MEC · CIK 0001766368
What Mayville Engineering Company, Inc. told the SEC could break it.
Mayville Engineering's disclosures center on two linked dependencies: a customer base concentrated in a handful of large manufacturers — PACCAR (13.6%) and John Deere (10.0%) were its biggest 2025 customers — and heavy reliance on steel and aluminum as its primary purchased commodities. The two meet at trade policy: expanded U.S. tariffs in 2025–2026, plus IEEPA legal uncertainty and retaliation, raised its input costs and disrupted supply, an exposure it says it mitigates but doesn't eliminate by structuring customer contracts to pass commodity-price and tariff changes through.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- steel and aluminum input cost exposure (largely pass-through)medium
MEC's primary purchased commodities are steel and aluminum; it mitigates the exposure by structuring customer contracts to pass through commodity-price and tariff changes, limiting (but not eliminating) margin impact.
“Our primary purchased commodities are steel and aluminum.”
Customer concentration
- dependence on a few major OEMs (PACCAR 13.6%, John Deere 10.0%)medium
MEC depends on a limited number of major manufacturers — PACCAR (13.6%) and John Deere (10.0%) were its largest 2025 customers and top-20 customers were $421M of net sales — so losing one or their market share would materially hurt results.
“We depend on a limited number of major manufacturers for a substantial portion of our net sales. For example, our largest customers in 2025 included PACCAR Inc. and John Deere which accounted for 13.6% and 10.0% of our net sales, respectively.”
SEC filing →As of 2026
Regulatory & policy
- U.S. tariffs raising input costs and disrupting supplymedium
Expanded U.S. tariffs in 2025–2026 (and IEEPA-tariff legal uncertainty plus retaliation) raised MEC's input costs and caused supply-chain disruption and pricing volatility, despite contractual pass-through mitigation.
“In 2025 and early 2026, actions taken by the U.S. government, including the implementation and expansion of tariffs on a broad range of imported goods and materials, contributed to increased input costs, supply chain disruption, pricing volatility, and heightened economic uncertainty.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“For example, we provide John Deere, a leading customer with 2024 net sales accounting for 11.3% of our total revenue, with over 5,000 SKUs across over 65 individual John Deere platforms including the agriculture, forestry, turf care, power systems and construction & access equipment end markets.”
Cited →“For the year ended December 31, 2025, PACCAR Inc. and John Deere accounted for 13.6% and 10.0% of net sales, respectively.”
Cited →“For the year ended December 31, 2025, PACCAR Inc. and John Deere accounted for 13.6% and 10.0% of net sales, respectively.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch