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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $134.3M, roughly 1.1× Mayville Engineering Company, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -3.2%, a 8.7% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 10.7%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
MEC vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $148.3M |
| Net Profit | $-4.4M | $8.1M |
| Gross Margin | 6.8% | 31.6% |
| Operating Margin | -4.1% | 11.7% |
| Net Margin | -3.2% | 5.5% |
| Revenue YoY | 10.7% | 38.6% |
| Net Profit YoY | -127.3% | 3.9% |
| EPS (diluted) | $-0.22 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $144.3M | $135.8M | ||
| Q2 25 | $132.3M | $110.8M | ||
| Q1 25 | $135.6M | $80.4M | ||
| Q4 24 | $121.3M | $107.0M | ||
| Q3 24 | $135.4M | $102.2M | ||
| Q2 24 | $163.6M | $99.2M | ||
| Q1 24 | $161.3M | $90.8M |
| Q4 25 | $-4.4M | $8.1M | ||
| Q3 25 | $-2.7M | $11.9M | ||
| Q2 25 | $-1.1M | $13.9M | ||
| Q1 25 | $20.0K | $-282.0K | ||
| Q4 24 | $16.0M | $7.8M | ||
| Q3 24 | $3.0M | $-267.0K | ||
| Q2 24 | $3.8M | $11.8M | ||
| Q1 24 | $3.2M | $4.8M |
| Q4 25 | 6.8% | 31.6% | ||
| Q3 25 | 11.0% | 37.0% | ||
| Q2 25 | 10.3% | 37.2% | ||
| Q1 25 | 11.3% | 35.0% | ||
| Q4 24 | 8.9% | 37.6% | ||
| Q3 24 | 12.6% | 24.8% | ||
| Q2 24 | 13.6% | 40.3% | ||
| Q1 24 | 13.0% | 40.2% |
| Q4 25 | -4.1% | 11.7% | ||
| Q3 25 | 0.0% | 13.7% | ||
| Q2 25 | 0.1% | 14.4% | ||
| Q1 25 | 1.2% | 5.4% | ||
| Q4 24 | 19.0% | 15.4% | ||
| Q3 24 | 4.2% | 4.4% | ||
| Q2 24 | 5.0% | 18.7% | ||
| Q1 24 | 4.7% | 12.8% |
| Q4 25 | -3.2% | 5.5% | ||
| Q3 25 | -1.9% | 8.7% | ||
| Q2 25 | -0.8% | 12.5% | ||
| Q1 25 | 0.0% | -0.4% | ||
| Q4 24 | 13.2% | 7.3% | ||
| Q3 24 | 2.2% | -0.3% | ||
| Q2 24 | 2.3% | 11.9% | ||
| Q1 24 | 2.0% | 5.3% |
| Q4 25 | $-0.22 | $0.05 | ||
| Q3 25 | $-0.13 | $0.07 | ||
| Q2 25 | $-0.05 | $0.08 | ||
| Q1 25 | $0.00 | $0.00 | ||
| Q4 24 | $0.76 | $0.04 | ||
| Q3 24 | $0.14 | $0.00 | ||
| Q2 24 | $0.18 | $0.07 | ||
| Q1 24 | $0.16 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $240.7M | $600.0M |
| Total Assets | $563.6M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $7.3M | ||
| Q3 25 | $1.2M | $8.6M | ||
| Q2 25 | $206.0K | $4.7M | ||
| Q1 25 | $183.0K | $35.6M | ||
| Q4 24 | $206.0K | $23.5M | ||
| Q3 24 | $178.0K | $11.1M | ||
| Q2 24 | $314.0K | $3.2M | ||
| Q1 24 | $314.0K | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $240.7M | $600.0M | ||
| Q3 25 | $244.8M | $589.6M | ||
| Q2 25 | $246.8M | $575.4M | ||
| Q1 25 | $250.0M | $558.9M | ||
| Q4 24 | $251.8M | $556.8M | ||
| Q3 24 | $238.4M | $545.2M | ||
| Q2 24 | $238.1M | $544.6M | ||
| Q1 24 | $234.0M | $554.0M |
| Q4 25 | $563.6M | $904.1M | ||
| Q3 25 | $585.6M | $851.8M | ||
| Q2 25 | $433.7M | $795.0M | ||
| Q1 25 | $447.7M | $788.4M | ||
| Q4 24 | $445.6M | $793.1M | ||
| Q3 24 | $466.0M | $801.3M | ||
| Q2 24 | $488.2M | $788.4M | ||
| Q1 24 | $499.9M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $10.2M | $-11.3M |
| FCF MarginFCF / Revenue | 7.6% | -7.6% |
| Capex IntensityCapex / Revenue | 2.4% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | $-4.1M | ||
| Q3 25 | $1.9M | $19.4M | ||
| Q2 25 | $15.0M | $-13.8M | ||
| Q1 25 | $8.3M | $15.6M | ||
| Q4 24 | $38.0M | $14.0M | ||
| Q3 24 | $17.9M | $15.7M | ||
| Q2 24 | $23.3M | $37.8M | ||
| Q1 24 | $10.6M | $12.9M |
| Q4 25 | $10.2M | $-11.3M | ||
| Q3 25 | $-1.1M | $9.0M | ||
| Q2 25 | $12.5M | $-26.0M | ||
| Q1 25 | $5.4M | $12.3M | ||
| Q4 24 | $35.6M | $12.5M | ||
| Q3 24 | $15.1M | $13.3M | ||
| Q2 24 | $19.2M | $35.8M | ||
| Q1 24 | $7.8M | $10.4M |
| Q4 25 | 7.6% | -7.6% | ||
| Q3 25 | -0.8% | 6.6% | ||
| Q2 25 | 9.5% | -23.5% | ||
| Q1 25 | 4.0% | 15.4% | ||
| Q4 24 | 29.4% | 11.6% | ||
| Q3 24 | 11.1% | 13.0% | ||
| Q2 24 | 11.7% | 36.1% | ||
| Q1 24 | 4.9% | 11.4% |
| Q4 25 | 2.4% | 4.8% | ||
| Q3 25 | 2.1% | 7.7% | ||
| Q2 25 | 1.8% | 11.0% | ||
| Q1 25 | 2.2% | 4.0% | ||
| Q4 24 | 1.9% | 1.4% | ||
| Q3 24 | 2.1% | 2.3% | ||
| Q2 24 | 2.5% | 2.0% | ||
| Q1 24 | 1.7% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | 416.65× | — | ||
| Q4 24 | 2.38× | 1.79× | ||
| Q3 24 | 6.03× | — | ||
| Q2 24 | 6.15× | 3.21× | ||
| Q1 24 | 3.28× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
