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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and Ramaco Resources, Inc. (METC). 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 $121.0M, roughly 1.1× Ramaco Resources, Inc.). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -11.0%, a 7.8% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -27.7%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-17.5M). Over the past eight quarters, Mayville Engineering Company, Inc.'s revenue compounded faster (-8.8% CAGR vs -22.7%).
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.
Ramaco Resources, Inc. is a U.S.-based mining company focused on high-grade metallurgical coal production. It operates mining assets across the Appalachian region, supplying products to global steel manufacturing and industrial clients, with core operations centered on sustainable low-cost metallurgical coal extraction and distribution.
MEC vs METC — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $121.0M |
| Net Profit | $-4.4M | $-13.3M |
| Gross Margin | 6.8% | 15.8% |
| Operating Margin | -4.1% | -12.0% |
| Net Margin | -3.2% | -11.0% |
| Revenue YoY | 10.7% | -27.7% |
| Net Profit YoY | -127.3% | -5468.2% |
| 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 | $134.3M | — | ||
| Q3 25 | $144.3M | $121.0M | ||
| Q2 25 | $132.3M | $153.0M | ||
| Q1 25 | $135.6M | $134.7M | ||
| Q4 24 | $121.3M | $170.9M | ||
| Q3 24 | $135.4M | $167.4M | ||
| Q2 24 | $163.6M | $155.3M | ||
| Q1 24 | $161.3M | $172.7M |
| Q4 25 | $-4.4M | — | ||
| Q3 25 | $-2.7M | $-13.3M | ||
| Q2 25 | $-1.1M | $-14.0M | ||
| Q1 25 | $20.0K | $-9.5M | ||
| Q4 24 | $16.0M | $3.9M | ||
| Q3 24 | $3.0M | $-239.0K | ||
| Q2 24 | $3.8M | $5.5M | ||
| Q1 24 | $3.2M | $2.0M |
| Q4 25 | 6.8% | — | ||
| Q3 25 | 11.0% | 15.8% | ||
| Q2 25 | 10.3% | 12.3% | ||
| Q1 25 | 11.3% | 15.2% | ||
| Q4 24 | 8.9% | 20.4% | ||
| Q3 24 | 12.6% | 19.5% | ||
| Q2 24 | 13.6% | 21.0% | ||
| Q1 24 | 13.0% | 19.1% |
| Q4 25 | -4.1% | — | ||
| Q3 25 | 0.0% | -12.0% | ||
| Q2 25 | 0.1% | -9.1% | ||
| Q1 25 | 1.2% | -8.9% | ||
| Q4 24 | 19.0% | 3.7% | ||
| Q3 24 | 4.2% | 1.0% | ||
| Q2 24 | 5.0% | 3.5% | ||
| Q1 24 | 4.7% | 1.9% |
| Q4 25 | -3.2% | — | ||
| Q3 25 | -1.9% | -11.0% | ||
| Q2 25 | -0.8% | -9.1% | ||
| Q1 25 | 0.0% | -7.0% | ||
| Q4 24 | 13.2% | 2.3% | ||
| Q3 24 | 2.2% | -0.1% | ||
| Q2 24 | 2.3% | 3.6% | ||
| Q1 24 | 2.0% | 1.2% |
| Q4 25 | $-0.22 | — | ||
| Q3 25 | $-0.13 | — | ||
| Q2 25 | $-0.05 | — | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $0.76 | $0.06 | ||
| Q3 24 | $0.14 | $-0.03 | ||
| Q2 24 | $0.18 | $0.08 | ||
| Q1 24 | $0.16 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5M | $193.8M |
| Total DebtLower is stronger | — | $116.3M |
| Stockholders' EquityBook value | $240.7M | $526.9M |
| Total Assets | $563.6M | $849.7M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $1.2M | $193.8M | ||
| Q2 25 | $206.0K | $28.1M | ||
| Q1 25 | $183.0K | $43.5M | ||
| Q4 24 | $206.0K | $33.0M | ||
| Q3 24 | $178.0K | $22.9M | ||
| Q2 24 | $314.0K | $27.6M | ||
| Q1 24 | $314.0K | $30.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $240.7M | — | ||
| Q3 25 | $244.8M | $526.9M | ||
| Q2 25 | $246.8M | $347.4M | ||
| Q1 25 | $250.0M | $355.2M | ||
| Q4 24 | $251.8M | $362.8M | ||
| Q3 24 | $238.4M | $361.8M | ||
| Q2 24 | $238.1M | $366.1M | ||
| Q1 24 | $234.0M | $372.3M |
| Q4 25 | $563.6M | — | ||
| Q3 25 | $585.6M | $849.7M | ||
| Q2 25 | $433.7M | $674.6M | ||
| Q1 25 | $447.7M | $685.7M | ||
| Q4 24 | $445.6M | $674.7M | ||
| Q3 24 | $466.0M | $645.4M | ||
| Q2 24 | $488.2M | $659.2M | ||
| Q1 24 | $499.9M | $674.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| 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 | $13.4M | $-1.4M |
| Free Cash FlowOCF − Capex | $10.2M | $-17.5M |
| FCF MarginFCF / Revenue | 7.6% | -14.5% |
| Capex IntensityCapex / Revenue | 2.4% | 13.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | — | ||
| Q3 25 | $1.9M | $-1.4M | ||
| Q2 25 | $15.0M | $-4.3M | ||
| Q1 25 | $8.3M | $26.0M | ||
| Q4 24 | $38.0M | $15.7M | ||
| Q3 24 | $17.9M | $37.4M | ||
| Q2 24 | $23.3M | $34.4M | ||
| Q1 24 | $10.6M | $25.2M |
| Q4 25 | $10.2M | — | ||
| Q3 25 | $-1.1M | $-17.5M | ||
| Q2 25 | $12.5M | $-19.8M | ||
| Q1 25 | $5.4M | $7.6M | ||
| Q4 24 | $35.6M | $5.1M | ||
| Q3 24 | $15.1M | $25.6M | ||
| Q2 24 | $19.2M | $20.3M | ||
| Q1 24 | $7.8M | $6.5M |
| Q4 25 | 7.6% | — | ||
| Q3 25 | -0.8% | -14.5% | ||
| Q2 25 | 9.5% | -13.0% | ||
| Q1 25 | 4.0% | 5.6% | ||
| Q4 24 | 29.4% | 3.0% | ||
| Q3 24 | 11.1% | 15.3% | ||
| Q2 24 | 11.7% | 13.1% | ||
| Q1 24 | 4.9% | 3.7% |
| Q4 25 | 2.4% | — | ||
| Q3 25 | 2.1% | 13.3% | ||
| Q2 25 | 1.8% | 10.2% | ||
| Q1 25 | 2.2% | 13.7% | ||
| Q4 24 | 1.9% | 6.2% | ||
| Q3 24 | 2.1% | 7.0% | ||
| Q2 24 | 2.5% | 9.1% | ||
| Q1 24 | 1.7% | 10.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 416.65× | — | ||
| Q4 24 | 2.38× | 4.06× | ||
| Q3 24 | 6.03× | — | ||
| Q2 24 | 6.15× | 6.21× | ||
| Q1 24 | 3.28× | 12.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
