olivLaw · US equity research
M-tron Industries, Inc. MPTI
Electronic Components, NEC · SIC 3679 · Vertical: Electronic Components, NEC (SIC 3679)
M-tron Industries designs and manufactures high-reliability electronic components that control the frequency and spectrum of signals, used mainly in aerospace and defense, avionics and space. The company reported higher revenue of 54.4 million USD in 2025, and growth continued in the second quarter of 2026, supported by a growing order backlog and defense demand.
At the close of 04 Nov 2026, M-tron Industries, Inc. (MPTI) stock was 63.92 USD (−1.84% on the day), with market capitalisation 277.8 m USD, P/E 23.5 on diluted EPS of 2.72 USD over the last 12 months, beta 1.51, 52-week range 43.64–100.75 USD. Latest reported quarter (Q2 2026): revenue of 15.1 m USD (+13.8% YoY), net income of 1.9 m USD (+19.9% YoY), diluted EPS 0.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.7
- weak (30–45)
- Bollinger (20, 2)
- 62.93 – 72.30
- in the lower half of the band · %B 0.11 · band width 13.9%
- SMA 50 / 200
- 72.56 / 75.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.38 / -2.27
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.8% | −1.1% | −14.7 pp | — |
| 3 months | −26.8% | −0.5% | −26.3 pp | — |
| 6 months | −12.7% | +4.4% | −17.1 pp | — |
| Year to date | +20.1% | +12.3% | +7.8 pp | — |
| 1 year | +17.1% | +13.5% | +3.5 pp | +9.6% |
| 3 years | +145.4% | +76.4% | +69.0 pp | +31.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.2 m | 12.8 m | 12.7 m | 13.3 m | 14.2 m | 14.2 m | 14.7 m | 15.1 m |
| Research & development | 714.0 k | 780.0 k | 722.0 k | 784.0 k | 792.0 k | 863.0 k | 849.0 k | 1.1 m |
| Operating income | 2.9 m | 2.6 m | 2.0 m | 1.8 m | 2.6 m | 3.9 m | 2.6 m | 1.7 m |
| Pre-tax income | 3.0 m | 2.8 m | 2.1 m | 2.0 m | 2.8 m | 4.1 m | 2.9 m | 2.4 m |
| Income tax | 741.0 k | 619.0 k | 484.0 k | 435.0 k | 931.0 k | 657.0 k | 470.0 k | 573.0 k |
| Net income | 2.3 m | 2.1 m | 1.6 m | 1.6 m | 1.8 m | 3.4 m | 2.4 m | 1.9 m |
| Diluted EPS | 0.81 | 0.73 | 0.56 | 0.53 | 0.63 | 0.99 | 0.67 | 0.43 |
| Operating cash flow | 2.3 m ≈ | 1.8 m | 1.6 m | 2.9 m ≈ | 3.5 m ≈ | 2.7 m | 2.1 m | 3.7 m ≈ |
| Capex | 478.0 k ≈ | 425.0 k | 586.0 k | 812.0 k ≈ | 807.0 k ≈ | 346.0 k | 452.0 k | 937.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 80 percentile of its own 15-quarter history (min 12.2, median 18.8, max 36.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 26.7 m | 31.8 m | 41.2 m | 49.0 m | 54.4 m |
| Revenue YoY | unavailable | +19.3% | +29.3% | +19.1% | +11.0% |
| Net income | 1.6 m | 1.8 m | 3.5 m | 7.6 m | 8.4 m |
| Net income YoY | unavailable | +13.7% | +94.0% | +118.9% | +10.6% |
| Diluted EPS | 0.59 | 0.67 | 1.28 | 2.65 | 2.62 |
| Diluted EPS YoY | unavailable | +13.6% | +91.0% | +107.0% | −1.1% |
| net % | 5.9% | 5.6% | 8.5% | 15.6% | 15.5% |
| Free cash flow | 1.9 m | 1.1 m | 3.1 m | 5.6 m | 8.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 20.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 63.2 m USD
- Total assets
- 68.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 12.52x
- ROE
- 17.9%
- ROA
- 16.1%
- FCF margin
- 14.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 26.7 m | 31.8 m | 41.2 m | 49.0 m | 54.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Research & development | 2.0 m | 2.0 m | 2.2 m | 2.8 m | 3.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Operating income | 2.1 m | 2.9 m | 4.3 m | 9.4 m | 10.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Pre-tax income | 2.1 m | 2.6 m | 4.4 m | 9.8 m | 11.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 531.0 k | 797.0 k | 911.0 k | 2.1 m | 2.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Net income | 1.6 m | 1.8 m | 3.5 m | 7.6 m | 8.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | 0.59 | 0.67 | 1.28 | 2.65 | 2.62 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | 2.7 m | 2.7 m | 2.7 m | 2.9 m | 3.2 m | SEC (XBRL)· 26 Mar 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 2.6 m | 926.0 k | 3.9 m | 12.6 m | 20.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Receivables | 4.0 m | 5.2 m | 4.8 m | 6.8 m | 6.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Inventories | 5.2 m | 7.5 m | 8.9 m | 9.5 m | 9.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 12.1 m | 14.3 m | 18.2 m | 29.8 m | 61.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | 3.4 m | 3.6 m | 4.1 m | 5.1 m | 6.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Goodwill | 40.0 k | 40.0 k | 40.0 k | — | — | SEC (XBRL)· 14 May 2024verified |
