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

Montrose Environmental Group (ONT) Financials

$17.61 +0.28 (+1.62%)

As of 03:58 PM Eastern

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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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-5.54	-16	-13	-13	-31	-22	17	8.38	-8.22	-13	1.37
Consolidated Net Income / (Loss)	-1.44	-13	-10	-11	-28	-19	18	8.38	-8.22	-13	1.37
Net Income / (Loss) Continuing Operations	-1.44	-13	-10	-11	-28	-19	18	8.38	-8.22	-13	1.37
Total Pre-Tax Income	-5.26	-13	-7.55	-9.20	-25	-16	19	16	-7.29	-10	1.71
Total Operating Income	-8.91	-10	-2.65	-1.16	-23	-11	15	9.94	-2.58	-6.06	6.45
Total Gross Profit	64	59	69	73	77	69	102	89	75	67	82
Total Revenue	166	155	173	179	189	178	235	225	193	169	187
Operating Revenue	166	155	173	179	189	178	235	225	193	169	187
Total Cost of Revenue	102	97	104	106	112	108	133	136	119	101	104
Operating Cost of Revenue	102	97	104	106	112	108	133	136	119	101	104
Total Operating Expenses	73	69	72	74	100	80	87	79	77	73	76
Selling, General & Admin Expense	61	57	59	61	84	66	74	66	65	61	63
Depreciation Expense	12	12	13	13	15	13	13	13	12	13	13
Other Special Charges / (Income)	-0.33	0.11	0.14	0.14	0.15	0.48	0.35	0.01	0.06	-0.84	0.14
Total Other Income / (Expense), net	3.65	-2.80	-4.90	-8.04	-1.86	-5.91	4.40	5.72	-4.72	-4.32	-4.74
Interest Expense	2.29	3.31	3.98	4.14	4.44	5.07	4.77	5.04	4.70	5.47	5.47
Other Income / (Expense), net	5.93	0.51	-0.92	-3.90	2.58	-0.85	9.17	11	-0.02	1.14	0.73
Income Tax Expense	-3.82	0.49	2.62	1.37	3.52	2.87	0.99	7.28	0.92	2.30	0.35
Preferred Stock Dividends Declared	4.10	2.81	2.75	2.75	2.75	2.75	1.40	0.00	-	0.00	0.00
Basic Earnings per Share	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)	$0.48	$0.24	($0.22)	($0.35)	$0.04
Weighted Average Basic Shares Outstanding	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M	35.21M	35.30M	35.12M	36.05M	35.81M
Diluted Earnings per Share	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)	$0.42	$0.21	($0.13)	($0.35)	$0.04
Weighted Average Diluted Shares Outstanding	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M	43.46M	39.94M	35.12M	36.05M	38.71M
Weighted Average Basic & Diluted Shares Outstanding	30.38M	34.08M	34.23M	34.30M	34.34M	34.22M	35.29M	35.34M	35.98M	36.14M	35.12M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	0.67	-14	7.48	-4.09	0.52	18	-20	-4.50	4.81	-1.22	2.88
Net Cash From Operating Activities	15	-22	0.89	11	32	5.50	22	28	52	-12	6.16
Net Cash From Continuing Operating Activities	15	-22	0.89	11	32	5.50	22	28	52	-12	6.16
Net Income / (Loss) Continuing Operations	-1.44	-13	-10	-11	-28	-19	18	8.38	-8.22	-13	1.37
Consolidated Net Income / (Loss)	-1.44	-13	-10	-11	-28	-19	18	8.38	-8.22	-13	1.37
Depreciation Expense	12	12	13	13	15	13	13	13	12	13	13
Non-Cash Adjustments To Reconcile Net Income	5.72	13	13	17	28	18	11	3.20	12	10	11
Changes in Operating Assets and Liabilities, net	-4.22	-33	-17	-11	14	-6.86	-20	3.62	37	-22	-19
Net Cash From Investing Activities	-4.64	-65	-23	-49	-0.86	-3.71	-4.23	-4.67	-3.24	-5.53	-5.60
Net Cash From Continuing Investing Activities	-4.64	-65	-23	-49	-0.86	-3.71	-4.23	-4.67	-3.24	-5.53	-5.60
Purchase of Property, Plant & Equipment	-4.61	-7.28	-12	-1.16	-2.25	-3.15	-1.96	-5.82	-5.38	-5.67	-5.66
Sale of Property, Plant & Equipment	0.97	0.04	-	-1.67	1.75	0.01	0.03	0.05	0.62	0.14	0.06
Net Cash From Financing Activities	-9.24	73	29	34	-31	16	-37	-28	-44	16	2.32
Net Cash From Continuing Financing Activities	-9.24	73	29	34	-31	16	-37	-28	-44	16	2.32
Repayment of Debt	-4.89	-143	-123	-88	-105	-288	-82	-134	-119	-109	-94
Repurchase of Common Equity	-	-0.35	-	-	-	-2.19	-	-	-0.22	-10.00	-20
Issuance of Debt	-	217	36	124	77	307	109	170	91	140	118
Other Financing Activities, net	-0.25	0.12	0.73	0.76	0.09	2.26	-4.09	-0.73	-16	-5.58	-1.51
Cash Interest Paid	3.22	3.10	3.76	3.84	4.08	3.87	4.63	4.74	4.64	4.84	4.80
Cash Income Taxes Paid	-0.38	0.29	0.41	2.01	1.48	0.93	2.09	2.36	0.13	0.14	6.21

