Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 2026
Mayville Engineering Company, Inc. (MEC)
A forensic read on Mayville Engineering Company, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.7
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-6.8%
ROE
$758M
Market cap
Mayville Engineering Company, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.7, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
38d DSOReceivables vs revenue.Days sales outstanding moved from 31 to 38 days FY2024→FY2025 (receivables +16% vs revenue -6%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-1%Return on invested capital.Return on invested capital is -1% and slipping from 6% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
-0.3%/yrShare-count dilution.Diluted share count changed -1% over the last 3 years to FY2025 (-0.3%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin-1.5%
Debt / Equity0.03x
Free Cash Flow$26.9M
Latest Revenue$546.5M
Return on Equity-3.4%
Revenue Growth YoY-6.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Mayville Engineering Company, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MEC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown