What is Mativ's operating income?

Mativ's total operating income in 2025 was -$384.40 million, based on the following breakdown: Total Gross Profit: $362.90 million Total Operating Expenses: $747.30 million

Mativ (MATV) Financials

$11.77 -0.24 (-2.02%)

Closing price 11/13/2026 03:59 PM Eastern

Extended Trading

$11.76 0.00 (-0.02%)

As of 11/13/2026 07:30 PM Eastern

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Annual Income Statements for Mativ

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	90	83	35	95	86	83	88	-6.60	-310	-49	-337
Consolidated Net Income / (Loss)	90	83	35	95	86	84	89	-6.60	-310	-49	-337
Net Income / (Loss) Continuing Operations	91	83	34	95	86	84	1.70	-69	-508	-49	-337
Total Pre-Tax Income	106	93	102	117	97	97	-27	-97	-481	-79	-463
Total Operating Income	103	110	128	135	134	129	-16	-40	-414	6.30	-384
Total Gross Profit	224	258	283	279	290	308	183	306	356	364	363
Total Revenue	764	840	982	1,041	1,023	1,074	931	1,637	2,026	1,981	1,987
Operating Revenue	764	840	982	1,041	1,023	1,074	931	1,637	2,026	1,981	1,987
Total Cost of Revenue	540	582	699	763	733	766	748	1,331	1,670	1,617	1,624
Operating Cost of Revenue	540	582	699	763	733	766	748	1,331	1,670	1,617	1,624
Total Operating Expenses	121	148	155	144	156	180	199	346	770	358	747
Selling, General & Admin Expense	93	105	129	127	139	154	186	255	264	234	229
Research & Development Expense	14	18	18	15	14	14	12	19	21	23	24
Amortization Expense	-	-	-	-	-	-	-	53	61	63	63
Impairment Charge	-	-	-	-	-	-	1.90	19	424	38	432
Total Other Income / (Expense), net	2.50	-17	-27	-18	-37	-32	-10	-56	-67	-85	-79
Interest Expense	9.70	17	27	28	36	31	40	57	62	82	71
Other Income / (Expense), net	12	0.00	0.10	10	-1.00	-1.00	30	1.00	-4.80	-3.20	-7.50
Income Tax Expense	22	15	70	11	15	18	-28	-28	27	-30	-126
Net Income / (Loss) Discontinued Operations	-0.80	0.00	0.10	-0.30	-	-	87	62	198	0.00	0.00
Basic Earnings per Share	$2.95	$2.71	$1.12	$3.07	$2.78	$2.68	$2.83	($0.18)	($5.69)	($0.90)	($6.19)
Weighted Average Basic Shares Outstanding	30.25M	30.31M	30.41M	30.55M	30.65M	30.83M	31.03M	42.44M	54.51M	54.31M	54.61M
Diluted Earnings per Share	$2.94	$2.70	$1.12	$3.06	$2.76	$2.66	$87,800,002.80	($0.18)	($5.69)	($0.90)	($6.19)
Weighted Average Diluted Shares Outstanding	30.37M	30.46M	30.55M	30.69M	30.84M	31.10M	31.40M	42.44M	54.51M	54.31M	54.61M
Weighted Average Basic & Diluted Shares Outstanding	30.40M	30.60M	30.80M	30.80M	30.90M	31.68M	-	54.98M	54.30M	54.52M	54.78M
Cash Dividends to Common per Share	$1.54	$1.62	$1.69	$1.73	$1.76	$1.76	$1.76	$1.68	$1.00	$0.40	$0.40

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-28	-1.40	-21	1.70	-426	-9.50	-3.20	101	-12	3.60	-1.20
Consolidated Net Income / (Loss)	-28	-1.40	-21	1.50	-426	-9.50	-3.20	101	-12	3.60	-1.20
Net Income / (Loss) Continuing Operations	-28	-1.40	-21	1.50	-426	-9.50	-3.20	101	-12	3.60	-1.20
Total Pre-Tax Income	-30	-9.00	-24	-16	-450	3.00	-5.60	-10	-8.70	6.80	1.40
Total Operating Income	-14	11	7.00	2.60	-431	20	16	10	7.30	35	20
Total Gross Profit	84	109	94	78	73	104	99	87	85	113	98
Total Revenue	500	524	499	459	485	525	514	463	480	532	500
Operating Revenue	500	524	499	459	485	525	514	463	480	532	500
Total Cost of Revenue	416	415	405	381	412	422	414	376	395	419	402
Operating Cost of Revenue	416	415	405	381	412	422	414	376	395	419	402
Total Operating Expenses	98	98	87	75	503	84	83	77	78	78	78
Selling, General & Admin Expense	62	65	54	5.90	63	57	54	55	55	57	55
Research & Development Expense	6.00	5.80	5.70	5.50	6.30	6.70	5.60	5.00	5.50	4.90	4.80
Amortization Expense	16	16	15	-	15	16	16	16	16	16	16
Impairment Charge	14	12	11	-	418	3.80	8.10	1.70	1.30	0.70	2.70
Total Other Income / (Expense), net	-17	-20	-31	-18	-20	-17	-22	-20	-16	-29	-19
Interest Expense	18	18	18	27	18	19	18	17	18	28	18
Other Income / (Expense), net	1.70	-1.10	-13	8.90	-1.80	1.50	-3.90	-3.30	1.50	-0.50	-0.40
Income Tax Expense	-2.40	-7.60	-3.20	-17	-25	13	-2.40	-111	3.00	3.20	2.60
Basic Earnings per Share	($0.52)	($0.03)	($0.38)	$0.03	($7.82)	($0.18)	($0.06)	$1.87	($0.22)	$0.06	($0.03)
Weighted Average Basic Shares Outstanding	54.27M	54.32M	54.33M	54.31M	54.45M	54.62M	54.67M	54.61M	54.83M	55.12M	55.19M
Diluted Earnings per Share	($0.52)	($0.03)	($0.38)	$50,400,000.03	($7.82)	($0.18)	($0.06)	$1.87	($0.22)	$0.06	($0.03)
Weighted Average Diluted Shares Outstanding	54.27M	54.32M	54.33M	54.31M	54.45M	54.62M	54.67M	54.61M	54.83M	55.68M	55.19M
Weighted Average Basic & Diluted Shares Outstanding	54.32M	54.33M	54.34M	54.52M	54.63M	54.67M	54.68M	54.78M	55.12M	55.19M	55.19M

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-104	-79	-0.50	37	9.20	-48	20	50	-4.20	-26	-4.50
Net Cash From Operating Activities	145	130	131	139	160	162	58	202	107	95	134
Net Cash From Continuing Operating Activities	145	130	131	185	160	162	-7.50	125	77	95	134
Net Income / (Loss) Continuing Operations	91	83	34	95	86	84	1.70	-69	-508	-49	-337
Consolidated Net Income / (Loss)	90	83	35	95	86	84	89	-6.60	-310	-49	-337
Net Income / (Loss) Discontinued Operations	-0.80	0.00	0.10	-0.30	-	-	87	62	198	0.00	0.00
Depreciation Expense	41	45	60	-	58	70	67	110	148	144	141
Amortization Expense	-	-	-	-	-	2.10	4.00	6.40	7.60	7.80	8.20
Non-Cash Adjustments To Reconcile Net Income	6.90	28	11	115	23	18	-37	43	430	29	448
Changes in Operating Assets and Liabilities, net	6.20	-25	26	-24	-5.80	-12	-44	34	-1.00	-37	-126
Net Cash From Discontinued Operating Activities	0.10	0.00	0.10	0.20	-	-	66	78	30	0.00	0.00
Net Cash From Investing Activities	-314	-22	-319	-28	-15	-203	-636	-481	547	-57	-37
Net Cash From Continuing Investing Activities	-314	-22	-319	-28	-15	-203	-618	-469	-61	-45	-37
Purchase of Property, Plant & Equipment	-25	-31	-41	-30	-34	-33	-22	-48	-66	-55	-40
Sale of Property, Plant & Equipment	0.00	0.00	7.00	0.00	15	0.50	35	7.50	0.00	5.80	2.90
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	0.00	36	0.00	-1.70	3.40
Other Investing Activities, net	-8.00	8.20	6.90	2.20	4.60	-1.00	-0.80	-1.90	4.60	6.20	-3.30
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-18	-12	609	-12	0.00
Net Cash From Financing Activities	92	-186	180	-121	-136	-8.60	600	332	-663	-56	-107
Net Cash From Continuing Financing Activities	92	-186	180	-121	-136	-8.60	601	333	-662	-56	-107
Repayment of Debt	-347	-171	-209	-699	-100	-165	-69	-363	-836	-563	-162
Payment of Dividends	-47	-49	-52	-53	-54	-55	-55	-72	-55	-22	-22
Issuance of Debt	488	36	442	634	19	213	744	775	241	531	82
Other Financing Activities, net	0.50	-0.20	-	-	0.00	0.00	-15	-7.50	-12	-2.30	-4.50
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-0.70	-1.00	-0.90	0.00	0.00
Effect of Exchange Rate Changes	-27	-0.70	7.50	-	-0.50	1.80	-1.50	-2.70	4.90	-8.10	5.40
Cash Interest Paid	-	-	-	-	-	31	47	85	121	91	83
Cash Income Taxes Paid	-	-	-	-	-	15	22	26	38	15	12

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	8.70	4.50	29	-68	-0.50	12	-3.10	-13	-2.50	-17	31
Net Cash From Operating Activities	-13	46	38	24	-16	58	73	19	1.00	68	49
Net Cash From Continuing Operating Activities	-13	46	38	24	-16	58	73	19	1.00	68	49
Net Income / (Loss) Continuing Operations	-28	-1.40	-21	1.50	-426	-9.50	-3.20	101	-12	3.60	-1.20
Consolidated Net Income / (Loss)	-28	-1.40	-21	1.50	-426	-9.50	-3.20	101	-12	3.60	-1.20
Depreciation Expense	36	36	36	35	35	36	35	35	35	35	33
Amortization Expense	2.00	1.90	2.00	1.90	2.00	2.10	2.10	2.00	2.00	1.40	1.30
Non-Cash Adjustments To Reconcile Net Income	-0.60	12	19	-1.70	422	6.40	12	7.50	3.80	1.90	1.60
Changes in Operating Assets and Liabilities, net	-23	-2.60	1.70	-13	-50	22	27	-126	-28	26	14
Net Cash From Investing Activities	-21	-11	-9.40	-15	-11	-7.00	-5.40	-14	-8.40	-7.40	-11
Net Cash From Continuing Investing Activities	-9.10	-11	-9.40	-15	-11	-7.00	-5.40	-14	-8.40	-7.40	-11
Purchase of Property, Plant & Equipment	-12	-8.80	-13	-22	-14	-8.70	-6.10	-11	-8.40	-7.50	-11
Other Investing Activities, net	1.00	-0.40	0.60	5.60	-0.10	-	-0.50	-2.70	0.00	0.10	-0.20
Net Cash From Financing Activities	46	-29	-4.20	-68	25	-42	-70	-19	5.90	-77	-6.00
Net Cash From Continuing Financing Activities	46	-29	-4.20	-68	25	-42	-70	-19	5.90	-77	-6.00
Repayment of Debt	-17	-49	-32	-466	-23	-45	-64	-31	-1.80	-748	-11
Payment of Dividends	-5.40	-5.40	-5.40	-5.40	-5.50	-5.90	-5.40	-5.50	-5.90	-5.60	-5.50
Issuance of Debt	69	25	33	404	54	10	-	18	16	677	12
Other Financing Activities, net	-1.10	-0.30	-0.10	-1.50	-1.30	-1.40	-1.20	-0.60	-2.70	-0.80	-1.20
Effect of Exchange Rate Changes	-3.00	-1.30	4.80	-8.60	1.50	3.60	-0.20	0.50	-1.00	-0.30	-0.60
Cash Interest Paid	17	29	18	28	13	29	13	28	11	29	12
Cash Income Taxes Paid	1.70	7.00	-0.50	6.70	1.60	1.20	6.60	2.10	-0.60	-1.80	0.20

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,290	1,174	1,543	1,467	1,472	1,585	2,420	3,669	2,642	2,448	2,052
Total Current Assets	445	364	433	429	428	396	595	975	713	658	639
Cash & Equivalents	187	107	107	94	103	55	75	101	120	94	84
Restricted Cash	-	-	-	-	-	-	-	-	-	0.00	5.60
Accounts Receivable	119	115	149	155	143	149	238	178	177	162	181
Inventories, net	112	119	155	152	161	180	260	415	353	355	329
Current Deferred & Refundable Income Taxes	-	0.00	3.40	12	13	6.20	10	19	31	21	18
Other Current Assets	4.60	22	5.40	5.10	7.40	7.30	12	28	32	26	21
Plant, Property, & Equipment, net	308	307	362	340	0.00	339	462	692	673	620	625
Total Noncurrent Assets	537	502	748	697	662	790	1,364	2,003	1,257	1,170	788
Goodwill	233	230	341	338	337	404	648	844	474	466	58
Intangible Assets	214	178	297	273	251	315	514	710	631	553	514
Noncurrent Deferred & Refundable Income Taxes	0.10	3.70	1.00	0.30	3.70	2.60	34	34	6.40	8.10	104
Other Noncurrent Operating Assets	22	28	40	34	69	69	101	141	127	126	112
Total Liabilities & Shareholders' Equity	1,290	1,174	1,543	1,467	1,472	1,585	2,420	3,669	2,642	2,448	2,052
Total Liabilities	822	665	996	909	874	935	1,738	2,490	1,693	1,589	1,553
Total Current Liabilities	143	136	147	144	158	167	231	466	281	275	285
Short-Term Debt	3.30	3.00	5.10	3.30	1.90	2.80	2.70	34	2.80	2.60	2.90
Accounts Payable	49	50	59	66	66	61	116	181	139	152	161
Accrued Expenses	86	77	79	73	87	101	102	129	114	101	111
Current Deferred & Payable Income Tax Liabilities	5.30	5.30	4.00	1.60	2.80	2.70	2.60	10	14	8.40	1.50
Other Current Liabilities	-	-	-	-	-	-	7.80	9.40	11	11	9.00
Total Noncurrent Liabilities	679	530	849	765	716	768	1,507	2,024	1,412	1,315	1,268
Long-Term Debt	568	437	679	619	541	591	1,265	1,656	1,102	1,087	1,015
Capital Lease Obligations	-	-	-	-	-	-	19	25	35	36	39
Noncurrent Deferred & Payable Income Tax Liabilities	45	30	42	48	48	45	95	152	142	101	75
Noncurrent Employee Benefit Liabilities	34	33	31	28	32	37	39	60	62	54	54
Other Noncurrent Operating Liabilities	32	29	60	43	74	79	73	49	63	37	85
Total Equity & Noncontrolling Interests	468	508	547	558	598	650	682	1,179	949	859	499
Total Preferred & Common Equity	468	508	547	558	598	650	682	1,179	949	859	499
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	468	508	547	558	598	650	682	1,179	949	859	499
Common Stock	57	62	69	74	82	95	105	664	675	681	691
Retained Earnings	553	585	567	608	638	666	696	611	235	164	-196
Accumulated Other Comprehensive Income / (Loss)	-141	-139	-89	-125	-123	-112	-119	-95	39	13	4.00

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

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026	9/30/2026
Total Assets	3,649	3,118	2,653	2,608	2,623	2,052	2,077	2,002	2,035	1,991	2,031
Total Current Assets	963	914	759	752	777	686	701	672	665	655	709
Cash & Equivalents	108	85	129	133	162	84	96	97	82	66	97
Restricted Cash	-	-	-	-	-	9.80	10	5.80	5.00	4.50	4.20
Accounts Receivable	278	179	226	218	209	202	209	201	203	211	250
Inventories, net	522	365	341	347	354	346	345	330	335	340	329
Current Deferred & Refundable Income Taxes	20	18	29	21	17	19	17	17	14	11	9.00
Other Current Assets	36	29	35	32	36	25	25	22	26	22	19
Plant, Property, & Equipment, net	875	665	652	633	636	622	632	615	607	595	585
Total Noncurrent Assets	1,811	1,538	1,241	1,223	1,210	744	744	715	763	741	736
Goodwill	875	468	471	470	476	55	58	57	57	56	56
Intangible Assets	660	637	610	592	586	545	547	529	493	476	460
Noncurrent Deferred & Refundable Income Taxes	34	2.80	8.60	9.70	10	9.60	0.20	0.10	100	99	97
Other Noncurrent Operating Assets	168	168	135	135	122	118	123	112	112	110	123
Total Liabilities & Shareholders' Equity	3,649	3,118	2,653	2,608	2,623	2,052	2,077	2,002	2,035	1,991	2,031
Total Liabilities	2,500	2,445	1,746	1,710	1,741	1,624	1,660	1,604	1,562	1,520	1,563
Total Current Liabilities	426	404	300	305	328	288	296	315	294	331	367
Short-Term Debt	35	35	2.70	2.70	2.80	2.70	2.90	2.90	2.90	4.40	3.80
Accounts Payable	214	149	166	169	173	177	173	185	184	199	220
Accrued Expenses	151	109	100	110	131	89	103	113	96	118	132
Current Deferred & Payable Income Tax Liabilities	17	12	19	13	10	8.60	5.50	2.70	2.00	1.30	3.40
Other Current Liabilities	9.50	9.40	12	11	11	11	12	11	9.30	9.00	8.80
Total Noncurrent Liabilities	2,074	2,041	1,446	1,404	1,413	1,336	1,365	1,289	1,268	1,189	1,196
Long-Term Debt	1,713	1,704	1,155	1,134	1,141	1,120	1,088	1,026	1,033	970	973
Capital Lease Obligations	38	31	36	35	35	36	42	40	38	36	47
Noncurrent Deferred & Payable Income Tax Liabilities	160	137	131	121	116	77	86	81	73	71	69
Noncurrent Employee Benefit Liabilities	79	56	61	60	59	55	57	56	51	50	49
Other Noncurrent Operating Liabilities	75	43	56	55	63	48	92	87	73	61	58
Total Equity & Noncontrolling Interests	1,149	673	907	898	882	428	417	397	472	471	467
Total Preferred & Common Equity	1,149	673	907	898	882	428	417	397	472	471	467
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,149	673	907	898	882	428	417	397	472	471	467
Common Stock	671	674	673	675	677	684	686	688	690	692	694
Retained Earnings	551	86	202	195	168	-267	-282	-291	-213	-215	-222
Accumulated Other Comprehensive Income / (Loss)	-73	-87	33	28	37	11	13	0.20	-4.90	-6.30	-5.10

