Matthews International Corporation (MATW) 10-Year Financial Performance & Capital Metrics

MATW • • Industrial / General

IndustrialsConglomeratesSpecialized Industrial ServicesBrand Solutions & Memorialization

AboutMatthews International Corporation provides brand solutions, memorialization products, and industrial technologies worldwide. It operates through three segments: SGK Brand Solutions, Memorialization, and Industrial Technologies. The SGK Brand solutions segment provides brand management, pre-media services, printing plates and cylinders, engineered products, imaging services, digital asset management, merchandising display systems, and marketing and design services for the consumer goods and retail industries. The Memorialization segment provides bronze and granite memorials, upright granite memorials and monuments, cremation memorialization products, granite benches, flower vases, crypt plates and letters, cremation urns, niche units, cemetery features, and statues, as well as caskets, and cremation and incineration equipment for the cemetery and funeral home industries. The Industrial Technologies segment provides marking and coding equipment and consumables, industrial automation products, and order fulfillment systems for identifying, tracking, picking, and conveying consumer and industrial products for the warehousing and industrial industries. Matthews International Corporation was founded in 1850 and is based in Pittsburgh, Pennsylvania.Show more

Revenue $1.5B -16.6%
EBITDA $92M -43.5%
Net Income -$24M +59.0%
EPS (Diluted) -0.79 +59.1%
Gross Margin 32.55% +9.9%
EBITDA Margin 6.15% -32.2%
Operating Margin 1.36% -64.2%
Net Margin -1.63% +50.8%
ROE -5.33% +57.0%
ROIC 1.27% -67.8%
Debt/Equity 1.48 -23.0%
Interest Coverage 0.34 -74.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓15 consecutive years of dividend growth
✓Healthy dividend yield of 3.7%

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.49%

5Y-0.01%

3Y-5.28%

TTM-16.6%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM58.98%

EPS CAGR

10Y-

5Y-

3Y-

TTM58.8%

ROCE

10Y Avg5.69%

5Y Avg4.65%

3Y Avg4.6%

Latest1.48%

Peer Comparison

Brand Solutions & Memorialization

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MATWMatthews International Corporation	883.53M	28.69	-36.32	-16.6%	-1.63%	-5.09%		1.48

