.
med
acquisitions can help growth and muddy the picture at the same time
Management has signaled acquisitions may resume in 2026. That has been part of the growth playbook.
Deals can boost revenue, but integration costs can delay the clean earnings conversion investors are waiting for.
med
the customer base is useful, but not immune to project timing
Industrial, mining, and government-related work can support demand, but project revenue can still move around from quarter to quarter.
That matters when earnings predictability sits at 45/100. You should expect cleaner long-term themes than near-term smoothness.
If adjusted EBITDA stalls below the $125M–$130M 2026 target, the market has less reason to believe the margin story and more reason to focus on the negative p/e.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
q1 2026 earnings report
Expected on or around May 6, 2026. You want to see evidence that the $125M–$130M adjusted EBITDA target is still on track.
margin
the path from 14.0% to roughly 15%
This sounds small. It is not. That one-point margin move is the cleanest test of whether the operating model is really improving.
buyback
share repurchase execution
The new $40M authorization equals roughly 4% of the current market cap. Pace matters, because symbolic buybacks do not move per-share math.
strategy
whether acquisitions return before earnings clean up
More deals can keep revenue growing, but you should watch whether growth comes at the expense of the cleaner profitability investors are finally demanding.
Analyst rankings
earnings predictability
45 / 100
in human-speak, analysts do not view MEG's quarterly results as especially smooth. Expect some noise.
risk rank
2
That places the stock in the safer half of the market on this measure, even if the share price itself is still volatile.
source: institutional data
Institutional activity
institutional ownership data for MEG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$23
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive