Mayville Engineering Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Mayville Engineering has an operating margin of 7.7%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 38/100, indicating healthy but not exceptional operating efficiency. This is up from 3.4% the prior year.
Mayville Engineering's revenue declined 1.2% year-over-year, from $588.4M to $581.6M. This contraction results in a growth score of 25/100.
Mayville Engineering carries a low D/E ratio of 0.77, meaning only $0.77 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 83/100, indicating a strong balance sheet with room for future borrowing.
Mayville Engineering's current ratio of 1.75 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.
Mayville Engineering converts 13.4% of revenue into free cash flow ($77.7M). This strong cash generation earns a score of 67/100.
Mayville Engineering's ROE of 10.3% shows moderate profitability relative to equity, earning a score of 41/100. This is up from 3.4% the prior year.
Mayville Engineering scores 3.33, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Mayville Engineering passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Mayville Engineering generates $3.46 in operating cash flow ($89.8M OCF vs $26.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Mayville Engineering earns $4.1 in operating income for every $1 of interest expense ($44.6M vs $11.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
This page shows Mayville Engineering (MEC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Mayville Engineering generated $581.6M in revenue in fiscal year 2024. This represents a decrease of 1.2% from the prior year.
Mayville Engineering's EBITDA was $82.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 48.4% from the prior year.
Mayville Engineering generated $77.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 227.0% from the prior year.
Mayville Engineering reported $26.0M in net income in fiscal year 2024. This represents an increase of 231.1% from the prior year.
Mayville Engineering earned $1.24 per diluted share (EPS) in fiscal year 2024. This represents an increase of 226.3% from the prior year.
Mayville Engineering held $206K in cash against $0 in long-term debt as of fiscal year 2024.
Mayville Engineering had 20M shares outstanding in fiscal year 2024. This represents an increase of 0.5% from the prior year.
Mayville Engineering's gross margin was 12.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Mayville Engineering's operating margin was 7.7% in fiscal year 2024, reflecting core business profitability. This is up 4.2 percentage points from the prior year.
Mayville Engineering's net profit margin was 4.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.1 percentage points from the prior year.
Mayville Engineering's ROE was 10.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 6.9 percentage points from the prior year.
Mayville Engineering spent $5.9M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 121.6% from the prior year.
Mayville Engineering invested $12.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 27.1% from the prior year.
MEC Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $144.3M+9.1% | $132.3M-2.4% | $135.6M+11.8% | $121.3M-25.9% | $163.6M+1.5% | $161.3M+8.5% | $148.6M-6.1% | $158.2M |
| Cost of Revenue | $128.4M+8.1% | $118.7M-1.3% | $120.3M+8.8% | $110.5M-21.8% | $141.4M+0.7% | $140.3M+7.6% | $130.4M-6.3% | $139.2M |
| Gross Profit | $15.9M+17.0% | $13.6M-11.1% | $15.3M+42.0% | $10.8M-51.6% | $22.3M+6.4% | $20.9M+14.9% | $18.2M-4.3% | $19.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $48K-36.8% | $76K-95.2% | $1.6M-93.2% | $23.0M+182.8% | $8.2M+6.8% | $7.6M+42.5% | $5.4M-9.1% | $5.9M |
