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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and Latham Group, Inc. (SWIM). 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 $100.0M, roughly 1.3× Latham Group, Inc.). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -7.0%, a 3.8% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 10.7%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $10.2M). Over the past eight quarters, Latham Group, Inc.'s revenue compounded faster (-4.9% 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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
MEC vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $100.0M |
| Net Profit | $-4.4M | $-7.0M |
| Gross Margin | 6.8% | 28.0% |
| Operating Margin | -4.1% | -10.7% |
| Net Margin | -3.2% | -7.0% |
| Revenue YoY | 10.7% | 14.5% |
| Net Profit YoY | -127.3% | 76.0% |
| EPS (diluted) | $-0.22 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $144.3M | $161.9M | ||
| Q2 25 | $132.3M | $172.6M | ||
| Q1 25 | $135.6M | $111.4M | ||
| Q4 24 | $121.3M | $87.3M | ||
| Q3 24 | $135.4M | $150.5M | ||
| Q2 24 | $163.6M | $160.1M | ||
| Q1 24 | $161.3M | $110.6M |
| Q4 25 | $-4.4M | $-7.0M | ||
| Q3 25 | $-2.7M | $8.1M | ||
| Q2 25 | $-1.1M | $16.0M | ||
| Q1 25 | $20.0K | $-6.0M | ||
| Q4 24 | $16.0M | $-29.2M | ||
| Q3 24 | $3.0M | $5.9M | ||
| Q2 24 | $3.8M | $13.3M | ||
| Q1 24 | $3.2M | $-7.9M |
| Q4 25 | 6.8% | 28.0% | ||
| Q3 25 | 11.0% | 35.4% | ||
| Q2 25 | 10.3% | 37.1% | ||
| Q1 25 | 11.3% | 29.5% | ||
| Q4 24 | 8.9% | 24.6% | ||
| Q3 24 | 12.6% | 32.4% | ||
| Q2 24 | 13.6% | 33.1% | ||
| Q1 24 | 13.0% | 27.7% |
| Q4 25 | -4.1% | -10.7% | ||
| Q3 25 | 0.0% | 13.3% | ||
| Q2 25 | 0.1% | 14.3% | ||
| Q1 25 | 1.2% | -4.4% | ||
| Q4 24 | 19.0% | -14.9% | ||
| Q3 24 | 4.2% | 8.9% | ||
| Q2 24 | 5.0% | 12.5% | ||
| Q1 24 | 4.7% | -1.9% |
| Q4 25 | -3.2% | -7.0% | ||
| Q3 25 | -1.9% | 5.0% | ||
| Q2 25 | -0.8% | 9.3% | ||
| Q1 25 | 0.0% | -5.4% | ||
| Q4 24 | 13.2% | -33.4% | ||
| Q3 24 | 2.2% | 3.9% | ||
| Q2 24 | 2.3% | 8.3% | ||
| Q1 24 | 2.0% | -7.1% |
| Q4 25 | $-0.22 | $-0.06 | ||
| Q3 25 | $-0.13 | $0.07 | ||
| Q2 25 | $-0.05 | $0.13 | ||
| Q1 25 | $0.00 | $-0.05 | ||
| Q4 24 | $0.76 | $-0.24 | ||
| Q3 24 | $0.14 | $0.05 | ||
| Q2 24 | $0.18 | $0.11 | ||
| Q1 24 | $0.16 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $240.7M | $405.9M |
| Total Assets | $563.6M | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
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 | — | ||
| Q3 24 | $178.0K | — | ||
| Q2 24 | $314.0K | — | ||
| Q1 24 | $314.0K | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $240.7M | $405.9M | ||
| Q3 25 | $244.8M | $408.4M | ||
| Q2 25 | $246.8M | $398.4M | ||
| Q1 25 | $250.0M | $381.1M | ||
| Q4 24 | $251.8M | $387.2M | ||
| Q3 24 | $238.4M | $416.6M | ||
| Q2 24 | $238.1M | $408.1M | ||
| Q1 24 | $234.0M | $391.8M |
| Q4 25 | $563.6M | $823.2M | ||
| Q3 25 | $585.6M | $844.4M | ||
| Q2 25 | $433.7M | $822.1M | ||
| Q1 25 | $447.7M | $824.6M | ||
| Q4 24 | $445.6M | $794.2M | ||
| Q3 24 | $466.0M | $853.4M | ||
| Q2 24 | $488.2M | $830.0M | ||
| Q1 24 | $499.9M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $10.2M | $14.1M |
| FCF MarginFCF / Revenue | 7.6% | 14.1% |
| Capex IntensityCapex / Revenue | 2.4% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | $23.3M | ||
| Q3 25 | $1.9M | $51.0M | ||
| Q2 25 | $15.0M | $36.0M | ||
| Q1 25 | $8.3M | $-46.9M | ||
| Q4 24 | $38.0M | $6.2M | ||
| Q3 24 | $17.9M | $37.2M | ||
| Q2 24 | $23.3M | $52.4M | ||
| Q1 24 | $10.6M | $-34.5M |
| Q4 25 | $10.2M | $14.1M | ||
| Q3 25 | $-1.1M | $45.2M | ||
| Q2 25 | $12.5M | $29.1M | ||
| Q1 25 | $5.4M | $-50.3M | ||
| Q4 24 | $35.6M | $-98.0K | ||
| Q3 24 | $15.1M | $33.2M | ||
| Q2 24 | $19.2M | $47.9M | ||
| Q1 24 | $7.8M | $-39.9M |
| Q4 25 | 7.6% | 14.1% | ||
| Q3 25 | -0.8% | 27.9% | ||
| Q2 25 | 9.5% | 16.8% | ||
| Q1 25 | 4.0% | -45.2% | ||
| Q4 24 | 29.4% | -0.1% | ||
| Q3 24 | 11.1% | 22.1% | ||
| Q2 24 | 11.7% | 29.9% | ||
| Q1 24 | 4.9% | -36.0% |
| Q4 25 | 2.4% | 9.2% | ||
| Q3 25 | 2.1% | 3.6% | ||
| Q2 25 | 1.8% | 4.0% | ||
| Q1 25 | 2.2% | 3.1% | ||
| Q4 24 | 1.9% | 7.2% | ||
| Q3 24 | 2.1% | 2.7% | ||
| Q2 24 | 2.5% | 2.8% | ||
| Q1 24 | 1.7% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | 416.65× | — | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 6.03× | 6.32× | ||
| Q2 24 | 6.15× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
