Mayville Engineering Company, Inc. (MEC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-39.5%

$9.52

vs $15.73 price

Levered DCF

$17.65

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.03

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-46.8×	12.48×	37.95×	13.76×	-40.3×	-37.28×	-34.74×	18.1×
P/B	1.59×	1.29×	1.28×	1.19×	1.53×	1.33×	0.81×	3.15×
P/S	0.7×	0.56×	0.5×	0.48×	0.67×	0.75×	0.31×	0.91×
EV / EBITDA	10.88×	5.28×	8.63×	6.66×	15.24×	12.3×	7.75×	11.65×
Gross margin	9.9%	12.2%	11.8%	11.3%	11.3%	8.8%	11.3%	14.3%
Operating margin	-0.7%	7.7%	3.4%	4.8%	-1.6%	-1.8%	-0.4%	6.3%
Net margin	-1.5%	4.5%	1.3%	3.5%	-1.6%	-2.0%	-0.9%	5.1%
Current ratio	1.72×	1.75×	1.88×	1.38×	1.71×	1.69×	1.88×	1.36×
Debt / equity	0.11×	0.44×	0.79×	0.5×	0.34×	0.24×	0.38×	1.77×
Interest coverage	-0.38×	4.05×	1.82×	7.63×	-3.69×	-2.44×	-0.29×	5.72×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.4%	10.3%	3.4%	8.6%	-3.8%	-3.5%	-2.4%	17.4%
Return on invested capital	-0.5%	8.9%	4.1%	6.3%	-1.9%	-1.8%	-0.3%	7.0%
Return on assets	-1.4%	5.8%	1.6%	4.3%	-2.0%	-2.1%	-1.3%	4.6%
Free cash flow yield	7.0%	24.0%	8.1%	-2.4%	-8.2%	10.8%	4.6%	5.8%
Earnings yield	-2.1%	8.0%	2.7%	7.3%	-2.4%	-2.7%	-2.9%	5.5%
Enterprise value	$407.3M	$433.8M	$474.9M	$367.1M	$371.7M	$314.9M	$239.5M	$503.2M
Net debt / EBITDA	0.64×	1.34×	3.28×	1.98×	2.77×	1.87×	2.46×	4.14×
Cash conversion cycle (days)	44	42	51	53	63	52	39	63