M-tron Industries, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business model works, the balance sheet is rock-solid, and the structural tailwind from defense and avionics spending is backed by real numbers — that speaks for quality. But a material operating question remains open: how much does the business really depend on two large customers, how quickly does the recently declining gross margin normalize, and what will the freshly diluted, still-undeployed war chest actually be used for? These are open operating questions, not solvency risks — but they are enough to wait for the next quarterly report before calling this "green." The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
M-tron Industries has grown double digits every year since spinning off from LGL Group in 2022, and sits structurally in the tailwind of Western defense spending, with ITAR-registered U.S. plants, seven-year framework agreements from Lockheed Martin and Raytheon, and an order backlog that has swelled to $84.0 million (06/30/2026). Against that stands high customer concentration (50.9% of 2025 revenue from two customers), a gross margin declining on an annual basis (46.2% in 2024 to 44.4% in 2025, with H2 2026 guidance of 41.5% to 44%), and fresh dilution of roughly 46% more shares outstanding since year-end 2025, whose roughly $70 million in proceeds still sit undeployed. Not investment advice.
Growth & order book
Four straight years of double-digit revenue growth ($31.8 million in 2022 to $54.4 million in 2025, TTM $58.2 million through 06/30/2026); order backlog jumped from $47.2 million (end of 2024) to $84.0 million (06/30/2026) — more than a full year of secured demand.
Balance-sheet quality
$96.2 million in cash as of 06/30/2026, no bank debt, an unused $20 million credit line, and an Altman Z-score around 23 (above 3 is considered safe) — essentially no visible bankruptcy risk.
Customer concentration
The largest customer made up 36.0% of 2025 revenue, the top two combined 50.9%, and four customers 71.4% of receivables. Concentration is easing slightly (2024: 65.7% for the top four) but remains a material operating dependency without an immediate existential threat.
Margin pressure & execution risk
Gross margin fell from 46.2% (2024) to 41.2% in the second quarter of 2026, driven by tariffs and ramp-up costs on new product lines; management guides to 41.5% to a maximum of 44% for the second half of 2026. Not a red flag, but an open operating question.
Dilution & capital deployment
Roughly 46% more shares outstanding between late 2025 and mid-2026, in two steps (a warrant exercise, then a rights offering at $59.00/share); the roughly $70 million in combined proceeds had not been deployed into an acquisition as of the August 13, 2026 earnings call.
Valuation
Roughly 31 times trailing net income and 5.8 times trailing revenue at a market capitalization of $337 million to $340 million (08/27/2026) — ambitious for the company's size, partly supported by the large order backlog.
Worth Noting
M-tron landed on our research list through a threshold filing: T. Rowe Price Investment Management disclosed a 5.9 percent stake (Schedule 13G) on 08/14/2026 — not a buy signal by itself, but reason enough for a closer look.
M-tron in its current form as a standalone company has only existed since the spin-off from The LGL Group, Inc. on 08/19/2022; the underlying product line traces back to a 1965 founding per the 10-K. Historical figures before 2022 come from the predecessor structure's combined financial statements and are only partly comparable.
Not to be confused: the Form 15-12G filings dated 01/09/2026 and 05/13/2026 deregistered only the warrants ("MPTI WS") and the subscription rights ("MPTI RT") respectively — the reporting duty for the common stock, MPTI, explicitly continues per the same forms.
Stock Watch
This analysis is as of August 29, 2026. Stock Watch will tell you what's changed at MPTI since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 45.00 $ to 100.80 $ · Last price: 74.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electronic Components
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| M-tron Industries, Inc. MPTI | 0.3 | – | 19.9 | 44.3 | – | 11.0 | 54.4 |
| Corning Incorporated GLW | 127.2 | 68.9 | 35.8 | 36.4 | 15.7 | 19.1 | 93.9 |
| Amphenol Corporation APH | 96.5 | 22.3 | 23.8 | 39.0 | 27.3 | 51.7 | 33.1 |
| TE Connectivity Ltd TEL | 59.8 | 20.2 | 13.2 | 36.1 | 20.8 | 7.9 | -3.5 |
