Revenue expanded to $14.7M in 2026Q1, reflecting a 15.3% year-over-year increase while maintaining gross margins consistently above 42% throughout the last ten quarters.
| Sales/Revenue | 56.37M | 54.42M | 49.01M | 41.17M | 31.84M | 26.69M | 29.98M |
| Revenue Growth % | 11.5% | 11.03% | 19.05% | 29.28% | 19.3% | -10.97% | - |
| Cost of Goods Sold | 31.04M | 30.27M | 26.37M | 24.4M | 20.5M | 17.36M | 19.69M |
| COGS % of Revenue | - | 55.62% | 53.81% | 59.27% | 64.37% | 65.03% | 65.66% |
| Gross Profit | 25.34M | 24.15M | 22.64M | 16.77M | 11.35M | 9.34M | 10.3M |
| Gross Margin % | 44.95% | 44.38% | 46.19% | 40.73% | 35.63% | 34.97% | 34.34% |
| Gross Profit Growth % | - | 6.66% | 35.04% | 47.77% | 21.53% | -9.32% | - |
| Operating Expenses | 14.45M | 13.86M | 13.25M | 12.47M | 8.47M | 7.22M | 7.27M |
| OpEx % of Revenue | - | 25.46% | 27.03% | 30.28% | 26.6% | 27.05% | 24.23% |
| Selling, General & Admin | 9.71M | 13.86M | 0 | 10.25M | 0 | 0 | 7.27M |
| SG&A % of Revenue | - | 25.46% | - | 24.9% | - | - | 24.23% |
| Research & Development | 1.58M | 0 | 2.81M | 2.22M | 2.01M | 2.01M | 2.04M |
| R&D % of Revenue | - | - | 5.73% | 5.38% | 6.3% | 7.51% | 6.79% |
| Other Operating Expenses | 1000K | 0 | 10.44M | 0 | 6.47M | 5.22M | -2.04M |
| Operating Income | 10.89M | 10.29M | 9.39M | 4.3M | 2.88M | 2.11M | 3.03M |
| Operating Margin % | 19.31% | 18.91% | 19.17% | 10.44% | 9.03% | 7.92% | 10.11% |
| Operating Income Growth % | - | 9.55% | 118.52% | 49.53% | 36% | -30.23% | - |
| EBITDA | 12.03M | 11.38M | 10.37M | 5.15M | 3.6M | 2.66M | 3.52M |
| EBITDA Margin % | 21.33% | 20.91% | 21.15% | 12.51% | 11.3% | 9.95% | 11.74% |
| EBITDA Growth % | 13.27% | 9.74% | 101.34% | 43.03% | 35.54% | -24.52% | - |
| D&A (Non-Cash Add-back) | 1.14M | 1.09M | 973K | 850K | 725K | 542K | 489K |
| EBIT | 11.1M | 10.29M | 9.39M | 4.3M | 2.88M | 2.11M | 2.98M |
| Net Interest Income | 798K | 539K | 243K | 7K | -11K | -12K | -86K |
| Interest Income | 798K | 539K | 243K | 7K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 11K | 12K | 86K |
| Other Income/Expense | 810K | 663K | 381K | 101K | -280K | -1K | -137K |
| Pretax Income | 11.7M | 10.95M | 9.78M | 4.4M | 2.6M | 2.11M | 2.89M |
| Pretax Margin % | 20.75% | 20.13% | 19.94% | 10.69% | 8.15% | 7.92% | 9.65% |
| Income Tax | 2.49M | 2.51M | 2.14M | 911K | 797K | 531K | 583K |
| Effective Tax Rate % | 21.31% | 22.89% | 21.88% | 20.7% | 30.71% | 25.13% | 20.15% |
| Net Income | 9.21M | 8.45M | 7.64M | 3.49M | 1.8M | 1.58M | 2.31M |
| Net Margin % | 16.33% | 15.52% | 15.58% | 8.48% | 5.65% | 5.93% | 7.7% |
| Net Income Growth % | 18.32% | 10.62% | 118.86% | 94.05% | 13.65% | -31.52% | - |
| Net Income (Continuing) | 9.21M | 8.45M | 7.64M | 3.49M | 1.8M | 1.58M | 2.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.58 | 2.62 | 2.65 | 1.28 | 0.67 | 0.59 | 0.43 |
| EPS Growth % | 3.3% | -1.13% | 107.03% | 91.04% | 13.56% | 37.21% | - |
| EPS (Basic) | - | 2.94 | 2.78 | 1.29 | 0.67 | 0.59 | 0.43 |
| Diluted Shares Outstanding | 3.57M | 3.23M | 2.88M | 2.73M | 2.68M | 2.67M | 5.39M |
| Basic Shares Outstanding | 3.5M | 2.87M | 2.75M | 2.7M | 2.68M | 2.67M | 5.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Defense budget appropriation timing
According to quarterly financial disclosures, MPTI has maintained a steady revenue growth trajectory, reaching $14.7M in 2026Q1, which represents a 15.3% year-over-year increase, suggesting that the company's specialized RF filtering solutions continue to secure traction within mission-critical defense and aerospace program cycles.
