Bowman Consulting Group Ltd.
BWMNdata completeness 100%6 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'
Bowman Consulting Group Ltd. earns about -0% on invested capital, below its ~9% cost of capital, but has diluted owners by 119% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.88 and $81.53 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $150M1 | $261.7M2 | $346.3M3 | $426.6M4 | $490M4 |
| Net income | $299,0005 | $5.01M6 | −$6.62M7 | $3.03M8 | $12.8M8 |
| Operating cash flow | $4.72M9 | $9.17M10 | $11.7M11 | $24.3M12 | $35.8M12 |
| Capital expenditure | $905,00013 | $902,00014 | $2.09M15 | $626,00016 | $2.39M16 |
| Free cash flow (derived) | $3.81M9 | $8.27M10 | $9.63M11 | $23.7M12 | $33.4M12 |
| Total debt | $12.9M17 | $27.2M18 | $28.8M19 | $38.1M20 | $57.6M21 |
| Cash & equivalents | $20.6M22 | $13.3M23 | $20.7M24 | $6.7M25 | $11.1M25 |
| Diluted shares | 7.6M | 11.7M | 12.5M | 16.1M | 16.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $155.91 of net worth that earned you $7.67 and generated $19.96 of cash last year, against $34.39 of debt.
It earned about -0% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 119% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 348% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.88 and $81.53 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$23.7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$23.7M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$3.03M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $17.42 |
| Base | 20.0% | $43.31 |
| Bull | 20.0% | $43.31 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001628280-23-008120 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001628280-24-010652 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-012365 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-015252 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001628280-23-008120 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001628280-24-010652 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-012365 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-015252 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001628280-23-008120 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001628280-24-010652 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-012365 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-015252 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001628280-23-008120 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001628280-24-010652 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-012365 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-015252 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001564590-22-011536 (LongTermDebt)
- 10-K · period ending 2022-12-31 · accession 0001628280-23-008120 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0001628280-24-010652 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0001628280-25-012365 (LongTermDebt)
- 10-K · period ending 2025-12-31 · accession 0001628280-26-015252 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001628280-23-008120 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001628280-24-010652 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-012365 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-015252 (CashAndCashEquivalentsAtCarryingValue)