olivLaw · US equity research
Mayville Engineering Company, Inc. MEC
Metal Forgings & Stampings · SIC 3460 · Vertical: Fabricated metal products (SIC 34xx)
Mayville Engineering Company (MEC) is a U.S. vertically integrated value-added manufacturer of metal components for commercial vehicles, construction equipment, datacenters and other industries. In the second quarter of 2026 sales grew strongly, and demand in the datacenter and critical power segment, supported by reshoring and outsourcing, became the main growth driver while margins remain under pressure from project launch costs.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Mayville Engineering Company, Inc. (MEC) stock was 16.01 USD (−0.31% on the day), with market capitalisation 408.3 m USD, beta 0.92, 52-week range 12.71–37.54 USD. Latest reported quarter (Q3 2026): revenue of 170.4 m USD (+18.1% YoY), net income of 424.0 k USD, diluted EPS 0.02 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)
- 55.5
- strong (55–70)
- Bollinger (20, 2)
- 12.64 – 16.39
- in the upper half of the band · %B 0.90 · band width 25.8%
- SMA 50 / 200
- 16.53 / 22.59
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.34 / -0.80
- MACD above 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 | −2.3% | −1.1% | −1.2 pp | — |
| 3 months | −37.2% | −0.5% | −36.8 pp | — |
| 6 months | −31.4% | +4.4% | −35.8 pp | — |
| Year to date | −14.5% | +12.3% | −26.8 pp | — |
| 1 year | −11.0% | +13.5% | −24.5 pp | +17.0% |
| 3 years | +32.0% | +76.4% | −44.4 pp | +49.4% |
| 5 years | −6.9% | +63.7% | −70.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 121.3 m | 135.6 m | 132.3 m | 144.3 m | 134.3 m | 144.8 m | 163.0 m | 170.4 m |
| Cost of revenue | 110.5 m | 120.3 m | 118.7 m | 128.4 m | 125.4 m | 133.8 m | 145.3 m | 151.6 m |
| Operating income | 23.0 m | 1.6 m | 76.0 k | 48.0 k | -5.5 m | -7.7 m | 388.0 k | 4.3 m |
| Interest expense | 2.0 m | 1.6 m | 1.4 m | 3.4 m | 3.8 m | 3.7 m | 3.5 m | 3.0 m |
| Pre-tax income | 21.0 m | 10.0 k | -1.3 m | -3.4 m | -9.4 m | -11.5 m | -3.1 m | 1.4 m |
| Income tax | 5.1 m | -10.0 k | -225.0 k | -707.0 k | -5.0 m | -3.3 m | -992.0 k | 958.0 k |
| Net income | 16.0 m | 20.0 k | -1.1 m | -2.7 m | -4.4 m | -8.2 m | -2.1 m | 424.0 k |
| Diluted EPS | 0.75 ≈ | 0.00 | -0.05 | -0.13 | -0.21 ≈ | -0.40 | -0.09 | 0.02 |
| Operating cash flow | 38.0 m | 8.3 m | 15.0 m ≈ | 1.9 m ≈ | 13.4 m | -2.8 m | 1.4 m ≈ | 4.3 m ≈ |
| Capex | 2.3 m | 3.0 m | 2.4 m ≈ | 3.0 m ≈ | 3.2 m | 4.2 m | 8.1 m ≈ | 7.7 m ≈ |
| Share repurchases | 3.9 m | 1.7 m | 2.9 m ≈ | 0 ≈ | 0 | — | — | — |
≈ 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.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 354.5 m | 519.7 m | 357.6 m | 454.8 m | 539.4 m | 588.4 m | 581.6 m | 546.5 m |
| Revenue YoY | +13.1% | +46.6% | −31.2% | +27.2% | +18.6% | +9.1% | −1.2% | −6.0% |
| Net income | 17.9 m | -4.8 m | -7.1 m | -7.5 m | 18.7 m | 7.8 m | 26.0 m | -8.1 m |
| Net income YoY | +241.9% | −126.5% | unavailable | unavailable | unavailable | −58.1% | +231.1% | −131.2% |
| Diluted EPS | unavailable | -0.27 | -0.36 | -0.36 | 0.91 | 0.38 | 1.24 | -0.40 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −58.2% | +226.3% | −132.3% |
| net % | 5.1% | -0.9% | -2.0% | -1.6% | 3.5% | 1.3% | 4.5% | -1.5% |
| Free cash flow | 18.8 m | 7.6 m | 28.7 m | -24.9 m | -6.2 m | 23.8 m | 77.7 m | 26.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 240.7 m USD
- Total assets
- 563.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.72x
- ROE
- -3.3%
- ROA
- -1.6%
- FCF margin