| Flex Ltd FLEX | 41.0 | 41.3 | 20.9 | 9.5 | 5.7 | 8.1 | 93.1 |
| Jabil Circuit Inc JBL | 31.6 | 35.3 | 16.7 | 9.2 | 5.2 | 3.2 | 39.5 |
| Fabrinet FN | 14.4 | 30.6 | 20.6 | 12.0 | 9.9 | 18.6 | 6.3 |
| TTM Technologies Inc TTMI | 11.9 | 93.8 | 30.2 | 21.2 | 8.6 | 19.0 | 134.1 |
| Vicor Corporation VICR | 10.7 | 69.1 | 73.4 | 56.6 | 15.0 | 13.6 | 314.5 |
| Median of companies shown | 31.6 | 38.3 | 20.9 | 36.1 | 12.4 | 13.6 | 54.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 1998 | – | – | – | – | 1 | – | – |
| 1999 | – | – | – | – | 0 | – | – |
| 2020 | 30 | 3 | 2 | 0.43 | 4 | 15 | 18 |
| 2021 | 27 | 2 | 2 | 0.59 | 3 | 17 | 20 |
| 2022 | 32 | 3 | 2 | 0.67 | 2 | 14 | 19 |
| 2023 | 41 | 4 | 3 | 1.28 | 4 | 20 | 24 |
| 2024 | 49 | 9 | 8 | 2.65 | 8 | 31 | 36 |
| 2025 | 54 | 10 | 8 | 2.62 | 11 | 63 | 68 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.50 | 2,830.10 | 13 | 18.90 | 16.70 | 2 | 1 |
| 2025: Q1 | 0.38 | 9.70 | 13 | 13.80 | 12.80 | 2 | 1 |
| 2025: Q2 | 0.36 | -10.60 | 13 | 12.50 | 11.70 | 3 | 2 |
| 2025: Q3 | 0.42 | -19.20 | 14 | 7.20 | 12.90 | 4 | 3 |
| 2025: Q4 | 0.79 | 60.10 | 14 | 11.20 | 24.10 | 3 | 2 |
| 2026: Q1 | 0.55 | 46.50 | 15 | 15.30 | 16.30 | 2 | 2 |
| 2026: Q2 | 0.43 | 19.40 | 15 | 13.50 | 12.60 | 4 | 3 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 13 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- RS Leader (≥90)
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.55 | 2.17 – 2.93 | 61 | -2.7% | 2 |
| 12/31/2027 | 2.92 | 2.58 – 3.25 | 68 | 14.3% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 15.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $9.5M |
|---|---|
| Market cap | $323.0M |
| Free cash flow in year ten | $38.2M |
| Terminal value as a share of market value | 62.3% |
For comparison: over the past five years free cash flow grew by 18.3% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Der Geschäftsbericht 2025 nennt generative KI nur als mögliche künftige IT-Maßnahme und als generischen Cybersicherheits- und Anbieterrisikofaktor, ohne konkreten Bezug zum eigenen Geschäft mit Frequenz- und Spektrumkontrollprodukten; kein KI-Umsatz, keine belegte operative KI-Nutzung, kein konkretes Geschäftsrisiko im Sinn der Vorrang-Regel.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-03-26 · 10-K 2025-03-27 · 10-Q 2026-08-12 · 10-Q 2026-05-13 · 10-Q 2025-11-12 · 10-Q 2025-08-12
Rated on August 29, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 19.6%
- More than 10% revenue growth is expected for the coming year 11.2%
- Share count grows by less than 3% a year 6.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 25.9%
- Gross margin at 40% or higher and without meaningful erosion 44.4%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 21 m net cash
- Operating cash flow covers the profits of the last three years 3 m
- Return on capital at 15% or higher, or up versus two years ago 16.2%
- Insiders hold at least 10% or are net buyers 5.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 12.7%
- Exp. sales growth 3Y > 5% 11.9%
- EBIT growth 10Y > 5% 27.7%
- Exp. EBIT growth 3Y > 5% 5.5%
- Net debt < 4x EBIT -2.0x
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 30.4%
- Return on equity > 15% 13.4%
- ROCE > 15% 16.2%
- Expected return > 10% 8.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | Biles Linda M | Executive VP - Finance | Sell | 1,218 | 85.05 | 103,591 |
| Mar 19, 2026 | Pforr Cameron | CEO and CFO | Other | 3,805 | 0.00 | – |
| Mar 19, 2026 | Drafts William Arnold | President | Other | 2,840 | 0.00 | – |
| Mar 19, 2026 | Biles Linda M | Executive VP - Finance | Other | 1,565 | 0.00 | – |
The company
About the Company
M-tron Industries, Inc. entwirft, fertigt und vermarktet Frequenz- und Spektrumsteuerungsprodukte zur Steuerung der Frequenz und des Timings von Signalen in elektronischen Schaltkreisen in den USA und international.
- Employees
- 239
- Headquarters
- Orlando, FL
- Address
- 2525 Shader Road, 32804 Orlando, United States
- Phone
- 407 298 2000
- Website
- mtron.com
- IPO Date
- 10/03/2022
- ISIN
- US55380K1097
- Stock Split
- 1031:1000 on 03/27/2026
Management
| Name | Title | Birth Year |
|---|---|---|
| Marc Joseph Gabelli | Co-Chairman | 1968 |
| Cameron Pforr | CFO & CEO | – |
| William A. Drafts | President | 1965 |
| Linda M. Biles | Executive VP of Finance & Secretary | 1962 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.