Latest Ratios: P/E Ratio -24.9x · EV/EBITDA 14.6x · ROE -5.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $615M | $755M | $717M | $1.2B | $703M | $1.1B | $697M | $1.1B | $1.6B | $2.0B | $2.0B |
| Enterprise Value | $1.3B | $1.5B | $1.5B | $2.0B | $1.5B | $1.9B | $1.6B | $2.0B | $2.5B | $2.9B | $2.8B |
| P/E Ratio → | -24.95 | — | — | 30.88 | — | 381.21 | — | — | 14.88 | 27.30 | 29.93 |
| P/S Ratio | 0.41 | 0.50 | 0.40 | 0.65 | 0.40 | 0.66 | 0.47 | 0.72 | 1.00 | 1.34 | 1.35 |
| P/B Ratio | 1.27 | 1.57 | 1.64 | 2.32 | 1.44 | 1.74 | 1.14 | 1.54 | 1.84 | 2.57 | 2.82 |
| P/FCF | — | — | 21.05 | 42.09 | 10.73 | 8.64 | 4.79 | 11.90 | 15.31 | 19.46 | 20.26 |
| P/OCF | — | — | 9.05 | 15.31 | 5.54 | 6.82 | 3.86 | 8.48 | 10.83 | 13.60 | 14.24 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.99 | 0.84 | 1.08 | 0.85 | 1.14 | 1.04 | 1.31 | 1.57 | 1.90 | 1.90 |
| EV / EBITDA | 14.63 | 16.15 | 15.28 | 11.05 | 10.55 | 10.86 | 28.50 | 19.95 | 11.68 | 15.23 | 15.27 |
| EV / EBIT | 66.29 | 18.79 | — | 23.84 | — | 50.28 | — | 700.66 | 18.59 | 23.51 | 23.54 |
| EV / FCF | — | — | 44.49 | 70.51 | 22.95 | 14.84 | 10.74 | 21.60 | 24.11 | 27.63 | 28.55 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.9% | 33.9% | 29.5% | 30.7% | 29.6% | 32.4% | 33.2% | 35.3% | 36.5% | 37.5% | 37.6% |
| Operating Margin | 1.4% | 1.4% | 0.2% | 4.7% | 2.2% | 2.5% | -4.3% | 0.7% | 8.6% | 8.0% | 8.0% |
| Net Profit Margin | -1.6% | -1.6% | -3.3% | 2.1% | -5.7% | 0.2% | -5.8% | -2.5% | 6.7% | 4.9% | 4.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.3% | -5.3% | -12.4% | 7.8% | -17.8% | 0.5% | -13.1% | -4.8% | 12.9% | 9.9% | 9.2% |
| ROA | -1.4% | -1.4% | -3.2% | 2.1% | -5.1% | 0.1% | -4.1% | -1.7% | 4.6% | 3.4% | 3.1% |
| ROIC | 1.2% | 1.2% | 0.3% | 5.0% | 2.1% | 2.2% | -3.1% | 0.5% | 6.1% | 5.7% | 5.8% |
| ROCE | 1.5% | 1.5% | 0.3% | 5.9% | 2.4% | 2.4% | -3.5% | 0.5% | 6.8% | 6.4% | 6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.59 | 1.59 | 1.92 | 1.65 | 1.79 | 1.33 | 1.48 | 1.31 | 1.11 | 1.15 | 1.23 |
| Debt / EBITDA | 8.30 | 8.30 | 8.46 | 4.68 | 6.12 | 4.82 | 16.55 | 9.30 | 4.46 | 4.81 | 4.73 |
| Net Debt / Equity | — | 1.52 | 1.83 | 1.57 | 1.65 | 1.25 | 1.42 | 1.26 | 1.06 | 1.08 | 1.15 |
| Net Debt / EBITDA | 7.95 | 7.95 | 8.05 | 4.45 | 5.62 | 4.54 | 15.79 | 8.96 | 4.26 | 4.51 | 4.43 |
| Debt / FCF | — | — | 23.44 | 28.43 | 12.23 | 6.20 | 5.95 | 9.69 | 8.81 | 8.18 | 8.29 |
| Interest Coverage | 1.26 | 1.26 | -0.38 | 1.92 | -2.76 | 1.32 | -2.05 | 0.07 | 3.62 | 4.65 | 4.91 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.48 | 1.48 | 1.45 | 1.64 | 1.53 | 1.76 | 1.82 | 2.09 | 2.15 | 2.09 | 2.21 |
| Quick Ratio | 0.91 | 0.91 | 0.91 | 0.98 | 0.98 | 1.23 | 1.26 | 1.44 | 1.52 | 1.49 | 1.59 |
| Cash Ratio | 0.09 | 0.09 | 0.09 | 0.11 | 0.17 | 0.14 | 0.13 | 0.13 | 0.15 | 0.20 | 0.21 |
| Asset Turnover | — | 0.88 | 0.98 | 1.00 | 0.94 | 0.82 | 0.72 | 0.70 | 0.67 | 0.68 | 0.71 |
| Inventory Turnover | 4.88 | 4.88 | 5.32 | 5.00 | 5.50 | 5.97 | 5.71 | 5.52 | 5.64 | 5.53 | 5.69 |
| Days Sales Outstanding | — | 32.40 | 60.76 | 54.76 | 45.77 | 67.67 | 71.91 | 75.68 | 75.49 | 76.96 | 72.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.3% | 4.3% | 4.4% | 2.3% | 3.9% | 2.5% | 3.8% | 2.3% | 1.5% | 1.1% | 1.0% |
| Payout Ratio | — | — | — | 71.8% | — | 952.0% | — | — | 22.9% | 29.3% | 29.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.2% | — | 0.3% | — | — | 6.7% | 3.7% | 3.3% |
| FCF Yield | — | — | 4.7% | 2.4% | 9.3% | 11.6% | 20.9% | 8.4% | 6.5% | 5.1% | 4.9% |
| Buyback Yield | 2.0% | 1.6% | 2.9% | 0.2% | 5.9% | 1.1% | 0.6% | 2.3% | 1.3% | 0.7% | 2.9% |
| Total Shareholder Yield | 7.3% | 6.0% | 7.2% | 2.6% | 9.9% | 3.6% | 4.4% | 4.7% | 2.9% | 1.8% | 3.9% |
| Shares Outstanding | — | $31M | $31M | $31M | $31M | $32M | $31M | $31M | $32M | $33M | $33M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MATW stock.
