Free cash flow margin reached 27.5% in 2026Q2, and cumulative operating cash flow of $2.37B over the past ten quarters exceeds net income, indicating high earnings quality, but aggressive buybacks ($206.2M in 2026Q2) continue to deplete equity.
Mettler-Toledo International Inc. (MTD) cash flow statement — 29-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 975.17M | 955.77M | 968.35M | 965.87M | 859.07M | 908.83M | 724.7M | 603.45M | 565M | 516.33M | 443.08M | 426.87M | 418.91M | 345.93M | 327.7M | 280.88M | 268.28M | 232.6M | 223.76M | 228.22M | 191.57M | 177.06M | 165.99M | 117.23M | 115.41M | 101.57M | 84.71M | 91.3M | 72M | 55.6M |
| Operating CF Margin % | - | 23.74% | 25.01% | 25.5% | 21.92% | 24.44% | 23.49% | 20.06% | 19.25% | 18.95% | 17.66% | 17.82% | 16.85% | 14.54% | 14% | 12.16% | 13.64% | 13.45% | 11.34% | 12.72% | 12.01% | 11.94% | 11.82% | 8.99% | 9.51% | 8.85% | 7.73% | 8.57% | 7.69% | 6.33% |
| Operating CF Growth % | 5.52% | -1.3% | 0.26% | 12.43% | -5.47% | 25.41% | 20.09% | 6.8% | 9.43% | 16.53% | 3.8% | 1.9% | 21.1% | 5.56% | 16.67% | 4.7% | 15.34% | 3.95% | -1.95% | 19.13% | 8.19% | 6.67% | 41.59% | 1.58% | 13.62% | 19.9% | -7.21% | 26.81% | 29.5% | - |
| Net Income | 905.61M | 869.19M | 863.14M | 788.78M | 872.5M | 768.99M | 602.74M | 561.11M | 512.61M | 375.97M | 384.37M | 352.82M | 338.24M | 306.09M | 290.85M | 269.49M | 232.15M | 172.59M | 202.78M | 178.51M | 157.53M | 108.9M | 107.96M | 95.84M | 100.42M | 72.26M | 70.12M | 48.1M | 37.6M | -23.9M |
| Depreciation & Amortization | 131M | 125.61M | 123.22M | 121.16M | 113.02M | 108.06M | 98.71M | 88.68M | 84.69M | 76.13M | 68.8M | 64.04M | 62.8M | 59.3M | 54.78M | 49.5M | 44.53M | 41.48M | 39.54M | 38.35M | 37.57M | 37.41M | 38.92M | 36.81M | 34.72M | 36.97M | 33.25M | 35.3M | 32.2M | 31.8M |
| Stock-Based Compensation | 22.83M | 22.51M | 19.98M | 17.93M | 19.66M | 19.59M | 18.69M | 18.29M | 17.58M | 16.58M | 15.31M | 14.22M | 13.61M | 12.64M | 13.19M | 12.27M | 12.38M | 11.37M | 8.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.81M | 17.47M | -28.2M | -13.37M | 26.52M | 563K | -12.78M | -4.63M | 5.9M | 69.24M | 1.88M | 7.26M | 13.03M | 8.82M | 5.42M | 5.02M | 4.06M | 3.77M | 4.14M | 22.23M | 7.37M | 0 | 0 | 0 | 0 | 0 | 1.49M | -1.6M | -1.2M | 0 |
| Other Non-Cash Items | 9.87M | -13.69M | 0 | 0 | 0 | 7.23M | -2.4M | 133K | -21.23M | -3.15M | -9.31M | -12.77M | -3.35M | -1.35M | -7.91M | -13.14M | -5.52M | -1.97M | -4.97M | -2.13M | -4.1M | 31.02M | 569K | 13K | 2.95M | 1.05M | 403K | -2M | 8.1M | 28.3M |
| Working Capital Changes | -96.96M | -65.33M | -9.8M | 51.38M | -172.64M | 4.39M | 19.75M | -60.13M | -34.54M | -18.44M | -17.96M | 1.3M | -5.43M | -39.58M | -28.62M | -42.26M | -19.32M | 5.37M | -26.42M | -8.74M | -6.8M | -275K | 18.54M | -15.43M | -22.68M | -8.72M | -20.55M | 11.5M | -4.7M | 19.4M |
