Mayville Engineering Financials
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).
A thin-margin operating model turned into externally financed expansion in FY2025, leaving accounting profit weaker than cash generation.
FY2025’s balance-sheet expansion looks externally purchased rather than internally built: goodwill rose to$140.2M while capex stayed only$11.6M . That matters because investing outflow of$151.5M was largely matched by financing inflow of$114.3M , so a weaker operating year was paired with financed scale rather than self-funded growth.
This is a low-spread operating model: gross margin fell from
Cash conversion held up better than earnings because operating cash flow was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Mayville Engineering's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Mayville Engineering has an operating margin of -0.7%, meaning the company retains $-1 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is down from 7.7% the prior year.
Mayville Engineering's revenue declined 6% year-over-year, from $581.6M to $546.5M. This contraction results in a growth score of 21/100.
Mayville Engineering has a moderate D/E ratio of 1.34. This balance of debt and equity financing earns a leverage score of 40/100.
Mayville Engineering's current ratio of 1.72 indicates adequate short-term liquidity, earning a score of 49/100. The company can meet its near-term obligations, though with limited headroom.
Mayville Engineering has a free cash flow margin of 4.9%, earning a moderate score of 58/100. The company generates positive cash flow after capital investments, but with room for improvement.
Mayville Engineering's ROE of -3.4% shows moderate profitability relative to equity, earning a score of 42/100. This is down from 10.3% the prior year.
Mayville Engineering scores 2.75, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($837.0M) relative to total liabilities ($322.9M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Mayville Engineering passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
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.
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
Earnings & Revenue
Mayville Engineering generated $546.5M in revenue in fiscal year 2025. This represents a decrease of 6.0% from the prior year.
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.
Mayville Engineering reported -$8.1M in net income in fiscal year 2025. This represents a decrease of 131.2% from the prior year.
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
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.
Mayville Engineering held $1.5M in cash against $0 in long-term debt as of fiscal year 2025.
Mayville Engineering had 20M shares outstanding in fiscal year 2025. This represents a decrease of 0.5% from the prior year.
Margins & Returns
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.
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.
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.
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
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $144.8M+7.8% | $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 |
| Cost of Revenue | $133.8M+6.9% | $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 |
| Gross Profit | $11.0M+20.2% | $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 |
| 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 | -$7.7M-38.6% | -$5.5M-11652.1% | $48K-36.8% | $76K-95.2% | $1.6M-93.2% | $23.0M+302.4% | $5.7M-29.7% | $8.2M |
| Interest Expense | $3.7M-4.2% | $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 |
| Income Tax | -$3.3M+33.9% | -$5.0M-608.2% | -$707K-214.2% | -$225K-2150.0% | -$10K-100.2% | $5.1M+4963.0% | $100K-92.9% | $1.4M |
| Net Income | -$8.2M-87.6% | -$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 |
| EPS (Diluted) | $-0.40 | N/A | $-0.13-160.0% | $-0.05 | $0.00 | N/A | $0.14-22.2% | $0.18 |
MEC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $578.1M+2.6% | $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 |
| Current Assets | $147.3M+14.7% | $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 |
| Cash & Equivalents | $2.1M+37.5% | $1.5M+23.4% | $1.2M+490.8% | $206K+12.6% | $183K-11.2% | $206K+15.7% | $178K-43.3% | $314K |
| Inventory | $66.0M+11.2% | $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 |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $140.2M0.0% | $140.2M0.0% | $140.3M+51.4% | $92.7M0.0% | $92.7M0.0% | $92.7M0.0% | $92.7M0.0% | $92.7M |
| Total Liabilities | $345.9M+7.1% | $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 |
| Current Liabilities | $89.7M+20.0% | $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 |
| Long-Term Debt | $875K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $232.2M-3.6% | $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 |
| Retained Earnings | $43.8M-15.7% | $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 |
MEC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.8M-120.6% | $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 |
| Capital Expenditures | $4.2M+30.0% | $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 |
| Free Cash Flow | -$6.9M-168.3% | $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 |
| Investing Cash Flow | -$4.2M-36.6% | -$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 |
| Financing Cash Flow | $7.5M+174.7% | -$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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $1.7M | $0 | $0-100.0% | $2.9M+63.7% | $1.7M-55.2% | $3.9M+290.8% | $998K | N/A |
MEC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.6%+0.8pp | 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% |
| Operating Margin | -5.3%-1.2pp | -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% |
| Net Margin | -5.7%-2.4pp | -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% |
| Return on Equity | -3.5%-1.7pp | -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% |
| Return on Assets | -1.4%-0.6pp | -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% |
| Current Ratio | 1.64-0.1 | 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 |
| Debt-to-Equity | 1.49+0.1 | 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 |
| FCF Margin | -4.8%-12.4pp | 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% |
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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.
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 Altman Z-Score?
Mayville Engineering (MEC) has an Altman Z-Score of 2.75, placing it in the Grey Zone (moderate 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 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 42 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.