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Side-by-side financial comparison of Inogen Inc (INGN) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $68.6M, roughly 2.0× Inogen Inc). On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs 3.4%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-1.9M). Over the past eight quarters, Inogen Inc's revenue compounded faster (4.2% CAGR vs -8.8%).
Inogen Inc is a medical technology firm specializing in the development, production and distribution of portable oxygen concentrators and associated respiratory care products. It caters primarily to patients with chronic respiratory conditions needing long-term oxygen therapy across North America, Europe and other global markets, focusing on home care and ambulatory patient segments to enhance users' quality of life.
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.
INGN vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $68.6M | $134.3M |
| Net Profit | — | $-4.4M |
| Gross Margin | 51.4% | 6.8% |
| Operating Margin | -13.6% | -4.1% |
| Net Margin | — | -3.2% |
| Revenue YoY | 3.4% | 10.7% |
| Net Profit YoY | — | -127.3% |
| EPS (diluted) | $-0.26 | $-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 | $68.6M | $134.3M | ||
| Q3 25 | $79.1M | $144.3M | ||
| Q2 25 | $79.2M | $132.3M | ||
| Q1 25 | $68.5M | $135.6M | ||
| Q4 24 | $66.3M | $121.3M | ||
| Q3 24 | $74.9M | $135.4M | ||
| Q2 24 | $74.4M | $163.6M | ||
| Q1 24 | $63.1M | $161.3M |
| Q4 25 | — | $-4.4M | ||
| Q3 25 | $-5.3M | $-2.7M | ||
| Q2 25 | $-4.2M | $-1.1M | ||
| Q1 25 | $-6.2M | $20.0K | ||
| Q4 24 | — | $16.0M | ||
| Q3 24 | $-6.0M | $3.0M | ||
| Q2 24 | $-5.6M | $3.8M | ||
| Q1 24 | $-14.6M | $3.2M |
| Q4 25 | 51.4% | 6.8% | ||
| Q3 25 | 52.2% | 11.0% | ||
| Q2 25 | 52.2% | 10.3% | ||
| Q1 25 | 53.1% | 11.3% | ||
| Q4 24 | 54.7% | 8.9% | ||
| Q3 24 | 55.2% | 12.6% | ||
| Q2 24 | 57.4% | 13.6% | ||
| Q1 24 | 54.5% | 13.0% |
| Q4 25 | -13.6% | -4.1% | ||
| Q3 25 | -9.0% | 0.0% | ||
| Q2 25 | -7.7% | 0.1% | ||
| Q1 25 | -11.2% | 1.2% | ||
| Q4 24 | -17.2% | 19.0% | ||
| Q3 24 | -10.4% | 4.2% | ||
| Q2 24 | -9.5% | 5.0% | ||
| Q1 24 | -25.8% | 4.7% |
| Q4 25 | — | -3.2% | ||
| Q3 25 | -6.7% | -1.9% | ||
| Q2 25 | -5.2% | -0.8% | ||
| Q1 25 | -9.0% | 0.0% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | -8.0% | 2.2% | ||
| Q2 24 | -7.5% | 2.3% | ||
| Q1 24 | -23.1% | 2.0% |
| Q4 25 | $-0.26 | $-0.22 | ||
| Q3 25 | $-0.20 | $-0.13 | ||
| Q2 25 | $-0.15 | $-0.05 | ||
| Q1 25 | $-0.25 | $0.00 | ||
| Q4 24 | $-0.41 | $0.76 | ||
| Q3 24 | $-0.25 | $0.14 | ||
| Q2 24 | $-0.24 | $0.18 | ||
| Q1 24 | $-0.62 | $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 | $103.7M | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $192.2M | $240.7M |
| Total Assets | $298.6M | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.7M | $1.5M | ||
| Q3 25 | $106.5M | $1.2M | ||
| Q2 25 | $103.7M | $206.0K | ||
| Q1 25 | $118.9M | $183.0K | ||
| Q4 24 | $113.8M | $206.0K | ||
| Q3 24 | $105.7M | $178.0K | ||
| Q2 24 | $97.9M | $314.0K | ||
| Q1 24 | $107.4M | $314.0K |
| Q4 25 | $192.2M | $240.7M | ||
| Q3 25 | $197.2M | $244.8M | ||
| Q2 25 | $199.5M | $246.8M | ||
| Q1 25 | $198.0M | $250.0M | ||
| Q4 24 | $173.9M | $251.8M | ||
| Q3 24 | $185.4M | $238.4M | ||
| Q2 24 | $187.6M | $238.1M | ||
| Q1 24 | $191.9M | $234.0M |
| Q4 25 | $298.6M | $563.6M | ||
| Q3 25 | $307.0M | $585.6M | ||
| Q2 25 | $312.0M | $433.7M | ||
| Q1 25 | $308.4M | $447.7M | ||
| Q4 24 | $296.2M | $445.6M | ||
| Q3 24 | $306.2M | $466.0M | ||
| Q2 24 | $308.9M | $488.2M | ||
| Q1 24 | $315.6M | $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 | $-943.0K | $13.4M |
| Free Cash FlowOCF − Capex | $-1.9M | $10.2M |
| FCF MarginFCF / Revenue | -2.8% | 7.6% |
| Capex IntensityCapex / Revenue | 1.4% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-13.7M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-943.0K | $13.4M | ||
| Q3 25 | $2.2M | $1.9M | ||
| Q2 25 | $4.3M | $15.0M | ||
| Q1 25 | $-16.8M | $8.3M | ||
| Q4 24 | $-3.0M | $38.0M | ||
| Q3 24 | $7.0M | $17.9M | ||
| Q2 24 | $6.7M | $23.3M | ||
| Q1 24 | $-4.7M | $10.6M |
| Q4 25 | $-1.9M | $10.2M | ||
| Q3 25 | $1.6M | $-1.1M | ||
| Q2 25 | $3.7M | $12.5M | ||
| Q1 25 | $-17.1M | $5.4M | ||
| Q4 24 | $-3.3M | $35.6M | ||
| Q3 24 | $5.3M | $15.1M | ||
| Q2 24 | $6.6M | $19.2M | ||
| Q1 24 | $-6.1M | $7.8M |
| Q4 25 | -2.8% | 7.6% | ||
| Q3 25 | 2.0% | -0.8% | ||
| Q2 25 | 4.6% | 9.5% | ||
| Q1 25 | -24.9% | 4.0% | ||
| Q4 24 | -5.0% | 29.4% | ||
| Q3 24 | 7.1% | 11.1% | ||
| Q2 24 | 8.9% | 11.7% | ||
| Q1 24 | -9.6% | 4.9% |
| Q4 25 | 1.4% | 2.4% | ||
| Q3 25 | 0.7% | 2.1% | ||
| Q2 25 | 0.9% | 1.8% | ||
| Q1 25 | 0.4% | 2.2% | ||
| Q4 24 | 0.5% | 1.9% | ||
| Q3 24 | 2.2% | 2.1% | ||
| Q2 24 | 0.1% | 2.5% | ||
| Q1 24 | 2.1% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 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
INGN
| Other | $36.1M | 53% |
| Non Us | $32.5M | 47% |
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% |
