Revenue growth remains inconsistent, evidenced by a 11.2% increase in 2026Q1 following a period of stagnation, while gross margins remain constrained within a narrow 24% to 26% range.
| 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 | 2.13B | 2.07B | 2.12B | 2.17B | 2.13B | 1.86B | 1.59B | 1.79B | 1.81B | 1.68B | 1.64B | 1.8B | 1.73B | 1.02B | 1.01B | 1.04B | 1B | 907.32M | 1.11B | 1.08B | 1.06B | 995.84M | 923.67M | 813.74M | 752.68M | 684.42M | 670.92M | 637.5M | 609.2M | 602.3M | 556M |
| Revenue Growth % | 2.5% | -2.17% | -2.37% | 2.09% | 14.38% | 16.52% | -10.95% | -0.92% | 7.87% | 2.3% | -8.88% | 4.21% | 69.42% | 1.25% | -3.75% | 4.24% | 10.47% | -18.42% | 3.2% | 1.74% | 6.37% | 7.81% | 13.51% | 8.11% | 9.97% | 2.01% | 5.24% | 4.65% | 1.15% | 8.33% | 6.01% |
| Cost of Goods Sold | 1.18B | 1.57B | 1.58B | 1.68B | 1.67B | 1.42B | 1.2B | 1.36B | 1.35B | 1.22B | 1.19B | 1.33B | 1.29B | 784.54M | 786.25M | 832.66M | 793.16M | 751.5M | 891.74M | 845.14M | 798.73M | 780.55M | 709.03M | 615.75M | 567.99M | 502.52M | 416.72M | 379.9M | 363.4M | 371.7M | 350.1M |
| COGS % of Revenue | - | 75.56% | 74.72% | 77.22% | 78.72% | 76.54% | 75.16% | 75.91% | 74.96% | 72.6% | 72.39% | 74.23% | 75.04% | 77.05% | 78.19% | 79.69% | 79.13% | 82.83% | 80.18% | 78.42% | 75.4% | 78.38% | 76.76% | 75.67% | 75.46% | 73.42% | 62.11% | 59.59% | 59.65% | 61.71% | 62.97% |
| Gross Profit | 398.4M | 506.6M | 535.6M | 494.4M | 452.3M | 435.9M | 396.1M | 431.5M | 452.6M | 459.2M | 452.2M | 463.2M | 430.6M | 233.65M | 219.37M | 212.2M | 209.19M | 155.82M | 220.47M | 232.59M | 224.81M | 210.2M | 214.63M | 197.99M | 184.69M | 181.89M | 254.2M | 257.6M | 245.8M | 230.6M | 205.9M |
| Gross Margin % | 18.72% | 24.44% | 25.28% | 22.78% | 21.28% | 23.46% | 24.84% | 24.09% | 25.04% | 27.4% | 27.61% | 25.77% | 24.96% | 22.95% | 21.81% | 20.31% | 20.87% | 17.17% | 19.82% | 21.58% | 21.22% | 21.11% | 23.24% | 24.33% | 24.54% | 26.58% | 37.89% | 40.41% | 40.35% | 38.29% | 37.03% |
| Gross Profit Growth % | - | -5.41% | 8.33% | 9.31% | 3.76% | 10.05% | -8.2% | -4.66% | -1.44% | 1.55% | -2.37% | 7.57% | 84.3% | 6.51% | 3.38% | 1.44% | 34.25% | -29.33% | -5.21% | 3.46% | 6.95% | -2.07% | 8.4% | 7.2% | 1.54% | -28.44% | -1.32% | 4.8% | 6.59% | 12% | 8.83% |
| Operating Expenses | 185.1M | 219.5M | 250.1M | 214.5M | 199.8M | 195.1M | 187.1M | 198.7M | 192.5M | 196.4M | 195M | 205.9M | 201.8M | 109.28M | 109.33M | 111.29M | 110.05M | 111.02M | 124.91M | 241.08M | 132.39M | 129.43M | 123.42M | 117.47M | 103.82M | 97.93M | 164.49M | 160.2M | 153.3M | 150.4M | 138.4M |
| OpEx % of Revenue | - | 10.59% | 11.81% | 9.89% | 9.4% | 10.5% | 11.73% | 11.09% | 10.65% | 11.72% | 11.9% | 11.45% | 11.7% | 10.73% | 10.87% | 10.65% | 10.98% | 12.24% | 11.23% | 22.37% | 12.5% | 13% | 13.36% | 14.44% | 13.79% | 14.31% | 24.52% | 25.13% | 25.16% | 24.97% | 24.89% |
