A Business at a Glance
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Item 1. Business. Cautionary Statement Regarding Forward-Looking Statements Certain matters discussed in this Annual Report on Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements related to future events, business strategy, future performance, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “plan,” “continue,” “estimate,” “expect,” “may,” “will,” “project,” “predict,” “potential,” “targeting,” “intend,” “could,” “might,” “should,” “believe” and similar expressions or their negative.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 534M | 582M | 588M | 539M | 455M | 358M |
| Net Income | 12M | 26M | 7.8M | 19M | -7.5M | -7.1M |
| EPS | $0.58 | $1.24 | $0.38 | $0.91 | $-0.36 | $-0.36 |
| Free Cash Flow | 52M | 78M | 24M | -6.2M | -25M | 29M |
| ROIC | 7.6% | 9.7% | 4.7% | 7.4% | -2.8% | -2.9% |
| Gross Margin | - | 12.2% | 11.8% | 11.3% | 11.3% | 8.8% |
| Debt/Equity | 0.00 | 0.32 | 0.64 | 0.33 | 0.34 | 0.23 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 25M | 45M | 20M | 26M | -7.4M | -6.5M |
| Operating Margin | 4.6% | 7.7% | 3.4% | 4.8% | -1.6% | -1.8% |
| ROE | 5.0% | 10.8% | 3.4% | 8.6% | -3.8% | -3.5% |
| Shares Outstanding | 20M | 21M | 21M | 21M | 21M | 20M |
| Metric | 2019 | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 520M | 358M | 455M | 539M | 588M | 582M | 534M |
| Gross Margin | 11.3% | 8.8% | 11.3% | 11.3% | 11.8% | 12.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -2.0M | -6.5M | -7.4M | 26M | 20M | 45M | 25M |
| Op. Margin | -0.4% | -1.8% | -1.6% | 4.8% | 3.4% | 7.7% | 4.6% |
| Net Income | -4.8M | -7.1M | -7.5M | 19M | 7.8M | 26M | 12M |
| Net Margin | -0.9% | -2.0% | -1.6% | 3.5% | 1.3% | 4.5% | 2.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | -1.7% | -2.9% | -2.8% | 7.4% | 4.7% | 9.7% | 7.6% |
| ROE | -2.4% | -3.5% | -3.8% | 8.6% | 3.4% | 10.8% | 5.0% |
| ROA | -1.3% | -2.1% | -2.0% | 4.3% | 1.6% | 5.5% | 2.1% |
| Cash Flow | |||||||
| Op. Cash Flow | 33M | 37M | 14M | 52M | 40M | 90M | 63M |
| Free Cash Flow | 7.6M | 29M | -25M | -6.2M | 24M | 78M | 52M |
| Owner Earnings | 7.6M | 10M | -12M | 26M | 8.5M | 54M | 27M |
| CapEx | 26M | 7.8M | 39M | 59M | 17M | 12M | 11M |
| Maint. CapEx | 22M | 21M | 21M | 22M | 27M | 31M | 31M |
| Growth CapEx | 3.5M | 0 | 18M | 36M | 0 | 0 | 0 |
| D&A | 22M | 21M | 21M | 22M | 27M | 31M | 31M |
| CapEx/OCF | 77.2% | 21.3% | 271.9% | 111.8% | 41.1% | 13.5% | 17.1% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 2.6M | 2.5M | 2.2M | 4.9M | 2.7M | 5.9M | 5.9M |
| Buyback Yield | 1.5% | 0.9% | 0.7% | 2.0% | 0.9% | 1.8% | 1.4% |
| Stock-Based Comp | 3.5M | 4.7M | 5.0M | 3.8M | 4.5M | 5.2M | 5.2M |
| Debt Repayment | 0 | 0 | 268K | 1.1M | 6.7M | 806K | 806K |
| Balance Sheet | |||||||
| Net Debt | 73M | 45M | 67M | 72M | 147M | 80M | -1.2M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | 1.2M |
| Long-Term Debt | 73M | 45M | 68M | 72M | 147M | 80M | 80M |
| Debt/Equity | 0.36 | 0.23 | 0.34 | 0.33 | 0.64 | 0.32 | 0.00 |
| Interest Coverage | -0.3 | -2.4 | -3.7 | 7.6 | 1.8 | 4.1 | 4.1 |
| Equity | 201M | 201M | 198M | 218M | 230M | 252M | 245M |
| Total Assets | 364M | 339M | 379M | 441M | 497M | 446M | 586M |
| Total Liabilities | 163M | 138M | 181M | 223M | 267M | 194M | 341M |
| Intangibles | 144M | 133M | 122M | 115M | 151M | 144M | 144M |
| Retained Earnings | 22M | 15M | 7.5M | 26M | 34M | 60M | 60M |
| Working Capital | 42M | 37M | 55M | 39M | 63M | 48M | 48M |
| Current Assets | 90M | 89M | 133M | 141M | 135M | 113M | 113M |
