BWMNHIGH SIGNALOPPORTUNITY10-K

BWMN achieved a dramatic operational turnaround with operating income swinging from -$2.0M to +$19.7M while scaling revenue significantly to $490M.

The company has demonstrated strong execution on its growth strategy, turning around profitability while maintaining robust cash generation. The improved ENR ranking and workforce expansion to over 2,300 employees indicates successful market share gains and operational scaling.

Comparing 2026-03-05 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

BWMN delivered exceptional financial performance with operating income surging over 1000% from negative to positive territory, while net income increased 324% and operating cash flow grew 47% to $35.8M. The company expanded its asset base with accounts receivable up 24% and current assets up 21%, though this growth was accompanied by higher debt levels (+51%) and increased current liabilities (+59%). Overall, the financial picture signals a company successfully scaling operations and achieving profitability, though investors should monitor the debt growth relative to the business expansion.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+1083%
-$2.0M→$19.7M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+323.5%
$3.0M→$12.8M

Net income grew 323.5% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+282.3%
$626K→$2.4M

Capital expenditure jumped 282.3% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
+65.2%
$6.7M→$11.1M

Cash position surged 65.2% — strong cash generation or capital raise providing significant financial cushion.

Current Liabilities
Balance Sheet
+59.1%
$135.0M→$214.7M

Current liabilities surged 59.1% — significant near-term obligations; verify ability to meet short-term debt.

Total Debt
Balance Sheet
+51%
$38.1M→$57.6M

Debt increased 51% — substantial leverage increase; assess whether deployed for growth or covering losses.

Operating Cash Flow
Cash Flow
+47.4%
$24.3M→$35.8M

Operating cash flow surged 47.4% — exceptional cash generation, highest quality earnings signal.

Accounts Receivable
Balance Sheet
+24.3%
$105.1M→$130.6M

Receivables grew 24.3% — monitor days sales outstanding for collection efficiency.

Total Liabilities
Balance Sheet
+22.6%
$259.8M→$318.6M

Liabilities increased 22.6% — monitor debt-to-equity ratio and interest coverage.

Current Assets
Balance Sheet
+20.6%
$176.6M→$213.0M

Current assets grew 20.6% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-03-05
PRIOR — 2025-03-12
ADDED
As of February 28, 2026, the registrant had 17,123,509 shares of common stock outstanding.
Business Bowman is a professional services firm delivering integrated engineering, technical consulting and program management services to customers who own, develop, and maintain the built environment.
We provide planning, engineering, program management, commissioning, environmental consulting, geospatial imaging, surveying, land procurement and other infrastructure management services to customers operating in a diverse set of end markets.
Over the approximately 5 years since our IPO, we have experienced a more than four-fold increase in gross contract revenue to $490 million for the year ended December 31, 2025 (we interchangeably refer to gross contract revenue as "revenue").
In 2025, we ranked 72 nd on the ENR Top 500 Design Firms list, up from 144 th in 2021, the year of our initial public offering and 78 th in 2024.
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REMOVED
As of March 12, 2025, the registrant had 17,263,666 shares of common stock outstanding.
Business Bowman is a professional services firm delivering innovative engineering, technology and program management services to customers who own, develop, and maintain the built environment.
We provide planning, engineering, construction management, commissioning, environmental consulting, geospatial imaging, surveying, land procurement and other technical services to customers operating in a diverse set of end markets.
Gary Bowman, our Chairman, Chief Executive Officer, and largest individual stockholder, founded Bowman in 1995.
Over the past 10 years, we have experienced a roughly five-fold increase in gross contract revenue to $427 million for the year ended December 31, 2024 (we interchangeably refer to gross contract revenue as "revenue" or "gross contract revenue").
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