MISTRAS Group is an industrial asset integrity and materials testing company headquartered at 195 Clarksville Road, Princeton Junction, New Jersey, and listed on the New York Stock Exchange under the ticker MG. It sells inspection, monitoring and laboratory testing into oil and gas, aerospace and defence, general industrials, power generation and transmission, infrastructure, and engineering and research. The group's chief executive is Natalia Shuman, with founder Manuel N. Stamatakis serving as executive chairman of the board.
Service lines
The commercial offer is organised into data solutions, field services and in-lab services.
- Data solutions cover software and monitoring, centred on the PCMS plant condition management platform and PCMS Mobile, plus engineering consulting in mechanical integrity programmes, audits and assessments, fitness-for-service evaluation, risk-based inspection, corrosion management and failure analysis.
- Pipeline integrity is a separate data-solutions line, combining inspection services, pipeline data and GIS work, risk services and integrity software, while asset condition monitoring covers leak detection, mechanical wear, fatigue and crack detection, electrical and thermal degradation monitoring and structural health monitoring.
- Field services send technicians to inspect and test assets in operation, covering core non-destructive testing, inspection and testing, advanced flaw detection and damage-mechanism programmes, together with access work by rope, drone and diving.
- In-lab services handle materials testing and laboratory analysis, the area receiving capacity investment for aerospace and defence work.
Inspection and monitoring methods
Field crews work with ultrasonic testing, radiography and digital radiography, magnetic particle and liquid penetrant inspection, eddy current, visual testing, positive material identification and magnetic flux leakage. Advanced techniques include automated ultrasonics, phased array, time-of-flight diffraction, guided wave ultrasonic inspection and pulsed eddy current, while corrosion mapping uses the ART Crawler and the Spider Scanner, which work on insulated or in-service lines. Acoustic emission products include TankPAC for tank floors, MONPAC for pressure vessels and spheres, VPAC for through-valve leak detection, boiler tube leak monitoring, wind blade monitoring and power transformer monitoring. Inspection and testing covers turnarounds, API 510, 570 and 653 inspections, evergreen or nested inspection teams, fire apparatus testing, heat exchanger services and construction QA/QC and special inspections.
Markets, results and balance sheet
The group sells inspection, monitoring and laboratory testing into oil and gas, aerospace and defence, general industrials, power generation and transmission, infrastructure, and engineering and research. Revenue in the second quarter of 2026 was $193.1 million, up 4.2%, with gross profit of $56.4 million, income from operations of $12.9 million, GAAP net income of $7.6 million or $0.23 per diluted share, and adjusted EBITDA of $25.8 million at a 13.3% margin. For the six months to 30 June 2026 revenue was $362.2 million, up 4.4%, with a gross margin of 27.9% and adjusted EBITDA of $40.1 million, up 10.9%. Operating cash flow swung to an inflow of $17.7 million from an outflow of $3.6 million a year earlier, free cash flow improved to $3.7 million from negative $15.9 million, and gross debt was $172.1 million at the end of June 2026 against $178.0 million at 31 December 2025. Demand has been strongest in infrastructure, power generation and aerospace and defence, where in-lab testing capacity is being expanded with a focus on automation and throughput.
International operations
Outside the United States the group operates through local subsidiaries and brands, with published sites for Germany (GMA Group), Greece, the Netherlands, Belgium, the United Kingdom, France, Canada, Brazil and China (PAC NDT). The branch locator on its website allows customers to filter locations by country and by specialty.