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Matthews International

MATW Nasdaq Specialized Consumer Services Financials FY2016–FY2025

Matthews International's revenue fell 16.6% to $1.5 billion in fiscal 2025. Its operating margin was 5.0%, up from −0.7% a year earlier. Free cash flow was −$59 million, against $34 million a year earlier. It paid out $45 million in dividends and buybacks. The diluted share count rose 0.6%.

Last close · Oct 23, 2026

$19.26

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$1.5B
16.6% vs prior year
Operating margin Operating income as a share of revenue.
5.0%
5.7 pts
Net income Profit after all expenses, interest and tax.
−$24.5M
Free cash flow Cash from operations minus capital spending.
−$59.4M
274.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.2%
4.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$605M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Matthews International does

No business description yet.

Legal name
MATTHEWS INTERNATIONAL CORP
Fiscal year ends
September 30, 2025
Latest annual report
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Accession · CIK
0000063296-25-000070
0000063296

Revenue and margins

Matthews International had $1.5B of revenue in fiscal 2025, down 16.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$59.4M in fiscal 2025, −4.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Matthews International returned $45.0M to shareholders in fiscal 2025. The diluted share count rose 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Matthews International 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

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Adds net cash of −$678M and divides by 31.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Matthews International can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $49.2M$69.0M$42.1M$40.8M$32.4M
Debt incl. finance leases $764M$799M$790M$777M$711M
Net debt / EBITDA 4.1x12.1x4.1x8.9x4.6x
Debt / equity 1.2x1.6x1.5x1.8x1.5x
Interest coverage 1.5x−1.6x2.0x−0.2x1.2x
Current ratio 1.8x1.5x1.6x1.5x1.5x
Quick ratio 1.2x1.0x1.0x0.9x0.9x
Total assets $2.0B$1.9B$1.9B$1.8B$1.7B
Total liabilities $1.4B$1.4B$1.4B$1.4B$1.2B
Shareholders' equity $637M$487M$526M$437M$481M
Net debt (− = net cash) $715M$730M$748M$736M$678M

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

$0.3M

3 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Nauman J MichaelDirector Bought 1,000 $19.99 $0.0M Form 4
Aug 24, 2026 Nauman J MichaelDirector Bought 1,000 $21.08 $0.0M Form 4
Aug 20, 2026 Nauman J MichaelDirector Bought 1,900 $21.96 $0.0M Form 4
Aug 19, 2026 Nauman J MichaelDirector Bought 100 $21.98 $0.0M Form 4
Aug 14, 2026 Aleta W. RichardsDirector Bought 3,000 $23.06 $0.1M Form 4
Aug 10, 2026 David A SchawkDirector Bought 5,000 $23.60 $0.1M Form 4
Aug 10, 2026 Nauman J MichaelDirector Bought 2,000 $22.97 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 / 94 / 95 / 9
Accruals ratio −2.1%−7.5%−0.1%
Altman Z'' 2.832.102.46