- 4.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 357.6 m | 454.8 m | 539.4 m | 588.4 m | 581.6 m | 546.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Cost of revenue | 326.1 m | 403.5 m | 478.3 m | 518.7 m | 510.5 m | 492.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Gross profit | 31.5 m ≈ | 51.4 m ≈ | 61.1 m ≈ | 69.7 m ≈ | 71.1 m ≈ | 54.0 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Operating income | -6.5 m | -7.4 m | 25.8 m | 20.2 m | 44.6 m | -3.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Interest expense | 2.7 m | 2.0 m | 3.4 m | 11.1 m | 11.0 m | 10.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Pre-tax income | -9.2 m | -9.4 m | 22.4 m | 8.9 m | 33.6 m | -14.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Income tax | -2.1 m | -1.9 m | 3.7 m | 1.0 m | 7.6 m | -5.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Net income | -7.1 m | -7.5 m | 18.7 m | 7.8 m | 26.0 m | -8.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Diluted EPS | -0.36 | -0.36 | 0.91 | 0.38 | 1.24 | -0.40 | SEC (XBRL)· 04 Mar 2026verified |
| Weighted average diluted shares | 19.9 m | 20.8 m | 20.7 m | 20.7 m | 21.0 m | 20.5 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 121.0 k | 118.0 k | 127.0 k | 672.0 k | 206.0 k | 1.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Inventories | 41.4 m | 70.2 m | 71.7 m | 67.8 m | 54.8 m | 59.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Current assets | 89.2 m | 132.6 m | 141.3 m | 134.6 m | 112.9 m | 128.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Property, plant & equipment, net | 106.7 m | 120.7 m | 145.8 m | 175.7 m | 156.5 m | 150.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Goodwill | 71.5 m | 71.5 m | 71.5 m | 92.7 m | 92.7 m | 140.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 61.5 m | 50.8 m | 43.8 m | 58.7 m | 51.7 m | 111.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Total assets | 338.5 m | 379.5 m | 440.6 m | 496.7 m | 445.6 m | 563.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Accounts payable | 33.5 m | 50.1 m | 53.7 m | 46.5 m | 39.1 m | 52.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Current liabilities | 52.7 m | 77.4 m | 102.4 m | 71.7 m | 64.6 m | 74.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Total liabilities | 137.7 m | 181.2 m | 222.7 m | 266.7 m | 193.8 m | 322.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Equity | 200.9 m † | 198.3 m † | 217.9 m † | 230.0 m † | 251.8 m † | 240.7 m † | SEC (XBRL)· 04 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 36.5 m | 14.5 m | 52.4 m | 40.4 m | 89.8 m | 38.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Capex | 7.8 m | 39.3 m | 58.6 m | 16.6 m | 12.1 m | 11.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Free cash flow | 28.7 m ≈ | -24.9 m ≈ | -6.2 m ≈ | 23.8 m ≈ | 77.7 m ≈ | 26.9 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Investing cash flow | -5.8 m | -34.0 m | -50.7 m | -104.1 m | -11.7 m | -151.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Financing cash flow | -30.6 m | 19.5 m | -1.7 m | 64.3 m | -78.6 m | 114.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Share repurchases | 2.5 m | 2.2 m | 4.9 m | 2.7 m | 5.9 m | 4.6 m | SEC (XBRL)· 04 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
Risk
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- 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: 408.3 m USD
Key indicators
Coverage and freshness
Score by group
40% · 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 · 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)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -2.3% | 13 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 0.4% | 4 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.6x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 1.7x | 78 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.7% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 2/3 factors with a value
- Growth· partial4/100 · 1/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partial16/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 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
Mayville Engineering Company, Inc. (MEC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 546.5 m USD in 2025; YoY growth -6.0%; net margin -2.3%; ROE -5.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; 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
- Current ratio: 1.7x
What contradicts it
