Mayville Engineering Company, Inc.

Largest U.S. metal fabricator, diversified and FCF-positive, but posting a small net loss in a cyclical destocking downturn.

Strengths

• Market-leading, diversified Tier-1 fabricator with blue-chip OEM relationships and $27M FCF (52nd pct)
• Solid operating-cash generation (OCF margin 47.8th pct) and pass-through commodity contracts

Risks

• Net loss for the year (net margin -1.5%, ROE -3.4%) with revenue down 6%
• Thin gross margin (9.9%, 9th pct) and customer destocking/short order lead-times
• Capacity utilization and demand tied to cyclical end markets and tariff pressure

Notable findings

• Net lossNet loss (net margin -1.5%)