This company is no longer publicly traded

Delisted / no longer publicly traded (per market data provider) Any Winston Score and financials shown below are based on the last available data and should be treated as historical — they are no longer updated.

Delisted: May 4, 2026

Montrose Environmental Group

MEG

Waste Management · Industrials

Price

$15.64

+1.14 (+7.86%)

Market Cap

$565.7M

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+31.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 26.7M (2021) → 35.1M (2025)

Montrose Environmental Group helps businesses and governments deal with environmental problems. The company tests air, water, and soil for pollution, helps clients clean up contaminated sites, and advises on how to follow environmental regulations. Its customers include industrial companies, utilities, government agencies, and real estate developers across the United States.

Montrose earns money by charging fees for its testing, remediation, and consulting services rather than selling physical products. It operates primarily in the U.S. and has grown largely by acquiring smaller environmental services firms, which has expanded its technical capabilities and geographic reach. The company's main competitive advantage is its broad range of specialized services under one roof, but its very thin operating margins leave little room for error, and rising costs or integration challenges from acquisitions remain a meaningful risk to profitability.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-5.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+45.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

7.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 months

$10M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Montrose Environmental Group has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

39.8%

Modest — 39.8% gross margin

Operating Margin

-3.6%

Losing money on operations — -3.6%

ROCE

-1.2%

Weak — -1.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+14.2%

Fast-growing sales (14.2% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

1551%

Turns 1551% of profit into real cash

FCF Margin

8.7%

Modest free cash flow (8.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.18

Conservative — low debt load (0.18)

Interest Cover

1.97x

Dangerous — barely covers interest (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

111.7x

Expensive — P/E 111.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

-10.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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