Revenue growth remains cyclically inconsistent, fluctuating from a 11.6% contraction in 2023Q4 to 11.8% growth in 2024Q4, while operating margins remain constrained by high fixed costs, peaking at 31.9% in 2024Q4.
| 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 |
|---|
| Sales/Revenue | 4.09B | 4.03B | 3.87B | 3.79B | 3.92B | 3.72B | 3.09B | 3.01B | 2.94B | 2.73B | 2.51B | 2.4B | 2.49B | 2.38B | 2.34B | 2.31B | 1.97B | 1.73B | 1.97B | 1.79B | 1.59B | 1.48B | 1.4B | 1.3B | 1.21B | 1.15B | 1.1B | 1.07B | 935.7M | 878.4M |
| Revenue Growth % | 6.78% | 3.98% | 2.22% | -3.35% | 5.43% | 20.51% | 2.54% | 2.49% | 7.73% | 8.64% | 4.71% | -3.64% | 4.5% | 1.6% | 1.39% | 17.41% | 13.77% | -12.39% | 10.01% | 12.47% | 7.58% | 5.56% | 7.67% | 7.47% | 5.72% | 4.79% | 2.82% | 13.87% | 6.52% | - |
| Cost of Goods Sold | 1.73B | 1.71B | 1.62B | 1.62B | 1.68B | 1.61B | 1.34B | 1.32B | 1.3B | 1.19B | 1.12B | 1.06B | 1.16B | 1.12B | 1.12B | 1.11B | 945.82M | 851.36M | 990.82M | 909.25M | 815.98M | 763.59M | 734.3M | 686.25M | 645.97M | 619.14M | 578.5M | 560.1M | 495.6M | 467.9M |
| COGS % of Revenue | - | 42.48% | 41.83% | 42.74% | 42.81% | 43.29% | 43.46% | 43.78% | 44.24% | 43.74% | 44.47% | 44.33% | 46.55% | 47.06% | 47.9% | 48.02% | 48.09% | 49.24% | 50.21% | 50.69% | 51.16% | 51.51% | 52.28% | 52.61% | 53.22% | 53.93% | 52.8% | 52.57% | 52.97% | 53.27% |
| Gross Profit | 2.36B | 2.32B | 2.25B | 2.17B | 2.24B | 2.11B | 1.74B | 1.69B | 1.64B | 1.53B | 1.39B | 1.33B | 1.33B | 1.26B | 1.22B | 1.2B | 1.02B | 877.49M | 982.53M | 884.5M | 778.93M | 718.88M | 670.15M | 618.18M | 567.74M | 528.88M | 517.05M | 505.4M | 440.1M | 410.5M |
| Gross Margin % | 57.79% | 57.52% | 58.17% | 57.26% | 57.19% | 56.71% | 56.54% | 56.22% | 55.76% | 56.26% | 55.53% | 55.67% | 53.45% | 52.94% | 52.1% | 51.98% | 51.91% | 50.76% | 49.79% | 49.31% | 48.84% | 48.49% | 47.72% | 47.39% | 46.78% | 46.07% | 47.2% | 47.43% | 47.03% | 46.73% |
| Gross Profit Growth % | - | 2.82% | 3.86% | -3.24% | 6.32% | 20.87% | 3.12% | 3.34% | 6.77% | 10.07% | 4.44% | 0.36% | 5.5% | 3.25% | 1.62% | 17.57% | 16.36% | -10.69% | 11.08% | 13.55% | 8.35% | 7.27% | 8.41% | 8.88% | 7.35% | 2.29% | 2.31% | 14.84% | 7.21% | - |
| Operating Expenses | 1.22B | 1.2B | 1.13B | 1.09B | 1.12B | 1.11B | 960.32M | 963.13M | 953.87M | 923.17M | 852.59M | 819.89M | 851.88M | 809.13M | 796.56M | 819.77M | 685.75M | 594.86M | 682.09M | 621.5M | 564.51M | 523.6M | 503M | 462.55M | 411.92M | 410.45M | 385.77M | 393.1M | 346.7M | 339.8M |
| OpEx % of Revenue | - | 29.75% | 29.07% | 28.76% | 28.46% | 29.96% | 31.13% | 32.01% | 32.49% | 33.88% | 33.99% | 34.23% | 34.27% | 34.01% | 34.02% | 35.5% | 34.86% | 34.41% | 34.57% | 34.65% | 35.39% | 35.32% | 35.81% | 35.46% | 33.94% | 35.75% | 35.21% | 36.89% | 37.05% | 38.68% |
| Selling, General & Admin | 1.01B | 998.31M | 936.3M | 904.11M | 938.46M | 943.98M | 820.22M | 819.18M | 812.8M | 787.46M | 732.62M | 700.81M | 728.58M | 692.79M | 684.03M | 703.63M | 588.73M | 505.18M | 579.81M | 529.13M | 481.71M | 441.7M | 419.78M | 372.82M | 331.96M | 299.19M | 296.19M | 300.4M | 265.5M | 260.4M |
| SG&A % of Revenue | - | 24.79% | 24.18% | 23.87% | 23.94% | 25.39% | 26.59% | 27.23% | 27.69% | 28.9% | 29.21% | 29.26% | 29.31% | 29.12% | 29.21% | 30.47% | 29.93% | 29.22% | 29.38% | 29.5% | 30.2% | 29.79% | 29.89% | 28.58% | 27.35% | 26.06% | 27.04% | 28.19% | 28.37% | 29.64% |
| Research & Development | 204.3M | 199.37M | 189.36M | 185.28M | 177.12M | 169.77M | 140.1M | 143.95M | 141.07M | 129.26M | 119.97M | 119.08M | 123.3M | 116.35M | 112.53M | 116.14M | 97.03M | 89.69M | 102.28M | 92.38M | 82.8M | 81.89M | 83.22M | 78M | 70.63M | 64.63M | 56.33M | 57.4M | 49M | 47.6M |
| R&D % of Revenue | - | 4.95% | 4.89% | 4.89% | 4.52% | 4.57% | 4.54% | 4.78% | 4.81% | 4.74% | 4.78% | 4.97% | 4.96% | 4.89% | 4.81% | 5.03% | 4.93% | 5.19% | 5.18% | 5.15% | 5.19% | 5.52% | 5.93% | 5.98% | 5.82% | 5.63% | 5.14% | 5.39% | 5.24% | 5.42% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 384.55M | 341.29M | 46.63M | 33.25M | 35.3M | 32.2M | 31.8M |
| Operating Income | 1.15B | 1.12B | 1.13B | 1.08B | 1.13B | 994.74M | 784.04M | 728.39M | 682.98M | 609.91M | 540.19M | 513.68M | 476.86M | 450.37M | 423.34M | 380.69M | 335.34M | 282.63M | 300.44M | 263M | 214.42M | 195.29M | 167.15M | 155.63M | 155.82M | 118.43M | 131.28M | 112.3M | 93.4M | 70.7M |
| Operating Margin % | 28% | 27.78% | 29.11% | 28.5% | 28.73% | 26.76% | 25.41% | 24.21% | 23.27% | 22.38% | 21.54% | 21.44% | 19.18% | 18.93% | 18.08% | 16.49% | 17.05% | 16.35% | 15.22% | 14.66% | 13.44% | 13.17% | 11.9% | 11.93% | 12.84% | 10.32% | 11.98% | 10.54% | 9.98% | 8.05% |
| Operating Income Growth % | - | -0.76% | 4.39% | -4.13% | 13.22% | 26.87% | 7.64% | 6.65% | 11.98% | 12.91% | 5.16% | 7.72% | 5.88% | 6.38% | 11.2% | 13.53% | 18.65% | -5.93% | 14.24% | 22.66% | 9.8% | 16.83% | 7.41% | -0.12% | 31.57% | -9.78% | 16.9% | 20.24% | 32.11% | - |
| EBITDA | 1.24B | 1.24B | 1.25B | 1.2B | 1.24B | 1.1B | 882.75M | 817.07M | 767.67M | 686.04M | 608.98M | 577.72M | 539.66M | 509.67M | 478.12M | 430.19M | 379.87M | 324.11M | 339.98M | 301.34M | 251.99M | 232.7M | 206.08M | 192.44M | 190.54M | 155.41M | 164.53M | 147.6M | 125.6M | 102.5M |
| EBITDA Margin % | 30.35% | 30.9% | 32.29% | 31.7% | 31.62% | 29.66% | 28.61% | 27.16% | 26.15% | 25.18% | 24.28% | 24.12% | 21.71% | 21.42% | 20.42% | 18.63% | 19.31% | 18.75% | 17.23% | 16.8% | 15.8% | 15.7% | 14.67% | 14.75% | 15.7% | 13.54% | 15.02% | 13.85% | 13.42% | 11.67% |
| EBITDA Growth % | 1.76% | -0.49% | 4.12% | -3.1% | 12.37% | 24.93% | 8.04% | 6.43% | 11.9% | 12.65% | 5.41% | 7.05% | 5.88% | 6.6% | 11.14% | 13.25% | 17.2% | -4.67% | 12.82% | 19.58% | 8.29% | 12.92% | 7.09% | 0.99% | 22.61% | -5.55% | 11.47% | 17.52% | 22.54% | - |
| D&A (Non-Cash Add-back) | 95.95M | 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 |
| EBIT | 1.14B | 1.11B | 1.1B | 1.06B | 1.13B | 991.83M | 787.25M | 723.3M | 685.83M | 608.69M | 531.18M | 493.64M | 466.42M | 422.34M | 402.37M | 369.4M | 326.59M | 249.2M | 291.46M | 263.87M | 222.34M | 175.06M | 167.11M | 155.63M | 155.82M | 118.43M | 131.28M | 112.27M | 93.36M | 70.7M |
| Net Interest Income | -68.87M | -68.52M | -74.63M | -77.37M | -55.39M | -43.24M | -38.62M | -37.41M | -34.51M | -32.78M | -28.03M | -27.45M | -24.54M | -22.71M | -22.76M | -23.23M | -20.06M | -25.12M | -25.39M | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 68.87M | 68.52M | 74.63M | 77.37M | 55.39M | 43.24M | 38.62M | 37.41M | 34.51M | 32.78M | 28.03M | 27.45M | 24.54M | 22.71M | 22.76M | 23.23M | 20.06M | 25.12M | 25.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -88.54M | -69.58M | -89.83M | -105.95M | -55.63M | -45.38M | -35.3M | -46.99M | -31.12M | -35.69M | -36M | -50.26M | -31.85M | -47.66M | -40.74M | -31.52M | -27.82M | -57.87M | -34.37M | -20.13M | -9.57M | -35.1M | -12.93M | -18.72M | -45.41M | 0 | -22.65M | -32.77M | -34.76M | -77.1M |
| Pretax Income | 1.06B | 1.05B | 1.04B | 973.73M | 1.07B | 949.36M | 748.74M | 681.39M | 651.86M | 574.22M | 504.19M | 463.42M | 445M | 402.71M | 382.6M | 349.18M | 307.51M | 224.76M | 266.07M | 242.87M | 2.05B | 160.18M | 154.22M | 136.91M | 110.41M | 118.43M | 108.63M | 79.5M | 58.6M | -6.4M |
| Pretax Margin % | 25.84% | 26.05% | 26.79% | 25.7% | 27.31% | 25.53% | 24.27% | 22.65% | 22.21% | 21.07% | 20.1% | 19.35% | 17.9% | 16.93% | 16.34% | 15.12% | 15.63% | 13% | 13.48% | 13.54% | 128.44% | 10.81% | 10.98% | 10.5% | 9.1% | 10.32% | 9.92% | 7.46% | 6.26% | -0.73% |
| Income Tax | 181.56M | 179.72M | 174.08M | 184.95M | 198.09M | 180.38M | 146M | 120.28M | 139.25M | 198.25M | 119.82M | 110.6M | 106.76M | 96.61M | 91.75M | 79.68M | 75.36M | 52.17M | 63.29M | 64.36M | 47.31M | 51.28M | 46.27M | 41.07M | 9.99M | 46.17M | 38.51M | 31.4M | 21M | 17.5M |
| Effective Tax Rate % | 17.18% | 17.13% | 16.78% | 18.99% | 18.5% | 19% | 19.5% | 17.65% | 21.36% | 34.52% | 23.77% | 23.87% | 23.99% | 23.99% | 23.98% | 22.82% | 24.51% | 23.21% | 23.79% | 26.5% | 2.31% | 32.01% | 30% | 30% | 9.05% | 38.98% | 35.45% | 39.5% | 35.84% | -273.44% |
| Net Income | 875.06M | 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 | -65.9M |
| Net Margin % | 21.4% | 21.59% | 22.29% | 20.82% | 22.26% | 20.68% | 19.54% | 18.65% | 17.46% | 13.8% | 15.32% | 14.73% | 13.61% | 12.87% | 12.42% | 11.67% | 11.8% | 9.98% | 10.28% | 9.95% | 9.88% | 7.35% | 7.69% | 7.35% | 8.27% | 6.29% | 6.4% | 4.51% | 4.02% | -7.5% |
| Net Income Growth % | 3.04% | 0.7% | 9.43% | -9.6% | 13.46% | 27.58% | 7.42% | 9.46% | 36.34% | -2.18% | 8.94% | 4.31% | 10.5% | 5.24% | 7.92% | 16.09% | 34.51% | -14.89% | 13.6% | 13.31% | 44.65% | 0.88% | 12.65% | -4.56% | 38.96% | 3.06% | 45.78% | 27.93% | 157.06% | - |
| Net Income (Continuing) | 875.06M | 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 |
| Discontinued Operations | 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 |
| Minority Interest | 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 | 4.2M | 3.5M |
| EPS (Diluted) | 43.14 | 42.17 | 40.67 | 35.90 | 38.41 | 32.78 | 24.91 | 22.47 | 19.88 | 14.24 | 14.22 | 12.48 | 11.44 | 9.96 | 9.14 | 8.21 | 6.80 | 5.03 | 5.79 | 4.70 | 3.86 | 2.52 | 2.37 | 2.11 | 2.21 | 1.68 | 1.66 | 1.16 | 0.92 | -2.08 |
| EPS Growth % | 6.48% | 3.69% | 13.29% | -6.53% | 17.18% | 31.59% | 10.86% | 13.03% | 39.61% | 0.14% | 13.94% | 9.09% | 14.86% | 8.97% | 11.33% | 20.74% | 35.19% | -13.13% | 23.19% | 21.76% | 53.17% | 6.33% | 12.32% | -4.52% | 31.55% | 1.2% | 43.1% | 26.09% | 144.23% | - |
| EPS (Basic) | - | 42.17 | 40.67 | 36.10 | 38.79 | 33.25 | 25.24 | 22.84 | 20.33 | 14.62 | 14.49 | 12.75 | 11.71 | 10.22 | 9.37 | 8.45 | 6.98 | 5.12 | 5.92 | 4.82 | 3.93 | 2.58 | 2.44 | 2.15 | 2.27 | 1.78 | 1.80 | 1.25 | 0.98 | -2.08 |
| Diluted Shares Outstanding | 20.29M | 20.61M | 21.32M | 21.97M | 22.72M | 23.46M | 24.2M | 24.97M | 25.78M | 26.39M | 27.02M | 28.27M | 29.57M | 30.73M | 31.82M | 32.84M | 34.14M | 34.29M | 35.05M | 37.95M | 40.79M | 43.29M | 45.48M | 45.51M | 45.37M | 42.98M | 42.14M | 41.3M | 40.68M | 31.62M |
| Basic Shares Outstanding | 20.29M | 20.61M | 21.22M | 21.85M | 22.49M | 23.13M | 23.88M | 24.57M | 25.22M | 25.71M | 26.52M | 27.68M | 28.89M | 29.95M | 31.04M | 31.9M | 33.28M | 33.72M | 34.25M | 37.03M | 40.07M | 42.21M | 44.24M | 44.47M | 44.28M | 40.61M | 38.9M | 38.52M | 38.36M | 31.62M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
China market demand volatility
According to the provided quarterly financial data, MTD's revenue growth has fluctuated significantly, ranging from a contraction of 11.6% in 2023Q4 to a peak growth of 11.8% in 2024Q4, suggesting that the company's top-line performance remains highly sensitive to broader industrial and laboratory capital expenditure cycles.
The inconsistent revenue trajectory indicates that MTD is struggling to maintain a steady organic growth cadence in the face of shifting global demand. Investors should monitor whether the recent 3.98% growth rate represents a stabilization or a precursor to further deceleration as end-market capital budgets tighten.
As reported in the income statement, MTD has maintained a robust gross margin profile consistently hovering near 57.5%, which underscores the company's significant pricing power and the premium value placed on its precision weighing instruments within highly regulated life science and manufacturing environments.
This structural margin stability suggests that MTD successfully mitigates input cost volatility through its specialized product mix. However, the lack of significant margin expansion despite these high levels may imply that the company has reached a ceiling in its ability to extract further pricing premiums.
Based on the historical income statement figures, operating margins have fluctuated between 24.8% and 31.9%, indicating that MTD's operating leverage is not scaling linearly with gross profit, likely due to the high fixed costs associated with its global direct sales and technical service network.
The inability to consistently expand operating margins during periods of revenue growth suggests that the 'Stern Drive' productivity initiative may be offset by rising SG&A requirements. This warrants further investigation into whether the company's current cost structure is becoming too rigid to support future profitability gains.
Financial statements reveal that MTD's EPS growth is frequently decoupled from net income performance, with the company utilizing aggressive share repurchases to artificially inflate per-share metrics, a strategy that appears to be a primary driver of shareholder value in the absence of consistent organic earnings expansion.
The reliance on share buybacks to drive EPS growth raises questions regarding the sustainability of the company's valuation multiples. Investors should be cautious, as this capital allocation strategy may be masking underlying operational weaknesses and a lack of reinvestment into higher-growth opportunities.
Analysis of the company's recent filings suggests that MTD's high valuation relative to peers may be unsustainable, given the combination of decelerating revenue growth, high geographic concentration in China, and a thin cash position that limits the company's flexibility to navigate potential economic downturns.
Short-sellers would likely focus on the potential for margin compression if the company's high-end laboratory segment faces a sustained slowdown in biopharma R&D spending. The current reliance on debt-funded buybacks in a high-rate environment could further exacerbate risks to the company's long-term financial health.
Quick answers to the most common questions about buying MTD stock.
For fiscal year 2025, Mettler-Toledo International Inc. (MTD) reported total revenue of $4.03B. This represents a 358.4% increase compared to $878.4M in 1997.
Mettler-Toledo International Inc. (MTD) is profitable, generating $869.2M in net income for the fiscal year ending 2025 with a net profit margin of 21.6%.
Mettler-Toledo International Inc. (MTD) reported an operating income of $1.12B, resulting in an operating profit margin of 27.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Mettler-Toledo International Inc. (MTD) generated $2.32B in gross profit for the year, representing a gross profit margin of 57.5%. This demonstrates the company's core pricing power and production efficiency.