Montrose Environmental Group (ONT) Financials

$22.13 +0.80 (+3.75%)

As of 03:58 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	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-19	-43	-107	-42	-48	-47	-73	-4.99
Consolidated Net Income / (Loss)	-16	-24	-58	-25	-32	-31	-62	-0.84
Net Income / (Loss) Continuing Operations	-16	-24	-58	-25	-32	-31	-62	-0.84
Total Pre-Tax Income	-21	-27	-57	-24	-30	-32	-54	11
Total Operating Income	-11	-8.95	-23	-9.46	-28	-28	-37	12
Total Gross Profit	54	70	113	177	193	240	278	334
Total Revenue	189	234	328	546	544	624	696	831
Operating Revenue	189	234	328	546	544	624	696	831
Total Cost of Revenue	135	164	215	369	352	384	418	496
Operating Cost of Revenue	135	-	215	369	352	384	418	496
Total Operating Expenses	65	79	136	187	221	269	315	323
Selling, General & Admin Expense	41	50	86	118	176	223	262	271
Depreciation Expense	24	28	37	45	47	46	53	51
Other Special Charges / (Income)	-0.16	1.39	13	24	-3.23	0.08	0.53	0.90
Total Other Income / (Expense), net	-11	-18	-34	-14	-1.56	-3.42	-18	-0.50
Interest Expense	11	6.76	14	12	5.24	7.79	16	20
Other Income / (Expense), net	0.27	-11	-20	-2.55	3.68	4.37	-1.74	19
Income Tax Expense	-4.97	-3.12	0.85	1.71	2.25	-0.98	8.00	12
Preferred Stock Dividends Declared	2.67	20	49	16	16	16	11	4.15
Basic Earnings per Share	($2.79)	($4.91)	($6.48)	($1.56)	($1.62)	($1.57)	($2.22)	($0.14)
Weighted Average Basic Shares Outstanding	7.53M	8.79M	16.48M	26.72M	29.69M	30.06M	33.06M	35.12M
Diluted Earnings per Share	($2.79)	($4.91)	($6.48)	($1.56)	($1.62)	($1.57)	($2.22)	($0.14)
Weighted Average Diluted Shares Outstanding	7.53M	8.79M	16.48M	26.72M	29.69M	30.06M	33.06M	35.12M
Weighted Average Basic & Diluted Shares Outstanding	7.53M	8.79M	16.48M	26.72M	29.87M	30.38M	34.34M	35.98M

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-11	-12	-5.54	-16	-13	-13	-31	-22	17	8.38	-8.22
Consolidated Net Income / (Loss)	-7.17	-7.53	-1.44	-13	-10	-11	-28	-19	18	8.38	-8.22
Net Income / (Loss) Continuing Operations	-7.17	-7.53	-1.44	-13	-10	-11	-28	-19	18	8.38	-8.22
Total Pre-Tax Income	-7.02	-6.20	-5.26	-13	-7.55	-9.20	-25	-16	19	16	-7.29
Total Operating Income	-6.09	-3.44	-8.91	-10	-2.65	-1.16	-23	-11	15	9.94	-2.58
Total Gross Profit	61	66	64	59	69	73	77	69	102	89	75
Total Revenue	159	168	166	155	173	179	189	178	235	225	193
Operating Revenue	159	168	166	155	173	179	189	178	235	225	193
Total Cost of Revenue	98	102	102	97	104	106	112	108	133	136	119
Operating Cost of Revenue	98	102	102	97	104	106	112	108	133	136	119
Total Operating Expenses	67	69	73	69	72	74	100	80	87	79	77
Selling, General & Admin Expense	55	57	61	57	59	61	84	66	74	66	65
Depreciation Expense	11	12	12	12	13	13	15	13	13	13	12
Other Special Charges / (Income)	0.35	0.46	-0.33	0.11	0.14	0.14	0.15	0.48	0.35	0.01	0.06
Total Other Income / (Expense), net	-0.93	-2.76	3.65	-2.80	-4.90	-8.04	-1.86	-5.91	4.40	5.72	-4.72
Interest Expense	1.88	2.09	2.29	3.31	3.98	4.14	4.44	5.07	4.77	5.04	4.70
Other Income / (Expense), net	0.95	-0.67	5.93	0.51	-0.92	-3.90	2.58	-0.85	9.17	11	-0.02
Income Tax Expense	0.15	1.32	-3.82	0.49	2.62	1.37	3.52	2.87	0.99	7.28	0.92
Basic Earnings per Share	($0.38)	($0.39)	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)	$0.48	$0.24	($0.22)
Weighted Average Basic Shares Outstanding	30.05M	30.14M	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M	35.21M	35.30M	35.12M
Diluted Earnings per Share	($0.38)	($0.39)	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)	$0.42	$0.21	($0.13)
Weighted Average Diluted Shares Outstanding	30.05M	30.14M	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M	43.46M	39.94M	35.12M
Weighted Average Basic & Diluted Shares Outstanding	30.15M	30.19M	30.38M	34.08M	34.23M	34.30M	34.34M	34.22M	35.29M	35.34M	35.98M

