Montrose Environmental Group (MEG) Financials

$21.93 0.00 (0.00%)

Closing price 07/18/2025 03:59 PM Eastern

Extended Trading

$21.94 +0.02 (+0.07%)

As of 07/18/2025 04:20 PM Eastern

Annual Income Statements for Montrose Environmental Group

This table shows Montrose Environmental Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-19	-43	-107	-42	-48	-47	-73
Consolidated Net Income / (Loss)	-16	-24	-58	-25	-32	-31	-62
Net Income / (Loss) Continuing Operations	-16	-24	-58	-25	-32	-31	-62
Total Pre-Tax Income	-21	-27	-57	-24	-30	-32	-54
Total Operating Income	-11	-8.95	-23	-9.46	-28	-28	-37
Total Gross Profit	54	70	113	177	193	240	278
Total Revenue	189	234	328	546	544	624	696
Operating Revenue	189	234	328	546	544	624	696
Total Cost of Revenue	135	164	215	369	352	384	418
Operating Cost of Revenue	135	-	215	369	352	384	418
Total Operating Expenses	65	79	136	187	221	269	315
Selling, General & Admin Expense	41	50	86	118	176	223	262
Depreciation Expense	24	28	37	45	47	46	53
Other Special Charges / (Income)	-0.16	1.39	13	24	-3.23	0.08	0.53
Total Other Income / (Expense), net	-11	-18	-34	-14	-1.56	-3.42	-18
Interest Expense	11	6.76	14	12	5.24	7.79	16
Other Income / (Expense), net	0.27	-11	-20	-2.55	3.68	4.37	-1.74
Income Tax Expense	-4.97	-3.12	0.85	1.71	2.25	-0.98	8.00
Preferred Stock Dividends Declared	2.67	20	49	16	16	16	11
Basic Earnings per Share	($2.79)	($4.91)	($6.48)	($1.56)	($1.62)	($1.57)	($2.22)
Weighted Average Basic Shares Outstanding	7.53M	8.79M	16.48M	26.72M	29.69M	30.06M	33.06M
Diluted Earnings per Share	($2.79)	($4.91)	($6.48)	($1.56)	($1.62)	($1.57)	($2.22)
Weighted Average Diluted Shares Outstanding	7.53M	8.79M	16.48M	26.72M	29.69M	30.06M	33.06M
Weighted Average Basic & Diluted Shares Outstanding	7.53M	8.79M	16.48M	26.72M	29.87M	30.38M	34.34M

This table shows Montrose Environmental Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-9.82	-15	-19	-11	-12	-5.54	-16	-13	-13	-31	-22
Consolidated Net Income / (Loss)	-5.72	-11	-15	-7.17	-7.53	-1.44	-13	-10	-11	-28	-19
Net Income / (Loss) Continuing Operations	-5.72	-11	-15	-7.17	-7.53	-1.44	-13	-10	-11	-28	-19
Total Pre-Tax Income	-5.93	-10	-13	-7.02	-6.20	-5.26	-13	-7.55	-9.20	-25	-16
Total Operating Income	-6.34	-8.29	-9.98	-6.09	-3.44	-8.91	-10	-2.65	-1.16	-23	-11
Total Gross Profit	48	49	50	61	66	64	59	69	73	77	69
Total Revenue	130	140	131	159	168	166	155	173	179	189	178
Operating Revenue	130	140	131	159	168	166	155	173	179	189	178
Total Cost of Revenue	82	91	82	98	102	102	97	104	106	112	108
Operating Cost of Revenue	82	91	82	98	102	102	97	104	106	112	108
Total Operating Expenses	54	57	60	67	69	73	69	72	74	100	80
Selling, General & Admin Expense	43	45	50	55	57	61	57	59	61	84	66
Depreciation Expense	12	12	11	11	12	12	12	13	13	15	13
Other Special Charges / (Income)	0.06	0.25	-0.40	0.35	0.46	-0.33	0.11	0.14	0.14	0.15	0.48
Total Other Income / (Expense), net	0.41	-2.16	-3.38	-0.93	-2.76	3.65	-2.80	-4.90	-8.04	-1.86	-5.91
Interest Expense	1.40	1.23	1.54	1.88	2.09	2.29	3.31	3.98	4.14	4.44	5.07
Other Income / (Expense), net	1.81	-0.94	-1.84	0.95	-0.67	5.93	0.51	-0.92	-3.90	2.58	-0.85
Income Tax Expense	-0.21	0.36	1.37	0.15	1.32	-3.82	0.49	2.62	1.37	3.52	2.87
Preferred Stock Dividends Declared	4.10	4.10	4.10	4.10	4.10	4.10	2.81	2.75	2.75	2.75	2.75
Basic Earnings per Share	($0.33)	($0.50)	($0.63)	($0.38)	($0.39)	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)
Weighted Average Basic Shares Outstanding	29.69M	29.69M	29.86M	30.05M	30.14M	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M
Diluted Earnings per Share	($0.33)	($0.50)	($0.63)	($0.38)	($0.39)	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)
Weighted Average Diluted Shares Outstanding	29.69M	29.69M	29.86M	30.05M	30.14M	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M
Weighted Average Basic & Diluted Shares Outstanding	29.71M	29.87M	30.08M	30.15M	30.19M	30.38M	34.08M	34.23M	34.30M	34.34M	34.22M

