Mattel
MAT Nasdaq Leisure Products Financials FY2016–FY2025
Mattel's revenue fell 0.6% to $5.3 billion in fiscal 2025. Its operating margin was 10.2%, down from 12.9% a year earlier. Free cash flow was $483 million, down 27.5%. It paid out $600 million in dividends and buybacks, 124% of free cash flow. The diluted share count fell 6.3%.
What Mattel does
Mattel designs, makes and sells toys and games. Its own brands include Barbie, American Girl, Monster High, Polly Pocket, Hot Wheels, Matchbox, Fisher-Price, Thomas & Friends, MEGA, UNO and Masters of the Universe, and it makes toys under license for other companies' brands such as Disney Princess, Frozen, Toy Story, Cars, Jurassic World, Minecraft and WWE. It also earns money from films, TV shows, mobile games and licensing its brands to other companies.
Mattel reports two segments: North America, covering the United States and Canada, and International, which sells mostly the same products in Europe, Latin America, Asia, Australia and New Zealand. Its net sales were $5.35 billion in 2025. It sells mainly to retailers, and its three largest customers, Walmart, Target and Amazon, made up about 42% of net sales. Sales are concentrated in the holiday season. Mattel names Hasbro, LEGO, The Pokémon Company and Spin Master as competitors, along with video game and electronics companies that compete for families' time and money.
Mattel had about 31,000 employees, including temporary and seasonal workers, in 34 countries at the end of 2025, about 22,000 of them in manufacturing. It makes toys in its own factories and through outside manufacturers, mainly in China, Vietnam, Indonesia, Malaysia, Thailand and Mexico.
- Legal name
- MATTEL INC /DE/
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 23, 2026
- Accession · CIK
- 0001628280-26-010716
0000063276
Revenue and margins
Mattel had $5.3B of revenue in fiscal 2025, down 0.6% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 3.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $483M in fiscal 2025, 9.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Mattel returned $600M to shareholders in fiscal 2025, 124% of free cash flow. The diluted share count fell 6.3%.
Value Mattel yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.1B and divides by 321.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 12.1x · peers 20.9x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Mattel can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $731M | $761M | $1.3B | $1.4B | $1.2B |
| Debt incl. finance leases | $2.6B | $2.3B | $2.3B | $2.3B | $2.3B |
| Net debt / EBITDA | 2.0x | 1.8x | 1.5x | 1.1x | 1.5x |
| Debt / equity | 1.6x | 1.1x | 1.1x | 1.0x | 1.0x |
| Interest coverage | 2.9x | 5.1x | 4.5x | 5.9x | 4.6x |
| Current ratio | 1.8x | 2.3x | 2.3x | 2.4x | 2.2x |
| Quick ratio | 1.3x | 1.5x | 1.9x | 2.0x | 1.8x |
| Total assets | $6.4B | $6.2B | $6.4B | $6.5B | $6.6B |
| Total liabilities | $4.8B | $4.1B | $4.3B | $4.3B | $4.4B |
| Shareholders' equity | $1.6B | $2.1B | $2.1B | $2.3B | $2.2B |
