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what it is
M-Tron makes the timing and signal-control parts that keep defense and industrial electronics working on schedule.
how it gets paid
Last year M-Tron Industries made $49M in revenue.
why it's growing
Revenue grew 282.8% last year. Revenue of $40M matters most because it equals about 81.6% of the full-year $49M revenue base.
what just happened
Was huge: revenue hit $40M and EPS reached $1.72.
At a glance
B balance sheet — gets the job done, barely
26.9x trailing p/e — priced about right
24.4% return on capital — every dollar works hard here
$2.65 fy2024 eps est
$49M fy2024 rev est
xvary composite: 47/100 — below average
What they do
M-Tron makes the timing and signal-control parts that keep defense and industrial electronics working on schedule.
This is not a mass-market gadget story. It is a small parts business with 226 employees that sells into high-reliability programs where getting designed in matters more than getting noticed. A follow-on order in February 2026 came after an earlier roughly $20 million defense-prime production order, which tells you the hard part is not winning once, but staying qualified long enough to win again.
How they make money
$49M
annual revenue · their business grew +282.8% last year
total revenue
$49M
+282.8%
The products that matter
defense and aerospace components
Defense & Aerospace
$39M · 78% of revenue
this $39M segment is 78% of company revenue and the part management wants to accelerate through electronic warfare and radar programs.
core
commercial component sales
Commercial & Other
$11M · 22% of revenue
this $11M segment is 22% of revenue and adds some diversification, but not enough to change the defense-led investment case.
supporting revenue
counter-uas program exposure
CROSSBOW Counter-UAS
~$10M order · key catalyst
the program includes a roughly $10M Lockheed Martin order, which matters a lot when the whole company is worth about $228M in the market.
execution test
Key numbers
24.4%
capital returns
Return on capital → profit earned from the money running the business → efficiency. So what: for every $1 tied up in operations, M-Tron generates about $0.24 in operating profit.
21.2%
operating margin
Operating margin → profit after running the business, before interest and taxes → core earning power. So what: a niche hardware company keeping about $0.21 from each sales dollar is doing something right.
$0M
long-term debt
Long-term debt → money owed for years → balance-sheet risk. So what: zero debt gives this tiny company more room to survive lumpy orders.
$58.8M
backlog
Backlog → orders already booked but not yet shipped → future revenue visibility. So what: backlog is larger than the current $49M annual revenue base.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $0M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MPTI right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Was huge: revenue hit $40M and EPS reached $1.72.
That quarter showed how violent the operating leverage is in this business. Annual revenue was $49M, so a single quarter producing $40M tells you large orders can completely reshape the income statement.
$40M
revenue
$1.72
eps
n/a
n/a
the number that mattered
Revenue of $40M matters most because it equals about 81.6% of the full-year $49M revenue base, which shows just how concentrated big orders can be.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is turning the Lockheed-led defense ramp into real shipments and margin.
med
the $10M program matters a lot because the company is still tiny
A roughly $10M Lockheed Martin order is a major catalyst when the market cap is about $228M and annual revenue is about $49M in estimates. If that work slips, the growth story slips with it.
impact: one delayed program can distort a meaningful chunk of the company narrative.
med
backlog has to convert, not just look good on slides
Backlog reached $61.2M, up 35%. That is encouraging. It is not revenue yet. If conversion slows or margins disappoint, investors will stop paying a growth multiple for promise.
impact: backlog without shipment flow pressures both earnings and confidence.
med
defense concentration cuts both ways
Defense & Aerospace is $39M of the $49M revenue base. That concentration is great when programs ramp and budget timing cooperates. It is painful when customers delay orders or priorities shift.
impact: most of the business is tied to one end market, so diversification will not save you.
med
the stock is priced for execution, not patience
At 26.9x trailing earnings and with price stability at 5 / 100, you are owning a volatile small cap that does not have much room for an ordinary miss. The market has already moved the stock near the top of its $36–$68 range.
impact: if growth slows, the multiple can compress before the business has time to prove itself again.
Defense & Aerospace is 78% of revenue, backlog is $61.2M, and the valuation is 26.9x earnings. Put those together and you get a stock that needs the defense ramp to arrive on time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings report
Consensus points to EPS of $0.64, down 12.3% from the prior year. You want to see whether margin recovery and backlog conversion offset that softer comparison.
trend
backlog after the $61.2M jump
A 35% backlog increase is the strongest proof point on the page. The next question is simple: does it keep building, or did management just pull one rabbit out of one quarter.
metric
progress on the roughly $10M Lockheed order
Management tied this order to the plan to double electronic warfare and radar revenue in 2026. If the order converts cleanly, the story gets real fast. If not, the market will notice.
risk
whether analysts move the target above the stock
The average one-year price target sits at $65.28 versus a $66 stock price. That is a polite way of saying Wall Street is not giving you much upside credit yet.
Analyst rankings
coverage
thin
Small-cap names like MPTI do not get the analyst army megacaps get. In human-speak, consensus here is useful context, not gospel.
1-year target
$65.28
The average published target sits slightly below the current $66 price. Analysts are not chasing the stock higher after the recent move.
next quarter EPS view
$0.64
That estimate is down 12.3% from the prior year. The market wants margin recovery and backlog conversion more than a conference-slide growth story.
source: institutional data
Institutional activity
institutional ownership data for MPTI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$66
current price
n/a
target midpoint · n/a from current
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