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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and PHOTRONICS INC (PLAB). Click either name above to swap in a different company.
PHOTRONICS INC is the larger business by last-quarter revenue ($210.4M vs $134.3M, roughly 1.6× Mayville Engineering Company, Inc.). PHOTRONICS INC runs the higher net margin — 10.9% vs -3.2%, a 14.1% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -5.5%). PHOTRONICS INC produced more free cash flow last quarter ($25.2M vs $10.2M). Over the past eight quarters, PHOTRONICS INC's revenue compounded faster (-3.8% 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.
Photronics, Inc. is an American semiconductor photomask manufacturer. It was the third largest photomask supplier globally as of 2009. Photronics is a member of the eBeam Initiative.
MEC vs PLAB — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $210.4M |
| Net Profit | $-4.4M | $22.9M |
| Gross Margin | 6.8% | 33.7% |
| Operating Margin | -4.1% | 22.9% |
| Net Margin | -3.2% | 10.9% |
| Revenue YoY | 10.7% | -5.5% |
| Net Profit YoY | -127.3% | -32.4% |
| EPS (diluted) | $-0.22 | $0.39 |
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 | $210.4M | ||
| Q2 25 | $132.3M | $211.0M | ||
| Q1 25 | $135.6M | $212.1M | ||
| Q4 24 | $121.3M | $222.6M | ||
| Q3 24 | $135.4M | $211.0M | ||
| Q2 24 | $163.6M | $217.0M | ||
| Q1 24 | $161.3M | $216.3M |
| Q4 25 | $-4.4M | — | ||
| Q3 25 | $-2.7M | $22.9M | ||
| Q2 25 | $-1.1M | $8.9M | ||
| Q1 25 | $20.0K | $42.9M | ||
| Q4 24 | $16.0M | $33.9M | ||
| Q3 24 | $3.0M | $34.4M | ||
| Q2 24 | $3.8M | $36.3M | ||
| Q1 24 | $3.2M | $26.2M |
| Q4 25 | 6.8% | — | ||
| Q3 25 | 11.0% | 33.7% | ||
| Q2 25 | 10.3% | 36.9% | ||
| Q1 25 | 11.3% | 35.6% | ||
| Q4 24 | 8.9% | 37.0% | ||
| Q3 24 | 12.6% | 35.6% | ||
| Q2 24 | 13.6% | 36.5% | ||
| Q1 24 | 13.0% | 36.6% |
| Q4 25 | -4.1% | — | ||
| Q3 25 | 0.0% | 22.9% | ||
| Q2 25 | 0.1% | 26.4% | ||
| Q1 25 | 1.2% | 24.6% | ||
| Q4 24 | 19.0% | 25.1% | ||
| Q3 24 | 4.2% | 24.7% | ||
| Q2 24 | 5.0% | 25.8% | ||
| Q1 24 | 4.7% | 26.6% |
| Q4 25 | -3.2% | — | ||
| Q3 25 | -1.9% | 10.9% | ||
| Q2 25 | -0.8% | 4.2% | ||
| Q1 25 | 0.0% | 20.2% | ||
| Q4 24 | 13.2% | 15.2% | ||
| Q3 24 | 2.2% | 16.3% | ||
| Q2 24 | 2.3% | 16.7% | ||
| Q1 24 | 2.0% | 12.1% |
| Q4 25 | $-0.22 | — | ||
| Q3 25 | $-0.13 | $0.39 | ||
| Q2 25 | $-0.05 | $0.15 | ||
| Q1 25 | $0.00 | $0.68 | ||
| Q4 24 | $0.76 | $0.54 | ||
| Q3 24 | $0.14 | $0.55 | ||
| Q2 24 | $0.18 | $0.58 | ||
| Q1 24 | $0.16 | $0.42 |
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 | $575.8M |
| Total DebtLower is stronger | — | $16.0K |
