Free cash flow remains erratic, swinging from a $66.7 million surplus in 2025Q3 to a $29.8 million deficit in 2025Q1, complicating the sustainability of its quarterly dividend payments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 150.7M | 133.8M | 94.8M | 106.6M | 202.2M | 58.1M | 161.6M | 160.3M | 139.1M | 131M | 129.7M | 144.7M | 165.9M | 178.1M | 171.6M | 81.5M | 141.1M | 63.4M | 33.3M | 71.3M | 51.8M | 38.1M | 57.3M | 64.8M | 63.9M | 106.8M | 71.7M | 60.7M | 67.1M | 67.3M | 90.4M |
| Operating CF Margin % | - | 6.73% | 4.79% | 5.26% | 12.35% | 6.24% | 15.04% | 15.67% | 13.36% | 13.34% | 15.44% | 18.94% | 20.89% | 23.05% | 21.77% | 9.99% | 19.06% | 8.56% | 4.34% | 9.97% | 7.91% | 5.69% | 8.71% | 11.43% | 12.74% | 21.38% | 14.43% | 12.03% | 12.27% | 14.61% | 19.18% |
| Operating CF Growth % | 204.94% | 41.14% | -11.07% | -47.28% | 248.02% | -64.05% | 0.81% | 15.24% | 6.18% | 1% | -10.37% | -12.78% | -6.85% | 3.79% | 110.55% | -42.24% | 122.56% | 90.39% | -53.3% | 37.64% | 35.96% | -33.51% | -11.57% | 1.41% | -40.17% | 48.95% | 18.12% | -9.54% | -0.3% | -25.55% | 39.29% |
| Net Income | 76.4M | -337.4M | -48.7M | -508.4M | -6.6M | 88.9M | 83.8M | 85.8M | 94.8M | 34.4M | 82.8M | 90.5M | 89.7M | 78.5M | 83.7M | 87.6M | 71.4M | 35.6M | 900K | 3.4M | -800K | 19.4M | 36.4M | 34.5M | 32.6M | 24.5M | 27.8M | 31.4M | 31M | 45.3M | 38.7M |
| Depreciation & Amortization | 141.1M | 141M | 143.8M | 147.8M | 129.2M | 92.7M | 72.2M | 57.7M | 61.6M | 59.5M | 44.5M | 41M | 45.1M | 37.3M | 39.4M | 43.6M | 40M | 43.9M | 47.4M | 39.9M | 37.5M | 32.1M | 30.8M | 24.7M | 21.5M | 21.4M | 22.1M | 22.2M | 24.8M | 14.4M | 13.4M |
| Stock-Based Compensation | 7.5M | 11.1M | 11.4M | 10.5M | 20.4M | 8.5M | 8.8M | 7.8M | 4.8M | 7.1M | 5.8M | 3.5M | 5.9M | 3.2M | 6.9M | 3.9M | 7.7M | 8.3M | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -103.1M | -130.2M | -34.3M | 23.8M | -31.7M | -33.1M | -5.7M | 6.9M | -8.2M | 38.3M | -13.5M | -6.7M | 2.9M | 17.3M | 17.5M | -15.9M | 25.4M | 9.4M | -22.3M | -13.6M | -10.6M | 1.9M | 2.1M | 4.2M | 4.4M | 4.6M | 6.1M | 10.4M | 5M | 9.9M | 8.6M |
| Other Non-Cash Items | 26.5M | 440.9M | 22.5M | 452.7M | 26.5M | -37.5M | 8.2M | 4M | 6.7M | 3.6M | 21.1M | 3.6M | 3.3M | 41M | 21.9M | -13.7M | -30.1M | -13.4M | 13.3M | 22.9M | 5.3M | -700K | 8.6M | 600K | 3.3M | 61.2M | 13.1M | 5.7M | 8.2M | 8.5M | 11.2M |
| Working Capital Changes | 2.3M | 8.4M | 100K | -19.8M | 64.4M | -61.4M | -5.7M | -1.8M | -20.6M | -11.9M | -11M | 12.8M | 19M | 800K | 2.2M | -24M | 26.7M | -20.4M | -6.8M | 25.4M | 20.4M | -14.6M | -20.6M | 800K | 2.1M | -4.9M | 2.6M | -9M | -1.9M | -10.8M | 18.5M |
| Change in Receivables | 28.5M | -14.8M | 6.3M | 2M | 157M | -28.1M | -5.3M | 10.8M | -18.3M | -900K | 3.1M | -18M | 13.3M | 4.4M | 15M | -25.8M | -15.8M | 6.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 8.5M | 19.3M | -26M | 52.2M | -82.2M | -31.4M | -3.5M | -11.2M | -4.9M | -6.4M | -6.9M | 1.3M | 14.9M | -1M | -600K | -4.5M | 9.9M | -2M | 5.5M | -3.8M | 11.9M | -5.5M | -20.9M | -17.2M | -11.4M | 1.8M | -1.6M | 6.5M | -1.4M | -7.1M | 6.8M |