| Current Liabilities | 48M | 53M | 77M | 102M | 72M | 65M | 65M |
| Per Share Data | |||||||
| EPS | -0.27 | -0.36 | -0.36 | 0.91 | 0.38 | 1.24 | 0.58 |
| Owner EPS | 0.43 | 0.53 | -0.56 | 1.28 | 0.41 | 2.58 | 1.34 |
| Book Value | 11.41 | 10.20 | 9.58 | 10.59 | 11.14 | 12.02 | 12.05 |
| Cash Flow/Share | 1.90 | 1.85 | 0.70 | 2.55 | 1.96 | 4.29 | 2.11 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 17.6M | 19.7M | 20.7M | 20.6M | 20.6M | 20.9M | 20.3M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | 13.2 | 38.4 | 12.7 | 35.7 |
| P/FCF | 22.9 | 9.7 | N/A | N/A | 12.7 | 4.2 | 8.0 |
| EV/EBIT | N/A | N/A | N/A | 12.4 | 22.2 | 9.2 | 17.0 |
| Price/Book | 0.9 | 1.4 | 1.5 | 1.1 | 1.3 | 1.3 | 1.7 |
| Price/Sales | 0.4 | 0.5 | 0.8 | 0.4 | 0.4 | 0.6 | 0.8 |
| FCF Yield | 4.4% | 10.3% | -8.5% | -2.5% | 7.9% | 23.7% | 12.4% |
| Market Cap | 174M | 279M | 293M | 248M | 302M | 329M | 421M |
| Avg. Price | 12.69 | 8.25 | 16.50 | 9.29 | 12.78 | 16.33 | 20.72 |
| Year-End Price | 9.90 | 14.18 | 14.18 | 12.05 | 14.61 | 15.69 | 20.72 |
Mayville Engineering Company, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Mayville Engineering Company, Inc. trades at 35.7x trailing earnings, compared to its 15-year median P/E of 13.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 8.0x vs a median of 11.2x. The company's 5-year average ROIC is 3.2% with a gross margin of 11.1%. Total shareholder yield (buybacks) is 1.4%. At current prices, the estimated annualized return to fair value is +24.0%.
Mayville Engineering Company, Inc. (MEC) has a current P/E ratio of 35.7, compared to its historical median P/E of 13.2. The stock is currently considered Expensive based on its historical valuation range.
Mayville Engineering Company, Inc. (MEC) has a 5-year average return on invested capital (ROIC) of 3.2%. This is below average and may indicate limited pricing power.
Mayville Engineering Company, Inc. (MEC) has a market capitalization of $421M. It is classified as a small-cap stock.
Mayville Engineering Company, Inc. (MEC) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.40%.
Based on historical P/E analysis, Mayville Engineering Company, Inc. (MEC) appears expensive. The current P/E of 35.7 is 170% above its historical median of 13.2. The estimated fair value CAGR (P/E method) is 62.3%.
Mayville Engineering Company, Inc. (MEC) operates in the Metal Forgings & Stampings industry, within the Industrials sector.
Mayville Engineering Company, Inc. (MEC) reported annual revenue of $582 million in its most recent fiscal year, based on SEC EDGAR filings.
Mayville Engineering Company, Inc. (MEC) has a net profit margin of 4.5%. This is a modest margin.
Mayville Engineering Company, Inc. (MEC) generated $78 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Mayville Engineering Company, Inc. (MEC) has a debt-to-equity ratio of 0.32. This indicates a conservatively financed balance sheet.
Mayville Engineering Company, Inc. (MEC) reported earnings per share (EPS) of $1.24 in its most recent fiscal year.
Mayville Engineering Company, Inc. (MEC) has a return on equity (ROE) of 10.8%. This indicates moderate shareholder returns.
Mayville Engineering Company, Inc. (MEC) has a 5-year average gross margin of 11.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 years of financial data for Mayville Engineering Company, Inc. (MEC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Mayville Engineering Company, Inc. (MEC) has a book value per share of $12.02, based on its most recent annual SEC filing.