HIGHBuilt-inGeographic
81%
North America segment
“10-K Item 1: 'we generated approximately 81%, 81% and 82%, respectively, of our revenues from our North America segment'”
MG · Concentration risk · 10-K extracted
Mistras Group (MG) concentration risks
Updated
The most significant concentration Mistras Group discloses is North America segment at 81%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Mistras Group’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH1
MEDIUM3
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
55%
oil and gas industry customers
“10-K Item 1A: 'Our customers in the oil and gas industry have accounted for a substantial portion of our historical revenues. Specifically, they accounted for approximately 55%'”
MEDIUMOutside partyCustomer
36%
top ten customers
“10-K Item 1: 'our top ten customers accounting for approximately 36%, 36% and 35% of our revenues during the years ended December 31, 2025, 2024 and 2023'”
MEDIUMBuilt-inGeographic
30%
revenue from outside the United States
“10-K Item 1A: 'we generated approximately 30%, 31%, and 29% of our revenues outside the United States, respectively'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Mistras Group's revenue base carries several overlapping concentrations. Geographically, the North America segment generates approximately 81% of revenues, a structural exposure that ties results to North American industrial and infrastructure spending; at the same time, roughly 30% of revenue comes from outside the United States, giving the company real but secondary international exposure. On the customer side, oil and gas industry customers have historically accounted for approximately 55% of revenue, and the top ten customers overall represent about 36% — both moderate-size dependency exposures rather than a handful of irreplaceable relationships. Together, these suggest a business whose results are most sensitive to the health of the North American industrial and energy-services market broadly, since the geographic exposure is the largest disclosed figure, while the oil and gas customer concentration adds a sector-cyclical overlay tied to commodity prices and drilling activity. The top-ten-customer figure is more idiosyncratic but spread across enough accounts that no single relationship dominates. On net, macro and sector cyclicality — North American industrial activity and oil and gas capital spending — are the larger swing factors here, with customer-specific risk a real but secondary consideration.
For the engine’s reasoning on MG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Security & Protection Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BCO | Brinks Company (The) | 2 | 0 | 0 | 2 |
| MG● | Mistras Group Inc | 1 | 3 | 0 | 4 |
| CXW | CoreCivic, Inc. | 1 | 0 | 0 | 1 |
| ADT | ADT Inc. | 0 | 1 | 0 | 1 |
| ALLE | Allegion plc | 0 | 1 | 0 | 1 |
| BRC | Brady Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.