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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $134.3M, roughly 1.8× Mayville Engineering Company, Inc.). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -3.2%, a 8.2% gap on every dollar of revenue. On growth, ONESPAWORLD HOLDINGS Ltd posted the faster year-over-year revenue change (11.5% vs 10.7%). ONESPAWORLD HOLDINGS Ltd produced more free cash flow last quarter ($14.9M vs $10.2M). Over the past eight quarters, ONESPAWORLD HOLDINGS Ltd's revenue compounded faster (7.1% 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.
MEC vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $242.1M |
| Net Profit | $-4.4M | $12.1M |
| Gross Margin | 6.8% | — |
| Operating Margin | -4.1% | 6.8% |
| Net Margin | -3.2% | 5.0% |
| Revenue YoY | 10.7% | 11.5% |
| Net Profit YoY | -127.3% | -16.2% |
| EPS (diluted) | $-0.22 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $144.3M | $258.5M | ||
| Q2 25 | $132.3M | $240.7M | ||
| Q1 25 | $135.6M | $219.6M | ||
| Q4 24 | $121.3M | $217.2M | ||
| Q3 24 | $135.4M | $241.7M | ||
| Q2 24 | $163.6M | $224.9M | ||
| Q1 24 | $161.3M | $211.2M |
| Q4 25 | $-4.4M | $12.1M | ||
| Q3 25 | $-2.7M | $24.3M | ||
| Q2 25 | $-1.1M | $19.9M | ||
| Q1 25 | $20.0K | $15.3M | ||
| Q4 24 | $16.0M | $14.4M | ||
| Q3 24 | $3.0M | $21.6M | ||
| Q2 24 | $3.8M | $15.8M | ||
| Q1 24 | $3.2M | $21.2M |
| 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% | 6.8% | ||
| Q3 25 | 0.0% | 10.2% | ||
| Q2 25 | 0.1% | 9.2% | ||
| Q1 25 | 1.2% | 7.7% | ||
| Q4 24 | 19.0% | 7.9% | ||
| Q3 24 | 4.2% | 10.3% | ||
| Q2 24 | 5.0% | 8.4% | ||
| Q1 24 | 4.7% | 8.0% |
| Q4 25 | -3.2% | 5.0% | ||
| Q3 25 | -1.9% | 9.4% | ||
| Q2 25 | -0.8% | 8.3% | ||
| Q1 25 | 0.0% | 7.0% | ||
| Q4 24 | 13.2% | 6.6% | ||
| Q3 24 | 2.2% | 8.9% | ||
| Q2 24 | 2.3% | 7.0% | ||
| Q1 24 | 2.0% | 10.0% |
| Q4 25 | $-0.22 | $0.12 | ||
| Q3 25 | $-0.13 | $0.23 | ||
| Q2 25 | $-0.05 | $0.19 | ||
| Q1 25 | $0.00 | $0.15 | ||
| Q4 24 | $0.76 | $0.13 | ||
| Q3 24 | $0.14 | $0.20 | ||
| Q2 24 | $0.18 | $0.15 | ||
| Q1 24 | $0.16 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $240.7M | $542.6M |
| Total Assets | $563.6M | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $16.3M | ||
| Q3 25 | $1.2M | $29.6M | ||
| Q2 25 | $206.0K | $35.0M | ||
| Q1 25 | $183.0K | $22.6M | ||
| Q4 24 | $206.0K | $57.4M | ||
| Q3 24 | $178.0K | $48.8M | ||
| Q2 24 | $314.0K | $62.5M | ||
| Q1 24 | $314.0K | $65.4M |
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $85.2M | ||
| Q2 25 | — | $96.2M | ||
| Q1 25 | — | $97.4M | ||
| Q4 24 | — | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | — | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $240.7M | $542.6M | ||
| Q3 25 | $244.8M | $552.8M | ||
| Q2 25 | $246.8M | $548.3M | ||
| Q1 25 | $250.0M | $530.6M | ||
| Q4 24 | $251.8M | $554.5M | ||
| Q3 24 | $238.4M | $540.1M | ||
| Q2 24 | $238.1M | $532.7M | ||
| Q1 24 | $234.0M | $515.5M |
| Q4 25 | $563.6M | $707.1M | ||
| Q3 25 | $585.6M | $732.6M | ||
| Q2 25 | $433.7M | $731.8M | ||
| Q1 25 | $447.7M | $708.7M | ||
| Q4 24 | $445.6M | $746.4M | ||
| Q3 24 | $466.0M | $734.0M | ||
| Q2 24 | $488.2M | $756.8M | ||
| Q1 24 | $499.9M | $763.6M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $10.2M | $14.9M |
| FCF MarginFCF / Revenue | 7.6% | 6.2% |
| Capex IntensityCapex / Revenue | 2.4% | 2.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | $20.0M | ||
| Q3 25 | $1.9M | $33.2M | ||
| Q2 25 | $15.0M | $20.3M | ||
| Q1 25 | $8.3M | $10.1M | ||
| Q4 24 | $38.0M | $16.6M | ||
| Q3 24 | $17.9M | $28.6M | ||
| Q2 24 | $23.3M | $18.7M | ||
| Q1 24 | $10.6M | $15.0M |
| Q4 25 | $10.2M | $14.9M | ||
| Q3 25 | $-1.1M | $27.6M | ||
| Q2 25 | $12.5M | $17.6M | ||
| Q1 25 | $5.4M | $8.4M | ||
| Q4 24 | $35.6M | $13.2M | ||
| Q3 24 | $15.1M | $27.5M | ||
| Q2 24 | $19.2M | $17.6M | ||
| Q1 24 | $7.8M | $13.7M |
| Q4 25 | 7.6% | 6.2% | ||
| Q3 25 | -0.8% | 10.7% | ||
| Q2 25 | 9.5% | 7.3% | ||
| Q1 25 | 4.0% | 3.8% | ||
| Q4 24 | 29.4% | 6.1% | ||
| Q3 24 | 11.1% | 11.4% | ||
| Q2 24 | 11.7% | 7.8% | ||
| Q1 24 | 4.9% | 6.5% |
| Q4 25 | 2.4% | 2.1% | ||
| Q3 25 | 2.1% | 2.2% | ||
| Q2 25 | 1.8% | 1.1% | ||
| Q1 25 | 2.2% | 0.8% | ||
| Q4 24 | 1.9% | 1.5% | ||
| Q3 24 | 2.1% | 0.5% | ||
| Q2 24 | 2.5% | 0.5% | ||
| Q1 24 | 1.7% | 0.6% |
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | 416.65× | 0.66× | ||
| Q4 24 | 2.38× | 1.15× | ||
| Q3 24 | 6.03× | 1.33× | ||
| Q2 24 | 6.15× | 1.19× | ||
| Q1 24 | 3.28× | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