| Intangibles (excl. goodwill) | 112.0 k | 98.0 k | 45.0 k | 40.0 k | 40.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 20.0 m | 19.3 m | 24.3 m | 36.6 m | 68.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 1.4 m | 2.4 m | 1.3 m | 1.4 m | 1.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Current liabilities | 3.0 m | 4.9 m | 4.4 m | 5.2 m | 4.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 3.2 m | 4.9 m | 4.4 m | 5.3 m | 5.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 16.8 m † | 14.3 m † | 19.9 m † | 31.3 m † | 63.2 m † | SEC (XBRL)· 26 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 3.0 m | 2.0 m | 4.4 m | 7.5 m | 10.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Capex | 1.1 m | 936.0 k | 1.3 m | 1.9 m | 2.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | 1.9 m ≈ | 1.1 m ≈ | 3.1 m ≈ | 5.6 m ≈ | 8.1 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | -1.1 m | -936.0 k | -1.3 m | -1.9 m | -2.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | -1.7 m | -2.8 m | -137.0 k | 3.1 m | 142.0 k | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 277.8 m USD
Key indicators
Coverage and freshness
Score by group
62% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | unavailable | unavailable | — |
| EBIT margin · Quality | 18.5% | 64 (vs peers) | 14% |
| FCF margin · Quality | 16.3% | 65 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | 19.6% | 78 (on a fixed band) | 28% |
| Revenue growth (YoY) · Growth | 11.0% | 50 (vs peers) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 16.6x | 100 (on a fixed band) | 10% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.4% | 68 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth69/100 · 2/2 factors with a value
- Quality64/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial68/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
M-tron Industries, Inc. (MPTI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 54.4 m USD in 2025; YoY growth 11.0%; net margin 16.3%; ROE 12.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 19.6%
- Current ratio: 16.6x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Gross margin, Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Electronic Components, NEC (SIC 3679) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| VRTVertiv Holdings Co | 79.1 bn | 38.4 | 46.6% | 16.0% | +27.7% | +14% / +371% |
| AEISAdvanced Energy Industries, Inc. | 8.6 bn | 30.4 | 19.9% | 12.7% | +21.4% | +0% / +123% |
| PIImpinj, Inc. | 5.6 bn | — | -3.8% | -2.5% | −1.4% | +5% / +116% |
| VICRVicor Corporation | 1.9 bn | 41.7 | 23.5% | 32.2% | +26.1% | +78% / +335% |
| VREXVarex Imaging Corp | 779.3 m | 35.4 | 4.6% | 2.6% | +4.1% | +60% / −2% |
| MPTIM-tron Industries, Inc. | 277.8 m | 23.5 | 12.4% | 16.3% | +11.0% | +17% / +145% |
| ESPEspey Mfg. & Electronics Corp. | 152.7 m | 12.9 | 20.1% | 24.2% | +4.9% | +29% / +197% |
| LGLLgl Group Inc | 84.6 m | — | -0.6% | -5.0% | −2.9% | +15% / +38% |
| MVISMicroVision, Inc. | 42.2 m | — | -197.8% | -2,230.6% | −74.3% | −91% / −97% |
| NSYSNortech Systems Incorporated | 31.2 m | 29.4 | 3.0% | 0.6% | +723.6% | +59% / +26% |
| OSTOstin Technology Group Co., Ltd. | 23.7 m | — | -169.1% | -26.0% | +22.2% | −97% / −99% |
| NEONNeonode Inc. | 10.5 m | 1.3 | 48.6% | 397.8% | −33.7% | −72% / −52% |
| LPLLG Display Co., Ltd. | — | — | -37.2% | -9.6% | +24.8% | −39% / −45% |
1- and 3-year price returns: for MPTI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 33.62 Total return -47% · Per year -47% | 59.16 Total return -7% · Per year -7% | 88.74 Total return 39% · Per year 39% |
| 3 years | 39.88 Total return -38% · Per year -15% | 78.24 Total return 22% · Per year 7% | 127.79 Total return 100% · Per year 26% |
| 5 years | 47.30 Total return -26% · Per year -6% | 103.47 Total return 62% · Per year 10% | 184.02 Total return 188% · Per year 24% |
- Exit P/E± 19.56
- Net margin± 13.69
- Annual revenue growth± 10.21
- Annual dilution± 1.15
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
M-tron Industries designs and manufactures high-reliability electronic components that control the frequency and spectrum of signals, used mainly in aerospace and defense, avionics and space. The company reported higher revenue of 54.4 million USD in 2025, and growth continued in the second quarter of 2026, supported by a growing order backlog and defense demand.
