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Side-by-side financial comparison of iQSTEL Inc (IQST) 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 $84.2M, roughly 1.6× iQSTEL Inc). iQSTEL Inc runs the higher net margin — -3.2% vs -3.2%, a 0.1% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -14.9%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-1.2M). Over the past eight quarters, iQSTEL Inc's revenue compounded faster (28.0% CAGR vs -8.8%).
iQSTEL Inc is a technology holding company operating three core segments: telecommunications, Internet of Things (IoT), and fintech. It offers connectivity services, smart IoT monitoring solutions, and digital financial tools, mainly serving small and medium-sized enterprises and retail customers in North and South American markets.
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.
IQST vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $84.2M | $134.3M |
| Net Profit | $-2.7M | $-4.4M |
| Gross Margin | 3.5% | 6.8% |
| Operating Margin | -2.9% | -4.1% |
| Net Margin | -3.2% | -3.2% |
| Revenue YoY | -14.9% | 10.7% |
| Net Profit YoY | -44.5% | -127.3% |
| EPS (diluted) | $-0.92 | $-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 | $84.2M | $134.3M | ||
| Q3 25 | $102.9M | $144.3M | ||
| Q2 25 | $72.2M | $132.3M | ||
| Q1 25 | $57.6M | $135.6M | ||
| Q4 24 | $98.9M | $121.3M | ||
| Q3 24 | $54.2M | $135.4M | ||
| Q2 24 | $78.6M | $163.6M | ||
| Q1 24 | $51.4M | $161.3M |
| Q4 25 | $-2.7M | $-4.4M | ||
| Q3 25 | $-2.3M | $-2.7M | ||
| Q2 25 | $-2.3M | $-1.1M | ||
| Q1 25 | $-1.1M | $20.0K | ||
| Q4 24 | $-1.9M | $16.0M | ||
| Q3 24 | $-773.0K | $3.0M | ||
| Q2 24 | $-2.0M | $3.8M | ||
| Q1 24 | $-580.2K | $3.2M |
| Q4 25 | 3.5% | 6.8% | ||
| Q3 25 | 2.7% | 11.0% | ||
| Q2 25 | 2.6% | 10.3% | ||
| Q1 25 | 3.4% | 11.3% | ||
| Q4 24 | 2.7% | 8.9% | ||
| Q3 24 | 3.7% | 12.6% | ||
| Q2 24 | 2.8% | 13.6% | ||
| Q1 24 | 2.7% | 13.0% |
| Q4 25 | -2.9% | -4.1% | ||
| Q3 25 | -0.5% | 0.0% | ||
| Q2 25 | -0.9% | 0.1% | ||
| Q1 25 | -1.0% | 1.2% | ||
| Q4 24 | -0.3% | 19.0% | ||
| Q3 24 | -0.1% | 4.2% | ||
| Q2 24 | -0.4% | 5.0% | ||
| Q1 24 | -0.4% | 4.7% |
| Q4 25 | -3.2% | -3.2% | ||
| Q3 25 | -2.3% | -1.9% | ||
| Q2 25 | -3.3% | -0.8% | ||
| Q1 25 | -2.0% | 0.0% | ||
| Q4 24 | -1.9% | 13.2% | ||
| Q3 24 | -1.4% | 2.2% | ||
| Q2 24 | -2.5% | 2.3% | ||
| Q1 24 | -1.1% | 2.0% |
| Q4 25 | $-0.92 | $-0.22 | ||
| Q3 25 | $-0.68 | $-0.13 | ||
| Q2 25 | $-0.82 | $-0.05 | ||
| Q1 25 | $-0.44 | $0.00 | ||
| Q4 24 | $-1.19 | $0.76 | ||
| Q3 24 | $-0.40 | $0.14 | ||
| Q2 24 | $-0.90 | $0.18 | ||
| Q1 24 | $-0.37 | $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 | $2.2M | $1.5M |