- Net margin: -2.3%
- Revenue CAGR 3Y: 0.4%
- Interest coverage: -0.6x
- FCF yield: -1.7%
- Shareholder yield (distributions): 1.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Fabricated metal products (SIC 34xx) · same major group (2-digit SIC) · compared with 39 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 | |
|---|---|---|---|---|---|---|
| PHParker-Hannifin Corporation | 114.7 bn | 32.0 | 25.1% | 17.0% | +8.3% | +6% / +110% |
| AXONAxon Enterprise, Inc. | 34.5 bn | 175.8 | 6.2% | 6.2% | +33.5% | −21% / +85% |
| SNASnap-on Inc | 19.0 bn | 19.2 | 17.0% | 19.2% | unavailable | +8% / +34% |
| SWKStanley Black & Decker, Inc. | 17.6 bn | 21.2 | 9.4% | 5.5% | unavailable | +65% / +30% |
| BALLBall Corporation | 17.5 bn | 33.9 | 9.6% | 3.5% | +11.6% | +36% / +22% |
| MASMasco Corporation | 16.7 bn | 18.8 | — | 12.1% | −3.4% | +34% / +43% |
| CCKCrown Holdings, Inc. | 13.5 bn | 17.4 | 26.7% | 5.8% | +4.8% | +29% / +45% |
| CRCrane Company | 11.9 bn | 35.4 | 16.2% | 12.4% | +8.2% | +13% / +95% |
| SSDSimpson Manufacturing Co., Inc. | 8.4 bn | 22.4 | 18.7% | 15.6% | +4.5% | +23% / +23% |
| VMIValmont Industries, Inc. | 8.1 bn | 15.9 | 30.8% | 12.1% | +0.7% | +2% / +92% |
| ACAArcosa, Inc. | 7.3 bn | 14.9 | 17.9% | 17.9% | +12.2% | +46% / +116% |
| GFFGriffon Corporation | 4.9 bn | 27.4 | 185.4% | 6.5% | −3.9% | +43% / +131% |
| SLGNSilgan Holdings Inc | 4.5 bn | 16.7 | 11.7% | 4.0% | +10.7% | +8% / +2% |
| AZZAZZ Inc. | 4.0 bn | 23.8 | 12.3% | 9.6% | +4.6% | +25% / +169% |
| MTRNMaterion Corporation | 3.9 bn | 38.3 | 10.5% | 4.6% | +6.0% | +53% / +66% |
| MWAMueller Water Products, Inc. | 3.8 bn | 17.0 | 21.7% | 15.0% | +8.7% | −1% / +81% |
| CXTCrane Nxt, Co. | 3.5 bn | 27.3 | 10.5% | 7.1% | +11.4% | +9% / +20% |
| AMBPArdagh Metal Packaging S.A. | 2.8 bn | — | — | 0.2% | +12.0% | +27% / +18% |
| HLIOHelios Technologies, Inc. | 2.2 bn | 31.2 | 7.7% | 8.0% | unavailable | +24% / +74% |
| HLMNHillman Solutions Corp. | 1.7 bn | 68.6 | 2.0% | 1.5% | +5.4% | +0% / +20% |
| PRLBProto Labs, Inc. | 1.6 bn | 46.6 | 5.1% | 6.0% | +6.4% | +31% / +84% |
| TRSTrimas Corporation | 1.4 bn | 1.6 | 83.9% | 136.2% | +2.4% | +16% / +54% |
| RGRSturm, Ruger & Company, Inc. | 797.5 m | 49.4 | 5.7% | 2.7% | +1.9% | +66% / +14% |
| SWBISmith & Wesson Brands, Inc. | 649.7 m | 26.5 | 6.6% | 4.4% | +10.4% | +66% / +5% |
| PKOHPark-Ohio Holdings Corp | 630.3 m | 23.1 | 7.0% | 1.6% | −3.4% | +103% / +91% |
1- and 3-year price returns: for MEC 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
In brief
Mayville Engineering Company (MEC) is a U.S. vertically integrated value-added manufacturer of metal components for commercial vehicles, construction equipment, datacenters and other industries. In the second quarter of 2026 sales grew strongly, and demand in the datacenter and critical power segment, supported by reshoring and outsourcing, became the main growth driver while margins remain under pressure from project launch costs 3.
SWOT
Strengths
- Broad range of processes from design to aftermarket and a declared leadership position in U.S. fabrication 1.
- Embedded customer relationships, high switching costs and contracts that pass through raw material price variations 1.
- Ongoing investment in flexible automation and redeployable capacity that supports productivity and quality 1.
Weaknesses
Opportunities
- Strong demand from datacenter and critical power infrastructure with a growing opportunity pipeline 3.
- OEM production returning to the United States and outsourcing of non-core components could open new contracts 1.
- Organic growth from planned capacity investment could expand offerings for higher-margin programs 3.
Risks
- Dependence on large customershigh
A small number of OEM customers generate a large share of sales, and losing or reducing orders from one of them could significantly affect results 1.
- Lack of long-term commitmentshigh
Most customers do not commit to long-term production schedules, which makes capacity and inventory planning difficult 1.