| Change in Payables | -4.5M | 8.3M | 20.6M | -64.4M | 4.4M | 3.5M | -12.7M | -2.1M | 8M | 4.7M | -3.7M | 6.5M | 3.1M | -1.5M | -7.8M | -4.5M | 17.4M | -20.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -34.8M | -37M | -56.7M | 547.2M | -481.3M | -636.5M | -203.1M | -14.8M | -27.5M | -318.5M | -22.4M | -313.7M | -74.5M | -253.7M | -48.7M | -72.1M | -81.2M | -20.2M | -95.1M | -72.9M | -12.3M | -36.7M | -56.7M | -97.5M | -33.6M | -70.2M | -30.5M | -31.9M | -107.4M | -48.1M | -55.9M |
| Capital Expenditures | -34.5M | 0 | -55.6M | -66.4M | -59.6M | -38.9M | -33.3M | -34.1M | -29.7M | -40.7M | -30.6M | -25.1M | -36.1M | -29.6M | -28.1M | -62.2M | -83M | -20.8M | -41.7M | -56.6M | -13.4M | -18.8M | -46.7M | -92M | -30.3M | -73.8M | -29.4M | -26.3M | -102.1M | -35.8M | -51.5M |
| CapEx % of Revenue | 1.74% | 2.01% | 2.81% | 3.28% | 3.64% | 4.18% | 3.1% | 3.33% | 2.85% | 4.14% | 3.64% | 3.28% | 4.54% | 3.83% | 3.57% | 7.62% | 11.21% | 2.81% | 5.43% | 7.92% | 2.05% | 2.81% | 7.1% | 16.23% | 6.04% | 14.77% | 5.92% | 5.21% | 18.68% | 7.77% | 10.93% |
| Acquisitions | 0 | 0 | 0 | 0 | -462.5M | -630.6M | -169.3M | 14.7M | 0 | -291.7M | 0 | -280.6M | -41.4M | -231.3M | -18M | -12.2M | 0 | 0 | -51.3M | 0 | 0 | -11.9M | -8.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -300K | -37M | -1.1M | 613.6M | 5M | 33M | -500K | 4.6M | 2.2M | 13.9M | 8.2M | -8M | 3M | 7.2M | -2.6M | -47.7M | 1.8M | 600K | -200K | -3.5M | 4M | -6M | -1.6M | -5.5M | -3.3M | 3.6M | -1.1M | -5.6M | -5.3M | -12.3M | -4.4M |
| Cash from Financing | -125.3M | -106.7M | -55.9M | -662.9M | 331.6M | 599.9M | -8.6M | -135.8M | -120.9M | 179.5M | -185.7M | 92.4M | -39.1M | 187.3M | -50.6M | -18.3M | -30.8M | 1.1M | 70M | -8.9M | -31.1M | -800K | 200K | 21.1M | -65.9M | -9.3M | -32.7M | -20.4M | 9.8M | -12.9M | -9.5M |
| Debt Issued (Net) | -100.3M | -83M | -25.2M | -594.6M | 433.7M | 673.9M | 47.4M | -80.5M | -59.8M | 233.2M | -135.4M | 149.1M | 57.3M | 227.5M | 9.3M | 100.5M | -4.8M | -122.5M | 85.5M | 1.5M | -20.7M | 6M | 13M | 31.3M | -58.7M | 2.7M | -5.7M | -1.4M | 28.2M | 900K | -1.4M |
| Equity Issued (Net) | -2.3M | -1.4M | -800K | -10.6M | -6.9M | -3.4M | -1M | -900K | -3M | -1.2M | -700K | -2.9M | -52.5M | -1.7M | -47.2M | -120.9M | -16.8M | 116.6M | -6.3M | -1.4M | 2.2M | 5.9M | -100K | -4M | 1.7M | 300K | -13.2M | -4.3M | -3.5M | 300K | 0 |
| Dividends Paid | -22.7M | -22.3M | -21.6M | -55.3M | -72.2M | -55.3M | -55M | -54.4M | -53.2M | -51.9M | -49.4M | -46.9M | -44.5M | -39.5M | -14.1M | -10.1M | -10.8M | -9.6M | -9.4M | -9.4M | -9.4M | -12.7M | -12.7M | -19.3M | -8.9M | -12.3M | -13.8M | -14.7M | -14.9M | -14.1M | -8.1M |
| Share Repurchases | -2.3M | -1.4M | -800K | -10.6M | -6.9M | -3.4M | -1M | -900K | -3M | -1.2M | -700K | -2.9M | -52.5M | -1.7M | -50M | -120.9M | -19M | -800K | -6.3M | -5.8M | 0 | -1M | -8M | -5.1M | -500K | 0 | -13.2M | -4.3M | -3.8M | 0 | 0 |