SWOT
Strengths
- The company has a strong technical position built on engineering expertise and long-standing relationships with defense customers.
- Quality and export certifications for U.S. production act as an entry barrier for competitors.
- Revenue and profitability growth in recent quarters points to a consolidated operational execution.
Weaknesses
- The company depends on a single line of business, which exposes results to shifts in demand in that area.
- Customer concentration is high, and losing one of the largest customers could significantly affect revenue.
- Quarterly results fluctuate, and margins can be affected by product mix and production costs.
Opportunities
- Higher demand in defense and space could expand orders and production capacity.
- Developing multi-component integrated products could improve margins and competitive position.
- Strategic partnerships and acquisitions could open new capabilities and customers.
Threats
- Changes in U.S. government spending or procurement policy could affect demand for the company's products.
- Tariffs and geopolitical tensions could raise costs and disrupt supply chains.
- Larger and better-financed competitors could win contracts through superior resources.
Risks
- Single line of businesshigh
A decline in demand for electronic components could affect results, since the company has no other significant business lines 1.
- Customer concentrationhigh
The loss or insolvency of a major customer could significantly affect revenue and liquidity 1.
- Dependence on government contractsmedium
Audits and U.S. government regulations can reduce contract values or lead to penalties if irregularities are found 1.
- Tariffs and supply chainsmedium
Tariffs and raw material supply disruptions could raise costs and delay shipments 12.
- Internal controllow
Weaknesses in internal control over financial reporting could affect the accuracy of reports and investor confidence 1.
Investment thesis
What would need to be true (bull case)
- If defense and aerospace demand stays strong, growth in the order backlog could support revenue and profitability in the coming period 3.
- Diversifying toward integrated solutions could improve long-term margins and the company's competitive position 1.
- Higher interest income and improved liquidity could give the company more flexibility for investment 2.
What would break the thesis
- Dependence on a single line of business and a few large customers makes results vulnerable to sudden changes in demand 1.
- Tariffs and production costs could compress margins, as seen in the lower gross margin in the second quarter of 2026 23.
- Dependence on government contracts carries audit, regulatory and payment-timing risks that could affect results 1.
What to watch
- Trajectory of gross margin after the stock-based compensation effectQ3 2026
- Pace at which the order backlog converts into revenue2026
- Impact of tariffs on production costs2026
- Customer concentration and relationships with major customersnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Founded in 1965, M-tron Industries, Inc. is an engineering-centric company that designs, manufactures and markets frequency and spectrum control products, including quartz crystal resonators, oscillators, RF filters and integrated microwave assemblies 1. The company operates through one business segment, Electronic Components 1. Customers are mainly original equipment manufacturers, and the company provides engineering support across the product life cycle 1. Production takes place in Orlando and Yankton in the United States and in Noida in India, with a sales office in Hong Kong 1.
Segments
Trends
- Defense and aerospace demandtailwind
Growth in defense programs and new orders could support revenue and the order backlog over the medium term, if these programs continue 23.
- Trade tariffsheadwind
Tariffs imposed by the U.S. administration and retaliatory measures abroad create uncertainty over production costs, which rose in 2025 partly due to tariffs, although the company has not yet seen an impact on demand 12.
- Stock-based compensation costsmixed
Recognition of stock-based compensation tied to 2025 bonuses reduced gross margin in the second quarter of 2026, although the company indicated this effect should not recur at a comparable level 3.
- Higher interest incometailwind
Balances invested in money market funds increased, and net interest income rose in the first half of 2026, supporting net income 2.
Competitive position
The market is competitive, with numerous domestic and international manufacturers able to provide custom products comparable in quality and performance 1. The company notes it could lose business to larger and better-financed competitors 1. Differentiation rests on engineering capability and long-term programs 1.
- Domestic and international RF and frequency component makers
The company describes competition as numerous without naming specific competitors in the analyzed sources.
- International oscillator and filter suppliers
International competition is mentioned generically, without names in the analyzed sources.
- Larger and better-financed competitors
The risk of losing contracts to these firms is noted without identifying them.
- Integrated microwave assembly manufacturers
Competition in the integrated RF solutions segment is not detailed in the analyzed sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- M-tron Industries Eyes 2028 Defense Boom as Missile, Radar Demand BuildsYahoo Finance — News · 29 Aug 2026 · EN
The latest news item in our archive is from 29 Aug 2026; the newest SEC filing is from 31 Aug 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report31 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report12 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Jun 2026Shareholder vote
- Current report14 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report13 May 2026
- Current report08 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report27 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Current report21 Apr 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / M-tron Industries, Inc. · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / M-tron Industries, Inc. · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / M-tron Industries, Inc. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.