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Mayville Engineering Company, Inc. (MEC) is a leading U.S.-based, vertically integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-…
The business is unprofitable at the operating level (-0.70% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 6.0% YoY. Margins deteriorated 8.4pp alongside, both lines moving the wrong way.
Free cash flow declined 65% versus the prior year, cash generation momentum has weakened. ROIC dropped from 13.50% to -1.09%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$556M
▼ -6.0% YoY
Net Income (TTM)
-$16M
▼ -131.2% YoY
Op. Margin
-0.70%
▼ -8.4pp YoY
ROIC
-1.09%
▼ -14.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$15M
▼ -65.4% YoY
Op. Cash Flow (TTM)
$27M
▼ -57.1% YoY
Net Debt
$29M
Cash & Equiv.
$2M
5Y CAGR: +8.9%
5Y CAGR: -1.3%
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