Mayville Engineering Company, I — Earnings Quality Grade F
MEC · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 38 days, change +7 days YoY
AR growth 15.6% exceeds revenue growth -6.0%
Revenue -6.0%, CFFO -57.1%. Cash follows revenue
Expense Quality
Inventory 8.5% vs COGS -3.5%. Normal
CapEx growth -3.7% vs revenue -6.0%. Normal
SG&A/Gross Profit = 89.1%, exceeds 70%
Gross margin 9.9%, change -2.3pp. Stable
Cash Flow Quality
CFFO/NI = -4.75. Below 1.0
FCF $0.0B, FCF/NI = -3.32
Accruals ratio = -8.3%. Low accruals
Cash $0.0B covers only 1% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 104% of equity. Over 50%
Debt/EBITDA = 6.3x (>4x). Interest coverage = -0.4x (<2x). Financial stress
Other assets 4.3% vs revenue -6.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 74% YoY
Manipulation Score
M-Score = -2.64 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25