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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and Smart Sand, Inc. (SND). 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 $86.0M, roughly 1.6× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -3.2%, a 4.6% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $10.2M). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% 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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
MEC vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $86.0M |
| Net Profit | $-4.4M | $1.2M |
| Gross Margin | 6.8% | 13.0% |
| Operating Margin | -4.1% | -3.1% |
| Net Margin | -3.2% | 1.4% |
| Revenue YoY | 10.7% | -5.8% |
| Net Profit YoY | -127.3% | -68.5% |
| EPS (diluted) | $-0.22 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $144.3M | $92.8M | ||
| Q2 25 | $132.3M | $85.8M | ||
| Q1 25 | $135.6M | $65.6M | ||
| Q4 24 | $121.3M | $91.4M | ||
| Q3 24 | $135.4M | $63.2M | ||
| Q2 24 | $163.6M | $73.8M | ||
| Q1 24 | $161.3M | $83.1M |
| Q4 25 | $-4.4M | $1.2M | ||
| Q3 25 | $-2.7M | $3.0M | ||
| Q2 25 | $-1.1M | $21.4M | ||
| Q1 25 | $20.0K | $-24.2M | ||
| Q4 24 | $16.0M | $3.7M | ||
| Q3 24 | $3.0M | $-98.0K | ||
| Q2 24 | $3.8M | $-430.0K | ||
| Q1 24 | $3.2M | $-216.0K |
| Q4 25 | 6.8% | 13.0% | ||
| Q3 25 | 11.0% | 16.1% | ||
| Q2 25 | 10.3% | 10.4% | ||
| Q1 25 | 11.3% | 4.2% | ||
| Q4 24 | 8.9% | 14.7% | ||
| Q3 24 | 12.6% | 10.3% | ||
| Q2 24 | 13.6% | 17.7% | ||
| Q1 24 | 13.0% | 14.2% |
| Q4 25 | -4.1% | -3.1% | ||
| Q3 25 | 0.0% | 5.8% | ||
| Q2 25 | 0.1% | -0.1% | ||
| Q1 25 | 1.2% | -10.8% | ||
| Q4 24 | 19.0% | 3.9% | ||
| Q3 24 | 4.2% | -7.8% | ||
| Q2 24 | 5.0% | 4.8% | ||
| Q1 24 | 4.7% | 0.9% |
| Q4 25 | -3.2% | 1.4% | ||
| Q3 25 | -1.9% | 3.2% | ||
| Q2 25 | -0.8% | 24.9% | ||
| Q1 25 | 0.0% | -37.0% | ||
| Q4 24 | 13.2% | 4.1% | ||
| Q3 24 | 2.2% | -0.2% | ||
| Q2 24 | 2.3% | -0.6% | ||
| Q1 24 | 2.0% | -0.3% |
| Q4 25 | $-0.22 | $0.03 | ||
| Q3 25 | $-0.13 | $0.08 | ||
| Q2 25 | $-0.05 | $0.54 | ||
| Q1 25 | $0.00 | $-0.62 | ||
| Q4 24 | $0.76 | $0.10 | ||
| Q3 24 | $0.14 | $0.00 | ||
| 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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $240.7M | $239.7M |
| Total Assets | $563.6M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $22.6M | ||
| Q3 25 | $1.2M | $5.1M | ||
| Q2 25 | $206.0K | $4.3M | ||
| Q1 25 | $183.0K | $5.1M | ||
| Q4 24 | $206.0K | $1.6M | ||
| Q3 24 | $178.0K | $7.2M | ||
| Q2 24 | $314.0K | $6.3M | ||
| Q1 24 | $314.0K | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $240.7M | $239.7M | ||
| Q3 25 | $244.8M | $239.9M | ||
| Q2 25 | $246.8M | $240.5M | ||
| Q1 25 | $250.0M | $219.9M | ||
| Q4 24 | $251.8M | $243.8M | ||
| Q3 24 | $238.4M | $243.6M | ||
| Q2 24 | $238.1M | $242.9M | ||
| Q1 24 | $234.0M | $242.5M |
| Q4 25 | $563.6M | $340.0M | ||
| Q3 25 | $585.6M | $343.1M | ||
| Q2 25 | $433.7M | $345.8M | ||
| Q1 25 | $447.7M | $326.9M | ||
| Q4 24 | $445.6M | $341.5M | ||
| Q3 24 | $466.0M | $335.8M | ||
| Q2 24 | $488.2M | $341.8M | ||
| Q1 24 | $499.9M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $10.2M | $20.4M |
| FCF MarginFCF / Revenue | 7.6% | 23.7% |
| Capex IntensityCapex / Revenue | 2.4% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | $22.4M | ||
| Q3 25 | $1.9M | $18.2M | ||
| Q2 25 | $15.0M | $-5.1M | ||
| Q1 25 | $8.3M | $8.7M | ||
| Q4 24 | $38.0M | $1.0M | ||
| Q3 24 | $17.9M | $5.8M | ||
| Q2 24 | $23.3M | $14.9M | ||
| Q1 24 | $10.6M | $-3.9M |
| Q4 25 | $10.2M | $20.4M | ||
| Q3 25 | $-1.1M | $14.8M | ||
| Q2 25 | $12.5M | $-7.8M | ||
| Q1 25 | $5.4M | $5.2M | ||
| Q4 24 | $35.6M | $-840.0K | ||
| Q3 24 | $15.1M | $3.7M | ||
| Q2 24 | $19.2M | $13.5M | ||
| Q1 24 | $7.8M | $-5.5M |
| Q4 25 | 7.6% | 23.7% | ||
| Q3 25 | -0.8% | 15.9% | ||
| Q2 25 | 9.5% | -9.1% | ||
| Q1 25 | 4.0% | 7.9% | ||
| Q4 24 | 29.4% | -0.9% | ||
| Q3 24 | 11.1% | 5.8% | ||
| Q2 24 | 11.7% | 18.3% | ||
| Q1 24 | 4.9% | -6.6% |
| Q4 25 | 2.4% | 2.3% | ||
| Q3 25 | 2.1% | 3.6% | ||
| Q2 25 | 1.8% | 3.1% | ||
| Q1 25 | 2.2% | 5.4% | ||
| Q4 24 | 1.9% | 2.1% | ||
| Q3 24 | 2.1% | 3.4% | ||
| Q2 24 | 2.5% | 1.8% | ||
| Q1 24 | 1.7% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | 416.65× | — | ||
| Q4 24 | 2.38× | 0.28× | ||
| Q3 24 | 6.03× | — | ||
| Q2 24 | 6.15× | — | ||
| Q1 24 | 3.28× | — |
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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
