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Mayville Engineering Company cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$3.4M in Q3 2026 · −$6.8M over twelve months

Operating cash flow$4.3M
Capital spending−$7.7M
Free cash flow−$3.4M
Cash / net income10.2×
Cash conversion cycle48 days

Analysis

In Q3 2026, Mayville Engineering Company generated $4.3M of operating cash flow and spent $7.7M on capital projects, leaving free cash flow of −$3.4M. That is $2.2M less than in Q3 2025 (−$1.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $16.4M; the largest uses were net borrowing (+) / repaid (−) ($84.9M), capital spending ($23.2M), taxes on employees’ shares ($1.2M); besides operations, cash came from other financing ($93.0M), other investing ($108K); the cash balance rose by $292K.

Operating cash flow was $4.3M against net income of $424K — 10.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$11.2M, receivables −$9.0M, inventory −$8.7M.

Its cash conversion cycle was 48 days (receivables 44 + inventory 45 − payables 41).

Free cash flow

Mayville Engineering Company: free cash flow by quarterMayville Engineering Company: free cash flow by quarter$35.6MQ4 2024$5.4MQ1 2025$12.5MQ2 2025−$1.1MQ3 2025$10.2MQ4 2025−$6.9MQ1 2026−$6.6MQ2 2026−$3.4MQ3 2026
Operating cash flow less capital spending.
Mayville Engineering Company: operating cash flow against capital spendingMayville Engineering Company: operating cash flow against capital spendingOperating cash flowCapital spending$38.0M$2.3MQ4 2024$8.3M$3.0MQ1 2025$15.0M$2.4MQ2 2025$1.9M$3.0MQ3 2025$13.4M$3.2MQ4 2025−$2.8M$4.2MQ1 2026$1.4M$8.1MQ2 2026$4.3M$7.7MQ3 2026
Latest (Q3 2026): Operating cash flow $4.3M, Capital spending $7.7M.

Capital allocation, year by year

Mayville Engineering Company: where the cash came from (up) and went (down), by fiscal yearMayville Engineering Company: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $14.5MFY2021: Net borrowing $21.5MFY2021: Shares issued $139KFY2021: Asset sales $5.3MFY2021: Capital spending −$39.3MFY2021: Buybacks −$2.2M$41.5MFY2021FY2022: Operating cash flow $52.4MFY2022: Net borrowing $3.2MFY2022: Asset sales $7.9MFY2022: Capital spending −$58.6MFY2022: Buybacks −$4.9M$63.6MFY2022FY2023: Operating cash flow $40.4MFY2023: Net borrowing $68.2MFY2023: Asset sales $1.1MFY2023: Capital spending −$16.6MFY2023: Acquisitions −$88.6MFY2023: Buybacks −$2.7M$110MFY2023FY2024: Operating cash flow $89.8MFY2024: Net borrowing −$69.2MFY2024: Shares issued $345KFY2024: Asset sales $386KFY2024: Capital spending −$12.1MFY2024: Buybacks −$5.9M$90.5MFY2024FY2025: Operating cash flow $38.6MFY2025: Net borrowing $121MFY2025: Asset sales $72KFY2025: Capital spending −$11.6MFY2025: Acquisitions −$140MFY2025: Buybacks −$4.6M$160MFY2025
Over these 5 years operating cash flow totalled $236M; the largest uses were acquisitions ($229M) and capital spending ($138M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.5M
Debtnone
Net cash$1.5M

Mayville Engineering Company's operations bring cash in ($16.4M over twelve months), and it spends more than that on capital projects: a gap of $6.8M funded from its $1.5M of cash and investments and from borrowing. That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Mayville Engineering Company: sources (+) and uses (−) of cash, Q3 2026Mayville Engineering Company: sources (+) and uses (−) of cash, Q3 2026Capital spending−$7.7MOperating cash flow$4.3MNet borrowing (+) / repaid (−)$2.7MCash drawn (+) / kept (−)$694KTaxes on employees’ shares−$33K
Mayville Engineering Company: sources (+) and uses (−) of cash, TTM to Q3 2026Mayville Engineering Company: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$93.0MNet borrowing (+) / repaid (−)−$84.9MCapital spending−$23.2MOperating cash flow$16.4MTaxes on employees’ shares−$1.2MCash drawn (+) / kept (−)−$292KOther investing$108KAsset & business sales$56K

From profit to cash

Mayville Engineering Company: net income to operating cash flow, Q3 2026Mayville Engineering Company: net income to operating cash flow, Q3 2026Net income$424KDepreciation & amortization$11.2MStock-based pay$1.5MImpairments−$3KGains on disposals$5KOther non-cash$762KReceivables−$9.0MInventory−$8.7MPayables$6.8MAccrued liabilities−$1.6MPrepaid and other assets$651KOperating cash flow$4.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202644454148
Q2 202641424043
Q1 202639423943
Q4 202543443949
Q3 202538413644
Q2 202538423743
Q1 202536413344
Q4 202439483651

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$4.3M−$7.7M——$2.7M$694K−$3.4M
Q2 2026$1.4M−$8.1M——−$87.1M−$137K−$6.6M
Q1 2026−$2.8M−$4.2M——$9.1M−$564K−$6.9M
Q4 2025$13.4M−$3.2M$108K—−$9.5M−$285K$10.2M
Q3 2025$1.9M−$3.0M——$142M−$1.0M−$1.1M
Q2 2025$15.0M−$2.4M—−$2.9M−$8.7M−$23K$12.5M
Q1 2025$8.3M−$3.0M—−$1.7M−$2.5M$23K$5.4M
Q4 2024$38.0M−$2.3M—−$3.9M−$32.0M−$28K$35.6M

Mayville Engineering Company: income statement and cash flow

Mayville Engineering Company, Q3 2026: revenue $170M (+18% year over year), operating margin 2.5%. The chart follows the revenue to costs, profit and cash.

Mayville Engineering Company: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.