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
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
Treasury Stock	-	-	-	-	-	-	0.00
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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	3/31/2026	6/30/2026
Total Assets	783	826	836	918	944	1,007	992	998	986	948	967
Total Current Assets	231	201	213	204	240	247	249	261	256	217	238
Cash & Equivalents	77	23	23	9.49	17	13	30	10	6.74	10	13
Accounts Receivable	139	161	174	178	209	218	200	235	234	183	199
Prepaid Expenses	15	16	15	17	14	15	19	15	15	23	26
Plant, Property, & Equipment, net	41	57	58	60	64	66	61	61	63	66	66
Total Noncurrent Assets	511	568	565	654	640	694	682	676	667	665	663
Noncurrent Note & Lease Receivables	11	11	13	15	15	17	21	24	24	35	37
Goodwill	326	369	356	463	435	483	468	469	469	467	466
Intangible Assets	137	137	152	134	143	145	147	140	133	120	114
Other Noncurrent Operating Assets	36	51	44	41	47	49	46	43	40	44	47
Total Liabilities & Shareholders' Equity	783	826	836	918	944	1,007	992	998	986	948	967
Total Liabilities	320	360	368	501	402	465	455	494	527	508	537
Total Current Liabilities	102	125	135	125	132	128	122	147	154	118	119
Short-Term Debt	18	17	17	28	30	23	21	26	27	18	17
Accounts Payable	55	66	71	59	58	58	58	67	65	57	54
Current Employee Benefit Liabilities	16	26	31	24	28	32	26	37	46	26	31
Other Current Liabilities	13	15	15	14	15	16	17	17	17	17	18
Total Noncurrent Liabilities	218	235	233	375	270	337	333	347	373	390	418
Long-Term Debt	149	156	153	281	189	233	236	265	302	310	338
Noncurrent Deferred & Payable Income Tax Liabilities	7.11	7.45	10	5.85	8.24	8.27	16	16	16	22	22
Other Noncurrent Operating Liabilities	61	72	71	88	74	95	81	66	54	58	58
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	310	313	315	324	449	449	444	470	459	440	430
Total Preferred & Common Equity	310	313	315	324	449	449	444	470	459	440	430
Total Common Equity	310	313	315	324	449	449	444	470	459	440	430
Common Stock	504	514	524	548	683	694	739	748	728	739	750
Retained Earnings	-194	-201	-209	-224	-234	-244	-292	-274	-265	-286	-285
Treasury Stock	-	-	-	-	-	-	-	-	-	-10.00	-30
Accumulated Other Comprehensive Income / (Loss)	0.02	-0.10	-0.30	-0.26	-0.22	-0.29	-2.49	-3.74	-4.01	-3.13	-5.13

