Mayville Engineering Company, Inc. (MEC) vs Worthington Enterprises, Inc. (WOR)

Mayville Engineering Company, Inc. and Worthington Enterprises, Inc. are both Metal Fabrication companies. Worthington Enterprises, Inc. is the larger, with a market value of $3.0B against $427.6M — 6.9× the size. Mayville Engineering Company, Inc. has negative trailing earnings, so its P/E is not meaningful; Worthington Enterprises, Inc. trades at 18.5×. Worthington Enterprises, Inc. grew revenue faster over the last twelve months: 18.4% against 11.8%. Worthington Enterprises, Inc. has the higher net margin (11.5% vs −2.95%) and the higher return on invested capital (3.85% vs −1.78%). Across the 20 metrics below, Worthington Enterprises, Inc. leads on 14 and Mayville Engineering Company, Inc. on 6.

Valuation

Metric MEC WOR Metal Fabrication median
P/E n/m 18.54 17.15
P/S 0.67 2.13 1.14
P/B 1.20 2.94 1.71
Price to free cash flow n/m 15.30 22.10
EV/EBITDA 16.49 24.56 17.60
EV/Sales 0.89 2.31 1.96
Earnings yield (4.88%) 5.39% 2.28%
Free cash flow yield (1.15%) 6.54% 0.92%

Profitability

Metric MEC WOR Metal Fabrication median
Gross margin 9.16% 27.22% 21.08%
Operating margin (2.18%) 5.63% 5.14%
Net margin (2.95%) 11.50% 4.70%
Free cash flow margin (0.77%) 13.90% 1.45%
Return on equity (6.05%) 0.00% 0.00%
Return on assets (3.39%) 9.14% 1.56%
Return on invested capital (1.78%) 3.85% 2.19%

Growth

Metric MEC WOR Metal Fabrication median
Revenue growth (TTM) 11.77% 18.44% 9.93%
EPS growth (last fiscal year) (132.26%) 63.54% —
Revenue growth, 5-year CAGR 8.85% (15.32%) 6.12%
Net income growth, 5-year CAGR 0.00% (26.42%) 0.00%

Health

Metric MEC WOR Metal Fabrication median
Debt to equity 0.39 0.29 0.30
Current ratio 1.70 2.67 2.08
Net debt to EBITDA 5.37 2.08 1.02

Dividend

Metric MEC WOR Metal Fabrication median
Dividend yield — 0.69% 1.69%
Payout ratio 0.00 0.21 0.06

Size

Metric MEC WOR Metal Fabrication median
Market cap 427.64m 2.95b 896.96m

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