Mayville Engineering Company, Inc.

Mayville Engineering Company, Inc. (MEC) is a U.S.-based contract manufacturer that turns customer designs into finished metal components and assemblies through a vertically integrated process spanning engineering, prototyping, fabrication, aluminum extrusion, coating, assembly, and aftermarket parts. It serves OEMs across commercial vehicles, construction equipment, powersports, agriculture, military, and data center/critical power markets, with a business model built around long-term embedded customer relationships and one-source manufacturing solutions.

5,1 %

9,9 %

−1,5 %

−6,0 %

1.72

0.92

— Mayville Engineering Company, Inc.
%
Engineering and product development10% Front-end design collaboration, prototyping, tooling and product redevelopment support.
Fabricated metal components45% Steel and aluminum fabrication, stamping, tube forming, welding and related component manufacturing.
Aluminum extrusion and finishing15% Extruded aluminum parts and value-added finishing, including coatings and related processing.
Assemblies and finished goods20% Multi-part assemblies and completed sub-systems shipped to OEM production lines.
Aftermarket and ancillary components10% Replacement parts and aftermarket components supporting installed equipment and platforms.

MEC sells primarily to large OEM customers that need engineered metal parts and assemblies for production platforms...

  • Heavy- and medium-duty commercial vehiclesprimary

    Buys fabricated and stamped components for truck and related platforms where quality, cost and supply reliability matter.

  • Construction & access equipmentprimary

    Buys engineered metal parts and assemblies for equipment platforms that require durable, repeatable manufacturing.

  • Agricultureprimary

    Buys stamped, fabricated and assembled parts across many SKUs and model platforms, including John Deere programs.

  • Powersportssecondary

    Buys suspension, tube, fabrication and finished-goods assemblies, often expanding from initial programs into broader content.

  • Data center & critical poweremerging

    Buys infrastructure-related fabricated components as MEC expands into higher-growth end markets.

  • Military and aftermarketsecondary

    Buys specialized components and replacement parts where reliability, qualification and service support are important.

MEC is overwhelmingly a U.S. manufacturing business, with headquarters in Milwaukee, Wisconsin and a supplier base that...

  • •Headquartered in Milwaukee, Wisconsin
  • •Manufacturing and customer base are primarily in the United States
  • •Over 90% of raw materials sourced from U.S. suppliers in 2025
  • •U.S.-centric footprint lowers cross-border complexity
  • •Exposure is tied mainly to North American industrial demand

MEC is focused on operational excellence through automation, lean initiatives, SIOP discipline and supply-chain...

01
Operational excellence and automationshort-term

Improves throughput, lowers unit costs and supports margin expansion in a cyclical manufacturing business.

02
Commercial expansion in adjacent growth marketsmedium-term

Diversifies end-market exposure and reduces dependence on mature industrial segments.

03
Disciplined capital deploymentmedium-term

Supports growth while preserving liquidity and enabling selective M&A and shareholder returns.

MEC is exposed to cyclical demand in industrial end markets, so customer destocking or macro slowdowns can quickly...

high

Macroeconomic and end-market cyclicality

Demand from commercial vehicles, construction and agriculture can fall sharply in downturns or inventory corrections.

Scope
Reduced customer demand across nearly all end markets
Materiality
high
high

Commodity and input cost volatility

Steel and aluminum are core inputs, and margin depends on timely pass-through pricing and contract terms.

Scope
Sheet steel and aluminum
Materiality
high
high

Supply chain disruption

The business relies on third-party suppliers for raw materials, parts and components, some with long lead times.

Scope
Over 900 direct material suppliers
Materiality
high
medium

Cybersecurity and IT interruption

Manufacturing and customer service depend on systems that could be breached or disrupted.

Scope
Data leakage, denial-of-service, malware, phishing
Materiality
medium
medium

Acquisition integration risk

Growth strategy includes acquisitions, which can create integration, valuation and execution risk.

Scope
Accu-Fab and future targets
Materiality
medium
Goodwill impairment testing
Could create non-cash charges and reduce reported equity
Acquisition accounting and intangible assets
Affects amortization expense and near-term gross margin
Revenue and margin timing from customer programs
Can cause volatile quarterly sales and manufacturing margins
Commodity pass-through pricing
Influences gross margin volatility

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: 28/04/2026