Mayville Engineering Company, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Mayville Engineering Company, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	313	355	520	358	455	539	588	582	546
Cost of revenue	279	304	461	326	403	478	519	511	492
Gross profit	34.7	50.6	58.7	31.5	51.4	61.1	69.7	71.1	54
Operating income	9.43	22.2	-1.96	-6.5	-7.39	25.8	20.2	44.6	-3.84
Interest expense	4.18	3.88	6.73	2.67	2	3.38	11.1	11	10.2
Pre-tax income	5.25	17.5	-8.84	-9.17	-9.39	22.4	8.88	33.6	-14.1
Income tax	0	-0.46	-4.09	-2.07	-1.94	3.67	1.04	7.6	-5.95
Net income	5.25	17.9	-4.75	-7.09	-7.45	18.7	7.84	26	-8.11
EBITDA	26.4	38.5	20.3	14.9	13.7	48.1	47.5	75.2	27.7
EPS, basic	0.37	1.29	-0.27	-0.36	-0.37	0.92	0.38	1.26	-0.40
EPS, diluted	0.37	1.29	-0.27	-0.36	-0.36	0.91	0.38	1.24	-0.40
Shares, basic (weighted)	14.3	13.9	17.4	19.9	20.4	20.4	20.4	20.6	20.5
Shares, diluted (weighted)	14.3	13.9	17.4	19.9	20.8	20.7	20.7	21	20.5

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.08	3.09	0	0.12	0.12	0.13	0.67	0.21	1.5
Receivables		52.3	40.2	42.1	55.4	58	57.4	49.8	57.6
Inventory		53.4	45.7	41.4	70.2	71.7	67.8	54.8	59.4
Other current assets		1.65	3.01	2.56	2.92	3.53	3.27	3.44	5.22
Total current assets		113	90.5	89.2	133	141	135	113	128
Property, plant and equipment		124	125	107	121	146	176	157	150
Lease right-of-use assets						36.1	32.2	28.6	30.5
Goodwill		69.4	71.5	71.5	71.5	71.5	92.7	92.7	140
Intangible assets		82.9	72.2	61.5	50.8	43.8	58.7	51.7	111
Other non-current assets		0.81	1.11	3.46	3.87	2.01	2.74	1.7	1.83
Total assets		392	364	339	379	441	497	446	564
Accounts payable		46	32.2	33.5	50.1	53.7	46.5	39.1	52.4
Accrued liabilities		7.55
Deferred revenue		0.98	0.91	1.06	2.72	6.14	3.64	3.46	3.32
Short-term debt		8.61
Total current liabilities		83.2	48.2	52.7	77.4	102	71.7	64.6	74.8
Lease liabilities						31.9	28.6	25.4	25.6
Other non-current liabilities		0.1	0.1	0.1	2.46	1.19	2.45	2.54	3.5
Total liabilities		289	163	138	181	223	267	194	323
Total debt		8.61
Paid-in capital			184	191	197	201	205	207	209
Retained earnings		26.8	22.1	15	7.55	26.3	34.1	60.1	52
Treasury stock		-57.7	-4.88	-4.93	-6.46	-9.35	-9.51	-15.4	-20
Shareholders' equity		103	201	201	198	218	230	252	241
Total equity		103	201	201	198	218	230	252	241
Total liabilities and equity		392	364	339	379	441	497	446	564
Shares outstanding				20.1	20.3	20.2	20.3	20.4	20.3

