TakeoverPE & activists

BWMNBowman Consulting Group Ltd.

Services-Management Consulting Services · $739M market cap · 2,300 employees

3.5×

More likely than average to be taken private

Top 2% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    279% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    4% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    52% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    28% of assets
    Over 40% of assets
  • Low revenue per employeeNo
    $213K · 28th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    3.2 per 10K words · 72nd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    0.9× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    5 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$6M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Oct 5, 2026DEFM14ABernhard Capital Partners$43.0058%
Sep 25, 2026PREM14ABernhard Capital Partners$43.0058%
Aug 10, 20268-KBernhard Capital Partners——

Key numbers

Revenue
$490MFY2021: $150MFY2022: $262MFY2023: $346MFY2024: $427MFY2025: $490M
15% YoY
Operating margin
4.0%FY2021: 0.1%FY2022: 2.0%FY2023: -0.2%FY2024: -0.5%FY2025: 4.0%
956% YoY
EBITDA
$37MFY2021: $6MFY2022: $13MFY2023: $9MFY2024: $12MFY2025: $37M
196% YoY
Net debt / EBITDA
0.9×
$35M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$150M$262M$346M$427M$490M 15% FY2021: $150MFY2022: $262MFY2023: $346MFY2024: $427MFY2025: $490M
Operating income$160K$5M−$656K−$2M$20M 1083% FY2021: $160KFY2022: $5MFY2023: −$656KFY2024: −$2MFY2025: $20M
Net income$299K$5M−$7M$3M$13M 324% FY2021: $299KFY2022: $5MFY2023: −$7MFY2024: $3MFY2025: $13M
Operating cash flow$5M$9M$12M$24M$36M 47% FY2021: $5MFY2022: $9MFY2023: $12MFY2024: $24MFY2025: $36M
Capex$905K$902K$2M$626K$2M 282% FY2021: $905KFY2022: $902KFY2023: $2MFY2024: $626KFY2025: $2M
Stock-based comp$8M$15M$25M$26M$19M 27% FY2021: $8MFY2022: $15MFY2023: $25MFY2024: $26MFY2025: $19M
Buybacks$582K$0$745K$23M$19M 19% FY2021: $582KFY2022: $0FY2023: $745KFY2024: $23MFY2025: $19M

13D filers

FiledFilerFormStakeIntent
Oct 22, 2026Bowman GarySCHEDULE 13D/A12.4%Passive
Apr 4, 2024Bowman GarySC 13D/A14.4%Passive
Nov 24, 2023Bowman GarySC 13D/A17.0%Passive
Dec 13, 2022Bowman GarySC 13D/A20.0%Passive
Feb 15, 2022Bowman GarySC 13D/A21.9%Passive
Nov 16, 2021Bowman GarySC 13D/A25.0%Passive
Oct 13, 2021Bowman GarySC 13D/A25.0%Passive
Sep 23, 2021Bowman GarySC 13D/A21.0%Passive
May 13, 2021Bowman GarySC 13D25.1%Passive

Insider trading

−$6Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $6M · 14 trades

Pay vs performance

No pay-versus-performance disclosure yet.