Matthews International

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

MATW · Last close · October 26, 2026

$19.04

Matthews International's revenue fell 16.6% to $1.5 billion in fiscal 2025. Its operating margin was 5.0%, up from −0.7% a year earlier. Free cash flow was −$59 million, against $34 million a year earlier. It paid out $45 million in dividends and buybacks. The diluted share count rose 0.6%.

MATTHEWS INTERNATIONAL CORP Latest fiscal year ended September 30, 2025 10-K filed November 21, 2025 · 0000063296-25-000070 Updated October 19, 2026

Revenue

$1.5B

16.6%

Operating margin

5.0%

5.7 pts

Net income

−$24M

Free cash flow

−$59M

$34M a year earlier

Return on capital

3.2%

4.0 pts

Market cap

$598M

Oct 26 close

P/E

—

Loss: no P/E

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.

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 2023, earnings per share fell 6.6% a year and net income 7.3% a year, while buybacks cut the share count by 5%. Matthews International then lost money in fiscal 2024 and 2025.

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 Matthews International 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 Matthews International'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 Matthews International's 3-year average free cash flow of $1M, net cash of −$678M at September 30, 2025 and 31 million diluted shares, from its filings. The scenarios are fitted to Matthews International: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -5.3% 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 11%: 9% for a business of moderate risk (Specialized Consumer Services), plus 1 point as a smaller company, worth $598M, plus 1 point for unsteady results (a loss in fiscal 2025); 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. A negative value means Matthews International's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

The average of fiscal 2023 to 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at September 30, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Matthews International's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 12% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 10% 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: $19.04
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.

The P/E method needs positive earnings, and Matthews International's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	49	69	42	41	32
Debt incl. finance leases	764	799	790	776	711
Net debt (negative means net cash)	714	730	748	736	678
Net debt to EBITDA	4.1x	12.1x	4.0x	8.9x	4.6x
Debt to equity	1.2x	1.6x	1.5x	1.8x	1.5x
Interest coverage	1.5x	−1.6x	2.0x	−0.2x	1.2x
Current ratio	1.8x	1.5x	1.6x	1.4x	1.5x
Quick ratio	1.2x	1.0x	1.0x	0.9x	0.9x

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, 3 insiders bought $318,112 of Matthews International shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 11, 2026	Nauman J MichaelDirector	Bought	1,000	$19.99	$19,990	Form 4
Aug 24, 2026	Nauman J MichaelDirector	Bought	1,000	$21.08	$21,080	Form 4
Aug 20, 2026	Nauman J MichaelDirector	Bought	1,900	$21.96	$41,724	Form 4
Aug 19, 2026	Nauman J MichaelDirector	Bought	100	$21.98	$2,198	Form 4
Aug 14, 2026	Aleta W. RichardsDirector	Bought	3,000	$23.06	$69,180	Form 4
Aug 10, 2026	David A SchawkDirector	Bought	5,000	$23.60	$118,000	Form 4
Aug 10, 2026	Nauman J MichaelDirector	Bought	2,000	$22.97	$45,940	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	Fail	Fail
Cash from operations is positive	Pass	Pass	Fail
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	8 of 9	4 of 9	5 of 9
Accruals ratio	−2.1%	−7.5%	−0.1%

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

Compare

Put Matthews International 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
Matthews International	FY25	−16.6%	5.0%	−4.0%	3.2%	4.6x	5
Frontdoor	FY25	13.6%	—	18.6%	33.9%	1.2x	7	Compare
Bright Horizons Family Solutions	FY25	9.2%	10.7%	8.8%	11.2%	1.4x	8	Compare
LegalZoom	FY25	10.9%	3.3%	19.6%	—	−3.3x	6	Compare
H&R Block	FY26	4.9%	—	19.2%	129.0%	0.5x	8	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	1,480	1,516	1,603	1,537	1,498	1,671	1,762	1,881	1,796	1,498
Revenue growth	3.8%	2.4%	5.7%	−4.1%	−2.5%	11.5%	5.5%	6.7%	−4.5%	−16.6%
Gross profit	556	568	584	542	498	542	522	578	530	508
Research and development	16	21	25	15	13	13	16	16	16	17
Operating income	119	121	139	10	−64	42	−44	88	−12	76
Net income	67	74	107	−38	−87	3	−100	39	−60	−24
Diluted EPS (US$)	2.03	2.28	3.37	−1.21	−2.79	0.09	−3.18	1.26	−1.93	−0.79
Diluted shares (millions)	33	33	32	31	31	32	31	31	31	31
Cash flow
Cash from operations	140	149	148	131	180	163	127	80	79	−24
Capital expenditure	42	45	43	38	35	34	61	51	45	36
Free cash flow	99	104	104	93	146	128	66	29	34	−59
Dividends paid	19	22	25	26	26	28	28	28	31	33
Share buybacks	58	14	21	26	4	12	42	3	21	12
Acquisitions	7	98	121	12	1	16	44	15	6	56
Stock-based compensation	11	15	14	8	8	16	17	17	18	23
Balance sheet at fiscal year end
Cash and short-term investments	56	58	42	35	41	49	69	42	41	32
Debt incl. finance leases	873	911	961	941	834	764	799	790	776	711
Total assets	2,091	2,245	2,358	2,191	2,073	2,032	1,883	1,887	1,835	1,694
Total liabilities	1,382	1,454	1,489	1,471	1,461	1,396	1,396	1,362	1,398	1,214
Shareholders' equity	709	790	868	718	611	636	487	526	437	481
Margins and ratios
Gross margin	37.6%	37.5%	36.5%	35.3%	33.2%	32.4%	29.6%	30.7%	29.5%	33.9%
Operating margin	8.0%	8.0%	8.7%	0.7%	−4.3%	2.5%	−2.5%	4.7%	−0.7%	5.0%
Net margin	4.5%	4.9%	6.7%	−2.5%	−5.8%	0.2%	−5.7%	2.1%	−3.3%	−1.6%
Free cash flow margin	6.7%	6.9%	6.5%	6.1%	9.7%	7.7%	3.7%	1.5%	1.9%	−4.0%
Return on capital	5.3%	5.9%	8.1%	0.5%	−3.4%	1.5%	−2.7%	6.8%	−0.8%	3.2%
Return on equity	9.3%	9.9%	12.9%	−4.8%	−13.1%	0.5%	−17.8%	7.8%	−12.4%	−5.3%
Return on assets	3.1%	3.4%	4.7%	−1.7%	−4.1%	0.1%	−5.1%	2.1%	−3.2%	−1.4%
Net debt to EBITDA	4.4x	4.5x	4.3x	9.0x	14.5x	4.1x	12.1x	4.0x	8.9x	4.6x

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