| Interest Expense | $3.4M+145.4% | $1.4M-10.8% | $1.6M-22.1% | $2.0M-32.3% | $3.0M-11.5% | $3.4M-5.7% | $3.6M-8.9% | $3.9M |
| Income Tax | -$707K-214.2% | -$225K-2150.0% | -$10K-100.2% | $5.1M+261.9% | $1.4M+35.3% | $1.0M+339.9% | -$431K-177.8% | $554K |
| Net Income | -$2.7M-143.8% | -$1.1M-5585.0% | $20K-99.9% | $16.0M+322.3% | $3.8M+16.7% | $3.2M+45.5% | $2.2M+55.5% | $1.4M |
| EPS (Diluted) | $-0.13-160.0% | $-0.05 | $0.00-100.0% | $0.76+322.2% | $0.18+12.5% | $0.16+45.5% | $0.11+57.1% | $0.07 |
MEC Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $585.6M+35.0% | $433.7M-3.1% | $447.7M+0.5% | $445.6M-8.7% | $488.2M-2.4% | $499.9M+0.7% | $496.7M-5.4% | $524.8M |
| Current Assets | $142.3M+25.1% | $113.7M-6.8% | $122.0M+8.0% | $112.9M-19.4% | $140.2M-3.6% | $145.5M+8.1% | $134.6M-14.7% | $157.9M |
| Cash & Equivalents | $1.2M+490.8% | $206K+12.6% | $183K-11.2% | $206K-34.4% | $314K0.0% | $314K-53.3% | $672K-70.8% | $2.3M |
| Inventory | $61.2M+13.5% | $53.9M-3.4% | $55.8M+2.0% | $54.8M-10.0% | $60.8M-8.0% | $66.1M-2.5% | $67.8M-7.5% | $73.3M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $140.3M+51.4% | $92.7M0.0% | $92.7M0.0% | $92.7M0.0% | $92.7M0.0% | $92.7M0.0% | $92.7M0.0% | $92.7M |
| Total Liabilities | $340.8M+82.3% | $186.9M-5.5% | $197.7M+2.0% | $193.8M-22.5% | $250.1M-5.9% | $265.9M-0.3% | $266.7M-10.4% | $297.8M |
| Current Liabilities | $78.0M+12.1% | $69.6M-4.6% | $72.9M+12.9% | $64.6M-21.1% | $81.8M+3.4% | $79.1M+10.4% | $71.7M-12.0% | $81.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $244.8M-0.8% | $246.8M-1.2% | $250.0M-0.7% | $251.8M+5.7% | $238.1M+1.7% | $234.0M+1.8% | $230.0M+1.3% | $227.0M |
| Retained Earnings | $56.3M-4.5% | $59.0M-1.8% | $60.1M0.0% | $60.1M+46.0% | $41.1M+10.1% | $37.4M+9.5% | $34.1M+7.0% | $31.9M |
MEC Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.9M-87.5% | $15.0M+79.7% | $8.3M-78.0% | $38.0M+63.1% | $23.3M+119.1% | $10.6M-60.2% | $26.7M+36.3% | $19.6M |
| Capital Expenditures | $3.0M+23.5% | $2.4M-17.4% | $3.0M+26.3% | $2.3M-42.8% | $4.1M+47.7% | $2.8M-59.1% | $6.8M+94.2% | $3.5M |
| Free Cash Flow | -$1.1M-109.2% | $12.5M+133.3% | $5.4M-84.9% | $35.6M+85.7% | $19.2M+144.3% | $7.8M-60.5% | $19.9M+23.8% | $16.1M |
| Investing Cash Flow | -$143.1M-5756.2% | -$2.4M+17.4% | -$3.0M-43.2% | -$2.1M+49.6% | -$4.1M-53.6% | -$2.7M+58.8% | -$6.5M+92.9% | -$91.5M |
| Financing Cash Flow | $142.2M+1236.9% | -$12.5M-131.8% | -$5.4M+85.0% | -$35.9M-87.0% | -$19.2M-130.6% | -$8.3M+61.9% | -$21.8M-37.3% | -$15.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $2.9M+63.7% | $1.7M-55.2% | $3.9M | N/A | N/A | $0-100.0% | $1.0M |
MEC Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.0%+0.7pp | 10.3%-1.0pp | 11.3%+2.4pp | 8.9%-4.7pp | 13.6%+0.6pp | 13.0%+0.7pp | 12.3%+0.2pp | 12.0% |
| Operating Margin | 0.0%-0.0pp | 0.1%-1.1pp | 1.2%-17.8pp | 19.0%+14.0pp | 5.0%+0.2pp | 4.7%+1.1pp | 3.6%-0.1pp | 3.7% |
| Net Margin | -1.8%-1.0pp | -0.8%-0.8pp | 0.0%-13.2pp | 13.2%+10.9pp | 2.3%+0.3pp | 2.0%+0.5pp | 1.5%+0.6pp | 0.9% |
| Return on Equity | N/A | N/A | 0.0%-6.3pp | 6.3%+4.8pp | 1.6%+0.2pp | 1.4%+0.4pp | 1.0%+0.3pp | 0.6% |
| Return on Assets | -0.5%-0.2pp | -0.3%-0.3pp | 0.0%-3.6pp | 3.6%+2.8pp | 0.8%+0.1pp | 0.7%+0.2pp | 0.4%+0.2pp | 0.3% |
| Current Ratio | 1.82+0.2 | 1.63-0.0 | 1.67-0.1 | 1.75+0.0 | 1.71-0.1 | 1.84-0.0 | 1.88-0.1 | 1.94 |
| Debt-to-Equity | 1.39+0.6 | 0.76-0.0 | 0.79+0.0 | 0.77-0.3 | 1.05-0.1 | 1.14-0.0 | 1.16-0.2 | 1.31 |
| FCF Margin | -0.8%-10.3pp | 9.5%+5.5pp | 4.0%-25.4pp | 29.4%+17.6pp | 11.7%+6.9pp | 4.9%-8.5pp | 13.4%+3.2pp | 10.2% |