| Change in Receivables | -45.54M | -46.35M | -53M | 50.3M | -83.42M | -66.47M | -4.5M | -31.41M | -19.54M | -38.98M | -52.15M | 1.63M | 7.49M | -29M | -8.76M | -53.96M | -55.02M | 37.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -17.55M | -7.65M | 24.13M | 71.02M | -43.39M | -118.72M | -3.84M | -4.6M | -21.2M | -13.68M | -12.43M | -18.79M | -9.3M | -8.48M | 46.83M | -20.28M | -40.42M | 7.82M | -398K | -13.52M | 11.38M | -5.17M | 4.45M | 8.77M | 7.38M | 3.53M | -17.27M | -9.5M | -6M | -2.7M |
| Change in Payables | 5.02M | 33.76M | 12.08M | -40.55M | -13.83M | 93.97M | -17.8M | -12.22M | 33.67M | 11.88M | 9.63M | 1.7M | 6.3M | 295K | -27.88M | 27.55M | 31.7M | -9.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -172.61M | -193.87M | -119.46M | -131.69M | -139.4M | -314.11M | -100.36M | -99.08M | -138.94M | -217.34M | -231.46M | -100.75M | -94.44M | -84.8M | -97.26M | -132.29M | -77.02M | -72.58M | -48.7M | -41.39M | -30.94M | -35.16M | -28.35M | -29.51M | -52.47M | -195.18M | -54.21M | -37.5M | -35.9M | -96M |
| Capital Expenditures | -111.2M | -107.12M | -103.9M | -105.32M | -121.24M | -107.58M | -92.49M | -97.34M | -142.73M | -127.43M | -123.96M | -82.51M | -89.39M | -82.35M | -95.59M | -98.5M | -73.94M | -60.04M | -61.01M | -47.55M | -34.33M | -32.5M | -27.88M | -27.15M | -33.16M | -33.23M | -29.3M | -47.7M | -57.5M | -102.8M |
| CapEx % of Revenue | 2.69% | 2.66% | 2.68% | 2.78% | 3.09% | 2.89% | 3% | 3.24% | 4.86% | 4.68% | 4.94% | 3.44% | 3.6% | 3.46% | 4.08% | 4.27% | 3.76% | 3.47% | 3.09% | 2.65% | 2.15% | 2.19% | 1.99% | 2.08% | 2.73% | 2.89% | 2.67% | 4.48% | 6.15% | 11.7% |
| Acquisitions | -93.17M | -93.84M | -10.09M | -5.81M | -37.95M | -220.86M | -6.24M | -2M | -5.53M | -108.44M | -111.38M | -13.78M | -5.78M | -2.66M | -2.1M | -35.37M | -13.06M | -14.62M | -999K | -106K | -790K | -4.09M | -2.29M | -4.45M | -21.3M | -165.47M | -26.38M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 31.76M | 7.09M | -5.47M | -20.56M | 19.8M | 14.33M | -1.62M | 262K | 9.31M | 18.53M | 3.88M | -4.47M | 728K | 211K | 426K | 1.58M | 9.99M | 2.08M | 13.31M | 6.26M | 4.18M | 1.42M | 1.82M | 2.09M | 2M | 3.52M | 1.47M | 10.2M | 21.6M | 16M |
| Cash from Financing | -817.11M | -755.17M | -855.98M | -859.59M | -716.04M | -590.55M | -743.91M | -477.37M | -388.02M | -319.53M | -145.93M | -307.03M | -348.11M | -251.12M | -366.4M | -360.47M | 167.92M | -157.44M | -179.15M | -263.98M | -337.46M | 117.74M | -117.43M | -76.72M | -57.65M | 100.23M | -25.91M | -57.2M | -38.8M | 7.9M |
| Debt Issued (Net) | -48.66M | 21.46M | -18.73M | 29.77M | 359.86M | 391.97M | 5.17M | 258.3M | 64.29M | 59.02M | 311.6M | 147.39M | 42.97M | 25.01M | -117.68M | -178.09M | 385.04M | -161.38M | 47.04M | 30.1M | -114.61M | 253.32M | -40.6M | -77.22M | -61.18M | 83.39M | -32.38M | -59.8M | -39.4M | -89M |