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.25	17.9	-4.75	-7.09	-7.45	18.7	7.84	26	-8.11
Depreciation and amortization	17	16.4	22.3	21.4	21.1	22.4	27.3	30.7	31.6
Stock-based compensation			3.49	4.73	4.96	3.76	4.49	5.19	3.28
Deferred income tax		-0.95	-6.03	-2.3	-3.25	3.25	0.85	4.94	-6.17
Change in receivables	2.57	1.04	11.9	-2.66	-12.7	-2.5	7.79	8.1	6.04
Change in inventory	-2.48	-6.87	8.89	4.25	-27.9	-1.63	13.4	13.2	0.06
Change in payables	2.08	0.83	-11	0.52	11.8	9.36	-9.44	-7.99	8.36
Cash from operations	30.8	36.7	33.4	36.5	14.5	52.4	40.4	89.8	38.6
Capital expenditures	-11.3	-17.9	-25.8	-7.79	-39.3	-58.6	-16.6	-12.1	-11.6
Acquisitions		-115	-2.37				-88.6		-140
Cash from investing	-11.2	-133	-28.1	-5.77	-34	-50.7	-104	-11.7	-152
Debt repaid					-0.27	-1.11	-6.67	-0.81	-0.5
Stock issued					0.14			0.35
Share buybacks	-8.71	-7.83	-2.59	-2.51	-2.15	-4.95	-2.66	-5.9	-4.61
Cash from financing	-19.6	98.9	-8.4	-30.6	19.5	-1.75	64.3	-78.6	114
Net change in cash	-0.07	3.01	-3.09	0.12	-0	0.01	0.55	-0.47	1.3
Free cash flow	19.5	18.8	7.61	28.7	-24.9	-6.18	23.8	77.7	26.9
Interest paid	4.31	4.12	6.63	3.01	2.12	3.67	10.7	10.3	9.71
Income taxes paid		0.05	0.54	0.74	1.55	0.7	0.35	0.46	1.36

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $17.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	9.1%	Gross profit / revenue.
Operating margin	-2.2%	Operating income / revenue.
EBITDA margin	3.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-4.7%	Pre-tax income / revenue.
Net margin	-3.0%	Net income / revenue.
FCF margin	-0.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.4%	Cash from operations / revenue.
Return on equity (ROE)	-5.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.9%	Net income / average total assets.
Return on invested capital (ROIC)	-3.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	5.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-24.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-108.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-63.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-16.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-131.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-132.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-57.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-65.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-1.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	26.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.70x	Current assets / current liabilities.
Quick ratio	0.85x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	44.7%	Total liabilities / total assets.
Interest coverage	-0.89x	Operating income / interest expense.
Working capital	$65.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	41.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$80.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.00x	Revenue / average total assets.
Fixed asset turnover	3.84x	Revenue / average property, plant and equipment.
Inventory turnover	7.69x	Cost of revenue / average inventory.
Days inventory	47 days	365 x average inventory / cost of revenue.
Receivables turnover	7.59x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	44 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	51 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	132.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.75	Revenue / diluted weighted shares.
FCF per share	-$0.20	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.61	Cash from operations / diluted weighted shares.
Book value per share	$12.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.14	Tangible book value / shares outstanding.
Cash per share	$0.09	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$437.6M	Share price x shares outstanding.
Enterprise value	$435.4M	Market cap + total debt - cash - short-term investments.
P/S	0.75x	Market cap / revenue.
P/B	1.34x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.47x	Market cap / tangible book value, when positive.
P/OCF	31.4x	Market cap / cash from operations, when positive.
EV/Sales	0.74x	Enterprise value / revenue.
EV/EBITDA	22.8x	Enterprise value / EBITDA, when both are positive.
FCF yield	-1.0%	Free cash flow / market cap.
Earnings yield	-4.0%	Net income / market cap (the inverse of P/E).

What was Mayville Engineering Company, Inc.'s revenue in fiscal 2025?

Mayville Engineering Company, Inc. reported revenue of $546.5M for fiscal 2025, 6% lower than the year before.

Was Mayville Engineering Company, Inc. profitable in fiscal 2025?

No. It reported a net loss of $8.1M.

How much free cash flow did Mayville Engineering Company, Inc. generate in fiscal 2025?

Cash from operations of $38.6M minus capital expenditures of $11.6M left free cash flow of $26.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Mayville Engineering Company, Inc.