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Frequently Asked Questions
What is Mayville Engineering's annual revenue?
Mayville Engineering (MEC) reported $581.6M in total revenue for fiscal year 2024. This represents a -1.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Mayville Engineering's revenue growing?
Mayville Engineering (MEC) revenue declined by 1.2% year-over-year, from $588.4M to $581.6M in fiscal year 2024.
Is Mayville Engineering profitable?
Yes, Mayville Engineering (MEC) reported a net income of $26.0M in fiscal year 2024, with a net profit margin of 4.5%.
What is Mayville Engineering's earnings per share (EPS)?
Mayville Engineering (MEC) reported diluted earnings per share of $1.24 for fiscal year 2024. This represents a 226.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Mayville Engineering's EBITDA?
Mayville Engineering (MEC) had EBITDA of $82.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Mayville Engineering's gross margin?
Mayville Engineering (MEC) had a gross margin of 12.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Mayville Engineering's operating margin?
Mayville Engineering (MEC) had an operating margin of 7.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Mayville Engineering's net profit margin?
Mayville Engineering (MEC) had a net profit margin of 4.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Mayville Engineering's return on equity (ROE)?
Mayville Engineering (MEC) has a return on equity of 10.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Mayville Engineering's free cash flow?
Mayville Engineering (MEC) generated $77.7M in free cash flow during fiscal year 2024. This represents a 227.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Mayville Engineering's operating cash flow?
Mayville Engineering (MEC) generated $89.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Mayville Engineering's total assets?
Mayville Engineering (MEC) had $445.6M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Mayville Engineering's capital expenditures?
Mayville Engineering (MEC) invested $12.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Mayville Engineering buy back shares?
Yes, Mayville Engineering (MEC) spent $5.9M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Mayville Engineering have outstanding?
Mayville Engineering (MEC) had 20M shares outstanding as of fiscal year 2024.
What is Mayville Engineering's current ratio?
Mayville Engineering (MEC) had a current ratio of 1.75 as of fiscal year 2024, which is generally considered healthy.
What is Mayville Engineering's debt-to-equity ratio?
Mayville Engineering (MEC) had a debt-to-equity ratio of 0.77 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Mayville Engineering's return on assets (ROA)?
Mayville Engineering (MEC) had a return on assets of 5.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Mayville Engineering's Altman Z-Score?
Mayville Engineering (MEC) has an Altman Z-Score of 3.33, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Mayville Engineering's Piotroski F-Score?
Mayville Engineering (MEC) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Mayville Engineering's earnings high quality?
Mayville Engineering (MEC) has an earnings quality ratio of 3.46x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Mayville Engineering cover its interest payments?
Mayville Engineering (MEC) has an interest coverage ratio of 4.1x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Mayville Engineering?
Mayville Engineering (MEC) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.