A Business at a Glance
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In this Annual Report on Form 10-K, the terms "Mtron," the "Company," "we," "us," and "our" refer collectively to M-tron Industries, Inc. and its subsidiaries. Unless otherwise stated, all dollar amounts are in thousands. Originally founded in 1965, M-tron Industries, Inc. is engaged in the designing, manufacturing and marketing of highly engineered, high reliability frequency and spectrum control products used to control the frequency or timing of signals in electronic circuits in various applications. Mtron's primary markets are aerospace and defense, space, and avionics. Our component-level devices and integrated modules are used extensively in electronic systems for applications in aerospace and defense, avionics, satellites, global positioning systems, down-hole drilling, medical systems, instrumentation, and industrial devices.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | 53M | 49M | 41M | 32M | 27M |
| Net Income | 7.2M | 7.6M | 3.5M | 1.8M | 1.6M |
| EPS | $2.40 | $2.65 | $1.28 | $0.67 | $0.59 |
| Free Cash Flow | 7.2M | 5.6M | 3.1M | 1.1M | 1.9M |
| ROIC | 35.8% | 42.4% | 21.3% | 14.8% | 11.0% |
| Gross Margin | - | 46.2% | 40.7% | 35.6% | 35.0% |
| Debt/Equity | 0.00 | 0.17 | 0.22 | 0.34 | 0.01 |
| Dividends/Share | $0.00 | - | - | - | - |
| Operating Income | 9.0M | 9.4M | 4.3M | 2.9M | 2.1M |
| Operating Margin | 17.0% | 19.2% | 10.4% | 9.0% | 7.9% |
| ROE | 19.3% | 29.8% | 17.5% | 12.5% | 9.4% |
| Shares Outstanding | 3M | 3M | 3M | 3M | 3M |
| Metric | 2021 | 2022 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 27M | 32M | 41M | 49M | 53M |
| Gross Margin | 35.0% | 35.6% | 40.7% | 46.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 2.1M | 2.9M | 4.3M | 9.4M | 9.0M |
| Op. Margin | 7.9% | 9.0% | 10.4% | 19.2% | 17.0% |
| Net Income | 1.6M | 1.8M | 3.5M | 7.6M | 7.2M |
| Net Margin | 5.9% | 5.6% | 8.5% | 15.6% | 13.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||
| ROIC | 11.0% | 14.8% | 21.3% | 42.4% | 35.8% |
| ROE | 9.4% | 12.5% | 17.5% | 29.8% | 19.3% |
| ROA | 7.9% | 9.3% | 14.4% | 25.1% | 17.0% |
| Cash Flow | |||||
| Op. Cash Flow | 3.0M | 2.0M | 4.4M | 7.5M | 9.8M |
| Free Cash Flow | 1.9M | 1.1M | 3.1M | 5.6M | 7.2M |
| Owner Earnings | 2.2M | 913K | 1.2M | 5.9M | 8.2M |
| CapEx | 1.1M | 936K | 1.3M | 1.9M | 2.6M |
| Maint. CapEx | 488K | 671K | 797K | 968K | 968K |
| Growth CapEx | 611K | 265K | 484K | 930K | 1.7M |
| D&A | 488K | 671K | 797K | 968K | 968K |
| CapEx/OCF | N/A | 45.8% | 29.1% | 25.2% | 26.9% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 292K | 458K | 2.4M | 636K | 636K |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||
| Net Debt | -2.5M | N/A | N/A | N/A | -18M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | 18M |
| Long-Term Debt | 145K | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.01 | 0.34 | 0.22 | 0.17 | 0.00 |
| Interest Coverage | N/A | 319.4 | 716.5 | 1174.3 | 1174.3 |
| Equity | 17M | 14M | 20M | 31M | 37M |
| Total Assets | 20M | 19M | 24M | 36M | 42M |
| Total Liabilities | 3.2M | 4.9M | 4.4M | 5.2M | 5.2M |
| Intangibles | 304K | 196K | 90K | 80K | 80K |
| Retained Earnings | N/A | 212K | 3.7M | 11M | 11M |
