Revenue growth remains highly volatile with a 31.5% contraction in 2023Q4 and gross margins that compressed to a low of 15.0% in 2025Q1, reflecting limited pricing power.
| 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 |
|---|
| Sales/Revenue | 1.98B | 1.99B | 1.98B | 2.03B | 1.64B | 930.7M | 1.07B | 1.02B | 1.04B | 982.1M | 839.9M | 764.1M | 794.3M | 772.8M | 788.1M | 816.2M | 740.2M | 740.4M | 767.9M | 714.8M | 655.2M | 669.8M | 657.5M | 566.9M | 501.4M | 499.5M | 496.8M | 504.4M | 546.7M | 460.6M | 471.3M |
| Revenue Growth % | 0.82% | 0.3% | -2.22% | 23.77% | 75.88% | -13.37% | 5.04% | -1.78% | 6.03% | 16.93% | 9.92% | -3.8% | 2.78% | -1.94% | -3.44% | 10.27% | -0.03% | -3.58% | 7.43% | 9.1% | -2.18% | 1.87% | 15.98% | 13.06% | 0.38% | 0.54% | -1.51% | -7.74% | 18.69% | -2.27% | 1.81% |
| Cost of Goods Sold | 1.62B | 1.69B | 1.62B | 1.67B | 1.33B | 747.5M | 766.1M | 732.8M | 762.8M | 699.8M | 583.2M | 539.7M | 575.5M | 520.1M | 537.2M | 575.7M | 543.6M | 559.2M | 664.7M | 606.7M | 571.1M | 572.5M | 535.4M | 458M | 396.9M | 400.8M | 382.8M | 371.8M | 415.8M | 324.3M | 343.7M |
| COGS % of Revenue | - | 84.92% | 81.62% | 82.44% | 81.31% | 80.32% | 71.3% | 71.65% | 73.25% | 71.26% | 69.44% | 70.63% | 72.45% | 67.3% | 68.16% | 70.53% | 73.44% | 75.53% | 86.56% | 84.88% | 87.16% | 85.47% | 81.43% | 80.79% | 79.16% | 80.24% | 77.05% | 73.71% | 76.06% | 70.41% | 72.93% |
| Gross Profit | 359.3M | 299.7M | 364.1M | 355.8M | 306M | 183.2M | 308.3M | 290M | 278.5M | 282.3M | 256.7M | 224.4M | 218.8M | 252.7M | 250.9M | 240.5M | 196.6M | 181.2M | 103.2M | 108.1M | 84.1M | 97.3M | 122.1M | 108.9M | 104.5M | 98.7M | 114M | 132.6M | 130.9M | 136.3M | 127.6M |
| Gross Margin % | 18.13% | 15.08% | 18.38% | 17.56% | 18.69% | 19.68% | 28.7% | 28.35% | 26.75% | 28.74% | 30.56% | 29.37% | 27.55% | 32.7% | 31.84% | 29.47% | 26.56% | 24.47% | 13.44% | 15.12% | 12.84% | 14.53% | 18.57% | 19.21% | 20.84% | 19.76% | 22.95% | 26.29% | 23.94% | 29.59% | 27.07% |
| Gross Profit Growth % | - | -17.69% | 2.33% | 16.27% | 67.03% | -40.58% | 6.31% | 4.13% | -1.35% | 9.97% | 14.39% | 2.56% | -13.42% | 0.72% | 4.32% | 22.33% | 8.5% | 75.58% | -4.53% | 28.54% | -13.57% | -20.31% | 12.12% | 4.21% | 5.88% | -13.42% | -14.03% | 1.3% | -3.96% | 6.82% | 11.34% |
| Operating Expenses | 232M | 252.3M | 357.8M | 769.7M | 346.2M | 199.4M | 179.5M | 156M | 143.5M | 155.1M | 147.9M | 121.4M | 112.7M | 127.8M | 89.5M | 107.3M | 73.6M | 78M | 64.2M | 66.2M | 57.7M | 58M | 64.4M | 55M | 49.1M | 46.3M | 64.3M | 68M | 71.8M | 54.4M | 53.6M |
| OpEx % of Revenue | - | 12.7% | 18.06% | 37.99% | 21.15% | 21.42% | 16.71% | 15.25% | 13.78% | 15.79% | 17.61% | 15.89% | 14.19% | 16.54% | 11.36% | 13.15% | 9.94% | 10.53% | 8.36% | 9.26% | 8.81% | 8.66% | 9.79% | 9.7% | 9.79% | 9.27% | 12.94% | 13.48% | 13.13% | 11.81% | 11.37% |
| Selling, General & Admin | 163M | 228.7M | 233.8M | 263.9M | 254.9M | 185.7M | 153.8M | 138.8M | 126.6M | 129.2M | 107.5M | 92.8M | 83.9M | 71.2M | 76.5M | 82.1M | 65.1M | 69.9M | 55.9M | 58.2M | 50.4M | 49M | 55.1M | 46.7M | 41.5M | 38.7M | 35.9M | 39.1M | 40.5M | 33.6M | 34.2M |
| SG&A % of Revenue | - | 11.51% | 11.8% | 13.03% | 15.57% | 19.95% | 14.31% | 13.57% | 12.16% | 13.16% | 12.8% | 12.14% | 10.56% | 9.21% | 9.71% | 10.06% | 8.79% | 9.44% | 7.28% | 8.14% | 7.69% | 7.32% | 8.38% | 8.24% | 8.28% | 7.75% | 7.23% | 7.75% | 7.41% | 7.29% | 7.26% |
| Research & Development | 22.8M | 23.6M | 23M | 21.2M | 18.8M | 11.8M | 13.8M | 13.5M | 15.2M | 17.8M | 17.5M | 14M | 15.7M | 15.3M | 10M | 9.3M | 8.5M | 8.1M | 8.3M | 8M | 7.3M | 9M | 9.3M | 8.3M | 7.6M | 7.6M | 6.3M | 6.7M | 6.5M | 6.4M | 6M |
| R&D % of Revenue | - | 1.19% | 1.16% | 1.05% | 1.15% | 1.27% | 1.28% | 1.32% | 1.46% | 1.81% | 2.08% | 1.83% | 1.98% | 1.98% | 1.27% | 1.14% | 1.15% | 1.09% | 1.08% | 1.12% | 1.11% | 1.34% | 1.41% | 1.46% | 1.52% | 1.52% | 1.27% | 1.33% | 1.19% | 1.39% | 1.27% |
| Other Operating Expenses | 1000K | 0 | 101M | 484.6M | 72.5M | 1.9M | 11.9M | 3.7M | 1.7M | 8.1M | 23.1M | 16.4M | 13.1M | 41.3M | 1.6M | 15.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.1M | 22.2M | 24.8M | 14.4M | 13.4M |
| Operating Income | 56.5M | 47.4M | 6.3M | -413.9M | -40.2M | -16.2M | 128.8M | 134M | 135M | 128.3M | 110M | 103M | 106.1M | 124.9M | 151.7M | 125.1M | 109.6M | 89.2M | 16.9M | 17.9M | 5.3M | 39.3M | 57.7M | 53.9M | 55.4M | 47.3M | 49.7M | 64.6M | 59.1M | 81.9M | 74M |
| Operating Margin % | 2.85% | 2.39% | 0.32% | -20.43% | -2.46% | -1.74% | 11.99% | 13.1% | 12.96% | 13.06% | 13.1% | 13.48% | 13.36% | 16.16% | 19.25% | 15.33% | 14.81% | 12.05% | 2.2% | 2.5% | 0.81% | 5.87% | 8.78% | 9.51% | 11.05% | 9.47% | 10% | 12.81% | 10.81% | 17.78% | 15.7% |
| Operating Income Growth % | - | 652.38% | 101.52% | -929.6% | -148.15% | -112.58% | -3.88% | -0.74% | 5.22% | 16.64% | 6.8% | -2.92% | -15.05% | -17.67% | 21.26% | 14.14% | 22.87% | 427.81% | -5.59% | 237.74% | -86.51% | -31.89% | 7.05% | -2.71% | 17.12% | -4.83% | -23.06% | 9.31% | -27.84% | 10.68% | 12.12% |
| EBITDA | 198M | 189.8M | 150.1M | -266.1M | 69.7M | 50.9M | 198.9M | 191.7M | 196.6M | 187.8M | 154.5M | 144M | 151.2M | 162.2M | 191.1M | 167.2M | 149.6M | 133.1M | 64.3M | 57.8M | 43.5M | 71.4M | 88.5M | 78.6M | 76.9M | 68.7M | 71.8M | 86.8M | 83.9M | 96.3M | 87.4M |
| EBITDA Margin % | 9.99% | 9.55% | 7.58% | -13.13% | 4.26% | 5.47% | 18.51% | 18.74% | 18.88% | 19.12% | 18.39% | 18.85% | 19.04% | 20.99% | 24.25% | 20.49% | 20.21% | 17.98% | 8.37% | 8.09% | 6.64% | 10.66% | 13.46% | 13.86% | 15.34% | 13.75% | 14.45% | 17.21% | 15.35% | 20.91% | 18.54% |
| EBITDA Growth % | 177.37% | 26.45% | 156.41% | -481.78% | 36.94% | -74.41% | 3.76% | -2.49% | 4.69% | 21.55% | 7.29% | -4.76% | -6.78% | -15.12% | 14.29% | 11.76% | 12.4% | 107% | 11.25% | 32.87% | -39.08% | -19.32% | 12.6% | 2.21% | 11.94% | -4.32% | -17.28% | 3.46% | -12.88% | 10.18% | 10.08% |
| D&A (Non-Cash Add-back) | 141.5M | 142.4M | 143.8M | 147.8M | 109.9M | 67.1M | 70.1M | 57.7M | 61.6M | 59.5M | 44.5M | 41M | 45.1M | 37.3M | 39.4M | 42.1M | 40M | 43.9M | 47.4M | 39.9M | 38.2M | 32.1M | 30.8M | 24.7M | 21.5M | 21.4M | 22.1M | 22.2M | 24.8M | 14.4M | 13.4M |
| EBIT | 51M | -391.9M | -4.2M | -418.7M | -39.2M | 13.9M | 127.8M | 133M | 145M | 128.4M | 110M | 115.2M | 115.4M | 130.6M | 135M | 122.5M | 109.8M | 88.1M | 13.5M | 41.9M | 26.4M | 39.3M | 57.7M | 53.9M | 55.4M | 52.4M | 49.7M | 64.6M | 59.1M | 81.9M | 74M |
| Net Interest Income | -67.5M | -71.1M | -74.7M | -62.2M | -57.3M | -40.4M | -30.5M | -36.1M | -28.2M | -26.9M | -16.6M | -9.7M | -7.2M | -2.9M | -3.3M | -2.3M | -1.7M | -4.3M | -10.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 300K | 100K | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 67.5M | 71.1M | 74.7M | 62.2M | 57.3M | 40.4M | 30.5M | 36.1M | 28.2M | 26.9M | 16.6M | 9.7M | 7.2M | 2.9M | 3.4M | 2.6M | 1.8M | 4.8M | 10.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -78M | -510.4M | -85.2M | -67M | -56.3M | -10.3M | -26.6M | -33M | -18.2M | -26.8M | -16.6M | 2.5M | 2.1M | 2.8M | -20.1M | -11.1M | -2.8M | -42M | -13.9M | -6M | -6M | -3.7M | -2.2M | -2.5M | -1.1M | -2M | -7.2M | -9.5M | -10.8M | -8M | -9.3M |
| Pretax Income | -21.5M | -463M | -78.9M | -480.9M | -96.5M | -26.5M | 102.2M | 101M | 116.8M | 101.5M | 93.4M | 105.5M | 108.2M | 127.7M | 131.6M | 114M | 108M | 47.2M | 3M | 11.9M | -700K | 35.6M | 55.5M | 51.4M | 54.3M | 45.3M | 42.5M | 55.1M | 48.3M | 73.9M | 64.7M |
| Pretax Margin % | -1.08% | -23.3% | -3.98% | -23.74% | -5.9% | -2.85% | 9.51% | 9.87% | 11.22% | 10.33% | 11.12% | 13.81% | 13.62% | 16.52% | 16.7% | 13.97% | 14.59% | 6.37% | 0.39% | 1.66% | -0.11% | 5.32% | 8.44% | 9.07% | 10.83% | 9.07% | 8.55% | 10.92% | 8.83% | 16.04% | 13.73% |
| Income Tax | -97.9M | -125.6M | -30.2M | 26.8M | -27.6M | -28.2M | 18.4M | 15.2M | 10.7M | 69.6M | 15.4M | 21.6M | 20.5M | 53M | 49.5M | 31.1M | 39.8M | 12.7M | -1.9M | 500K | -4.2M | 10.4M | 12.1M | 12M | 16.7M | 16.5M | 14.7M | 23.7M | 17.3M | 28.6M | 26M |
| Effective Tax Rate % | 455.35% | 27.13% | 38.28% | -5.57% | 28.6% | 106.42% | 18% | 15.05% | 9.16% | 68.57% | 16.49% | 20.47% | 18.95% | 41.5% | 37.61% | 27.28% | 36.85% | 26.91% | -63.33% | 4.2% | 600% | 29.21% | 21.8% | 23.35% | 30.76% | 36.42% | 34.59% | 43.01% | 35.82% | 38.7% | 40.19% |
| Net Income | 76.4M | -337.4M | -48.7M | -309.5M | -6.6M | 88.9M | 83.8M | 85.8M | 94.5M | 34.5M | 82.8M | 89.7M | 89.7M | 76.1M | 79.8M | 92.6M | 65.3M | 35.6M | 700K | 3.4M | -800K | 19.4M | 36.4M | 34.5M | 32.6M | 24.5M | 27.8M | 31.4M | 31M | 45.3M | 38.7M |
| Net Margin % | 3.86% | -16.98% | -2.46% | -15.28% | -0.4% | 9.55% | 7.8% | 8.39% | 9.08% | 3.51% | 9.86% | 11.74% | 11.29% | 9.85% | 10.13% | 11.35% | 8.82% | 4.81% | 0.09% | 0.48% | -0.12% | 2.9% | 5.54% | 6.09% | 6.5% | 4.9% | 5.6% | 6.23% | 5.67% | 9.84% | 8.21% |
| Net Income Growth % | 117.12% | -592.81% | 84.26% | -4589.39% | -107.42% | 6.09% | -2.33% | -9.21% | 173.91% | -58.33% | -7.69% | 0% | 17.87% | -4.64% | -13.82% | 41.81% | 83.43% | 4985.71% | -79.41% | 525% | -104.12% | -46.7% | 5.51% | 5.83% | 33.06% | -11.87% | -11.46% | 1.29% | -31.57% | 17.05% | 5.16% |
| Net Income (Continuing) | 76.4M | -337.4M | -48.7M | -507.7M | -68.9M | 1.7M | 83.8M | 85.8M | 94.8M | 34.4M | 82.8M | 90.5M | 89.7M | 78.5M | 79.7M | 92.1M | 68.2M | 34.5M | 4.9M | 11.4M | 3.5M | 25.2M | 43.4M | 34.5M | 32.6M | 24.5M | 27.8M | 31.4M | 31M | 45.3M | 38.7M |
| Discontinued Operations | 0 | 0 | 0 | 198.2M | 62.3M | 87.2M | 0 | 0 | -300K | 100K | 0 | 0 | 0 | 0 | 0 | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26M | 15.6M | 13.8M | 13.4M | 9.5M | 13.4M | 6.5M | 6.4M | 7.1M | 8M | 7.1M | 7M |
| EPS (Diluted) | 1.39 | -6.19 | -0.90 | -5.69 | -0.18 | 2.80 | 2.66 | 2.76 | 3.08 | 1.12 | 2.70 | 2.94 | 2.93 | 2.42 | 2.51 | 2.73 | 1.76 | 1.10 | 0.02 | 0.11 | -0.03 | 0.63 | 1.18 | 1.11 | 1.09 | 0.82 | 0.91 | 0.98 | 0.96 | 1.39 | 1.19 |
| EPS Growth % | 116.44% | -587.78% | 84.18% | -3061.11% | -106.43% | 5.26% | -3.62% | -10.39% | 175% | -58.52% | -8.16% | 0.34% | 21.07% | -3.59% | -8.06% | 55.11% | 60% | 5400% | -81.82% | 523.08% | -104.13% | -46.61% | 6.31% | 1.83% | 32.93% | -9.89% | -7.14% | 2.08% | -30.94% | 16.81% | 30.77% |
| EPS (Basic) | - | -6.19 | -0.90 | -5.69 | -0.18 | 2.83 | 2.68 | 2.78 | 3.09 | 1.12 | 2.71 | 2.95 | 2.94 | 2.43 | 2.54 | 2.75 | 1.80 | 1.14 | 0.02 | 0.11 | -0.03 | 0.64 | 1.23 | 1.14 | 1.11 | 0.83 | 0.91 | 0.98 | 0.97 | 1.41 | 1.21 |
| Diluted Shares Outstanding | 54.83M | 54.61M | 54.31M | 54.51M | 42.44M | 31.4M | 31.1M | 30.84M | 30.69M | 30.55M | 30.46M | 30.37M | 30.36M | 31.24M | 31.34M | 33.49M | 36.1M | 32.01M | 31.09M | 31.48M | 30.79M | 30.9M | 30.84M | 31.22M | 30.48M | 30.06M | 30.55M | 32.2M | 32.29M | 32.71M | 32.52M |
| Basic Shares Outstanding | 54.83M | 54.61M | 54.31M | 54.51M | 42.44M | 31.03M | 30.83M | 30.65M | 30.55M | 30.41M | 30.31M | 30.25M | 30.24M | 31.06M | 30.99M | 33.23M | 35.37M | 31.1M | 30.68M | 31.06M | 30.79M | 30.3M | 29.68M | 30.4M | 29.71M | 29.52M | 30.55M | 32.2M | 31.96M | 32.13M | 32.12M |
| Dividend Payout Ratio | - | - | - | - | - | 62.2% | 65.63% | 63.4% | 56.3% | 150.43% | 59.66% | 52.29% | 49.61% | 51.91% | 17.67% | 10.91% | 16.54% | 26.97% | 1342.86% | 276.47% | - | 46.91% | 24.45% | 55.94% | 27.3% | 50.2% | 49.64% | 46.82% | 48.06% | 31.13% | 20.93% |
Persistent negative net margins
As indicated by the quarterly income statement data, Mativ Holdings has struggled to maintain consistent top-line expansion, with revenue fluctuating between a 31.5% contraction in 2023Q4 and a modest 3.0% growth in 2025Q3, reflecting the inherent instability of its current industrial and specialty materials portfolio.
The lack of a clear growth trajectory suggests that the company is currently caught between the secular decline of its legacy paper assets and the unproven scaling of its advanced materials segment. Investors should monitor whether the recent divestiture of the Engineered Papers business provides a cleaner, albeit smaller, revenue base or if it merely accelerates the top-line erosion.
Based on reported figures, Mativ's gross margin has oscillated significantly, reaching a low of 15.0% in 2025Q1, which highlights the company's limited ability to pass through raw material cost volatility to its customer base in the current competitive environment for specialty materials.
The inability to sustain gross margins above the 20% threshold suggests that the company's high-fixed-cost manufacturing footprint is not being utilized efficiently. This margin profile appears to be a structural weakness that may persist until the company successfully pivots toward higher-value, less commodity-sensitive filtration and healthcare applications.
According to the provided financial statements, Mativ's net income has been characterized by extreme volatility, including a massive $425.5 million loss in 2025Q1, which suggests that headline EPS figures are heavily influenced by non-recurring impairment charges and merger-related integration costs rather than core operational performance.
The disconnect between operating income and net income warrants further investigation into the nature of these recurring adjustments. Analysts should be cautious in using GAAP net income as a proxy for cash-generative potential, as the current figures appear to mask the underlying profitability of the ongoing business segments.
While the bull case for Mativ relies on a successful transition to a pure-play specialty materials provider, the income statement data reveals a concerning trend of negative net margins in seven of the last ten quarters, suggesting that the turnaround strategy may be fundamentally underperforming expectations.
Short-sellers would likely focus on the company's inability to achieve consistent profitability despite multiple restructuring efforts. The persistent reliance on non-operating items to bridge the gap between revenue and net income suggests that the company's core operating model may be structurally impaired, requiring a more aggressive cost-rationalization program than currently observed.
Quick answers to the most common questions about buying MATV stock.
For fiscal year 2025, Mativ Holdings, Inc. (MATV) reported total revenue of $1.99B. This represents a 321.6% increase compared to $471.3M in 1996.
Mativ Holdings, Inc. (MATV) reported a net loss of $337.4M for the fiscal year ending 2025.
Mativ Holdings, Inc. (MATV) reported an operating income of $47.4M, resulting in an operating profit margin of 2.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Mativ Holdings, Inc. (MATV) generated $299.7M in gross profit for the year, representing a gross profit margin of 15.1%. This demonstrates the company's core pricing power and production efficiency.