Mayville Engineering Company, Inc. Financial Ratios — MEC

Profitability (USD)

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	11.82	-5.2	-38.24	-66.1	110.74	25.98	55.13	-14.47
Return on Assets (%)	- -	5.92	-1.26	-2.02	-2.08	4.57	1.67	5.51	-1.61
Return on Capital (%)	- -	- -	- -	- -	- -	20.46	10.06	17.89	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	6.06	4.84	3.82	- -
Gross Margin (%)	11.09	14.27	11.3	8.81	11.3	11.32	11.85	12.22	9.88
EBITDA Margin (%)	9.62	12.02	4.81	7.16	8.91	9.41	9.39	9.74	6.85
Operating Margin (%)	3.01	6.25	-1.54	-1.82	1.93	3.97	3.43	3.28	-0.7
Incremental Operating Margin (%)	- -	30.88	- -	- -	15.69	14.98	-2.52	16.68	- -
Pretax Margin (%)	1.67	4.93	-1.7	-2.56	-2.07	4.15	1.51	5.77	-2.57
Profit Margin (%)	1.67	5.06	-0.91	-1.98	-1.64	3.47	1.33	4.46	-1.48
Net Income to Common Margin (%)	1.67	5.06	-0.91	-1.98	-1.64	3.47	1.33	4.46	-1.48
Effective Tax Rate (%)	- -	- -	- -	- -	- -	16.37	11.7	22.63	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	11.82	-5.2	-38.24	-66.1	110.74	25.98	55.13	-14.47

Credit (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	76	182	76	48	68	109	181	110	235
ST Debt	8	9	1	1	- -	5	5	5	7
LT Debt	68	173	75	47	68	104	176	105	228
Total Debt/EBITDA	2.51	4.27	3.04	1.87	1.68	2.15	3.28	1.94	6.27
Net Debt/EBITDA	2.5	4.15	2.9	1.76	1.66	1.42	2.66	1.4	5.37
Total Debt/EBIT	8.02	8.21	-9.47	-7.38	7.75	5.09	8.97	5.78	-61.09
Net Debt/EBIT	8.01	7.98	-9.06	-6.95	7.7	3.37	7.27	4.17	-52.3
EBITDA to Interest Expense	7.21	10.99	3.71	9.59	20.24	15.01	4.98	5.15	3.67
EBITDA-CapEx/Interest Expense	4.52	6.38	-0.12	6.67	0.62	-2.33	3.49	4.05	2.53
EBIT to Interest Expense	2.26	5.71	-1.19	-2.44	4.37	6.34	1.82	1.73	-0.38
Interest Expense	4	4	7	3	2	3	11	11	10
Common Equity/Total Assets	66.59	41.01	6.08	4.43	1.99	5.96	6.87	13.49	9.22
Long-Term Debt/Equity (%)	72.74	167.98	37.46	23.56	34.1	47.79	76.57	41.76	94.75
Long-Term Debt/Capital (%)	30.95	50.51	76.84	75.18	89.58	76.98	81.8	61.8	79.53
Long-Term Debt/Total Assets (%)	31.53	44.16	20.7	13.98	17.82	23.63	35.46	23.6	40.47
Total Debt/Equity (%)	81.38	176.61	37.76	23.87	34.26	50.02	78.77	43.71	97.54
Total Debt/Capital (%)	34.63	53.1	77.45	76.17	90	80.57	84.15	64.68	81.88
Total Debt/Total Assets (%)	35.27	46.43	20.86	14.16	17.9	24.74	36.48	24.7	41.66
Net Debt to Equity	81.3	171.69	36.12	22.47	34.04	33.1	63.84	31.59	83.5
Net Debt/Capital (%)	34.61	52.09	74.09	71.85	89.57	53.36	68.41	46.79	70.46
EBITDA	30	43	25	26	41	51	55	57	37
EBITDA-CapEx	19	25	-1	18	1	-8	39	45	26
Operating Income (Loss)	9	22	-8	-6	9	21	20	19	-4

Liquidity (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.04	- -	- -	- -	- -	0.01	- -	0.02
Current Ratio	1.53	1.36	1.88	1.69	1.71	1.38	1.88	1.75	1.72
Quick Ratio	0.63	0.67	0.83	0.8	0.72	0.57	0.81	0.77	0.79
CFO/Avg Current Liab	- -	0.59	0.51	0.72	0.22	0.58	0.46	1.32	0.55
Common Equity/Total Assets	66.59	41.01	6.08	4.43	1.99	5.96	6.87	13.49	9.22
Long-Term Debt/Equity (%)	72.74	167.98	37.46	23.56	34.1	47.79	76.57	41.76	94.75
Long-Term Debt/Capital (%)	30.95	50.51	76.84	75.18	89.58	76.98	81.8	61.8	79.53
Long-Term Debt/Total Assets (%)	31.53	44.16	20.7	13.98	17.82	23.63	35.46	23.6	40.47
Total Debt/Equity (%)	81.38	176.61	37.76	23.87	34.26	50.02	78.77	43.71	97.54
Total Debt/Capital (%)	34.63	53.1	77.45	76.17	90	80.57	84.15	64.68	81.88
Total Debt/Total Assets (%)	35.27	46.43	20.86	14.16	17.9	24.74	36.48	24.7	41.66
CFO/Total Liabilities	25.37	12.72	20.53	26.53	7.98	23.54	15.14	46.34	11.94
CFO/CapEx	2.74	2.05	1.29	4.69	0.37	0.89	2.43	7.42	3.31
Altman's Z-Score	2.55	2.09	3.22	3.11	3.19	2.83	2.92	3.61	2.86

Working Capital (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	9.01	11.24	8.69	9.33	9.51	10.19	10.85	10.18
Days Sales Outstanding	- -	40.51	32.48	41.98	39.12	38.37	35.81	33.65	35.84
Inventory Turnover	- -	6.85	9.3	7.49	7.24	6.74	7.44	8.33	8.63
Days Inventory Outstanding	- -	53.31	39.23	48.72	50.45	54.13	49.08	43.81	42.3
Accounts Payable Turnover	- -	9.83	11.6	9.8	10.34	9.24	10.27	11.62	10.87
Accounts Payable Turnover Days	- -	37.12	31.47	37.24	35.3	39.5	35.54	31.42	33.59
Cash Conversion Cycle	- -	56.7	40.24	53.46	54.26	53.01	49.34	46.03	44.56
Inventory to Cash Days	- -	-12.8	-6.75	-6.74	-11.33	-15.75	-13.27	-10.16	-6.46
Inventories	35	53	46	41	70	72	68	55	59
Raw Materials	3	12	11	11	19	17	26	19	19
Work In Process	5	8	6	6	10	10	10	9	11
Finished Goods	27	33	29	25	41	45	31	26	30
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	164	267	304	258	294	324	383
- Cash & Cash Equivalents	- -	3	- -	- -	- -	- -	1	- -	2
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	76	182	76	48	68	109	181	110	235
Enterprise Value	76	179	240	315	372	367	475	434	617
Total Capital	218	343	98	63	75	135	215	170	287
Total Debt/Capital (%)	34.63	53.1	77.45	76.17	90	80.57	84.15	64.68	81.88
Total Debt / EV	1	1.02	0.32	0.15	0.18	0.3	0.38	0.25	0.38
EV/Sales	0.24	0.5	0.46	0.88	0.82	0.68	0.81	0.75	1.13
EV/EBITDA	2.5	4.2	9.58	12.3	9.18	7.24	8.59	7.66	16.47
EV/EBIT	8.01	8.07	- -	- -	42.47	17.13	23.52	22.77	- -
EV/Cash Flow to Firm	2.16	4.39	6.47	8.16	23.19	6.64	9.47	4.41	13.87
EV/Free Cash Flow to Firm	1.63	3.05	3.81	6.79	6.72	3.22	7.11	3.93	10.99
Diluted Market Cap	- -	- -	164	267	311	262	298	330	383
Diluted Enterprise Value	76	179	240	315	378	371	479	440	617
EV per Share	3.83	9.08	13.73	15.82	18.23	18	23.26	21.05	30.12
TTM Sales	313	355	520	358	455	539	588	582	546
TTM EBITDA	30	43	25	26	41	51	55	57	37
TTM Operating Income	9	22	-8	-6	9	21	20	19	-4
TTM Cash Flow to Firm	35	41	37	39	16	55	50	98	44
TTM Free Cash Flow to Firm	46	59	63	46	55	114	67	110	56