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	35,980,650.00	36,139,227.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	35,980,650.00	36,139,227.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.35	0.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.80%	18.18%	8.94%	6.40%	14.07%	14.49%	35.32%	25.86%	2.23%	-5.24%	-20.42%
EBITDA Growth	145.97%	282.19%	33.42%	7.69%	-115.29%	-10.69%	312.47%	311.39%	289.43%	311.97%	-46.07%
EBIT Growth	67.73%	19.08%	30.53%	-23.03%	-580.69%	-19.51%	774.46%	509.13%	87.17%	56.92%	-70.21%
NOPAT Growth	-7.49%	-0.90%	56.49%	66.26%	-156.36%	-5.07%	864.02%	754.19%	88.71%	42.67%	-63.68%
Net Income Growth	86.67%	9.25%	-41.76%	-40.39%	-1,858.57%	-44.94%	280.49%	179.31%	70.88%	34.45%	-92.56%
EPS Growth	66.00%	15.87%	-2.63%	0.00%	-435.29%	-20.75%	207.69%	153.85%	85.71%	45.31%	-90.48%
Operating Cash Flow Growth	16.55%	-827.01%	-95.84%	-32.75%	119.63%	124.99%	2,348.99%	146.80%	62.50%	-311.43%	-71.88%
Free Cash Flow Firm Growth	-237.30%	-997.23%	-58.95%	-135.18%	-119.42%	68.60%	79.65%	105.46%	117.74%	101.89%	162.24%
Invested Capital Growth	13.42%	29.62%	20.73%	27.76%	25.59%	6.45%	5.45%	-0.51%	-4.21%	-0.69%	-1.44%
Revenue Q/Q Growth	-1.31%	-6.29%	11.59%	3.09%	5.80%	-5.94%	31.89%	-4.12%	-14.06%	-12.81%	10.77%
EBITDA Q/Q Growth	10.96%	-59.01%	148.81%	-4.85%	-115.76%	206.25%	1,870.87%	-8.73%	-72.36%	-17.13%	158.00%
EBIT Q/Q Growth	27.60%	-221.06%	62.60%	-41.51%	-300.55%	43.63%	311.08%	-14.16%	-112.56%	-89.34%	245.97%
NOPAT Q/Q Growth	-158.97%	-12.95%	73.66%	56.21%	-1,867.61%	53.71%	291.53%	-62.50%	-133.94%	-135.18%	221.34%
Net Income Q/Q Growth	80.85%	-826.93%	23.86%	-3.87%	-167.16%	31.41%	194.82%	-54.36%	-198.09%	-54.42%	110.76%
EPS Q/Q Growth	56.41%	-211.76%	26.42%	0.00%	-133.33%	29.67%	165.63%	-50.00%	-161.90%	-169.23%	111.43%
Operating Cash Flow Q/Q Growth	-14.21%	-251.35%	104.06%	1,175.84%	180.17%	-82.78%	297.78%	28.57%	84.47%	-122.41%	152.90%
Free Cash Flow Firm Q/Q Growth	-8.83%	-115.48%	24.23%	-32.35%	-1.54%	69.17%	50.89%	135.50%	229.98%	-96.72%	1,521.57%
Invested Capital Q/Q Growth	0.50%	16.13%	3.65%	5.61%	-1.20%	-1.57%	2.68%	-0.37%	-4.88%	2.05%	1.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.51%	37.84%	39.95%	40.90%	40.78%	39.04%	43.38%	39.40%	38.58%	39.79%	44.07%
EBITDA Margin	6.95%	3.04%	6.78%	6.25%	-0.93%	1.05%	15.72%	14.97%	4.81%	4.57%	10.65%
Operating Margin	-5.38%	-6.48%	-1.53%	-0.65%	-12.08%	-5.95%	6.37%	4.42%	-1.33%	-3.60%	3.46%