This table details how cash moves in and out of Montrose Environmental Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-2.28	4.51	28	112	-57	-66	-9.81
Net Cash From Operating Activities	-2.85	17	1.85	38	21	56	22
Net Cash From Continuing Operating Activities	-2.85	17	1.85	38	21	56	22
Net Income / (Loss) Continuing Operations	-16	-24	-58	-25	-32	-31	-62
Consolidated Net Income / (Loss)	-16	-24	-58	-25	-32	-31	-62
Depreciation Expense	24	28	37	45	47	46	53
Amortization Expense	1.67	0.56	0.00	8.15	9.29	10	12
Non-Cash Adjustments To Reconcile Net Income	5.04	16	25	1.88	20	43	68
Changes in Operating Assets and Liabilities, net	-17	-4.05	-2.87	8.07	-25	-12	-48
Net Cash From Investing Activities	-50	-87	-180	-72	-39	-102	-138
Net Cash From Continuing Investing Activities	-50	-87	-180	-72	-39	-102	-138
Purchase of Property, Plant & Equipment	-3.77	-4.69	-7.76	-6.89	-9.58	-30	-21
Acquisitions	-46	-81	-174	-56	-29	-70	-116
Sale of Property, Plant & Equipment	0.17	0.26	-	0.60	0.17	0.97	2.15
Other Investing Activities, net	-0.51	-1.16	1.94	-8.92	-0.06	-3.48	-3.27
Net Cash From Financing Activities	51	74	206	146	-39	-20	106
Net Cash From Continuing Financing Activities	51	74	206	146	-39	-20	106
Repayment of Debt	-175	-72	-260	-288	-13	-17	-459
Repurchase of Common Equity	-2.72	0.00	-4.16	-0.45	-0.18	0.00	-0.35
Payment of Dividends	0.00	0.00	-6.97	-16	-16	-16	-11
Issuance of Debt	145	146	279	284	0.00	0.00	453
Issuance of Common Equity	0.03	0.00	161	170	0.00	0.00	122
Other Financing Activities, net	-33	0.52	-5.60	-2.63	-9.46	14	1.70
Cash Interest Paid	7.92	5.89	12	5.01	6.51	8.06	15
Cash Income Taxes Paid	0.60	1.21	0.17	0.41	0.79	1.00	4.19

This table details how cash moves in and out of Montrose Environmental Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-4.83	-3.60	-13	-53	0.05	0.67	-14	7.48	-4.09	0.52	18
Net Cash From Operating Activities	11	12	3.03	21	17	15	-22	0.89	11	32	5.50
Net Cash From Continuing Operating Activities	11	12	3.03	21	17	15	-22	0.89	11	32	5.50
Net Income / (Loss) Continuing Operations	-5.72	-11	-15	-7.17	-7.53	-1.44	-13	-10	-11	-28	-19
Consolidated Net Income / (Loss)	-5.72	-11	-15	-7.17	-7.53	-1.44	-13	-10	-11	-28	-19
Depreciation Expense	12	12	11	11	12	12	12	13	13	15	13
Amortization Expense	2.35	2.36	2.49	2.55	2.63	2.53	0.00	2.80	2.99	3.15	0.00
Non-Cash Adjustments To Reconcile Net Income	8.65	13	16	7.70	13	5.72	13	13	17	28	18
Changes in Operating Assets and Liabilities, net	-5.68	-3.15	-11	7.01	-3.30	-4.22	-33	-17	-11	14	-6.86
Net Cash From Investing Activities	-8.99	-11	-12	-75	-10.00	-4.64	-65	-23	-49	-0.86	-3.71
Net Cash From Continuing Investing Activities	-8.99	-11	-12	-75	-10.00	-4.64	-65	-23	-49	-0.86	-3.71
Purchase of Property, Plant & Equipment	-1.91	-4.17	-4.13	-17	-4.02	-4.61	-7.28	-12	-1.16	-2.25	-3.15
Acquisitions	-7.26	-7.48	-7.16	-58	-3.86	-0.59	-58	-13	-43	-0.52	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	0.97	0.04	-	-1.67	1.75	0.01
Other Investing Activities, net	0.19	0.10	-0.43	-0.51	-2.12	-0.42	0.32	-0.45	-3.35	0.17	-0.56
Net Cash From Financing Activities	-6.95	-4.71	-4.65	0.70	-6.91	-9.24	73	29	34	-31	16
Net Cash From Continuing Financing Activities	-6.95	-4.71	-4.65	0.70	-6.91	-9.24	73	29	34	-31	16
Repayment of Debt	-3.18	-1.06	-3.22	-5.58	-3.70	-4.89	-143	-123	-88	-105	-288
Repurchase of Common Equity	-	-	0.00	-	-	-	-0.35	-	-	-	-2.19
Payment of Dividends	-4.10	-4.10	-4.10	-4.10	-4.10	-4.10	0.00	-5.56	-2.75	-2.75	-2.75
Issuance of Debt	-	-	0.00	-	-	-	217	36	124	77	307
Issuance of Common Equity	-	-	-	-	-	-	0.00	-	-	-	0.00
Other Financing Activities, net	0.33	0.45	2.66	10	0.89	-0.25	0.12	0.73	0.76	0.09	2.26
Cash Interest Paid	1.66	1.66	1.35	1.59	1.90	3.22	3.10	3.76	3.84	4.08	3.87
Cash Income Taxes Paid	-0.11	0.20	0.16	1.11	0.11	-0.38	0.29	0.41	2.01	1.48	0.93

