Gross margins have compressed sharply from a 52.1% peak in 2022Q4 to just 18.1% in 2025Q4, reflecting severe pricing pressure within the firm's core mold fabrication business.
| Sales/Revenue | 11.66M | 10.12M | 8.16M | 1.18M | 1.2M | 638.06K |
| Revenue Growth % | 15.27% | 24.04% | 590.18% | -1.39% | 87.86% | - |
| Cost of Goods Sold | 9.04M | 7.05M | 4.83M | 600.93K | 576.5K | 261.06K |
| COGS % of Revenue | 77.49% | 69.69% | 59.26% | 50.84% | 48.09% | 40.92% |
| Gross Profit | 2.63M | 3.07M | 3.32M | 581.12K | 622.19K | 377K |
| Gross Margin % | 22.51% | 30.31% | 40.74% | 49.16% | 51.91% | 59.08% |
| Gross Profit Growth % | -14.38% | -7.73% | 471.97% | -6.6% | 65.04% | - |
| Operating Expenses | 2.93M | 8.18M | 1.58M | 230.46K | 177.1K | 96.65K |
| OpEx % of Revenue | 25.16% | 80.83% | 19.38% | 19.5% | 14.77% | 15.15% |
| Selling, General & Admin | 2.27M | 7.55M | 950.35K | 1.06M | 734.58K | 427.62K |
| SG&A % of Revenue | 19.47% | 74.57% | 11.65% | 89.62% | 61.28% | 67.02% |
| Research & Development | 777.7K | 634.05K | 630.75K | 73.14K | 63.2K | 34.69K |
| R&D % of Revenue | 6.67% | 6.27% | 7.73% | 6.19% | 5.27% | 5.44% |
| Other Operating Expenses | -114.06K | 0 | 0 | 58.31K | 134.14K | 65.45K |
| Operating Income | -308.99K | -5.11M | 1.74M | 350.66K | 445.08K | 280.35K |
| Operating Margin % | -2.65% | -50.52% | 21.36% | 29.67% | 37.13% | 43.94% |
| Operating Income Growth % | 93.96% | -393.39% | 396.99% | -21.21% | 58.76% | - |
| EBITDA | 426.86K | -4.59M | 2.15M | 388.37K | 471.55K | 292.17K |
| EBITDA Margin % | 3.66% | -45.35% | 26.32% | 32.86% | 39.34% | 45.79% |
| EBITDA Growth % | 109.3% | -313.72% | 452.98% | -17.64% | 61.4% | - |
| D&A (Non-Cash Add-back) | 735.85K | 523.23K | 404.88K | 37.71K | 26.47K | 11.82K |
| EBIT | -1.71M | -5.11M | 1.74M | 2.36M | 2.87M | 1.94M |
| Net Interest Income | -37.69K | -35.54K | -55.02K | -51.82K | -44.95K | -15.1K |
| Interest Income | 998 | 1.23K | 4.46K | 2.17K | 6.51K | 5.55K |
| Interest Expense | 38.69K | 36.77K | 59.48K | 53.99K | 51.47K | 20.65K |
| Other Income/Expense | -1.44M | -486.48K | 108.56K | 14.75K | 18.55K | 22.9K |
| Pretax Income | -1.75M | -5.6M | 1.85M | 365.41K | 463.63K | 303.25K |
| Pretax Margin % | -14.98% | -55.33% | 22.69% | 30.91% | 38.68% | 47.53% |
| Income Tax | 39.74K | 80.01K | 344.59K | 48.62K | 61.53K | 18.55K |
| Effective Tax Rate % | -2.27% | -1.43% | 18.61% | 13.31% | 13.27% | 6.12% |
| Net Income | -1.79M | -5.68M | 1.51M | 316.79K | 402.1K | 284.69K |
| Net Margin % | -15.32% | -56.12% | 18.47% | 26.8% | 33.54% | 44.62% |
| Net Income Growth % | 68.53% | -476.92% | 375.61% | -21.22% | 41.24% | - |
| Net Income (Continuing) | -1.79M | -5.68M | 1.51M | 316.79K | 402.1K | 284.69K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -52.26 | -208.00 | 60.00 | 12.68 | 16.08 | 11.38 |
| EPS Growth % | 74.88% | -446.67% | 373.19% | -21.14% | 41.3% | - |
| EPS (Basic) | -52.26 | -208.00 | 60.00 | 12.68 | 16.08 | 11.38 |
| Diluted Shares Outstanding | 34.2K | 29.43K | 25K | 25K | 25K | 25K |
| Basic Shares Outstanding | 34.2K | 29.43K | 25K | 25K | 25K | 25K |
| Dividend Payout Ratio | - | - | - | 16.51% | - | - |
Operating leverage and liquidity
According to recent financial disclosures, MTEN reported a 17.0% revenue growth in 2025Q4, yet this follows a period of extreme volatility, including an 84.4% contraction in 2025Q2, suggesting that the company's project-based revenue model remains highly susceptible to the timing of automotive OEM model-refresh cycles.