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	1.48B	1.52B	1.6B	1.54B	1.5B	1.67B	1.76B	1.88B	1.8B	1.5B
Revenue Growth %	0.04%	0.02%	0.06%	-0.04%	-0.03%	0.12%	0.05%	0.07%	-0.05%	-0.17%
Cost of Goods Sold+	924.01M	952.22M	1.05B	1.04B	1.06B	1.2B	1.28B	1.33B	1.26B	1.01B
COGS % of Revenue	0.62%	0.63%	0.65%	0.68%	0.71%	0.72%	0.73%	0.71%	0.7%	0.67%
Gross Profit+	556.45M	563.39M	555.66M	499.11M	438.65M	474.9M	477.79M	547.8M	531.88M	487.52M
Gross Margin %	0.38%	0.37%	0.35%	0.32%	0.29%	0.28%	0.27%	0.29%	0.3%	0.33%
Gross Profit Growth %	0.05%	0.01%	-0.01%	-0.1%	-0.12%	0.08%	0.01%	0.15%	-0.03%	-0.08%
Operating Expenses+	405.54M	415.58M	390M	371.87M	379.75M	398.06M	399.58M	434.99M	463.78M	467.21M
OpEx % of Revenue	0.27%	0.27%	0.24%	0.24%	0.25%	0.24%	0.23%	0.23%	0.26%	0.31%
Selling, General & Admin	390.75M	399.22M	365.02M	345.69M	357.46M	384.86M	384.04M	419.43M	447.82M	467.21M
SG&A % of Revenue	0.26%	0.26%	0.23%	0.22%	0.24%	0.23%	0.22%	0.22%	0.25%	0.31%
Research & Development	14.79M	16.36M	24.98M	26.18M	22.29M	13.21M	15.54M	15.56M	15.96M	0
R&D % of Revenue	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	150.91M	147.8M	165.66M	127.24M	58.91M	76.83M	78.22M	112.82M	68.1M	20.31M
Operating Margin %	0.1%	0.1%	0.1%	0.08%	0.04%	0.05%	0.04%	0.06%	0.04%	0.01%
Operating Income Growth %	0.06%	-0.02%	0.12%	-0.23%	-0.54%	0.3%	0.02%	0.44%	-0.4%	-0.7%
EBITDA+	216.4M	215.78M	242.63M	218.04M	177.97M	210.35M	182.27M	209.35M	162.87M	92.06M
EBITDA Margin %	0.15%	0.14%	0.15%	0.14%	0.12%	0.13%	0.1%	0.11%	0.09%	0.06%
EBITDA Growth %	0.06%	-0%	0.12%	-0.1%	-0.18%	0.18%	-0.13%	0.15%	-0.22%	-0.43%
D&A (Non-Cash Add-back)	65.48M	67.98M	76.97M	90.79M	119.06M	133.51M	104.06M	96.53M	94.77M	71.75M
EBIT	122.72M	125.48M	137.84M	8.46M	-72.96M	32.22M	-79.63M	91.3M	-17.63M	75.45M
Net Interest Income+	-24.34M	-26.37M	-37.43M	-40.96M	-34.88M	-28.68M	-27.73M	-44.65M	-50.53M	-59.24M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	24.34M	26.37M	37.43M	40.96M	34.88M	28.68M	27.73M	44.65M	50.53M	59.24M
Other Income/Expense	-55.68M	-51.52M	-67.66M	-165.33M	-165.24M	-67.6M	-182.44M	-71.91M	-137.76M	-4.11M
Pretax Income+	95.23M	96.29M	97.99M	-38.08M	-106.34M	9.23M	-104.22M	40.91M	-69.66M	16.21M
Pretax Margin %	0.06%	0.06%	0.06%	-0.02%	-0.07%	0.01%	-0.06%	0.02%	-0.04%	0.01%
Income Tax+	29.07M	22.35M	-9.12M	806K	-18.68M	6.38M	-4.39M	1.77M	-10M	40.68M
Effective Tax Rate %	0.7%	0.77%	1.1%	1%	0.82%	0.32%	0.96%	0.96%	0.86%	-1.51%
Net Income+	66.75M	74.37M	107.37M	-37.99M	-87.16M	2.91M	-99.83M	39.29M	-59.66M	-24.47M
Net Margin %	0.05%	0.05%	0.07%	-0.02%	-0.06%	0%	-0.06%	0.02%	-0.03%	-0.02%
Net Income Growth %	0.05%	0.11%	0.44%	-1.35%	-1.29%	1.03%	-35.31%	1.39%	-2.52%	0.59%
Net Income (Continuing)	66.16M	73.93M	107.11M	-38.89M	-87.65M	2.86M	-99.83M	39.14M	-59.66M	-24.47M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	669K	552K	363K	1.13M	626K	-145K	-276K	-387K	48K	0
EPS (Diluted)+	2.03	2.28	3.37	-1.21	-2.79	0.09	-3.18	1.26	-1.93	-0.79
EPS Growth %	0.06%	0.12%	0.48%	-1.36%	-1.31%	1.03%	-35.95%	1.4%	-2.53%	0.59%
EPS (Basic)	2.08	2.31	3.39	-1.21	-2.79	0.09	-3.18	1.28	-1.93	-0.79
Diluted Shares Outstanding	32.88M	32.62M	31.86M	31.42M	31.19M	31.99M	31.37M	31.29M	30.91M	31.1M
Basic Shares Outstanding	32.14M	32.15M	31.67M	31.42M	31.19M	31.7M	31.37M	30.47M	30.6M	30.98M
Dividend Payout Ratio	0.29%	0.29%	0.23%	-	-	9.52%	-	0.72%	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	574.18M	595.06M	616.42M	583.72M	575.57M	624.16M	628.62M	648.26M	632.54M	520.17M
Cash & Short-Term Investments	55.71M	57.52M	41.57M	35.3M	41.33M	49.18M	71.41M	42.1M	40.82M	32.43M
Cash Only	55.71M	57.52M	41.57M	35.3M	41.33M	49.18M	71.41M	42.1M	40.82M	32.43M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	294.92M	319.57M	331.46M	318.76M	295.19M	309.82M	221.01M	282.17M	298.95M	132.94M
Days Sales Outstanding	72.71	76.96	75.49	75.68	71.91	67.67	45.77	54.76	60.76	32.4
Inventory	162.47M	171.44M	180.45M	180.27M	175.1M	189.09M	225.44M	260.41M	237.89M	202.83M
Days Inventory Outstanding	64.18	65.72	62.91	63.38	60.31	57.7	64.06	71.3	68.7	73.29
Other Current Assets	61.09M	46.53M	61.59M	49.38M	63.95M	76.08M	110.75M	63.58M	54.89M	151.97M
Total Non-Current Assets+	1.52B	1.65B	1.76B	1.61B	1.5B	1.41B	1.25B	1.24B	1.2B	1.17B
Property, Plant & Equipment	219.49M	235.53M	252.78M	237.44M	236.79M	223.71M	256.06M	341.95M	340M	224.57M
Fixed Asset Turnover	6.74x	6.43x	6.34x	6.47x	6.33x	7.47x	6.88x	5.50x	5.28x	6.67x
Goodwill	851.49M	897.79M	948.89M	846.81M	765.39M	773.79M	675.42M	698.11M	697.12M	487.56M
Intangible Assets	393.84M	424.38M	443.91M	400.65M	333.5M	261.54M	202.15M	160.48M	126.03M	105.96M
Long-Term Investments	31.36M	37.67M	45.43M	85.5M	63.25M	30.44M	25.98M	24.99M	23.08M	0
Other Non-Current Assets	19.89M	51.76M	66.22M	31.45M	94.38M	114.95M	90.93M	11.32M	9.58M	356.18M
Total Assets+	2.09B	2.24B	2.38B	2.19B	2.07B	2.03B	1.88B	1.89B	1.83B	1.69B
Asset Turnover	0.71x	0.68x	0.67x	0.70x	0.72x	0.82x	0.94x	1.00x	0.98x	0.88x
Asset Growth %	-0.03%	0.07%	0.06%	-0.08%	-0.05%	-0.02%	-0.07%	0%	-0.03%	-0.08%
Total Current Liabilities+	259.35M	285.13M	286.4M	279.88M	316.87M	354.23M	411.38M	394.6M	434.77M	350.48M
Accounts Payable	58.12M	66.61M	70.04M	74.56M	82.92M	112.72M	121.36M	114.32M	108.36M	0
Days Payables Outstanding	22.96	25.53	24.42	26.21	28.56	34.4	34.48	31.3	31.29	-
Short-Term Debt	27.75M	29.53M	31.26M	42.5M	50.77M	29.77M	26.15M	27.68M	29.47M	7.23M
Deferred Revenue (Current)	0	0	0	0	0	0	0	1000K	1000K	0
Other Current Liabilities	94.22M	105.4M	122.19M	114.28M	121.51M	138.56M	196.32M	144.24M	171.92M	343.25M
Current Ratio	2.21x	2.09x	2.15x	2.09x	1.82x	1.76x	1.53x	1.64x	1.45x	1.48x
Quick Ratio	1.59x	1.49x	1.52x	1.44x	1.26x	1.23x	0.98x	0.98x	0.91x	0.91x
Cash Conversion Cycle	113.93	117.15	113.99	112.85	103.66	90.98	75.35	94.76	98.17	-
Total Non-Current Liabilities+	1.12B	1.17B	1.2B	1.19B	1.14B	1.04B	984.32M	967.5M	962.91M	863.02M
Long-Term Debt	844.81M	881.6M	929.34M	898.19M	801.54M	753.58M	790.51M	779.9M	753.33M	703.6M
Capital Lease Obligations	0	0	0	0	55.47M	62.77M	56.23M	56.78M	56.36M	0
Deferred Tax Liabilities	0	0	0	0	78.91M	97.42M	92.59M	71.25M	45.69M	0
Other Non-Current Liabilities	170.51M	148.23M	151.77M	292.4M	208.41M	127.68M	44.99M	59.57M	107.53M	159.42M
Total Liabilities	1.38B	1.45B	1.51B	1.47B	1.46B	1.4B	1.4B	1.36B	1.4B	1.21B
Total Debt+	872.55M	911.13M	960.6M	940.7M	907.77M	846.13M	872.88M	864.35M	839.16M	710.83M
Net Debt	816.84M	853.62M	919.03M	905.39M	866.44M	796.96M	801.47M	822.25M	798.34M	678.4M
Debt / Equity	1.23x	1.15x	1.11x	1.31x	1.48x	1.33x	1.79x	1.65x	1.92x	1.48x
Debt / EBITDA	4.03x	4.22x	3.96x	4.31x	5.10x	4.02x	4.79x	4.13x	5.15x	7.72x
Net Debt / EBITDA	3.77x	3.96x	3.79x	4.15x	4.87x	3.79x	4.40x	3.93x	4.90x	7.37x
Interest Coverage	6.20x	5.60x	4.43x	3.11x	1.69x	2.68x	2.82x	2.53x	1.35x	0.34x
Total Equity+	709.33M	790.26M	868.71M	720.37M	612.06M	636.26M	486.8M	525.28M	437.21M	480.94M
Equity Growth %	-0.03%	0.11%	0.1%	-0.17%	-0.15%	0.04%	-0.23%	0.08%	-0.17%	0.1%
Book Value per Share	21.57	24.23	27.27	22.93	19.62	19.89	15.52	16.79	14.14	15.47
Total Shareholders' Equity	708.66M	789.71M	868.35M	719.24M	611.43M	636.4M	487.08M	525.67M	437.16M	480.94M
Common Stock	36.33M	36.33M	36.33M	36.33M	36.33M	36.33M	36.33M	36.33M	36.33M	480.94M
Retained Earnings	896.22M	948.83M	1.04B	972.59M	859M	834.21M	706.75M	714.73M	623.06M	0
Treasury Stock	-159.11M	-164.77M	-173.31M	-200.24M	-179M	-190.74M	-225.79M	-219.2M	-212.99M	0
Accumulated OCI	-181.87M	-154.12M	-164.3M	-228.36M	-240.72M	-192.74M	-190.19M	-174.4M	-168.74M	0
Minority Interest	669K	552K	363K	1.13M	626K	-145K	-276K	-387K	48K	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	140.27M	149.3M	147.57M	131.08M	180.45M	162.81M	126.86M	79.52M	79.28M	-23.55M
Operating CF Margin %	0.09%	0.1%	0.09%	0.09%	0.12%	0.1%	0.07%	0.04%	0.04%	-0.02%
Operating CF Growth %	-0.01%	0.06%	-0.01%	-0.11%	0.38%	-0.1%	-0.22%	-0.37%	-0%	-1.3%
Net Income	66.16M	73.93M	107.11M	-38.89M	-87.65M	2.86M	-99.83M	39.14M	-59.66M	-24.47M
Depreciation & Amortization	65.48M	67.98M	76.97M	90.79M	119.06M	133.51M	104.06M	96.53M	94.77M	71.75M
Stock-Based Compensation	10.61M	14.56M	13.46M	7.73M	8.1M	15.58M	17.43M	17.31M	18.48M	0
Deferred Taxes	-3.97M	9.72M	-23.13M	-6.78M	-16.61M	4.16M	-32.96M	-21.63M	0	0
Other Non-Cash Items	-9.06M	-7.97M	-12.45M	90.72M	89.91M	-6.28M	108.57M	-16.32M	7.58M	-25.43M
Working Capital Changes	11.06M	-8.93M	-14.4M	-12.48M	67.64M	12.98M	29.59M	-35.5M	18.11M	-45.39M
Change in Receivables	-10.63M	-7.04M	-790K	8.78M	24.05M	-13.42M	74.01M	26.46M	-9.68M	0
Change in Inventory	10.45M	-2.29M	-2.87M	830K	5.98M	-12.84M	-23.46M	-23.99M	27.02M	0
Change in Payables	-11.08M	5.67M	2.52M	3.71M	8.36M	29.62M	7.44M	-9.21M	-6.49M	0
Cash from Investing+	-47.14M	-141.62M	-162.34M	-60.76M	-2.72M	-12.99M	-80.85M	-58.73M	-46.97M	159.59M
Capital Expenditures	-41.68M	-44.94M	-43.2M	-37.69M	-34.85M	-34.31M	-61.32M	-50.6M	-45.22M	-35.82M
CapEx % of Revenue	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.03%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.48M	-41.17M	4.71M	-16.18M	-34.23M	-31.54M	5.3M	2.12M	4.16M	251.24M
Cash from Financing+	-108.85M	-7.18M	901K	-75.04M	-172.25M	-122.85M	-37.21M	-50.2M	-35.04M	-144.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-19.41M	-21.76M	-24.64M	-25.62M	-26.44M	-27.7M	-27.68M	-28.2M	-31.41M	-32.76M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.48M	14K	-6.3M	-7.26M	-15.1M	-6.52M	-3.5M	-912K	48.28M	-32.29M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	98.59M	104.36M	104.37M	93.39M	145.6M	128.5M	65.54M	28.93M	34.06M	-59.37M
FCF Margin %	0.07%	0.07%	0.07%	0.06%	0.1%	0.08%	0.04%	0.02%	0.02%	-0.04%
FCF Growth %	0.06%	0.06%	0%	-0.11%	0.56%	-0.12%	-0.49%	-0.56%	0.18%	-2.74%
FCF per Share	3.00	3.20	3.28	2.97	4.67	4.02	2.09	0.92	1.10	-1.91
FCF Conversion (FCF/Net Income)	2.10x	2.01x	1.37x	-3.45x	-2.07x	55.95x	-1.27x	2.02x	-1.33x	0.96x
Interest Paid	24.13M	26.27M	37.23M	41.45M	35.27M	28.82M	27.41M	43.52M	50.34M	0
Taxes Paid	11.86M	8.47M	11.01M	15.47M	20.73M	9.17M	13.65M	18.01M	19.25M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.25%	9.92%	12.94%	-4.78%	-13.08%	0.47%	-17.78%	7.76%	-12.4%	-5.33%
Return on Invested Capital (ROIC)	7.32%	6.99%	7.24%	5.59%	2.85%	3.96%	4.31%	6.42%	3.95%	1.27%
Gross Margin	37.59%	37.17%	34.67%	32.47%	29.28%	28.42%	27.11%	29.12%	29.62%	32.55%
Net Margin	4.51%	4.91%	6.7%	-2.47%	-5.82%	0.17%	-5.66%	2.09%	-3.32%	-1.63%
Debt / Equity	1.23x	1.15x	1.11x	1.31x	1.48x	1.33x	1.79x	1.65x	1.92x	1.48x
Interest Coverage	6.20x	5.60x	4.43x	3.11x	1.69x	2.68x	2.82x	2.53x	1.35x	0.34x
FCF Conversion	2.10x	2.01x	1.37x	-3.45x	-2.07x	55.95x	-1.27x	2.02x	-1.33x	0.96x
Revenue Growth	3.81%	2.37%	5.74%	-4.07%	-2.54%	11.53%	5.47%	6.72%	-4.53%	-16.6%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Memorialization	77K	-	615.88M	631.39M	636.89M	656.03M	769.02M	840.12M	843M	829.73M
Memorialization Growth	-	-	-	2.52%	0.87%	3.01%	17.22%	9.25%	0.34%	-1.57%
Brand Solutions	478K	-	-	805.27M	743.87M	693.09M	726.89M	586.76M	532.15M	532.85M
Brand Solutions Growth	-	-	-	-	-7.63%	-6.83%	4.88%	-19.28%	-9.31%	0.13%
Industrial Technologies	-	-	-	-	-	-	-	-	505.75M	433.16M
Industrial Technologies Growth	-	-	-	-	-	-	-	-	-	-14.35%
Industrial	25K	-	-	165.91M	156.51M	149.18M	175.12M	335.52M	-	-
Industrial Growth	-	-	-	-	-5.66%	-4.69%	17.39%	91.60%	-	-
Segment Reconciling Items	-	-	-	-	-	-	-	-	-	-
Segment Reconciling Items Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America	-	-	-	-	-	1.04B	1.14B	1.23B	1.22B	1.18B
North America Growth	-	-	-	-	-	-	9.99%	7.79%	-0.90%	-3.01%
Europe	-	360.68M	396.24M	456.08M	-	387.83M	446.27M	444.61M	572.74M	522.2M
Europe Growth	-	-	9.86%	15.10%	-	-	15.07%	-0.37%	28.82%	-8.82%
Asia	-	43.87M	47.42M	50.69M	-	45.39M	54.76M	61.59M	63.75M	66.05M
Asia Growth	-	-	8.10%	6.90%	-	-	20.64%	12.49%	3.50%	3.61%
Central and South America	-	10.16M	6.52M	6.17M	-	6.3M	5.04M	4.73M	5.26M	5.46M
Central and South America Growth	-	-	-35.85%	-5.32%	-	-	-20.11%	-6.10%	11.23%	3.73%
UNITED STATES	-	1.02B	1.01B	1.07B	-	-	-	-	-	-
UNITED STATES Growth	-	-	-0.32%	5.07%	-	-	-	-	-	-
AUSTRALIA	-	20.04M	21.51M	23.28M	-	-	-	-	-	-
AUSTRALIA Growth	-	-	7.30%	8.23%	-	-	-	-	-	-
CANADA	-	-	29.02M	-	-	-	-	-	-	-
CANADA Growth	-	-	-	-	-	-	-	-	-	-
CALIFORNIA	-	27.59M	-	-	-	-	-	-	-	-
CALIFORNIA Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Matthews International Corporation (MATW) reported $1.50B in revenue for fiscal year 2025. This represents a 66% increase from $900.3M in 2012.

Matthews International Corporation (MATW) saw revenue decline by 16.6% over the past year.

Matthews International Corporation (MATW) reported a net loss of $24.5M for fiscal year 2025.

Dividend & Returns

Yes, Matthews International Corporation (MATW) pays a dividend with a yield of 3.67%. This makes it attractive for income-focused investors.

Matthews International Corporation (MATW) has a return on equity (ROE) of -5.3%. Negative ROE indicates the company is unprofitable.

Matthews International Corporation (MATW) had negative free cash flow of $59.4M in fiscal year 2025, likely due to heavy capital investments.

US Stock Screener

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Matthews International Corporation (MATW) 10-Year Financial Performance & Capital Metrics

MATW • • Industrial / General

IndustrialsConglomeratesSpecialized Industrial ServicesBrand Solutions & Memorialization

Revenue $1.5B -16.6%
EBITDA $92M -43.5%
Net Income -$24M +59.0%
EPS (Diluted) -0.79 +59.1%
Gross Margin 32.55% +9.9%
EBITDA Margin 6.15% -32.2%
Operating Margin 1.36% -64.2%
Net Margin -1.63% +50.8%
ROE -5.33% +57.0%
ROIC 1.27% -67.8%
Debt/Equity 1.48 -23.0%
Interest Coverage 0.34 -74.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓15 consecutive years of dividend growth
✓Healthy dividend yield of 3.7%

✗Weaknesses

✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y0.49%

5Y-0.01%

3Y-5.28%

TTM-16.6%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM58.98%

EPS CAGR

10Y-

5Y-

3Y-

TTM58.8%

ROCE

10Y Avg5.69%

5Y Avg4.65%

3Y Avg4.6%

Latest1.48%

Peer Comparison

Brand Solutions & Memorialization

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MATWMatthews International Corporation	883.53M	28.69	-36.32	-16.6%	-1.63%	-5.09%		1.48

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	1.48B	1.52B	1.6B	1.54B	1.5B	1.67B	1.76B	1.88B	1.8B	1.5B
Revenue Growth %	0.04%	0.02%	0.06%	-0.04%	-0.03%	0.12%	0.05%	0.07%	-0.05%	-0.17%
Cost of Goods Sold+	924.01M	952.22M	1.05B	1.04B	1.06B	1.2B	1.28B	1.33B	1.26B	1.01B
COGS % of Revenue	0.62%	0.63%	0.65%	0.68%	0.71%	0.72%	0.73%	0.71%	0.7%	0.67%
Gross Profit+	556.45M	563.39M	555.66M	499.11M	438.65M	474.9M	477.79M	547.8M	531.88M	487.52M
Gross Margin %	0.38%	0.37%	0.35%	0.32%	0.29%	0.28%	0.27%	0.29%	0.3%	0.33%
Gross Profit Growth %	0.05%	0.01%	-0.01%	-0.1%	-0.12%	0.08%	0.01%	0.15%	-0.03%	-0.08%
Operating Expenses+	405.54M	415.58M	390M	371.87M	379.75M	398.06M	399.58M	434.99M	463.78M	467.21M
OpEx % of Revenue	0.27%	0.27%	0.24%	0.24%	0.25%	0.24%	0.23%	0.23%	0.26%	0.31%
Selling, General & Admin	390.75M	399.22M	365.02M	345.69M	357.46M	384.86M	384.04M	419.43M	447.82M	467.21M
SG&A % of Revenue	0.26%	0.26%	0.23%	0.22%	0.24%	0.23%	0.22%	0.22%	0.25%	0.31%
Research & Development	14.79M	16.36M	24.98M	26.18M	22.29M	13.21M	15.54M	15.56M	15.96M	0
R&D % of Revenue	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	150.91M	147.8M	165.66M	127.24M	58.91M	76.83M	78.22M	112.82M	68.1M	20.31M
Operating Margin %	0.1%	0.1%	0.1%	0.08%	0.04%	0.05%	0.04%	0.06%	0.04%	0.01%
Operating Income Growth %	0.06%	-0.02%	0.12%	-0.23%	-0.54%	0.3%	0.02%	0.44%	-0.4%	-0.7%
EBITDA+	216.4M	215.78M	242.63M	218.04M	177.97M	210.35M	182.27M	209.35M	162.87M	92.06M
EBITDA Margin %	0.15%	0.14%	0.15%	0.14%	0.12%	0.13%	0.1%	0.11%	0.09%	0.06%
EBITDA Growth %	0.06%	-0%	0.12%	-0.1%	-0.18%	0.18%	-0.13%	0.15%	-0.22%	-0.43%
D&A (Non-Cash Add-back)	65.48M	67.98M	76.97M	90.79M	119.06M	133.51M	104.06M	96.53M	94.77M	71.75M
EBIT	122.72M	125.48M	137.84M	8.46M	-72.96M	32.22M	-79.63M	91.3M	-17.63M	75.45M
Net Interest Income+	-24.34M	-26.37M	-37.43M	-40.96M	-34.88M	-28.68M	-27.73M	-44.65M	-50.53M	-59.24M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	24.34M	26.37M	37.43M	40.96M	34.88M	28.68M	27.73M	44.65M	50.53M	59.24M
Other Income/Expense	-55.68M	-51.52M	-67.66M	-165.33M	-165.24M	-67.6M	-182.44M	-71.91M	-137.76M	-4.11M
Pretax Income+	95.23M	96.29M	97.99M	-38.08M	-106.34M	9.23M	-104.22M	40.91M	-69.66M	16.21M
Pretax Margin %	0.06%	0.06%	0.06%	-0.02%	-0.07%	0.01%	-0.06%	0.02%	-0.04%	0.01%
Income Tax+	29.07M	22.35M	-9.12M	806K	-18.68M	6.38M	-4.39M	1.77M	-10M	40.68M
Effective Tax Rate %	0.7%	0.77%	1.1%	1%	0.82%	0.32%	0.96%	0.96%	0.86%	-1.51%
Net Income+	66.75M	74.37M	107.37M	-37.99M	-87.16M	2.91M	-99.83M	39.29M	-59.66M	-24.47M
Net Margin %	0.05%	0.05%	0.07%	-0.02%	-0.06%	0%	-0.06%	0.02%	-0.03%	-0.02%
Net Income Growth %	0.05%	0.11%	0.44%	-1.35%	-1.29%	1.03%	-35.31%	1.39%	-2.52%	0.59%
Net Income (Continuing)	66.16M	73.93M	107.11M	-38.89M	-87.65M	2.86M	-99.83M	39.14M	-59.66M	-24.47M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	669K	552K	363K	1.13M	626K	-145K	-276K	-387K	48K	0
EPS (Diluted)+	2.03	2.28	3.37	-1.21	-2.79	0.09	-3.18	1.26	-1.93	-0.79
EPS Growth %	0.06%	0.12%	0.48%	-1.36%	-1.31%	1.03%	-35.95%	1.4%	-2.53%	0.59%
EPS (Basic)	2.08	2.31	3.39	-1.21	-2.79	0.09	-3.18	1.28	-1.93	-0.79
Diluted Shares Outstanding	32.88M	32.62M	31.86M	31.42M	31.19M	31.99M	31.37M	31.29M	30.91M	31.1M
Basic Shares Outstanding	32.14M	32.15M	31.67M	31.42M	31.19M	31.7M	31.37M	30.47M	30.6M	30.98M
Dividend Payout Ratio	0.29%	0.29%	0.23%	-	-	9.52%	-	0.72%	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	574.18M	595.06M	616.42M	583.72M	575.57M	624.16M	628.62M	648.26M	632.54M	520.17M
Cash & Short-Term Investments	55.71M	57.52M	41.57M	35.3M	41.33M	49.18M	71.41M	42.1M	40.82M	32.43M
Cash Only	55.71M	57.52M	41.57M	35.3M	41.33M	49.18M	71.41M	42.1M	40.82M	32.43M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	294.92M	319.57M	331.46M	318.76M	295.19M	309.82M	221.01M	282.17M	298.95M	132.94M
Days Sales Outstanding	72.71	76.96	75.49	75.68	71.91	67.67	45.77	54.76	60.76	32.4
Inventory	162.47M	171.44M	180.45M	180.27M	175.1M	189.09M	225.44M	260.41M	237.89M	202.83M
Days Inventory Outstanding	64.18	65.72	62.91	63.38	60.31	57.7	64.06	71.3	68.7	73.29
Other Current Assets	61.09M	46.53M	61.59M	49.38M	63.95M	76.08M	110.75M	63.58M	54.89M	151.97M
Total Non-Current Assets+	1.52B	1.65B	1.76B	1.61B	1.5B	1.41B	1.25B	1.24B	1.2B	1.17B
Property, Plant & Equipment	219.49M	235.53M	252.78M	237.44M	236.79M	223.71M	256.06M	341.95M	340M	224.57M
Fixed Asset Turnover	6.74x	6.43x	6.34x	6.47x	6.33x	7.47x	6.88x	5.50x	5.28x	6.67x
Goodwill	851.49M	897.79M	948.89M	846.81M	765.39M	773.79M	675.42M	698.11M	697.12M	487.56M
Intangible Assets	393.84M	424.38M	443.91M	400.65M	333.5M	261.54M	202.15M	160.48M	126.03M	105.96M
Long-Term Investments	31.36M	37.67M	45.43M	85.5M	63.25M	30.44M	25.98M	24.99M	23.08M	0
Other Non-Current Assets	19.89M	51.76M	66.22M	31.45M	94.38M	114.95M	90.93M	11.32M	9.58M	356.18M
Total Assets+	2.09B	2.24B	2.38B	2.19B	2.07B	2.03B	1.88B	1.89B	1.83B	1.69B
Asset Turnover	0.71x	0.68x	0.67x	0.70x	0.72x	0.82x	0.94x	1.00x	0.98x	0.88x
Asset Growth %	-0.03%	0.07%	0.06%	-0.08%	-0.05%	-0.02%	-0.07%	0%	-0.03%	-0.08%
Total Current Liabilities+	259.35M	285.13M	286.4M	279.88M	316.87M	354.23M	411.38M	394.6M	434.77M	350.48M
Accounts Payable	58.12M	66.61M	70.04M	74.56M	82.92M	112.72M	121.36M	114.32M	108.36M	0
Days Payables Outstanding	22.96	25.53	24.42	26.21	28.56	34.4	34.48	31.3	31.29	-
Short-Term Debt	27.75M	29.53M	31.26M	42.5M	50.77M	29.77M	26.15M	27.68M	29.47M	7.23M
Deferred Revenue (Current)	0	0	0	0	0	0	0	1000K	1000K	0
Other Current Liabilities	94.22M	105.4M	122.19M	114.28M	121.51M	138.56M	196.32M	144.24M	171.92M	343.25M
Current Ratio	2.21x	2.09x	2.15x	2.09x	1.82x	1.76x	1.53x	1.64x	1.45x	1.48x
Quick Ratio	1.59x	1.49x	1.52x	1.44x	1.26x	1.23x	0.98x	0.98x	0.91x	0.91x
Cash Conversion Cycle	113.93	117.15	113.99	112.85	103.66	90.98	75.35	94.76	98.17	-
Total Non-Current Liabilities+	1.12B	1.17B	1.2B	1.19B	1.14B	1.04B	984.32M	967.5M	962.91M	863.02M
Long-Term Debt	844.81M	881.6M	929.34M	898.19M	801.54M	753.58M	790.51M	779.9M	753.33M	703.6M
Capital Lease Obligations	0	0	0	0	55.47M	62.77M	56.23M	56.78M	56.36M	0
Deferred Tax Liabilities	0	0	0	0	78.91M	97.42M	92.59M	71.25M	45.69M	0
Other Non-Current Liabilities	170.51M	148.23M	151.77M	292.4M	208.41M	127.68M	44.99M	59.57M	107.53M	159.42M
Total Liabilities	1.38B	1.45B	1.51B	1.47B	1.46B	1.4B	1.4B	1.36B	1.4B	1.21B
Total Debt+	872.55M	911.13M	960.6M	940.7M	907.77M	846.13M	872.88M	864.35M	839.16M	710.83M
Net Debt	816.84M	853.62M	919.03M	905.39M	866.44M	796.96M	801.47M	822.25M	798.34M	678.4M
Debt / Equity	1.23x	1.15x	1.11x	1.31x	1.48x	1.33x	1.79x	1.65x	1.92x	1.48x
Debt / EBITDA	4.03x	4.22x	3.96x	4.31x	5.10x	4.02x	4.79x	4.13x	5.15x	7.72x
Net Debt / EBITDA	3.77x	3.96x	3.79x	4.15x	4.87x	3.79x	4.40x	3.93x	4.90x	7.37x
Interest Coverage	6.20x	5.60x	4.43x	3.11x	1.69x	2.68x	2.82x	2.53x	1.35x	0.34x
Total Equity+	709.33M	790.26M	868.71M	720.37M	612.06M	636.26M	486.8M	525.28M	437.21M	480.94M
Equity Growth %	-0.03%	0.11%	0.1%	-0.17%	-0.15%	0.04%	-0.23%	0.08%	-0.17%	0.1%
Book Value per Share	21.57	24.23	27.27	22.93	19.62	19.89	15.52	16.79	14.14	15.47
Total Shareholders' Equity	708.66M	789.71M	868.35M	719.24M	611.43M	636.4M	487.08M	525.67M	437.16M	480.94M
Common Stock	36.33M	36.33M	36.33M	36.33M	36.33M	36.33M	36.33M	36.33M	36.33M	480.94M
Retained Earnings	896.22M	948.83M	1.04B	972.59M	859M	834.21M	706.75M	714.73M	623.06M	0
Treasury Stock	-159.11M	-164.77M	-173.31M	-200.24M	-179M	-190.74M	-225.79M	-219.2M	-212.99M	0
Accumulated OCI	-181.87M	-154.12M	-164.3M	-228.36M	-240.72M	-192.74M	-190.19M	-174.4M	-168.74M	0
Minority Interest	669K	552K	363K	1.13M	626K	-145K	-276K	-387K	48K	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	140.27M	149.3M	147.57M	131.08M	180.45M	162.81M	126.86M	79.52M	79.28M	-23.55M
Operating CF Margin %	0.09%	0.1%	0.09%	0.09%	0.12%	0.1%	0.07%	0.04%	0.04%	-0.02%
Operating CF Growth %	-0.01%	0.06%	-0.01%	-0.11%	0.38%	-0.1%	-0.22%	-0.37%	-0%	-1.3%
Net Income	66.16M	73.93M	107.11M	-38.89M	-87.65M	2.86M	-99.83M	39.14M	-59.66M	-24.47M
Depreciation & Amortization	65.48M	67.98M	76.97M	90.79M	119.06M	133.51M	104.06M	96.53M	94.77M	71.75M
Stock-Based Compensation	10.61M	14.56M	13.46M	7.73M	8.1M	15.58M	17.43M	17.31M	18.48M	0
Deferred Taxes	-3.97M	9.72M	-23.13M	-6.78M	-16.61M	4.16M	-32.96M	-21.63M	0	0
Other Non-Cash Items	-9.06M	-7.97M	-12.45M	90.72M	89.91M	-6.28M	108.57M	-16.32M	7.58M	-25.43M
Working Capital Changes	11.06M	-8.93M	-14.4M	-12.48M	67.64M	12.98M	29.59M	-35.5M	18.11M	-45.39M
Change in Receivables	-10.63M	-7.04M	-790K	8.78M	24.05M	-13.42M	74.01M	26.46M	-9.68M	0
Change in Inventory	10.45M	-2.29M	-2.87M	830K	5.98M	-12.84M	-23.46M	-23.99M	27.02M	0
Change in Payables	-11.08M	5.67M	2.52M	3.71M	8.36M	29.62M	7.44M	-9.21M	-6.49M	0
Cash from Investing+	-47.14M	-141.62M	-162.34M	-60.76M	-2.72M	-12.99M	-80.85M	-58.73M	-46.97M	159.59M
Capital Expenditures	-41.68M	-44.94M	-43.2M	-37.69M	-34.85M	-34.31M	-61.32M	-50.6M	-45.22M	-35.82M
CapEx % of Revenue	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.03%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.48M	-41.17M	4.71M	-16.18M	-34.23M	-31.54M	5.3M	2.12M	4.16M	251.24M
Cash from Financing+	-108.85M	-7.18M	901K	-75.04M	-172.25M	-122.85M	-37.21M	-50.2M	-35.04M	-144.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-19.41M	-21.76M	-24.64M	-25.62M	-26.44M	-27.7M	-27.68M	-28.2M	-31.41M	-32.76M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.48M	14K	-6.3M	-7.26M	-15.1M	-6.52M	-3.5M	-912K	48.28M	-32.29M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	98.59M	104.36M	104.37M	93.39M	145.6M	128.5M	65.54M	28.93M	34.06M	-59.37M
FCF Margin %	0.07%	0.07%	0.07%	0.06%	0.1%	0.08%	0.04%	0.02%	0.02%	-0.04%
FCF Growth %	0.06%	0.06%	0%	-0.11%	0.56%	-0.12%	-0.49%	-0.56%	0.18%	-2.74%
FCF per Share	3.00	3.20	3.28	2.97	4.67	4.02	2.09	0.92	1.10	-1.91
FCF Conversion (FCF/Net Income)	2.10x	2.01x	1.37x	-3.45x	-2.07x	55.95x	-1.27x	2.02x	-1.33x	0.96x
Interest Paid	24.13M	26.27M	37.23M	41.45M	35.27M	28.82M	27.41M	43.52M	50.34M	0
Taxes Paid	11.86M	8.47M	11.01M	15.47M	20.73M	9.17M	13.65M	18.01M	19.25M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.25%	9.92%	12.94%	-4.78%	-13.08%	0.47%	-17.78%	7.76%	-12.4%	-5.33%
Return on Invested Capital (ROIC)	7.32%	6.99%	7.24%	5.59%	2.85%	3.96%	4.31%	6.42%	3.95%	1.27%
Gross Margin	37.59%	37.17%	34.67%	32.47%	29.28%	28.42%	27.11%	29.12%	29.62%	32.55%
Net Margin	4.51%	4.91%	6.7%	-2.47%	-5.82%	0.17%	-5.66%	2.09%	-3.32%	-1.63%
Debt / Equity	1.23x	1.15x	1.11x	1.31x	1.48x	1.33x	1.79x	1.65x	1.92x	1.48x
Interest Coverage	6.20x	5.60x	4.43x	3.11x	1.69x	2.68x	2.82x	2.53x	1.35x	0.34x
FCF Conversion	2.10x	2.01x	1.37x	-3.45x	-2.07x	55.95x	-1.27x	2.02x	-1.33x	0.96x
Revenue Growth	3.81%	2.37%	5.74%	-4.07%	-2.54%	11.53%	5.47%	6.72%	-4.53%	-16.6%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Memorialization	77K	-	615.88M	631.39M	636.89M	656.03M	769.02M	840.12M	843M	829.73M
Memorialization Growth	-	-	-	2.52%	0.87%	3.01%	17.22%	9.25%	0.34%	-1.57%
Brand Solutions	478K	-	-	805.27M	743.87M	693.09M	726.89M	586.76M	532.15M	532.85M
Brand Solutions Growth	-	-	-	-	-7.63%	-6.83%	4.88%	-19.28%	-9.31%	0.13%
Industrial Technologies	-	-	-	-	-	-	-	-	505.75M	433.16M
Industrial Technologies Growth	-	-	-	-	-	-	-	-	-	-14.35%
Industrial	25K	-	-	165.91M	156.51M	149.18M	175.12M	335.52M	-	-
Industrial Growth	-	-	-	-	-5.66%	-4.69%	17.39%	91.60%	-	-
Segment Reconciling Items	-	-	-	-	-	-	-	-	-	-
Segment Reconciling Items Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America	-	-	-	-	-	1.04B	1.14B	1.23B	1.22B	1.18B
North America Growth	-	-	-	-	-	-	9.99%	7.79%	-0.90%	-3.01%
Europe	-	360.68M	396.24M	456.08M	-	387.83M	446.27M	444.61M	572.74M	522.2M
Europe Growth	-	-	9.86%	15.10%	-	-	15.07%	-0.37%	28.82%	-8.82%
Asia	-	43.87M	47.42M	50.69M	-	45.39M	54.76M	61.59M	63.75M	66.05M
Asia Growth	-	-	8.10%	6.90%	-	-	20.64%	12.49%	3.50%	3.61%
Central and South America	-	10.16M	6.52M	6.17M	-	6.3M	5.04M	4.73M	5.26M	5.46M
Central and South America Growth	-	-	-35.85%	-5.32%	-	-	-20.11%	-6.10%	11.23%	3.73%
UNITED STATES	-	1.02B	1.01B	1.07B	-	-	-	-	-	-
UNITED STATES Growth	-	-	-0.32%	5.07%	-	-	-	-	-	-
AUSTRALIA	-	20.04M	21.51M	23.28M	-	-	-	-	-	-
AUSTRALIA Growth	-	-	7.30%	8.23%	-	-	-	-	-	-
CANADA	-	-	29.02M	-	-	-	-	-	-	-
CANADA Growth	-	-	-	-	-	-	-	-	-	-
CALIFORNIA	-	27.59M	-	-	-	-	-	-	-	-
CALIFORNIA Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Matthews International Corporation (MATW) reported $1.50B in revenue for fiscal year 2025. This represents a 66% increase from $900.3M in 2012.

Matthews International Corporation (MATW) saw revenue decline by 16.6% over the past year.

Matthews International Corporation (MATW) reported a net loss of $24.5M for fiscal year 2025.

Dividend & Returns

Yes, Matthews International Corporation (MATW) pays a dividend with a yield of 3.67%. This makes it attractive for income-focused investors.

Matthews International Corporation (MATW) has a return on equity (ROE) of -5.3%. Negative ROE indicates the company is unprofitable.

Matthews International Corporation (MATW) had negative free cash flow of $59.4M in fiscal year 2025, likely due to heavy capital investments.