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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and UPWORK, INC (UPWK). Click either name above to swap in a different company.
UPWORK, INC is the larger business by last-quarter revenue ($198.4M vs $134.3M, roughly 1.5× Mayville Engineering Company, Inc.). UPWORK, INC runs the higher net margin — 7.9% vs -3.2%, a 11.1% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs 3.6%). UPWORK, INC produced more free cash flow last quarter ($63.2M vs $10.2M). Over the past eight quarters, UPWORK, INC's revenue compounded faster (1.9% 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.
Upwork Inc. is an American freelancing platform headquartered in Santa Clara and San Francisco, California. The company was formed in 2013 as Elance-oDesk after the merger of Elance Inc. and oDesk Corp. The merged company was subsequently rebranded as Upwork in 2015.
MEC vs UPWK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $198.4M |
| Net Profit | $-4.4M | $15.6M |
| Gross Margin | 6.8% | 78.0% |
| Operating Margin | -4.1% | 14.3% |
| Net Margin | -3.2% | 7.9% |
| Revenue YoY | 10.7% | 3.6% |
| Net Profit YoY | -127.3% | -89.4% |
| EPS (diluted) | $-0.22 | $0.12 |
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 | $198.4M | ||
| Q3 25 | $144.3M | $201.7M | ||
| Q2 25 | $132.3M | $194.9M | ||
| Q1 25 | $135.6M | $192.7M | ||
| Q4 24 | $121.3M | $191.5M | ||
| Q3 24 | $135.4M | $193.8M | ||
| Q2 24 | $163.6M | $193.1M | ||
| Q1 24 | $161.3M | $190.9M |
| Q4 25 | $-4.4M | $15.6M | ||
| Q3 25 | $-2.7M | $29.3M | ||
| Q2 25 | $-1.1M | $32.7M | ||
| Q1 25 | $20.0K | $37.7M | ||
| Q4 24 | $16.0M | $147.2M | ||
| Q3 24 | $3.0M | $27.8M | ||
| Q2 24 | $3.8M | $22.2M | ||
| Q1 24 | $3.2M | $18.4M |
| Q4 25 | 6.8% | 78.0% | ||
| Q3 25 | 11.0% | 77.3% | ||
| Q2 25 | 10.3% | 77.7% | ||
| Q1 25 | 11.3% | 78.3% | ||
| Q4 24 | 8.9% | 77.7% | ||
| Q3 24 | 12.6% | 77.6% | ||
| Q2 24 | 13.6% | 77.3% | ||
| Q1 24 | 13.0% | 76.9% |
| Q4 25 | -4.1% | 14.3% | ||
| Q3 25 | 0.0% | 14.8% | ||
| Q2 25 | 0.1% | 16.7% | ||
| Q1 25 | 1.2% | 20.1% | ||
| Q4 24 | 19.0% | 7.1% | ||
| Q3 24 | 4.2% | 10.7% | ||
| Q2 24 | 5.0% | 9.2% | ||
| Q1 24 | 4.7% | 6.8% |
| Q4 25 | -3.2% | 7.9% | ||
| Q3 25 | -1.9% | 14.5% | ||
| Q2 25 | -0.8% | 16.8% | ||
| Q1 25 | 0.0% | 19.6% | ||
| Q4 24 | 13.2% | 76.9% | ||
| Q3 24 | 2.2% | 14.3% | ||
| Q2 24 | 2.3% | 11.5% | ||
| Q1 24 | 2.0% | 9.7% |
| Q4 25 | $-0.22 | $0.12 | ||
| Q3 25 | $-0.13 | $0.21 | ||
| Q2 25 | $-0.05 | $0.24 | ||
| Q1 25 | $0.00 | $0.27 | ||
| Q4 24 | $0.76 | $1.02 | ||
| Q3 24 | $0.14 | $0.20 | ||
| Q2 24 | $0.18 | $0.17 | ||
| Q1 24 | $0.16 | $0.13 |
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 | $672.8M |
