Mayville Engineering Company Inc. Common Stock (MEC)

FairStock Score: 39/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for durable earning power and a margin of safety. Mayville is a metal fabricator supplying OEMs, and its recent results do not show consistency. In fiscal 2024, the year ended 2024-12-31, net income was $26.0M. In fiscal 2025, the year ended 2025-12-31, it swung to a net loss of $8.1M. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $163.0M versus $132.3M in fiscal Q2 2025, the quarter ended 2025-06-30, so sales improved. But net income was still negative at -$2.1M, and the latest quarter's margin was -1.29%. That tells me the company has scale but poor pricing power or cost absorption. A 2,400-employee supplier to OEMs likely has no wide moat. Financial health is mixed: debt-to-equity is 0.51, and the FairStock Piotroski F-Score is 7/9, but FairStock's Altman Z-Score is 1.37, TTM free cash flow is -$4.6M, and FCF yield is -1.2%. FairStock return metrics are also negative: ROE -6.05% and ROCE -1.10%. At the close on 2026-10-13, FairStock calculations show P/B 1.16, P/E -17.78, and EV/EBITDA 16.82. P/B near book value is not demanding, but negative earnings and cash flow make that book value vulnerable. The FairStock Lynch category is TURNAROUND—loss in latest year after earlier profits—and the FairStock Score is 39/100. A Graham-style bargain needs asset protection or proven earnings; here I see neither strongly enough. I would need evidence of sustained positive earnings and cash generation before calling it compelling.

In plain English: Mayville Engineering makes metal parts and components for makers of commercial vehicles, construction equipment, data-center power gear, military equipment, and other machines. The business looks weak right now: it lost money in fiscal 2025 and in the latest quarter, even though sales rose. At the close on 2026-10-13, the $14.76 price does not look clearly cheap or expensive—there is little profit or cash flow to support a high price, but it trades at only a modest premium to its book value.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer