Mayville Engineering Company, Inc.
- Open
- 37.00
- Day high
- 37.27
- Day low
- 35.36
- Prev close
- 37.46
- Volume
- 329K
- Mkt cap
- $728M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.1
- P/S
- 1.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.8M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions mixed (13F)
Mayville Engineering Company, Inc. (MEC) is a Industrials company listed on NYSE. The stock is up 130% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4).
Mayville Engineering Company, Inc. (MEC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MEC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.28 | $-0.15 | +46.4% | $145M | +4.0% |
| Mar 4, 2026 | $-0.16 | $-0.08 | +50.0% | $134M | -5.0% |
| Nov 4, 2025 | $0.05 | $0.10 | +100.0% | $144M | +8.9% |
| Mar 4, 2025 | $-0.13 | $0.76 | +684.6% | $121M | -2.3% |
| Mar 5, 2024 | $0.13 | $0.11 | -15.4% | $149M | -7.6% |
| Oct 31, 2023 | $0.19 | $0.21 | +10.5% | $158M | +2.0% |
| May 2, 2023 | $0.22 | $0.22 | +0.0% | $143M | +1.7% |
| Feb 28, 2023 | $0.20 | $0.22 | +10.0% | $129M | +3.9% |
| Nov 1, 2022 | $0.20 | $0.23 | +15.0% | $136M | +6.3% |
| Aug 2, 2022 | $0.31 | $0.29 | -6.5% | $138M | +0.1% |
| May 3, 2022 | $0.13 | $0.19 | +46.2% | $136M | +11.2% |
| Mar 1, 2022 | $0.06 | $-0.04 | -166.7% | $113M | +3.1% |
MEC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Reddy Jagadeesh Adirector, officer: President & CEO | Sell | 15,688 | $35.05 |
| Jun 10, 2026 | Reddy Jagadeesh Adirector, officer: President & CEO | Sell | 1,300 | $35.01 |
| Jun 3, 2026 | Reddy Jagadeesh Adirector, officer: President & CEO | Sell | 17,294 | $30.00 |
| Jun 2, 2026 | Reddy Jagadeesh Adirector, officer: President & CEO | Sell | 17,942 | $30.00 |
| May 27, 2026 | Raber Ryan Fofficer: EVP - Strategy, Sales & Mktg | Sell | 20,000 | $26.00 |
| May 26, 2026 | Nichols Craig Dofficer: SVP, Operations & Supply Chain | Sell | 4,000 | $23.24 |
| May 11, 2026 | Reddy Jagadeesh Adirector, officer: President & CEO | Sell | 11,464 | $26.11 |
| May 11, 2026 | Reddy Jagadeesh Adirector, officer: President & CEO | Sell | 10,332 | $25.72 |
| Apr 23, 2026 | Kent Jennifer J.director | Grant | 5,959 | — |
| Apr 23, 2026 | McCormick Robert Ldirector | Grant | 5,959 | — |
| Apr 23, 2026 | McCormick Robert Ldirector | Option | 10,331 | — |
| Apr 23, 2026 | Rothman Jay O.director | Grant | 5,959 | — |
| Apr 23, 2026 | Schyvinck Christine M.director, other: Chair of the Board | Grant | 5,959 | — |
| Apr 23, 2026 | Wingfield Taniadirector | Grant | 5,959 | — |
| Apr 23, 2026 | Christen Timothy Ldirector | Grant | 7,150 | — |
Source: MEC SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full MEC insider & 13F page →Mayville Engineering Company, Inc. company profile
Overview
Mayville Engineering Company, Inc. (NYSE:MEC) is a contract manufacturer founded in 1945 and headquartered in Mayville, Wisconsin. The company went public in May 2019 and has grown from a small Wisconsin-based fabrication shop into a diversified manufacturing services provider serving multiple industrial end markets. MEC operates as a contract manufacturer providing engineered components and assemblies primarily to original equipment manufacturers (OEMs) across heavy and medium duty commercial vehicles, construction equipment, powersports, agriculture, military, and other specialized markets.
