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Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 9, 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.

C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.7
Distress distance
Clean
Earnings quality
1
Forensic signals
-3.3%
ROE
-6.0%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Mayville Engineering Company, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.7, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-0.7%
FY2025
Return on invested capital. Return on invested capital is -0.7% in the latest fiscal year, against 4.2% in FY2023, having run between -0.7% and 8.6% across FY2023–FY2025 with no direction held. After-tax operating profit was $18M in FY2023 and ($3M) in FY2025, with operating income at 3.4% of revenue in FY2023, 7.7% in FY2024 and -0.7% in FY2025. The capital base behind it went from $424M in FY2023 to $434M in FY2025 (+2%), while the revenue it carried went from $588M to $546M. Across FY2024–FY2025, $164M went into capital expenditure and acquisitions against $62M of depreciation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference.

Key fundamentals

Latest Revenue$546.5M
Revenue Growth YoY-6.0%
Revenue CAGR (2yr)-3.6%
Net Margin-1.5%
Free Cash Flow$26.9M
Return on Equity-3.3%

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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