MEC · Mayville Engineering Company, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $546.49M | $581.60M | $588.42M | $539.39M | $454.83M | $357.61M |
| Cost of Revenue | $492.48M | $510.51M | $518.72M | $478.32M | $403.45M | $326.11M |
| Gross Profit | $54.01M | $71.10M | $69.70M | $61.07M | $51.38M | $31.50M |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $31.57M | $30.66M | $27.34M | $22.36M | $21.08M | $21.38M |
| Operating Income | ($3.84M) | $44.55M | $20.19M | $25.77M | ($7.39M) | ($6.50M) |
| Interest Expense | $10.21M | $10.99M | $11.09M | $3.38M | $2.00M | $2.67M |
| Income Tax | ($5.95M) | $7.60M | $1.04M | $3.67M | ($1.94M) | ($2.07M) |
| Net Income | ($8.11M) | $25.97M | $7.84M | $18.73M | ($7.45M) | ($7.09M) |
| EPS - Basic | ($0.40) | $1.26 | $0.38 | $0.92 | ($0.36) | - |
| EPS - Diluted | ($0.40) | $1.24 | $0.38 | $0.91 | ($0.36) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.50M | $206.0K | $672.0K | $127.0K | $118.0K | $121.0K |
| Accounts Receivable | $57.55M | $49.78M | $57.45M | $58.00M | $55.42M | $42.08M |
| Inventory | $59.40M | $54.76M | $67.78M | $71.71M | $70.16M | $41.37M |
| Accounts Payable | $52.38M | $39.12M | $46.53M | $53.73M | $50.12M | $33.49M |
| Current Assets | $128.41M | $112.94M | $134.62M | $141.30M | $132.57M | $89.25M |
| Total Assets | $563.64M | $445.57M | $496.66M | $440.58M | $379.47M | $338.53M |
| Current Liabilities | $74.77M | $64.59M | $71.71M | $102.45M | $77.37M | $52.74M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $322.90M | $193.82M | $266.68M | $222.71M | $181.20M | $137.68M |
| Stockholders' Equity | $240.74M | $251.75M | $229.98M | $217.87M | $198.27M | $200.86M |
| Retained Earnings | $51.98M | $60.09M | $34.12M | $26.27M | $7.55M | $15.00M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $38.56M | $89.81M | $40.36M | $52.43M | $14.46M | $36.52M |
| Investing Cash Flow | ($151.53M) | ($11.71M) | ($104.13M) | ($50.67M) | ($33.96M) | ($5.77M) |
| Financing Cash Flow | $114.26M | ($78.56M) | $64.31M | ($1.75M) | $19.50M | ($30.63M) |
| CapEx | $11.65M | $12.10M | $16.60M | $58.61M | $39.31M | $7.79M |
| Free Cash Flow | $26.91M | $77.71M | $23.77M | ($6.18M) | ($24.85M) | $28.73M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 9.9% | 12.2% | 11.8% | 11.3% | 11.3% | 8.8% |
| Operating margin | -0.7% | 7.7% | 3.4% | 4.8% | -1.6% | -1.8% |
| EBITDA margin | 5.1% | 12.9% | 8.1% | 8.9% | 3.0% | 4.2% |
| Net margin | -1.5% | 4.5% | 1.3% | 3.5% | -1.6% | -2.0% |
| Free cash flow margin | 4.9% | 13.4% | 4.0% | -1.1% | -5.5% | 8.0% |
| FCF / Net income | -3.32 | 2.99 | 3.03 | -0.33 | 3.34 | -4.05 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | - | 22.6% | 11.7% | 16.4% | - | - |
| Return on assets | -1.4% | 5.8% | 1.6% | 4.3% | -2.0% | -2.1% |
| Return on equity | -3.4% | 10.3% | 3.4% | 8.6% | -3.8% | -3.5% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.72 | 1.75 | 1.88 | 1.38 | 1.71 | 1.69 |
| Quick ratio | 0.92 | 0.90 | 0.93 | 0.68 | 0.81 | 0.91 |
| Cash ratio | 0.02 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -0.4x | 4.1x | 1.8x | 7.6x | -3.7x | -2.4x |
| Equity multiplier | 2.34 | 1.77 | 2.16 | 2.02 | 1.91 | 1.69 |
| Liabilities / Assets | 0.57 | 0.43 | 0.54 | 0.51 | 0.48 | 0.41 |
| Efficiency | ||||||
| Asset turnover | 0.97 | 1.31 | 1.18 | 1.22 | 1.20 | 1.06 |
| Inventory turnover | 8.29 | 9.32 | 7.65 | 6.67 | 5.75 | 7.88 |
| Days sales outstanding | 38d | 31d | 36d | 39d | 44d | 43d |
| Days inventory outstanding | 44d | 39d | 48d | 55d | 63d | 46d |
| Days payable outstanding | 39d | 28d | 33d | 41d | 45d | 37d |
| Cash conversion cycle | 44d | 42d | 51d | 53d | 63d | 52d |
| Valuation | ||||||
| P / E | - | 12.7x | 37.9x | 13.9x | - | - |
| P / B | 1.6x | 1.3x | 1.3x | 1.2x | 1.5x | - |
| P / S | 0.7x | 0.6x | 0.5x | 0.5x | 0.7x | - |
| EV / EBITDA | 13.8x | 4.4x | 6.3x | 5.4x | 21.7x | - |
| Growth | ||||||
| Revenue growth (YoY) | -6.0% | -1.2% | 9.1% | 18.6% | 27.2% | 14.1% |
| Revenue CAGR (3y) | 0.4% | 8.5% | 18.1% | 19.8% | - | - |
| Revenue CAGR (5y) | 8.9% | 13.2% | - | - | - | - |
| Gross profit growth (YoY) | -24.0% | 2.0% | 14.1% | 18.9% | 63.1% | -9.3% |
| Operating income growth (YoY) | - | 120.7% | -21.7% | - | -13.7% | - |
| Net income growth (YoY) | - | 231.1% | -58.1% | - | -5.1% | - |
| EPS growth (YoY) | - | 226.3% | -58.2% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -65.4% | 227.0% | - | 75.1% | - | 47.0% |
| FCF CAGR (5y) | -1.3% | 31.8% | - | - | - | - |
| Book value growth (YoY) | -4.4% | 9.5% | 5.6% | 9.9% | -1.3% | -0.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$561.83M totalFabrication$281.87M · 50.2%
Performance Structures$168.12M · 29.9%
Tubes$71.18M · 12.7%
Tank$33.24M · 5.9%
Outdoor Sports$7.42M · 1.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.41
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Metal Forgings & Stampings
Comparing Mayville Engineering Company against the 3 most active filers in the same SIC group.