This table presents Montrose Environmental Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	332	603	833	792	817	990
Total Current Assets	73	134	294	248	201	238
Cash & Equivalents	6.41	34	147	90	23	13
Accounts Receivable	60	93	139	147	164	211
Prepaid Expenses	5.62	6.71	7.96	10	14	14
Current Deferred & Refundable Income Taxes	1.21	0.00	0.51	0.69	0.03	0.00
Plant, Property, & Equipment, net	27	34	32	36	57	64
Total Noncurrent Assets	232	434	508	508	559	689
Noncurrent Note & Lease Receivables	-	0.00	8.94	9.84	13	20
Goodwill	127	275	312	324	364	468
Intangible Assets	103	155	161	142	141	153
Other Noncurrent Operating Assets	1.96	4.54	26	32	41	48
Total Liabilities & Shareholders' Equity	332	603	833	792	817	990
Total Liabilities	229	313	364	326	343	451
Total Current Liabilities	73	112	148	111	126	159
Short-Term Debt	16	55	42	16	18	45
Accounts Payable	30	35	69	63	60	64
Current Employee Benefit Liabilities	11	21	26	21	35	34
Other Current Liabilities	17	0.00	10	12	14	16
Total Noncurrent Liabilities	156	201	216	214	216	292
Long-Term Debt	145	170	162	152	149	205
Noncurrent Deferred & Payable Income Tax Liabilities	3.53	2.82	4.01	5.74	6.06	13
Other Noncurrent Operating Liabilities	7.48	28	50	56	61	74
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	153	153	153	153	93
Total Equity & Noncontrolling Interests	-26	137	317	313	321	446
Total Preferred & Common Equity	-26	137	317	313	321	446
Total Common Equity	-26	137	317	313	321	446
Common Stock	38	259	464	493	532	721
Retained Earnings	-64	-122	-148	-179	-210	-273
Accumulated Other Comprehensive Income / (Loss)	-0.04	0.07	0.04	0.01	-0.22	-2.13

This table presents Montrose Environmental Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	788	789	783	826	836	918	944	1,007	992
Total Current Assets	244	246	231	201	213	204	240	247	249
Cash & Equivalents	98	94	77	23	23	9.49	17	13	30
Accounts Receivable	135	141	139	161	174	178	209	218	200
Prepaid Expenses	10	11	15	16	15	17	14	15	19
Current Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	34	34	41	57	58	60	64	66	61
Total Noncurrent Assets	509	510	511	568	565	654	640	694	682
Noncurrent Note & Lease Receivables	8.28	9.87	11	11	13	15	15	17	21
Goodwill	316	318	326	369	356	463	435	483	468
Intangible Assets	151	146	137	137	152	134	143	145	147
Other Noncurrent Operating Assets	35	35	36	51	44	41	47	49	46
Total Liabilities & Shareholders' Equity	788	789	783	826	836	918	944	1,007	992
Total Liabilities	320	320	320	360	368	501	402	465	455
Total Current Liabilities	101	103	102	125	135	125	132	128	122
Short-Term Debt	12	13	18	17	17	28	30	23	21
Accounts Payable	59	58	55	66	71	59	58	58	58
Current Employee Benefit Liabilities	19	20	16	26	31	24	28	32	26
Other Current Liabilities	12	12	13	15	15	14	15	16	17
Total Noncurrent Liabilities	219	216	218	235	233	375	270	337	333
Long-Term Debt	158	156	149	156	153	281	189	233	236
Noncurrent Deferred & Payable Income Tax Liabilities	6.21	5.77	7.11	7.45	10	5.85	8.24	8.27	16
Other Noncurrent Operating Liabilities	55	55	61	72	71	88	74	95	81
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	153	153	153	153	153	93	93	93	93
Total Equity & Noncontrolling Interests	315	316	310	313	315	324	449	449	444
Total Preferred & Common Equity	315	316	310	313	315	324	449	449	444
Total Common Equity	315	316	310	313	315	324	449	449	444
Common Stock	478	485	504	514	524	548	683	694	739
Retained Earnings	-163	-169	-194	-201	-209	-224	-234	-244	-292
Accumulated Other Comprehensive Income / (Loss)	0.03	0.05	0.02	-0.10	-0.30	-0.26	-0.22	-0.29	-2.49

