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M-tron Industries, Inc. designs, manufactures, and markets frequency and spectrum control products to control the frequency and timing of signals in electronic circuits in the United States and internationally. The company provides radio frequency, microwave, and millimeter wave filters; cavity, crystal, ceramic, lumped element, and switched filters; high performance and high frequency oven-controlled crystal oscillators (OCXO), integrated phase-locked loops OCXOs, temperature-compensated crystal oscillators, voltage-controlled crystal oscillators, and low jitter and harsh environment oscillators; crystal resonators, integrated microwave assemblies, and solid-state power amplifier products. It serves commercial and military aerospace, defense, space, avionics, and industrial markets. The company was founded in 1965 and is headquartered in Orlando, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $54M | $11M | $8M | $8M | 13.4% | 11.0% | 10.6% |
| 2024 | $49M | $10M | $8M | $6M | 24.4% | 19.1% | 118.9% |
| 2023 | $41M | $5M | $3M | $3M | 17.5% | 29.3% | 94.0% |
| 2022 | $32M | $4M | $2M | $1M | 12.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 31.84 | 41.17 | 49.01 | 54.42 |
| Cost Of Revenue | 20.50 | 24.40 | 26.37 | 30.27 |
| Gross Profit | 11.35 | 16.77 | 22.64 | 24.15 |
| Operating Expense | 8.47 | 12.47 | 13.25 | 13.86 |
| Operating Income | 2.88 | 4.30 | 9.39 | 10.29 |
| EBITDA | 3.60 | 5.15 | 10.37 | 11.38 |
| EBIT | 2.88 | 4.30 | 9.39 | 10.29 |
| Pretax Income | 2.60 | 4.40 | 9.78 | 10.95 |
| Tax Provision | 0.80 | 0.91 | 2.14 | 2.51 |
| Net Income | 1.80 | 3.49 | 7.64 | 8.45 |
| Net Income Common Stockholders | 1.80 | 3.49 | 7.64 | 8.45 |
| Total Expenses | 28.97 | 36.87 | 39.62 | 44.13 |
| Interest Expense | 0.01 | 0 | 0 | 0 |
| Selling General And Administration | 8.47 | 12.47 | 13.25 | 13.86 |
| Normalized EBITDA | 3.60 | 5.15 | 10.37 | 11.38 |
| Normalized Income | 1.80 | 3.49 | 7.64 | 8.45 |
| Basic EPS | 0.65 | 1.25 | 2.70 | 0 |
| Diluted EPS | 0.65 | 1.24 | 2.57 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.31 | 0.21 | 0.22 | 0.23 |
| Net Income From Continuing Operation Net Minority Interest | 1.80 | 3.49 | 7.64 | 8.45 |
| Reconciled Depreciation | 0.72 | 0.85 | 0.97 | 1.09 |
| Reconciled Cost Of Revenue | 20.50 | 24.40 | 26.37 | 30.27 |
| Net Interest Income | -0.01 | 0.01 | 0.24 | 0.54 |
| Net Income From Continuing And Discontinued Operation | 1.80 | 3.49 | 7.64 | 8.45 |
| Total Operating Income As Reported | 2.88 | 4.30 | 9.39 | 10.29 |
| Diluted Average Shares | 2.76 | 2.82 | 2.97 | 0 |
| Basic Average Shares | 2.76 | 2.78 | 2.83 | 0 |
| Diluted NI Availto Com Stockholders | 1.80 | 3.49 | 7.64 | 8.45 |
| Net Income Including Noncontrolling Interests | 1.80 | 3.49 | 7.64 | 8.45 |
| Net Income Continuous Operations | 1.80 | 3.49 | 7.64 | 8.45 |
| Other Income Expense | -0.27 | 0.09 | 0.14 | 0.12 |
| Other Non Operating Income Expenses | -0.27 | 0.09 | 0.14 | 0.12 |
| Net Non Operating Interest Income Expense | -0.01 | 0.01 | 0.24 | 0.54 |
| Total Other Finance Cost | 0.01 | -0.01 | -0.24 | -0.54 |
| Interest Expense Non Operating | 0.01 | 0 | 0 | 0 |
| Operating Revenue | 31.84 | 41.17 | 49.01 | 54.42 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| M-tron Industries, Inc.this co. | MPTI | $233M | 24.96↑ premium | 3.42 | 13.4% | 18.05 |
| 8x8, Inc. | EGHT | $254M | - | 1.77 | -22.3% | 14.50 |
| Backblaze, Inc. | BLZE | $251M | - | 2.95 | -30.8% | -48.22 |
| Bakkt, Inc. | BKKT | $240M | - | 1.78 | -95.1% | -1.84 |
| Inseego Corp. | INSG | $240M | - |
| -56.24 |
| -20.7% |
| 43.80 |
| Blaize Holdings, Inc. | BZAI | $234M | - | 5.97 | -530.5% | -2.12 |
| Commerce.com, Inc. | CMRC | $230M | - | 5.79 | -49.1% | 28.41 |
| Turtle Beach Corporation | TBCH | $223M | 14.60 | 1.68 | 12.2% | 8.87 |
| Nerdy Inc. | NRDY | $218M | - | 5.75 | -138.0% | -1.79 |
| Peer Median | - | 14.60 | 2.36 | -40.0% | 3.54 | |