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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and UNIVERSAL DISPLAY CORP \PA\ (OLED). Click either name above to swap in a different company.
UNIVERSAL DISPLAY CORP \PA\ is the larger business by last-quarter revenue ($142.2M vs $134.3M, roughly 1.1× Mayville Engineering Company, Inc.). UNIVERSAL DISPLAY CORP \PA\ runs the higher net margin — 25.2% vs -3.2%, a 28.5% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -14.5%). Over the past eight quarters, UNIVERSAL DISPLAY CORP \PA\'s revenue compounded faster (-5.3% CAGR vs -8.8%).
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.
Universal Display Corporation is a developer and manufacturer of organic light emitting diode (OLED) technologies and materials, and it is a provider of services to the display and lighting industries.
MEC vs OLED — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $142.2M |
| Net Profit | $-4.4M | $35.9M |
| Gross Margin | 6.8% | 74.6% |
| Operating Margin | -4.1% | 30.1% |
| Net Margin | -3.2% | 25.2% |
| Revenue YoY | 10.7% | -14.5% |
| Net Profit YoY | -127.3% | -44.3% |
| EPS (diluted) | $-0.22 | $0.76 |
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.
| Q1 26 | — | $142.2M | ||
| Q4 25 | $134.3M | $172.9M | ||
| Q3 25 | $144.3M | $139.6M | ||
| Q2 25 | $132.3M | $171.8M | ||
| Q1 25 | $135.6M | $166.3M | ||
| Q4 24 | $121.3M | $162.3M | ||
| Q3 24 | $135.4M | $161.6M | ||
| Q2 24 | $163.6M | $158.5M |
| Q1 26 | — | $35.9M | ||
| Q4 25 | $-4.4M | $66.3M | ||
| Q3 25 | $-2.7M | $44.0M | ||
| Q2 25 | $-1.1M | $67.3M | ||
| Q1 25 | $20.0K | $64.4M | ||
| Q4 24 | $16.0M | $46.0M | ||
| Q3 24 | $3.0M | $66.9M | ||
| Q2 24 | $3.8M | $52.3M |
| Q1 26 | — | 74.6% | ||
| Q4 25 | 6.8% | 76.1% | ||
| Q3 25 | 11.0% | 74.6% | ||
| Q2 25 | 10.3% | 77.2% | ||
| Q1 25 | 11.3% | 77.1% | ||
| Q4 24 | 8.9% | 77.0% | ||
| Q3 24 | 12.6% | 77.8% | ||
| Q2 24 | 13.6% | 75.8% |
| Q1 26 | — | 30.1% | ||
| Q4 25 | -4.1% | 38.9% | ||
| Q3 25 | 0.0% | 30.9% | ||
| Q2 25 | 0.1% | 39.9% | ||
| Q1 25 | 1.2% | 41.9% | ||
| Q4 24 | 19.0% | 32.3% | ||
| Q3 24 | 4.2% | 41.5% | ||
| Q2 24 | 5.0% | 35.6% |
| Q1 26 | — | 25.2% | ||
| Q4 25 | -3.2% | 38.4% | ||
| Q3 25 | -1.9% | 31.5% | ||
| Q2 25 | -0.8% | 39.2% | ||
| Q1 25 | 0.0% | 38.8% | ||
| Q4 24 | 13.2% | 28.4% | ||
| Q3 24 | 2.2% | 41.4% | ||
| Q2 24 | 2.3% | 33.0% |
| Q1 26 | — | $0.76 | ||
| Q4 25 | $-0.22 | $1.40 | ||
| Q3 25 | $-0.13 | $0.92 | ||
| Q2 25 | $-0.05 | $1.41 | ||
| Q1 25 | $0.00 | $1.35 | ||
| Q4 24 | $0.76 | $0.96 | ||
| Q3 24 | $0.14 | $1.40 | ||
| Q2 24 | $0.18 | $1.10 |
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 | $516.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $240.7M | — |
| Total Assets | $563.6M | $1.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $516.4M | ||
| Q4 25 | $1.5M | $602.4M | ||
| Q3 25 | $1.2M | $603.0M | ||
| Q2 25 | $206.0K | $525.2M | ||
| Q1 25 | $183.0K | $571.3M | ||
| Q4 24 | $206.0K | $492.7M | ||
| Q3 24 | $178.0K | $551.6M | ||
| Q2 24 | $314.0K | $530.5M |
| Q1 26 | — | — | ||
| Q4 25 | $240.7M | $1.8B | ||
| Q3 25 | $244.8M | $1.7B | ||
| Q2 25 | $246.8M | $1.7B | ||
| Q1 25 | $250.0M | $1.7B | ||
| Q4 24 | $251.8M | $1.6B | ||
| Q3 24 | $238.4M | $1.6B | ||
| Q2 24 | $238.1M | $1.5B |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $563.6M | $2.0B | ||
| Q3 25 | $585.6M | $1.9B | ||
| Q2 25 | $433.7M | $1.9B | ||
| Q1 25 | $447.7M | $1.9B | ||
| Q4 24 | $445.6M | $1.8B | ||
| Q3 24 | $466.0M | $1.8B | ||
| Q2 24 | $488.2M | $1.8B |
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 | $108.9M |
| Free Cash FlowOCF − Capex | $10.2M | — |
| FCF MarginFCF / Revenue | 7.6% | — |
| Capex IntensityCapex / Revenue | 2.4% | — |
| Cash ConversionOCF / Net Profit | — | 3.03× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $108.9M | ||
| Q4 25 | $13.4M | $31.1M | ||
| Q3 25 | $1.9M | $97.2M | ||
| Q2 25 | $15.0M | $51.9M | ||
| Q1 25 | $8.3M | $30.6M | ||
| Q4 24 | $38.0M | $34.7M | ||
| Q3 24 | $17.9M | $79.9M | ||
| Q2 24 | $23.3M | $67.0M |
| Q1 26 | — | — | ||
| Q4 25 | $10.2M | $15.1M | ||
| Q3 25 | $-1.1M | $84.3M | ||
| Q2 25 | $12.5M | $37.5M | ||
| Q1 25 | $5.4M | $17.5M | ||
| Q4 24 | $35.6M | $22.0M | ||
| Q3 24 | $15.1M | $66.2M | ||
| Q2 24 | $19.2M | $57.9M |
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | 8.7% | ||
| Q3 25 | -0.8% | 60.4% | ||
| Q2 25 | 9.5% | 21.8% | ||
| Q1 25 | 4.0% | 10.5% | ||
| Q4 24 | 29.4% | 13.6% | ||
| Q3 24 | 11.1% | 41.0% | ||
| Q2 24 | 11.7% | 36.5% |
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 9.3% | ||
| Q3 25 | 2.1% | 9.2% | ||
| Q2 25 | 1.8% | 8.4% | ||
| Q1 25 | 2.2% | 7.9% | ||
| Q4 24 | 1.9% | 7.8% | ||
| Q3 24 | 2.1% | 8.4% | ||
| Q2 24 | 2.5% | 5.8% |
| Q1 26 | — | 3.03× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | 416.65× | 0.47× | ||
| Q4 24 | 2.38× | 0.75× | ||
| Q3 24 | 6.03× | 1.19× | ||
| Q2 24 | 6.15× | 1.28× |
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% |
OLED
| Material sales | $83.7M | 59% |
| Royalty and license fees | $54.2M | 38% |
| Contract research services | $4.3M | 3% |