This table displays calculated financial ratios and metrics derived from Montrose Environmental Group's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	23.86%	40.36%	66.47%	-0.37%	14.66%	11.56%
EBITDA Growth	0.00%	-45.17%	-171.99%	782.10%	-20.81%	-1.57%	-18.95%
EBIT Growth	0.00%	-92.05%	-117.23%	72.27%	-102.73%	1.17%	-59.93%
NOPAT Growth	0.00%	15.92%	-157.25%	58.91%	-196.28%	-1.45%	-29.21%
Net Income Growth	0.00%	-42.85%	-145.99%	56.30%	-25.64%	3.02%	-101.93%
EPS Growth	0.00%	-75.99%	-31.98%	75.93%	-3.85%	3.09%	-41.40%
Operating Cash Flow Growth	0.00%	699.02%	-89.14%	1,931.41%	-45.05%	171.31%	-60.31%
Free Cash Flow Firm Growth	0.00%	0.00%	8.40%	78.18%	28.92%	-149.13%	-97.64%
Invested Capital Growth	0.00%	0.00%	87.56%	9.54%	3.36%	13.42%	25.59%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	6.85%	-0.78%	4.39%	3.46%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-27.01%	-22.07%	27.23%	-33.91%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-275.66%	-61.03%	20.62%	-81.66%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-684.65%	-46.74%	-2.23%	-61.14%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-9.91%	-41.55%	23.29%	-75.37%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-2,500.00%	-27.56%	17.37%	-50.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	199.35%	93.37%	-35.55%	3.83%	360.45%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-9.51%	-3.38%	1.50%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.67%	0.09%	0.50%	-1.20%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	28.64%	29.88%	34.35%	32.46%	35.37%	38.50%	39.95%
EBITDA Margin	8.06%	3.57%	-1.83%	7.50%	5.96%	5.12%	3.72%
Operating Margin	-5.63%	-3.83%	-7.01%	-1.73%	-5.15%	-4.55%	-5.27%
EBIT Margin	-5.49%	-8.52%	-13.19%	-2.20%	-4.47%	-3.85%	-5.52%
Profit (Net Income) Margin	-8.73%	-10.07%	-17.65%	-4.63%	-5.84%	-4.94%	-8.95%
Tax Burden Percent	76.85%	88.30%	101.49%	107.24%	107.61%	96.92%	114.72%
Interest Burden Percent	206.85%	133.91%	131.93%	196.78%	121.53%	132.41%	141.25%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-4.88%	-4.37%	-1.31%	-3.66%	-3.42%	-3.69%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-17.12%	-22.04%	-16.38%	-21.62%	-13.30%	-22.95%
Return on Net Nonoperating Assets (RNNOA)	0.00%	184.09%	-39.57%	-5.36%	-3.14%	-3.14%	-8.61%
Return on Equity (ROE)	0.00%	179.20%	-43.94%	-6.67%	-6.80%	-6.56%	-12.30%
Cash Return on Invested Capital (CROIC)	0.00%	-204.88%	-65.27%	-10.42%	-6.97%	-16.00%	-26.38%
Operating Return on Assets (OROA)	0.00%	-6.00%	-9.26%	-1.67%	-2.99%	-2.99%	-4.26%
Return on Assets (ROA)	0.00%	-7.10%	-12.40%	-3.53%	-3.92%	-3.84%	-6.90%
Return on Common Equity (ROCE)	0.00%	179.20%	-18.46%	-3.98%	-4.58%	-4.43%	-9.31%
Return on Equity Simple (ROE_SIMPLE)	0.00%	89.60%	-42.25%	-8.00%	-10.16%	-9.61%	-13.96%
Net Operating Profit after Tax (NOPAT)	-7.45	-6.26	-16	-6.62	-20	-20	-26
NOPAT Margin	-3.94%	-2.68%	-4.91%	-1.21%	-3.60%	-3.19%	-3.69%
Net Nonoperating Expense Percent (NNEP)	0.00%	12.23%	17.67%	15.06%	17.96%	9.88%	19.26%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-4.07%	-4.08%	-3.69%
Cost of Revenue to Revenue	71.36%	70.12%	65.65%	67.54%	64.63%	61.50%	60.05%
SG&A Expenses to Revenue	21.69%	21.26%	26.06%	21.53%	32.38%	35.70%	37.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.27%	33.70%	41.36%	34.19%	40.51%	43.05%	45.22%
Earnings before Interest and Taxes (EBIT)	-10	-20	-43	-12	-24	-24	-38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	15	8.34	-6.01	41	32	32	26
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	5.64	6.57	4.21	3.02	1.43
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.79	0.64	2.35	3.81	2.42	1.55	0.91
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.19	2.32	4.35	2.85	2.05	1.24
Enterprise Value to Revenue (EV/Rev)	0.00	1.30	3.40	4.19	2.85	2.03	1.39
Enterprise Value to EBITDA (EV/EBITDA)	0.00	36.43	0.00	55.90	47.79	39.66	37.32
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	17.83	603.60	60.93	75.08	22.61	43.44
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	-6.12	0.78	0.44	0.36	0.35	0.46
Long-Term Debt to Equity	0.00	-5.52	0.59	0.34	0.33	0.31	0.38
Financial Leverage	0.00	-10.75	1.80	0.33	0.15	0.24	0.38
Leverage Ratio	0.00	-12.62	3.54	1.89	1.74	1.71	1.78
Compound Leverage Factor	0.00	-16.90	4.67	3.72	2.11	2.27	2.52
Debt to Total Capital	0.00%	119.55%	43.77%	30.31%	26.53%	26.02%	31.64%
Short-Term Debt to Total Capital	0.00%	11.71%	10.76%	6.29%	2.50%	2.78%	5.67%
Long-Term Debt to Total Capital	0.00%	107.83%	33.02%	24.02%	24.04%	23.24%	25.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	29.64%	22.70%	24.10%	23.86%	11.78%
Common Equity to Total Capital	0.00%	-19.55%	26.58%	46.98%	49.36%	50.12%	56.58%
Debt to EBITDA	0.00	19.28	-37.60	4.99	5.19	5.22	9.64
Net Debt to EBITDA	0.00	18.45	-31.79	1.40	2.42	4.50	9.14
Long-Term Debt to EBITDA	0.00	17.39	-28.36	3.95	4.70	4.67	7.91
Debt to NOPAT	0.00	-25.68	-14.02	-30.85	-8.58	-8.38	-9.71
Net Debt to NOPAT	0.00	-24.58	-11.85	-8.68	-4.00	-7.22	-9.21
Long-Term Debt to NOPAT	0.00	-23.16	-10.57	-24.45	-7.78	-7.49	-7.97
Altman Z-Score	0.00	0.63	1.55	4.00	2.90	2.11	1.13
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	57.98%	40.27%	32.69%	32.53%	24.26%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.00	1.20	1.99	2.22	1.59	1.50
Quick Ratio	0.00	0.90	1.14	1.93	2.13	1.48	1.41
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-263	-241	-53	-37	-93	-184
Operating Cash Flow to CapEx	-78.90%	384.52%	23.85%	597.66%	219.46%	195.83%	115.90%
Free Cash Flow to Firm to Interest Expense	0.00	-38.89	-17.41	-4.52	-7.13	-11.93	-11.59
Operating Cash Flow to Interest Expense	-0.26	2.52	0.13	3.24	3.94	7.19	1.40
Operating Cash Flow Less CapEx to Interest Expense	-0.58	1.87	-0.43	2.69	2.15	3.52	0.19
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.70	0.70	0.76	0.67	0.78	0.77
Accounts Receivable Turnover	0.00	3.93	4.31	4.72	3.81	4.01	3.71
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	8.65	10.69	16.58	16.12	13.44	11.55
Accounts Payable Turnover	0.00	5.54	6.71	7.13	5.32	6.23	6.77
Days Sales Outstanding (DSO)	0.00	92.92	84.63	77.26	95.79	90.96	98.26
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	65.85	54.38	51.21	68.64	58.63	53.95
Cash Conversion Cycle (CCC)	0.00	27.07	30.25	26.05	27.15	32.33	44.31
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	256	481	527	545	618	776
Invested Capital Turnover	0.00	1.82	0.89	1.08	1.02	1.07	1.00
Increase / (Decrease) in Invested Capital	0.00	256	225	46	18	73	158
Enterprise Value (EV)	0.00	304	1,117	2,290	1,550	1,266	966
Market Capitalization	150	150	773	2,079	1,319	970	636
Book Value per Share	$0.00	($2.99)	$5.49	$10.73	$10.54	$10.64	$13.01
Tangible Book Value per Share	$0.00	($29.12)	($11.71)	($5.30)	($5.14)	($6.10)	($5.08)
Total Capital	0.00	135	516	674	634	641	789
Total Debt	0.00	161	226	204	168	167	250
Total Long-Term Debt	0.00	145	170	162	152	149	205
Net Debt	0.00	154	191	57	78	144	237
Capital Expenditures (CapEx)	3.61	4.43	7.76	6.29	9.41	29	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	8.86	43	42	62	69	111
Debt-free Net Working Capital (DFNWC)	0.00	16	78	189	152	92	124
Net Working Capital (NWC)	0.00	-0.01	23	146	136	75	79
Net Nonoperating Expense (NNE)	9.04	17	42	19	12	11	37
Net Nonoperating Obligations (NNO)	0.00	283	191	57	78	144	237
Total Depreciation and Amortization (D&A)	26	28	37	53	57	56	64
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	3.79%	13.20%	7.65%	11.48%	11.08%	15.96%
Debt-free Net Working Capital to Revenue	0.00%	6.73%	23.83%	34.51%	27.98%	14.81%	17.82%
Net Working Capital to Revenue	0.00%	-0.01%	6.92%	26.75%	25.07%	11.96%	11.39%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($1.56)	($1.62)	($1.57)	($2.22)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	29.67M	29.69M	30.06M	33.06M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($1.56)	($1.62)	($1.57)	($2.22)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	29.67M	29.69M	30.06M	33.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($1.56)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	26.72M	29.87M	30.38M	34.34M
Normalized Net Operating Profit after Tax (NOPAT)	-7.56	-5.29	-7.05	10	-22	-20	-25
Normalized NOPAT Margin	-4.00%	-2.26%	-2.15%	1.91%	-4.02%	-3.18%	-3.64%
Pre Tax Income Margin	-11.37%	-11.41%	-17.40%	-4.32%	-5.43%	-5.10%	-7.80%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.94	-2.95	-3.13	-1.03	-4.64	-3.09	-2.42
NOPAT to Interest Expense	-0.67	-0.93	-1.17	-0.57	-3.74	-2.55	-1.62
EBIT Less CapEx to Interest Expense	-1.26	-3.61	-3.69	-1.57	-6.44	-6.76	-3.63
NOPAT Less CapEx to Interest Expense	-1.00	-1.58	-1.73	-1.11	-5.54	-6.22	-2.83
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-12.03%	-64.76%	-51.54%	-53.14%	-17.76%
Augmented Payout Ratio	-16.51%	0.00%	-19.21%	-66.52%	-52.12%	-53.14%	-18.31%

