MISTRAS reported a 3Q:25 adjusted EPS of $0.46, besting the $0.29 consensus and our $0.26 projection. Management refined 2025 guidance, putting revenue at $716-$720 million and adjusted EBITDA at $86-$88 million. Given the solid results, we up our 2025 estimate to $0.82 (from $0.67) and 2026 to $0.98 (from $0.81). We introduce our 2027 EPS estimate of $1.21. At the end of 3Q:25, MG had net debt of $174.5 million, or $5.47 per share, putting its bank leverage ratio at just below 2.7x. We forecast net debt of $167.0 million ($5.24 per share) by the end of 2025. With the introduction of our 2027 estimates, we increase our price target to $18, which is 15x our newly introduced 2027 EPS estimate of $1.21. Our previous $13 price target was based on 16x our prior 2026 EPS estimate of $0.81. Our moderate risk rating recognizes the company's moderately leveraged balance sheet, the cyclicality of its core end market, and modest customer concentration, offset by diversification efforts and cost-saving initiatives.