M-tron Industries
MPTI on NYSEAmerican. M-tron Industries sells frequency control components to aerospace and defense customers. Market value $330m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.86 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 79 of 100. Price score: 48 of 100. Our list needs 70 on quality and 60 on price.
$76.37 a share, 75% above its 1-year low
Over the past year the price has ranged from $43.55 to $104.85.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | $32m | $41m | $49m | $54m |
| Operating margin | ||||
| Operating margin | 9.0% | 10.4% | 19.2% | 18.9% |
| Debt to equity | ||||
| Debt to equity | 0.01 | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.00bn | 0.00bn | 0.00bn | 0.00bn |
Health checks
- Free cash flow positive4 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 19.5% a year
- Buying back its own sharesNo, 56% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $15 million last quarter, up 14% on a year ago.
- Profit: $2 million, about the same as a year ago.
- It keeps 18 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $9 million, up from $6 million.
- 48% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $13m |
| December 2024 | $13m |
| March 2025 | $13m |
| June 2025 | $13m |
| September 2025 | $14m |
| December 2025 | $14m |
| March 2026 | $15m |
| June 2026 | $15m |
| Quarter to | Amount |
|---|---|
| September 2024 | $2m |
| December 2024 | $2m |
| March 2025 | $2m |
| June 2025 | $2m |
| September 2025 | $2m |
| December 2025 | $3m |
| March 2026 | $2m |
| June 2026 | $2m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 March 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 119 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $20m | 0.2% | Added |
| Royce & AssociatesChuck Royce | $16m | 0.1% | Added |
| Platinum Investment ManagementPlatinum team | $1m | 0.3% | New |
Largest holders overall
- T. Rowe Price Investment Management$25mNew
- BlackRock$25mAdded
- GAMCO Investors$20mAdded
- Vanguard Capital Management$17mAdded
- Royce & Associates$16mAdded
- TWO Sigma Investments, LP$13mAdded
- Next Century Growth Investors$12mAdded
- Geode Capital Management$10mAdded
- Renaissance Technologies$10m
- State Street$8mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- T. Rowe Price Investment Management, Inc.Passive investor5.9%Since 30 June 2026
- BlackRock, Inc.Passive investor5.8%−1.8 ptsSince 30 June 2026
- GGCP, INC.Passive investorat least 4.7%(filed with 3 related holders)Since 26 March 2026
What they said
The Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the…
Read the filing - BANK OF AMERICA CORP /DE/Passive investorSold down below 5%Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
T. Rowe Price Investment Management, Inc. Passive investor | 5.9% | 30 June 2026 | |
BlackRock, Inc. Passive investor | 5.8%−1.8 pts | 30 June 2026 | |
GGCP, INC. Passive investor | at least 4.7% (filed with 3 related holders) | 26 March 2026 | What they saidThe Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the… Read the filing |
BANK OF AMERICA CORP /DE/ Passive investor | Sold down below 5% | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $100,637.
- Drafts William ArnoldPresidentSold
- Date
- 4 May 2026
- Shares
- 361
- Price
- $66.78
- Value
- $24,108
- Pforr CameronCEO and CFOSold
- Date
- 4 May 2026
- Shares
- 840
- Price
- $66.78
- Value
- $56,095
- Biles Linda MExecutive VP - FinanceSold
- Date
- 4 May 2026
- Shares
- 306
- Price
- $66.78
- Value
- $20,435
- Biles Linda MExecutive VP - FinanceSold
- Date
- 14 April 2026
- Shares
- 720
- Price
- $0.00
- Value
- $0
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 May 2026 | Drafts William Arnold President | Sold | 361 | $66.78 | $24,108 |
| 4 May 2026 | Pforr Cameron CEO and CFO | Sold | 840 | $66.78 | $56,095 |
| 4 May 2026 | Biles Linda M Executive VP - Finance | Sold | 306 | $66.78 | $20,435 |
| 14 April 2026 | Biles Linda M Executive VP - Finance | Sold | 720 | $0.00 | $0 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 9 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 36% last year. Losing that customer would hurt.
“For the year ended December 31, 2025, our largest and second largest customers accounted for 36.0% and 14.9% of the Company's total revenues, respectively.”
From the 10-K filed 26 March 2026, Item 1A. Risk Factors. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.