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1. Company Snapshot

1.a. Company Description

M-tron Industries, Inc.designs, manufactures, and markets frequency and spectrum control products.It operates in two product groups, Frequency Control and Spectrum Control.


The Frequency Control product group includes a portfolio of quartz crystal resonators, clock oscillators, VCXO, TCXO OCXO, and DOCXO devices.These products are designed for applications in aerospace and defense, telecommunications infrastructure, and instrumentation markets.The Spectrum Control product group comprises an array of radio frequency (RF), microwave and millimeter wave filters, and diplexers covering a frequency range from 1 MHz to 90 GHz, and solid-state power amplifiers covering a frequency range from 300 MHz to 26 GHz, with power output from 10 Watts to 10 kWatts.


The filter devices include crystal, ceramic, LC, tubular, combline, cavity, interdigital and metal insert waveguide, as well as digital, analog, and mechanical tunable filters, switched filter arrays, and RF subsystems.The power amplifiers add active devices comprise GaN, GaAS FET, LDMOS, and chip and wire technologies in narrow or broadband, module, or rack-mounted packages.These products are used in applications in the commercial and military aerospace, defense, space, and other commercial markets.


The company was founded in 1965 and is based in Orlando, Florida.

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1.b. Last Insights on MPTI

M-tron Industries' recent performance was negatively impacted by a Q1 earnings miss, with earnings per share of $0.56, missing the Zacks Consensus Estimate of $0.66. The company's revenue also lagged estimates, indicating a decline in sales. Additionally, the company's margins declined year-over-year, further contributing to the negative performance.

1.c. Company Highlights

2. M-tron's Q3 2025 Earnings: A Mixed Bag

M-tron's Q3 2025 results presented a mixed picture, with revenues growing 7.2% driven by increased shipments in avionics, space, and industrial products. However, gross margins contracted to 44.3% due to unfavorable product mix and higher tariff-related costs. The company's net income was $1.8 million or $0.63 per diluted share, missing analyst estimates of $0.7 per share. Adjusted EBITDA was $3.2 million, slightly down from $3.3 million in the prior year.

Publication Date: Nov -24

📋 Highlights
  • Revenue Growth:: Q3 2025 revenue increased by 7.2% driven by avionics, space, and industrial shipments.
  • Gross Margin Decline:: Gross margins dropped to 44.3% due to product mix shifts and higher tariff costs.
  • Net Income Drop:: Net income fell to $1.8M ($0.63/share) from $2.3M ($0.81/share) in Q3 2024.
  • Backlog Surge:: Backlog rose 48% year-over-year to $58.8M, reflecting strong order intake.
  • Strategic Partnership:: Announced collaboration with Indiana Microelectronics to develop tunable filters, targeting growth in high-frequency applications.

Operational Highlights

The company continued to transition towards more program business, which now constitutes the majority of its aerospace and defense revenue. M-tron secured significant wins in EW and radar systems and is expanding its precision-guided munitions production. The company is also innovating in areas like compensated oscillators, showcasing its commitment to R&D. As Cameron Pforr noted, the company is "innovating in areas like compensated oscillators," highlighting its focus on developing new technologies.

Growth Prospects and Partnerships

M-tron's backlog surged 48% to $58.8 million, driven by new wins and growing demand. The company announced a partnership with Indiana Microelectronics to develop and market tunable filters, a move that could drive future growth. While the investment in Connectivity remains limited, with no investment from M-tron, the company is cautiously optimistic about the potential opportunities.

Valuation and Outlook

With a P/E Ratio of 18.32 and an EV/EBITDA multiple of 12.08, the market appears to have priced in a certain level of growth. Analysts estimate revenue growth at 10.6% for next year, which may be achievable given the company's strong backlog and expanding product portfolio. However, the recent miss on EPS estimates and margin contraction may temper investor enthusiasm. The company's ROE of 24.22% and ROIC of 20.56% indicate a strong ability to generate returns, supporting the current valuation.

3. NewsRoom

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MPTI vs. ALFVY: Which Stock Should Value Investors Buy Now?

