vs
Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and Target Hospitality Corp. (TH). 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 $73.5M, roughly 1.8× Target Hospitality Corp.). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -20.3%, a 17.1% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 10.7%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% 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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
MEC vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $73.5M |
| Net Profit | $-4.4M | $-14.9M |
| Gross Margin | 6.8% | 9.6% |
| Operating Margin | -4.1% | -22.9% |
| Net Margin | -3.2% | -20.3% |
| Revenue YoY | 10.7% | 22.0% |
| Net Profit YoY | -127.3% | -219.1% |
| EPS (diluted) | $-0.22 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $144.3M | $91.6M | ||
| Q2 25 | $132.3M | $54.9M | ||
| Q1 25 | $135.6M | $54.9M | ||
| Q4 24 | $121.3M | $60.2M | ||
| Q3 24 | $135.4M | $65.8M | ||
| Q2 24 | $163.6M | $67.5M | ||
| Q1 24 | $161.3M | $72.4M |
| Q4 25 | $-4.4M | $-14.9M | ||
| Q3 25 | $-2.7M | $-795.0K | ||
| Q2 25 | $-1.1M | $-14.9M | ||
| Q1 25 | $20.0K | $-6.5M | ||
| Q4 24 | $16.0M | $12.5M | ||
| Q3 24 | $3.0M | $20.0M | ||
| Q2 24 | $3.8M | $18.4M | ||
| Q1 24 | $3.2M | $20.4M |
| Q4 25 | 6.8% | 9.6% | ||
| Q3 25 | 11.0% | 19.6% | ||
| Q2 25 | 10.3% | -0.6% | ||
| Q1 25 | 11.3% | 32.7% | ||
| Q4 24 | 8.9% | 61.5% | ||
| Q3 24 | 12.6% | 68.7% | ||
| Q2 24 | 13.6% | 69.4% | ||
| Q1 24 | 13.0% | 67.8% |
| Q4 25 | -4.1% | -22.9% | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 0.1% | -30.8% | ||
| Q1 25 | 1.2% | -2.0% | ||
| Q4 24 | 19.0% | 34.5% | ||
| Q3 24 | 4.2% | 42.5% | ||
| Q2 24 | 5.0% | 43.8% | ||
| Q1 24 | 4.7% | 42.0% |
| Q4 25 | -3.2% | -20.3% | ||
| Q3 25 | -1.9% | -0.9% | ||
| Q2 25 | -0.8% | -27.2% | ||
| Q1 25 | 0.0% | -11.8% | ||
| Q4 24 | 13.2% | 20.8% | ||
| Q3 24 | 2.2% | 30.4% | ||
| Q2 24 | 2.3% | 27.2% | ||
| Q1 24 | 2.0% | 28.2% |
| Q4 25 | $-0.22 | $-0.14 | ||
| Q3 25 | $-0.13 | $-0.01 | ||
| Q2 25 | $-0.05 | $-0.15 | ||
| Q1 25 | $0.00 | $-0.07 | ||
| Q4 24 | $0.76 | $0.12 | ||
| Q3 24 | $0.14 | $0.20 | ||
| Q2 24 | $0.18 | $0.18 | ||
| Q1 24 | $0.16 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $240.7M | $389.3M |
| Total Assets | $563.6M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $8.3M | ||
| Q3 25 | $1.2M | $30.4M | ||
| Q2 25 | $206.0K | $19.2M | ||
| Q1 25 | $183.0K | $34.5M | ||
| Q4 24 | $206.0K | $190.7M | ||
| Q3 24 | $178.0K | $177.7M | ||
| Q2 24 | $314.0K | $154.3M | ||
| Q1 24 | $314.0K | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $240.7M | $389.3M | ||
| Q3 25 | $244.8M | $402.4M | ||
| Q2 25 | $246.8M | $401.3M | ||
| Q1 25 | $250.0M | $415.3M | ||
| Q4 24 | $251.8M | $421.1M | ||
| Q3 24 | $238.4M | $417.6M | ||
| Q2 24 | $238.1M | $397.2M | ||
| Q1 24 | $234.0M | $375.5M |
| Q4 25 | $563.6M | $530.2M | ||
| Q3 25 | $585.6M | $541.2M | ||
| Q2 25 | $433.7M | $533.7M | ||
| Q1 25 | $447.7M | $562.5M | ||
| Q4 24 | $445.6M | $725.8M | ||
| Q3 24 | $466.0M | $709.8M | ||
| Q2 24 | $488.2M | $697.0M | ||
| Q1 24 | $499.9M | $687.2M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $10.2M | — |
| FCF MarginFCF / Revenue | 7.6% | — |
| Capex IntensityCapex / Revenue | 2.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | $5.7M | ||
| Q3 25 | $1.9M | $53.4M | ||
| Q2 25 | $15.0M | $11.1M | ||
| Q1 25 | $8.3M | $3.9M | ||
| Q4 24 | $38.0M | $30.6M | ||
| Q3 24 | $17.9M | $31.4M | ||
| Q2 24 | $23.3M | $39.1M | ||
| Q1 24 | $10.6M | $50.6M |
| Q4 25 | $10.2M | — | ||
| Q3 25 | $-1.1M | — | ||
| Q2 25 | $12.5M | — | ||
| Q1 25 | $5.4M | $-11.6M | ||
| Q4 24 | $35.6M | — | ||
| Q3 24 | $15.1M | — | ||
| Q2 24 | $19.2M | — | ||
| Q1 24 | $7.8M | — |
| Q4 25 | 7.6% | — | ||
| Q3 25 | -0.8% | — | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | 4.0% | -21.1% | ||
| Q4 24 | 29.4% | — | ||
| Q3 24 | 11.1% | — | ||
| Q2 24 | 11.7% | — | ||
| Q1 24 | 4.9% | — |
| Q4 25 | 2.4% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 2.2% | 28.2% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 2.1% | — | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 1.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 416.65× | — | ||
| Q4 24 | 2.38× | 2.44× | ||
| Q3 24 | 6.03× | 1.57× | ||
| Q2 24 | 6.15× | 2.13× | ||
| Q1 24 | 3.28× | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