EBIT Margin	-1.80%	-6.15%	-2.06%	-2.83%	-10.72%	-6.42%	10.28%	9.20%	-1.34%	-2.92%	3.85%
Profit (Net Income) Margin	-0.87%	-8.60%	-5.87%	-5.91%	-14.93%	-10.89%	7.83%	3.73%	-4.25%	-7.53%	0.73%
Tax Burden Percent	27.38%	103.83%	134.68%	114.88%	114.23%	117.41%	94.89%	53.50%	112.67%	122.17%	79.79%
Interest Burden Percent	176.79%	134.59%	211.22%	181.78%	121.93%	144.34%	80.23%	75.65%	280.65%	211.08%	23.83%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.11%	46.50%	0.00%	0.00%	20.21%
Return on Invested Capital (ROIC)	-4.04%	-4.63%	-1.04%	-0.44%	-8.45%	-4.04%	6.17%	2.49%	-1.02%	-2.72%	2.74%
ROIC Less NNEP Spread (ROIC-NNEP)	0.28%	-7.86%	-5.77%	-5.44%	-14.89%	-8.58%	7.91%	3.58%	-3.45%	-5.82%	1.53%
Return on Net Nonoperating Assets (RNNOA)	0.07%	-3.49%	-2.01%	-2.10%	-5.59%	-4.73%	3.64%	2.02%	-1.84%	-3.24%	1.02%
Return on Equity (ROE)	-3.98%	-8.11%	-3.06%	-2.54%	-14.04%	-8.78%	9.82%	4.52%	-2.86%	-5.96%	3.76%
Cash Return on Invested Capital (CROIC)	-16.00%	-28.94%	-21.37%	-26.66%	-26.38%	-9.77%	-7.11%	-0.25%	4.19%	1.41%	2.14%
Operating Return on Assets (OROA)	-1.39%	-4.69%	-1.54%	-2.07%	-8.26%	-4.83%	8.26%	7.63%	-1.13%	-2.47%	3.03%
Return on Assets (ROA)	-0.67%	-6.55%	-4.39%	-4.32%	-11.51%	-8.19%	6.29%	3.09%	-3.58%	-6.37%	0.58%
Return on Common Equity (ROCE)	-2.68%	-5.85%	-2.31%	-1.92%	-10.63%	-7.07%	8.63%	4.10%	-2.59%	-5.39%	3.62%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-9.09%	-7.24%	-7.91%	0.00%	-15.38%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.24	-7.05	-1.86	-0.81	-16	-7.40	14	5.32	-1.80	-4.24	5.15
NOPAT Margin	-3.76%	-4.54%	-1.07%	-0.45%	-8.46%	-4.16%	6.04%	2.36%	-0.93%	-2.52%	2.76%
Net Nonoperating Expense Percent (NNEP)	-4.32%	3.23%	4.73%	5.00%	6.44%	4.54%	-1.73%	-1.08%	2.43%	3.10%	1.22%
Return On Investment Capital (ROIC_SIMPLE)	-1.28%	-	-	-	-2.30%	-1.06%	1.86%	0.67%	-0.24%	-0.55%	0.66%
Cost of Revenue to Revenue	61.49%	62.16%	60.05%	59.10%	59.22%	60.96%	56.62%	60.60%	61.42%	60.21%	55.93%
SG&A Expenses to Revenue	36.86%	36.74%	34.18%	34.06%	44.67%	37.24%	31.42%	29.21%	33.73%	36.39%	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	43.88%	44.32%	41.48%	41.55%	52.87%	44.99%	37.01%	34.98%	39.92%	43.39%	40.61%
Earnings before Interest and Taxes (EBIT)	-2.98	-9.56	-3.58	-5.06	-20	-11	24	21	-2.60	-4.92	7.18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12	4.72	12	11	-1.76	1.87	37	34	9.30	7.71	20
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.02	3.67	3.38	2.00	1.43	1.10	1.59	2.11	1.94	1.79	1.70
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)	1.55	1.84	2.29	1.34	0.91	0.68	0.96	1.17	1.06	0.96	0.94
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	177.95	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%	0.56%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.05	2.21	2.44	1.57	1.24	1.06	1.36	1.65	1.57	1.46	1.39
Enterprise Value to Revenue (EV/Rev)	2.03	2.44	2.74	1.84	1.39	1.13	1.36	1.56	1.41	1.35	1.39
Enterprise Value to EBITDA (EV/EBITDA)	39.66	44.70	47.28	31.58	37.32	31.54	25.30	19.14	14.31	12.63	15.21
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	98.41	37.98	29.66	52.69
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	202.51	197.77
Enterprise Value to Operating Cash Flow (EV/OCF)	22.61	51.11	174.66	256.02	43.44	16.26	15.02	14.76	10.88	12.24	14.38
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	36.77	103.19	64.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.35	0.74	0.40	0.47	0.46	0.48	0.58	0.72	0.67	0.75	0.83
Long-Term Debt to Equity	0.31	0.67	0.35	0.43	0.38	0.44	0.52	0.66	0.61	0.70	0.78
Financial Leverage	0.24	0.44	0.35	0.39	0.38	0.55	0.46	0.57	0.53	0.56	0.67
Leverage Ratio	1.71	1.93	1.76	1.82	1.78	2.00	1.86	1.99	1.99	1.99	2.10
Compound Leverage Factor	3.02	2.60	3.71	3.32	2.17	2.89	1.49	1.51	5.59	4.19	0.50
Debt to Total Capital	26.02%	42.57%	28.77%	32.09%	31.64%	32.35%	36.56%	41.78%	40.19%	42.73%	45.22%
Short-Term Debt to Total Capital	2.78%	3.92%	3.95%	2.90%	5.67%	2.67%	3.27%	3.40%	3.46%	2.37%	2.22%
Long-Term Debt to Total Capital	23.24%	38.65%	24.82%	29.19%	25.97%	29.68%	33.29%	38.38%	36.73%	40.36%	43.00%
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	23.86%	12.79%	12.22%	11.64%	11.78%	11.71%	4.25%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.12%	44.64%	59.01%	56.27%	56.58%	55.94%	59.18%	58.22%	59.81%	57.27%	54.78%
Debt to EBITDA	5.22	8.74	5.70	6.54	9.64	10.01	6.91	4.88	3.71	3.75	5.04
Net Debt to EBITDA	4.50	8.47	5.26	6.21	9.14	8.83	6.67	4.78	3.57	3.64	4.85
Long-Term Debt to EBITDA	4.67	7.93	4.92	5.95	7.91	9.18	6.30	4.48	3.39	3.54	4.79
Debt to NOPAT	-8.38	-15.51	-12.47	-16.06	-9.71	-9.86	-21.13	-55.07	-344.18	60.12	65.48
Net Debt to NOPAT	-7.22	-15.03	-11.50	-15.24	-9.21	-8.69	-20.37	-53.94	-331.44	58.28	63.13
Long-Term Debt to NOPAT	-7.49	-14.08	-10.76	-14.61	-7.97	-9.04	-19.24	-50.58	-314.54	56.79	62.26
Altman Z-Score	2.20	1.86	2.75	1.62	1.19	1.07	1.52	1.76	1.53	1.48	1.38