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Matthews International MATW $605M −16.6% 5.0% −4.0% 3.2% — 5
Frontdoor FTDR $6.0B 13.6% — 18.6% 33.9% 22.3x 7 Compare →
Bright Horizons Family Solutions BFAM $3.7B 9.2% 10.7% 8.8% 11.2% 22.5x 8 Compare →
H&R Block HRB $6.4B 4.9% — 19.2% 129.0% — 8 Compare →
Service Corp Intl SCI $11.5B 2.9% 22.7% 12.9% 11.3% 21.8x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.5B $1.5B $1.6B $1.5B $1.5B $1.7B $1.8B $1.9B $1.8B $1.5B
Gross profit $557M $568M $584M $543M $498M $542M $522M $578M $530M $508M
Research and development $16.4M $20.7M $25.0M $15.0M $13.4M $13.2M $15.5M $15.6M $16.0M $16.7M
Operating income $119M $121M $139M $10.3M −$64.2M $42.0M −$43.9M $88.1M −$12.3M $75.5M
Interest expense $24.3M $26.4M $37.4M $41.0M $34.9M $28.7M $27.7M $44.6M $50.5M $62.9M
Pretax income $95.2M $96.3M $98.0M −$38.1M −$106M $9.2M −$104M $40.9M −$69.7M $16.2M
Income tax $29.1M $22.4M −$9.1M $0.8M −$18.7M $6.4M −$4.4M $1.8M −$10.0M $40.7M
Net income $66.7M $74.4M $107M −$38.0M −$87.2M $2.9M −$99.8M $39.3M −$59.7M −$24.5M
Diluted EPS $2.03 $2.28 $3.37 −$1.21 −$2.79 $0.09 −$3.18 $1.26 −$1.93 −$0.79
Diluted shares 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B
Cash flow
Cash from operations $140M $149M $148M $131M $180M $163M $127M $79.5M $79.3M −$23.6M
Capital expenditure $41.7M $44.9M $43.2M $37.7M $34.8M $34.3M $61.3M $50.6M $45.2M $35.8M
Free cash flow $98.6M $104M $104M $93.4M $146M $129M $65.5M $28.9M $34.1M −$59.4M
Depreciation and amortization $65.5M $68.0M $77.0M $90.8M $119M $134M $104M $96.5M $94.8M $71.7M
Stock-based compensation $10.6M $14.6M $13.5M $7.7M $8.1M $15.6M $17.4M $17.3M $18.5M $23.1M
Acquisitions $6.9M $98.2M $121M $11.5M $1.0M $15.6M $44.5M $15.3M $5.8M $55.8M
Share buybacks $58.0M $14.0M $21.2M $26.1M $4.4M $11.9M $41.7M $2.9M $20.6M $12.2M
Dividends paid $19.4M $21.8M $24.6M $25.6M $26.4M $27.7M $27.7M $28.2M $31.4M $32.8M
Dividends and buybacks $77.4M $35.8M $45.8M $51.8M $30.9M $39.6M $69.4M $31.1M $52.0M $45.0M
Balance sheet
Cash and short-term investments $55.7M $57.5M $41.6M $35.3M $41.3M $49.2M $69.0M $42.1M $40.8M $32.4M
Total debt $873M $911M $961M $941M $825M $755M $792M $781M $754M $688M
Finance lease liabilities $0.0M $0.0M $0.0M $3.6M $9.7M $9.2M $7.1M $9.3M $22.1M $22.6M
Current assets $574M $595M $615M $584M $576M $624M $629M $648M $633M $520M
Current liabilities $259M $285M $286M $280M $317M $354M $411M $395M $435M $351M
Inventory $163M $171M $181M $180M $175M $189M $225M $260M $238M $203M
Property and equipment, net $220M $236M $253M $237M $237M $224M $256M $270M $280M $225M
Total assets $2.1B $2.2B $2.4B $2.2B $2.1B $2.0B $1.9B $1.9B $1.8B $1.7B
Total liabilities $1.4B $1.5B $1.5B $1.5B $1.5B $1.4B $1.4B $1.4B $1.4B $1.2B
Shareholders' equity $709M $790M $868M $718M $611M $637M $487M $526M $437M $481M
Margins
Gross margin 37.6% 37.5% 36.5% 35.3% 33.2% 32.4% 29.6% 30.7% 29.5% 33.9%
Operating margin 8.0% 8.0% 8.7% 0.7% −4.3% 2.5% −2.5% 4.7% −0.7% 5.0%
EBITDA margin 12.5% 12.5% 13.5% 6.6% 3.7% 10.5% 3.4% 9.8% 4.6% 9.8%
Net margin 4.5% 4.9% 6.7% −2.5% −5.8% 0.2% −5.7% 2.1% −3.3% −1.6%
FCF margin 6.7% 6.9% 6.5% 6.1% 9.7% 7.7% 3.7% 1.5% 1.9% −4.0%
Returns
Return on capital 5.3% 5.9% 8.1% 0.5% −3.4% 1.5% −2.7% 6.8% −0.8% 3.2%
Return on capital employed 6.4% 6.4% 6.9% 0.5% −3.5% 2.5% −2.8% 6.0% −0.9% 5.5%
Return on equity 9.3% 9.9% 13.0% −4.8% −13.1% 0.5% −17.8% 7.8% −12.4% −5.3%
Return on assets 3.2% 3.4% 4.7% −1.7% −4.1% 0.1% −5.1% 2.1% −3.2% −1.4%
Growth
Revenue growth 3.8% 2.4% 5.7% −4.1% −2.5% 11.5% 5.5% 6.7% −4.5% −16.6%
Net income growth 5.2% 11.4% 44.4% −135.4% — — −3,528.7% — −251.8% —
EPS growth 6.3% 12.3% 47.8% −135.9% — — −3,633.3% — −253.2% —
FCF growth 6.2% 5.9% 0.0% −10.5% 55.9% −11.7% −49.0% −55.9% 17.8% −274.3%
Share count change −0.9% −1.0% −2.2% −1.4% −0.7% 2.6% −1.9% −0.3% −1.2% 0.6%
Financial health
Net debt / EBITDA 4.4x 4.5x 4.3x 9.0x 14.5x 4.1x 12.1x 4.1x 8.9x 4.6x
Debt / equity 1.2x 1.2x 1.1x 1.3x 1.4x 1.2x 1.6x 1.5x 1.8x 1.5x
Interest coverage 4.9x 4.6x 3.7x 0.3x −1.8x 1.5x −1.6x 2.0x −0.2x 1.2x
Current ratio 2.2x 2.1x 2.2x 2.1x 1.8x 1.8x 1.5x 1.6x 1.5x 1.5x
Quick ratio 1.6x 1.5x 1.5x 1.4x 1.3x 1.2x 1.0x 1.0x 0.9x 0.9x
Capital allocation
Capex / revenue 2.8% 3.0% 2.7% 2.5% 2.3% 2.1% 3.5% 2.7% 2.5% 2.4%
Stock comp / revenue 0.7% 1.0% 0.8% 0.5% 0.5% 0.9% 1.0% 0.9% 1.0% 1.5%
Payouts / FCF 78.5% 34.3% 43.9% 55.4% 21.2% 30.8% 105.9% 107.4% 152.6% —
Quality scores
Piotroski F-score 8.0 6.0 7.0 4.0 5.0 6.0 4.0 8.0 4.0 5.0
Altman Z'' 3.3 3.2 3.4 2.9 2.4 2.8 2.2 2.8 2.1 2.5
Accruals ratio −3.5% −3.5% −1.8% −7.4% −12.6% −7.8% −11.6% −2.1% −7.5% −0.1%

Source: SEC EDGAR XBRL filings (CIK 0000063296). Data updated October 19, 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.

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