Mattel

MAT · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

MAT · Last close · October 26, 2026

$15.82

Mattel's revenue fell 0.6% to $5.3 billion in fiscal 2025. Its operating margin was 10.2%, down from 12.9% a year earlier. Free cash flow was $483 million, down 27.5%. It paid out $600 million in dividends and buybacks, 124% of free cash flow. The diluted share count fell 6.3%.

MATTEL INC /DE/ Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0001628280-26-010716 Updated October 9, 2026

Revenue

$5.3B

0.6%

Operating margin

10.2%

2.7 pts

Net income

$398M

26.6%

Free cash flow

$483M

27.5%

Return on capital

13.5%

4.5 pts

Market cap

$4.6B

Oct 26 close

P/E

11.6x

On $1.36 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Mattel does

Mattel designs, makes and sells toys and games. Its own brands include Barbie, American Girl, Monster High, Polly Pocket, Hot Wheels, Matchbox, Fisher-Price, Thomas & Friends, MEGA, UNO and Masters of the Universe, and it makes toys under license for other companies' brands such as Disney Princess, Frozen, Toy Story, Cars, Jurassic World, Minecraft and WWE. It also earns money from films, TV shows, mobile games and licensing its brands to other companies.

Mattel reports two segments: North America, covering the United States and Canada, and International, which sells mostly the same products in Europe, Latin America, Asia, Australia and New Zealand. Its net sales were $5.35 billion in 2025. It sells mainly to retailers, and its three largest customers, Walmart, Target and Amazon, made up about 42% of net sales. Sales are concentrated in the holiday season. Mattel names Hasbro, LEGO, The Pokémon Company and Spin Master as competitors, along with video game and electronics companies that compete for families' time and money.

Mattel had about 31,000 employees, including temporary and seasonal workers, in 34 countries at the end of 2025, about 22,000 of them in manufacturing. It makes toys in its own factories and through outside manufacturers, mainly in China, Vietnam, Indonesia, Malaysia, Thailand and Mexico.

Its biggest risks, as it describes them

Heavy competition and easy entry for new rivals make it hard to keep its brands and toys selling.
Misjudging trends in popular culture, media and technology, or how much of each toy to make.
Its dependence on the short holiday season, when any disruption can hurt the whole year.
Its reliance on a few large retailers, which can cut orders or sell their own store-brand toys instead.
Tariffs, trade disputes and higher costs for materials, shipping and labor at the factories that make its toys.

From Mattel's annual report on Form 10-K, filed February 23, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 3.5% a year and net income 2.7% a year, as buybacks cut the share count by 7%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Mattel yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Mattel's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Mattel's fiscal 2025 free cash flow of $483M, net cash of −$1.1B at December 31, 2025 and 322 million diluted shares, from its filings. The scenarios are fitted to Mattel: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -0.5% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Leisure Products), plus 1 point as a smaller company, worth $4.6B, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Mattel's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $15.82
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Mattel's earnings per share of $1.36 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.8×, the middle of Mattel's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 14%, 13% and 12%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Hasbro, Thor Industries.

Earnings growth in the years ahead (% a year) Starts at Mattel's revenue growth over the last 3 years, -0.5% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $15.82
Value at this multiple, against the last close: —
Mattel's P/E at the last close: 11.6×

