Mayville Engineering Company, Inc. (MEC) Key Metrics
MEC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $354.5M
- Enterprise value
- $597.5M
- P/E (TTM)
- — 10-yr median 14.0
- Forward P/E
- 22.1
- PEG ratio
- —
- Price / sales
- 0.6 10-yr median 0.6
- Price / book
- 1.4 10-yr median 1.3
- EV / EBITDA
- 19.0 10-yr median 8.7
- Dividend yield
- —
- Beta
- 1.44
MEC key metrics, 2017–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMEC valuation Price multiples at each fiscal year-end price.
MEC returns How much profit the business earns on the capital it uses.
MEC per-share figures Results divided by the shares outstanding at year-end.
MEC financial health Debt, liquidity and how easily interest is covered.
MEC efficiency & capital use Working capital cycle and where the cash goes.
MEC valuation history
MEC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MEC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MEC cash returned to shareholders
MEC price vs earnings per share
MEC key metrics
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $383.2M | $329.7M | $298.5M | $261.8M | $310.6M | $267.0M | $163.7M | — | — |
| Enterprise value | $407.3M | $439.5M | $479.0M | $370.7M | $378.1M | $314.9M | $239.5M | — | — |
| P/E ratio | — | 12.7 | 38.1 | 14.0 | — | — | — | — | — |
| Price / sales | 0.7 | 0.6 | 0.5 | 0.5 | 0.7 | 0.7 | 0.3 | — | — |
| Price / book | 1.6 | 1.3 | 1.3 | 1.2 | 1.6 | 1.3 | 0.8 | — | — |
| Price / free cash flow | 14.2 | 4.2 | 12.6 | — | — | 9.3 | 21.5 | — | — |
| Price / operating cash flow | 9.9 | 3.7 | 7.4 | 5.0 | 21.5 | 7.3 | 4.9 | — | — |
| EV / sales | 0.7 | 0.8 | 0.8 | 0.7 | 0.8 | 0.9 | 0.5 | — | — |
| EV / EBITDA | 10.9 | 5.4 | 8.7 | 6.7 | 15.5 | 12.3 | 7.8 | — | — |
| EV / free cash flow | 15.1 | 5.7 | 20.2 | — | — | 11.0 | 31.5 | — | — |
| Earnings yield | −2.1% | 7.9% | 2.6% | 7.2% | −2.4% | −2.7% | −2.9% | — | — |
| Free cash flow yield | 7.0% | 23.6% | 8.0% | −2.4% | −8.0% | 10.8% | 4.6% | — | — |
| Dividend yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 1.2% | 1.8% | 0.9% | 1.9% | 0.7% | 0.9% | 1.6% | — | — |
| Share price at fiscal year-end | $18.72 | $15.72 | $14.42 | $12.66 | $14.91 | $13.42 | $9.38 | — | — |
| Per share | |||||||||
| Revenue per share | $26.70 | $27.73 | $28.43 | $26.08 | $21.83 | $17.97 | $29.79 | $18.00 | $15.91 |
| Earnings per share | −$0.40 | $1.24 | $0.38 | $0.91 | −$0.36 | −$0.36 | −$0.27 | $0.91 | $0.27 |
| Operating cash flow per share | $1.88 | $4.28 | $1.95 | $2.53 | $0.69 | $1.84 | $1.91 | $1.86 | $1.56 |
| Free cash flow per share | $1.31 | $3.71 | $1.15 | −$0.30 | −$1.19 | $1.44 | $0.44 | $0.96 | $0.99 |
| Cash per share | $0.07 | $0.01 | $0.03 | $0.01 | $0.01 | $0.01 | $0.00 | $0.16 | $0.00 |
| Book value per share | $11.76 | $12.00 | $11.11 | $10.53 | $9.52 | $10.09 | $11.51 | $5.23 | $4.72 |
| Tangible book value per share | −$0.53 | $5.12 | $3.80 | $4.96 | $3.65 | $3.41 | $3.28 | −$2.50 | $1.72 |
| Dividends per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | — | — | $0.00 | $0.00 |
| Capex per share | $0.57 | $0.58 | $0.80 | $2.83 | $1.89 | $0.39 | $1.48 | $0.91 | $0.57 |
| Debt per share | $1.25 | $5.25 | $8.75 | $5.27 | $3.25 | $2.41 | $4.35 | $9.24 | $3.84 |
