Is Mayville Engineering Co., Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Mayville Engineering Co., Inc. has moved from attractive to fair. The company appears to be fairly valued based on its current metrics. The P/E ratio stands at 83, while the EV to EBITDA ratio is 7.89, and the Price to Book Value is 1.28. In comparison, Ichor Holdings Ltd. has a P/E ratio of -31.41, indicating a risky valuation, while Eastman Kodak Co. is deemed attractive with a P/E of 9.22.
Despite the fair valuation, Mayville Engineering has underperformed against the S&P 500, with a year-to-date return of -19.97% compared to the S&P 500's 13.30%. This trend continues over one year, where the stock has declined by 40.46%, while the S&P 500 has gained 14.08%. Overall, the company's valuation metrics suggest it is fairly valued, but its recent performance indicates potential challenges ahead.