What is Mayville Engineering's earnings per share (EPS)?

Mayville Engineering (MEC) reported diluted earnings per share of $-0.40 for fiscal year 2025. This represents a -132.3% 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.

Mayville Engineering Financials

MEC

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Mayville Engineering (MEC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).

Financial Health Signals

Financial Profile 32/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Mayville Engineering has an operating margin of -0.7%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 21/100, suggesting thin profitability after operating expenses. This is down from 7.7% the prior year.

Growth

Mayville Engineering's revenue declined 6% year-over-year, from $581.6M to $546.5M. This contraction results in a growth score of 23/100.

Leverage

Mayville Engineering carries a low D/E ratio of 1.34, meaning only $1.34 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 75/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Mayville Engineering's current ratio of 1.72 indicates adequate short-term liquidity, earning a score of 30/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Mayville Engineering has a free cash flow margin of 4.9%, earning a moderate score of 37/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Mayville Engineering generates a -3.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 4/100. This is down from 10.3% the prior year.

Piotroski F-Score Weak

3/9

Mayville Engineering passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-4.75x

For every $1 of reported earnings, Mayville Engineering generates $-4.75 in operating cash flow ($38.6M OCF vs -$8.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-0.4x

Mayville Engineering earns $-0.4 in operating income for every $1 of interest expense (-$3.8M vs $10.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$546.5M

YoY-6.0%

5Y CAGR+8.9%

Mayville Engineering generated $546.5M in revenue in fiscal year 2025. This represents a decrease of 6.0% from the prior year.

EBITDA

$38.2M

YoY-53.8%

5Y CAGR+8.3%

Mayville Engineering's EBITDA was $38.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 53.8% from the prior year.

Net Income

-$8.1M

YoY-131.2%

Mayville Engineering reported -$8.1M in net income in fiscal year 2025. This represents a decrease of 131.2% from the prior year.

EPS (Diluted)

$-0.40

YoY-132.3%

Mayville Engineering earned $-0.40 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 132.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$26.9M

YoY-65.4%

5Y CAGR-1.3%

Mayville Engineering generated $26.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 65.4% from the prior year.

Cash & Debt

$1.5M

YoY+629.1%

5Y CAGR+65.5%

Mayville Engineering held $1.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

20M

YoY-0.5%

5Y CAGR+0.3%

Mayville Engineering had 20M shares outstanding in fiscal year 2025. This represents a decrease of 0.5% from the prior year.

Margins & Returns

Gross Margin

9.9%

YoY-2.3pp

5Y CAGR+1.1pp

Mayville Engineering's gross margin was 9.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.3 percentage points from the prior year.

Operating Margin

-0.7%

YoY-8.4pp

5Y CAGR+1.1pp

Mayville Engineering's operating margin was -0.7% in fiscal year 2025, reflecting core business profitability. This is down 8.4 percentage points from the prior year.

Net Margin

-1.5%

YoY-5.9pp

5Y CAGR+0.5pp

Mayville Engineering's net profit margin was -1.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.9 percentage points from the prior year.

Return on Equity

-3.4%

YoY-13.7pp

5Y CAGR+0.2pp

Mayville Engineering's ROE was -3.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 13.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$4.6M

YoY-21.9%

5Y CAGR+12.9%

Mayville Engineering spent $4.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 21.9% from the prior year.

Capital Expenditures

$11.6M

YoY-3.7%

5Y CAGR+8.4%

Mayville Engineering invested $11.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 3.7% from the prior year.

MEC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$546.5M-6.0%	$581.6M-1.2%	$588.4M+9.1%	$539.4M+18.6%	$454.8M+27.2%	$357.6M
Cost of Revenue	$492.5M-3.5%	$510.5M-1.6%	$518.7M+8.4%	$478.3M+18.6%	$403.5M+23.7%	$326.1M
Gross Profit	$54.0M-24.0%	$71.1M+2.0%	$69.7M+14.1%	$61.1M+18.9%	$51.4M+63.1%	$31.5M
R&D Expenses	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
Operating Income	-$3.8M-108.6%	$44.6M+120.7%	$20.2M-21.7%	$25.8M+448.7%	-$7.4M-13.7%	-$6.5M
Interest Expense	$10.2M-7.0%	$11.0M-0.9%	$11.1M+228.2%	$3.4M+68.7%	$2.0M-24.9%	$2.7M
Income Tax	-$5.9M-178.3%	$7.6M+631.1%	$1.0M-71.7%	$3.7M+288.7%	-$1.9M+6.3%	-$2.1M
Net Income	-$8.1M-131.2%	$26.0M+231.1%	$7.8M-58.1%	$18.7M+351.3%	-$7.5M-5.1%	-$7.1M
EPS (Diluted)	$-0.40-132.3%	$1.24+226.3%	$0.38-58.2%	$0.91+352.8%	$-0.360.0%	$-0.36

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$134.3M-7.0%	$144.3M+9.1%	$132.3M-2.4%	$135.6M+11.8%	$121.3M-10.4%	$135.4M-17.3%	$163.6M+1.5%	$161.3M
Cost of Revenue	$125.1M-2.5%	$128.4M+8.1%	$118.7M-1.3%	$120.3M+8.8%	$110.5M-6.6%	$118.3M-16.3%	$141.4M+0.7%	$140.3M
Gross Profit	$9.1M-42.8%	$15.9M+17.0%	$13.6M-11.1%	$15.3M+42.0%	$10.8M-36.9%	$17.1M-23.3%	$22.3M+6.4%	$20.9M
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	-$5.5M-11652.1%	$48K-36.8%	$76K-95.2%	$1.6M-93.2%	$23.0M+302.4%	$5.7M-29.7%	$8.2M+6.8%	$7.6M
Interest Expense	$3.8M+11.4%	$3.4M+145.4%	$1.4M-10.8%	$1.6M-22.1%	$2.0M-24.2%	$2.7M-10.6%	$3.0M-11.5%	$3.4M
Income Tax	-$5.0M-608.2%	-$707K-214.2%	-$225K-2150.0%	-$10K-100.2%	$5.1M+4963.0%	$100K-92.9%	$1.4M+35.3%	$1.0M
Net Income	-$4.4M-62.9%	-$2.7M-143.8%	-$1.1M-5585.0%	$20K-99.9%	$16.0M+437.0%	$3.0M-21.4%	$3.8M+16.7%	$3.2M
EPS (Diluted)	N/A	$-0.13-160.0%	$-0.05	$0.00	N/A	$0.14-22.2%	$0.18+12.5%	$0.16

MEC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$563.6M+26.5%	$445.6M-10.3%	$496.7M+12.7%	$440.6M+16.1%	$379.5M+12.1%	$338.5M
Current Assets	$128.4M+13.7%	$112.9M-16.1%	$134.6M-4.7%	$141.3M+6.6%	$132.6M+48.5%	$89.2M
Cash & Equivalents	$1.5M+629.1%	$206K-69.3%	$672K+429.1%	$127K+7.6%	$118K-2.5%	$121K
Inventory	$59.4M+8.5%	$54.8M-19.2%	$67.8M-5.5%	$71.7M+2.2%	$70.2M+69.6%	$41.4M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$140.2M+51.4%	$92.7M0.0%	$92.7M+29.5%	$71.5M0.0%	$71.5M0.0%	$71.5M
Total Liabilities	$322.9M+66.6%	$193.8M-27.3%	$266.7M+19.7%	$222.7M+22.9%	$181.2M+31.6%	$137.7M
Current Liabilities	$74.8M+15.8%	$64.6M-9.9%	$71.7M-30.0%	$102.4M+32.4%	$77.4M+46.7%	$52.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$240.7M-4.4%	$251.8M+9.5%	$230.0M+5.6%	$217.9M+9.9%	$198.3M-1.3%	$200.9M
Retained Earnings	$52.0M-13.5%	$60.1M+76.1%	$34.1M+29.9%	$26.3M+248.1%	$7.5M-49.7%	$15.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$563.6M-3.7%	$585.6M+35.0%	$433.7M-3.1%	$447.7M+0.5%	$445.6M-4.4%	$466.0M-4.5%	$488.2M-2.4%	$499.9M
Current Assets	$128.4M-9.7%	$142.3M+25.1%	$113.7M-6.8%	$122.0M+8.0%	$112.9M-10.5%	$126.3M-10.0%	$140.2M-3.6%	$145.5M
Cash & Equivalents	$1.5M+23.4%	$1.2M+490.8%	$206K+12.6%	$183K-11.2%	$206K+15.7%	$178K-43.3%	$314K0.0%	$314K
Inventory	$59.4M-3.0%	$61.2M+13.5%	$53.9M-3.4%	$55.8M+2.0%	$54.8M-10.5%	$61.2M+0.6%	$60.8M-8.0%	$66.1M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$140.2M0.0%	$140.3M+51.4%	$92.7M0.0%	$92.7M0.0%	$92.7M0.0%	$92.7M0.0%	$92.7M0.0%	$92.7M
Total Liabilities	$322.9M-5.3%	$340.8M+82.3%	$186.9M-5.5%	$197.7M+2.0%	$193.8M-14.9%	$227.6M-9.0%	$250.1M-5.9%	$265.9M
Current Liabilities	$74.8M-4.2%	$78.0M+12.1%	$69.6M-4.6%	$72.9M+12.9%	$64.6M-9.5%	$71.4M-12.8%	$81.8M+3.4%	$79.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$240.7M-1.6%	$244.8M-0.8%	$246.8M-1.2%	$250.0M-0.7%	$251.8M+5.6%	$238.4M+0.1%	$238.1M+1.7%	$234.0M
Retained Earnings	$52.0M-7.7%	$56.3M-4.5%	$59.0M-1.8%	$60.1M0.0%	$60.1M+36.2%	$44.1M+7.2%	$41.1M+10.1%	$37.4M