Dec -05

Source: zacks.com

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M-tron Industries, Inc. to Present at Sidoti Year End Virtual Investor Conference on December 11, 2025

Dec -04

Source: prnewswire.com

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M-tron Industries: Program Depth And Backlog Strength Push Me To A Buy

Nov -27

Source: seekingalpha.com

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M-tron Industries, Inc. to Present and Host 1x1 Investor Meetings at the 17th Annual Southwest IDEAS Investor Conference on November 20th in Dallas, TX

Nov -17

Source: prnewswire.com

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M-tron Industries, Inc. (MPTI) Q3 2025 Earnings Call Transcript

Nov -13

Source: seekingalpha.com

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M-tron Industries, Inc. Appoints Cameron Pforr as Chief Executive Officer

Nov -13

Source: prnewswire.com

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M-tron Industries, Inc. (MPTI) Lags Q3 Earnings Estimates

Nov -13

Source: zacks.com

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M-tron Industries, Inc. Reports Third Quarter 2025 Results

Nov -12

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.00%)

6. Segments

Electronic Components

Expected Growth: 8%

M-tron Industries, Inc.'s 8% growth in Electronic Components is driven by increasing demand for IoT devices, autonomous vehicles, and 5G infrastructure. Additionally, the company's focus on miniaturization, energy efficiency, and high-performance products has enabled it to capitalize on the trend towards electrification in industries such as automotive and aerospace.

7. Detailed Products

MtronPTFE

MtronPTFE is a high-performance, high-temperature PTFE-based material used in various industrial applications.

MtronCeramic

MtronCeramic is a high-reliability, high-temperature ceramic-based material used in various industrial applications.

MtronRF

MtronRF is a high-performance, high-frequency material used in various RF and microwave applications.

MtronLTCC

MtronLTCC is a low-temperature co-fired ceramic (LTCC) material used in various industrial applications.

MtronThickFilm

MtronThickFilm is a high-performance, thick-film material used in various industrial applications.

8. M-tron Industries, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

M-tron Industries, Inc. faces moderate threat from substitutes, as customers have limited alternatives for its specialized products.

Bargaining Power Of Customers

M-tron Industries, Inc. has a diverse customer base, reducing the bargaining power of individual customers.

Bargaining Power Of Suppliers

M-tron Industries, Inc. relies on a few key suppliers for critical components, giving them significant bargaining power.

Threat Of New Entrants

M-tron Industries, Inc. operates in a niche market with high barriers to entry, making it difficult for new entrants to compete.

Intensity Of Rivalry

M-tron Industries, Inc. faces moderate competition from established players in the industry, but its specialized products provide a competitive advantage.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.49%
Debt Cost 9.10%
Equity Weight 99.51%
Equity Cost 9.66%
WACC 9.66%
Leverage 0.49%

11. Quality Control: M-tron Industries, Inc. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
M-tron

A-Score: 4.8/10

Value: 3.2

Growth: 9.0

Quality: 7.8

Yield: 0.0

Momentum: 6.0

Volatility: 2.7

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Ouster

A-Score: 4.5/10

Value: 6.2

Growth: 5.3

Quality: 4.5

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

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TTM Technologies

A-Score: 4.2/10

Value: 1.7

Growth: 4.4

Quality: 5.2

Yield: 0.0

Momentum: 10.0

Volatility: 3.7

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Allient

A-Score: 4.2/10

Value: 2.7

Growth: 4.0

Quality: 4.3

Yield: 0.0

Momentum: 10.0

Volatility: 4.0

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Vishay Precision Group

A-Score: 4.0/10

Value: 4.5

Growth: 2.9

Quality: 4.6

Yield: 0.0

Momentum: 8.5

Volatility: 3.7

1-Year Total Return ->

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Methode Electronics

A-Score: 3.6/10

Value: 7.5

Growth: 1.6

Quality: 2.7

Yield: 7.0

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

51.5$

Current Price

51.5$

Potential

-0.00%

Expected Cash-Flows