Noncontrolling Interest Sharing Ratio	32.53%	27.92%	24.40%	24.34%	24.26%	19.47%	12.12%	9.29%	9.38%	9.51%	3.62%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.59	1.63	1.82	1.93	1.50	2.05	1.78	1.66	1.43	1.84	2.00
Quick Ratio	1.48	1.50	1.71	1.80	1.41	1.89	1.67	1.56	1.34	1.64	1.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-79	-171	-130	-171	-174	-54	-26	9.36	31	1.01	16
Operating Cash Flow to CapEx	399.95%	-368.31%	7.48%	403.61%	6,391.20%	175.12%	1,131.47%	488.12%	1,090.92%	-210.62%	109.95%
Free Cash Flow to Firm to Interest Expense	-34.71	-51.71	-32.58	-41.44	-39.18	-10.60	-5.53	1.86	6.58	0.19	3.00
Operating Cash Flow to Interest Expense	6.36	-6.66	0.22	2.76	7.19	1.09	4.59	5.59	11.06	-2.13	1.13
Operating Cash Flow Less CapEx to Interest Expense	4.77	-8.47	-2.78	2.07	7.08	0.47	4.19	4.44	10.05	-3.14	0.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	0.76	0.75	0.73	0.77	0.75	0.80	0.83	0.84	0.85	0.79
Accounts Receivable Turnover	4.01	4.09	3.58	3.43	3.71	3.80	3.51	3.65	3.91	4.28	3.56
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	13.44	12.91	10.97	10.85	11.55	11.96	12.51	12.81	13.01	12.98	12.14
Accounts Payable Turnover	6.23	6.99	6.49	6.36	6.77	7.35	7.35	8.02	7.32	8.52	7.67
Days Sales Outstanding (DSO)	90.96	89.33	101.88	106.52	98.26	96.12	103.92	99.93	93.43	85.30	102.60
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)	58.63	52.20	56.21	57.41	53.95	49.63	49.67	45.52	49.83	42.86	47.58
Cash Conversion Cycle (CCC)	32.33	37.14	45.67	49.11	44.31	46.48	54.24	54.40	43.60	42.44	55.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	618	717	744	785	776	764	784	781	743	758	773
Invested Capital Turnover	1.07	1.02	0.97	0.96	1.00	0.97	1.02	1.06	1.09	1.08	0.99
Increase / (Decrease) in Invested Capital	73	164	128	171	158	46	41	-4.04	-33	-5.26	-11
Enterprise Value (EV)	1,266	1,583	1,813	1,236	966	809	1,063	1,291	1,169	1,106	1,073
Market Capitalization	970	1,190	1,519	900	636	490	749	969	877	788	730
Book Value per Share	$10.64	$10.68	$13.17	$13.12	$13.01	$12.93	$13.74	$13.00	$12.77	$12.23	$11.91
Tangible Book Value per Share	($6.10)	($9.00)	($3.80)	($5.20)	($5.08)	($4.98)	($4.05)	($4.06)	($4.02)	($4.06)	($4.12)
Total Capital	641	727	760	798	789	794	795	788	754	768	786
Total Debt	167	309	219	256	250	257	291	329	303	328	355
Total Long-Term Debt	149	281	189	233	205	236	265	302	277	310	338
Net Debt	144	300	202	243	237	227	280	322	292	318	343