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	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-2.28	4.51	28	112	-57	-66	-9.81	-1.49
Net Cash From Operating Activities	-2.85	17	1.85	38	21	56	22	107
Net Cash From Continuing Operating Activities	-2.85	17	1.85	38	21	56	22	107
Net Income / (Loss) Continuing Operations	-16	-24	-58	-25	-32	-31	-62	-0.84
Consolidated Net Income / (Loss)	-16	-24	-58	-25	-32	-31	-62	-0.84
Depreciation Expense	24	28	37	45	47	46	53	51
Non-Cash Adjustments To Reconcile Net Income	5.04	16	25	1.88	20	56	79	44
Changes in Operating Assets and Liabilities, net	-17	-4.05	-2.87	8.07	-25	-15	-47	14
Net Cash From Investing Activities	-50	-87	-180	-72	-39	-102	-138	-16
Net Cash From Continuing Investing Activities	-50	-87	-180	-72	-39	-102	-138	-16
Purchase of Property, Plant & Equipment	-3.77	-4.69	-7.76	-6.89	-9.58	-30	-21	-16
Acquisitions	-46	-81	-174	-56	-29	-70	-116	-0.70
Sale of Property, Plant & Equipment	0.17	0.26	-	0.60	0.17	1.54	2.37	0.71
Other Investing Activities, net	-0.51	-1.16	1.94	-8.92	-0.06	-4.05	-3.50	0.46
Net Cash From Financing Activities	51	74	206	146	-39	-20	106	-93
Net Cash From Continuing Financing Activities	51	74	206	146	-39	-20	106	-93
Repayment of Debt	-175	-72	-260	-288	-13	-17	-399	-624
Repurchase of Preferred Equity	-1.37	0.00	-132	-	-	0.00	-60	-122
Repurchase of Common Equity	-2.72	0.00	-4.16	-0.45	-0.18	0.00	-0.35	-2.41
Payment of Dividends	0.00	0.00	-6.97	-16	-16	-16	-11	-4.15
Issuance of Debt	145	146	279	284	0.00	0.00	453	678
Issuance of Common Equity	0.03	0.00	161	170	0.00	0.00	122	0.00
Other Financing Activities, net	-33	0.52	-5.60	-2.63	-9.46	14	1.70	-18
Cash Interest Paid	7.92	5.89	12	5.01	6.51	8.06	15	18
Cash Income Taxes Paid	0.60	1.21	0.17	0.41	0.79	1.00	4.19	5.51

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-53	0.05	0.67	-14	7.48	-4.09	0.52	18	-20	-4.50	4.81
Net Cash From Operating Activities	21	17	15	-22	0.89	11	32	5.50	22	28	52
Net Cash From Continuing Operating Activities	21	17	15	-22	0.89	11	32	5.50	22	28	52
Net Income / (Loss) Continuing Operations	-7.17	-7.53	-1.44	-13	-10	-11	-28	-19	18	8.38	-8.22
Consolidated Net Income / (Loss)	-7.17	-7.53	-1.44	-13	-10	-11	-28	-19	18	8.38	-8.22
Depreciation Expense	11	12	12	12	13	13	15	13	13	13	12
Non-Cash Adjustments To Reconcile Net Income	7.70	13	5.72	13	13	17	28	18	11	3.20	12
Changes in Operating Assets and Liabilities, net	7.01	-3.30	-4.22	-33	-17	-11	14	-6.86	-20	3.62	37
Net Cash From Investing Activities	-75	-10.00	-4.64	-65	-23	-49	-0.86	-3.71	-4.23	-4.67	-3.24
Net Cash From Continuing Investing Activities	-75	-10.00	-4.64	-65	-23	-49	-0.86	-3.71	-4.23	-4.67	-3.24
Purchase of Property, Plant & Equipment	-17	-4.02	-4.61	-7.28	-12	-1.16	-2.25	-3.15	-1.96	-5.82	-5.38
Acquisitions	-58	-3.86	-0.59	-58	-13	-43	-0.52	0.00	-2.80	1.05	1.06
Sale of Property, Plant & Equipment	-	-	0.97	0.04	-	-1.67	1.75	0.01	0.03	0.05	0.62
Other Investing Activities, net	-0.51	-2.12	-0.42	0.32	-0.45	-3.35	0.17	-0.56	0.51	0.05	0.46
Net Cash From Financing Activities	0.70	-6.91	-9.24	73	29	34	-31	16	-37	-28	-44
Net Cash From Continuing Financing Activities	0.70	-6.91	-9.24	73	29	34	-31	16	-37	-28	-44
Repayment of Debt	-5.58	-3.70	-4.89	-143	-123	-88	-105	-288	-82	-134	-119
Repurchase of Common Equity	-	-	-	-0.35	-	-	-	-2.19	-	-	-0.22
Issuance of Debt	-	-	-	217	36	124	77	307	109	170	91
Other Financing Activities, net	10	0.89	-0.25	0.12	0.73	0.76	0.09	2.26	-4.09	-0.73	-16
Cash Interest Paid	1.59	1.90	3.22	3.10	3.76	3.84	4.08	3.87	4.63	4.74	4.64
Cash Income Taxes Paid	1.11	0.11	-0.38	0.29	0.41	2.01	1.48	0.93	2.09	2.36	0.13

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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	332	603	833	792	817	990	981
Total Current Assets	73	134	294	248	201	238	240
Cash & Equivalents	6.41	34	147	90	23	13	11
Accounts Receivable	60	93	139	147	164	211	214
Prepaid Expenses	5.62	6.71	7.96	10	14	14	15
Plant, Property, & Equipment, net	27	34	32	36	57	64	64
Total Noncurrent Assets	232	434	508	508	559	689	677
Noncurrent Note & Lease Receivables	-	0.00	8.94	9.84	13	20	38
Goodwill	127	275	312	324	364	468	467
Intangible Assets	103	155	161	142	141	153	126
Other Noncurrent Operating Assets	1.96	4.54	26	32	41	48	46
Total Liabilities & Shareholders' Equity	332	603	833	792	817	990	981
Total Liabilities	229	313	364	326	343	451	530
Total Current Liabilities	73	112	148	111	126	159	168
Short-Term Debt	16	55	42	16	18	45	26
Accounts Payable	30	35	69	63	60	64	72
Current Employee Benefit Liabilities	11	21	26	21	35	34	53
Other Current Liabilities	17	0.00	10	12	14	16	17
Total Noncurrent Liabilities	156	201	216	214	216	292	362
Long-Term Debt	145	170	162	152	149	205	277
Noncurrent Deferred & Payable Income Tax Liabilities	3.53	2.82	4.01	5.74	6.06	13	22
Other Noncurrent Operating Liabilities	7.48	28	50	56	61	74	63
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	153	153	153	153	93	0.00
Total Equity & Noncontrolling Interests	-26	137	317	313	321	446	451
Total Preferred & Common Equity	-26	137	317	313	321	446	451
Total Common Equity	-26	137	317	313	321	446	451
Common Stock	38	259	464	493	532	721	728
Retained Earnings	-64	-122	-148	-179	-210	-273	-274
Accumulated Other Comprehensive Income / (Loss)	-0.04	0.07	0.04	0.01	-0.22	-2.13	-3.24

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	Q2 2025	Q3 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	6/30/2025	9/30/2025
Total Assets	788	789	783	826	836	918	944	1,007	992	998	986
Total Current Assets	244	246	231	201	213	204	240	247	249	261	256
Cash & Equivalents	98	94	77	23	23	9.49	17	13	30	10	6.74
Accounts Receivable	135	141	139	161	174	178	209	218	200	235	234
Prepaid Expenses	10	11	15	16	15	17	14	15	19	15	15
Plant, Property, & Equipment, net	34	34	41	57	58	60	64	66	61	61	63
Total Noncurrent Assets	509	510	511	568	565	654	640	694	682	676	667
Noncurrent Note & Lease Receivables	8.28	9.87	11	11	13	15	15	17	21	24	24
Goodwill	316	318	326	369	356	463	435	483	468	469	469
Intangible Assets	151	146	137	137	152	134	143	145	147	140	133
Other Noncurrent Operating Assets	35	35	36	51	44	41	47	49	46	43	40
Total Liabilities & Shareholders' Equity	788	789	783	826	836	918	944	1,007	992	998	986
Total Liabilities	320	320	320	360	368	501	402	465	455	494	527
Total Current Liabilities	101	103	102	125	135	125	132	128	122	147	154
Short-Term Debt	12	13	18	17	17	28	30	23	21	26	27
Accounts Payable	59	58	55	66	71	59	58	58	58	67	65
Current Employee Benefit Liabilities	19	20	16	26	31	24	28	32	26	37	46
Other Current Liabilities	12	12	13	15	15	14	15	16	17	17	17
Total Noncurrent Liabilities	219	216	218	235	233	375	270	337	333	347	373
Long-Term Debt	158	156	149	156	153	281	189	233	236	265	302
Noncurrent Deferred & Payable Income Tax Liabilities	6.21	5.77	7.11	7.45	10	5.85	8.24	8.27	16	16	16
Other Noncurrent Operating Liabilities	55	55	61	72	71	88	74	95	81	66	54
Commitments & Contingencies	0.00	0.00	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	34	0.00
Total Equity & Noncontrolling Interests	315	316	310	313	315	324	449	449	444	470	459
Total Preferred & Common Equity	315	316	310	313	315	324	449	449	444	470	459
Total Common Equity	315	316	310	313	315	324	449	449	444	470	459
Common Stock	478	485	504	514	524	548	683	694	739	748	728
Retained Earnings	-163	-169	-194	-201	-209	-224	-234	-244	-292	-274	-265
Accumulated Other Comprehensive Income / (Loss)	0.03	0.05	0.02	-0.10	-0.30	-0.26	-0.22	-0.29	-2.49	-3.74	-4.01

