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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and Protagonist Therapeutics, Inc (PTGX). Click either name above to swap in a different company.
Protagonist Therapeutics, Inc is the larger business by last-quarter revenue ($170.6M vs $134.3M, roughly 1.3× Mayville Engineering Company, Inc.). Protagonist Therapeutics, Inc runs the higher net margin — 77.2% vs -3.2%, a 80.4% gap on every dollar of revenue. On growth, Protagonist Therapeutics, Inc posted the faster year-over-year revenue change (184.4% vs 10.7%). Protagonist Therapeutics, Inc produced more free cash flow last quarter ($182.8M vs $10.2M).
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.
Protagonist Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing novel peptide-based targeted therapies for unmet medical needs, primarily covering gastrointestinal disorders, inflammatory diseases and rare disease indications. Its lead product candidates target inflammatory bowel disease and other chronic immune-related conditions, with operations spanning global R&D and partnership collaborations.
MEC vs PTGX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $170.6M |
| Net Profit | $-4.4M | $131.7M |
| Gross Margin | 6.8% | — |
| Operating Margin | -4.1% | 74.3% |
| Net Margin | -3.2% | 77.2% |
| Revenue YoY | 10.7% | 184.4% |
| Net Profit YoY | -127.3% | 381.7% |
| EPS (diluted) | $-0.22 | $2.01 |
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 | — | ||
| Q2 25 | $132.3M | — | ||
| Q1 25 | $135.6M | — | ||
| Q4 24 | $121.3M | $170.6M | ||
| Q3 24 | $135.4M | — | ||
| Q2 24 | $163.6M | — | ||
| Q1 24 | $161.3M | $255.0M |
| Q4 25 | $-4.4M | — | ||
| Q3 25 | $-2.7M | — | ||
| Q2 25 | $-1.1M | — | ||
| Q1 25 | $20.0K | — | ||
| Q4 24 | $16.0M | $131.7M | ||
| Q3 24 | $3.0M | — | ||
| Q2 24 | $3.8M | — | ||
| Q1 24 | $3.2M | $207.3M |
| 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% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 19.0% | 74.3% | ||
| Q3 24 | 4.2% | — | ||
| Q2 24 | 5.0% | — | ||
| Q1 24 | 4.7% | 80.9% |
| Q4 25 | -3.2% | — | ||
| Q3 25 | -1.9% | — | ||
| Q2 25 | -0.8% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 13.2% | 77.2% | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 2.3% | — | ||
| Q1 24 | 2.0% | 81.3% |
| Q4 25 | $-0.22 | — | ||
| Q3 25 | $-0.13 | — | ||
| Q2 25 | $-0.05 | — | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $0.76 | $2.01 | ||
| Q3 24 | $0.14 | — | ||
| Q2 24 | $0.18 | — | ||
| Q1 24 | $0.16 | $3.26 |
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 | $418.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $240.7M | $675.3M |
| Total Assets | $563.6M | $744.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $1.2M | — | ||
| Q2 25 | $206.0K | — | ||
| Q1 25 | $183.0K | — | ||
| Q4 24 | $206.0K | $418.9M | ||
| Q3 24 | $178.0K | — | ||
| Q2 24 | $314.0K | — | ||
| Q1 24 | $314.0K | $322.6M |
| Q4 25 | $240.7M | — | ||
| Q3 25 | $244.8M | — | ||
| Q2 25 | $246.8M | — | ||
| Q1 25 | $250.0M | — | ||
| Q4 24 | $251.8M | $675.3M | ||
| Q3 24 | $238.4M | — | ||
| Q2 24 | $238.1M | — | ||
| Q1 24 | $234.0M | $560.4M |
| Q4 25 | $563.6M | — | ||
| Q3 25 | $585.6M | — | ||
| Q2 25 | $433.7M | — | ||
| Q1 25 | $447.7M | — | ||
| Q4 24 | $445.6M | $744.7M | ||
| Q3 24 | $466.0M | — | ||
| Q2 24 | $488.2M | — | ||
| Q1 24 | $499.9M | $629.3M |
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 | $184.2M |
| Free Cash FlowOCF − Capex | $10.2M | $182.8M |
| FCF MarginFCF / Revenue | 7.6% | 107.1% |
| Capex IntensityCapex / Revenue | 2.4% | 0.8% |
| Cash ConversionOCF / Net Profit | — | 1.40× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $101.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | — | ||
| Q3 25 | $1.9M | — | ||
| Q2 25 | $15.0M | — | ||
| Q1 25 | $8.3M | — | ||
| Q4 24 | $38.0M | $184.2M | ||
| Q3 24 | $17.9M | — | ||
| Q2 24 | $23.3M | — | ||
| Q1 24 | $10.6M | $-27.4M |
| Q4 25 | $10.2M | — | ||
| Q3 25 | $-1.1M | — | ||
| Q2 25 | $12.5M | — | ||
| Q1 25 | $5.4M | — | ||
| Q4 24 | $35.6M | $182.8M | ||
| Q3 24 | $15.1M | — | ||
| Q2 24 | $19.2M | — | ||
| Q1 24 | $7.8M | $-27.7M |
| Q4 25 | 7.6% | — | ||
| Q3 25 | -0.8% | — | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | 4.0% | — | ||
| Q4 24 | 29.4% | 107.1% | ||
| Q3 24 | 11.1% | — | ||
| Q2 24 | 11.7% | — | ||
| Q1 24 | 4.9% | -10.9% |
| Q4 25 | 2.4% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 1.9% | 0.8% | ||
| Q3 24 | 2.1% | — | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 1.7% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 416.65× | — | ||
| Q4 24 | 2.38× | 1.40× | ||
| Q3 24 | 6.03× | — | ||
| Q2 24 | 6.15× | — | ||
| Q1 24 | 3.28× | -0.13× |
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% |
PTGX
Segment breakdown not available.