Capital Expenditures (CapEx)	3.64	5.98	12	2.83	0.50	3.14	1.94	5.77	4.76	5.53	5.60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	69	98	121	129	111	119	130	122	87	107	124
Debt-free Net Working Capital (DFNWC)	92	107	138	142	124	149	140	128	99	117	136
Net Working Capital (NWC)	75	79	108	119	79	128	114	102	72	99	119
Net Nonoperating Expense (NNE)	-4.80	6.31	8.31	9.75	12	12	-4.18	-3.06	6.41	8.45	3.78
Net Nonoperating Obligations (NNO)	144	300	202	243	237	227	280	322	292	318	343
Total Depreciation and Amortization (D&A)	14	14	15	16	19	13	13	13	12	13	13
Debt-free, Cash-free Net Working Capital to Revenue	11.08%	15.11%	18.33%	19.14%	15.96%	16.49%	16.62%	14.73%	10.51%	13.05%	16.00%
Debt-free Net Working Capital to Revenue	14.81%	16.58%	20.88%	21.08%	17.82%	20.70%	17.96%	15.54%	11.86%	14.27%	17.64%
Net Working Capital to Revenue	11.96%	12.18%	16.35%	17.63%	11.39%	17.75%	14.63%	12.30%	8.72%	12.06%	15.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)	$0.48	$0.24	($0.22)	($0.35)	$0.04
Adjusted Weighted Average Basic Shares Outstanding	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M	35.21M	35.30M	35.12M	36.05M	35.81M
Adjusted Diluted Earnings per Share	($0.17)	($0.53)	($0.39)	($0.39)	($0.91)	($0.64)	$0.42	$0.21	($0.13)	($0.35)	$0.04
Adjusted Weighted Average Diluted Shares Outstanding	30.06M	30.38M	33.32M	34.24M	33.06M	34.50M	43.46M	39.94M	35.12M	36.05M	38.71M
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	30.38M	34.08M	34.23M	34.30M	34.34M	34.22M	35.29M	35.34M	35.98M	36.14M	35.12M
Normalized Net Operating Profit after Tax (NOPAT)	-6.47	-6.97	-1.76	-0.71	-16	-7.07	15	5.32	-1.77	-4.83	5.26
Normalized NOPAT Margin	-3.90%	-4.49%	-1.02%	-0.40%	-8.40%	-3.97%	6.19%	2.37%	-0.91%	-2.87%	2.82%
Pre Tax Income Margin	-3.18%	-8.28%	-4.36%	-5.15%	-13.07%	-9.27%	8.25%	6.96%	-3.77%	-6.16%	0.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.30	-2.89	-0.90	-1.22	-4.56	-2.26	5.06	4.11	-0.55	-0.90	1.31
NOPAT to Interest Expense	-2.73	-2.13	-0.47	-0.20	-3.60	-1.46	2.97	1.06	-0.38	-0.78	0.94
EBIT Less CapEx to Interest Expense	-2.89	-4.70	-3.90	-1.91	-4.67	-2.88	4.65	2.96	-1.57	-1.91	0.29
NOPAT Less CapEx to Interest Expense	-4.32	-3.94	-3.47	-0.88	-3.71	-2.08	2.57	-0.09	-1.40	-1.79	-0.08
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-53.14%	-41.70%	-42.36%	-34.94%	-17.76%	-20.22%	-20.73%	-33.10%	-492.29%	24.03%	-12.54%
Augmented Payout Ratio	-53.14%	-42.88%	-43.43%	-35.92%	-18.31%	-23.43%	-26.24%	-43.60%	-777.82%	199.40%	-283.10%