- Launch costs and executionmedium
Datacenter program launch costs reduced margins in the second quarter of 2026, and delayed execution could continue to pressure results 3.
- Debt and financing costsmedium
Net debt and higher interest costs reduce financial flexibility, and free cash flow was negative in the first six months of 2026 2.
- Trade policy and inflationmedium
Tariffs, retaliatory measures and inflation in labor and materials could affect margins if they cannot be fully passed to customers 1.
Investment thesis
What would need to be true (bull case)
- Demand in the datacenter segment appears to be rising, and an opportunity pipeline above 125 million dollars could support multi-year growth 3.
- If reshoring and outsourcing trends continue, the company may benefit from its integrated supplier position with a broad process range 1.
- The raised 2026 sales guidance and the recovery in commercial vehicle demand could point to a favorable revenue momentum 3.
What would break the thesis
- Adjusted margins declined in the second quarter of 2026, and launch and workforce costs may continue to constrain them 3.
- Free cash flow was negative in the first six months of 2026, and high net debt could reduce flexibility 2.
- Dependence on a few customers and weakness in some traditional segments could make revenue more volatile 1.
What to watch
- Delivery against third-quarter guidance for net sales and Adjusted EBITDAQ3 2026
- Evolution of adjusted margins as datacenter program launch costs decline2026
- Use of the 50 million dollar organic growth investment and its effect on capacity2027
- Next annual report on net debt and the ratio of net debt to Adjusted EBITDAnext 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.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
The business
MEC is a value-added manufacturing partner covering the full product lifecycle, from design, prototyping and tooling to fabrication, aluminum extrusion, coating, assembly and aftermarket components 1. The company describes itself as the largest fabricator in the United States per The Fabricator magazine, a ranking it says it has held for 15 years in a row (2011 - 2025) 1. It operates 27 U.S. facilities, 25 of them in operation, with approximately 2400 employees 1.
The business model rests on long-standing relationships with major OEM customers and contracts that pass commodity price variations through to customers, limiting exposure to steel and aluminum 1. The largest customer accounted for 13.6% of 2025 net sales and the top ten customers for 62.3% 1. The company reports as one operating segment 1.
The MBX value-creation framework, announced in 2022, aims to lift performance through flexible automation, capacity investment and a continuous improvement culture, leveraging multi-year OEM reshoring and outsourcing trends 1. In August 2026 the company said it intends to invest an additional 50 million dollars in organic growth across 2026 and 2027 3.
Market context
MEC operates in a highly fragmented contract manufacturing market dominated by small local players, where few competitors match its full range of processes and scale 1. End-market demand is shaped by the economic cycle, customer destocking and trade policy, which can affect volumes and capacity utilization 1.
Trends
- Datacenter infrastructure expansiontailwind
Demand for enclosures, racks and critical power systems has grown rapidly, and MEC reported new awards and additional investment to meet it 3. If the strong pace of demand persists it could support revenue growth, though launch costs may pressure margins in the near term 3.
- OEM reshoring and outsourcingtailwind
OEMs increasingly outsource non-core components to suppliers like MEC, and production returning to the United States supports demand 1. The effect could remain favorable if these trends continue.
- Trade policy and tariffsmixed
Tariffs and retaliatory measures have raised material and energy costs and added uncertainty about short- and long-term effects, though customer contracts limit the margin impact 1. The effect is mixed and depends on how trade policy evolves.
- Inflation and interest ratesheadwind
Wage inflation, material costs and elevated interest rates have raised costs and increased interest expense, which reached 3.5 million dollars in the second quarter of 2026 3. This effect is negative for profitability and liquidity.
Competitive position
The company says its breadth of processes, scale and engineering expertise make its position hard to replicate for small local competitors 1. Competition still comes from manufacturers with lower cost structures or who accept lower margins 1.
Competitive risk rises if new entrants or industry consolidation pressure prices or fragment large customers 1. The company invests in automation and engineering to protect its cost advantage and its ability to serve national and local customers 1.
- Local contract manufacturers
Most competition comes from small local producers with capabilities limited to one product line or region 1.
- Lower-cost manufacturers
Competitors with lower labor or material costs can compete on price and may hold an advantage 1.
- New entrants and non-traditional competitors
The company notes new entrants to its industry, including non-traditional competitors 1.
- Consolidation among competitors
Industry consolidation could create pricing pressure and heightened competition 1.
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
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Current report23 Apr 2026Shareholder vote
- Proxy statement10 Mar 2026
- Annual report04 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Mayville Engineering Company, Inc. · 04 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Mayville Engineering Company, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Mayville Engineering Company, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.