| Equity Issued (Net) | -752.17M | -767.72M | -850M | -900M | -1.1B | -1000M | -775M | -775M | -475M | -400M | -499.99M | -494.97M | -414M | -294.98M | -278.67M | -204.58M | -240M | -5.99M | -229.67M | -303.65M | -234.19M | -134.82M | -76.83M | 3.58M | 3.53M | 16.84M | 6.47M | 2.6M | 500K | 96.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -775M | -800M | -850M | -900M | -1.1B | -1000M | -775M | -775M | -475M | -400M | -499.99M | -494.97M | -414M | -294.98M | -278.67M | -204.58M | -240M | -5.99M | -229.67M | -324.87M | -264.64M | -161.83M | -102.4M | 0 | 0 | 0 | 0 | 0 | 0 | -700K |
| Other Financing | -16.27M | -8.91M | 12.75M | 10.64M | 24.1M | 17.48M | 25.92M | 39.33M | 22.69M | 21.44M | 42.47M | 40.55M | 22.93M | 18.85M | 29.96M | 22.2M | 22.88M | 9.92M | 3.49M | 9.57M | 11.34M | -760K | 0 | -3.08M | 0 | 0 | 0 | 0 | 100K | 0 |
| Net Change in Cash | -10.44M | 7.53M | -10.45M | -26.16M | -2.6M | 4.31M | -113.53M | 29.68M | 29.42M | -9.99M | 59.79M | 13.62M | -26.61M | 10.17M | -133.9M | -211.98M | 362.55M | 6.96M | -3.15M | -70.05M | -173.31M | 257.4M | 22.06M | 13.69M | 3.71M | 6M | 4.55M | -4M | -2.3M | -37.2M |
| Free Cash Flow | 863.97M | 848.65M | 864.45M | 860.55M | 737.83M | 801.25M | 632.21M | 506.11M | 422.28M | 388.9M | 319.12M | 344.36M | 329.52M | 263.58M | 232.12M | 182.38M | 194.34M | 172.56M | 162.76M | 180.67M | 157.24M | 144.56M | 138.11M | 90.08M | 82.25M | 68.34M | 55.41M | 43.6M | 14.5M | -47.2M |
| FCF Margin % | 20.9% | 21.08% | 22.32% | 22.72% | 18.82% | 21.55% | 20.49% | 16.82% | 14.38% | 14.27% | 12.72% | 14.38% | 13.26% | 11.08% | 9.91% | 7.9% | 9.88% | 9.98% | 8.25% | 10.07% | 9.86% | 9.75% | 9.83% | 6.91% | 6.78% | 5.95% | 5.06% | 4.09% | 1.55% | -5.37% |
| FCF Growth % | 1.9% | -1.83% | 0.45% | 16.63% | -7.92% | 26.74% | 24.91% | 19.85% | 8.58% | 21.87% | -7.33% | 4.5% | 25.02% | 13.55% | 27.27% | -6.15% | 12.62% | 6.03% | -9.92% | 14.9% | 8.77% | 4.67% | 53.32% | 9.51% | 20.35% | 23.34% | 27.09% | 200.69% | 130.72% | - |
| FCF per Share | 42.84 | 41.18 | 40.54 | 39.17 | 32.48 | 34.16 | 26.13 | 20.27 | 16.38 | 14.73 | 11.81 | 12.18 | 11.14 | 8.58 | 7.29 | 5.55 | 5.69 | 5.03 | 4.64 | 4.76 | 3.86 | 3.34 | 3.04 | 1.98 | 1.81 | 1.59 | 1.31 | 1.06 | 0.36 | -1.49 |
| FCF Conversion (FCF/Net Income) | 0.95x | 1.10x | 1.12x | 1.22x | 0.98x | 1.18x | 1.20x | 1.08x | 1.10x | 1.37x | 1.15x | 1.21x | 1.24x | 1.13x | 1.13x | 1.04x | 1.16x | 1.35x | 1.10x | 1.28x | 1.22x | 1.63x | 1.54x | 1.22x | 1.15x | 1.41x | 1.21x | 1.90x | 1.91x | -0.84x |
| Interest Paid | 0 | 0 | 75.94M | 75.62M | 52.31M | 41.34M | 37.77M | 37.5M | 34.45M | 33.33M | 28.02M | 27.3M | 23.22M | 22.12M | 19.25M | 17.8M | 15.02M | 19.26M | 21.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 209.37M | 178.25M | 114.04M | 152.66M | 134.67M | 129.35M | 132.41M | 109.73M | 92.59M | 85.46M | 95.14M | 83.2M | 78.01M | 69.66M | 60.1M | 51.36M | 53.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MTD stock.
