Latest Ratios: P/E Ratio -92.4x · EV/EBITDA 20.7x · ROE -3.3%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $751M | $383M | $330M | $298M | $262M | $311M | $267M | $164M | — | — |
| Enterprise Value | $775M | $407M | $440M | $479M | $371M | $378M | $315M | $240M | — | — |
| P/E Ratio → | -92.42 | — | 12.68 | 37.95 | 13.76 | — | — | — | — | — |
| P/S Ratio | 1.37 | 0.70 | 0.57 | 0.51 | 0.49 | 0.68 | 0.75 | 0.31 | — | — |
| P/B Ratio | 3.14 | 1.59 | 1.31 | 1.30 | 1.20 | 1.57 | 1.33 | 0.81 | — | — |
| P/FCF | 27.91 | 14.24 | 4.24 | 12.56 | — | — | 9.29 | 21.52 | — | — |
| P/OCF | 19.48 | 9.94 | 3.67 | 7.39 | 4.99 | 21.48 | 7.31 | 4.90 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.75 | 0.76 | 0.81 | 0.69 | 0.83 | 0.88 | 0.46 | — | — |
| EV / EBITDA | 20.71 | 10.88 | 5.35 | 8.67 | 6.73 | 15.50 | 12.30 | 7.72 | — | — |
| EV / EBIT | — | — | 9.87 | 23.98 | 14.38 | — | — | — | — | — |
| EV / FCF | — | 15.13 | 5.66 | 20.15 | — | — | 10.96 | 31.49 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.9% | 9.9% | 12.2% | 11.8% | 11.3% | 11.3% | 8.8% | 11.3% | 14.3% | 11.1% |
| Operating Margin | -0.7% | -0.7% | 7.7% | 3.4% | 4.8% | -1.6% | -1.8% | -0.4% | 6.3% | 3.0% |
| Net Profit Margin | -1.5% | -1.5% | 4.5% | 1.3% | 3.5% | -1.6% | -2.0% | -0.9% | 5.1% | 1.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.3% | -3.3% | 10.8% | 3.5% | 9.0% | -3.7% | -3.5% | -3.1% | 18.3% | 5.6% |
| ROA | -1.6% | -1.6% | 5.5% | 1.7% | 4.6% | -2.1% | -2.0% | -1.3% | 5.9% | 2.4% |
| ROIC | -0.9% | -0.9% | 8.7% | 4.1% | 6.5% | -2.2% | -1.9% | -0.5% | 7.4% | — |
| ROCE | -0.9% | -0.9% | 11.1% | 5.3% | 8.1% | -2.5% | -2.2% | -0.6% | 9.2% | 5.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.44 | 0.79 | 0.50 | 0.34 | 0.24 | 0.38 | 1.77 | 0.81 |
| Debt / EBITDA | 0.68 | 0.68 | 1.34 | 3.28 | 1.98 | 2.77 | 1.87 | 2.44 | 4.27 | 2.51 |
| Net Debt / Equity | — | 0.10 | 0.44 | 0.78 | 0.50 | 0.34 | 0.24 | 0.38 | 1.74 | 0.81 |
| Net Debt / EBITDA | 0.64 | 0.64 | 1.34 | 3.27 | 1.98 | 2.77 | 1.87 | 2.44 | 4.19 | 2.50 |
| Debt / FCF | — | 0.89 | 1.41 | 7.59 | — | — | 1.66 | 9.97 | 9.49 | 3.86 |
| Interest Coverage | -0.38 | -0.38 | 4.05 | 1.80 | 7.63 | -3.69 | -2.44 | -0.31 | 5.86 | 2.26 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.72 | 1.72 | 1.75 | 1.88 | 1.38 | 1.71 | 1.69 | 1.88 | 1.36 | 1.53 |
| Quick Ratio | 0.92 | 0.92 | 0.90 | 0.93 | 0.68 | 0.81 | 0.91 | 0.93 | 0.71 | 0.69 |
| Cash Ratio | 0.02 | 0.02 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.00 |
| Asset Turnover | — | 0.97 | 1.31 | 1.18 | 1.22 | 1.20 | 1.06 | 1.43 | 0.91 | 1.46 |
| Inventory Turnover | 8.29 | 8.29 | 9.32 | 7.65 | 6.67 | 5.75 | 7.88 | 10.09 | 5.69 | 7.87 |
| Days Sales Outstanding | — | 38.44 | 31.24 | 35.63 | 39.25 | 44.47 | 42.95 | 28.23 | 53.84 | 30.74 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 7.9% | 2.6% | 7.3% | — | — | — | — | — |
| FCF Yield | 3.6% | 7.0% | 23.6% | 8.0% | — | — | 10.8% | 4.6% | — | — |
| Buyback Yield | 0.6% | 1.2% | 1.8% | 0.9% | 1.9% | 0.7% | 0.9% | 1.6% | — | — |
| Total Shareholder Yield | 0.6% | 1.2% | 1.8% | 0.9% | 1.9% | 0.7% | 0.9% | 1.6% | — | — |
| Shares Outstanding | — | $20M | $21M | $21M | $21M | $21M | $20M | $17M | $20M | $20M |
Liquidity and cyclical exposure
According to current market data, MEC trades at a negative trailing P/E of -92.42 and a forward P/E of 421.55, suggesting that investors are pricing the company as a distressed cyclical play rather than a stable industrial partner compared to its peer group.