Company	Last close	Earnings per share	P/E today
HasbroHAS	$117.96	$5.59	21.1×
Thor IndustriesTHO	$70.17	$3.38	20.8×
MattelMAT	$15.82	$1.36	11.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	731	761	1,261	1,388	1,243
Debt incl. finance leases	2,571	2,326	2,330	2,334	2,332
Net debt (negative means net cash)	1,840	1,564	1,069	946	1,089
Net debt to EBITDA	2.0x	1.8x	1.4x	1.1x	1.5x
Debt to equity	1.6x	1.1x	1.1x	1.0x	1.0x
Interest coverage	2.9x	5.1x	4.5x	5.8x	4.6x
Current ratio	1.8x	2.3x	2.3x	2.4x	2.1x
Quick ratio	1.3x	1.5x	1.9x	2.0x	1.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $1.0 million of Mattel shares on the open market, and 1 insider sold $587,027.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 31, 2026	Zanatta Roberto Jacobo IsaiasEVP & Chief Supply Chain Offr	Sold	39,083	$15.02	$587,027	Form 4
Feb 12, 2026	Ynon KreizChairman & CEO, Director	Bought	65,000	$15.53	$1.0 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	8 of 9	8 of 9	5 of 9
Accruals ratio	−10.4%	−4.0%	−3.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Mattel side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Mattel	FY25	−0.6%	10.2%	9.0%	13.5%	1.5x	5
Brunswick	FY25	2.4%	−0.8%	7.4%	−0.8%	8.5x	4	Compare
Hasbro	FY25	13.1%	0.2%	15.5%	0.2%	17.0x	5	Compare
Polaris	FY25	−0.3%	−4.9%	7.8%	−10.5%	—	3	Compare
Thor Industries	FY26	0.3%	—	1.8%	4.4%	0.8x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,453	4,882	4,515	4,505	4,588	5,458	5,435	5,441	5,380	5,348
Revenue growth	−4.4%	−10.5%	−7.5%	−0.2%	1.9%	18.9%	−0.4%	0.1%	−1.1%	−0.6%
Gross profit	2,547	1,825	1,799	1,977	2,243	2,627	2,481	2,584	2,734	2,606
Research and development	215	225	205	197	190	189	196	199	194	227
Operating income	520	−336	−234	37	375	730	676	562	694	546
Net income	313	−1,055	−533	−219	124	903	394	214	542	398
Diluted EPS (US$)	0.91	−3.07	−1.55	−0.63	0.35	2.53	1.10	0.60	1.58	1.24
Diluted shares (millions)	344	344	345	346	349	357	360	357	343	322
Cash flow
Cash from operations	594	−28	−27	168	286	486	443	870	801	593
Capital expenditure	140	129	75	51	59	77	106	86	135	111
Free cash flow	454	−157	−102	118	226	408	337	784	665	483
Dividends paid	518	312	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	203	400	600
Acquisitions	33	0	0	0	0	0	0	0	0	0
Stock-based compensation	54	67	49	56	60	60	69	83	79	80
Balance sheet at fiscal year end
Cash and short-term investments	870	1,079	594	630	762	731	761	1,261	1,388	1,243
Debt incl. finance leases	2,326	3,123	2,856	2,847	2,856	2,571	2,326	2,330	2,334	2,332
Total assets	6,494	6,228	5,238	5,325	5,535	6,394	6,178	6,436	6,544	6,640
Total liabilities	4,086	4,971	4,549	4,817	4,925	4,825	4,121	4,287	4,280	4,407
Shareholders' equity	2,408	1,257	689	509	610	1,569	2,056	2,149	2,264	2,233
Margins and ratios
Gross margin	46.7%	37.4%	39.8%	43.9%	48.9%	48.1%	45.7%	47.5%	50.8%	48.7%
Operating margin	9.5%	−6.9%	−5.2%	0.8%	8.2%	13.4%	12.4%	10.3%	12.9%	10.2%
Net margin	5.7%	−21.6%	−11.8%	−4.9%	2.7%	16.6%	7.2%	3.9%	10.1%	7.4%
Free cash flow margin	8.3%	−3.2%	−2.3%	2.6%	4.9%	7.5%	6.2%	14.4%	12.4%	9.0%
Return on capital	10.5%	−7.4%	−5.9%	1.0%	8.7%	23.9%	14.0%	8.2%	17.9%	13.5%
Return on equity	12.4%	−57.5%	−54.8%	−36.5%	22.1%	82.9%	21.7%	10.2%	24.6%	17.7%
Return on assets	4.8%	−16.6%	−9.3%	−4.1%	2.3%	15.1%	6.3%	3.4%	8.3%	6.0%
Net debt to EBITDA	1.9x	—	60.2x	7.9x	3.7x	2.0x	1.8x	1.4x	1.1x	1.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Mattel's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Mattel.