| Other Financing | 0 | 0 | -8.3M | -2.4M | -23.1M | -15.3M | 0 | 0 | -4.9M | -600K | -200K | -6.9M | 600K | 1M | 1.4M | 12.2M | 1.6M | 16.6M | 200K | 400K | -3.2M | 0 | 0 | 13.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -6.5M | -4.5M | -25.9M | -4.2M | 49.7M | 20M | -48.3M | 9.2M | -110.7M | -99.9M | -187.2M | -317.5M | 18.3M | 120.8M | 74.7M | -10.8M | 30.4M | 45M | 7.9M | -9.7M | 8.6M | 600K | 800K | -11.6M | -35.6M | 27.3M | 8.5M | 8.4M | 9.8M | -12.9M | 25M |
| Free Cash Flow | 116.2M | 93.8M | 39.2M | 40.2M | 142.6M | 19.2M | 128.3M | 126.2M | 109.4M | 90.3M | 99.1M | 119.6M | 129.8M | 148.5M | 143.5M | 19.3M | 58.1M | 42.6M | -8.4M | 14.7M | 38.4M | 19.3M | 10.6M | -27.2M | 33.6M | 33M | 42.3M | 34.4M | -35M | 31.5M | 38.9M |
| FCF Margin % | 5.86% | 4.72% | 1.98% | 1.98% | 8.71% | 2.06% | 11.94% | 12.34% | 10.51% | 9.19% | 11.8% | 15.65% | 16.34% | 19.22% | 18.21% | 2.36% | 7.85% | 5.75% | -1.09% | 2.06% | 5.86% | 2.88% | 1.61% | -4.8% | 6.7% | 6.61% | 8.51% | 6.82% | -6.4% | 6.84% | 8.25% |
| FCF Growth % | 235.84% | 139.29% | -2.49% | -71.81% | 642.71% | -85.04% | 1.66% | 15.36% | 21.15% | -8.88% | -17.14% | -7.86% | -12.59% | 3.48% | 643.52% | -66.78% | 36.38% | 607.14% | -157.14% | -61.72% | 98.96% | 82.08% | 138.97% | -180.95% | 1.82% | -21.99% | 22.97% | 198.29% | -211.11% | -19.02% | -8.25% |
| FCF per Share | 2.12 | 1.72 | 0.72 | 0.74 | 3.36 | 0.61 | 4.12 | 4.09 | 3.56 | 2.96 | 3.25 | 3.94 | 4.28 | 4.75 | 4.58 | 0.58 | 1.61 | 1.33 | -0.27 | 0.47 | 1.25 | 0.62 | 0.34 | -0.87 | 1.10 | 1.10 | 1.38 | 1.07 | -1.08 | 0.96 | 1.20 |
| FCF Conversion (FCF/Net Income) | 1.52x | -0.40x | -1.95x | -0.34x | -30.64x | 0.65x | 1.93x | 1.87x | 1.47x | 3.80x | 1.57x | 1.61x | 1.85x | 2.34x | 2.15x | 0.88x | 2.16x | 1.78x | 47.57x | 20.97x | -64.75x | 1.96x | 1.57x | 1.88x | 1.96x | 4.36x | 2.58x | 1.93x | 2.16x | 1.49x | 2.34x |
| Interest Paid | 69.6M | 82.8M | 90.8M | 121.4M | 84.6M | 47.4M | 31.4M | 29.1M | 24M | 22.7M | 13.3M | 7.8M | 6M | 2.5M | 2.6M | 3.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 9.9M | 11.5M | 14.9M | 37.5M | 26M | 22.4M | 14.8M | 20.8M | 23.2M | 38.1M | 31.9M | 9.3M | 17.6M | 69.8M | 33.7M | 40M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative cash conversion
As reported in financial statements, Mativ's operating cash flow frequently diverges from net income, evidenced by a 2025Q3 operating cash flow of $72.8 million against a net loss of $3.2 million, suggesting that non-cash charges and accruals are masking the underlying cash-generative capacity of the business.
The extreme volatility in the OCF/NI ratio, which reached -22.75 in 2025Q3, indicates that headline earnings are poor proxies for actual cash performance. Investors should monitor whether this disconnect stems from recurring restructuring costs or persistent accounting adjustments that fail to reflect true operational health.