| Shares outstanding | 20.5M | 21.0M | 20.7M | 20.7M | 20.8M | 19.9M | 17.4M | 19.7M | 19.7M |
| Change in shares outstanding | −2.4% | +1.3% | +0.1% | −0.7% | +4.7% | +14.0% | −11.4% | 0.0% | — |
| Returns & profitability | |||||||||
| Return on equity (ROE) | −3.3% | 10.8% | 3.5% | 9.0% | −3.7% | −3.5% | −3.1% | 18.3% | 5.6% |
| Return on invested capital (ROIC) | −1.0% | 8.9% | 4.8% | 7.3% | −2.3% | −2.0% | −0.6% | 9.8% | 5.6% |
| Return on assets (ROA) | −1.6% | 5.5% | 1.7% | 4.6% | −2.1% | −2.0% | −1.3% | 5.9% | 2.4% |
| Return on tangible assets | −2.6% | 8.6% | 2.3% | 5.8% | −2.9% | −3.5% | −2.2% | 7.5% | 3.4% |
| Free cash flow margin | 4.9% | 13.4% | 4.0% | −1.1% | −5.5% | 8.0% | 1.5% | 5.3% | 6.2% |
| Income quality (OCF / net income) | — | 3.46 | 5.15 | 2.80 | — | — | — | 2.05 | 5.87 |
| Financial health | |||||||||
| Total debt | $25.6M | $110.1M | $181.2M | $109.0M | $67.6M | $47.9M | $75.9M | $181.9M | $75.6M |
| Cash & short-term investments | $1.5M | $206,000 | $672,000 | $127,000 | $118,000 | $121,000 | $1,000 | $3.1M | $76,000 |
| Net debt | $24.1M | $109.8M | $180.5M | $108.9M | $67.5M | $47.8M | $75.9M | $178.8M | $75.5M |
| Debt / equity | 0.11 | 0.44 | 0.79 | 0.50 | 0.34 | 0.24 | 0.38 | 1.77 | 0.81 |
| Debt / assets | 0.05 | 0.25 | 0.36 | 0.25 | 0.18 | 0.14 | 0.21 | 0.46 | 0.35 |
| Net debt / EBITDA | 0.64 | 1.34 | 3.28 | 1.98 | 2.77 | 1.87 | 2.46 | 4.14 | 2.50 |
| Current ratio | 1.72 | 1.75 | 1.88 | 1.38 | 1.71 | 1.69 | 1.88 | 1.36 | 1.53 |
| Quick ratio | 0.92 | 0.90 | 0.93 | 0.68 | 0.81 | 0.91 | 0.93 | 0.71 | 0.69 |
| Interest coverage | -0.4 | 4.1 | 1.8 | 7.6 | -3.7 | -2.4 | -0.3 | 5.7 | 2.3 |
| Working capital | $53.6M | $48.4M | $62.9M | $38.9M | $55.2M | $36.5M | $42.3M | $29.6M | $22.3M |
| Invested capital | $264.8M | $361.6M | $410.5M | $326.7M | $265.8M | $248.7M | $276.8M | $281.8M | $168.4M |
| Tangible asset value | −$10.8M | $107.4M | $78.7M | $102.5M | $76.0M | $67.9M | $57.2M | −$49.3M | $33.8M |
| Net current asset value | −$194.5M | −$80.9M | −$132.1M | −$81.4M | −$48.6M | −$48.4M | −$72.2M | −$176.0M | −$57.3M |
| Graham number | — | $18.29 | $9.73 | $14.65 | — | — | — | $10.35 | $5.32 |
| Graham net-net per share | −$12.14 | −$6.15 | −$9.13 | −$6.93 | −$5.01 | −$4.29 | −$6.29 | −$11.16 | −$4.26 |
| Capital allocation | |||||||||
| Dividends paid | $0 | $0 | $0 | $0 | $139,000 | — | — | $0 | $0 |
| Share buybacks (net) | $4.6M | $5.9M | $2.7M | $4.9M | $2.2M | $2.5M | $2.6M | $7.8M | $8.7M |
| Dividend payout ratio | — | 0.0% | 0.0% | 0.0% | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 17.1% | 7.6% | 11.2% | — | — | 8.7% | 34.1% | 41.6% | 44.6% |
| Capex / revenue | 2.1% | 2.1% | 2.8% | 10.9% | 8.6% | 2.2% | 5.0% | 5.0% | 3.6% |
| Capex / operating cash flow | 30.2% | 13.5% | 41.1% | 111.8% | 271.9% | 21.3% | 77.2% | 48.7% | 36.6% |
| Capex / depreciation | 0.28 | 0.32 | 0.47 | 2.00 | 1.24 | 0.24 | 0.78 | 0.87 | 0.54 |
| Stock-based compensation / revenue | 0.6% | 0.9% | 0.8% | 0.7% | 1.1% | 1.3% | 0.7% | 1.6% | 1.6% |
| SG&A / revenue | 8.8% | 7.8% | 8.1% | 6.1% | 7.1% | 7.7% | 10.8% | 6.9% | 6.9% |
| Efficiency | |||||||||
| Days sales outstanding | 35.8 | 33.6 | 35.8 | 38.4 | 39.1 | 42.0 | 32.5 | 40.5 | 30.7 |
