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MEC

Mayville Engineering Company, Inc.

MEC

Mayville Engineering Company, Inc. • NYSE
$16.99 ▲ 0.71% (+0.12)
Market Cap $345.21 M
52w High $19.05
52w Low $11.72
Dividend Yield 0%
P/E 29.29
Volume 123.06K
Outstanding Shares 20.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $144.31M ▲ $12.766M ▼ $-2.675M ▼ -1.854% ▼ $-0.131 ▼ $11.184M ▲
Q2-2025 $132.328M ▼ $13.548M ▼ $-1.097M ▼ -0.829% ▼ $-0.05 ▼ $9.678M ▼
Q1-2025 $135.579M ▲ $13.747M ▲ $20K ▼ 0.015% ▼ $0.001 ▼ $11.06M ▼
Q4-2024 $121.306M ▼ $-12.255M ▼ $15.971M ▲ 13.166% ▲ $0.77 ▲ $32.508M ▲
Q3-2024 $135.392M $11.368M $2.974M 2.197% $0.14 $15.209M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.217M ▲ $585.582M ▲ $340.812M ▲ $244.77M ▼
Q2-2025 $206K ▲ $433.745M ▼ $186.902M ▼ $246.843M ▼
Q1-2025 $183K ▼ $447.702M ▲ $197.745M ▲ $249.957M ▼
Q4-2024 $206K ▲ $445.57M ▼ $193.817M ▼ $251.753M ▲
Q3-2024 $178K $466.002M $227.646M $238.356M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.675M ▼ $1.874M ▼ $-143.068M ▼ $142.205M ▲ $1.011M ▲ $-1.148M ▼
Q2-2025 $-1.097M ▼ $14.974M ▲ $-2.443M ▲ $-12.508M ▼ $23K ▲ $12.528M ▲
Q1-2025 $20K ▼ $8.333M ▼ $-2.959M ▼ $-5.397M ▲ $-23K ▼ $5.371M ▼
Q4-2024 $15.971M ▲ $37.96M ▲ $-2.067M ▲ $-35.865M ▼ $28K ▲ $35.615M ▲
Q3-2024 $2.974M $17.947M $-2.878M $-15.205M $-136K $15.068M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fabrication
Fabrication
 $150.00M ▲$70.00M ▼$60.00M ▼$80.00M ▲
Outdoor Sports
Outdoor Sports
 $0 ▲$0 ▲$0 ▲$0 ▲
Performance Structures
Performance Structures
 $80.00M ▲$40.00M ▼$40.00M ▲$40.00M ▲
Tank
Tank
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Tubes
Tubes
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years, rising from a much smaller base during the pandemic period to meaningfully higher levels today. Profitability has improved as well: gross profit has climbed with sales, and operating profit has moved from small losses or thin margins to more solid, positive results. Net income has been positive for the last few years after earlier losses, with the most recent year showing a clear step-up in earnings per share. That said, this is still a relatively low-margin, cyclical industrial business. Results have been moving in the right direction, but earnings remain sensitive to volume, mix, and cost control. The trend is encouraging, yet investors should expect some inherent volatility over a full economic cycle.

Balance Sheet

Balance Sheet The balance sheet shows gradual growth in the overall asset base, reflecting ongoing investment and expansion. Shareholders’ equity has built up over time, which points to retained profits and a stronger capital foundation than a few years ago. Debt rose during the mid‑period but has since been pulled back to a more moderate level, improving leverage compared with the peak. Reported cash balances are very lean, suggesting the company likely relies on credit facilities and working capital management rather than holding large cash reserves. Overall, the balance sheet appears stronger and more balanced than it was early in the period, but it is not overly conservative and still depends on continued healthy operations.

Cash Flow

Cash Flow Operating cash flow has become more robust over time, moving from modest levels to more comfortable coverage of the company’s investment needs. This indicates that profit improvements are increasingly translating into real cash, not just accounting earnings. Free cash flow has shifted from being occasionally negative to consistently positive in the most recent years, helped by better earnings and a normalization of capital spending after a heavy investment phase. Capital expenditures were quite elevated in the middle of the period, which temporarily pressured free cash flow, but more recent spending looks better aligned with cash generation. The cash profile now appears more self-sustaining, though still tied to the health of cyclical end markets.

Competitive Edge

Competitive Edge MEC holds a strong position in metal fabrication, operating at a large scale and serving many blue‑chip industrial customers. Its broad set of capabilities—from design support and prototyping to complex fabrication, coating, and assembly—makes it a convenient one‑stop partner for major equipment makers. This depth and breadth are hard for smaller rivals to match. Long‑standing relationships with well‑known OEMs across vehicles, construction, agriculture, powersports, and defense create switching costs and help support steady demand. A network of plants located near key customers further tightens these ties by reducing logistics friction. The employee‑ownership culture tends to align the workforce with quality and productivity goals, which reinforces the company’s reputation. On the risk side, MEC is exposed to cyclical capital goods sectors and likely to a concentrated set of large customers, which can amplify swings in demand and negotiation pressure. Competition in metal fabrication remains intense, so ongoing efficiency and service differentiation are critical to maintaining this solid but not unassailable moat.

Innovation and R&D

Innovation and R&D MEC’s edge comes less from traditional lab‑style R&D and more from process innovation and continuous upgrades to its manufacturing technology. It has invested heavily in advanced equipment such as high‑precision lasers, automated bending and stamping, robotic welding, and sophisticated coating lines. These tools support complex, high‑value work rather than simple, commodity parts. The company also leans into data‑driven operations, using real‑time machine monitoring and analytics to reduce downtime and improve throughput. This focus on “smart factory” concepts can steadily lower unit costs and improve delivery reliability. Strategically, MEC is pushing into new, faster‑growing areas like critical power infrastructure and data centers through targeted acquisitions, while also positioning itself to work more with lighter and advanced materials as customers demand lighter, more efficient equipment. Overall, its innovation approach is pragmatic and operations‑focused, aimed at making its plants more capable, flexible, and cost‑competitive over time.

Summary

MEC has transitioned from a smaller, occasionally loss‑making fabricator into a more profitable, cash‑generative industrial partner with a clearer operational footing. Revenue and profits have both trended upward, free cash flow has strengthened after a period of heavy investment, and the balance sheet has become more resilient with lower leverage and higher equity. The company benefits from scale, broad capabilities, and deep relationships with major OEMs, supported by modern, increasingly automated facilities and a culture of employee ownership. Its competitive position is solid but still exposed to the inherent cyclicality of industrial end markets and the bargaining power of large customers. Looking ahead, MEC’s emphasis on automation, data‑driven manufacturing, complex assemblies, and selective acquisitions in higher‑growth niches suggests a path to continued operational gains. The key variables to watch are how well it maintains margins through economic cycles, manages customer and sector concentration risks, and continues turning technological upgrades into durable cash generation.

NEWS

November 4, 2025 · 4:15 PM UTC

Mayville Engineering Company Announces Third Quarter 2025 Results

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October 22, 2025 · 4:15 PM UTC

Mayville Engineering Company Announces Third Quarter 2025 Results Conference Call and Webcast Date

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