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Side-by-side financial comparison of IHS Holding Ltd (IHS) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
IHS Holding Ltd is the larger business by last-quarter revenue ($254.0M vs $134.3M, roughly 1.9× Mayville Engineering Company, Inc.). On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs 0.1%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $10.2M). Over the past eight quarters, Mayville Engineering Company, Inc.'s revenue compounded faster (-8.8% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $134.3M |
| Net Profit | — | $-4.4M |
| Gross Margin | 83.6% | 6.8% |
| Operating Margin | — | -4.1% |
| Net Margin | — | -3.2% |
| Revenue YoY | 0.1% | 10.7% |
| Net Profit YoY | — | -127.3% |
| EPS (diluted) | — | $-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 | $254.0M | $134.3M | ||
| Q3 25 | $455.1M | $144.3M | ||
| Q2 25 | $433.3M | $132.3M | ||
| Q1 25 | $439.6M | $135.6M | ||
| Q4 24 | $253.8M | $121.3M | ||
| Q3 24 | $420.3M | $135.4M | ||
| Q2 24 | $435.4M | $163.6M | ||
| Q1 24 | $417.7M | $161.3M |
| Q4 25 | — | $-4.4M | ||
| Q3 25 | $147.4M | $-2.7M | ||
| Q2 25 | $32.3M | $-1.1M | ||
| Q1 25 | $30.7M | $20.0K | ||
| Q4 24 | — | $16.0M | ||
| Q3 24 | $-205.7M | $3.0M | ||
| Q2 24 | $-124.3M | $3.8M | ||
| Q1 24 | $-1.6B | $3.2M |
| Q4 25 | 83.6% | 6.8% | ||
| Q3 25 | 47.5% | 11.0% | ||
| Q2 25 | 51.3% | 10.3% | ||
| Q1 25 | 51.4% | 11.3% | ||
| Q4 24 | 72.1% | 8.9% | ||
| Q3 24 | 52.0% | 12.6% | ||
| Q2 24 | 52.5% | 13.6% | ||
| Q1 24 | 39.1% | 13.0% |
| Q4 25 | — | -4.1% | ||
| Q3 25 | 35.1% | 0.0% | ||
| Q2 25 | 33.8% | 0.1% | ||
| Q1 25 | 37.1% | 1.2% | ||
| Q4 24 | — | 19.0% | ||
| Q3 24 | 29.9% | 4.2% | ||
| Q2 24 | 34.0% | 5.0% | ||
| Q1 24 | -1.7% | 4.7% |
| Q4 25 | — | -3.2% | ||
| Q3 25 | 32.4% | -1.9% | ||
| Q2 25 | 7.5% | -0.8% | ||
| Q1 25 | 7.0% | 0.0% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | -48.9% | 2.2% | ||
| Q2 24 | -28.5% | 2.3% | ||
| Q1 24 | -372.8% | 2.0% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | $0.44 | $-0.13 | ||
| Q2 25 | $0.10 | $-0.05 | ||
| Q1 25 | $0.10 | $0.00 | ||
| Q4 24 | — | $0.76 | ||
| Q3 24 | $-0.61 | $0.14 | ||
| Q2 24 | $-0.36 | $0.18 | ||
| Q1 24 | $-4.67 | $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 | $825.7M | $1.5M |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $240.7M |
| Total Assets | $4.5B | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $1.5M | ||
| Q3 25 | $647.6M | $1.2M | ||
| Q2 25 | $531.8M | $206.0K | ||
| Q1 25 | $629.0M | $183.0K | ||
| Q4 24 | $578.0M | $206.0K | ||
| Q3 24 | $397.5M | $178.0K | ||
| Q2 24 | $445.7M | $314.0K | ||
| Q1 24 | $333.2M | $314.0K |
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $-89.8M | $240.7M | ||
| Q3 25 | $38.1M | $244.8M | ||
| Q2 25 | $-98.4M | $246.8M | ||
| Q1 25 | $-184.4M | $250.0M | ||
| Q4 24 | $-314.4M | $251.8M | ||
| Q3 24 | $-284.7M | $238.4M | ||
| Q2 24 | $-308.3M | $238.1M | ||
| Q1 24 | $-163.2M | $234.0M |
| Q4 25 | $4.5B | $563.6M | ||
| Q3 25 | $4.7B | $585.6M | ||
| Q2 25 | $4.5B | $433.7M | ||
| Q1 25 | $4.4B | $447.7M | ||
| Q4 24 | $4.2B | $445.6M | ||
| Q3 24 | $4.6B | $466.0M | ||
| Q2 24 | $4.5B | $488.2M | ||
| Q1 24 | $4.6B | $499.9M |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $246.9M | $13.4M |
| Free Cash FlowOCF − Capex | $178.6M | $10.2M |
| FCF MarginFCF / Revenue | 70.3% | 7.6% |
| Capex IntensityCapex / Revenue | 26.9% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $13.4M | ||
| Q3 25 | $251.3M | $1.9M | ||
| Q2 25 | $237.7M | $15.0M | ||
| Q1 25 | $200.3M | $8.3M | ||
| Q4 24 | $344.4M | $38.0M | ||
| Q3 24 | $174.5M | $17.9M | ||
| Q2 24 | $134.7M | $23.3M | ||
| Q1 24 | $75.8M | $10.6M |
| Q4 25 | $178.6M | $10.2M | ||
| Q3 25 | $189.2M | $-1.1M | ||
| Q2 25 | $197.7M | $12.5M | ||
| Q1 25 | $153.2M | $5.4M | ||
| Q4 24 | $282.9M | $35.6M | ||
| Q3 24 | $122.3M | $15.1M | ||
| Q2 24 | $74.2M | $19.2M | ||
| Q1 24 | $14.8M | $7.8M |
| Q4 25 | 70.3% | 7.6% | ||
| Q3 25 | 41.6% | -0.8% | ||
| Q2 25 | 45.6% | 9.5% | ||
| Q1 25 | 34.8% | 4.0% | ||
| Q4 24 | 111.5% | 29.4% | ||
| Q3 24 | 29.1% | 11.1% | ||
| Q2 24 | 17.0% | 11.7% | ||
| Q1 24 | 3.5% | 4.9% |
| Q4 25 | 26.9% | 2.4% | ||
| Q3 25 | 13.6% | 2.1% | ||
| Q2 25 | 9.2% | 1.8% | ||
| Q1 25 | 10.7% | 2.2% | ||
| Q4 24 | 24.2% | 1.9% | ||
| Q3 24 | 12.4% | 2.1% | ||
| Q2 24 | 13.9% | 2.5% | ||
| Q1 24 | 14.6% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 7.36× | — | ||
| Q1 25 | 6.52× | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 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
IHS
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% |