Matthews International Corporation's current P/E ratio is -24.9x. The historical average is 20.4x.
Matthews International Corporation's current EV/EBITDA is 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
Matthews International Corporation's return on equity (ROE) is -5.3%. The historical average is 11.0%.
Based on historical data, Matthews International Corporation is trading at a P/E of -24.9x. Compare with industry peers and growth rates for a complete picture.
Matthews International Corporation's current dividend yield is 5.34%.
Matthews International Corporation has 33.9% gross margin and 1.4% operating margin.
Matthews International Corporation's Debt/EBITDA ratio is 8.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Sustained operational losses and cash burn
Metrics are mathematically derived from official filings.
Valuation Discount Reflects Severe Operational Stress
MATW's forward EV/EBITDA of 9.79x appears cheap relative to peers, but the negative TTM P/E of -26.49x and a 5.0% dividend yield suggest the market is pricing in significant distress and potential dividend risk.
The company's valuation multiples are heavily distorted by its current loss-making position, making traditional P/E analysis inapplicable. The forward EV/EBITDA of 9.79x, while below the peer average, is based on projected earnings that may not materialize given the accelerating revenue contraction. The high dividend yield is likely unsustainable given the negative free cash flow and eroding equity base, representing a potential value trap rather than a genuine income opportunity.
Margin Volatility Masks Underlying Earning Power
Gross margins have fluctuated between 26.3% and 39.4% over ten quarters, but the recent decline to 35.8% in 2026Q3, coupled with a -5.4% operating margin, indicates the business cannot generate sufficient profit to cover its fixed cost structure.
The volatility in gross margin suggests inconsistent pricing power or product mix, but the more critical issue is the severe negative operating leverage. As revenue has contracted for ten consecutive quarters, SG&A as a percentage of revenue has ballooned, overwhelming any gross profit and leading to persistent operating losses. This indicates the current cost base is fundamentally misaligned with the company's shrinking scale.
Capital Base is Eroding Without Generating Returns
ROIC has been negative or negligible for eight of the last ten quarters, hitting -0.9% in 2026Q3, which suggests the company is destroying value on the capital invested and is unable to earn its cost of capital.
The persistent negative or near-zero ROIC, combined with a declining ROE that turned negative in recent quarters, confirms a severe deterioration in the company's ability to generate returns. This trend is driven by both collapsing profitability and a shrinking asset base from goodwill impairments. The capital allocation appears to be in a decay phase, where invested capital is not being deployed effectively to generate future earnings.
Leverage Remains High Despite Debt Reduction
While total debt has been reduced, the D/E ratio remains elevated at 1.17 in 2026Q3, and the negative interest coverage in recent quarters indicates the company's operating losses are insufficient to service its debt burden.
The reduction in nominal debt is a positive step, but the leverage ratio remains high relative to the company's shrinking equity base and negative earnings. The negative interest coverage ratio in 2026Q2 (-2.11x) is a critical warning sign, suggesting the company may be relying on external financing or drawing down cash to meet interest obligations. This level of leverage, combined with operational losses, significantly increases refinancing risk.
Thin Cash Cushion Amidst Operational Strain
Despite a current ratio of 1.76 in 2026Q3, the company's cash position of $37.6M represents only 2.5% of total assets, a minimal buffer that appears dangerously thin given persistent negative free cash flow.
The current ratio provides a superficial view of liquidity, but the quick ratio of 1.02 and the minimal cash balance reveal a more precarious position. The company's liquidity is heavily dependent on its ability to manage working capital, which has been a significant cash drain. Under severe stress, the thin cash cushion and reliance on inventory (with a DIO of 115 days) could lead to a liquidity crisis if operational losses continue.
The Misleading Safety of the Current Ratio
The current ratio of 1.76 is the most commonly misapplied metric for MATW, as it obscures the severe liquidity risk posed by the company's minimal cash balance, negative free cash flow, and high working capital intensity.
Investors often use the current ratio as a quick proxy for liquidity, but for MATW, it is highly misleading. The ratio is inflated by a large inventory balance (DIO of 115 days) and receivables (DSO of 57 days), which may not be easily convertible to cash, especially in a distressed scenario. A more appropriate metric would be the cash ratio or an analysis of the cash conversion cycle, which reveals the company's true cash-generating efficiency and its vulnerability to a working capital squeeze.