MEC
Mayville Engineering Company, Inc.18.25
-0.37-1.99%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Data center wins exceed expectations
Q&A revealed accelerated data center wins beyond November expectations, driving retooling across six legacy plants, higher Q1 bookings, and $1-1.5 million launch costs that taper through the year. Retooling six plants fast. CV pre-buy orders hit top-10 levels, with build rates eyed for mid-Q2 acceleration; green shoots emerged in construction and small ag, though large ag stays down double-digits. Data center stays diversified, boasting 20-22% EBITDA margins and pipeline excluding large opps for potential upside. Capacity suffices for 2026 without turning away legacy work. Management directly tackled margin probes and synergies ramp, reaffirming guidance while upbeat on execution.
Key Stats
Market Cap
370.81MP/E (TTM)
31.47Basic EPS (TTM)
0.58Dividend Yield
0%Recent Filings
10-K
FY2025 results
Mayville Engineering posted FY2025 net sales of $546M, down 6% y/y amid broad customer destocking, yet Accu-Fab's mid-year addition fueled Data Center & Critical Power growth to $52M from $17M. Manufacturing margins slipped to 9.9% from 12.2% on launch costs and $591 inventory step-up, driving a swing to $(8M) net loss from $26M profit; diluted EPS fell to $(0.40) on 20.5M shares. Q4 momentum flickered via military aftermarket gains, but softer demand persisted. Debt hit $204M at year-end with $18M revolver room post-Accu-Fab; $27M free cash flow funded $12M capex and $5M buybacks. No 2026 guidance disclosed. Customer destocking lingers.
8-K
Q4 sales up, but loss
Mayville Engineering reported Q4 2025 net sales of $134.3M, up 10.7% y/y from Accu-Fab acquisition and Data Center & Critical Power growth to $20.4M, but swung to a $4.4M net loss amid launch costs and soft legacy markets. Full-year sales fell 6.0% to $546.5M; Adjusted EBITDA held at $47.1M. Data Center ramps fast. Q1 2026 guides sales $137-143M, Adjusted EBITDA $5-7M.
8-K
Revolver cut $75M, covenants eased
Mayville Engineering slashed its revolver commitment by $75M to $275M on February 25, 2026, via Third Amendment. Lenders eased leverage covenants—peaking at 5.25x through June 2026—yet tightened interest coverage to 2.75x mid-year and curbed 2026 acquisitions. Flexibility gained, but strings attached.
10-Q
Q3 FY2025 results
Mayville Engineering posted Q3 net sales of $144.3M, up 6.6% y/y from $135.4M, fueled by the July 1 Accu-Fab acquisition that added $21.2M in revenue and boosted data center & critical power exposure to 15.6% of sales—yet operating income slipped to $48K from $5.7M amid higher amortization, acquisition costs, and restructuring. Margins held at 11.0% despite inventory step-up and footprint consolidation charges. Cash swelled to $1.2M with $25.2M YTD operating cash flow; free cash flow tallied $16.8M (operating cash minus $8.4M capex). Debt climbed to $211.9M revolver (5.39% rate, $35.7M available, 3.47x leverage) to fund the $141.2M deal, recognizing $47.6M goodwill and $69.2M intangibles. Acquisition integration sharpens growth. Volatility in raw material prices looms.
8-K
Q3 sales up on Accu-Fab
Mayville Engineering posted Q3 net sales of $144.3 million, up 6.6% from last year, driven by the July 1 Accu-Fab acquisition that offset 9.1% organic declines from soft commercial vehicle and ag demand. Adjusted EBITDA fell to $14.1 million at 9.8% margin amid integration costs and higher interest. Accu-Fab expands data center exposure; 2026 synergies now $20-30 million. Full-year guidance holds firm. Net leverage sits at 3.5x.
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