This table displays calculated financial ratios and metrics derived from Montrose Environmental Group's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.71%	-2.98%	-2.41%	13.72%	28.87%	18.80%	18.18%	8.94%	6.40%	14.07%	14.49%
EBITDA Growth	-48.87%	-66.24%	-86.63%	-4.21%	11.25%	145.97%	282.19%	33.42%	7.69%	-115.29%	-10.69%
EBIT Growth	-193.36%	-230,525.00%	-128.23%	4.74%	9.19%	67.73%	19.08%	30.53%	-23.03%	-580.69%	-19.51%
NOPAT Growth	-216.26%	-1,409.64%	-30.63%	-6.06%	45.74%	-7.49%	-0.90%	56.49%	66.26%	-156.36%	-5.07%
Net Income Growth	-356.96%	-634.51%	-95.32%	7.44%	-31.56%	86.67%	9.25%	-41.76%	-40.39%	-1,858.57%	-44.94%
EPS Growth	-371.43%	-233.33%	-61.54%	5.00%	-18.18%	66.00%	15.87%	-2.63%	0.00%	-435.29%	-20.75%
Operating Cash Flow Growth	-63.88%	-47.71%	116.53%	39.63%	52.70%	16.55%	-827.01%	-95.84%	-32.75%	119.63%	124.99%
Free Cash Flow Firm Growth	38.08%	48.25%	71.23%	-251.24%	-189.72%	-237.30%	-997.23%	-58.95%	-135.18%	-119.42%	68.60%
Invested Capital Growth	3.96%	3.36%	1.58%	14.34%	12.96%	13.42%	29.62%	20.73%	27.76%	25.59%	6.45%
Revenue Q/Q Growth	-6.86%	7.06%	-5.80%	21.06%	5.55%	-1.31%	-6.29%	11.59%	3.09%	5.80%	-5.94%
EBITDA Q/Q Growth	1.51%	-49.82%	-73.62%	612.71%	17.89%	10.96%	-59.01%	148.81%	-4.85%	-115.76%	206.25%
EBIT Q/Q Growth	16.18%	-103.73%	-28.03%	56.43%	20.09%	27.60%	-221.06%	62.60%	-41.51%	-300.55%	43.63%
NOPAT Q/Q Growth	-10.39%	-30.72%	-20.33%	38.92%	43.53%	-158.97%	-12.95%	73.66%	56.21%	-1,867.61%	53.71%
Net Income Q/Q Growth	26.20%	-89.02%	-36.14%	51.26%	-4.89%	80.85%	-826.93%	23.86%	-3.87%	-167.16%	31.41%
EPS Q/Q Growth	17.50%	-51.52%	-26.00%	39.68%	-2.63%	56.41%	-211.76%	26.42%	0.00%	-133.33%	29.67%
Operating Cash Flow Q/Q Growth	-27.81%	12.40%	-75.74%	609.24%	-21.05%	-14.21%	-251.35%	104.06%	1,175.84%	180.17%	-82.78%
Free Cash Flow Firm Q/Q Growth	-8.44%	6.52%	33.76%	-423.08%	10.55%	-8.83%	-115.48%	24.23%	-32.35%	-1.54%	69.17%
Invested Capital Q/Q Growth	1.02%	0.09%	1.62%	11.28%	-0.20%	0.50%	16.13%	3.65%	5.61%	-1.20%	-1.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.89%	34.89%	37.89%	38.28%	39.17%	38.51%	37.84%	39.95%	40.90%	40.78%	39.04%
EBITDA Margin	7.16%	3.36%	0.94%	5.53%	6.18%	6.95%	3.04%	6.78%	6.25%	-0.93%	1.05%
Operating Margin	-4.87%	-5.94%	-7.59%	-3.83%	-2.05%	-5.38%	-6.48%	-1.53%	-0.65%	-12.08%	-5.95%
EBIT Margin	-3.47%	-6.61%	-8.99%	-3.23%	-2.45%	-1.80%	-6.15%	-2.06%	-2.83%	-10.72%	-6.42%
Profit (Net Income) Margin	-4.39%	-7.75%	-11.20%	-4.51%	-4.48%	-0.87%	-8.60%	-5.87%	-5.91%	-14.93%	-10.89%
Tax Burden Percent	96.49%	103.42%	110.24%	102.15%	121.35%	27.38%	103.83%	134.68%	114.88%	114.23%	117.41%
Interest Burden Percent	130.92%	113.32%	113.05%	136.47%	150.80%	176.79%	134.59%	211.22%	181.78%	121.93%	144.34%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-3.50%	-4.23%	-5.24%	-2.60%	-1.48%	-4.04%	-4.63%	-1.04%	-0.44%	-8.45%	-4.04%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.36%	-11.59%	-14.53%	-5.24%	-6.10%	0.28%	-7.86%	-5.77%	-5.44%	-14.89%	-8.58%
Return on Net Nonoperating Assets (RNNOA)	-1.70%	-1.69%	-2.60%	-1.24%	-1.44%	0.07%	-3.49%	-2.01%	-2.10%	-5.59%	-4.73%
Return on Equity (ROE)	-5.20%	-5.91%	-7.83%	-3.84%	-2.92%	-3.98%	-8.11%	-3.06%	-2.54%	-14.04%	-8.78%
Cash Return on Invested Capital (CROIC)	-6.39%	-6.97%	-5.43%	-17.10%	-15.53%	-16.00%	-28.94%	-21.37%	-26.66%	-26.38%	-9.77%
Operating Return on Assets (OROA)	-2.62%	-4.43%	-6.18%	-2.25%	-1.80%	-1.39%	-4.69%	-1.54%	-2.07%	-8.26%	-4.83%
Return on Assets (ROA)	-3.31%	-5.19%	-7.70%	-3.13%	-3.30%	-0.67%	-6.55%	-4.39%	-4.32%	-11.51%	-8.19%
Return on Common Equity (ROCE)	-3.13%	-3.98%	-5.26%	-2.58%	-1.97%	-2.68%	-5.85%	-2.31%	-1.92%	-10.63%	-7.07%
Return on Equity Simple (ROE_SIMPLE)	-7.10%	0.00%	-12.58%	-12.28%	-12.78%	0.00%	-9.09%	-7.24%	-7.91%	0.00%	-15.38%
Net Operating Profit after Tax (NOPAT)	-4.44	-5.80	-6.98	-4.27	-2.41	-6.24	-7.05	-1.86	-0.81	-16	-7.40
NOPAT Margin	-3.41%	-4.16%	-5.31%	-2.68%	-1.43%	-3.76%	-4.54%	-1.07%	-0.45%	-8.46%	-4.16%
Net Nonoperating Expense Percent (NNEP)	0.86%	7.37%	9.29%	2.64%	4.62%	-4.32%	3.23%	4.73%	5.00%	6.44%	4.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.21%	-	-	-	-1.28%	-	-	-	-2.30%	-1.06%
Cost of Revenue to Revenue	63.11%	65.11%	62.11%	61.72%	60.83%	61.49%	62.16%	60.05%	59.10%	59.22%	60.96%
SG&A Expenses to Revenue	32.89%	32.38%	37.75%	34.72%	33.88%	36.86%	36.74%	34.18%	34.06%	44.67%	37.24%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.76%	40.84%	45.48%	42.11%	41.22%	43.88%	44.32%	41.48%	41.55%	52.87%	44.99%
Earnings before Interest and Taxes (EBIT)	-4.53	-9.23	-12	-5.15	-4.11	-2.98	-9.56	-3.58	-5.06	-20	-11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	9.33	4.68	1.24	8.80	10	12	4.72	12	11	-1.76	1.87
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.16	4.21	3.44	4.05	2.80	3.02	3.67	3.38	2.00	1.43	1.10
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.82	2.42	1.97	2.26	1.48	1.55	1.84	2.29	1.34	0.91	0.68
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.25	2.85	2.36	2.55	1.92	2.05	2.21	2.44	1.57	1.24	1.06
Enterprise Value to Revenue (EV/Rev)	2.24	2.85	2.42	2.80	1.98	2.03	2.44	2.74	1.84	1.39	1.13
Enterprise Value to EBITDA (EV/EBITDA)	29.47	47.79	53.56	65.28	47.10	39.66	44.70	47.28	31.58	37.32	31.54
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	38.28	75.08	31.16	32.63	21.91	22.61	51.11	174.66	256.02	43.44	16.26
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.36	0.36	0.36	0.37	0.36	0.35	0.74	0.40	0.47	0.46	0.48
Long-Term Debt to Equity	0.33	0.33	0.32	0.33	0.33	0.31	0.67	0.35	0.43	0.38	0.44
Financial Leverage	0.39	0.15	0.18	0.24	0.24	0.24	0.44	0.35	0.39	0.38	0.55
Leverage Ratio	1.90	1.74	1.69	1.73	1.73	1.71	1.93	1.76	1.82	1.78	2.00
Compound Leverage Factor	2.48	1.97	1.91	2.36	2.62	3.02	2.60	3.71	3.32	2.17	2.89
Debt to Total Capital	26.40%	26.53%	26.53%	27.10%	26.65%	26.02%	42.57%	28.77%	32.09%	31.64%	32.35%
Short-Term Debt to Total Capital	1.99%	2.50%	2.83%	2.70%	2.73%	2.78%	3.92%	3.95%	2.90%	5.67%	2.67%
Long-Term Debt to Total Capital	24.41%	24.04%	23.70%	24.40%	23.92%	23.24%	38.65%	24.82%	29.19%	25.97%	29.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	23.98%	24.10%	24.27%	23.93%	23.98%	23.86%	12.79%	12.22%	11.64%	11.78%	11.71%
Common Equity to Total Capital	49.62%	49.36%	49.20%	48.97%	49.37%	50.12%	44.64%	59.01%	56.27%	56.58%	55.94%
Debt to EBITDA	4.05	5.19	6.84	7.20	6.77	5.22	8.74	5.70	6.54	9.64	10.01
Net Debt to EBITDA	1.80	2.42	3.70	6.24	5.85	4.50	8.47	5.26	6.21	9.14	8.83
Long-Term Debt to EBITDA	3.74	4.70	6.11	6.49	6.08	4.67	7.93	4.92	5.95	7.91	9.18
Debt to NOPAT	-12.60	-8.58	-7.87	-8.06	-8.73	-8.38	-15.51	-12.47	-16.06	-9.71	-9.86
Net Debt to NOPAT	-5.60	-4.00	-4.26	-6.98	-7.54	-7.22	-15.03	-11.50	-15.24	-9.21	-8.69
Long-Term Debt to NOPAT	-11.65	-7.78	-7.03	-7.26	-7.84	-7.49	-14.08	-10.76	-14.61	-7.97	-9.04
Altman Z-Score	2.47	2.97	2.49	2.54	1.90	2.20	1.86	2.75	1.62	1.19	1.07
Noncontrolling Interest Sharing Ratio	39.83%	32.69%	32.83%	32.76%	32.64%	32.53%	27.92%	24.40%	24.34%	24.26%	19.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.38	2.22	2.26	1.61	1.58	1.59	1.63	1.82	1.93	1.50	2.05
Quick Ratio	2.27	2.13	2.11	1.48	1.47	1.48	1.50	1.71	1.80	1.41	1.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-25	-24	-16	-82	-73	-79	-171	-130	-171	-174	-54
Operating Cash Flow to CapEx	580.61%	299.45%	73.27%	127.75%	422.10%	399.95%	-368.31%	7.48%	403.61%	6,391.20%	175.12%
Free Cash Flow to Firm to Interest Expense	-17.97	-19.14	-10.11	-43.42	-34.90	-34.71	-51.71	-32.58	-41.44	-39.18	-10.60
Operating Cash Flow to Interest Expense	7.93	10.16	1.97	11.45	8.12	6.36	-6.66	0.22	2.76	7.19	1.09
Operating Cash Flow Less CapEx to Interest Expense	6.57	6.77	-0.72	2.49	6.20	4.77	-8.47	-2.78	2.07	7.08	0.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.75	0.67	0.69	0.69	0.74	0.78	0.76	0.75	0.73	0.77	0.75
Accounts Receivable Turnover	4.32	3.81	3.97	3.78	3.79	4.01	4.09	3.58	3.43	3.71	3.80