The inconsistent top-line performance indicates that Mingteng lacks the recurring revenue base necessary to stabilize its operations against the cyclical nature of the Chinese automotive market. Investors should monitor whether the recent growth reflects a sustainable shift toward EV-related mold demand or merely the lumpy recognition of delayed legacy projects.
As reported in financial statements, Mingteng's gross margin has compressed significantly from a peak of 52.1% in 2022Q4 to 18.1% in 2025Q4, reflecting the intense competitive pressure within the Tier 1 automotive supply chain and the rising costs of specialty materials required for high-tolerance mold fabrication.
This persistent margin degradation suggests that the company possesses limited pricing power, forcing it to absorb input cost volatility rather than passing it to customers. The inability to maintain historical margin levels implies that the transition to more complex EV-component molds has not yet yielded the expected premium pricing.
Based on the company's reported figures, operating expenses have consistently outpaced gross profit generation, resulting in a negative operating margin of 4.8% in 2025Q4, which highlights a failure to achieve the necessary scale to cover the firm's high fixed-cost base in the current manufacturing environment.
The data suggests that Mingteng is struggling to optimize its SG&A and R&D spending relative to its revenue scale, leading to persistent operating losses. Without a significant increase in production volume or a drastic reduction in overhead, the company appears unlikely to achieve sustainable operating leverage in the near term.
Analysis of recent filings reveals that Mingteng's net income has been severely impacted by non-operating items, most notably a $4.4M stock-based compensation charge in 2024Q4, which significantly exacerbated the reported net loss and obscured the underlying operational performance of the core mold-making business during that period.
The presence of such large, non-cash charges warrants further investigation into the company's compensation structure and its impact on shareholder dilution. Investors should look past these accounting anomalies to determine if the core business can ever reach profitability, as the current net margin of -6.7% remains deeply concerning.
Based on the provided income statement data, the company's inability to generate positive net income, combined with a limited cash reserve, suggests that Mingteng may face a liquidity squeeze if it cannot reach a break-even point before its current capital resources are fully exhausted by ongoing losses.
Short-sellers would likely focus on the disconnect between the company's growth narrative and its deteriorating cash position, which may necessitate future dilutive financing. The lack of a clear path to profitability suggests that the company's survival is increasingly dependent on external capital rather than internal cash generation.
Quick answers to the most common questions about buying MTEN stock.
For fiscal year 2025, Mingteng International Corporation Inc. (MTEN) reported total revenue of $11.7M. This represents a 1728.2% increase compared to $0.6M in 2020.
Mingteng International Corporation Inc. (MTEN) reported a net loss of $1.8M for the fiscal year ending 2025.
Mingteng International Corporation Inc. (MTEN) reported an operating income of $-0.3M, resulting in an operating profit margin of -2.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Mingteng International Corporation Inc. (MTEN) generated $2.6M in gross profit for the year, representing a gross profit margin of 22.5%. This demonstrates the company's core pricing power and production efficiency.