Analyst Ratings

Date	Action	Analyst	Rating	Target
Jun-18-26	Reiterated	Raymond James	Strong Buy	$20 → $18
Mar-24-26	Downgrade	Truist Securities	Buy → Hold
Jan-16-26	Downgrade	Keybanc	Overweight → Sector Weight
Jan-06-26	Reiterated	Stifel Nicolaus		$22 → $18
Nov-10-25	Reiterated	Northland Securities		$21 → $20
Oct-14-25	Reiterated	Northland Securities		$21
Jul-22-21	Upgrade	Compass Point	Neutral → Buy
May-27-21	Downgrade	Berenberg	Buy → Hold
Dec-18-19	Downgrade	JP Morgan	Neutral → Underweight
Oct-09-18	Upgrade	B. Riley FBR	Neutral → Buy

Financial Statements

DataTimeframe

Line Item (USD, M)	TTM —	FY 2025 12/31/2025	FY 2024 12/31/2024	FY 2023 12/31/2023
Total Revenue	1,333	1,175	970	Upgrade your experience to unlock full historical data
Cost of Goods Sold Incl. D&A	840	783	638
Gross Profit	491	392	332
Selling, General and Administrative Excl. Other	53	57	41
Research and Development	0	0	0
Other Operating Expense	158	0	0
Operating Income	280	335	291
Interest Expense	25	72	105
Unusual Expense	—	—	—
Non-Operating Income (Expense)	163	120	1
Net Income Before Taxes	92	143	185
Income Taxes	0	0	0
Consolidated Net Income	235	286	185
Net Income From Continuing Operations	92	143	185
Net Income	235	286	185
EPS (Recurring)	0.74	1.09	1.90
EPS (Basic, Before Extraordinaries)	0.74	1.09	1.90
EPS (Diluted)	0.74	1.09	1.90
EBITDA	535	508	561
Other After Tax Adjustments	—	—	—
Stock Option Compensation Expense	—	—	—
Price To Earnings Ratio	16.82	10.13	—
Price To Sales Ratio	1.57	1.23	—
Gross Margin	36.83	33.36	34.23
Operating Margin	21.01	28.51	30.00
Net Margin	17.63	24.34	19.07
Shares Outstanding	168	131	98
Market Capitalization	2,092	1,446	—
Operating Lease Expense	—	—	—

Insider Trading

Insider	Relationship	Date	Transaction	Cost	#Shares	Value ($)	#Shares Total	SEC Form 4
WARD TOM L.	director, 10 percent owner, officer, other: See Remarks	Apr 13 '26	Buy	13.05	153,256	1,999,990	13,295,039	Apr 13 12:00 AM
IKAV General Partner S.a r.l.	10% Owner	Apr 08 '26	Sale	12.81	5,557,679	71,193,868	4,259,110	Apr 10 12:00 AM
McMullen William Wallace	director, 10 percent owner, other: See Remarks	Mar 23 '26	Buy	13.63	3,215	43,820	74,859,917	Mar 23 12:00 AM
Burn Christopher	director, other: See Remarks	Mar 20 '26	Buy	13.85	1,000	13,850	15,587	Mar 23 12:00 AM
McMullen William Wallace	director, 10 percent owner, other: See Remarks	Mar 20 '26	Buy	14.00	2,500	35,000	74,856,702	Mar 23 12:00 AM
McMullen William Wallace	director, 10 percent owner, other: See Remarks	Mar 19 '26	Buy	14.00	3,570	49,980	74,854,202	Mar 23 12:00 AM
Burn Christopher	director, other: See Remarks	Mar 19 '26	Buy	14.07	1,000	14,070	14,587	Mar 23 12:00 AM
McMullen William Wallace	director, 10 percent owner, other: See Remarks	Dec 09 '25	Buy	12.32	17,500	215,600	74,850,632	Dec 10 12:00 AM
McMullen William Wallace	director, 10 percent owner, other: See Remarks	Dec 08 '25	Buy	12.53	12,500	156,625	74,833,132	Dec 10 12:00 AM
WARD TOM L.	director, 10 percent owner, officer, other: See Remarks	Nov 26 '25	Buy	11.63	40,000	465,200	167,030	Dec 01 12:00 AM
WARD TOM L.	director, 10 percent owner, officer, other: See Remarks	Nov 25 '25	Buy	11.45	43,660	499,907	127,030	Nov 25 12:00 AM
WARD TOM L.	director, 10 percent owner, officer, other: See Remarks	Nov 17 '25	Buy	11.98	41,740	500,045	83,370	Nov 18 12:00 AM
McMullen William Wallace	director, 10 percent owner, other: See Remarks	Nov 14 '25	Buy	11.85	4,608	54,605	74,820,632	Nov 18 12:00 AM
WARD TOM L.	director, 10 percent owner, officer, other: See Remarks	Nov 14 '25	Buy	12.01	41,630	499,976	41,630	Nov 18 12:00 AM
McMullen William Wallace	director, 10 percent owner, other: See Remarks	Aug 11 '25	Buy	14.39	3,085	44,393	74,816,024	Aug 12 12:00 AM


Market Cap	2.08B	Forward P/E	8.83	EPS next Y	1.41	Insider Trans	-3.23%	Shs Float	-	Perf Month	-16.50%


Enterprise Value	3.18B	PEG	-	EPS next Q	0.30	Inst Own	-	Short Float	-	Perf Quarter	-11.20%


Income	232.96M	P/S	1.56	EPS this Y	77.47%	Inst Trans	-	Short Ratio	-	Perf Half Y	9.31%


Sales	1.33B	P/B	1.14	EPS next Y	7.40%	ROA	6.36%	Short Interest	-	Perf YTD	12.77%


Book/sh	11.09	P/C	3.92	EPS next 5Y	-9.01%	ROE	13.10%	52W High	15.60 -20.19%	Perf Year	-17.00%


Cash/sh	0.32	P/FCF	21.48	EPS past 3/5Y	-	ROIC	8.53%	52W Low	10.46 19.02%	Perf 3Y	-


Dividend Est.	1.82 (14.62%)	EV/EBITDA	5.95	Sales past 3/5Y	7.84% -	Gross Margin	36.88%	Volatility	2.28% 2.11%	Perf 5Y	-


Dividend TTM	1.82 (14.62%)	EV/Sales	2.39	EPS Y/Y TTM	24.74%	Oper. Margin	21.06%	ATR (14)	0.39	Perf 10Y	-


Dividend Ex-Date	May 21, 2026	Quick Ratio	0.73	Sales Y/Y TTM	37.42%	Profit Margin	17.65%	RSI (14)	33.33	Recom	2.47


Dividend Gr. 3/5Y	-	Current Ratio	0.83	EPS Q/Q	8.82%	SMA20	-6.57%	Beta	0.10	Target Price	18.00


Payout	116.77%	Debt/Eq	0.62	Sales Q/Q	68.72%	SMA50	-7.35%	Rel Volume	1.00	Prev Close	12.47


Employees	505	LT Debt/Eq	0.58	Earnings	Aug 06	SMA200	-2.15%	Avg Volume	673.74K	Price	12.45


IPO Date	Oct 25, 2023	Option/Short	Yes / Yes	EPS/Sales Surpr.	45.38% -28.14%	Net Debt/EBITDA	2.06	Volume	675,414	Change	-0.16%

MNR