Multiples (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	2.76	6.03	5.78	2.36	5.24	3.24	7.63
EV/EBIT	8.01	8.07	- -	- -	42.47	17.13	23.52	22.77	- -
Enterprise Value	76	179	240	315	372	367	475	434	617
Low Price	- -	- -	7.7	3.89	12.14	5.94	9.55	11.07	11.72
EV/Sales	0.24	0.5	0.46	0.88	0.82	0.68	0.81	0.75	1.13
EV/EBITDA	2.5	4.2	9.58	12.3	9.18	7.24	8.59	7.66	16.47
Price/Earnings	- -	- -	- -	- -	- -	13.79	37.53	12.48	- -
Price/Earnings Average	- -	- -	-46.42	-23.29	-45.23	10.06	33.28	12.97	-38.31
Price/Earnings High	- -	- -	-63.87	-41.36	-60.69	16.7	43.36	18.27	-49.9
Price/Earnings Low	- -	- -	-28.27	-10.91	-33.25	6.48	24.86	8.79	-29.58
Price/Book Value	- -	- -	7.41	17.8	40.31	9.83	8.63	5.39	7.37
Price/Book Value Average	- -	- -	9.99	11.01	44.65	7.17	7.65	5.6	5.98
Price/Book Value High	- -	- -	13.74	19.56	59.91	11.9	9.97	7.9	7.79
Price/Book Value Low	- -	- -	6.08	5.16	32.82	4.62	5.71	3.8	4.62
Price/Tangible Book Value	- -	- -	2.86	3.94	4	2.52	3.74	3.02	-35.52
Price/Tangible Book Value Average	- -	- -	3.86	2.43	4.44	1.84	3.32	3.14	-28.8
Price/Tangible Book Value High	- -	- -	5.31	4.32	5.95	3.05	4.32	4.42	-37.51
Price/Tangible Book Value Low	- -	- -	2.35	1.14	3.26	1.18	2.48	2.13	-22.24
Price/Sales	- -	- -	0.31	0.75	0.67	0.48	0.5	0.56	0.7
Price/Sales Average	- -	- -	0.42	0.46	0.74	0.35	0.44	0.58	0.57
Price/Sales High	- -	- -	0.58	0.82	0.99	0.58	0.58	0.82	0.74
Price/Sales Low	- -	- -	0.26	0.22	0.54	0.22	0.33	0.39	0.44
Price/Cash Flow	- -	- -	4.9	7.31	21.04	4.93	7.29	3.61	9.94
Price/Cash Flow Average	- -	- -	6.61	4.52	23.31	3.59	6.47	3.75	8.06
Price/Cash Flow High	- -	- -	9.09	8.03	31.28	5.97	8.43	5.28	10.5
Price/Cash Flow Low	- -	- -	4.02	2.12	17.13	2.31	4.83	2.54	6.22
Price/Free Cash Flow Average	- -	- -	3.73	3.73	6.4	1.72	4.65	3.36	6.19
Price/Free Cash Flow High	- -	- -	5.13	6.62	8.59	2.86	6.05	4.74	8.06
Price/Free Cash Flow Low	- -	- -	2.27	1.75	4.7	1.11	3.47	2.28	4.78
EV/Sales Average	0.24	0.5	0.57	0.6	0.89	0.55	0.75	0.77	1
EV/Sales High	0.24	0.5	0.73	0.95	1.14	0.78	0.88	1	1.17
EV/Sales Low	0.24	0.5	0.4	0.35	0.69	0.43	0.64	0.58	0.87
EV/EBITDA Average	2.5	4.2	11.87	8.32	9.98	5.86	7.99	7.88	14.53
EV/EBITDA High	2.5	4.2	15.18	13.33	12.83	8.31	9.42	10.32	17.04
EV/EBITDA Low	2.5	4.2	8.41	4.89	7.78	4.54	6.79	5.97	12.64
EV/EBIT Average	8.01	8.07	-37.01	-32.78	46.21	13.87	21.87	23.44	-141.53
EV/EBIT High	8.01	8.07	-47.36	-52.5	59.36	19.67	25.78	30.67	-165.98
EV/EBIT Low	8.01	8.07	-26.24	-19.27	36.02	10.74	18.6	17.74	-123.11
Last Price	- -	- -	9.38	13.42	14.91	12.66	14.42	15.72	18.72
High Price	- -	- -	17.4	14.74	22.16	15.33	16.66	23.02	19.77
Enterprise Value Average	76	179	297	213	405	297	442	447	544
Enterprise Value High	76	179	379	341	520	422	521	584	638
Enterprise Value Low	76	179	210	125	316	230	375	338	473

Shares Outstanding	20	20	20	20	20	20	16	20	20
Diluted Weighted Avg Shares	20	20	17	20	21	21	21	21	20
Basic Weighted Avg Shares	20	20	17	20	20	20	20	21	20
Revenue per Share	15.91	18	29.79	17.97	22.29	26.44	28.82	28.22	26.7
EBITDA per Share	1.53	2.16	1.43	1.29	1.99	2.49	2.71	2.75	1.83
Operating Income per Share	0.48	1.12	-0.46	-0.33	0.43	1.05	0.99	0.92	-0.19
Basic EPS, GAAP	0.27	0.91	-0.27	-0.36	-0.37	0.92	0.38	1.26	-0.4
Basic EPS from Cont Ops	0.27	0.91	-0.27	-0.36	-0.37	0.92	0.38	1.26	-0.4
Diluted EPS, GAAP	0.27	0.91	-0.27	-0.36	-0.36	0.91	0.38	1.24	-0.4
Diluted EPS from Cont Ops	0.27	0.91	-0.27	-0.36	-0.36	0.91	0.38	1.24	-0.4
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1.56	1.86	1.91	1.84	0.71	2.57	1.98	4.36	1.88
Free Cash Flow per Basic Share	0.99	0.96	0.44	1.44	-1.22	-0.3	1.16	3.77	1.31
Cash & Equivalents per Share	- -	0.16	- -	0.01	0.01	0.01	0.03	0.01	0.07
Book Value per Share	7.25	8.16	1.27	0.75	0.37	1.29	1.67	2.92	2.54
Tangible Book Value per Share	1.72	-2.5	3.28	3.41	3.72	5.03	3.85	5.21	-0.53

Mayville Engineering Company, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)