| Net debt (− = net cash) | $1.8B | $1.6B | $1.1B | $947M | $1.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$1.0M
1 insider
Sold, 12 months
$0.6M
1 insider
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 8 / 9 | 8 / 9 | 5 / 9 |
| Accruals ratio | −10.4% | −4.0% | −3.0% |
| Altman Z'' | 4.48 | 4.88 | 4.70 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Mattel MAT | $4.7B | −0.6% | 10.2% | 9.0% | 13.5% | 12.1x | 5 | |
| Brunswick BC | $4.3B | 2.4% | −0.8% | 7.4% | −0.8% | — | 4 | Compare → |
| Hasbro HAS | $16.8B | 13.1% | 0.2% | 15.5% | 0.3% | 21.0x | 5 | Compare → |
| Polaris PII | $3.1B | −0.3% | −4.9% | 7.8% | −10.5% | — | 3 | Compare → |
| Thor Industries THO | $3.7B | 0.3% | — | 1.8% | 4.4% | — | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.5B | $4.9B | $4.5B | $4.5B | $4.6B | $5.5B | $5.4B | $5.4B | $5.4B | $5.3B |
| Gross profit | $2.5B | $1.8B | $1.8B | $2.0B | $2.2B | $2.6B | $2.5B | $2.6B | $2.7B | $2.6B |
| Research and development | $215M | $225M | $205M | $197M | $190M | $189M | $196M | $199M | $194M | $227M |
| Operating income | $520M | −$336M | −$234M | $37.1M | $375M | $730M | $676M | $562M | $694M | $546M |
| Interest expense | $95.1M | $105M | $182M | $201M | $198M | $254M | $133M | $124M | $119M | $119M |
| Pretax income | $402M | −$501M | −$415M | −$160M | $178M | $471M | $504M | $465M | $623M | $460M |
| Income tax | $89.1M | $553M | $116M | $58.3M | $65.5M | −$420M | $136M | $270M | $106M | $89.8M |
| Net income | $313M | −$1.1B | −$533M | −$219M | $124M | $903M | $394M | $214M | $542M | $398M |
| Diluted EPS | $0.91 | −$3.07 | −$1.55 | −$0.63 | $0.35 | $2.53 | $1.10 | $0.60 | $1.58 | $1.24 |
| Diluted shares | 0.34B | 0.34B | 0.35B | 0.35B | 0.35B | 0.36B | 0.36B | 0.36B | 0.34B | 0.32B |
| Cash flow | ||||||||||
| Cash from operations | $595M | −$27.6M | −$27.3M | $168M | $286M | $486M | $443M | $870M | $801M | $593M |
| Capital expenditure | $140M | $129M | $74.7M | $50.8M | $59.4M | $77.1M | $106M | $85.8M | $135M | $111M |
| Free cash flow | $454M | −$157M | −$102M | $118M | $226M | $408M | $337M | $784M | $665M | $483M |
| Depreciation and amortization | $262M | $275M | $272M | $245M | $194M | $184M | $182M | $177M | $168M | $168M |
| Stock-based compensation | $53.9M | $67.1M | $48.9M | $56.0M | $60.2M | $60.1M | $69.1M | $83.3M | $79.4M | $79.7M |
| Acquisitions | $33.2M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $203M | $400M | $600M |
| Dividends paid | $519M | $312M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $519M | $312M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $203M | $400M | $600M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $870M | $1.1B | $595M | $630M | $762M | $731M | $761M | $1.3B | $1.4B | $1.2B |
| Total debt | $2.3B | $3.1B | $2.9B | $2.8B | $2.9B | $2.6B | $2.3B | $2.3B | $2.3B | $2.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $2.9B | $3.1B | $2.3B | $2.2B | $2.5B | $2.9B | $2.7B | $3.1B | $3.1B | $3.1B |
| Current liabilities | $1.5B | $1.6B | $1.2B | $1.3B | $1.4B | $1.6B | $1.2B | $1.3B | $1.3B | $1.5B |