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	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	23.86%	40.36%	66.47%	-0.37%	14.66%	11.56%	19.26%
EBITDA Growth	0.00%	-45.17%	-171.99%	782.10%	-20.81%	-1.57%	-18.95%	471.11%
EBIT Growth	0.00%	-92.05%	-117.23%	72.27%	-102.73%	1.17%	-59.93%	180.06%
NOPAT Growth	0.00%	15.92%	-157.25%	58.91%	-196.28%	-1.45%	-29.21%	96.57%
Net Income Growth	0.00%	-42.85%	-145.99%	56.30%	-25.64%	3.02%	-101.93%	98.65%
EPS Growth	0.00%	-75.99%	-31.98%	75.93%	-3.85%	3.09%	-41.40%	93.69%
Operating Cash Flow Growth	0.00%	699.02%	-89.14%	1,931.41%	-45.05%	171.31%	-60.31%	383.36%
Free Cash Flow Firm Growth	0.00%	0.00%	8.40%	78.18%	28.92%	-149.13%	-97.64%	117.30%
Invested Capital Growth	0.00%	0.00%	87.56%	9.54%	3.36%	13.42%	25.59%	-4.21%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	6.85%	-0.78%	4.39%	3.46%	0.51%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-27.01%	-22.07%	27.23%	-33.91%	21.06%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-275.66%	-61.03%	20.62%	-81.66%	134.61%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-684.65%	-46.74%	-2.23%	-61.14%	85.27%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-9.91%	-41.55%	23.29%	-75.37%	95.96%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-2,500.00%	-27.56%	17.37%	-50.00%	84.78%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	199.35%	93.37%	-35.55%	3.83%	360.45%	22.82%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-9.51%	-3.38%	1.50%	1,741.23%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.67%	0.09%	0.50%	-1.20%	-4.88%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	28.64%	29.88%	34.35%	32.46%	35.37%	38.50%	39.95%	40.26%
EBITDA Margin	8.06%	3.57%	-1.83%	7.50%	5.96%	5.12%	3.72%	9.84%
Operating Margin	-5.63%	-3.83%	-7.01%	-1.73%	-5.15%	-4.55%	-5.27%	1.41%
EBIT Margin	-5.49%	-8.52%	-13.19%	-2.20%	-4.47%	-3.85%	-5.52%	3.71%
Profit (Net Income) Margin	-8.73%	-10.07%	-17.65%	-4.63%	-5.84%	-4.94%	-8.95%	-0.10%
Tax Burden Percent	76.85%	88.30%	101.49%	107.24%	107.61%	96.92%	114.72%	-7.51%
Interest Burden Percent	206.85%	133.91%	131.93%	196.78%	121.53%	132.41%	141.25%	36.45%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	107.51%
Return on Invested Capital (ROIC)	0.00%	-4.88%	-4.37%	-1.31%	-3.66%	-3.42%	-3.69%	-0.12%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-17.12%	-22.04%	-16.38%	-21.62%	-13.30%	-22.95%	-0.10%
Return on Net Nonoperating Assets (RNNOA)	0.00%	184.09%	-39.57%	-5.36%	-3.14%	-3.14%	-8.61%	-0.05%
Return on Equity (ROE)	0.00%	179.20%	-43.94%	-6.67%	-6.80%	-6.56%	-12.30%	-0.17%
Cash Return on Invested Capital (CROIC)	0.00%	-204.88%	-65.27%	-10.42%	-6.97%	-16.00%	-26.38%	4.19%
Operating Return on Assets (OROA)	0.00%	-6.00%	-9.26%	-1.67%	-2.99%	-2.99%	-4.26%	3.12%
Return on Assets (ROA)	0.00%	-7.10%	-12.40%	-3.53%	-3.92%	-3.84%	-6.90%	-0.09%
Return on Common Equity (ROCE)	0.00%	179.20%	-18.46%	-3.98%	-4.58%	-4.43%	-9.31%	-0.15%
Return on Equity Simple (ROE_SIMPLE)	0.00%	89.60%	-42.25%	-8.00%	-10.16%	-9.61%	-13.96%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.45	-6.26	-16	-6.62	-20	-20	-26	-0.88
NOPAT Margin	-3.94%	-2.68%	-4.91%	-1.21%	-3.60%	-3.19%	-3.69%	-0.11%
Net Nonoperating Expense Percent (NNEP)	0.00%	12.23%	17.67%	15.06%	17.96%	9.88%	19.26%	-0.01%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-4.07%	-4.08%	-3.69%	-0.12%
Cost of Revenue to Revenue	71.36%	70.12%	65.65%	67.54%	64.63%	61.50%	60.05%	59.74%
SG&A Expenses to Revenue	21.69%	21.26%	26.06%	21.53%	32.38%	35.70%	37.57%	32.61%
R&D to Revenue	0.00%	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%	38.84%
Earnings before Interest and Taxes (EBIT)	-10	-20	-43	-12	-24	-24	-38	31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	15	8.34	-6.01	41	32	32	26	82
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	5.64	6.57	4.21	3.02	1.43	1.94
Price to Tangible Book Value (P/TBV)	0.00	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	1.06
Price to Earnings (P/E)	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%
Earnings Yield	0.00%	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	1.57
Enterprise Value to Revenue (EV/Rev)	0.00	1.30	3.40	4.19	2.85	2.03	1.39	1.41
Enterprise Value to EBITDA (EV/EBITDA)	0.00	36.43	0.00	55.90	47.79	39.66	37.32	14.31
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	37.98
Enterprise Value to NOPAT (EV/NOPAT)	0.00	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	10.88
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	36.77
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-6.12	0.78	0.44	0.36	0.35	0.46	0.67
Long-Term Debt to Equity	0.00	-5.52	0.59	0.34	0.33	0.31	0.38	0.61
Financial Leverage	0.00	-10.75	1.80	0.33	0.15	0.24	0.38	0.53
Leverage Ratio	0.00	-12.62	3.54	1.89	1.74	1.71	1.78	1.99
Compound Leverage Factor	0.00	-16.90	4.67	3.72	2.11	2.27	2.52	0.73
Debt to Total Capital	0.00%	119.55%	43.77%	30.31%	26.53%	26.02%	31.64%	40.19%
Short-Term Debt to Total Capital	0.00%	11.71%	10.76%	6.29%	2.50%	2.78%	5.67%	3.46%
Long-Term Debt to Total Capital	0.00%	107.83%	33.02%	24.02%	24.04%	23.24%	25.97%	36.73%
Preferred Equity to Total Capital	0.00%	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%	0.00%
Common Equity to Total Capital	0.00%	-19.55%	26.58%	46.98%	49.36%	50.12%	56.58%	59.81%
Debt to EBITDA	0.00	19.28	-37.60	4.99	5.19	5.22	9.64	3.71
Net Debt to EBITDA	0.00	18.45	-31.79	1.40	2.42	4.50	9.14	3.57