Financials Breakdown Chart

Key Financial Trends

Montrose Environmental Group’s recent results show improving sequential profitability but continued pressure on growth, cash conversion and leverage. The company’s historical filings use the ticker MEG, while the latest data identifies the company as ONT.

Revenue in Q2 2026 was $186.7 million, up 10.8% from Q1 2026 but down 20.4% from the restated Q2 2025 figure of $234.5 million. The longer-term revenue trend is still higher than in 2022 and 2023, when quarterly revenue generally ranged from approximately $130 million to $168 million. However, the year-over-year decline indicates that recent growth has not been consistent.

Margins improved sequentially. Gross profit increased to $82.3 million in Q2 from $67.1 million in Q1, lifting the gross margin to approximately 44.1% from 39.8%. Operating income also swung from a $6.1 million loss in Q1 to $6.5 million of income in Q2. Even so, Q2 operating income was below the $14.9 million reported in Q2 2025, and operating margin declined to roughly 3.5% from 6.4%.

Net income attributable to common shareholders was $1.4 million, or $0.04 per diluted share, compared with a $12.7 million loss in Q1. This represents a meaningful sequential recovery, although it remains substantially below the $17.0 million of net income attributable to common shareholders recorded in restated Q2 2025. Interest expense of $5.5 million continues to absorb much of the company’s operating profit.

Cash flow remains uneven. Operating cash flow improved from negative $11.6 million in Q1 2026 to positive $6.2 million in Q2, but it was well below the $21.9 million generated in Q2 2025. Working capital was a $19.0 million use of cash in Q2, following a $21.8 million use in Q1. This volatility has been a recurring pattern: operating cash flow was strong in late 2025 but weak or negative in portions of 2024 and early 2026.

The balance sheet provides reasonable short-term liquidity, with $12.7 million of cash, $238.3 million of current assets and $119.3 million of current liabilities at June 30, 2026. However, total debt rose to approximately $355.2 million, up from $328.3 million at the end of Q1 and roughly $290.5 million at the end of Q2 2025. Cash interest paid was $4.8 million in Q2, underscoring the cost of the company’s debt burden.

Accounts receivable increased to $199.4 million from $183.4 million in Q1, despite quarterly revenue of $186.7 million. Investors should monitor collections because elevated receivables are contributing to the company’s working-capital cash drain. In addition, goodwill and intangible assets totaled approximately $579.2 million, or about 60% of total assets, leaving the balance sheet exposed to potential impairment charges if acquired businesses underperform.

Sequential earnings recovery: Q2 2026 operating income returned to positive territory at $6.5 million after a $6.1 million operating loss in Q1, while net income attributable to common shareholders improved to $1.4 million from a $12.7 million loss.
Gross-margin improvement: Gross margin increased to approximately 44.1% in Q2 2026 from 39.8% in Q1, suggesting better cost absorption or service mix.
Longer-term revenue expansion: Quarterly revenue remains above the levels reported in 2022 and 2023, indicating that the company has expanded its operating base over the multi-year period.
Positive Q2 operating cash flow: Operating cash flow recovered to $6.2 million in Q2 from negative $11.6 million in Q1, and cash increased to $12.7 million at quarter-end.
Share repurchases: The company repurchased approximately $20.0 million of common stock in Q2 and nearly $30.0 million during the first half of 2026. This can support per-share value, but its benefit depends on whether the shares were bought below intrinsic value.
Capital investment continues: Capital expenditures were $5.7 million in Q2 2026, broadly consistent with recent quarters and supporting the company’s operating infrastructure.
Year-over-year revenue decline: Q2 2026 revenue fell 20.4% from restated Q2 2025, while operating income and net income were also below the prior-year quarter.
Volatile cash conversion: Working capital consumed $19.0 million of cash in Q2 and $21.8 million in Q1, while quarterly operating cash flow has fluctuated sharply across the past several years.
Higher leverage and interest costs: Total debt increased to approximately $355.2 million, and quarterly interest expense remained near $5.5 million, limiting the conversion of operating profit into net income.
Receivables and intangible-asset concentration: Accounts receivable of $199.4 million exceeded quarterly revenue, while goodwill and intangible assets represented roughly 60% of total assets, creating collection and impairment risks.

09/03/26 11:13 PM ETAI Generated. May Contain Errors.

Montrose Environmental Group Financials - Frequently Asked Questions

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.

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%. Check out Montrose Environmental Group's forecast to explore projected trends and price targets.

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

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%.

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.

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.

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%.

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Financial statements for NYSE:ONT last updated on 8/6/2026 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

Annual Balance Sheets for Montrose Environmental Group

Quarterly Balance Sheets for Montrose Environmental Group

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Quarterly Metrics And Ratios for Montrose Environmental Group

Financials Breakdown Chart

Key Financial Trends

Montrose Environmental Group Financials - Frequently Asked Questions

When does Montrose Environmental Group's financial year end?

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

What is Montrose Environmental Group's operating income?

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

How much debt does Montrose Environmental Group have?

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

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