| Selling, General & Admin | 157.4M | 196.6M | 227.1M | 193.3M | 179.4M | 175.6M | 167.2M | 178.4M | 169.8M | 172.7M | 171.2M | 182.3M | 177.4M | 89.23M | 89.16M | 91.96M | 90.47M | 91.08M | 101.86M | 104.65M | 106.39M | 100.36M | 94.42M | 89.12M | 80.37M | 74.42M | 77.37M | 76.5M | 79.2M | 77.1M | 72.5M |
| SG&A % of Revenue | - | 9.49% | 10.72% | 8.91% | 8.44% | 9.45% | 10.48% | 9.96% | 9.39% | 10.31% | 10.45% | 10.14% | 10.28% | 8.76% | 8.87% | 8.8% | 9.03% | 10.04% | 9.16% | 9.71% | 10.04% | 10.08% | 10.22% | 10.95% | 10.68% | 10.87% | 11.53% | 12% | 13% | 12.8% | 13.04% |
| Research & Development | 23.2M | 22.9M | 23M | 21.2M | 20.4M | 19.5M | 19.9M | 20.3M | 22.7M | 23.7M | 23.8M | 23.6M | 24.4M | 20.05M | 20.17M | 19.33M | 19.58M | 19.94M | 23.05M | 26.35M | 30.02M | 29.06M | 29M | 25.15M | 22.7M | 23.51M | 26.33M | 25M | 21M | 20.4M | 19.7M |
| R&D % of Revenue | - | 1.1% | 1.09% | 0.98% | 0.96% | 1.05% | 1.25% | 1.13% | 1.26% | 1.41% | 1.45% | 1.31% | 1.41% | 1.97% | 2.01% | 1.85% | 1.95% | 2.2% | 2.07% | 2.44% | 2.83% | 2.92% | 3.14% | 3.09% | 3.02% | 3.43% | 3.92% | 3.92% | 3.45% | 3.39% | 3.54% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 110.09M | -4.02M | 0 | 0 | 3.2M | 750K | 0 | 60.8M | 58.7M | 53.1M | 52.9M | 46.2M |
| Operating Income | 278.1M | 287.1M | 285.5M | 279.9M | 252.5M | 240.8M | 209M | 232.8M | 260.1M | 262.8M | 257.2M | 257.3M | 228.8M | 124.36M | 110.04M | 100.91M | 99.14M | 44.8M | 95.56M | -8.5M | 92.43M | 80.77M | 91.22M | 77.2M | 80.87M | 80.56M | 89.71M | 97.4M | 92.5M | 80.2M | 67.5M |
| Operating Margin % | 13.07% | 13.85% | 13.48% | 12.9% | 11.88% | 12.96% | 13.11% | 13% | 14.39% | 15.68% | 15.7% | 14.31% | 13.26% | 12.21% | 10.94% | 9.66% | 9.89% | 4.94% | 8.59% | -0.79% | 8.73% | 8.11% | 9.88% | 9.49% | 10.74% | 11.77% | 13.37% | 15.28% | 15.18% | 13.32% | 12.14% |
| Operating Income Growth % | - | 0.56% | 2% | 10.85% | 4.86% | 15.22% | -10.22% | -10.5% | -1.03% | 2.18% | -0.04% | 12.46% | 83.98% | 13.01% | 9.05% | 1.78% | 121.29% | -53.12% | 1224.43% | -109.2% | 14.43% | -11.45% | 18.15% | -4.54% | 0.39% | -10.2% | -7.9% | 5.3% | 15.34% | 18.81% | 14.99% |
| EBITDA | 353.6M | 392M | 393.1M | 387.2M | 355.8M | 343M | 310.8M | 339.4M | 350.6M | 349.7M | 351.6M | 358.4M | 314.9M | 172.35M | 161.95M | 159.73M | 163.92M | 117.9M | 176.41M | 76.87M | 176.35M | 154.03M | 161.69M | 143.54M | 149.83M | 147.07M | 150.5M | 156.1M | 145.6M | 133.1M | 113.7M |
| EBITDA Margin % | 16.62% | 18.91% | 18.56% | 17.84% | 16.74% | 18.46% | 19.49% | 18.95% | 19.4% | 20.87% | 21.47% | 19.94% | 18.26% | 16.93% | 16.1% | 15.29% | 16.35% | 12.99% | 15.86% | 7.13% | 16.65% | 15.47% | 17.5% | 17.64% | 19.91% | 21.49% | 22.43% | 24.49% | 23.9% | 22.1% | 20.45% |
| EBITDA Growth % | -6.31% | -0.28% | 1.52% | 8.83% | 3.73% | 10.36% | -8.43% | -3.19% | 0.26% | -0.54% | -1.9% | 13.81% | 82.71% | 6.42% | 1.39% | -2.56% | 39.03% | -33.17% | 129.5% | -56.41% | 14.5% | -4.74% | 12.64% | -4.2% | 1.88% | -2.28% | -3.59% | 7.21% | 9.39% | 17.06% | 14.85% |