The consistent top-line performance appears to validate the company's focus on high-barrier, customized engineering projects rather than commoditized hardware. Investors should monitor whether this growth remains sustainable as the company scales, given the inherent lumpiness associated with government-funded defense contract milestones.
As reported in recent income statements, MPTI has sustained gross margins consistently above 42%, with a peak of 47.8% in 2024Q3, indicating that the firm possesses significant pricing power derived from its specialized role in high-reliability RF and frequency control subsystems for harsh environments.
These margin levels suggest that MPTI is successfully capturing value from its engineering-intensive product mix, effectively insulating itself from the pricing pressures often seen in broader electronic component markets. The stability of these margins warrants further investigation into the potential for further expansion as the product mix shifts toward more complex Spectrum Control solutions.
Based on the provided income statement data, MPTI has demonstrated effective operating leverage, with operating income reaching $2.6M in 2026Q1, as management maintains disciplined control over SG&A expenses despite the increasing complexity of their specialized defense-focused manufacturing and engineering requirements.
The ability to scale operating income while keeping overhead relatively contained suggests a lean organizational structure that is well-aligned with its project-based revenue model. Analysts should monitor whether future growth necessitates a disproportionate increase in SG&A, which could potentially compress the current operating margin profile.
Financial filings indicate that MPTI's net income has remained consistently positive since 2024, with a 16.3% net margin in 2026Q1, suggesting that reported earnings are primarily driven by core operational performance rather than non-operating items or significant tax anomalies.
The moderate level of stock-based compensation, which totaled $382K in 2026Q1, appears manageable relative to the company's profitability, indicating that shareholder dilution is not currently a primary concern. Investors should continue to evaluate the quality of these earnings against potential percentage-of-completion accounting nuances that may impact the timing of revenue recognition.
While MPTI's financial performance appears robust, the company's heavy reliance on specific defense programs, as implied by its $54.4M revenue base, creates a vulnerability where the timing of government appropriations could lead to significant quarterly volatility in both revenue and earnings growth.
Short-term fluctuations in defense spending or delays in program-of-record milestones may cause temporary revenue stagnation, which the market might misinterpret as a loss of competitive positioning. A cautious analyst would monitor the book-to-bill ratio closely to ensure that the current pipeline remains sufficient to offset the inherent risks of a concentrated, project-based revenue model.
Quick answers to the most common questions about buying MPTI stock.
For fiscal year 2025, M-tron Industries, Inc. (MPTI) reported total revenue of $54.4M. This represents a 81.5% increase compared to $30.0M in 2020.
M-tron Industries, Inc. (MPTI) is profitable, generating $8.4M in net income for the fiscal year ending 2025 with a net profit margin of 15.5%.
M-tron Industries, Inc. (MPTI) reported an operating income of $10.3M, resulting in an operating profit margin of 18.9%. This margin reflects the operational efficiency of the business before interest and taxes.
M-tron Industries, Inc. (MPTI) generated $24.1M in gross profit for the year, representing a gross profit margin of 44.4%. This demonstrates the company's core pricing power and production efficiency.