Business
Mayville Engineering operates in the contract manufacturing industry, specifically focused on metal fabrication and assembly services. Contract manufacturing is a business model where companies outsource their production needs to specialized manufacturers rather than building their own manufacturing capabilities. This allows OEMs to focus on design, marketing, and distribution while leveraging the specialized expertise and economies of scale of contract manufacturers. The company provides a comprehensive range of manufacturing services including prototyping and tooling (creating initial product designs and the specialized equipment needed for production), production fabrication (the actual manufacturing of metal components through cutting, welding, forming, and machining), coating services (applying protective or decorative finishes), assembly operations (putting together multiple components into finished products), and aftermarket components (replacement parts and service components). MEC's business is organized around several key end markets with the following approximate revenue distribution: 1. Commercial Vehicle segment (~38% of revenues): Manufactures components for heavy and medium-duty trucks, including chassis components, cab structures, and specialized vehicle equipment. This includes parts for delivery trucks, construction vehicles, and other commercial transportation equipment. 2. Construction and Access Equipment (~15-18% of revenues): Produces components for construction machinery, aerial work platforms, and material handling equipment used in construction and industrial applications. 3. Powersports segment (~16-18% of revenues): Manufactures parts for recreational vehicles including all-terrain vehicles (ATVs), snowmobiles, motorcycles, and other recreational equipment. 4. Agricultural Equipment (~8-11% of revenues): Produces components for farming equipment such as tractors, combines, and other agricultural machinery. 5. Military and Defense (~5-6% of revenues): Manufactures specialized components for military vehicles and defense applications. 6. Other Markets (~15-20% of revenues): Includes emerging opportunities in data center infrastructure, electrical equipment, and other industrial applications.
Revenue model
Mayville Engineering generates revenue primarily through contract manufacturing fees charged to original equipment manufacturers (OEMs). The company operates on a cost-plus pricing model for most contracts, where they charge customers for materials, labor, overhead, and a negotiated margin. However, the company has been transitioning toward value-based pricing for approximately 15-20% of its sales, which allows for better margin capture based on the value delivered rather than just cost recovery. The company's customers are primarily large OEMs in the industrial equipment space, including major manufacturers of commercial vehicles, construction equipment, powersports vehicles, and agricultural machinery. These customers typically engage MEC through multi-year supply agreements that provide revenue visibility and long-term relationships. Several factors influence MEC's profitability and margins: Positive margin drivers include the company's operational excellence initiatives through their MBX (MEC Business Excellence) program, which focuses on lean manufacturing principles and continuous improvement. The transition to value-based pricing from cost-plus contracts also supports margin expansion. Additionally, the company benefits from potential reshoring trends as customers seek to reduce supply chain risks by bringing manufacturing closer to home, given that 95% of MEC's sales and 92% of sourcing occurs within the United States. Negative margin pressures come from cyclical demand fluctuations in key end markets, particularly agriculture and powersports, which can experience significant volume swings. Raw material cost inflation, particularly for steel and aluminum, can compress margins if not passed through to customers quickly enough. Labor cost inflation and skilled worker shortages in manufacturing also pressure margins. Additionally, the company faces competitive pressure from other contract manufacturers and potential customer consolidation that could reduce pricing power. The company's financial performance is also influenced by macroeconomic factors including interest rates (affecting customer capital equipment purchases), commodity prices, trade policies and tariffs, and overall economic growth that drives demand for industrial equipment across their served markets.
Competitive moat
Mayville Engineering's competitive moat is moderate but not particularly strong. The company operates in the highly competitive contract manufacturing industry where barriers to entry are relatively low and differentiation can be challenging to maintain. The company's primary competitive advantages include its diversified end market exposure, which provides some protection against cyclical downturns in any single industry. MEC has also built long-term customer relationships with established OEMs, and switching costs for customers can be meaningful due to the time and expense required to qualify new suppliers, transfer tooling, and ensure quality standards. The company's domestic manufacturing footprint provides some competitive advantage in an environment where supply chain resilience and reshoring are increasingly valued by customers. With 95% of sales and 92% of sourcing within the United States, MEC is well-positioned to benefit from any acceleration in reshoring trends or trade policy changes that favor domestic production. However, MEC faces significant competitive threats. The contract manufacturing industry is highly fragmented with numerous regional and national competitors offering similar services. The company lacks proprietary technology or unique manufacturing processes that would create sustainable differentiation. Customer concentration risk exists, as large OEM customers have significant negotiating power and can pressure margins or switch suppliers. The company is also vulnerable to disruptive manufacturing technologies such as additive manufacturing (3D printing) and automation, which could reduce the need for traditional contract manufacturing services or allow customers to bring production in-house more easily. Additionally, international low-cost competitors continue to pose a threat, particularly during economic downturns when customers may prioritize cost savings over supply chain proximity. Overall, while MEC has built a solid business with reasonable competitive positioning, its moat is not deep enough to provide strong protection against competitive pressures or technological disruption over the long term.
Risks & safety
MEC presents a moderate margin of safety with reasonable financial stability but some cyclical risks. • Liquidity and Solvency: Strong cash generation with $78 million in free cash flow for 2024. Very low cash position of only $206K, but strong working capital management and $49 million available under credit facilities. Net debt leverage of 1.3x is manageable and trending downward. • Debt Management: Total debt-to-equity ratio of 0.44x is conservative. Company has been actively reducing debt, paying down over $31 million in 2024. Target to reach below 1.0x net leverage by end of 2025. • Valuation Metrics: EV/EBITDA of 5.3x based on 2024 results appears reasonable for a cyclical manufacturing business. Price-to-book of 1.3x suggests modest premium to book value. Graham number of 18.6 indicates potential undervaluation relative to earnings and book value. • Operational Resilience: Diversified end market exposure provides some protection against single-market downturns. However, currently experiencing cyclical headwinds across most segments with revenue declining from $588M in 2023 to $582M in 2024. • Other Considerations: Working capital management has been strong with improving inventory turns. Company has demonstrated ability to adjust costs during downturns through facility consolidation and workforce reductions.
Recent development
Over the past few years, Mayville Engineering has undergone significant strategic transformation focused on operational excellence and market diversification. The company launched its MBX (MEC Business Excellence) framework in late 2022, implementing lean manufacturing principles and continuous improvement initiatives. This program has completed over 275 Kaizen events and delivered $1-3 million in annual cost savings while improving manufacturing efficiency. The company has been actively diversifying its end market exposure and pursuing opportunities in less cyclical markets. Recent initiatives include exploring opportunities in data center infrastructure and electrical equipment markets, representing a strategic shift toward more secular growth opportunities. MEC has also been successful in new business development, booking over $100 million in new project wins in 2024, representing a 12% increase year-over-year. Facility optimization has been a key focus, with the company consolidating operations and reducing manufacturing square footage by 5% while cutting headcount by 12% to align with market conditions. The permanent closure of the Wautoma facility and other cost rationalization measures are expected to generate significant ongoing savings. The company completed the MSA acquisition in 2023, adding specialized capabilities and targeting $100 million in sales by 2026 with significant revenue synergies expected. The new Hazel Park facility has been ramping production and is expected to reach $100 million in annualized sales. MEC has also been positioning itself to benefit from potential reshoring trends, emphasizing its domestic manufacturing footprint (95% of sales and 92% of sourcing within the US) as a competitive advantage. The company has developed contingency plans to quickly onboard new customers if trade policy changes accelerate reshoring activities. The company has implemented a more disciplined capital allocation strategy, focusing on debt reduction while maintaining flexibility for strategic acquisitions and opportunistic share repurchases. Free cash flow generation has been consistently strong, enabling debt paydown and supporting the company's financial flexibility.
MEC company profile · for informational purposes only — not investment advice.
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