Long-Term Debt to EBITDA	0.00	17.39	-28.36	3.95	4.70	4.67	7.91	3.39
Debt to NOPAT	0.00	-25.68	-14.02	-30.85	-8.58	-8.38	-9.71	-344.18
Net Debt to NOPAT	0.00	-24.58	-11.85	-8.68	-4.00	-7.22	-9.21	-331.44
Long-Term Debt to NOPAT	0.00	-23.16	-10.57	-24.45	-7.78	-7.49	-7.97	-314.54
Altman Z-Score	0.00	0.63	1.55	4.00	2.90	2.11	1.13	1.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	57.98%	40.27%	32.69%	32.53%	24.26%	9.38%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.00	1.20	1.99	2.22	1.59	1.50	1.43
Quick Ratio	0.00	0.90	1.14	1.93	2.13	1.48	1.41	1.34
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-263	-241	-53	-37	-93	-184	32
Operating Cash Flow to CapEx	-78.90%	384.52%	23.85%	597.66%	219.46%	195.83%	115.90%	688.73%
Free Cash Flow to Firm to Interest Expense	0.00	-38.89	-17.41	-4.52	-7.13	-11.93	-11.59	1.63
Operating Cash Flow to Interest Expense	-0.26	2.52	0.13	3.24	3.94	7.19	1.40	5.49
Operating Cash Flow Less CapEx to Interest Expense	-0.58	1.87	-0.43	2.69	2.15	3.52	0.19	4.70
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.70	0.70	0.76	0.67	0.78	0.77	0.84
Accounts Receivable Turnover	0.00	3.93	4.31	4.72	3.81	4.01	3.71	3.91
Inventory Turnover	0.00	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	13.01
Accounts Payable Turnover	0.00	5.54	6.71	7.13	5.32	6.23	6.77	7.32
Days Sales Outstanding (DSO)	0.00	92.92	84.63	77.26	95.79	90.96	98.26	93.43
Days Inventory Outstanding (DIO)	0.00	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	49.83
Cash Conversion Cycle (CCC)	0.00	27.07	30.25	26.05	27.15	32.33	44.31	43.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	256	481	527	545	618	776	743
Invested Capital Turnover	0.00	1.82	0.89	1.08	1.02	1.07	1.00	1.09
Increase / (Decrease) in Invested Capital	0.00	256	225	46	18	73	158	-33
Enterprise Value (EV)	0.00	304	1,117	2,290	1,550	1,266	966	1,169
Market Capitalization	150	150	773	2,079	1,319	970	636	877
Book Value per Share	$0.00	($2.99)	$5.49	$10.73	$10.54	$10.64	$13.01	$12.77
Tangible Book Value per Share	$0.00	($29.12)	($11.71)	($5.30)	($5.14)	($6.10)	($5.08)	($4.02)
Total Capital	0.00	135	516	674	634	641	789	754
Total Debt	0.00	161	226	204	168	167	250	303
Total Long-Term Debt	0.00	145	170	162	152	149	205	277
Net Debt	0.00	154	191	57	78	144	237	292
Capital Expenditures (CapEx)	3.61	4.43	7.76	6.29	9.41	29	19	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	8.86	43	42	62	69	111	87
Debt-free Net Working Capital (DFNWC)	0.00	16	78	189	152	92	124	99
Net Working Capital (NWC)	0.00	-0.01	23	146	136	75	79	72
Net Nonoperating Expense (NNE)	9.04	17	42	19	12	11	37	-0.04
Net Nonoperating Obligations (NNO)	0.00	283	191	57	78	144	237	292
Total Depreciation and Amortization (D&A)	26	28	37	53	57	56	64	51
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	3.79%	13.20%	7.65%	11.48%	11.08%	15.96%	10.51%
Debt-free Net Working Capital to Revenue	0.00%	6.73%	23.83%	34.51%	27.98%	14.81%	17.82%	11.86%
Net Working Capital to Revenue	0.00%	-0.01%	6.92%	26.75%	25.07%	11.96%	11.39%	8.72%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($1.56)	($1.62)	($1.57)	($2.22)	($0.14)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	29.67M	29.69M	30.06M	33.06M	35.12M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($1.56)	($1.62)	($1.57)	($2.22)	($0.14)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	29.67M	29.69M	30.06M	33.06M	35.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($1.56)	$0.00	$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	35.98M
Normalized Net Operating Profit after Tax (NOPAT)	-7.56	-5.29	-7.05	10	-22	-20	-25	8.84
Normalized NOPAT Margin	-4.00%	-2.26%	-2.15%	1.91%	-4.02%	-3.18%	-3.64%	1.06%
Pre Tax Income Margin	-11.37%	-11.41%	-17.40%	-4.32%	-5.43%	-5.10%	-7.80%	1.35%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.94	-2.95	-3.13	-1.03	-4.64	-3.09	-2.42	1.57
NOPAT to Interest Expense	-0.67	-0.93	-1.17	-0.57	-3.74	-2.55	-1.62	-0.05
EBIT Less CapEx to Interest Expense	-1.26	-3.61	-3.69	-1.57	-6.44	-6.76	-3.63	0.78
NOPAT Less CapEx to Interest Expense	-1.00	-1.58	-1.73	-1.11	-5.54	-6.22	-2.83	-0.84
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-12.03%	-64.76%	-51.54%	-53.14%	-17.76%	-492.29%
Augmented Payout Ratio	-16.51%	0.00%	-19.21%	-66.52%	-52.12%	-53.14%	-18.31%	-777.82%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.72%	28.87%	18.80%	18.18%	8.94%	6.40%	14.07%	14.49%	35.32%	25.86%	2.23%
EBITDA Growth	-4.21%	11.25%	145.97%	282.19%	33.42%	7.69%	-115.29%	-10.69%	312.47%	311.39%	289.43%
EBIT Growth	4.74%	9.19%	67.73%	19.08%	30.53%	-23.03%	-580.69%	-19.51%	774.46%	509.13%	87.17%
NOPAT Growth	-6.06%	45.74%	-7.49%	-0.90%	56.49%	66.26%	-156.36%	-5.07%	864.02%	754.19%	88.71%
Net Income Growth	7.44%	-31.56%	86.67%	9.25%	-41.76%	-40.39%	-1,858.57%	-44.94%	280.49%	179.31%	70.88%
EPS Growth	5.00%	-18.18%	66.00%	15.87%	-2.63%	0.00%	-435.29%	-20.75%	207.69%	153.85%	85.71%
Operating Cash Flow Growth	39.63%	52.70%	16.55%	-827.01%	-95.84%	-32.75%	119.63%	124.99%	2,348.99%	146.80%	62.50%
Free Cash Flow Firm Growth	-251.24%	-189.72%	-237.30%	-997.23%	-58.95%	-135.18%	-119.42%	68.60%	79.65%	105.46%	117.74%
Invested Capital Growth	14.34%	12.96%	13.42%	29.62%	20.73%	27.76%	25.59%	6.45%	5.45%	-0.51%	-4.21%
Revenue Q/Q Growth	21.06%	5.55%	-1.31%	-6.29%	11.59%	3.09%	5.80%	-5.94%	31.89%	-4.12%	-14.06%
EBITDA Q/Q Growth	612.71%	17.89%	10.96%	-59.01%	148.81%	-4.85%	-115.76%	206.25%	1,870.87%	-8.73%	-72.36%
