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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 Surges with Strong Q4 & 2025 Growth

Q4 2025 saw M-tron lift total revenues to $14.2 million, an 11.2% jump from $12.8 million in Q4 2024, while gross margins settled at 46.9% despite tariff pressures and a shift in product mix. Net income per diluted share rose to $0.99 from $0.73, and adjusted EBITDA climbed 46.8% to $4.5 million. Full-year 2025 revenues hit $54.4 million, up 11.2% from $48.6 million, with a 44.4% gross margin and net income of $8.4 million ($2.62 per share). Adjusted EBITDA for the year rose to $12.6 million from $11.1 million. The company’s valuation sits at a P/E of 21.34 and an EV/EBITDA of 13.4, reflecting market confidence in its defense‑centric trajectory.

Publication Date: Apr -24

📋 Highlights
  • Q4 2025 Revenue Growth: Rose 11.2% to $14.2 million year-over-year.
  • Adjusted EBITDA Surge: Jumped 46.8% to $4.5 million in Q4 2025.
  • Backlog Expansion: Soared 62% to $76.4 million by Q4 2025 end.
  • 2026 Radar Revenue: Projected at $4 million, driven by counter-drone demand.
  • Cash Infusion: Generated $38.2 million via operations ($10.7M) and warrant offering ($27.5M).

Q4 2025 Highlights

The quarter’s revenue growth was driven by a 62% backlog expansion to $76.4 million, signaling robust order flow in radar and electronic warfare segments. Gross margin compression was largely tariff‑related, but the company mitigated this through a favorable product mix shift toward higher‑margin drone warfare solutions, which grew from $1.5–2 million to over $3 million.

Full-Year 2025 Performance

Year‑end 2025 metrics underscored M-tron’s solid operational footing: revenues climbed 11.2% to $54.4 million, while net income dipped slightly to $8.4 million, reflecting margin erosion from higher input costs. Adjusted EBITDA, however, grew 13.5% to $12.6 million, showcasing resilient cash‑generating capabilities that underpin the firm’s strategic expansion plans.

Balance Sheet & Capital Structure

Cash from operations increased by $10.7 million, and a $27.5 million warrant offering bolstered liquidity, bringing total cash to $38.3 million. A new $20 million loan facility with Fifth Third Bank provides flexible financing at a competitive rate, while the company remains debt‑free, yielding a negative Net Debt/EBITDA of –1.79.

Growth Outlook & Strategic Initiatives

Management projects 12.2% revenue growth for 2026, driven by mid‑range radar systems targeting counter‑drone warfare, expected to generate roughly $4 million in 2026. M-tron will pursue inorganic growth through three strategic partnerships formed in 2025 and a forthcoming rights offering, positioning it for acquisitions that align with its defense focus.

Valuation Snapshot

With a P/E of 21.34 and EV/EBITDA of 13.4, M-tron trades at a premium that reflects its defense market moat and growth prospects. The firm’s ROIC of 12.5% and ROE of 20.09% indicate efficient capital deployment, while a free‑cash‑flow yield of 4.61% suggests upside potential for future dividend considerations.

3. NewsRoom

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M-tron Industries, Inc. (MPTI) Q1 Earnings and Revenues Top Estimates

03:26

Source: zacks.com

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M-tron Industries, Inc. Reports First Quarter 2026 Results

May -07

Source: prnewswire.com

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M-tron Industries, Inc. Reminds Investors of Upcoming Investor Day on May 12, 2026

May -05

Source: prnewswire.com

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Quanta Services (PWR) Tops Q1 Earnings and Revenue Estimates

Apr -30

Source: zacks.com

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M-tron Industries, Inc. Announces Completion of Rights Offering

Apr -27

Source: prnewswire.com

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M-tron Industries, Inc. (MPTI) Declines More Than Market: Some Information for Investors

Apr -23

Source: zacks.com

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M-tron Industries, Inc. Announces Preliminary Results of Rights Offering

Apr -21

Source: prnewswire.com

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M-tron Industries, Inc. Awarded $2.7 Million Production Contract for a Major Defense Radar Program

Apr -16

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
Ouster

A-Score: 4.4/10

Value: 6.4

Growth: 5.2

Quality: 4.7

Yield: 0.0

Momentum: 9.5

Volatility: 0.7

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Allient

A-Score: 4.2/10

Value: 2.9

Growth: 4.0

Quality: 4.5

Yield: 0.0

Momentum: 9.5

Volatility: 4.0

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TTM Technologies

A-Score: 4.1/10

Value: 1.7

Growth: 4.4

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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M-tron

A-Score: 4.1/10

Value: 3.4

Growth: 9.0

Quality: 7.8

Yield: 0.0

Momentum: 1.5

Volatility: 2.7

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Methode Electronics

A-Score: 3.9/10

Value: 8.2

Growth: 1.6

Quality: 2.9

Yield: 7.0

Momentum: 1.5

Volatility: 2.0

1-Year Total Return ->

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Vishay Precision Group

A-Score: 3.7/10

Value: 2.6

Growth: 2.9

Quality: 4.3

Yield: 0.0

Momentum: 9.0

Volatility: 3.7

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

81.57$

Current Price

81.57$

Potential

-0.00%

Expected Cash-Flows