Mettler-Toledo International Inc. (MTD) generated $955.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mettler-Toledo International Inc. (MTD) generated $848.6M 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.
Mettler-Toledo International Inc. (MTD) spent $107.1M 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, Mettler-Toledo International Inc. (MTD) spent $800.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
High valuation multiple
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Signals Timing
MTD's operating cash flow to net income ratio swung from 0.79 in 2025Q4 to 1.38 in 2025Q3, indicating significant working capital timing effects. According to recent SEC filings, quarterly conversion is highly variable.
The OCF/NI ratio averaged near 1.1 over the past year, but quarterly swings are pronounced, with 2026Q1 dipping to 0.82 and 2026Q2 rebounding to 1.33. This volatility appears driven by working capital swings, particularly in Q4 and Q1, suggesting that cash generation is fundamentally sound but timing-dependent. Investors should focus on annualized conversion rather than quarterly noise.
Free Cash Flow Margin Expansion Continues
MTD's free cash flow margin reached 27.5% in 2026Q2, up from 21.6% a year earlier, according to financial statements. This improvement reflects strong operating cash flow and disciplined capex.
FCF has grown from $172.6M in 2024Q1 to $282.6M in 2026Q2, with margins expanding from 18.6% to 27.5%. The trajectory suggests that the company is converting revenue growth into cash more efficiently, likely due to improved working capital management and operating leverage. This trend supports the raised guidance and indicates robust cash generation capacity.
Capital Intensity Remains Low and Stable
MTD's capex as a percentage of revenue has held steady around 2-3% over the past ten quarters, as reported in quarterly filings. This low capital intensity supports high FCF conversion.
Capex ranged from $17M to $41M per quarter, with the highest in Q4, likely reflecting year-end spending. The consistent low capex/revenue ratio suggests that MTD's business model requires minimal incremental investment to grow, which is a key driver of its high FCF margins. This also implies that maintenance capex is modest relative to D&A, allowing for substantial discretionary cash flow.
Working Capital Swings Drive Cash Flow Timing
Working capital changes swung from -$108.3M in 2025Q4 to +$45.9M in 2025Q3, according to recent financial statements. These swings are the primary source of quarterly OCF volatility.
The working capital line items show significant quarter-to-quarter variability, with negative changes in Q4 and Q1 (cash outflow) and positive changes in Q2 and Q3 (cash inflow). This pattern suggests that MTD's cash conversion cycle is influenced by seasonal factors, such as year-end inventory builds and receivables collection. The overall trend appears manageable, but investors should monitor for any structural deterioration in working capital efficiency.
Aggressive Buybacks Continue Unabated
MTD repurchased $206.2M of shares in 2026Q2, consistent with prior quarters, while paying no dividends, as per SEC filings. This capital deployment strategy prioritizes EPS accretion.
Buybacks have been consistently around $200M per quarter, totaling over $2B annually, which is a significant portion of operating cash flow. This aggressive repurchase program is a key driver of EPS growth, but it also reduces the cash buffer. Given the high valuation multiple, the efficacy of these buybacks in creating shareholder value warrants close monitoring.
Cumulative Cash Generation Exceeds Net Income
Over the past ten quarters, MTD's cumulative operating cash flow of $2.37B exceeds cumulative net income of $2.13B, according to reported figures. This indicates high earnings quality.
The cumulative OCF/NI ratio is approximately 1.11, suggesting that MTD's earnings are well-backed by cash generation. This is a positive signal for earnings quality, as it implies that accruals are not inflating reported profits. The divergence is modest and consistent with a company that has low capital intensity and efficient working capital management.
Buybacks Mask Underlying Cash Flow Trends
MTD's aggressive share repurchases, totaling over $2B annually, obscure the underlying cash flow generation, as per recent filings. Investors should focus on absolute FCF rather than EPS growth.
The cash flow statement shows that a significant portion of operating cash flow is used for buybacks, which reduces the cash available for other purposes. While this boosts EPS, it also increases financial leverage and reduces liquidity. The company's low cash position relative to revenue, combined with reliance on credit for buybacks, suggests that the capital return program may be aggressive. Investors should monitor the sustainability of this strategy if cash flows weaken.