Mattel vs Yeti
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The short version
- Mattel is the larger business, with $5.3B of revenue in fiscal 2025 against $1.9B for Yeti, about 2.9 times as much.
- Yeti grew revenue faster (2.1%, against −0.6%).
- Yeti kept more of each dollar of sales as operating profit (11.4% operating margin, against 10.2%).
- Yeti turned more of its sales into free cash flow (11.4% FCF margin, against 9.0%).
- Yeti earned a higher return on the capital invested in it (32.1%, against 13.5%).
| Latest fiscal year | MAT · FY25 | YETI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.7B | $3.2B |
| Revenue | $5.3B | $1.9B |
| Free cash flow | $483M | $212M |
| Net income | $398M | $165M |
| Growth | ||
| Revenue growth | −0.6% | 2.1% |
| 5-year growth | 3.1% | 11.4% |
| Share count change | −6.3% | −4.9% |
| Profitability | ||
| Gross margin | 48.7% | 57.4% |
| Operating margin | 10.2% | 11.4% |
| Net margin | 7.4% | 8.9% |
| FCF margin | 9.0% | 11.4% |
| Return on capital | 13.5% | 32.1% |
| Return on equity | 17.7% | 23.8% |
| Balance sheet | ||
| Net debt | $1.1B | −$113M |
| Net debt / EBITDA | 1.5x | −0.4x |
| Dividends and buybacks | $600M | $298M |
| Valuation & quality | ||
| P/E | 12.1x | — |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
MAT $5.5B
YETI $819M
FY17
MAT $4.9B
YETI $639M
FY18
MAT $4.5B
YETI $779M
FY19
MAT $4.5B
YETI $914M
FY20
MAT $4.6B
YETI $1.1B
FY21
MAT $5.5B
YETI $1.4B
FY22
MAT $5.4B
YETI $1.6B
FY23
MAT $5.4B
YETI $1.7B
FY24
MAT $5.4B
YETI $1.8B
FY25
MAT $5.3B
YETI $1.9B
MAT
YETI
Operating margin
FY16
MAT 9.5%
YETI 10.8%
FY17
MAT −6.9%
YETI 10.0%
FY18
MAT −5.2%
YETI 13.1%
FY19
MAT 0.8%
YETI 9.8%
FY20
MAT 8.2%
YETI 19.6%
FY21
MAT 13.4%
YETI 19.5%
FY22
MAT 12.4%
YETI 7.9%
FY23
MAT 10.3%
YETI 13.6%
FY24
MAT 12.9%
YETI 13.4%
FY25
MAT 10.2%
YETI 11.4%
MAT
YETI
Free cash flow
FY16
MAT $454M
YETI −$6.7M
FY17
MAT −$157M
YETI $106M
FY18
MAT −$102M
YETI $155M
FY19
MAT $118M
YETI $54.8M
FY20
MAT $226M
YETI $351M
FY21
MAT $408M
YETI $90.4M
FY22
MAT $337M
YETI $55.0M
FY23
MAT $784M
YETI $235M
FY24
MAT $665M
YETI $220M
FY25
MAT $483M
YETI $212M
MAT
YETI
Return on capital
FY16
MAT 10.5%
YETI —
FY17
MAT −7.4%
YETI —
FY18
MAT −5.9%
YETI 26.6%
FY19
MAT 1.0%
YETI 21.3%
FY20
MAT 8.7%
YETI 62.4%
FY21
MAT 23.9%
YETI 87.4%
FY22
MAT 14.0%
YETI 27.2%
FY23
MAT 8.2%
YETI 44.5%
FY24
MAT 17.9%
YETI 44.3%
FY25
MAT 13.5%
YETI 32.1%
MAT
YETI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.