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	16.97	16.12	14.79	12.25	13.06	13.44	12.91	10.97	10.85	11.55	11.96
Accounts Payable Turnover	7.10	5.32	6.03	5.61	5.77	6.23	6.99	6.49	6.36	6.77	7.35
Days Sales Outstanding (DSO)	84.52	95.79	91.86	96.48	96.39	90.96	89.33	101.88	106.52	98.26	96.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	51.41	68.64	60.50	65.01	63.21	58.63	52.20	56.21	57.41	53.95	49.63
Cash Conversion Cycle (CCC)	33.11	27.15	31.36	31.47	33.18	32.33	37.14	45.67	49.11	44.31	46.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	544	545	553	616	615	618	717	744	785	776	764
Invested Capital Turnover	1.03	1.02	0.99	0.97	1.03	1.07	1.02	0.97	0.96	1.00	0.97
Increase / (Decrease) in Invested Capital	21	18	8.60	77	70	73	164	128	171	158	46
Enterprise Value (EV)	1,226	1,550	1,309	1,570	1,182	1,266	1,583	1,813	1,236	966	809
Market Capitalization	999	1,319	1,065	1,267	882	970	1,190	1,519	900	636	490
Book Value per Share	$10.66	$10.54	$10.38	$10.41	$10.44	$10.64	$10.68	$13.17	$13.12	$13.01	$12.93
Tangible Book Value per Share	($5.00)	($5.14)	($5.14)	($6.41)	($6.40)	($6.10)	($9.00)	($3.80)	($5.20)	($5.08)	($4.98)
Total Capital	638	634	630	639	638	641	727	760	798	789	794
Total Debt	168	168	167	173	170	167	309	219	256	250	257
Total Long-Term Debt	156	152	149	156	153	149	281	189	233	205	236
Net Debt	75	78	90	150	147	144	300	202	243	237	227
Capital Expenditures (CapEx)	1.91	4.17	4.13	17	4.02	3.64	5.98	12	2.83	0.50	3.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	62	62	70	70	72	69	98	121	129	111	119
Debt-free Net Working Capital (DFNWC)	155	152	147	93	96	92	107	138	142	124	149
Net Working Capital (NWC)	142	136	129	76	78	75	79	108	119	79	128
Net Nonoperating Expense (NNE)	1.28	5.01	7.74	2.91	5.12	-4.80	6.31	8.31	9.75	12	12
Net Nonoperating Obligations (NNO)	75	78	90	150	147	144	300	202	243	237	227
Total Depreciation and Amortization (D&A)	14	14	13	14	14	14	14	15	16	19	13
Debt-free, Cash-free Net Working Capital to Revenue	11.22%	11.48%	12.89%	12.49%	12.12%	11.08%	15.11%	18.33%	19.14%	15.96%	16.49%
Debt-free Net Working Capital to Revenue	28.27%	27.98%	27.08%	16.65%	15.99%	14.81%	16.58%	20.88%	21.08%	17.82%	20.70%
Net Working Capital to Revenue	25.96%	25.07%	23.78%	13.57%	13.08%	11.96%	12.18%	16.35%	17.63%	11.39%	17.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.33)	($0.50)	($0.63)	($0.38)	($0.39)	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)
Adjusted Weighted Average Basic Shares Outstanding	29.69M	29.69M	29.86M	30.05M	30.14M	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M
Adjusted Diluted Earnings per Share	($0.33)	($0.50)	($0.63)	($0.38)	($0.39)	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)
Adjusted Weighted Average Diluted Shares Outstanding	29.69M	29.69M	29.86M	30.05M	30.14M	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	29.71M	29.87M	30.08M	30.15M	30.19M	30.38M	34.08M	34.23M	34.30M	34.34M	34.22M
Normalized Net Operating Profit after Tax (NOPAT)	-4.40	-5.63	-7.26	-4.02	-2.09	-6.47	-6.97	-1.76	-0.71	-16	-7.07
Normalized NOPAT Margin	-3.38%	-4.04%	-5.52%	-2.53%	-1.24%	-3.90%	-4.49%	-1.02%	-0.40%	-8.40%	-3.97%
Pre Tax Income Margin	-4.55%	-7.49%	-10.16%	-4.41%	-3.69%	-3.18%	-8.28%	-4.36%	-5.15%	-13.07%	-9.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.23	-7.51	-7.66	-2.74	-1.97	-1.30	-2.89	-0.90	-1.22	-4.56	-2.26
NOPAT to Interest Expense	-3.17	-4.72	-4.53	-2.27	-1.15	-2.73	-2.13	-0.47	-0.20	-3.60	-1.46
EBIT Less CapEx to Interest Expense	-4.60	-10.90	-10.35	-11.70	-3.89	-2.89	-4.70	-3.90	-1.91	-4.67	-2.88
NOPAT Less CapEx to Interest Expense	-4.54	-8.11	-7.21	-11.23	-3.08	-4.32	-3.94	-3.47	-0.88	-3.71	-2.08
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-72.96%	-51.54%	-42.05%	-42.68%	-40.77%	-53.14%	-41.70%	-42.36%	-34.94%	-17.76%	-20.22%
Augmented Payout Ratio	-75.76%	-52.12%	-42.05%	-42.68%	-40.77%	-53.14%	-42.88%	-43.43%	-35.92%	-18.31%	-23.43%