The extreme valuation multiples indicate that the market is heavily discounting the company's current earnings power, likely due to the recent shift into negative territory. Investors should monitor whether the forward P/E compression reflects a realistic expectation of a cyclical recovery or if the current valuation remains disconnected from the underlying operational reality.
Based on reported financial statements, MEC's ROIC has deteriorated from 4.7% in 2024Q4 to -1.3% in 2026Q1, signaling that the company is currently failing to generate returns above its cost of capital as it navigates a challenging industrial manufacturing environment.
The decline in ROIC appears to be driven by the compression of operating margins rather than asset turnover, which has remained relatively stagnant. This trend suggests that the company's recent capital investments, including the expansion into aluminum extrusions, have yet to yield the expected efficiency gains in the current low-volume cycle.
As reported in recent quarterly filings, MEC's cash conversion cycle has shown significant instability, with the company struggling to manage its inventory and collection cycles effectively during a period of declining revenue and shifting demand from major heavy-equipment OEM customers.
The fluctuation in DSO and DIO metrics suggests that the company's working capital management is highly sensitive to the production schedules of its customers. This lack of consistency in the cash conversion cycle warrants further investigation, as it may indicate that MEC is absorbing the brunt of supply chain disruptions within its niche.
Based on the most recent quarterly data, MEC's quick ratio of 0.91, combined with a minimal cash balance of $1.5 million, suggests a vulnerable liquidity position that leaves the firm with little margin for error during periods of sustained negative operating cash flow.
While the company may rely on credit facilities to bridge short-term gaps, the lack of liquid cash reserves is concerning given the current negative operating margins. Investors should monitor whether the company's reliance on revolving debt to fund operations could lead to covenant pressure if the industrial downturn persists longer than anticipated.
The most commonly misapplied metric for MEC is headline revenue, which obscures the company's true operational health by including volatile raw material pass-through costs that do not reflect the actual value-added fabrication services provided to its heavy-duty industrial OEM customer base.
Analysts should instead focus on 'Value-Added Revenue' to strip out the noise of commodity price fluctuations and determine if the underlying fabrication business is growing. Relying on top-line figures may lead to an incorrect assessment of the company's competitive positioning and its ability to pass through costs during inflationary cycles.
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Quick answers to the most common questions about buying MEC stock.
Mayville Engineering Company, Inc.'s current P/E ratio is -92.4x. The historical average is 21.5x.
Mayville Engineering Company, Inc.'s current EV/EBITDA is 20.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.6x.
Mayville Engineering Company, Inc.'s return on equity (ROE) is -3.3%. The historical average is 3.7%.
Based on historical data, Mayville Engineering Company, Inc. is trading at a P/E of -92.4x. Compare with industry peers and growth rates for a complete picture.
Mayville Engineering Company, Inc. has 9.9% gross margin and -0.7% operating margin.
Mayville Engineering Company, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.