BWMNBowman Consulting Group Ltd.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.7×) and margins widening.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 5% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BWMN?
Bowman Consulting Group Ltd. earns 4.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 4.5 points below what the capital costs: growth destroys value
- Operating margin
- 3.4%
Operating margin · Engineering & Construction median 7.5% · 12 months to Q2 2026
- Cash conversion
- 1.66×
Cash conversion · 3.69× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.13%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 1.5% |
| FY2021 | 0.11% |
| FY2022 | 2.0% |
| FY2023 | −0.19% |
| FY2024 | −0.47% |
| FY2025 | 4.0% |
Details›
- Gross margin12 months to Q2 2026
- 53%
- Operating margin12 months to Q2 2026
- 3.4%
- Net margin12 months to Q2 2026
- 1.4%
- Free cash flow margin
- 2.4%
- Revenue, trailing twelve months
- $528M
- Free cash flow, trailing twelve months
- $13M
- Net income, trailing twelve months
- $7.4M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Engineering & Construction
Ranks #18 of 25 by RyuScore