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Side-by-side financial comparison of DESCARTES SYSTEMS GROUP INC (DSGX) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
DESCARTES SYSTEMS GROUP INC is the larger business by last-quarter revenue ($179.8M vs $134.3M, roughly 1.3× Mayville Engineering Company, Inc.). DESCARTES SYSTEMS GROUP INC runs the higher net margin — 21.1% vs -3.2%, a 24.4% gap on every dollar of revenue. DESCARTES SYSTEMS GROUP INC produced more free cash flow last quarter ($62.1M vs $10.2M).
The Descartes Systems Group Inc. is a Canadian multinational technology company specializing in logistics software, supply chain management software, and cloud-based services for logistics businesses.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
DSGX vs MEC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.8M | $134.3M |
| Net Profit | $38.0M | $-4.4M |
| Gross Margin | 76.9% | 6.8% |
| Operating Margin | 26.8% | -4.1% |
| Net Margin | 21.1% | -3.2% |
| Revenue YoY | — | 10.7% |
| Net Profit YoY | — | -127.3% |
| EPS (diluted) | $0.43 | $-0.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $134.3M | ||
| Q3 25 | $179.8M | $144.3M | ||
| Q2 25 | — | $132.3M | ||
| Q1 25 | — | $135.6M | ||
| Q4 24 | — | $121.3M | ||
| Q3 24 | $163.4M | $135.4M | ||
| Q2 24 | — | $163.6M | ||
| Q1 24 | — | $161.3M |
| Q4 25 | — | $-4.4M | ||
| Q3 25 | $38.0M | $-2.7M | ||
| Q2 25 | — | $-1.1M | ||
| Q1 25 | — | $20.0K | ||
| Q4 24 | — | $16.0M | ||
| Q3 24 | $34.7M | $3.0M | ||
| Q2 24 | — | $3.8M | ||
| Q1 24 | — | $3.2M |
| Q4 25 | — | 6.8% | ||
| Q3 25 | 76.9% | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | 75.2% | 12.6% | ||
| Q2 24 | — | 13.6% | ||
| Q1 24 | — | 13.0% |
| Q4 25 | — | -4.1% | ||
| Q3 25 | 26.8% | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 19.0% | ||
| Q3 24 | 28.1% | 4.2% | ||
| Q2 24 | — | 5.0% | ||
| Q1 24 | — | 4.7% |
| Q4 25 | — | -3.2% | ||
| Q3 25 | 21.1% | -1.9% | ||
| Q2 25 | — | -0.8% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | 21.2% | 2.2% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | $0.43 | $-0.13 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $0.76 | ||
| Q3 24 | $0.40 | $0.14 | ||
| Q2 24 | — | $0.18 | ||
| Q1 24 | — | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $240.6M | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $240.7M |
| Total Assets | $1.8B | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.5M | ||
| Q3 25 | $240.6M | $1.2M | ||
| Q2 25 | — | $206.0K | ||
| Q1 25 | — | $183.0K | ||
| Q4 24 | — | $206.0K | ||
| Q3 24 | $252.7M | $178.0K | ||
| Q2 24 | — | $314.0K | ||
| Q1 24 | — | $314.0K |
| Q4 25 | — | $240.7M | ||
| Q3 25 | $1.5B | $244.8M | ||
| Q2 25 | — | $246.8M | ||
| Q1 25 | — | $250.0M | ||
| Q4 24 | — | $251.8M | ||
| Q3 24 | $1.3B | $238.4M | ||
| Q2 24 | — | $238.1M | ||
| Q1 24 | — | $234.0M |
| Q4 25 | — | $563.6M | ||
| Q3 25 | $1.8B | $585.6M | ||
| Q2 25 | — | $433.7M | ||
| Q1 25 | — | $447.7M | ||
| Q4 24 | — | $445.6M | ||
| Q3 24 | $1.6B | $466.0M | ||
| Q2 24 | — | $488.2M | ||
| Q1 24 | — | $499.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $63.3M | $13.4M |
| Free Cash FlowOCF − Capex | $62.1M | $10.2M |
| FCF MarginFCF / Revenue | 34.5% | 7.6% |
| Capex IntensityCapex / Revenue | 0.7% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $189.6M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $13.4M | ||
| Q3 25 | $63.3M | $1.9M | ||
| Q2 25 | — | $15.0M | ||
| Q1 25 | — | $8.3M | ||
| Q4 24 | — | $38.0M | ||
| Q3 24 | $34.7M | $17.9M | ||
| Q2 24 | — | $23.3M | ||
| Q1 24 | — | $10.6M |
| Q4 25 | — | $10.2M | ||
| Q3 25 | $62.1M | $-1.1M | ||
| Q2 25 | — | $12.5M | ||
| Q1 25 | — | $5.4M | ||
| Q4 24 | — | $35.6M | ||
| Q3 24 | $33.1M | $15.1M | ||
| Q2 24 | — | $19.2M | ||
| Q1 24 | — | $7.8M |
| Q4 25 | — | 7.6% | ||
| Q3 25 | 34.5% | -0.8% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 29.4% | ||
| Q3 24 | 20.2% | 11.1% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | — | 4.9% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | 0.7% | 2.1% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | 1.0% | 2.1% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | 1.67× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | 1.00× | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | — | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DSGX
Segment breakdown not available.
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