Key Financial Trends

In Q1 2025, Montrose Environmental Group delivered solid top‐line growth, with revenue up 14.5% year-over-year, and strong gross margins around 39.0%. The company generated positive operating cash flow of $5.5 million, though free cash flow remained negative. Liquidity metrics are healthy, but profitability and leverage remain areas of concern.

Revenue growth of 14.5% year-over-year
Gross margin of 39.0% remains robust
Net cash from operating activities of $5.5 M
Current ratio of 2.05 and quick ratio of 1.89 preserve liquidity
Debt‐to‐total‐capital ratio at 32.4%
Free cash flow to firm Q/Q growth of 69.2%
Net loss of $19.36 M and EBITDA of –$1.14 M
Free cash flow to firm of –$53.68 M
Return on invested capital (ROIC) at –4.04%, below cost of capital
Net debt to EBITDA of 8.83x, reflecting elevated leverage

07/18/25 10:46 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Montrose Environmental Group's Financials

When does Montrose Environmental Group's fiscal year end?

According to the most recent income statement we have on file, Montrose Environmental Group's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Montrose Environmental Group's net income changed over the last 6 years?

Montrose Environmental Group's net income appears to be on an upward trend, with a most recent value of -$62.31 million in 2024, rising from -$16.49 million in 2018. The previous period was -$30.86 million in 2023. View Montrose Environmental Group's forecast to see where analysts expect Montrose Environmental Group to go next.

What is Montrose Environmental Group's operating income?

Montrose Environmental Group's total operating income in 2024 was -$36.72 million, based on the following breakdown:

Total Gross Profit: $278.20 million
Total Operating Expenses: $314.92 million

How has Montrose Environmental Group's revenue changed over the last 6 years?

Over the last 6 years, Montrose Environmental Group's total revenue changed from $188.81 million in 2018 to $696.40 million in 2024, a change of 268.8%.

How much debt does Montrose Environmental Group have?

Montrose Environmental Group's total liabilities were at $451.16 million at the end of 2024, a 31.7% increase from 2023, and a 96.7% increase since 2019.

How much cash does Montrose Environmental Group have?

In the past 5 years, Montrose Environmental Group's cash and equivalents has ranged from $6.41 million in 2019 to $146.74 million in 2021, and is currently $12.94 million as of their latest financial filing in 2024.

How has Montrose Environmental Group's book value per share changed over the last 6 years?

Over the last 6 years, Montrose Environmental Group's book value per share changed from 0.00 in 2018 to 13.01 in 2024, a change of 1,301.0%.

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This page (NYSE:MEG) was last updated on 7/19/2025 by MarketBeat.com Staff

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Montrose Environmental Group (MEG) Financials

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Montrose Environmental Group (MEG) Financials

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