| D&A (Non-Cash Add-back) | 75.5M | 104.9M | 107.6M | 107.3M | 103.3M | 102.2M | 101.8M | 106.6M | 90.5M | 86.9M | 94.4M | 101.1M | 86.1M | 47.99M | 51.91M | 58.82M | 64.78M | 73.1M | 80.85M | 85.36M | 83.93M | 73.25M | 70.47M | 66.34M | 68.96M | 66.52M | 60.8M | 58.7M | 53.1M | 52.9M | 46.2M |
| EBIT | 218.3M | 287.1M | 285.8M | 170.8M | 204M | 242.9M | 178.1M | 202.7M | 250M | 234.3M | 224.7M | 193.5M | 164.8M | 126.97M | 110.27M | 100.99M | 102.19M | -19.65M | 87.45M | -112.89M | 88.36M | 83.24M | 88.72M | 80.53M | 80.87M | 83.96M | 84.81M | 97.4M | 92.4M | 80.2M | 67.5M |
| Net Interest Income | -40.3M | -54.5M | -56.4M | -59.2M | -43.9M | -37.2M | -38.2M | -43.2M | -45.9M | -43.4M | -54.4M | -60.9M | -41.8M | -247K | -53K | 653K | -571K | -3.49M | -276K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 5.3M | 5.8M | 3.9M | 3.4M | 3.4M | 1.9M | 2.2M | 0 | 0 | 0 | 0 | 0 | 3.02M | 3.17M | 3.91M | 2.77M | 0 | 4.91M | 3.08M | 1.76M | 1.38M | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 27M | 59.8M | 62.2M | 63.1M | 47.3M | 40.6M | 40.1M | 45.4M | 45.9M | 43.4M | 54.4M | 60.9M | 41.8M | 3.26M | 3.22M | 3.25M | 3.34M | 3.49M | 5.18M | 8.7M | 7.75M | 5.85M | 4.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -66.3M | -296.2M | -55.2M | -167.9M | -94.1M | -35.7M | -68.8M | -73.6M | -52.5M | -70.4M | -84.8M | -122.9M | -104.6M | -651K | -3M | -3.17M | -293K | -67.94M | -13.3M | -3M | -5.87M | -3.38M | -6.65M | -4.86M | -6.9M | -9.62M | -6.86M | -6.4M | -7.8M | -6.8M | -4.9M |
| Pretax Income | 211.8M | -9.1M | 230.3M | 112M | 158.4M | 205.1M | 140.2M | 159.2M | 207.6M | 192.4M | 172.4M | 134.4M | 124.2M | 123.71M | 107.05M | 97.74M | 98.85M | -23.14M | 82.27M | -11.5M | 86.56M | 77.39M | 84.57M | 72.34M | 73.97M | 70.94M | 77.94M | 91M | 84.6M | 73.4M | 62.6M |
| Pretax Margin % | 9.95% | -0.44% | 10.87% | 5.16% | 7.45% | 11.04% | 8.79% | 8.89% | 11.48% | 11.48% | 10.53% | 7.48% | 7.2% | 12.15% | 10.64% | 9.35% | 9.86% | -2.55% | 7.4% | -1.07% | 8.17% | 7.77% | 9.16% | 8.89% | 9.83% | 10.37% | 11.62% | 14.27% | 13.89% | 12.19% | 11.26% |
| Income Tax | 46.9M | 4.9M | 59.4M | 23.7M | 32.1M | 36.6M | 24.4M | 22.8M | 34.4M | -6.6M | 35.3M | 22.8M | 30.8M | 34.52M | 30.78M | 27.49M | 28.96M | -5.39M | 24.08M | 11.27M | 26.99M | 22.98M | 24.3M | 4.12M | 20.22M | 21.15M | 23.73M | 28.9M | 27.4M | 23.1M | 19.5M |
| Effective Tax Rate % | 22.14% | -53.85% | 25.79% | 21.16% | 20.27% | 17.84% | 17.4% | 14.32% | 16.57% | -3.43% | 20.48% | 16.96% | 24.8% | 27.9% | 28.75% | 28.12% | 29.3% | 23.28% | 29.27% | -97.97% | 31.18% | 29.7% | 28.73% | 5.69% | 27.33% | 29.81% | 30.45% | 31.76% | 32.39% | 31.47% | 31.15% |
| Net Income | 161.7M | -18.4M | 167.1M | 84.1M | 122.2M | 164.4M | 112.4M | 132.7M | 169M | 195.1M | 133.4M | 107.9M | 92.4M | 80.33M | 74.15M | 67.52M | 66.87M | -23.8M | 65.29M | -63.51M | 49.95M | 53.26M | 58.56M | 70.09M | 53.75M | 49.79M | 54.21M | 62.1M | 57.2M | 50.3M | 43.1M |
| Net Margin % | 7.6% | -0.89% | 7.89% | 3.88% | 5.75% | 8.85% | 7.05% | 7.41% | 9.35% | 11.64% | 8.14% | 6% | 5.36% | 7.89% | 7.37% | 6.46% | 6.67% | -2.62% | 5.87% | -5.89% | 4.72% | 5.35% | 6.34% | 8.61% | 7.14% | 7.28% | 8.08% | 9.74% | 9.39% | 8.35% | 7.75% |
| Net Income Growth % | 785.17% | -111.01% | 98.69% | -31.18% | -25.67% | 46.26% | -15.3% | -21.48% | -13.38% | 46.25% | 23.63% | 16.77% | 15.03% | 8.34% | 9.81% | 0.97% | 381.01% | -136.45% | 202.79% | -227.15% | -6.22% | -9.05% | -16.44% | 30.39% | 7.95% | -8.14% | -12.71% | 8.57% | 13.72% | 16.71% | 9.11% |
| Net Income (Continuing) | 165.1M | -14M | 170.9M | 88.3M | 126.3M | 168.5M | 115.8M | 136.4M | 173.2M | 199M | 137.1M | 111.6M | 93.4M | 89.19M | 76.27M | 70.25M | 69.89M | -17.75M | 58.19M | -22.77M | 59.57M | 54.41M | 60.27M | 51.65M | 53.75M | 49.79M | 54.21M | 62.1M | 57.2M | 50.3M | 43.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.1M | 0 | 0 | 0 | 0 | 0 | 10.28M | 0 | 0 | 589K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 36.3M | 36.2M | 34.7M | 33.7M | 40.2M | 37.9M | 31.9M | 31.8M | 27.4M | 24.4M | 27.2M | 25.9M | 22.31M | 23.31M | 26.41M | 27.17M | 23.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.6M |
| EPS (Diluted) | 5.22 | -0.59 | 5.17 | 2.58 | 3.73 | 4.86 | 3.29 | 3.78 | 4.75 | 5.48 | 3.79 | 3.08 | 2.65 | 2.30 | 2.09 | 1.86 | 1.79 | -0.64 | 1.72 | -1.65 | 1.26 | 1.20 | 1.41 | 1.18 | 1.31 | 1.24 | 1.29 | 1.40 | 1.25 | 1.09 | 0.93 |
| EPS Growth % | 771.43% | -111.41% | 100.39% | -30.83% | -23.25% | 47.72% | -12.96% | -20.42% | -13.32% | 44.59% | 23.05% | 16.23% | 15.22% | 10.05% | 12.37% | 3.91% | 379.69% | -137.21% | 204.24% | -230.95% | 5% | -14.89% | 19.49% | -9.92% | 5.65% | -3.88% | -7.86% | 12% | 14.68% | 17.2% | 8.14% |
| EPS (Basic) | - | -0.59 | 5.21 | 2.59 | 3.74 | 4.89 | 3.29 | 3.79 | 4.79 | 5.54 | 3.82 | 3.11 | 2.68 | 2.32 | 2.10 | 1.87 | 1.80 | -0.64 | 1.73 | -1.65 | 1.27 | 1.22 | 1.43 | 1.20 | 1.33 | 1.27 | 1.33 | 1.45 | 1.29 | 1.12 | 0.96 |
| Diluted Shares Outstanding | 31M | 31.4M | 32.3M | 32.6M | 32.8M | 33.8M | 34.2M | 35.1M | 35.6M | 35.6M | 35.2M | 35M | 34.8M | 34.98M | 35.5M | 36.24M | 37.39M | 37.45M | 37.97M | 38.38M | 39.49M | 41.13M | 41.54M | 46.68M | 41.19M | 40.16M | 42.02M | 44.36M | 45.76M | 46.15M | 46.34M |
| Basic Shares Outstanding | 31M | 31.4M | 32.1M | 32.5M | 32.7M | 33.6M | 34.2M | 35M | 35.3M | 35.2M | 34.9M | 34.7M | 34.5M | 34.69M | 35.3M | 36.02M | 37.23M | 37.45M | 37.79M | 38.38M | 39.18M | 40.69M | 41.06M | 46.1M | 40.42M | 39.21M | 40.91M | 42.83M | 44.51M | 45.11M | 45.13M |
| Dividend Payout Ratio | - | - | 7.9% | 9.63% | 5.32% | 4.14% | 6.05% | 5.28% | 4.2% | 3.59% | 5.25% | 6.49% | 7.47% | 8.65% | 5.95% | 5.33% | 5.56% | - | 5.79% | - | 7.83% | 7.64% | 7% | 2.89% | 3.77% | 3.94% | 3.78% | 3.38% | 3.85% | 4.57% | 5.34% |
Cyclical end-market exposure
As indicated by the most recent quarterly data, MTX achieved a revenue growth rate of 11.2% in 2026Q1, yet this follows a prolonged period of stagnant or negative top-line performance, suggesting that organic growth remains highly sensitive to broader industrial production cycles rather than secular expansion.
The recent uptick in revenue appears to be a departure from the previous eight quarters of flat or declining growth, which hovered between -8.0% and 1.5%. Investors should monitor whether this acceleration represents a sustainable recovery in paper and steel demand or merely a temporary fluctuation in shipment timing.
Based on reported financial statements, MTX maintains gross margins consistently near the 24% to 26% range, reflecting a cost structure heavily influenced by energy-intensive calcination processes and the commodity-linked nature of its core mineral and refractory product lines within the specialty chemicals industry.
The stability of these margins suggests that while the company possesses some pricing power through its satellite plant model, it lacks the flexibility to fully offset inflationary pressures in energy and logistics. The inability to consistently push gross margins above the 26% threshold implies that the business remains tethered to the cost of its raw material inputs.
According to historical income statement filings, the company's net income experienced a significant anomaly in 2025Q1, where a net loss of $144.0 million occurred despite stable operating income, indicating that non-operating items or one-time charges continue to obscure the underlying cash-generating capability of the business.
The volatility in net income, ranging from a $144 million loss to a $54 million profit within a single year, warrants deep investigation into the nature of these non-recurring items. Analysts should normalize these figures to determine the true operational earnings power, as the headline EPS figures may not accurately reflect the company's recurring profitability.
As reported in recent quarterly filings, the company's reliance on the paper and steel industries creates a structural risk, where any sustained downturn in these sectors may lead to rapid margin compression as fixed costs associated with satellite plants become difficult to deleverage effectively.
Short-term observers might focus on the potential for contract renewals to occur at lower price points as paper demand in mature markets continues its secular decline. If the company cannot successfully pivot its capacity toward higher-growth applications, the current operating leverage may turn into a significant liability during the next industrial contraction.
Quick answers to the most common questions about buying MTX stock.
For fiscal year 2025, Minerals Technologies Inc. (MTX) reported total revenue of $2.07B. This represents a 272.8% increase compared to $556.0M in 1996.
Minerals Technologies Inc. (MTX) reported a net loss of $18.4M for the fiscal year ending 2025.
Minerals Technologies Inc. (MTX) reported an operating income of $287.1M, resulting in an operating profit margin of 13.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Minerals Technologies Inc. (MTX) generated $506.6M in gross profit for the year, representing a gross profit margin of 24.4%. This demonstrates the company's core pricing power and production efficiency.