Mistras Group provides non-destructive testing (NDT) and asset integrity services to operators of industrial infrastructure. NDT allows inspection of critical assets — pipelines, storage tanks, pressure vessels, and aircraft components — without shutting them down or damaging them. Customers use Mistras to detect corrosion, cracking, and other defects that could cause failures, safety incidents, or regulatory violations. Oil and gas is the largest end market, driving the company's seasonal patterns, while aerospace and defense is the second-largest and fastest-growing end market. Mistras serves commercial OEMs like Boeing and Airbus, defense contractors, and private space companies through its own accredited labs. Most services are performed at customer facilities by Mistras technicians, though aerospace and defense work is largely done in Mistras' labs. Many customers outsource their entire inspection programs to Mistras on a long-term, recurring basis. Revenue breaks into three types: field services (technicians performing on-site inspections, the largest and most cyclical component), in-lab testing (primarily for aerospace and defense, with above-average margins but currently capacity-constrained), and data analytics solutions (Mistras licenses its PCMS plant condition management software, installed at roughly half of U.S. refineries, generating highly recurring, high-margin revenue). Mistras operates through three segments: North America (~81% of revenue), International (~15%), and Products and Systems (~4%), which manufactures NDT equipment. The company's Vision 2030 plan targets ~5% revenue growth and ~15% EBITDA margins by 2030, driven by cross-selling data analytics to existing customers, diversifying into infrastructure and power, and expanding lab capacity.