| Inventory | $614M | $601M | $543M | $496M | $529M | $777M | $894M | $572M | $502M | $563M |
| Property and equipment, net | $774M | $785M | $658M | $550M | $474M | $456M | $469M | $466M | $516M | $590M |
| Total assets | $6.5B | $6.2B | $5.2B | $5.3B | $5.5B | $6.4B | $6.2B | $6.4B | $6.5B | $6.6B |
| Total liabilities | $4.1B | $5.0B | $4.5B | $4.8B | $4.9B | $4.8B | $4.1B | $4.3B | $4.3B | $4.4B |
| Shareholders' equity | $2.4B | $1.3B | $689M | $509M | $610M | $1.6B | $2.1B | $2.1B | $2.3B | $2.2B |
| Margins | ||||||||||
| Gross margin | 46.7% | 37.4% | 39.8% | 43.9% | 48.9% | 48.1% | 45.7% | 47.5% | 50.8% | 48.7% |
| Operating margin | 9.5% | −6.9% | −5.2% | 0.8% | 8.2% | 13.4% | 12.4% | 10.3% | 12.9% | 10.2% |
| EBITDA margin | 14.4% | −1.3% | 0.8% | 6.3% | 12.4% | 16.7% | 15.8% | 13.6% | 16.0% | 13.4% |
| Net margin | 5.7% | −21.6% | −11.8% | −4.9% | 2.7% | 16.6% | 7.3% | 3.9% | 10.1% | 7.4% |
| FCF margin | 8.3% | −3.2% | −2.3% | 2.6% | 4.9% | 7.5% | 6.2% | 14.4% | 12.4% | 9.0% |
| Returns | ||||||||||
| Return on capital | 10.5% | −7.4% | −5.9% | 1.0% | 8.7% | 23.9% | 14.0% | 8.2% | 17.9% | 13.5% |
| Return on capital employed | 10.5% | −7.0% | −5.5% | 0.9% | 9.1% | 16.3% | 13.8% | 11.1% | 13.5% | 10.5% |
| Return on equity | 12.4% | −57.5% | −54.8% | −36.5% | 22.1% | 82.9% | 21.7% | 10.2% | 24.6% | 17.7% |
| Return on assets | 4.8% | −16.6% | −9.3% | −4.1% | 2.3% | 15.1% | 6.3% | 3.4% | 8.4% | 6.0% |
| Growth | ||||||||||
| Revenue growth | −4.4% | −10.5% | −7.5% | −0.2% | 1.9% | 19.0% | −0.4% | 0.1% | −1.1% | −0.6% |
| Net income growth | −15.3% | −437.0% | — | — | — | 630.7% | −56.4% | −45.6% | 152.8% | −26.6% |
| EPS growth | −15.7% | −437.4% | — | — | — | 622.9% | −56.5% | −45.5% | 163.3% | −21.5% |
| FCF growth | −27.0% | −134.5% | — | — | 92.4% | 80.4% | −17.6% | 133.0% | −15.1% | −27.5% |
| Share count change | 1.3% | −0.2% | 0.4% | 0.3% | 0.9% | 2.3% | 0.7% | −0.7% | −3.9% | −6.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.9x | — | 60.2x | 7.9x | 3.7x | 2.0x | 1.8x | 1.5x | 1.1x | 1.5x |
| Debt / equity | 1.0x | 2.5x | 4.2x | 5.6x | 4.7x | 1.6x | 1.1x | 1.1x | 1.0x | 1.0x |
| Interest coverage | 5.5x | −3.2x | −1.3x | 0.2x | 1.9x | 2.9x | 5.1x | 4.5x | 5.9x | 4.6x |
| Current ratio | 2.0x | 1.9x | 1.9x | 1.8x | 1.8x | 1.8x | 2.3x | 2.3x | 2.4x | 2.2x |
| Quick ratio | 1.6x | 1.5x | 1.4x | 1.4x | 1.5x | 1.3x | 1.5x | 1.9x | 2.0x | 1.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.6% | 2.6% | 1.7% | 1.1% | 1.3% | 1.4% | 2.0% | 1.6% | 2.5% | 2.1% |
| Stock comp / revenue | 1.0% | 1.4% | 1.1% | 1.2% | 1.3% | 1.1% | 1.3% | 1.5% | 1.5% | 1.5% |
| Payouts / FCF | 114.1% | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 25.9% | 60.1% | 124.3% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 2.0 | 3.0 | 5.0 | 8.0 | 5.0 | 5.0 | 8.0 | 8.0 | 5.0 |
| Altman Z'' | 4.4 | 2.6 | 2.2 | 2.2 | 2.9 | 3.7 | 4.4 | 4.5 | 4.9 | 4.7 |
| Accruals ratio | −4.3% | −16.1% | −8.8% | −7.3% | −3.0% | 7.0% | −0.8% | −10.4% | −4.0% | −3.0% |
Source: SEC EDGAR XBRL filings (CIK 0000063276). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.