| Stockholders' EquityBook value | $240.7M | $1.1B |
| Total Assets | $563.6M | $1.8B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $1.2M | $575.8M | ||
| Q2 25 | $206.0K | $558.4M | ||
| Q1 25 | $183.0K | $642.2M | ||
| Q4 24 | $206.0K | $640.7M | ||
| Q3 24 | $178.0K | $606.4M | ||
| Q2 24 | $314.0K | $559.9M | ||
| Q1 24 | $314.0K | $521.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $16.0K | ||
| Q2 25 | — | $19.0K | ||
| Q1 25 | — | $21.0K | ||
| Q4 24 | — | $25.0K | ||
| Q3 24 | — | $28.0K | ||
| Q2 24 | — | $2.5M | ||
| Q1 24 | — | $2.7M |
| Q4 25 | $240.7M | — | ||
| Q3 25 | $244.8M | $1.1B | ||
| Q2 25 | $246.8M | $1.1B | ||
| Q1 25 | $250.0M | $1.1B | ||
| Q4 24 | $251.8M | $1.1B | ||
| Q3 24 | $238.4M | $1.1B | ||
| Q2 24 | $238.1M | $1.0B | ||
| Q1 24 | $234.0M | $1.0B |
| Q4 25 | $563.6M | — | ||
| Q3 25 | $585.6M | $1.8B | ||
| Q2 25 | $433.7M | $1.7B | ||
| Q1 25 | $447.7M | $1.7B | ||
| Q4 24 | $445.6M | $1.7B | ||
| Q3 24 | $466.0M | $1.6B | ||
| Q2 24 | $488.2M | $1.6B | ||
| Q1 24 | $499.9M | $1.6B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $50.1M |
| Free Cash FlowOCF − Capex | $10.2M | $25.2M |
| FCF MarginFCF / Revenue | 7.6% | 12.0% |
| Capex IntensityCapex / Revenue | 2.4% | 11.8% |
| Cash ConversionOCF / Net Profit | — | 2.19× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $64.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | — | ||
| Q3 25 | $1.9M | $50.1M | ||
| Q2 25 | $15.0M | $31.5M | ||
| Q1 25 | $8.3M | $78.5M | ||
| Q4 24 | $38.0M | $68.4M | ||
| Q3 24 | $17.9M | $75.1M | ||
| Q2 24 | $23.3M | $76.5M | ||
| Q1 24 | $10.6M | $41.5M |
| Q4 25 | $10.2M | — | ||
| Q3 25 | $-1.1M | $25.2M | ||
| Q2 25 | $12.5M | $-29.1M | ||
| Q1 25 | $5.4M | $43.3M | ||
| Q4 24 | $35.6M | $25.2M | ||
| Q3 24 | $15.1M | $50.7M | ||
| Q2 24 | $19.2M | $56.5M | ||
| Q1 24 | $7.8M | $-1.8M |
| Q4 25 | 7.6% | — | ||
| Q3 25 | -0.8% | 12.0% | ||
| Q2 25 | 9.5% | -13.8% | ||
| Q1 25 | 4.0% | 20.4% | ||
| Q4 24 | 29.4% | 11.3% | ||
| Q3 24 | 11.1% | 24.0% | ||
| Q2 24 | 11.7% | 26.0% | ||
| Q1 24 | 4.9% | -0.8% |
| Q4 25 | 2.4% | — | ||
| Q3 25 | 2.1% | 11.8% | ||
| Q2 25 | 1.8% | 28.7% | ||
| Q1 25 | 2.2% | 16.6% | ||
| Q4 24 | 1.9% | 19.4% | ||
| Q3 24 | 2.1% | 11.6% | ||
| Q2 24 | 2.5% | 9.2% | ||
| Q1 24 | 1.7% | 20.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.19× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | 416.65× | 1.83× | ||
| Q4 24 | 2.38× | 2.02× | ||
| Q3 24 | 6.03× | 2.18× | ||
| Q2 24 | 6.15× | 2.11× | ||
| Q1 24 | 3.28× | 1.59× |
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% |
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 4% |
