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0.22x Total Debt / Equity (Conservative)

Moderate-high; floating-rate credit facility exposure means 20bps rise adds ~$0.5M annual interest cost given ~$250M debt load

Medium intensity; US-China trade tariffs on metals and components disrupt supply chains.

Primarily domestic US services firm; minimal physical supply chain; key chokepoints are US engineering labor market and federal procurement cycles

Bowman operates ~95% domestically in USD; negligible sovereign currency devaluation exposure across international markets

~95% US-based revenue across 80+ domestic offices; minimal international presence, effectively no material foreign currency devaluation risk

Medium intensity; commodities: Steel, Aluminum, Copper, Crude Oil (fuel), Rare Earth Elements, Plastics/Resins; geopolitical: US-China trade tariffs on metals and components disrupt supply chains.

No single vendor exceeds 30% of input cost; primary dependencies are software tools (Autodesk, Esri) with substitutable alternatives

Cloud disruption risk is low; Bowman is an engineering/consulting services firm, not SaaS-dependent; project delivery is field and office-based

Professional services firm with fee-for-service and contract-based secondary revenue; cloud termination would cause IT disruption but not existential operational failure

Low API coupling risk; Bowman uses standard AEC software platforms; no proprietary API dependencies critical to revenue delivery

Minimal Howey Test risk; revenue model is professional engineering services fees, not investment contracts or token-based instruments

Medium

Low-moderate; primarily US government and commercial clients; limited EU/CA personal data processing; CCPA exposure modest given B2B focus

Low antitrust risk; fragmented AEC consulting market with thousands of competitors; Bowman holds sub-2% national market share

Medium burden; regimes: FAA, DOT, OSHA, EPA, ITAR, FTC; Export controls and defense procurement rules create contract concentration risk.

~60-70% project-based retainer/multi-year government contracts; ~30-40% transactional project fees; recurring visibility moderate

Billable-hour and fixed-fee project contracts; revenue tied to engineering labor deployment across infrastructure, environmental, and real estate sectors

Cost-plus and competitive-bid pricing; limited premium pricing power; margin compression risk if labor costs rise faster than contract rate escalators

Moderate; government contracts include escalation clauses but lag inflation; private sector margins more negotiable; pricing power rated 5/10

Gross margin approximately 50-55% on net revenue basis; EBITDA margins 8-12%; typical for mid-size engineering consultancies

No free-rider problem; services are bespoke and billable; client retention risk tied to project completion cycles and re-bid competition

Revenue growth is largely headcount-linear; doubling revenue requires near-proportional billable staff increase; limited operational leverage

High marginal cost of growth; each incremental revenue dollar requires additional engineering FTE; sublinear scaling only achievable via acquisition

Not applicable; Bowman operates as a unified corporate entity, not a franchise model

At 10x scale, CAC would rise significantly; growth depends on BD staff, RFP wins, and M&A; organic CAC efficiency does not improve materially at scale

No meaningful network effects; AEC consulting is expertise and relationship-driven; scale provides brand credibility but not compounding network dynamics

1.9% Return on Assets (Excellent)

Moderate recession resistance; federal infrastructure spending provides buffer; private real estate and commercial segments are cyclically vulnerable

US federal, state, and local government agencies representing ~50-60% of revenue; concentration risk in public infrastructure spending cycles

Private sector real estate developers, utilities, and energy companies; more cyclical but diversified across ~80 offices nationally

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "33-0000 Protective Service Occupations", "37-0000 Building and Grounds Cleaning and Maintenance Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations", "51-0000 Production Occupations", "53-0000 Transportation and Material Moving Occupations"]

0.3 (HIL — ~30% of characteristic roles agent-automatable)

0.5% CapEx / Revenue (Low-CapEx Asset-Light)

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BWMN