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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% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 31.84 | 41.17 | 49.01 | 54.42 |
| Operating 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 |
| Selling General And Administration | - | 8.47 | 12.47 | 13.25 | 13.86 |
| Total Expenses | - | 28.97 | 36.87 | 39.62 | 44.13 |
| Operating Income | - | 2.88 | 4.30 | 9.39 | 10.29 |
| Total Operating Income As Reported | - | 2.88 | 4.30 | 9.39 | 10.29 |
| EBITDA | - | 3.60 | 5.15 | 10.37 | 11.38 |
| Normalized EBITDA | - | 3.60 | 5.15 | 10.37 | 11.38 |
| EBIT | - | 2.88 | 4.30 | 9.39 | 10.29 |
| Interest Expense | 0.01 | 0.01 | - | - | - |
| Net Interest Income | - | -0.01 | 0.01 | 0.24 | 0.54 |
| Other Non Operating Income Expenses | - | -0.27 | 0.09 | 0.14 | 0.12 |
| Other Income Expense | - | -0.27 | 0.09 | 0.14 | 0.12 |
| Interest Expense Non Operating | 0.01 | 0.01 | - | - | - |
| Net Non Operating Interest Income Expense | - | -0.01 | 0.01 | 0.24 | 0.54 |
| Pretax Income | - | 2.60 | 4.40 | 9.78 | 10.95 |
| Tax Provision | - | 0.80 | 0.91 | 2.14 | 2.51 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 1.80 | 3.49 | 7.64 | 8.45 |
| Net Income From Continuing And Discontinued Operation | - | 1.80 | 3.49 | 7.64 | 8.45 |
| Net Income From Continuing Operation Net Minority Interest | - | 1.80 | 3.49 | 7.64 | 8.45 |
| Net Income | - | 1.80 | 3.49 | 7.64 | 8.45 |
| Net Income Common Stockholders | - | 1.80 | 3.49 | 7.64 | 8.45 |
| Net Income Including Noncontrolling Interests | - | 1.80 | 3.49 | 7.64 | 8.45 |
| Normalized Income | - | 1.80 | 3.49 | 7.64 | 8.45 |
| Diluted NI Availto Com Stockholders | - | 1.80 | 3.49 | 7.64 | 8.45 |
| Basic Average Shares | - | 2.76 | 2.78 | 2.83 | 2.96 |
| Diluted Average Shares | - | 2.76 | 2.82 | 2.97 | 3.33 |
| Reconciled Depreciation | - | 0.72 | 0.85 | 0.97 | 1.09 |
| Reconciled Cost Of Revenue | - | 20.50 | 24.40 | 26.37 | 30.27 |
| Total Other Finance Cost | - | 0.01 | -0.01 | -0.24 | -0.54 |
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 | $400M | 47.30↑ premium | 6.32 | 13.4% | 33.29 |
| Bakkt, Inc. | BKKT | $410M | - | 3.64 | -95.1% | - |
| TSS, Inc. | TSSI | $407M | 26.90 | 5.31 | 19.7% | 30.37 |
| Alight, Inc. | ALIT | $406M | -0.13 | 0.39 | -296.6% | -0.88 |
| IBEX Limited | IBEX | $399M | 10.83 |
| - |
| - |
| - |
| - |
| - |
| 2.97 |
| 27.4% |
| 7.00 |
| Yext, Inc. | YEXT | $397M | 10.48 | 2.49 | 23.8% | 5.01 |
| Paysign, Inc. | PAYS | $390M | 51.60 | 8.04 | 15.6% | 23.89 |
| Palladyne AI Corp. | PDYN | $386M | 38.40 | 5.16 | 13.4% | -12.07 |
| Rimini Street, Inc. | RMNI | $384M | 10.35 | -14.21 | -137.3% | 5.02 |
| Peer Median | - | 10.83 | 3.31 | 14.5% | 5.02 | |