MEC Mayville Engineering Company, Inc.

Overview and Growth

Fiscal 2025 results for Mayville Engineering Company, Inc. combined $546.49M of revenue with net loss of $8.11M and an operating cash inflow of $38.56M. At $546.49M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $581.60M in fiscal 2024, revenue decreased 6.0%, a top-line contraction that reduced operating scale. The company reported diluted EPS of -$0.40, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $1.24 in fiscal 2024, the current result was 132.3% lower. Total assets stood at $563.64M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.97x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $54.01M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 9.9% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was an operating loss of $3.84M, reflecting costs that exceeded gross profit. An operating margin of -0.7% reflected costs exceeding revenue-level gross profit by 0.7% of sales. After all below-operating-line items, the company recorded a net loss of $8.11M for the fiscal year. Net margin was -1.5%, reflecting a loss equal to 1.5% of reported revenue. The company reported a pretax loss of $14.06M, before the effect of income taxes. Measured against revenue, the pretax deficit represented 2.6%. The company recognized an income-tax benefit of $5.95M, increasing after-tax earnings relative to the pretax result. Relative to period-end equity, the net loss represented 3.4%. The net loss equaled 1.4% of period-end assets, showing the deficit relative to the asset base. The company moved from fiscal 2024 net income of $25.97M to a current net loss of $8.11M.

Liquidity and Capital Structure

Total assets were $563.64M, supported by $322.90M of liabilities and $240.74M of shareholder equity. Current assets were $128.41M against $74.77M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.72x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $1.50M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 2.0% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Relative to total assets, liabilities measured 57.3%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 0.3%, comparing reported cash and equivalents with the full positive asset balance. Compared with $445.57M in fiscal 2024, the current asset base moved 26.5% and finished higher. Reported equity changed 4.4% from $251.75M in fiscal 2024, placing the current capital base lower year over year. Cash and equivalents were 629.1% higher than fiscal 2024 cash of $206.00K, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $38.56M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital expenditures used $11.65M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 30.2% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $26.91M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 4.9%, showing how much sales converted into cash after investment. Free cash flow equaled 4.8% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.