EBIT Q/Q Growth	56.43%	20.09%	27.60%	-221.06%	62.60%	-41.51%	-300.55%	43.63%	311.08%	-14.16%	-112.56%
NOPAT Q/Q Growth	38.92%	43.53%	-158.97%	-12.95%	73.66%	56.21%	-1,867.61%	53.71%	291.53%	-62.50%	-133.94%
Net Income Q/Q Growth	51.26%	-4.89%	80.85%	-826.93%	23.86%	-3.87%	-167.16%	31.41%	194.82%	-54.36%	-198.09%
EPS Q/Q Growth	39.68%	-2.63%	56.41%	-211.76%	26.42%	0.00%	-133.33%	29.67%	165.63%	-50.00%	-161.90%
Operating Cash Flow Q/Q Growth	609.24%	-21.05%	-14.21%	-251.35%	104.06%	1,175.84%	180.17%	-82.78%	297.78%	28.57%	84.47%
Free Cash Flow Firm Q/Q Growth	-423.08%	10.55%	-8.83%	-115.48%	24.23%	-32.35%	-1.54%	69.17%	50.89%	135.50%	229.98%
Invested Capital Q/Q Growth	11.28%	-0.20%	0.50%	16.13%	3.65%	5.61%	-1.20%	-1.57%	2.68%	-0.37%	-4.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.28%	39.17%	38.51%	37.84%	39.95%	40.90%	40.78%	39.04%	43.38%	39.40%	38.58%
EBITDA Margin	5.53%	6.18%	6.95%	3.04%	6.78%	6.25%	-0.93%	1.05%	15.72%	14.97%	4.81%
Operating Margin	-3.83%	-2.05%	-5.38%	-6.48%	-1.53%	-0.65%	-12.08%	-5.95%	6.37%	4.42%	-1.33%
EBIT Margin	-3.23%	-2.45%	-1.80%	-6.15%	-2.06%	-2.83%	-10.72%	-6.42%	10.28%	9.20%	-1.34%
Profit (Net Income) Margin	-4.51%	-4.48%	-0.87%	-8.60%	-5.87%	-5.91%	-14.93%	-10.89%	7.83%	3.73%	-4.25%
Tax Burden Percent	102.15%	121.35%	27.38%	103.83%	134.68%	114.88%	114.23%	117.41%	94.89%	53.50%	112.67%
Interest Burden Percent	136.47%	150.80%	176.79%	134.59%	211.22%	181.78%	121.93%	144.34%	80.23%	75.65%	280.65%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.11%	46.50%	0.00%
Return on Invested Capital (ROIC)	-2.60%	-1.48%	-4.04%	-4.63%	-1.04%	-0.44%	-8.45%	-4.04%	6.17%	2.49%	-1.02%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.24%	-6.10%	0.28%	-7.86%	-5.77%	-5.44%	-14.89%	-8.58%	7.91%	3.58%	-3.45%
Return on Net Nonoperating Assets (RNNOA)	-1.24%	-1.44%	0.07%	-3.49%	-2.01%	-2.10%	-5.59%	-4.73%	3.64%	2.02%	-1.84%
Return on Equity (ROE)	-3.84%	-2.92%	-3.98%	-8.11%	-3.06%	-2.54%	-14.04%	-8.78%	9.82%	4.52%	-2.86%
Cash Return on Invested Capital (CROIC)	-17.10%	-15.53%	-16.00%	-28.94%	-21.37%	-26.66%	-26.38%	-9.77%	-7.11%	-0.25%	4.19%
Operating Return on Assets (OROA)	-2.25%	-1.80%	-1.39%	-4.69%	-1.54%	-2.07%	-8.26%	-4.83%	8.26%	7.63%	-1.13%
Return on Assets (ROA)	-3.13%	-3.30%	-0.67%	-6.55%	-4.39%	-4.32%	-11.51%	-8.19%	6.29%	3.09%	-3.58%
Return on Common Equity (ROCE)	-2.58%	-1.97%	-2.68%	-5.85%	-2.31%	-1.92%	-10.63%	-7.07%	8.63%	4.10%	-2.59%
Return on Equity Simple (ROE_SIMPLE)	-12.28%	-12.78%	0.00%	-9.09%	-7.24%	-7.91%	0.00%	-15.38%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.27	-2.41	-6.24	-7.05	-1.86	-0.81	-16	-7.40	14	5.32	-1.80
NOPAT Margin	-2.68%	-1.43%	-3.76%	-4.54%	-1.07%	-0.45%	-8.46%	-4.16%	6.04%	2.36%	-0.93%
Net Nonoperating Expense Percent (NNEP)	2.64%	4.62%	-4.32%	3.23%	4.73%	5.00%	6.44%	4.54%	-1.73%	-1.08%	2.43%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-1.28%	-	-	-	-2.30%	-1.06%	1.86%	0.67%	-0.24%
Cost of Revenue to Revenue	61.72%	60.83%	61.49%	62.16%	60.05%	59.10%	59.22%	60.96%	56.62%	60.60%	61.42%
SG&A Expenses to Revenue	34.72%	33.88%	36.86%	36.74%	34.18%	34.06%	44.67%	37.24%	31.42%	29.21%	33.73%
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	42.11%	41.22%	43.88%	44.32%	41.48%	41.55%	52.87%	44.99%	37.01%	34.98%	39.92%
Earnings before Interest and Taxes (EBIT)	-5.15	-4.11	-2.98	-9.56	-3.58	-5.06	-20	-11	24	21	-2.60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.80	10	12	4.72	12	11	-1.76	1.87	37	34	9.30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.05	2.80	3.02	3.67	3.38	2.00	1.43	1.10	1.59	2.11	1.94
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)	2.26	1.48	1.55	1.84	2.29	1.34	0.91	0.68	0.96	1.17	1.06
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)	2.55	1.92	2.05	2.21	2.44	1.57	1.24	1.06	1.36	1.65	1.57
Enterprise Value to Revenue (EV/Rev)	2.80	1.98	2.03	2.44	2.74	1.84	1.39	1.13	1.36	1.56	1.41
Enterprise Value to EBITDA (EV/EBITDA)	65.28	47.10	39.66	44.70	47.28	31.58	37.32	31.54	25.30	19.14	14.31
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	98.41	37.98
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)	32.63	21.91	22.61	51.11	174.66	256.02	43.44	16.26	15.02	14.76	10.88
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	36.77
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.37	0.36	0.35	0.74	0.40	0.47	0.46	0.48	0.58	0.72	0.67
Long-Term Debt to Equity	0.33	0.33	0.31	0.67	0.35	0.43	0.38	0.44	0.52	0.66	0.61
Financial Leverage	0.24	0.24	0.24	0.44	0.35	0.39	0.38	0.55	0.46	0.57	0.53
Leverage Ratio	1.73	1.73	1.71	1.93	1.76	1.82	1.78	2.00	1.86	1.99	1.99
Compound Leverage Factor	2.36	2.62	3.02	2.60	3.71	3.32	2.17	2.89	1.49	1.51	5.59
Debt to Total Capital	27.10%	26.65%	26.02%	42.57%	28.77%	32.09%	31.64%	32.35%	36.56%	41.78%	40.19%
Short-Term Debt to Total Capital	2.70%	2.73%	2.78%	3.92%	3.95%	2.90%	5.67%	2.67%	3.27%	3.40%	3.46%
Long-Term Debt to Total Capital	24.40%	23.92%	23.24%	38.65%	24.82%	29.19%	25.97%	29.68%	33.29%	38.38%	36.73%
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	23.93%	23.98%	23.86%	12.79%	12.22%	11.64%	11.78%	11.71%	4.25%	0.00%	0.00%
Common Equity to Total Capital	48.97%	49.37%	50.12%	44.64%	59.01%	56.27%	56.58%	55.94%	59.18%	58.22%	59.81%
Debt to EBITDA	7.20	6.77	5.22	8.74	5.70	6.54	9.64	10.01	6.91	4.88	3.71
Net Debt to EBITDA	6.24	5.85	4.50	8.47	5.26	6.21	9.14	8.83	6.67	4.78	3.57