| Total DebtLower is stronger | $4.1M | — |
| Stockholders' EquityBook value | $16.3M | $240.7M |
| Total Assets | $51.1M | $563.6M |
| Debt / EquityLower = less leverage | 0.25× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.2M | $1.5M | ||
| Q3 25 | $2.3M | $1.2M | ||
| Q2 25 | $2.0M | $206.0K | ||
| Q1 25 | $1.1M | $183.0K | ||
| Q4 24 | $2.5M | $206.0K | ||
| Q3 24 | $2.1M | $178.0K | ||
| Q2 24 | $797.2K | $314.0K | ||
| Q1 24 | $2.7M | $314.0K |
| Q4 25 | $4.1M | — | ||
| Q3 25 | $2.7M | — | ||
| Q2 25 | $4.5M | — | ||
| Q1 25 | $3.5M | — | ||
| Q4 24 | $2.5M | — | ||
| Q3 24 | $3.2M | — | ||
| Q2 24 | $2.5M | — | ||
| Q1 24 | $194.0K | — |
| Q4 25 | $16.3M | $240.7M | ||
| Q3 25 | $17.9M | $244.8M | ||
| Q2 25 | $14.3M | $246.8M | ||
| Q1 25 | $11.6M | $250.0M | ||
| Q4 24 | $11.9M | $251.8M | ||
| Q3 24 | $8.1M | $238.4M | ||
| Q2 24 | $7.6M | $238.1M | ||
| Q1 24 | $8.4M | $234.0M |
| Q4 25 | $51.1M | $563.6M | ||
| Q3 25 | $46.9M | $585.6M | ||
| Q2 25 | $51.4M | $433.7M | ||
| Q1 25 | $42.0M | $447.7M | ||
| Q4 24 | $79.0M | $445.6M | ||
| Q3 24 | $32.4M | $466.0M | ||
| Q2 24 | $30.0M | $488.2M | ||
| Q1 24 | $22.1M | $499.9M |
| Q4 25 | 0.25× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.31× | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.02× | — |
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 | $-1.2M | $13.4M |
| Free Cash FlowOCF − Capex | $-1.2M | $10.2M |
| FCF MarginFCF / Revenue | -1.5% | 7.6% |
| Capex IntensityCapex / Revenue | 0.0% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-4.0M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2M | $13.4M | ||
| Q3 25 | $-953.0K | $1.9M | ||
| Q2 25 | $257.7K | $15.0M | ||
| Q1 25 | $-1.9M | $8.3M | ||
| Q4 24 | $-403.7K | $38.0M | ||
| Q3 24 | $625.0K | $17.9M | ||
| Q2 24 | $-2.6M | $23.3M | ||
| Q1 24 | $-536.9K | $10.6M |
| Q4 25 | $-1.2M | $10.2M | ||
| Q3 25 | $-969.2K | $-1.1M | ||
| Q2 25 | $211.7K | $12.5M | ||
| Q1 25 | $-2.0M | $5.4M | ||
| Q4 24 | $-421.3K | $35.6M | ||
| Q3 24 | $594.5K | $15.1M | ||
| Q2 24 | $-2.6M | $19.2M | ||
| Q1 24 | $-608.5K | $7.8M |
| Q4 25 | -1.5% | 7.6% | ||
| Q3 25 | -0.9% | -0.8% | ||
| Q2 25 | 0.3% | 9.5% | ||
| Q1 25 | -3.4% | 4.0% | ||
| Q4 24 | -0.4% | 29.4% | ||
| Q3 24 | 1.1% | 11.1% | ||
| Q2 24 | -3.4% | 11.7% | ||
| Q1 24 | -1.2% | 4.9% |
| Q4 25 | 0.0% | 2.4% | ||
| Q3 25 | 0.0% | 2.1% | ||
| Q2 25 | 0.1% | 1.8% | ||
| Q1 25 | 0.1% | 2.2% | ||
| Q4 24 | 0.0% | 1.9% | ||
| Q3 24 | 0.1% | 2.1% | ||
| Q2 24 | 0.0% | 2.5% | ||
| Q1 24 | 0.1% | 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
IQST
| USA | $53.2M | 63% |
| Other | $29.9M | 35% |
| Switzerland | $1.1M | 1% |
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% |