MEC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$38.6M-57.1%	$89.8M+122.5%	$40.4M-23.0%	$52.4M+262.6%	$14.5M-60.4%	$36.5M
Capital Expenditures	$11.6M-3.7%	$12.1M-27.1%	$16.6M-71.7%	$58.6M+49.1%	$39.3M+404.3%	$7.8M
Free Cash Flow	$26.9M-65.4%	$77.7M+227.0%	$23.8M+484.3%	-$6.2M+75.1%	-$24.9M-186.5%	$28.7M
Investing Cash Flow	-$151.5M-1193.8%	-$11.7M+88.8%	-$104.1M-105.5%	-$50.7M-49.2%	-$34.0M-488.2%	-$5.8M
Financing Cash Flow	$114.3M+245.4%	-$78.6M-222.2%	$64.3M+3777.2%	-$1.7M-109.0%	$19.5M+163.7%	-$30.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$4.6M-21.9%	$5.9M+121.6%	$2.7M-46.2%	$4.9M+129.8%	$2.2M-14.2%	$2.5M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$13.4M+614.0%	$1.9M-87.5%	$15.0M+79.7%	$8.3M-78.0%	$38.0M+111.5%	$17.9M-22.9%	$23.3M+119.1%	$10.6M
Capital Expenditures	$3.2M+6.5%	$3.0M+23.5%	$2.4M-17.4%	$3.0M+26.3%	$2.3M-18.5%	$2.9M-29.8%	$4.1M+47.7%	$2.8M
Free Cash Flow	$10.2M+985.3%	-$1.1M-109.2%	$12.5M+133.3%	$5.4M-84.9%	$35.6M+136.4%	$15.1M-21.4%	$19.2M+144.3%	$7.8M
Investing Cash Flow	-$3.1M+97.9%	-$143.1M-5756.2%	-$2.4M+17.4%	-$3.0M-43.2%	-$2.1M+28.2%	-$2.9M+29.8%	-$4.1M-53.6%	-$2.7M
Financing Cash Flow	-$10.0M-107.1%	$142.2M+1236.9%	-$12.5M-131.8%	-$5.4M+85.0%	-$35.9M-135.9%	-$15.2M+20.7%	-$19.2M-130.6%	-$8.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0-100.0%	$2.9M+63.7%	$1.7M-55.2%	$3.9M+290.8%	$998K	N/A	N/A