| Days of inventory on hand | 42.3 | 43.8 | 49.1 | 54.1 | 50.4 | 48.7 | 39.2 | 53.3 | 46.4 |
| Days payables outstanding | 33.9 | 30.6 | 35.3 | 39.6 | 37.8 | 36.8 | 30.9 | 39.3 | 25.5 |
| Cash conversion cycle (days) | 44.2 | 46.8 | 49.6 | 52.9 | 51.7 | 54.0 | 40.8 | 54.5 | 51.6 |
| Receivables turnover | 10.18 | 10.85 | 10.19 | 9.51 | 9.33 | 8.69 | 11.24 | 9.01 | 11.87 |
| Payables turnover | 10.77 | 11.92 | 10.35 | 9.21 | 9.65 | 9.93 | 11.80 | 9.28 | 14.29 |
| Inventory turnover | 8.63 | 8.33 | 7.44 | 6.74 | 7.24 | 7.49 | 9.30 | 6.85 | 7.87 |
| Asset turnover | 1.08 | 1.23 | 1.26 | 1.32 | 1.27 | 1.02 | 1.38 | 1.17 | 1.46 |
| Average receivables | $53.7M | $53.6M | $57.7M | $56.7M | $48.7M | $41.1M | $46.2M | $39.3M | $26.4M |
| Average payables | $45.7M | $42.8M | $50.1M | $51.9M | $41.8M | $32.8M | $39.1M | $32.7M | $19.5M |
| Average inventory | $57.1M | $61.3M | $69.7M | $70.9M | $55.8M | $43.5M | $49.5M | $44.4M | $35.4M |
| Intangibles / total assets | 44.6% | 32.4% | 30.5% | 26.2% | 32.2% | 39.3% | 39.5% | 38.9% | 27.6% |
Computed from MEC's annual financial statements (latest annual report filed March 4, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MEC valuation and financial ratios
Mayville Engineering earned a return on equity of −3.3% and a return on invested capital of −1.0% in fiscal 2025. It ended the year with $25.6 million of debt and $1.5 million in cash and short-term investments, net debt of $24.1 million. It returned $4.6 million to shareholders: $0 in dividends and $4.6 million in share buybacks, 17% of free cash flow. The share count rose 3.9% from 19.7M to 20.5M over 8 years.
See the MEC income statement, the MEC chart for price history, or the MEC stock overview for the latest quote and news.
MEC key metrics FAQ
What is Mayville Engineering's EV/EBITDA?
Mayville Engineering's enterprise value was 10.9 times EBITDA at the end of fiscal 2025 (enterprise value $407.3 million, EBITDA $37.4 million); the current EV/EBITDA is 19.0.
What is Mayville Engineering's return on equity?
Mayville Engineering's return on equity (ROE) was −3.3% in fiscal 2025: net income of -$8.1 million on average shareholders' equity of $246.2 million.
What is Mayville Engineering's ROIC?
Mayville Engineering's return on invested capital was −1.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Mayville Engineering have?
Mayville Engineering had total debt of $25.6 million at the end of fiscal 2025, a debt-to-equity ratio of 0.11 and $24.1 million of net debt (0.64 times EBITDA).
Does Mayville Engineering pay a dividend?
Mayville Engineering did not pay a dividend in fiscal 2025.
Does Mayville Engineering buy back its shares?
Yes. Mayville Engineering spent $4.6 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.4% over the year, to 20.5M..
What is Mayville Engineering's free cash flow yield?
Mayville Engineering generated $26.9 million of free cash flow in fiscal 2025, a free cash flow yield of 7.0% on its market value at year-end ($383.2 million).
What is Mayville Engineering's current ratio?
Mayville Engineering's current ratio was 1.72 at the end of fiscal 2025: current assets were 1.72 times current liabilities.