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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and OPAL Fuels Inc. (OPAL). 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 $88.4M, roughly 1.5× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -3.2%, a 21.5% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 10.7%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% 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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
MEC vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $88.4M |
| Net Profit | $-4.4M | $16.2M |
| Gross Margin | 6.8% | — |
| Operating Margin | -4.1% | 7.5% |
| Net Margin | -3.2% | 18.3% |
| Revenue YoY | 10.7% | 18.7% |
| Net Profit YoY | -127.3% | 401.5% |
| EPS (diluted) | $-0.22 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $144.3M | $77.9M | ||
| Q2 25 | $132.3M | $77.4M | ||
| Q1 25 | $135.6M | $83.0M | ||
| Q4 24 | $121.3M | $74.5M | ||
| Q3 24 | $135.4M | $82.6M | ||
| Q2 24 | $163.6M | $69.8M | ||
| Q1 24 | $161.3M | $64.0M |
| Q4 25 | $-4.4M | $16.2M | ||
| Q3 25 | $-2.7M | $11.4M | ||
| Q2 25 | $-1.1M | $7.6M | ||
| Q1 25 | $20.0K | $1.3M | ||
| Q4 24 | $16.0M | $-5.4M | ||
| Q3 24 | $3.0M | $17.1M | ||
| Q2 24 | $3.8M | $1.9M | ||
| Q1 24 | $3.2M | $677.0K |
| Q4 25 | 6.8% | — | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 11.3% | — | ||
| Q4 24 | 8.9% | — | ||
| Q3 24 | 12.6% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 13.0% | — |
| Q4 25 | -4.1% | 7.5% | ||
| Q3 25 | 0.0% | 4.6% | ||
| Q2 25 | 0.1% | -1.1% | ||
| Q1 25 | 1.2% | -2.3% | ||
| Q4 24 | 19.0% | -0.5% | ||
| Q3 24 | 4.2% | 14.9% | ||
| Q2 24 | 5.0% | 8.1% | ||
| Q1 24 | 4.7% | 5.6% |
| Q4 25 | -3.2% | 18.3% | ||
| Q3 25 | -1.9% | 14.6% | ||
| Q2 25 | -0.8% | 9.8% | ||
| Q1 25 | 0.0% | 1.5% | ||
| Q4 24 | 13.2% | -7.2% | ||
| Q3 24 | 2.2% | 20.7% | ||
| Q2 24 | 2.3% | 2.7% | ||
| Q1 24 | 2.0% | 1.1% |
| Q4 25 | $-0.22 | $0.08 | ||
| Q3 25 | $-0.13 | $0.05 | ||
| Q2 25 | $-0.05 | $0.03 | ||
| Q1 25 | $0.00 | $-0.01 | ||
| Q4 24 | $0.76 | $-0.05 | ||
| Q3 24 | $0.14 | $0.09 | ||
| Q2 24 | $0.18 | $-0.01 | ||
| Q1 24 | $0.16 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $240.7M | $-12.9M |
| Total Assets | $563.6M | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $24.4M | ||
| Q3 25 | $1.2M | $29.9M | ||
| Q2 25 | $206.0K | $29.3M | ||
| Q1 25 | $183.0K | $40.1M | ||
| Q4 24 | $206.0K | $24.3M | ||
| Q3 24 | $178.0K | $31.0M | ||
| Q2 24 | $314.0K | $27.6M | ||
| Q1 24 | $314.0K | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $240.7M | $-12.9M | ||
| Q3 25 | $244.8M | $7.5M | ||
| Q2 25 | $246.8M | $-25.0M | ||
| Q1 25 | $250.0M | $57.1M | ||
| Q4 24 | $251.8M | $-148.4M | ||
| Q3 24 | $238.4M | $-180.1M | ||
| Q2 24 | $238.1M | $-273.0M | ||
| Q1 24 | $234.0M | $-382.4M |
| Q4 25 | $563.6M | $959.5M | ||
| Q3 25 | $585.6M | $916.7M | ||
| Q2 25 | $433.7M | $905.5M | ||
| Q1 25 | $447.7M | $884.9M | ||
| Q4 24 | $445.6M | $881.1M | ||
| Q3 24 | $466.0M | $831.1M | ||
| Q2 24 | $488.2M | $782.3M | ||
| Q1 24 | $499.9M | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| 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 | $13.4M | $-3.5M |
| Free Cash FlowOCF − Capex | $10.2M | $-13.4M |
| FCF MarginFCF / Revenue | 7.6% | -15.1% |
| Capex IntensityCapex / Revenue | 2.4% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | $-3.5M | ||
| Q3 25 | $1.9M | $18.2M | ||
| Q2 25 | $15.0M | $-7.9M | ||
| Q1 25 | $8.3M | $29.7M | ||
| Q4 24 | $38.0M | $-532.0K | ||
| Q3 24 | $17.9M | $17.7M | ||
| Q2 24 | $23.3M | $533.0K | ||
| Q1 24 | $10.6M | $13.7M |
| Q4 25 | $10.2M | $-13.4M | ||
| Q3 25 | $-1.1M | $-9.3M | ||
| Q2 25 | $12.5M | $-29.7M | ||
| Q1 25 | $5.4M | $18.1M | ||
| Q4 24 | $35.6M | $-55.0M | ||
| Q3 24 | $15.1M | $-5.4M | ||
| Q2 24 | $19.2M | $-22.5M | ||
| Q1 24 | $7.8M | $-13.0M |
| Q4 25 | 7.6% | -15.1% | ||
| Q3 25 | -0.8% | -11.9% | ||
| Q2 25 | 9.5% | -38.4% | ||
| Q1 25 | 4.0% | 21.8% | ||
| Q4 24 | 29.4% | -73.8% | ||
| Q3 24 | 11.1% | -6.5% | ||
| Q2 24 | 11.7% | -32.2% | ||
| Q1 24 | 4.9% | -20.4% |
| Q4 25 | 2.4% | 11.1% | ||
| Q3 25 | 2.1% | 35.3% | ||
| Q2 25 | 1.8% | 28.2% | ||
| Q1 25 | 2.2% | 13.9% | ||
| Q4 24 | 1.9% | 73.1% | ||
| Q3 24 | 2.1% | 27.9% | ||
| Q2 24 | 2.5% | 32.9% | ||
| Q1 24 | 1.7% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | 416.65× | 23.11× | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 6.03× | 1.03× | ||
| Q2 24 | 6.15× | 0.28× | ||
| Q1 24 | 3.28× | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