Based on recent SEC filings, Mativ's free cash flow trajectory is highly erratic, swinging from a peak of $66.7 million in 2025Q3 to a deficit of $29.8 million in 2025Q1, reflecting the company's struggle to maintain consistent cash generation amidst ongoing operational and structural transitions.
The inability to sustain positive FCF margins suggests that the company's current cost structure remains misaligned with its revenue generation capabilities. This inconsistency warrants further investigation into whether the recent divestiture of the Engineered Papers segment will stabilize cash flows or remove the primary source of liquidity.
According to quarterly data, Mativ's working capital management is characterized by significant fluctuations, including a $28.2 million cash outflow in 2026Q1, which suggests that the company is struggling to optimize its cash conversion cycle in the face of volatile inventory and receivables management.
The sharp reversal from a $33.6 million working capital inflow in 2025Q3 to a significant outflow in 2026Q1 indicates potential inefficiencies in inventory management or delayed collections. Such volatility may suggest that the company is forced to tie up liquidity to support its supply chain, further pressuring cash reserves.
As reported in financial statements, Mativ's capital expenditures have remained a consistent drain on liquidity, with CapEx/Revenue ratios peaking at 4.8% in 2024Q4, highlighting the heavy maintenance requirements inherent in the company's legacy manufacturing infrastructure and resin-extrusion facilities.
The persistent level of capital spending, despite the company's negative net margins, suggests that a significant portion of these outlays may be maintenance-related rather than growth-oriented. Investors should monitor whether these expenditures are effectively modernizing the asset base or merely sustaining legacy operations that lack long-term competitive advantages.
Based on reported figures, Mativ has continued to prioritize dividend payments of approximately $5.5 million per quarter despite significant net losses, a strategy that appears increasingly difficult to justify given the company's recent cash flow deficits and the ongoing need for liquidity to fund operations.
The decision to maintain shareholder distributions while the company is in a period of negative cash flow and structural transition warrants skepticism. This allocation policy may indicate a management focus on short-term optics rather than the long-term preservation of capital required for a successful business turnaround.
Quick answers to the most common questions about buying MATV stock.
Mativ Holdings, Inc. (MATV) generated $133.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mativ Holdings, Inc. (MATV) generated $93.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Mativ Holdings, Inc. (MATV) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Mativ Holdings, Inc. (MATV) returned $22.3M to shareholders via cash dividends and spent $1.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.