Matthews International (MATW) Financials

$25.41 -0.45 (-1.74%)

Closing price 07/11/2025 04:00 PM Eastern

Extended Trading

$26.16 +0.75 (+2.97%)

As of 07/11/2025 06:28 PM Eastern

Annual Income Statements for Matthews International

This table shows Matthews International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	43	63	67	74	107	-38	-87	2.91	-100	39	-60
Consolidated Net Income / (Loss)	43	63	66	74	107	-39	-88	2.86	-100	39	-60
Net Income / (Loss) Continuing Operations	43	63	66	74	107	-39	-88	2.86	-100	39	-60
Total Pre-Tax Income	66	90	95	96	98	0.00	-106	9.23	-104	41	-70
Total Operating Income	82	105	119	121	139	10	-64	42	-44	88	-12
Total Gross Profit	392	529	556	568	584	542	498	542	522	578	530
Total Revenue	1,107	1,426	1,480	1,516	1,603	1,537	1,498	1,671	1,762	1,881	1,796
Operating Revenue	1,107	1,426	1,480	1,516	1,603	1,537	1,498	1,671	1,762	1,881	1,796
Total Cost of Revenue	714	897	924	948	1,018	995	1,001	1,129	1,240	1,303	1,266
Operating Cost of Revenue	714	897	924	948	1,018	995	1,001	1,129	1,240	1,303	1,266
Total Operating Expenses	311	424	438	446	446	532	562	500	566	490	542
Selling, General & Admin Expense	311	424	417	423	414	409	400	416	427	447	488
Amortization Expense	-	-	21	23	32	46	72	84	57	42	37
Impairment Charge	-	-	-	0.00	0.00	78	90	0.00	82	0.00	17
Total Other Income / (Expense), net	-15	-15	-24	-25	-41	-48	-42	-33	-60	-47	-57
Interest Expense	13	21	24	26	37	41	35	29	28	45	51
Other Income / (Expense), net	-4.88	5.06	-1.30	-1.19	-4.71	-8.92	-9.22	-4.12	-33	-2.56	-6.80
Income Tax Expense	23	26	29	22	-9.12	0.81	-19	6.38	-4.39	1.77	-10.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.65	-0.16	-0.59	-0.44	-0.26	-0.90	-0.50	-0.05	-0.05	-0.16	0.00
Basic Earnings per Share	$1.51	$1.93	$2.04	$2.31	$3.39	($1.21)	($2.79)	$0.09	($3.18)	$1.28	($1.93)
Weighted Average Basic Shares Outstanding	32.87M	32.94M	32.64M	32.24M	31.67M	31.34M	31.79M	31.47M	30.30M	30.38M	30.60M
Diluted Earnings per Share	$1.49	$1.91	$2.03	$2.28	$3.37	($1.21)	($2.79)	$0.09	($3.18)	$1.26	($1.93)
Weighted Average Diluted Shares Outstanding	32.87M	32.94M	32.64M	32.24M	31.67M	31.34M	31.79M	31.47M	30.30M	30.38M	30.60M
Weighted Average Basic & Diluted Shares Outstanding	32.87M	32.94M	32.64M	32.24M	31.67M	31.34M	31.79M	31.47M	30.30M	30.38M	30.60M
Cash Dividends to Common per Share	$0.46	$0.54	-	-	-	-	-	$0.86	$0.88	$0.92	$0.96

This table shows Matthews International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-81	3.70	9.13	8.74	18	-2.30	9.03	1.78	-68	-3.47	-8.92
Consolidated Net Income / (Loss)	-81	3.65	9.13	8.67	18	-2.30	9.03	1.78	-68	-3.47	-8.92
Net Income / (Loss) Continuing Operations	-81	3.65	9.13	8.67	18	-2.30	9.03	1.78	-68	-3.47	-8.92
Total Pre-Tax Income	-83	4.96	13	8.11	15	-3.03	7.91	-7.05	-67	-5.83	-12
Total Operating Income	-73	17	23	22	26	9.43	21	6.70	-50	5.67	5.95
Total Gross Profit	145	139	150	138	151	132	148	132	117	126	144
Total Revenue	457	449	480	472	480	450	471	428	447	402	428
Operating Revenue	457	449	480	472	480	450	471	428	447	402	428
Total Cost of Revenue	312	310	330	334	329	318	323	296	329	276	284
Operating Cost of Revenue	312	310	330	334	329	318	323	296	329	276	284
Total Operating Expenses	218	122	127	117	125	123	127	125	167	120	138
Selling, General & Admin Expense	124	111	116	106	114	113	118	116	141	111	134
Amortization Expense	12	10	11	11	11	9.80	8.96	9.04	9.23	8.61	4.28
Total Other Income / (Expense), net	-9.99	-12	-11	-13	-11	-12	-13	-14	-18	-12	-18
Interest Expense	8.30	10	12	11	11	12	13	13	14	16	16
Other Income / (Expense), net	-1.69	-2.05	1.50	-2.49	0.48	-0.88	-0.88	-0.97	-4.07	4.18	-1.73
Income Tax Expense	-2.08	1.31	3.38	-0.56	-2.36	-0.73	-1.12	-8.83	0.68	-2.36	-2.73
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-0.06	-0.00	-0.07	-0.03	0.00	0.00	0.00	-	0.00	0.00
Basic Earnings per Share	($2.59)	$0.12	$0.30	$0.28	$0.58	($0.07)	$0.29	$0.06	($2.21)	($0.11)	($0.29)
Weighted Average Basic Shares Outstanding	30.30M	30.42M	30.46M	30.47M	30.38M	30.68M	30.71M	30.60M	30.60M	30.97M	31.01M
Diluted Earnings per Share	($2.59)	$0.12	$0.29	$0.28	$0.57	($0.07)	$0.29	$0.06	($2.21)	($0.11)	($0.29)
Weighted Average Diluted Shares Outstanding	30.30M	30.42M	30.46M	30.47M	30.38M	30.68M	30.71M	30.60M	30.60M	30.97M	31.01M
Weighted Average Basic & Diluted Shares Outstanding	30.30M	30.42M	30.46M	30.47M	30.38M	30.68M	30.71M	30.60M	30.60M	30.97M	31.01M
Cash Dividends to Common per Share	-	$0.23	$0.23	$0.23	-	$0.24	$0.24	$0.24	-	$0.25	$0.25

This table details how cash moves in and out of Matthews International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Change in Cash & Equivalents	15	9.19	-16	1.80	-16	-6.27	6.03	27	3.07	-29	-1.29
Net Cash From Operating Activities	91	141	140	149	148	131	180	163	127	80	79
Net Cash From Continuing Operating Activities	91	141	140	149	148	131	180	163	127	80	79
Net Income / (Loss) Continuing Operations	43	63	66	74	107	-39	-88	2.86	-100	39	-60
Consolidated Net Income / (Loss)	43	63	66	74	107	-39	-88	2.86	-100	39	-60
Depreciation Expense	43	63	65	68	77	91	119	134	104	97	95
Non-Cash Adjustments To Reconcile Net Income	5.52	14	9.11	11	6.20	90	88	15	71	0.56	51
Changes in Operating Assets and Liabilities, net	-0.98	1.12	-0.48	-3.74	-43	-11	61	11	52	-57	-6.45
Net Cash From Investing Activities	-411	-263	-47	-142	-162	-61	-2.72	-13	-81	-59	-47
Net Cash From Continuing Investing Activities	-411	-263	-47	-142	-162	-61	-2.72	-13	-81	-59	-47
Purchase of Property, Plant & Equipment	-29	-48	-42	-45	-43	-38	-35	-34	-61	-51	-45
Acquisitions	-382	-213	-6.94	-98	-121	-12	-1.00	-16	-44	-15	-5.83
Purchase of Investments	-	0.00	0.00	-2.21	-12	-33	-9.70	0.00	-2.20	-1.61	-0.83
Sale of Property, Plant & Equipment	0.26	1.06	1.48	3.76	4.71	13	0.62	2.78	4.96	2.12	4.16
Divestitures	0.00	10	0.00	0.00	0.00	8.25	42	0.00	0.34	6.70	0.54
Sale and/or Maturity of Investments	-	-	-	-	9.16	0.00	0.00	34	22	0.00	0.20
Net Cash From Financing Activities	338	131	-109	-7.18	0.90	-75	-172	-123	-37	-50	-35
Net Cash From Continuing Financing Activities	338	131	-109	-7.18	0.90	-75	-172	-123	-37	-50	-35
Repayment of Debt	-58	-100	-123	-388	-657	-523	-1,286	-705	-745	-885	-1,286
Repurchase of Common Equity	-9.91	-15	-58	-14	-21	-26	-4.43	-12	-42	-2.86	-21
Payment of Dividends	-14	-19	-25	-22	-25	-26	-26	-29	-28	-28	-31
Issuance of Debt	416	279	90	417	704	504	1,155	626	778	866	1,245
Other Financing Activities, net	-3.70	-15	6.41	0.01	0.00	-4.42	-10	-1.78	-0.73	0.00	58
Effect of Exchange Rate Changes	-2.74	0.08	-0.77	1.30	-2.08	-1.55	0.56	0.04	-5.72	0.08	1.44
Cash Interest Paid	13	20	24	26	37	41	35	29	27	44	50
Cash Income Taxes Paid	16	12	12	8.47	11	15	21	9.17	14	18	19

This table details how cash moves in and out of Matthews International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	5.27	-26	-3.20	-2.62	2.81	-4.18	7.58	-2.75	-1.93	-7.30	17
Net Cash From Operating Activities	42	-36	81	32	2.62	-27	57	13	36	-25	6.33
Net Cash From Continuing Operating Activities	42	-36	81	32	2.62	-27	57	13	36	-25	6.33
Net Income / (Loss) Continuing Operations	-81	3.65	9.13	8.67	18	-2.30	9.03	1.78	-68	-3.47	-8.92
Consolidated Net Income / (Loss)	-81	3.65	9.13	8.67	18	-2.30	9.03	1.78	-68	-3.47	-8.92
Depreciation Expense	24	24	24	24	25	24	23	24	24	23	18
Non-Cash Adjustments To Reconcile Net Income	83	-20	15	5.62	0.10	4.56	4.10	5.19	37	-4.59	7.83
Changes in Operating Assets and Liabilities, net	17	-44	33	-6.03	-40	-53	21	-17	43	-39	-11
Net Cash From Investing Activities	-42	-14	-17	-23	-5.01	-14	-16	-8.87	-8.34	1.44	-5.33
Net Cash From Continuing Investing Activities	-42	-14	-17	-23	-5.01	-14	-16	-8.87	-8.34	1.44	-5.33
Purchase of Property, Plant & Equipment	-21	-12	-11	-13	-13	-14	-9.96	-9.15	-12	-9.53	-8.74
Sale of Property, Plant & Equipment	-	-	-	-	-	0.12	-	-	-	13	1.36
Net Cash From Financing Activities	6.56	22	-67	-11	6.16	36	-33	-7.11	-31	18	15
Net Cash From Continuing Financing Activities	6.56	22	-67	-11	6.16	36	-33	-7.11	-31	18	15
Repayment of Debt	-191	-209	-234	-202	-240	-212	-243	-237	-595	-219	-226
Repurchase of Common Equity	-7.73	-2.45	-0.29	-0.08	-0.04	-17	-0.04	-3.31	-0.05	-4.28	-0.15
Payment of Dividends	-6.87	-7.00	-7.12	-7.06	-7.02	-9.28	-7.41	-7.37	-7.35	-9.24	-7.81
Issuance of Debt	212	241	174	197	254	274	217	223	530	251	245
Effect of Exchange Rate Changes	-1.86	1.76	0.14	-0.84	-0.97	1.16	-0.86	-0.27	1.41	-2.17	0.62

This table presents Matthews International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Total Assets	2,024	2,144	2,091	2,245	2,358	2,191	2,073	2,032	1,883	1,887	1,835
Total Current Assets	566	605	574	595	615	584	576	624	629	648	633
Cash & Equivalents	63	72	56	58	42	35	41	49	69	42	41
Accounts Receivable	283	284	295	320	331	319	295	310	221	208	206
Inventories, net	153	171	162	171	180	180	175	189	225	260	238
Other Current Assets	49	77	61	47	62	49	64	76	111	138	148
Plant, Property, & Equipment, net	209	227	219	236	253	237	0.00	224	256	270	279
Total Noncurrent Assets	1,249	1,311	1,297	1,414	1,490	1,369	1,497	1,184	998	969	923
Long-Term Investments	23	26	31	38	45	86	63	30	26	25	23
Goodwill	819	856	851	898	949	847	765	774	675	698	697
Intangible Assets	382	415	394	424	444	401	333	262	202	160	126
Noncurrent Deferred & Refundable Income Taxes	4.02	1.28	0.78	2.46	1.84	5.03	3.76	3.49	3.61	2.27	6.55
Other Noncurrent Operating Assets	20	14	20	52	50	31	331	115	91	83	70
Total Liabilities & Shareholders' Equity	2,024	2,144	2,091	2,245	2,358	2,191	2,073	2,032	1,883	1,887	1,835
Total Liabilities	1,249	1,410	1,382	1,454	1,489	1,471	1,461	1,396	1,396	1,362	1,398
Total Current Liabilities	253	249	259	285	286	280	317	354	411	395	435
Short-Term Debt	15	12	28	30	31	43	27	4.62	3.28	3.70	6.85
Accounts Payable	72	69	58	67	70	75	83	113	121	114	108
Accrued Expenses	-	-	-	-	-	-	-	-	-	22	24
Current Deferred & Payable Income Tax Liabilities	7.31	11	16	21	11	6.00	3.61	4.24	9.28	13	7.52
Current Employee Benefit Liabilities	61	64	64	62	51	43	58	69	58	59	89
Other Current Liabilities	98	93	94	105	122	114	145	164	219	183	199
Total Noncurrent Liabilities	996	1,161	1,122	1,169	1,203	1,191	1,144	1,041	984	968	963
Long-Term Debt	714	891	845	882	929	898	808	759	795	786	770
Noncurrent Deferred & Payable Income Tax Liabilities	129	125	107	139	122	102	79	97	93	71	46
Other Noncurrent Operating Liabilities	53	29	37	26	52	37	89	82	96	110	148
Total Equity & Noncontrolling Interests	775	734	709	790	869	719	611	636	487	525	437
Total Preferred & Common Equity	771	731	709	790	868	718	611	637	487	526	437
Total Common Equity	771	731	709	790	868	718	611	637	487	526	437
Common Stock	150	152	153	160	166	174	172	186	197	205	196
Retained Earnings	798	844	896	949	1,040	973	859	834	707	715	623
Treasury Stock	-110	-115	-159	-165	-173	-200	-179	-191	-226	-219	-213
Accumulated Other Comprehensive Income / (Loss)	-67	-150	-182	-154	-164	-228	-241	-193	-190	-174	-169
Noncontrolling Interest	4.06	3.23	0.67	0.55	0.36	1.13	0.63	-0.15	-0.28	-0.39	0.05

This table presents Matthews International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	12/31/2022	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025
Total Assets	1,905	1,903	1,897	1,884	1,903	1,890	1,862	1,792	1,827
Total Current Assets	599	633	618	620	658	654	642	623	654
Cash & Equivalents	46	43	42	39	38	45	43	34	40
Accounts Receivable	208	222	216	188	216	193	193	199	146
Inventories, net	211	246	255	269	258	253	249	242	205
Other Current Assets	114	121	106	123	146	163	158	149	263
Plant, Property, & Equipment, net	209	265	268	274	282	278	273	265	222
Total Noncurrent Assets	1,097	1,005	1,011	991	963	959	947	904	950
Long-Term Investments	24	26	24	25	25	27	27	23	22
Goodwill	755	692	709	703	709	708	706	686	473
Intangible Assets	213	194	190	175	151	144	135	117	87
Noncurrent Deferred & Refundable Income Taxes	2.74	3.16	2.89	2.68	2.40	2.32	2.08	6.12	7.83
Other Noncurrent Operating Assets	103	90	85	85	75	78	77	72	360
Total Liabilities & Shareholders' Equity	1,905	1,903	1,897	1,884	1,903	1,890	1,862	1,792	1,827
Total Liabilities	1,314	1,398	1,385	1,362	1,394	1,381	1,358	1,378	1,419
Total Current Liabilities	310	367	394	380	349	359	386	396	411
Short-Term Debt	3.36	2.98	2.83	2.94	4.95	5.42	5.48	7.26	6.36
Accounts Payable	104	101	118	112	97	107	114	102	108
Accrued Expenses	-	-	-	-	-	-	-	23	18
Current Deferred & Payable Income Tax Liabilities	3.26	7.58	5.14	3.87	7.52	4.04	10	7.87	4.61
Current Employee Benefit Liabilities	43	43	46	49	44	45	47	60	40
Other Current Liabilities	157	212	222	212	195	198	210	195	234
Total Noncurrent Liabilities	1,004	1,031	990	982	1,045	1,022	972	983	1,008
Long-Term Debt	773	834	775	772	857	837	825	802	816
Noncurrent Deferred & Payable Income Tax Liabilities	109	93	92	92	72	70	45	47	30
Other Noncurrent Operating Liabilities	72	78	123	118	116	115	102	134	162
Total Equity & Noncontrolling Interests	591	505	512	522	509	509	504	413	408
Total Preferred & Common Equity	591	505	513	522	509	509	504	413	408
Total Common Equity	591	505	513	522	509	509	504	413	408
Common Stock	193	194	196	201	183	187	192	181	185
Retained Earnings	795	702	703	704	704	705	699	611	594
Treasury Stock	-218	-221	-220	-219	-211	-210	-213	-197	-196
Accumulated Other Comprehensive Income / (Loss)	-179	-169	-167	-164	-168	-173	-174	-181	-175
Noncontrolling Interest	-0.27	-0.33	-0.30	-0.40	0.05	0.05	0.05	0.05	0.05

This table displays calculated financial ratios and metrics derived from Matthews International's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.30%	28.87%	3.81%	2.37%	5.74%	-4.07%	-2.54%	11.53%	5.47%	6.72%	-4.53%
EBITDA Growth	-7.13%	44.52%	5.96%	2.83%	12.04%	-56.28%	-50.48%	275.58%	-83.92%	560.65%	-58.46%
EBIT Growth	-15.61%	43.64%	6.75%	2.27%	11.37%	-98.97%	-5,400.65%	151.65%	-301.74%	211.85%	-122.35%
NOPAT Growth	-16.23%	38.87%	11.34%	12.91%	62.50%	-95.24%	-723.05%	128.96%	-336.38%	374.08%	-110.23%
Net Income Growth	-19.88%	46.26%	4.54%	11.75%	44.88%	-136.31%	-125.39%	103.26%	-3,592.93%	139.20%	-252.44%
EPS Growth	-23.59%	28.19%	6.28%	12.32%	47.81%	-135.91%	-130.58%	103.23%	-3,633.33%	139.62%	-253.17%
Operating Cash Flow Growth	-16.09%	55.56%	-0.56%	6.43%	-1.16%	-11.17%	37.66%	-9.77%	-22.08%	-37.31%	-0.30%
Free Cash Flow Firm Growth	-864.59%	90.90%	371.29%	-114.33%	184.31%	1,271.34%	-27.37%	-77.82%	199.42%	-76.18%	272.10%
Invested Capital Growth	66.75%	8.53%	-2.89%	7.45%	8.47%	-11.66%	-12.85%	-1.56%	-10.01%	5.06%	-7.90%
Revenue Q/Q Growth	9.62%	1.31%	0.59%	1.27%	0.72%	-0.97%	0.45%	2.43%	1.05%	1.24%	-1.83%
EBITDA Q/Q Growth	-5.23%	13.48%	4.71%	-3.94%	11.41%	-53.09%	216.74%	-2.17%	-77.78%	128.37%	-51.72%
EBIT Q/Q Growth	-11.60%	21.94%	6.89%	-6.75%	16.38%	-98.80%	53.40%	-18.76%	-1,021.17%	635.64%	-131.09%
NOPAT Q/Q Growth	-11.64%	21.03%	7.62%	2.65%	1.21%	-92.56%	55.61%	-65.25%	-220.29%	1,171.19%	-106.79%
Net Income Q/Q Growth	-17.77%	24.14%	11.08%	-5.19%	10.28%	-162.58%	47.37%	-79.48%	-342.91%	165.76%	-327.76%
EPS Q/Q Growth	-20.74%	27.33%	12.15%	-5.79%	11.22%	-161.42%	47.26%	-80.00%	-354.29%	166.32%	-327.06%
Operating Cash Flow Q/Q Growth	-7.04%	8.01%	2.29%	8.48%	8.24%	-14.98%	9.18%	-0.54%	-9.59%	-33.40%	72.52%
Free Cash Flow Firm Q/Q Growth	-2,766.75%	89.07%	236.25%	-108.44%	131.27%	43.08%	-38.05%	-53.03%	41.76%	-34.18%	-5.22%
Invested Capital Q/Q Growth	66.13%	14.60%	-1.21%	-0.40%	-0.76%	-9.76%	-1.20%	-0.18%	-6.94%	1.30%	-9.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.47%	37.12%	37.59%	37.46%	36.46%	35.29%	33.22%	32.43%	29.63%	30.71%	29.50%
EBITDA Margin	10.80%	12.11%	12.36%	12.42%	13.16%	6.00%	3.05%	10.26%	1.56%	9.68%	4.21%
Operating Margin	7.37%	7.36%	8.03%	8.01%	8.65%	0.67%	-4.28%	2.52%	-2.49%	4.68%	-0.69%
EBIT Margin	6.93%	7.72%	7.94%	7.93%	8.35%	0.09%	-4.90%	2.27%	-4.34%	4.55%	-1.06%
Profit (Net Income) Margin	3.91%	4.44%	4.47%	4.88%	6.68%	-2.53%	-5.85%	0.17%	-5.66%	2.08%	-3.32%
Tax Burden Percent	65.49%	70.59%	69.47%	76.78%	109.30%	0.00%	82.43%	30.95%	95.79%	95.66%	85.65%
Interest Burden Percent	86.22%	81.44%	81.04%	80.11%	73.21%	0.00%	144.85%	24.35%	136.24%	47.82%	364.26%
Effective Tax Rate	34.51%	29.41%	30.53%	23.22%	-9.30%	0.00%	0.00%	69.05%	0.00%	4.34%	0.00%
Return on Invested Capital (ROIC)	4.71%	5.01%	5.44%	6.01%	9.05%	0.44%	-3.12%	0.98%	-2.45%	6.92%	-0.72%
ROIC Less NNEP Spread (ROIC-NNEP)	2.57%	3.52%	3.38%	3.60%	3.80%	-5.00%	-8.63%	-0.46%	-12.42%	0.58%	-7.83%
Return on Net Nonoperating Assets (RNNOA)	1.84%	3.37%	3.73%	3.85%	3.87%	-5.34%	-10.05%	-0.52%	-15.32%	0.81%	-11.68%
Return on Equity (ROE)	6.55%	8.39%	9.17%	9.86%	12.91%	-4.90%	-13.17%	0.46%	-17.77%	7.73%	-12.40%
Cash Return on Invested Capital (CROIC)	-45.34%	-3.17%	8.37%	-1.17%	0.92%	12.82%	10.61%	2.55%	8.09%	1.98%	7.50%
Operating Return on Assets (OROA)	4.74%	5.28%	5.55%	5.54%	5.82%	0.06%	-3.44%	1.85%	-3.91%	4.54%	-1.03%
Return on Assets (ROA)	2.68%	3.04%	3.12%	3.41%	4.65%	-1.71%	-4.11%	0.14%	-5.10%	2.08%	-3.21%
Return on Common Equity (ROCE)	6.51%	8.35%	9.14%	9.85%	12.91%	-4.89%	-13.16%	0.46%	-17.78%	7.74%	-12.40%
Return on Equity Simple (ROE_SIMPLE)	5.61%	8.66%	9.34%	9.36%	12.34%	-5.42%	-14.35%	0.45%	-20.48%	7.45%	-13.65%
Net Operating Profit after Tax (NOPAT)	53	74	83	93	151	7.21	-45	13	-31	84	-8.63
NOPAT Margin	4.82%	5.20%	5.58%	6.15%	9.45%	0.47%	-3.00%	0.78%	-1.75%	4.48%	-0.48%
Net Nonoperating Expense Percent (NNEP)	2.14%	1.50%	2.06%	2.41%	5.25%	5.44%	5.51%	1.44%	9.97%	6.34%	7.11%
Cost of Revenue to Revenue	64.53%	62.88%	62.41%	62.54%	63.55%	64.71%	66.78%	67.58%	70.37%	69.29%	70.50%
SG&A Expenses to Revenue	28.10%	29.76%	28.15%	27.92%	25.84%	26.59%	26.70%	24.87%	24.21%	23.79%	27.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.10%	29.76%	29.56%	29.45%	27.81%	34.62%	37.51%	29.91%	32.13%	26.03%	30.18%
Earnings before Interest and Taxes (EBIT)	77	110	118	120	134	1.39	-73	38	-76	86	-19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	120	173	183	188	211	92	46	171	28	182	76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.52	1.82	2.29	2.13	1.58	1.35	1.03	1.58	1.33	2.18	1.62
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.06	0.93	1.10	1.11	0.86	0.63	0.42	0.60	0.37	0.61	0.40
Price to Earnings (P/E)	27.49	20.91	24.29	22.61	12.76	0.00	0.00	346.23	0.00	29.22	0.00
Dividend Yield	1.23%	1.29%	1.19%	1.30%	1.78%	2.60%	4.19%	2.70%	4.16%	2.44%	4.14%
Earnings Yield	3.64%	4.78%	4.12%	4.42%	7.84%	0.00%	0.00%	0.29%	0.00%	3.42%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.28	1.39	1.61	1.56	1.29	1.16	1.01	1.28	1.14	1.50	1.24
Enterprise Value to Revenue (EV/Rev)	1.64	1.50	1.63	1.65	1.40	1.16	0.91	1.01	0.77	0.99	0.79
Enterprise Value to EBITDA (EV/EBITDA)	15.22	12.36	13.16	13.28	10.65	19.41	29.73	9.87	48.94	10.27	18.80
Enterprise Value to EBIT (EV/EBIT)	23.73	19.40	20.49	20.79	16.77	1,292.09	0.00	44.61	0.00	21.87	0.00
Enterprise Value to NOPAT (EV/NOPAT)	34.07	28.80	29.17	26.81	14.82	248.13	0.00	130.00	0.00	22.19	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	20.06	15.14	17.16	16.73	15.21	13.65	7.52	10.39	10.63	23.53	17.94
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	18.96	0.00	146.28	8.51	8.88	49.90	13.29	77.38	15.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.94	1.23	1.23	1.15	1.11	1.31	1.36	1.20	1.64	1.50	1.78
Long-Term Debt to Equity	0.92	1.21	1.19	1.12	1.07	1.25	1.32	1.19	1.63	1.50	1.76
Financial Leverage	0.72	0.96	1.10	1.07	1.02	1.07	1.16	1.13	1.23	1.41	1.49
Leverage Ratio	2.45	2.76	2.93	2.89	2.77	2.86	3.20	3.29	3.48	3.72	3.87
Compound Leverage Factor	2.11	2.25	2.38	2.32	2.03	0.00	4.64	0.80	4.75	1.78	14.09
Debt to Total Capital	48.47%	55.16%	55.16%	53.55%	52.51%	56.67%	57.71%	54.55%	62.11%	60.07%	63.98%
Short-Term Debt to Total Capital	1.01%	0.72%	1.75%	1.74%	1.71%	2.56%	1.86%	0.33%	0.25%	0.28%	0.56%
Long-Term Debt to Total Capital	47.46%	54.44%	53.41%	51.82%	50.80%	54.11%	55.86%	54.22%	61.86%	59.79%	63.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.27%	0.20%	0.04%	0.03%	0.02%	0.07%	0.04%	-0.01%	-0.02%	-0.03%	0.00%
Common Equity to Total Capital	51.26%	44.64%	44.80%	46.42%	47.47%	43.26%	42.24%	45.46%	37.91%	39.96%	36.02%
Debt to EBITDA	6.10	5.23	4.77	4.84	4.56	10.21	18.28	4.46	28.97	4.34	10.26
Net Debt to EBITDA	5.38	4.66	4.29	4.34	4.14	8.89	15.99	3.99	25.44	3.97	9.42
Long-Term Debt to EBITDA	5.97	5.16	4.62	4.69	4.41	9.74	17.70	4.43	28.85	4.32	10.17
Debt to NOPAT	13.66	12.18	10.57	9.78	6.34	130.43	-18.57	58.70	-25.96	9.37	-90.01
Net Debt to NOPAT	12.05	10.86	9.52	8.76	5.77	113.68	-16.24	52.58	-22.80	8.58	-82.61
Long-Term Debt to NOPAT	13.37	12.02	10.23	9.46	6.14	124.54	-17.98	58.34	-25.86	9.33	-89.22
Altman Z-Score	1.97	2.15	2.38	2.30	2.20	1.89	1.59	2.05	1.74	2.34	1.85
Noncontrolling Interest Sharing Ratio	0.57%	0.48%	0.27%	0.08%	0.06%	0.09%	0.13%	0.04%	-0.04%	-0.07%	-0.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.24	2.43	2.21	2.09	2.15	2.09	1.82	1.76	1.53	1.64	1.45
Quick Ratio	1.37	1.43	1.35	1.32	1.30	1.27	1.06	1.01	0.71	0.63	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-514	-47	127	-18	15	210	153	34	101	24	90
Operating Cash Flow to CapEx	312.96%	298.93%	348.91%	362.63%	383.36%	536.46%	527.24%	516.25%	225.06%	164.04%	193.08%
Free Cash Flow to Firm to Interest Expense	-40.73	-2.27	5.22	-0.69	0.41	5.14	4.38	1.18	3.66	0.54	1.78
Operating Cash Flow to Interest Expense	7.18	6.84	5.76	5.66	3.94	3.20	5.17	5.68	4.58	1.78	1.57
Operating Cash Flow Less CapEx to Interest Expense	4.89	4.55	4.11	4.10	2.91	2.60	4.19	4.58	2.54	0.70	0.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.68	0.68	0.70	0.70	0.70	0.68	0.70	0.81	0.90	1.00	0.96
Accounts Receivable Turnover	4.81	5.03	5.11	4.93	4.92	4.73	4.88	5.52	6.64	8.78	8.69
Inventory Turnover	5.05	5.53	5.53	5.68	5.79	5.52	5.63	6.20	5.98	5.36	5.08
Fixed Asset Turnover	5.67	6.53	6.63	6.66	6.56	6.27	0.00	0.00	7.35	7.15	6.53
Accounts Payable Turnover	12.18	12.72	14.55	15.20	14.90	13.76	12.71	11.54	10.60	11.06	11.37
Days Sales Outstanding (DSO)	75.92	72.52	71.36	73.99	74.14	77.19	74.78	66.07	54.97	41.58	42.02
Days Inventory Outstanding (DIO)	72.24	66.00	65.95	64.29	63.06	66.18	64.82	58.86	61.00	68.04	71.83
Days Payable Outstanding (DPO)	29.97	28.68	25.09	24.02	24.49	26.53	28.72	31.62	34.45	33.00	32.10
Cash Conversion Cycle (CCC)	118.19	109.83	112.22	114.27	112.71	116.84	110.88	93.31	81.52	76.61	81.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,418	1,539	1,495	1,606	1,742	1,539	1,341	1,320	1,188	1,248	1,150
Invested Capital Turnover	0.98	0.96	0.98	0.98	0.96	0.94	1.04	1.26	1.41	1.54	1.50
Increase / (Decrease) in Invested Capital	568	121	-44	111	136	-203	-198	-21	-132	60	-99
Enterprise Value (EV)	1,819	2,135	2,408	2,498	2,244	1,790	1,357	1,691	1,349	1,871	1,422
Market Capitalization	1,172	1,327	1,621	1,682	1,370	969	626	1,008	648	1,148	710
Book Value per Share	$23.49	$22.17	$22.07	$24.54	$27.05	$22.81	$19.54	$20.14	$15.92	$17.25	$14.29
Tangible Book Value per Share	($13.10)	($16.38)	($16.71)	($16.54)	($16.34)	($16.81)	($15.61)	($12.61)	($12.75)	($10.93)	($12.62)
Total Capital	1,504	1,637	1,582	1,701	1,829	1,660	1,446	1,400	1,286	1,315	1,214
Total Debt	729	903	873	911	961	941	835	764	799	790	776
Total Long-Term Debt	714	891	845	882	929	898	808	759	795	786	770
Net Debt	643	805	785	816	874	820	730	684	701	723	713
Capital Expenditures (CapEx)	29	47	40	41	38	24	34	32	56	48	41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	265	296	287	282	318	311	244	225	149	215	164
Debt-free Net Working Capital (DFNWC)	328	368	343	339	360	346	286	275	221	257	205
Net Working Capital (NWC)	313	356	315	310	329	304	259	270	217	254	198
Net Nonoperating Expense (NNE)	10	11	16	19	44	46	43	10	69	45	51
Net Nonoperating Obligations (NNO)	643	805	785	816	874	820	730	684	701	723	713
Total Depreciation and Amortization (D&A)	43	63	65	68	77	91	119	134	104	97	95
Debt-free, Cash-free Net Working Capital to Revenue	23.96%	20.74%	19.38%	18.60%	19.87%	20.23%	16.30%	13.49%	8.46%	11.44%	9.12%
Debt-free Net Working Capital to Revenue	29.66%	25.80%	23.14%	22.40%	22.46%	22.53%	19.06%	16.43%	12.51%	13.68%	11.39%
Net Working Capital to Revenue	28.28%	24.97%	21.27%	20.45%	20.51%	19.76%	17.27%	16.15%	12.33%	13.49%	11.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.54	$1.93	$2.04	$2.31	$3.39	($1.21)	($2.79)	$0.09	($3.18)	$1.28	($1.93)
Adjusted Weighted Average Basic Shares Outstanding	32.87M	32.88M	32.14M	32.15M	32.07M	31.34M	31.79M	31.47M	30.30M	30.38M	30.60M
Adjusted Diluted Earnings per Share	$1.53	$1.91	$2.03	$2.28	$3.37	($1.21)	($2.79)	$0.09	($3.18)	$1.26	($1.93)
Adjusted Weighted Average Diluted Shares Outstanding	32.87M	32.88M	32.14M	32.15M	32.07M	31.34M	31.79M	31.47M	30.30M	30.38M	30.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	32.87M	32.88M	32.14M	32.15M	32.07M	31.34M	31.79M	31.47M	30.30M	30.38M	30.60M
Normalized Net Operating Profit after Tax (NOPAT)	53	74	83	93	97	62	18	29	27	84	3.08
Normalized NOPAT Margin	4.82%	5.20%	5.58%	6.15%	6.05%	4.00%	1.22%	1.76%	1.53%	4.48%	0.17%
Pre Tax Income Margin	5.97%	6.29%	6.43%	6.35%	6.11%	0.00%	-7.10%	0.55%	-5.91%	2.18%	-3.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.07	5.34	4.83	4.56	3.58	0.03	-2.10	1.32	-2.76	1.92	-0.38
NOPAT to Interest Expense	4.23	3.60	3.39	3.53	4.05	0.18	-1.29	0.45	-1.11	1.89	-0.17
EBIT Less CapEx to Interest Expense	3.77	3.05	3.18	3.00	2.55	-0.56	-3.09	0.22	-4.79	0.83	-1.19
NOPAT Less CapEx to Interest Expense	1.93	1.31	1.74	1.97	3.02	-0.42	-2.27	-0.65	-3.14	0.80	-0.98
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.34%	29.63%	37.75%	29.43%	23.00%	-65.88%	-30.16%	1,030.93%	-27.73%	72.06%	-52.65%
Augmented Payout Ratio	54.23%	52.65%	125.42%	48.40%	42.78%	-133.06%	-35.21%	1,445.84%	-69.52%	79.36%	-87.13%

This table displays calculated financial ratios and metrics derived from Matthews International's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.17%	2.43%	7.78%	11.90%	5.04%	0.17%	-1.74%	-9.34%	-6.97%	-10.70%	-9.25%
EBITDA Growth	-211.37%	186.68%	55.47%	28.23%	201.31%	-17.56%	-10.25%	-31.62%	-157.31%	0.89%	-48.64%
EBIT Growth	-842.92%	176.13%	223.04%	80.04%	135.85%	-43.67%	-16.71%	-69.91%	-300.98%	15.27%	-79.36%
NOPAT Growth	84.96%	67.92%	258.15%	185.74%	159.39%	-47.92%	44.82%	-79.61%	-214.75%	-39.81%	-82.90%
Net Income Growth	-2,107.12%	118.41%	571.33%	201.60%	121.85%	-163.15%	-1.07%	-79.51%	-485.24%	-50.76%	-198.77%
EPS Growth	-2,254.55%	119.35%	583.33%	211.11%	122.01%	-158.33%	0.00%	-78.57%	-487.72%	-57.14%	-200.00%
Operating Cash Flow Growth	-24.06%	-33.39%	-18.97%	176.49%	-93.84%	24.73%	-29.44%	-58.08%	1,273.03%	8.28%	-88.92%
Free Cash Flow Firm Growth	125.41%	1,005.08%	462.70%	25.02%	-136.68%	-130.26%	-141.43%	-140.49%	314.27%	569.57%	477.06%
Invested Capital Growth	-10.01%	-6.60%	-4.49%	-3.49%	5.06%	2.96%	4.50%	2.60%	-7.90%	-10.82%	-8.75%
Revenue Q/Q Growth	8.40%	-1.73%	6.75%	-1.60%	1.75%	-6.29%	4.72%	-9.21%	4.41%	-10.04%	6.42%
EBITDA Q/Q Growth	-251.72%	176.51%	25.19%	-11.76%	19.87%	-37.74%	36.30%	-32.77%	-200.46%	209.61%	-30.61%
EBIT Q/Q Growth	-806.81%	120.30%	61.82%	-22.47%	40.74%	-68.10%	139.27%	-71.99%	-1,040.08%	118.30%	-57.16%
NOPAT Q/Q Growth	-735.12%	124.78%	32.74%	36.79%	32.01%	-78.27%	269.08%	-80.74%	-842.76%	111.40%	4.83%
Net Income Q/Q Growth	-2,915.90%	104.50%	150.21%	-4.98%	104.05%	-113.02%	491.97%	-80.31%	-3,935.73%	94.91%	-156.80%
EPS Q/Q Growth	-2,977.78%	104.63%	141.67%	-3.45%	103.57%	-112.28%	514.29%	-79.31%	-3,783.33%	95.02%	-163.64%
Operating Cash Flow Q/Q Growth	264.93%	-185.25%	323.43%	-60.22%	-91.87%	-1,141.48%	309.44%	-76.37%	166.37%	-169.57%	125.30%
Free Cash Flow Firm Q/Q Growth	50.00%	26.22%	-27.40%	-9.05%	-144.00%	-4.13%	0.60%	11.11%	332.89%	128.20%	-20.18%
Invested Capital Q/Q Growth	-6.94%	6.92%	-3.60%	0.62%	1.30%	4.78%	-2.16%	-1.21%	-9.06%	1.46%	0.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.78%	30.93%	31.20%	29.31%	31.41%	29.41%	31.45%	30.82%	26.27%	31.28%	33.70%
EBITDA Margin	-11.12%	8.66%	10.16%	9.11%	10.73%	7.13%	9.28%	6.87%	-6.61%	8.05%	5.25%
Operating Margin	-15.98%	3.83%	4.81%	4.56%	5.48%	2.10%	4.53%	1.57%	-11.14%	1.41%	1.39%
EBIT Margin	-16.35%	3.38%	5.12%	4.03%	5.58%	1.90%	4.34%	1.34%	-12.05%	2.45%	0.99%
Profit (Net Income) Margin	-17.71%	0.81%	1.90%	1.84%	3.68%	-0.51%	1.92%	0.42%	-15.26%	-0.86%	-2.09%
Tax Burden Percent	97.50%	73.54%	72.96%	106.88%	115.41%	76.03%	114.19%	-25.20%	101.01%	59.55%	76.57%
Interest Burden Percent	111.10%	32.68%	50.94%	42.62%	57.22%	-35.44%	38.66%	-123.11%	125.32%	-59.18%	-275.86%
Effective Tax Rate	0.00%	26.46%	27.04%	-6.88%	-15.41%	0.00%	-14.19%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-15.72%	3.80%	5.06%	7.22%	9.76%	2.14%	7.73%	1.61%	-11.68%	1.40%	1.36%
ROIC Less NNEP Spread (ROIC-NNEP)	-20.02%	2.58%	3.93%	5.17%	7.98%	1.00%	5.66%	1.21%	-16.32%	0.44%	-0.35%
Return on Net Nonoperating Assets (RNNOA)	-24.69%	3.33%	4.70%	6.49%	11.23%	1.55%	8.22%	1.74%	-24.35%	0.74%	-0.59%
Return on Equity (ROE)	-40.40%	7.13%	9.76%	13.71%	21.00%	3.69%	15.95%	3.34%	-36.03%	2.13%	0.77%
Cash Return on Invested Capital (CROIC)	8.09%	4.83%	3.37%	2.93%	1.98%	3.36%	2.93%	7.60%	7.50%	10.53%	7.35%
Operating Return on Assets (OROA)	-14.72%	3.03%	4.81%	3.96%	5.57%	1.88%	4.29%	1.31%	-11.63%	2.32%	0.90%
Return on Assets (ROA)	-15.95%	0.73%	1.79%	1.80%	3.68%	-0.51%	1.89%	0.41%	-14.72%	-0.82%	-1.91%
Return on Common Equity (ROCE)	-40.42%	7.13%	9.76%	13.71%	21.01%	3.69%	15.96%	3.34%	-36.04%	2.13%	0.77%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-15.12%	-12.74%	-11.40%	0.00%	6.52%	6.50%	5.20%	0.00%	-14.71%	-19.30%
Net Operating Profit after Tax (NOPAT)	-51	13	17	23	30	6.60	24	4.69	-35	3.97	4.16
NOPAT Margin	-11.19%	2.82%	3.51%	4.87%	6.32%	1.47%	5.17%	1.10%	-7.80%	0.99%	0.97%
Net Nonoperating Expense Percent (NNEP)	4.31%	1.22%	1.13%	2.05%	1.78%	1.14%	2.07%	0.40%	4.64%	0.96%	1.71%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	0.48%	-	-	-	0.32%	0.34%
Cost of Revenue to Revenue	68.22%	69.07%	68.80%	70.69%	68.59%	70.59%	68.55%	69.18%	73.73%	68.72%	66.30%
SG&A Expenses to Revenue	27.14%	24.79%	24.20%	22.49%	23.73%	25.14%	25.02%	27.14%	31.60%	27.72%	31.31%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	47.76%	27.09%	26.39%	24.75%	25.93%	27.32%	26.92%	29.25%	37.41%	29.87%	32.31%
Earnings before Interest and Taxes (EBIT)	-75	15	25	19	27	8.55	20	5.73	-54	9.85	4.22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-51	39	49	43	52	32	44	29	-30	32	22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.33	1.74	2.05	2.40	2.18	2.12	1.84	1.51	1.62	2.05	1.69
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.37	0.50	0.58	0.67	0.61	0.57	0.50	0.42	0.40	0.48	0.40
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	29.22	32.44	28.23	29.07	0.00	0.00	0.00
Dividend Yield	4.16%	3.07%	2.61%	2.22%	2.44%	2.62%	3.08%	3.83%	4.14%	3.50%	4.41%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	3.42%	3.08%	3.54%	3.44%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.14	1.29	1.44	1.59	1.50	1.44	1.33	1.20	1.24	1.37	1.24
Enterprise Value to Revenue (EV/Rev)	0.77	0.93	0.98	1.06	0.99	1.00	0.91	0.83	0.79	0.92	0.85
Enterprise Value to EBITDA (EV/EBITDA)	48.94	31.06	25.08	24.59	10.27	10.72	10.03	9.72	18.80	21.07	26.49
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	21.87	23.81	22.82	24.76	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	22.19	23.21	18.59	11.99	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.63	13.95	17.83	16.42	23.53	21.24	26.41	33.14	17.94	19.63	47.09
Enterprise Value to Free Cash Flow (EV/FCFF)	13.29	25.89	41.71	53.38	77.38	43.32	46.55	16.05	15.81	12.29	16.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.64	1.66	1.52	1.49	1.50	1.69	1.65	1.65	1.78	1.96	2.01
Long-Term Debt to Equity	1.63	1.65	1.51	1.48	1.50	1.69	1.64	1.64	1.76	1.94	2.00
Financial Leverage	1.23	1.29	1.20	1.26	1.41	1.54	1.45	1.43	1.49	1.68	1.67
Leverage Ratio	3.48	3.44	3.37	3.41	3.72	3.75	3.71	3.65	3.87	4.01	4.05
Compound Leverage Factor	3.87	1.12	1.72	1.45	2.13	-1.33	1.43	-4.50	4.85	-2.37	-11.18
Debt to Total Capital	62.11%	62.38%	60.29%	59.76%	60.07%	62.89%	62.33%	62.24%	63.98%	66.18%	66.82%
Short-Term Debt to Total Capital	0.25%	0.22%	0.22%	0.23%	0.28%	0.36%	0.40%	0.41%	0.56%	0.59%	0.52%
Long-Term Debt to Total Capital	61.86%	62.15%	60.07%	59.53%	59.79%	62.53%	61.93%	61.83%	63.41%	65.59%	66.30%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.02%	-0.02%	-0.02%	-0.03%	-0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	37.91%	37.65%	39.73%	40.27%	39.96%	37.10%	37.67%	37.76%	36.02%	33.81%	33.18%
Debt to EBITDA	28.97	15.83	11.07	9.72	4.34	4.92	4.95	5.30	10.26	10.66	15.04
Net Debt to EBITDA	25.44	14.47	10.14	8.91	3.97	4.56	4.53	4.86	9.42	9.92	13.89
Long-Term Debt to EBITDA	28.85	15.77	11.03	9.68	4.32	4.89	4.92	5.26	10.17	10.56	14.92
Debt to NOPAT	-25.96	-31.90	-50.98	-98.48	9.37	10.65	9.18	6.54	-90.01	-71.91	-37.34
Net Debt to NOPAT	-22.80	-29.17	-46.67	-90.28	8.58	9.87	8.39	5.99	-82.61	-66.92	-34.50
Long-Term Debt to NOPAT	-25.86	-31.79	-50.79	-98.11	9.33	10.59	9.12	6.50	-89.22	-71.26	-37.05
Altman Z-Score	1.75	2.02	2.11	2.25	2.24	2.18	2.14	2.02	1.79	1.99	1.85
Noncontrolling Interest Sharing Ratio	-0.04%	-0.04%	-0.04%	-0.06%	-0.07%	-0.03%	-0.03%	-0.03%	-0.04%	0.01%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.53	1.73	1.57	1.63	1.64	1.88	1.82	1.66	1.45	1.58	1.59
Quick Ratio	0.71	0.72	0.65	0.60	0.63	0.73	0.66	0.61	0.57	0.59	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	81	102	74	68	-30	-31	-31	-27	64	145	116
Operating Cash Flow to CapEx	205.04%	-292.18%	711.58%	241.43%	19.41%	-195.47%	573.36%	147.53%	298.60%	0.00%	85.75%
Free Cash Flow to Firm to Interest Expense	9.77	10.02	6.17	6.19	-2.60	-2.68	-2.45	-2.14	4.68	9.28	7.32
Operating Cash Flow to Interest Expense	5.12	-3.55	6.72	2.95	0.23	-2.36	4.55	1.06	2.64	-1.59	0.40
Operating Cash Flow Less CapEx to Interest Expense	2.62	-4.76	5.77	1.73	-0.95	-3.56	3.76	0.34	1.75	-1.36	-0.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.90	0.90	0.94	0.98	1.00	0.99	0.99	0.98	0.96	0.95	0.92
Accounts Receivable Turnover	6.64	6.62	8.23	9.39	8.78	8.59	9.16	9.60	8.69	8.41	10.06
Inventory Turnover	5.98	5.67	5.49	5.36	5.36	5.21	5.13	4.90	5.08	4.90	5.17
Fixed Asset Turnover	7.35	0.00	7.51	7.70	7.15	6.89	6.86	6.69	6.53	6.39	6.81
Accounts Payable Turnover	10.60	11.66	10.76	11.94	11.06	13.20	11.58	11.24	11.37	12.29	11.03
Days Sales Outstanding (DSO)	54.97	55.13	44.36	38.88	41.58	42.48	39.83	38.02	42.02	43.41	36.29
Days Inventory Outstanding (DIO)	61.00	64.33	66.44	68.10	68.04	70.10	71.10	74.56	71.83	74.43	70.62
Days Payable Outstanding (DPO)	34.45	31.30	33.92	30.57	33.00	27.66	31.51	32.49	32.10	29.70	33.10
Cash Conversion Cycle (CCC)	81.52	88.15	76.88	76.41	76.61	84.93	79.42	80.10	81.76	88.15	73.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,188	1,270	1,225	1,232	1,248	1,308	1,280	1,264	1,150	1,167	1,168
Invested Capital Turnover	1.41	1.35	1.44	1.48	1.54	1.46	1.50	1.47	1.50	1.41	1.39
Increase / (Decrease) in Invested Capital	-132	-90	-58	-45	60	38	55	32	-99	-141	-112
Enterprise Value (EV)	1,349	1,643	1,762	1,961	1,871	1,879	1,707	1,523	1,422	1,600	1,448
Market Capitalization	648	878	1,050	1,251	1,148	1,080	937	762	710	847	689
Book Value per Share	$15.92	$16.68	$16.85	$17.15	$17.25	$16.58	$16.60	$16.40	$14.29	$13.51	$13.18
Tangible Book Value per Share	($12.75)	($12.56)	($12.70)	($11.68)	($10.93)	($11.46)	($11.16)	($10.99)	($12.62)	($12.73)	($4.90)
Total Capital	1,286	1,342	1,290	1,297	1,315	1,371	1,352	1,334	1,214	1,223	1,230
Total Debt	799	837	778	775	790	862	843	830	776	809	822
Total Long-Term Debt	795	834	775	772	786	857	837	825	770	802	816
Net Debt	701	766	712	710	723	799	770	761	713	753	760
Capital Expenditures (CapEx)	21	12	11	13	13	14	9.96	9.15	12	-3.72	7.38
Debt-free, Cash-free Net Working Capital (DFCFNWC)	149	224	185	203	215	276	255	219	164	201	209
Debt-free Net Working Capital (DFNWC)	221	269	227	242	257	314	301	261	205	235	249
Net Working Capital (NWC)	217	267	224	239	254	309	295	256	198	228	243
Net Nonoperating Expense (NNE)	30	9.02	7.69	14	13	8.90	15	2.91	33	7.44	13
Net Nonoperating Obligations (NNO)	701	766	712	710	723	799	770	761	713	753	760
Total Depreciation and Amortization (D&A)	24	24	24	24	25	24	23	24	24	23	18
Debt-free, Cash-free Net Working Capital to Revenue	8.46%	12.65%	10.22%	10.93%	11.44%	14.66%	13.62%	11.95%	9.12%	11.52%	12.28%
Debt-free Net Working Capital to Revenue	12.51%	15.20%	12.54%	13.05%	13.68%	16.68%	16.05%	14.29%	11.39%	13.44%	14.64%
Net Working Capital to Revenue	12.33%	15.03%	12.38%	12.89%	13.49%	16.41%	15.76%	13.99%	11.01%	13.02%	14.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.59)	$0.12	$0.30	$0.28	$0.58	($0.07)	$0.29	$0.06	($2.21)	($0.11)	($0.29)
Adjusted Weighted Average Basic Shares Outstanding	30.30M	30.42M	30.46M	30.47M	30.38M	30.68M	30.71M	30.60M	30.60M	30.97M	31.01M
Adjusted Diluted Earnings per Share	($2.59)	$0.12	$0.29	$0.28	$0.57	($0.07)	$0.29	$0.06	($2.21)	($0.11)	($0.29)
Adjusted Weighted Average Diluted Shares Outstanding	30.30M	30.42M	30.46M	30.47M	30.38M	30.68M	30.71M	30.60M	30.60M	30.97M	31.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.30M	30.42M	30.46M	30.47M	30.38M	30.68M	30.71M	30.60M	30.60M	30.97M	31.01M
Normalized Net Operating Profit after Tax (NOPAT)	-51	13	17	15	18	6.60	15	4.69	-35	3.97	4.16
Normalized NOPAT Margin	-11.19%	2.82%	3.51%	3.19%	3.84%	1.47%	3.17%	1.10%	-7.80%	0.99%	0.97%
Pre Tax Income Margin	-18.17%	1.10%	2.61%	1.72%	3.19%	-0.67%	1.68%	-1.65%	-15.11%	-1.45%	-2.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-9.01	1.49	2.04	1.74	2.34	0.74	1.63	0.45	-3.95	0.63	0.27
NOPAT to Interest Expense	-6.16	1.24	1.40	2.11	2.65	0.57	1.94	0.37	-2.56	0.25	0.26
EBIT Less CapEx to Interest Expense	-11.50	0.27	1.09	0.52	1.16	-0.47	0.84	-0.27	-4.83	0.87	-0.20
NOPAT Less CapEx to Interest Expense	-8.66	0.03	0.45	0.89	1.47	-0.63	1.15	-0.35	-3.44	0.49	-0.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-27.73%	-36.49%	-42.66%	-47.14%	72.06%	91.84%	92.99%	118.66%	-52.65%	-51.56%	-40.33%
Augmented Payout Ratio	-69.52%	-91.13%	-92.14%	-64.87%	79.36%	144.85%	145.39%	197.16%	-87.13%	-64.16%	-50.20%

Key Financial Trends

Here are the key financial takeaways for Matthews International (MATW) in Q2 2025:

Free Cash Flow Growth: Free Cash Flow to Firm (FCFF) rose 4.8% year-over-year to $116.1 million, supporting valuation and debt service.
Strong Cash Coverage: Operating Cash Flow to CapEx ratio of 0.86x (85.7%) indicates the business is generating ample cash relative to its capital investment.
Cash Return on Invested Capital: CROIC at 7.35% shows healthy cash returns on the capital base.
Solid Liquidity: Current Ratio of 1.59x demonstrates adequate short-term liquidity to meet obligations.
Modest Operating Profitability: NOPAT margin remains thin at 0.97%, underscoring tight operational levers.
EBITDA Margin: At 5.25%, EBITDA margin is modest in the context of industry peers.
Declining Revenue: Revenue fell 9.3% year-over-year in Q2 2025, reflecting continued end-market weakness.
Sharp Earnings Contraction: EBITDA declined 48.6% and EBIT plunged 79.4% Y/Y, pressure on profitability.
Negative Net Income: Profit margin was –2.08% in Q2 2025, resulting in a net loss on the quarter.
High Leverage: Net Debt to EBITDA of 13.9x signals elevated financial leverage compared with peers.

07/13/25 05:57 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Matthews International's Financials

When does Matthews International's fiscal year end?

According to the most recent income statement we have on file, Matthews International's financial year ends in September. Their financial year 2024 ended on September 30, 2024.

How has Matthews International's net income changed over the last 10 years?

Matthews International's net income appears to be on a downward trend, with a most recent value of -$59.66 million in 2024, falling from $43.27 million in 2014. The previous period was $39.14 million in 2023. View Matthews International's forecast to see where analysts expect Matthews International to go next.

What is Matthews International's operating income?

Matthews International's total operating income in 2024 was -$12.32 million, based on the following breakdown:

Total Gross Profit: $529.71 million
Total Operating Expenses: $542.03 million

How has Matthews International's revenue changed over the last 10 years?

Over the last 10 years, Matthews International's total revenue changed from $1.11 billion in 2014 to $1.80 billion in 2024, a change of 62.3%.

How much debt does Matthews International have?

Matthews International's total liabilities were at $1.40 billion at the end of 2024, a 2.6% increase from 2023, and a 11.9% increase since 2014.

How much cash does Matthews International have?

In the past 10 years, Matthews International's cash and equivalents has ranged from $35.30 million in 2019 to $72.20 million in 2015, and is currently $40.82 million as of their latest financial filing in 2024.

How has Matthews International's book value per share changed over the last 10 years?

Over the last 10 years, Matthews International's book value per share changed from 23.49 in 2014 to 14.29 in 2024, a change of -39.2%.

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This page (NASDAQ:MATW) was last updated on 7/13/2025 by MarketBeat.com Staff

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Matthews International (MATW) Financials

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Matthews International (MATW) Financials

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