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Mayville Engineering Company (MEC) investor relations material
Mayville Engineering Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net sales rose 6.6% year-over-year to $144.3 million in Q3 2025, driven by the Accu-Fab acquisition, while organic net sales declined 9.1% due to softness in legacy markets.
Adjusted EBITDA was $14.1 million (9.8% margin), down from $17.1 million (12.6% margin) year-over-year; adjusted diluted EPS fell to $0.10 from $0.27.
Free cash flow was negative at ($1.1) million, impacted by $3.5 million in nonrecurring costs and lower operating cash flow.
Data Center & Critical Power pipeline exceeds $100 million, with $30 million in new project awards and expected 2026 revenue synergies of $20–$30 million from Accu-Fab.
Net income swung to a loss of $2.7 million from a $3.0 million profit in Q3 2024, reflecting non-recurring costs and lower legacy demand.
Financial highlights
Q3 2025 net sales were $144.3 million, up from $135.4 million in Q3 2024; manufacturing margin was $15.9 million (11.0% of sales), down from $17.1 million (12.6%).
Adjusted EBITDA margin declined to 9.8% from 12.6% year-over-year.
Interest expense rose to $3.4 million due to higher borrowings for the Accu-Fab acquisition.
Free cash flow for Q3 was ($1.1) million, and net debt rose to $214.9 million from $114.1 million year-over-year.
Adjusted Net Income dropped to $2.0 million from $5.8 million year-over-year.
Outlook and guidance
Full-year 2025 guidance reaffirmed: net sales $528–$562 million, adjusted EBITDA $49–$55 million, free cash flow $25–$31 million.
Capital expenditures for 2025 projected at $13–$17 million, focused on automation and high-return projects.
2026 revenue synergies from Accu-Fab expected in the $20–$30 million range.
Net leverage ratio expected to reach 3x or lower by end of 2026, with a long-term target below 2.5x.
Q4 expected to reflect normal seasonality and continued softness in commercial vehicle; positive free cash flow anticipated.
Quantify 2026 revenue growth from Accu-Fab vs. legacy
FCF target and debt reduction strategy details
Capacity rebalancing: margin and utilization impact
Data center's 2026 EBITDA contribution
Reconcile CV forecast vs. OEM outlook
How data center ramp affects 2026 leverage target
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Next Mayville Engineering Company earnings date
Q4 20254 Mar, 2026
Next Mayville Engineering Company earnings date
Q4 20254 Mar, 2026
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Frequently asked questions
Mayville Engineering Company Inc. is a provider of custom metal fabrication and manufacturing services. The company specializes in offering a range of products and services, including metal stamping, machining, welding, and assembly for industrial, agricultural, and commercial applications. MEC serves industries such as construction, agriculture, and transportation, providing solutions tailored to meet specific customer needs. The company is headquartered in Mayville, Wisconsin, and its shares are listed on the NYSE.
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