Long-Term Debt to EBITDA	6.49	6.08	4.67	7.93	4.92	5.95	7.91	9.18	6.30	4.48	3.39
Debt to NOPAT	-8.06	-8.73	-8.38	-15.51	-12.47	-16.06	-9.71	-9.86	-21.13	-55.07	-344.18
Net Debt to NOPAT	-6.98	-7.54	-7.22	-15.03	-11.50	-15.24	-9.21	-8.69	-20.37	-53.94	-331.44
Long-Term Debt to NOPAT	-7.26	-7.84	-7.49	-14.08	-10.76	-14.61	-7.97	-9.04	-19.24	-50.58	-314.54
Altman Z-Score	2.54	1.90	2.20	1.86	2.75	1.62	1.19	1.07	1.52	1.76	1.53
Noncontrolling Interest Sharing Ratio	32.76%	32.64%	32.53%	27.92%	24.40%	24.34%	24.26%	19.47%	12.12%	9.29%	9.38%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.61	1.58	1.59	1.63	1.82	1.93	1.50	2.05	1.78	1.66	1.43
Quick Ratio	1.48	1.47	1.48	1.50	1.71	1.80	1.41	1.89	1.67	1.56	1.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-82	-73	-79	-171	-130	-171	-174	-54	-26	9.36	31
Operating Cash Flow to CapEx	127.75%	422.10%	399.95%	-368.31%	7.48%	403.61%	6,391.20%	175.12%	1,131.47%	488.12%	1,090.92%
Free Cash Flow to Firm to Interest Expense	-43.42	-34.90	-34.71	-51.71	-32.58	-41.44	-39.18	-10.60	-5.53	1.86	6.58
Operating Cash Flow to Interest Expense	11.45	8.12	6.36	-6.66	0.22	2.76	7.19	1.09	4.59	5.59	11.06
Operating Cash Flow Less CapEx to Interest Expense	2.49	6.20	4.77	-8.47	-2.78	2.07	7.08	0.47	4.19	4.44	10.05
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.69	0.74	0.78	0.76	0.75	0.73	0.77	0.75	0.80	0.83	0.84
Accounts Receivable Turnover	3.78	3.79	4.01	4.09	3.58	3.43	3.71	3.80	3.51	3.65	3.91
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	12.25	13.06	13.44	12.91	10.97	10.85	11.55	11.96	12.51	12.81	13.01
Accounts Payable Turnover	5.61	5.77	6.23	6.99	6.49	6.36	6.77	7.35	7.35	8.02	7.32
Days Sales Outstanding (DSO)	96.48	96.39	90.96	89.33	101.88	106.52	98.26	96.12	103.92	99.93	93.43
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)	65.01	63.21	58.63	52.20	56.21	57.41	53.95	49.63	49.67	45.52	49.83
Cash Conversion Cycle (CCC)	31.47	33.18	32.33	37.14	45.67	49.11	44.31	46.48	54.24	54.40	43.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	616	615	618	717	744	785	776	764	784	781	743
Invested Capital Turnover	0.97	1.03	1.07	1.02	0.97	0.96	1.00	0.97	1.02	1.06	1.09
Increase / (Decrease) in Invested Capital	77	70	73	164	128	171	158	46	41	-4.04	-33
Enterprise Value (EV)	1,570	1,182	1,266	1,583	1,813	1,236	966	809	1,063	1,291	1,169
Market Capitalization	1,267	882	970	1,190	1,519	900	636	490	749	969	877
Book Value per Share	$10.41	$10.44	$10.64	$10.68	$13.17	$13.12	$13.01	$12.93	$13.74	$13.00	$12.77
Tangible Book Value per Share	($6.41)	($6.40)	($6.10)	($9.00)	($3.80)	($5.20)	($5.08)	($4.98)	($4.05)	($4.06)	($4.02)
Total Capital	639	638	641	727	760	798	789	794	795	788	754
Total Debt	173	170	167	309	219	256	250	257	291	329	303
Total Long-Term Debt	156	153	149	281	189	233	205	236	265	302	277
Net Debt	150	147	144	300	202	243	237	227	280	322	292
Capital Expenditures (CapEx)	17	4.02	3.64	5.98	12	2.83	0.50	3.14	1.94	5.77	4.76
Debt-free, Cash-free Net Working Capital (DFCFNWC)	70	72	69	98	121	129	111	119	130	122	87
Debt-free Net Working Capital (DFNWC)	93	96	92	107	138	142	124	149	140	128	99
Net Working Capital (NWC)	76	78	75	79	108	119	79	128	114	102	72
Net Nonoperating Expense (NNE)	2.91	5.12	-4.80	6.31	8.31	9.75	12	12	-4.18	-3.06	6.41
Net Nonoperating Obligations (NNO)	150	147	144	300	202	243	237	227	280	322	292
Total Depreciation and Amortization (D&A)	14	14	14	14	15	16	19	13	13	13	12
Debt-free, Cash-free Net Working Capital to Revenue	12.49%	12.12%	11.08%	15.11%	18.33%	19.14%	15.96%	16.49%	16.62%	14.73%	10.51%
Debt-free Net Working Capital to Revenue	16.65%	15.99%	14.81%	16.58%	20.88%	21.08%	17.82%	20.70%	17.96%	15.54%	11.86%
Net Working Capital to Revenue	13.57%	13.08%	11.96%	12.18%	16.35%	17.63%	11.39%	17.75%	14.63%	12.30%	8.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.38)	($0.39)	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)	$0.48	$0.24	($0.22)
Adjusted Weighted Average Basic Shares Outstanding	30.05M	30.14M	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M	35.21M	35.30M	35.12M
Adjusted Diluted Earnings per Share	($0.38)	($0.39)	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)	$0.42	$0.21	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	30.05M	30.14M	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M	43.46M	39.94M	35.12M
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	30.15M	30.19M	30.38M	34.08M	34.23M	34.30M	34.34M	34.22M	35.29M	35.34M	35.98M
Normalized Net Operating Profit after Tax (NOPAT)	-4.02	-2.09	-6.47	-6.97	-1.76	-0.71	-16	-7.07	15	5.32	-1.77
Normalized NOPAT Margin	-2.53%	-1.24%	-3.90%	-4.49%	-1.02%	-0.40%	-8.40%	-3.97%	6.19%	2.37%	-0.91%
Pre Tax Income Margin	-4.41%	-3.69%	-3.18%	-8.28%	-4.36%	-5.15%	-13.07%	-9.27%	8.25%	6.96%	-3.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.74	-1.97	-1.30	-2.89	-0.90	-1.22	-4.56	-2.26	5.06	4.11	-0.55
NOPAT to Interest Expense	-2.27	-1.15	-2.73	-2.13	-0.47	-0.20	-3.60	-1.46	2.97	1.06	-0.38
EBIT Less CapEx to Interest Expense	-11.70	-3.89	-2.89	-4.70	-3.90	-1.91	-4.67	-2.88	4.65	2.96	-1.57
NOPAT Less CapEx to Interest Expense	-11.23	-3.08	-4.32	-3.94	-3.47	-0.88	-3.71	-2.08	2.57	-0.09	-1.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-42.68%	-40.77%	-53.14%	-41.70%	-42.36%	-34.94%	-17.76%	-20.22%	-20.73%	-33.10%	-492.29%
Augmented Payout Ratio	-42.68%	-40.77%	-53.14%	-42.88%	-43.43%	-35.92%	-18.31%	-23.43%	-26.24%	-43.60%	-777.82%

Financials Breakdown Chart

Key Financial Trends

Here are the key trend highlights for Montrose Environmental Group (MEG) based on the last four years of quarterly statements (2022–2025). The points focus on revenue, margins, cash flow, balance sheet strength, and earnings volatility to help retail investors gauge the company’s trajectory.

Revenue growth across 2025 versus prior year quarters: 2025 Q2 revenue was about $234.5 million, up from 2024 Q2’s $173.3 million (roughly +35%), with 2025 Q3 at $224.9 million and Q4 at $193.3 million, indicating continued top-line strength despite quarterly swings.
Gross margin remains solid and relatively stable: gross margins generally run in the high 30s to mid-40s (e.g., Q4 2025 gross profit $74.6M on $193.3M revenue ≈ 38.6%; Q2 2025 ≈ 43.4%), suggesting pricing and cost control have been reasonably maintained over time.
Operating income improving in mid-2025: positive operating income in 2025 Q2 ($14.9M) and Q3 ($9.9M) contrasts with a small Q4 2025 loss, signaling improving operating performance through the middle of the year.
Cash from operations improving notably in late 2025: net cash from continuing operating activities rose to about $28.2M in Q3 2025 and then to roughly $51.9M in Q4 2025, indicating stronger near-term cash generation.
Earnings per share showing improvement in mid-2025: basic EPS reached about $0.48 in Q2 2025 and diluted EPS around $0.42, reflecting a meaningful improvement in profitability for that period.
Investing cash flow remains negative but typically moderate in magnitude: quarterly net cash from investing activities is negative (example: Q3 2025 about -$4.7M, Q4 2025 about -$3.2M), consistent with continued capital expenditures and acquisitions rather than large-scale divestitures.
Balance sheet shows a large goodwill and intangibles footprint: Goodwill around $469M (Q3 2025) and substantial intangible assets (~$133–145M historically) create a sizable asset base with potential impairment risk if conditions worsen.
Long-term debt remains elevated, indicating leverage: total long-term debt sits in the hundreds of millions (e.g., around $264M–$302M across 2025), supporting growth but contributing to leverage concerns for risk-conscious investors.
Net income remains volatile and often negative: quarterly losses appear in several periods (e.g., Q4 2025 net income of -$8.22M; Q1 2025 -$21.16M; and other periods), highlighting earnings volatility despite some quarterly gains.
Financing activities frequently drain cash: net cash from financing activities is negative in most quarters (e.g., Q4 2025 approx -$43.9M; Q3 2025 -$27.98M; Q2 2025 -$37.22M), reflecting debt repayments and shareholder actions that pressure liquidity even as operating cash flow improves.

05/05/26 08:29 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Montrose Environmental Group's Financials

When does Montrose Environmental Group's financial year end?

According to the most recent income statement we have on file, Montrose Environmental Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Montrose Environmental Group's net income changed over the last 7 years?

Over the last 7 years, Montrose Environmental Group's net income changed from -$16.49 million in 2018 to -$843 thousand in 2025, a change of -94.9%. See where experts think Montrose Environmental Group is headed by visiting Montrose Environmental Group's forecast page.

What is Montrose Environmental Group's operating income?

Montrose Environmental Group's total operating income in 2025 was $11.73 million, based on the following breakdown:

Total Gross Profit: $334.35 million
Total Operating Expenses: $322.62 million

How has Montrose Environmental Group's revenue changed over the last 7 years?

Over the last 7 years, Montrose Environmental Group's total revenue changed from $188.81 million in 2018 to $830.54 million in 2025, a change of 339.9%.

How much debt does Montrose Environmental Group have?

Montrose Environmental Group's total liabilities were at $530.12 million at the end of 2025, a 17.5% increase from 2024, and a 131.2% increase since 2019.

How much cash does Montrose Environmental Group have?

In the past 6 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 $11.22 million as of their latest financial filing in 2025.

How has Montrose Environmental Group's book value per share changed over the last 7 years?

Over the last 7 years, Montrose Environmental Group's book value per share changed from 0.00 in 2018 to 12.77 in 2025, a change of 1,276.8%.

Related Companies

Financial statements for NYSE:ONT last updated on 3/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Montrose Environmental Group (ONT) Financials

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Montrose Environmental Group (ONT) Financials

Annual Income Statements for Montrose Environmental Group

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Quarterly Cash Flow Statements for Montrose Environmental Group

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Quarterly Balance Sheets for Montrose Environmental Group

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Quarterly Metrics And Ratios for Montrose Environmental Group

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