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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Varex Imaging Corp is the larger business by last-quarter revenue ($209.6M vs $134.3M, roughly 1.6× Mayville Engineering Company, Inc.). Varex Imaging Corp runs the higher net margin — 1.1% vs -3.2%, a 4.3% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs 4.9%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-26.8M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% 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.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
MEC vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $209.6M |
| Net Profit | $-4.4M | $2.3M |
| Gross Margin | 6.8% | 33.3% |
| Operating Margin | -4.1% | 7.3% |
| Net Margin | -3.2% | 1.1% |
| Revenue YoY | 10.7% | 4.9% |
| Net Profit YoY | -127.3% | 866.7% |
| 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.
| Q1 26 | — | $209.6M | ||
| Q4 25 | $134.3M | $228.9M | ||
| Q3 25 | $144.3M | $203.0M | ||
| Q2 25 | $132.3M | $212.9M | ||
| Q1 25 | $135.6M | $199.8M | ||
| Q4 24 | $121.3M | — | ||
| Q3 24 | $135.4M | $205.7M | ||
| Q2 24 | $163.6M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $-4.4M | $12.2M | ||
| Q3 25 | $-2.7M | $-89.1M | ||
| Q2 25 | $-1.1M | $6.9M | ||
| Q1 25 | $20.0K | $-300.0K | ||
| Q4 24 | $16.0M | — | ||
| Q3 24 | $3.0M | $-51.1M | ||
| Q2 24 | $3.8M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 6.8% | 34.0% | ||
| Q3 25 | 11.0% | 33.3% | ||
| Q2 25 | 10.3% | 36.0% | ||
| Q1 25 | 11.3% | 34.3% | ||
| Q4 24 | 8.9% | — | ||
| Q3 24 | 12.6% | 32.6% | ||
| Q2 24 | 13.6% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | -4.1% | 8.6% | ||
| Q3 25 | 0.0% | -39.8% | ||
| Q2 25 | 0.1% | 10.4% | ||
| Q1 25 | 1.2% | 5.6% | ||
| Q4 24 | 19.0% | — | ||
| Q3 24 | 4.2% | 5.3% | ||
| Q2 24 | 5.0% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | -3.2% | 5.3% | ||
| Q3 25 | -1.9% | -43.9% | ||
| Q2 25 | -0.8% | 3.2% | ||
| Q1 25 | 0.0% | -0.2% | ||
| Q4 24 | 13.2% | — | ||
| Q3 24 | 2.2% | -24.8% | ||
| Q2 24 | 2.3% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $-0.22 | $0.29 | ||
| Q3 25 | $-0.13 | $-2.15 | ||
| Q2 25 | $-0.05 | $0.17 | ||
| Q1 25 | $0.00 | $-0.01 | ||
| Q4 24 | $0.76 | — | ||
| Q3 24 | $0.14 | $-1.25 | ||
| Q2 24 | $0.18 | $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 | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $240.7M | $476.9M |
| Total Assets | $563.6M | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $1.5M | $155.1M | ||
| Q3 25 | $1.2M | $152.6M | ||
| Q2 25 | $206.0K | $223.0M | ||
| Q1 25 | $183.0K | $212.6M | ||
| Q4 24 | $206.0K | — | ||
| Q3 24 | $178.0K | $200.5M | ||
| Q2 24 | $314.0K | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | — | $567.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $240.7M | $472.6M | ||
| Q3 25 | $244.8M | $455.3M | ||
| Q2 25 | $246.8M | $549.7M | ||
| Q1 25 | $250.0M | $540.2M | ||
| Q4 24 | $251.8M | — | ||
| Q3 24 | $238.4M | $529.1M | ||
| Q2 24 | $238.1M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $563.6M | $1.1B | ||
| Q3 25 | $585.6M | $1.1B | ||
| Q2 25 | $433.7M | $1.4B | ||
| Q1 25 | $447.7M | $1.3B | ||
| Q4 24 | $445.6M | — | ||
| Q3 24 | $466.0M | $1.2B | ||
| Q2 24 | $488.2M | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | $10.2M | $-26.8M |
| FCF MarginFCF / Revenue | 7.6% | -12.8% |
| Capex IntensityCapex / Revenue | 2.4% | 5.1% |
| Cash ConversionOCF / Net Profit | — | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $13.4M | $7.9M | ||
| Q3 25 | $1.9M | $7.7M | ||
| Q2 25 | $15.0M | $16.6M | ||
| Q1 25 | $8.3M | $9.5M | ||
| Q4 24 | $38.0M | — | ||
| Q3 24 | $17.9M | $25.9M | ||
| Q2 24 | $23.3M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $10.2M | $2.3M | ||
| Q3 25 | $-1.1M | $1.4M | ||
| Q2 25 | $12.5M | $9.8M | ||
| Q1 25 | $5.4M | $5.3M | ||
| Q4 24 | $35.6M | — | ||
| Q3 24 | $15.1M | $19.9M | ||
| Q2 24 | $19.2M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 7.6% | 1.0% | ||
| Q3 25 | -0.8% | 0.7% | ||
| Q2 25 | 9.5% | 4.6% | ||
| Q1 25 | 4.0% | 2.7% | ||
| Q4 24 | 29.4% | — | ||
| Q3 24 | 11.1% | 9.7% | ||
| Q2 24 | 11.7% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 2.4% | 2.4% | ||
| Q3 25 | 2.1% | 3.1% | ||
| Q2 25 | 1.8% | 3.2% | ||
| Q1 25 | 2.2% | 2.1% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 2.1% | 2.9% | ||
| Q2 24 | 2.5% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | 416.65× | — | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 6.03× | — | ||
| Q2 24 | 6.15× | 5.71× |
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% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
