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Mayville Engineering Co Piotroski F-Score

: 4 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Mayville Engineering Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Mayville Engineering Co's Piotroski F-Score or its related term are showing as below:

MEC' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 7
Current: 4

During the past 5 years, the highest Piotroski F-Score of Mayville Engineering Co was 7. The lowest was 3. And the median was 5.


Mayville Engineering Co Piotroski F-Score Historical Data

The historical data trend for Mayville Engineering Co's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Mayville Engineering Co Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
N/A N/A 4.00 3.00 5.00

Mayville Engineering Co Quarterly Data
Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 5.00 5.00 4.00

Competitive Comparison

For the Metal Fabrication subindustry, Mayville Engineering Co's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Mayville Engineering Co Piotroski F-Score Distribution

For the Industrial Products industry and Industrials sector, Mayville Engineering Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Mayville Engineering Co's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 0.275 + -13.563 + 3.822 + 5.929 = $-3.5 Mil.
Cash Flow from Operations was -5.437 + 1.664 + -0.425 + 16.109 = $11.9 Mil.
Revenue was 109.018 + 112.975 + 136.252 + 138.337 = $496.6 Mil.
Gross Profit was 10.909 + 9.409 + 14.882 + 18.258 = $53.5 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(366.272 + 379.216 + 379.473 + 443.442 + 446.284) / 5 = $402.9374 Mil.
Total Assets at the begining of this year (Jun21) was $366.3 Mil.
Long-Term Debt & Capital Lease Obligation was $109.6 Mil.
Total Current Assets was $155.3 Mil.
Total Current Liabilities was $110.5 Mil.
Net Income was -1.1 + 0.972 + 2.545 + 3.292 = $5.7 Mil.

Revenue was 91.075 + 95.344 + 112.62 + 120.213 = $419.3 Mil.
Gross Profit was 9.735 + 11.077 + 14.776 + 16.28 = $51.9 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(343.857 + 343.949 + 338.533 + 353.786 + 366.272) / 5 = $349.2794 Mil.
Total Assets at the begining of last year (Jun20) was $343.9 Mil.
Long-Term Debt & Capital Lease Obligation was $45.6 Mil.
Total Current Assets was $114.9 Mil.
Total Current Liabilities was $70.8 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Mayville Engineering Co's current Net Income (TTM) was -3.5. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Mayville Engineering Co's current Cash Flow from Operations (TTM) was 11.9. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=-3.537/366.272
=-0.00965676

ROA (Last Year)=Net Income/Total Assets (Jun20)
=5.709/343.857
=0.01660283

Mayville Engineering Co's return on assets of this year was -0.00965676. Mayville Engineering Co's return on assets of last year was 0.01660283. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Mayville Engineering Co's current Net Income (TTM) was -3.5. Mayville Engineering Co's current Cash Flow from Operations (TTM) was 11.9. ==> 11.9 > -3.5 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=109.594/402.9374
=0.27198766

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=45.59/349.2794
=0.13052588

Mayville Engineering Co's gearing of this year was 0.27198766. Mayville Engineering Co's gearing of last year was 0.13052588. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun22)=Total Current Assets/Total Current Liabilities
=155.328/110.507
=1.40559422

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=114.913/70.847
=1.62198823

Mayville Engineering Co's current ratio of this year was 1.40559422. Mayville Engineering Co's current ratio of last year was 1.62198823. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Mayville Engineering Co's number of shares in issue this year was 20.651. Mayville Engineering Co's number of shares in issue last year was 20.865. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=53.458/496.582
=0.10765191

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=51.868/419.252
=0.12371557

Mayville Engineering Co's gross margin of this year was 0.10765191. Mayville Engineering Co's gross margin of last year was 0.12371557. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=496.582/366.272
=1.35577385

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=419.252/343.857
=1.21926266

Mayville Engineering Co's asset turnover of this year was 1.35577385. Mayville Engineering Co's asset turnover of last year was 1.21926266. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+0+1+0+0+1+0+1
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Mayville Engineering Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Mayville Engineering Co  (NYSE:MEC) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Mayville Engineering Co Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Mayville Engineering Co's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Mayville Engineering Co Business Description

Mayville Engineering Co logo
Traded in Other Exchanges
N/A
Address
715 South Street, Mayville, WI, USA, 53050
Mayville Engineering Co Inc is involved in a manufacturing partner that provides a broad range of prototyping and tooling, production fabrication, coating, assembly, and aftermarket components. Its customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, construction, powersports, agriculture, military, and other end markets. Its services comprise stamping, shearing, fiber laser cutting, forming, drilling, tapping, grinding, tube bending, machining, welding, assembly, and logistic services.
Executives
Kent Jennifer J. director QUAD/GRAPHICS, INC. N61 W23044 HARRY'S WAY SUSSEX WI 53089-3995
Stille Randall P officer: Chief Operating Officer 715 SOUTH STREET MAYVILLE WI 53050
Mance Stephen P. officer: Chief Operating Officer 715 SOUTH STREET MAYVILLE WI 53050
Fisher Steven L director 100 N.E. ADAMS STREET PEORIA IL 61629
Carlson Allen J director 1500 WEST UNIVERSITY PARKWAY SARASOTA FL 34243
Christen Timothy L director 715 SOUTH STREET MAYVILLE WI 53050
Rothman Jay O. director C/O QUAD/GRAPHICS, INC. N61 W23044 HARRY'S WAY SUSSEX WI 53089
Butz Todd M officer: Chief Financial Officer 715 SOUTH STREET MAYVILLE WI 53050
Kamphuis Robert D director, officer: Chairman, Pres. & CEO 715 SOUTH STREET MAYVILLE WI 53050
Raber Ryan F officer: EVP - Sales & Marketing 715 SOUTH STREET MAYVILLE WI 53050
Sanderson Clifford O officer: Vice President - HR 715 SOUTH STREET MAYVILLE WI 53050
Welak Eric J officer: EVP - Fabrication 715 SOUTH STREET MAYVILLE WI 53050
Michels Patrick D director 715 SOUTH STREET MAYVILLE WI 53050
St. Peter John A director 715 SOUTH STREET MAYVILLE WI 53050
Johnson Craig E director 715 SOUTH STREET MAYVILLE WI 53050

Mayville Engineering Co Headlines

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