Mayville Engineering Company Inc
NYSE:MEC
Mayville Engineering Company Inc
Mayville Engineering Co., Inc. engages in the manufacture of metal components. The company is headquartered in Mayville, Wisconsin and currently employs 2,200 full-time employees. The company went IPO on 2019-05-09. The firm focuses on producing metal components that are used in a range of heavy- and medium-duty commercial vehicles, construction, and access equipment, powersports, agricultural, military, and other products. The company operates in diverse end markets, including heavy- and medium-duty commercial vehicles, construction & access equipment, powersports, agriculture, military and other end markets. The firm's capabilities include metal fabrication, metal stamping, tube bending and forming, robotic part forming, robotic welding, resistance welding, five-axis tube and fiber laser cutting and custom coatings, including high heat and chemical agent resistant coating (CARC) painting, are used in a variety of application. The firm is a supplier of engineered components to original equipment manufacturer (OEM) customers.
Mayville Engineering Co., Inc. engages in the manufacture of metal components. The company is headquartered in Mayville, Wisconsin and currently employs 2,200 full-time employees. The company went IPO on 2019-05-09. The firm focuses on producing metal components that are used in a range of heavy- and medium-duty commercial vehicles, construction, and access equipment, powersports, agricultural, military, and other products. The company operates in diverse end markets, including heavy- and medium-duty commercial vehicles, construction & access equipment, powersports, agriculture, military and other end markets. The firm's capabilities include metal fabrication, metal stamping, tube bending and forming, robotic part forming, robotic welding, resistance welding, five-axis tube and fiber laser cutting and custom coatings, including high heat and chemical agent resistant coating (CARC) painting, are used in a variety of application. The firm is a supplier of engineered components to original equipment manufacturer (OEM) customers.
Revenue Growth: Q3 sales increased 6.6% year-over-year to $144.3 million, driven by the Accu-Fab acquisition, despite organic sales declining 9.1%.
Guidance Reaffirmed: Full-year 2025 guidance for sales ($528–$562 million), adjusted EBITDA ($49–$55 million), and free cash flow ($25–$31 million) was reaffirmed.
Accu-Fab Integration: Integration is progressing ahead of expectations, with $100 million+ in pipeline opportunities and $30 million in new project awards secured in Q3.
Margin Pressure: Manufacturing margin declined to 11% (from 12.6%) due to one-time costs and lower demand in legacy markets, with additional pressure expected near-term.
End Market Divergence: Commercial vehicle and agriculture sales declined sharply, while Construction & Access and powersports saw growth, aided by Accu-Fab.
Debt & Leverage: Net debt rose to $214.9 million, with a leverage ratio of 3.5x; management prioritizes debt reduction and expects leverage below 3x by end of 2026.
High-Growth Opportunity: Data center and critical power are expected to reach 20–25% of total revenue in coming years, with gross margins 10 percentage points higher than legacy averages.