| Total DebtLower is stronger | — | $359.8M |
| Stockholders' EquityBook value | $240.7M | $630.3M |
| Total Assets | $563.6M | $1.3B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $672.8M | ||
| Q3 25 | $1.2M | $643.1M | ||
| Q2 25 | $206.0K | $634.6M | ||
| Q1 25 | $183.0K | $622.1M | ||
| Q4 24 | $206.0K | $622.1M | ||
| Q3 24 | $178.0K | $601.2M | ||
| Q2 24 | $314.0K | $497.7M | ||
| Q1 24 | $314.0K | $490.6M |
| Q4 25 | — | $359.8M | ||
| Q3 25 | — | $359.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $357.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $240.7M | $630.3M | ||
| Q3 25 | $244.8M | $628.1M | ||
| Q2 25 | $246.8M | $608.7M | ||
| Q1 25 | $250.0M | $594.3M | ||
| Q4 24 | $251.8M | $575.4M | ||
| Q3 24 | $238.4M | $411.2M | ||
| Q2 24 | $238.1M | $361.1M | ||
| Q1 24 | $234.0M | $348.9M |
| Q4 25 | $563.6M | $1.3B | ||
| Q3 25 | $585.6M | $1.3B | ||
| Q2 25 | $433.7M | $1.3B | ||
| Q1 25 | $447.7M | $1.2B | ||
| Q4 24 | $445.6M | $1.2B | ||
| Q3 24 | $466.0M | $1.1B | ||
| Q2 24 | $488.2M | $1.0B | ||
| Q1 24 | $499.9M | $1.0B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.62× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $63.7M |
| Free Cash FlowOCF − Capex | $10.2M | $63.2M |
| FCF MarginFCF / Revenue | 7.6% | 31.9% |
| Capex IntensityCapex / Revenue | 2.4% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 4.07× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $242.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | $63.7M | ||
| Q3 25 | $1.9M | $75.1M | ||
| Q2 25 | $15.0M | $72.5M | ||
| Q1 25 | $8.3M | $37.0M | ||
| Q4 24 | $38.0M | $38.6M | ||
| Q3 24 | $17.9M | $61.0M | ||
| Q2 24 | $23.3M | $39.2M | ||
| Q1 24 | $10.6M | $14.8M |
| Q4 25 | $10.2M | $63.2M | ||
| Q3 25 | $-1.1M | $74.6M | ||
| Q2 25 | $12.5M | $70.1M | ||
| Q1 25 | $5.4M | $34.5M | ||
| Q4 24 | $35.6M | $37.0M | ||
| Q3 24 | $15.1M | $59.8M | ||
| Q2 24 | $19.2M | $38.6M | ||
| Q1 24 | $7.8M | $14.6M |
| Q4 25 | 7.6% | 31.9% | ||
| Q3 25 | -0.8% | 37.0% | ||
| Q2 25 | 9.5% | 36.0% | ||
| Q1 25 | 4.0% | 17.9% | ||
| Q4 24 | 29.4% | 19.3% | ||
| Q3 24 | 11.1% | 30.8% | ||
| Q2 24 | 11.7% | 20.0% | ||
| Q1 24 | 4.9% | 7.7% |
| Q4 25 | 2.4% | 0.2% | ||
| Q3 25 | 2.1% | 0.2% | ||
| Q2 25 | 1.8% | 1.2% | ||
| Q1 25 | 2.2% | 1.3% | ||
| Q4 24 | 1.9% | 0.8% | ||
| Q3 24 | 2.1% | 0.6% | ||
| Q2 24 | 2.5% | 0.3% | ||
| Q1 24 | 1.7% | 0.1% |
| Q4 25 | — | 4.07× | ||
| Q3 25 | — | 2.56× | ||
| Q2 25 | — | 2.22× | ||
| Q1 25 | 416.65× | 0.98× | ||
| Q4 24 | 2.38× | 0.26× | ||
| Q3 24 | 6.03× | 2.20× | ||
| Q2 24 | 6.15× | 1.76× | ||
| Q1 24 | 3.28× | 0.80× |
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% |
UPWK
Segment breakdown not available.
