Mayville Engineering Company, Inc. (MEC) intrinsic value & 10-year financials
Mayville Engineering Company, Inc. (MEC) has a Graham intrinsic value of $24.50 per share. At $13.90 on Oct 17, 2026, the stock trades 43% below that value. Over the last 9 fiscal years revenue grew 7.2% a year to $546.5M, with an average return on invested capital of 3.1%.
- Graham intrinsic value
- $24.50
- Share price (Oct 17, 2026)
- $13.90
- Price vs Graham value
- 43% below
- Market cap
- $284.6M
- Revenue (FY2025)
- $546.5M
- Revenue growth (9-yr CAGR)
- 7.2%
- ROIC (10-yr avg)
- 3.1%
- Free cash flow (FY2025)
- $26.9M
MEC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $546.5M | -$8.1M | -$0.40 | $26.9M | -0.7% | -0.8% |
| FY2024 | $581.6M | $26.0M | $1.24 | $77.7M | 7.7% | 12.9% |
| FY2023 | $588.4M | $7.8M | $0.38 | $23.8M | 3.4% | 7.0% |
| FY2022 | $539.4M | $18.7M | $0.91 | -$6.2M | 4.8% | 8.6% |
| FY2021 | $454.8M | -$7.5M | -$0.36 | -$24.9M | -1.6% | -2.9% |
| FY2020 | $357.6M | -$7.1M | -$0.36 | $28.7M | -1.8% | -2.5% |
| FY2019 | $519.7M | -$4.8M | -$0.27 | $7.6M | -0.4% | -0.5% |
| FY2018 | $354.5M | $17.9M | — | $18.8M | 6.3% | — |
| FY2017 | $313.3M | $5.2M | — | $19.5M | 3.0% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Mayville Engineering Company, Inc. has demonstrated mature, steady growth, with revenue compounding at 7.2% annually over the past decade.
Mayville Engineering Company, Inc. has historically struggled to out-earn its cost of capital, averaging just 3.1% ROIC.
Mayville Engineering Company, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Mayville Engineering Company, Inc. is modeled at 7.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $24.50 per share.