| Working Capital | 9.1M | 9.5M | 14M | 25M | 25M |
| Current Assets | 12M | 14M | 18M | 30M | 30M |
| Current Liabilities | 3.0M | 4.9M | 4.4M | 5.2M | 5.2M |
| Per Share Data | |||||
| EPS | 0.59 | 0.67 | 1.28 | 2.65 | 2.40 |
| Owner EPS | 0.81 | 0.34 | 0.44 | 2.05 | 2.80 |
| Book Value | 6.28 | 5.34 | 7.30 | 10.85 | 12.63 |
| Cash Flow/Share | 1.10 | 0.76 | 1.62 | 2.61 | 2.77 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 2.7M | 2.7M | 2.7M | 2.9M | 2.9M |
| Valuation | |||||
| P/E Ratio | N/A | 13.5 | 28.9 | 19.1 | 28.1 |
| P/FCF | N/A | 22.0 | 32.2 | 25.9 | 27.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | 20.0 |
| Price/Book | N/A | 1.7 | 5.1 | 4.7 | 5.3 |
| Price/Sales | N/A | 0.9 | 1.1 | 2.3 | 3.7 |
| FCF Yield | N/A | 4.6% | 3.1% | 3.9% | 3.6% |
| Market Cap | N/A | 24M | 101M | 146M | 198M |
| Avg. Price | N/A | 10.43 | 16.52 | 39.38 | 67.46 |
| Year-End Price | N/A | 9.05 | 36.95 | 50.62 | 67.46 |
M-tron Industries, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
M-tron Industries, Inc. trades at 28.1x trailing earnings, compared to its 15-year median P/E of 19.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 27.6x vs a median of 25.9x. The company's 5-year average ROIC is 22.4% with a gross margin of 39.4%. At current prices, the estimated annualized return to fair value is +49.9%.
M-tron Industries, Inc. (MPTI) has a current P/E ratio of 28.1, compared to its historical median P/E of 19.1. The stock is currently considered Expensive based on its historical valuation range.
M-tron Industries, Inc. (MPTI) has a 5-year average return on invested capital (ROIC) of 22.4%. This indicates strong capital allocation and a potential competitive advantage.
M-tron Industries, Inc. (MPTI) has a market capitalization of $198M. It is classified as a small-cap stock.
M-tron Industries, Inc. (MPTI) does not currently pay a regular dividend.
Based on historical P/E analysis, M-tron Industries, Inc. (MPTI) appears expensive. The current P/E of 28.1 is 47% above its historical median of 19.1. The estimated fair value CAGR (P/E method) is 33.9%.
M-tron Industries, Inc. (MPTI) operates in the Electronic Components, Nec industry, within the Technology sector.
M-tron Industries, Inc. (MPTI) reported annual revenue of $49 million in its most recent fiscal year, based on SEC EDGAR filings.
M-tron Industries, Inc. (MPTI) has a net profit margin of 15.6%. This is a healthy margin.
M-tron Industries, Inc. (MPTI) generated $6 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
M-tron Industries, Inc. (MPTI) has a debt-to-equity ratio of 0.17. This indicates a conservatively financed balance sheet.
M-tron Industries, Inc. (MPTI) reported earnings per share (EPS) of $2.65 in its most recent fiscal year.
M-tron Industries, Inc. (MPTI) has a return on equity (ROE) of 29.8%. This indicates the company generates strong returns for shareholders.
M-tron Industries, Inc. (MPTI) has a 5-year average gross margin of 39.4%. This indicates decent pricing power.
The Ledger Terminal provides 4 years of financial data for M-tron Industries, Inc. (MPTI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
M-tron Industries, Inc. (MPTI) has a book value per share of $10.85, based on its most recent annual SEC filing.