MEC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	9.9%-2.3pp	12.2%+0.4pp	11.8%+0.5pp	11.3%+0.0pp	11.3%+2.5pp	8.8%
Operating Margin	-0.7%-8.4pp	7.7%+4.2pp	3.4%-1.4pp	4.8%+6.4pp	-1.6%+0.2pp	-1.8%
Net Margin	-1.5%-5.9pp	4.5%+3.1pp	1.3%-2.1pp	3.5%+5.1pp	-1.6%+0.3pp	-2.0%
Return on Equity	-3.4%-13.7pp	10.3%+6.9pp	3.4%-5.2pp	8.6%+12.4pp	-3.8%-0.2pp	-3.5%
Return on Assets	-1.4%-7.3pp	5.8%+4.3pp	1.6%-2.7pp	4.3%+6.2pp	-2.0%+0.1pp	-2.1%
Current Ratio	1.72-0.0	1.75-0.1	1.88+0.5	1.38-0.3	1.71+0.0	1.69
Debt-to-Equity	1.34+0.6	0.77-0.4	1.16+0.1	1.02+0.1	0.91+0.2	0.69
FCF Margin	4.9%-8.4pp	13.4%+9.3pp	4.0%+5.2pp	-1.1%+4.3pp	-5.5%-13.5pp	8.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	6.8%-4.3pp	11.0%+0.7pp	10.3%-1.0pp	11.3%+2.4pp	8.9%-3.7pp	12.6%-1.0pp	13.6%+0.6pp	13.0%
Operating Margin	-4.1%-4.2pp	0.0%-0.0pp	0.1%-1.1pp	1.2%-17.8pp	19.0%+14.8pp	4.2%-0.8pp	5.0%+0.2pp	4.7%
Net Margin	-3.3%-1.4pp	-1.8%-1.0pp	-0.8%-0.8pp	0.0%-13.2pp	13.2%+11.0pp	2.2%-0.1pp	2.3%+0.3pp	2.0%
Return on Equity	-1.8%-0.7pp	-1.1%-0.7pp	-0.4%-0.5pp	0.0%-6.3pp	6.3%+5.1pp	1.3%-0.3pp	1.6%+0.2pp	1.4%
Return on Assets	-0.8%-0.3pp	-0.5%-0.2pp	-0.3%-0.3pp	0.0%-3.6pp	3.6%+2.9pp	0.6%-0.1pp	0.8%+0.1pp	0.7%
Current Ratio	1.72-0.1	1.82+0.2	1.63-0.0	1.67-0.1	1.75-0.0	1.77+0.1	1.71-0.1	1.84
Debt-to-Equity	1.34-0.1	1.39+0.6	0.76-0.0	0.79+0.0	0.77-0.2	0.96-0.1	1.05-0.1	1.14
FCF Margin	7.6%+8.4pp	-0.8%-10.3pp	9.5%+5.5pp	4.0%-25.4pp	29.4%+18.2pp	11.1%-0.6pp	11.7%+6.9pp	4.9%

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Frequently Asked Questions

What is Mayville Engineering's annual revenue?

Mayville Engineering (MEC) reported $546.5M in total revenue for fiscal year 2025. This represents a -6.0% 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 6% year-over-year, from $581.6M to $546.5M in fiscal year 2025.

Is Mayville Engineering profitable?

No, Mayville Engineering (MEC) reported a net income of -$8.1M in fiscal year 2025, with a net profit margin of -1.5%.

What is Mayville Engineering's EBITDA?

Mayville Engineering (MEC) had EBITDA of $38.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Mayville Engineering's gross margin?

Mayville Engineering (MEC) had a gross margin of 9.9% in fiscal year 2025, 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 -0.7% in fiscal year 2025, 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 -1.5% in fiscal year 2025, 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 -3.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Mayville Engineering's free cash flow?

Mayville Engineering (MEC) generated $26.9M in free cash flow during fiscal year 2025. This represents a -65.4% 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 $38.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Mayville Engineering's total assets?

Mayville Engineering (MEC) had $563.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Mayville Engineering's capital expenditures?

Mayville Engineering (MEC) invested $11.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Mayville Engineering buy back shares?

Yes, Mayville Engineering (MEC) spent $4.6M on share buybacks during fiscal year 2025, 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 2025.

What is Mayville Engineering's current ratio?

Mayville Engineering (MEC) had a current ratio of 1.72 as of fiscal year 2025, which is generally considered healthy.

What is Mayville Engineering's debt-to-equity ratio?

Mayville Engineering (MEC) had a debt-to-equity ratio of 1.34 as of fiscal year 2025, 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 -1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Mayville Engineering's Piotroski F-Score?

Mayville Engineering (MEC) has a Piotroski F-Score of 3 out of 9, indicating weak 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 -4.75x, considered mixed 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 -0.4x, meaning it can struggle to 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 32 out of 100 on our Financial Profile, indicating weak 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.