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	30,472,399.00	30,535,550.00	30,721,566.00	30,767,451.00	30,896,661.00	31,323,338.00	31,458,255.00	-	-	-	54,681,114.00
DEI Adjusted Shares Outstanding	30,472,399.00	30,535,550.00	30,721,566.00	30,767,451.00	30,896,661.00	31,323,338.00	31,458,255.00	-	-	-	54,681,114.00
DEI Earnings Per Adjusted Shares Outstanding	2.94	2.71	1.12	3.07	2.78	2.65	2.79	-	-	-	-6.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.80%	9.92%	16.93%	6.03%	-1.78%	5.05%	-13.37%	75.88%	23.77%	-2.22%	0.30%
EBITDA Growth	-2.68%	-1.09%	21.62%	-22.83%	31.52%	4.88%	-57.50%	-9.29%	-441.50%	158.75%	-256.88%
EBIT Growth	-0.17%	-4.51%	16.73%	12.93%	-8.28%	-3.91%	-89.12%	-382.01%	-968.11%	100.74%	-12,741.94%
NOPAT Growth	-4.75%	12.15%	-56.11%	204.13%	-7.87%	-7.56%	-110.86%	-148.15%	-929.60%	101.52%	-6,201.59%
Net Income Growth	0.00%	-7.69%	-58.33%	173.91%	-9.21%	-2.33%	6.09%	-107.42%	-4,589.39%	84.26%	-592.81%
EPS Growth	0.34%	-8.16%	-58.52%	173.21%	-9.80%	-3.62%	3,300,751,884.96%	-100.00%	-3,061.11%	84.18%	-587.78%
Operating Cash Flow Growth	-12.78%	-10.37%	1.00%	6.18%	15.24%	0.81%	-64.11%	248.62%	-47.28%	-11.07%	41.14%
Free Cash Flow Firm Growth	-187.50%	169.03%	-388.81%	163.60%	235.99%	-319.33%	97.42%	-2,369.31%	131.97%	-61.26%	85.96%
Invested Capital Growth	34.23%	1.83%	34.11%	-1.96%	-35.96%	176.95%	0.88%	35.24%	-20.41%	-4.01%	-22.44%
Revenue Q/Q Growth	3.82%	-1.30%	3.91%	1.26%	-0.99%	3.96%	-29.97%	29.32%	10.96%	0.32%	0.23%
EBITDA Q/Q Growth	6.04%	-12.51%	9.37%	-27.06%	42.31%	1.63%	-53.88%	148.71%	17.41%	10.58%	-2.23%
EBIT Q/Q Growth	6.57%	-16.22%	12.73%	4.17%	-0.75%	-1.84%	-85.55%	-2.35%	11.95%	126.27%	-1.21%
NOPAT Q/Q Growth	6.57%	1.90%	-59.28%	81.29%	-3.85%	-2.56%	-116.18%	50.86%	9.77%	320.00%	1.91%
Net Income Q/Q Growth	3.70%	-5.37%	-56.22%	57.50%	17.86%	-5.52%	74.66%	-114.93%	33.40%	-145.30%	22.74%
EPS Q/Q Growth	3.89%	-5.92%	-56.25%	57.73%	17.45%	-5.67%	5,487,500,075.00%	-100.00%	100.00%	-100.00%	22.91%
Operating Cash Flow Q/Q Growth	-6.22%	-12.07%	-6.43%	6.26%	-2.73%	8.53%	-28.92%	323.90%	-55.10%	-24.10%	-3.46%
Free Cash Flow Firm Q/Q Growth	-167.80%	139.49%	-20.99%	31.53%	183.20%	-3,388.45%	95.39%	37.06%	-54.07%	-34.84%	-40.55%
Invested Capital Q/Q Growth	45.35%	-4.32%	-4.99%	-3.23%	-34.80%	58.83%	1.45%	-12.11%	-2.78%	-0.44%	7.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.37%	30.71%	28.86%	26.75%	28.35%	28.70%	19.68%	18.69%	17.56%	18.38%	18.26%
EBITDA Margin	20.44%	18.40%	19.13%	13.92%	18.64%	18.62%	9.13%	4.71%	-13.00%	7.81%	-12.21%
Operating Margin	13.48%	13.10%	13.06%	12.96%	13.10%	11.99%	-1.74%	-2.46%	-20.43%	0.32%	-19.35%
EBIT Margin	15.08%	13.10%	13.07%	13.92%	13.00%	11.90%	1.49%	-2.39%	-20.67%	0.16%	-19.72%
Profit (Net Income) Margin	11.74%	9.86%	3.51%	9.08%	8.39%	7.80%	9.55%	-0.40%	-15.28%	-2.46%	-16.98%
Tax Burden Percent	85.02%	88.65%	33.99%	80.91%	88.54%	86.13%	-335.47%	6.84%	64.36%	61.72%	72.87%
Interest Burden Percent	91.58%	84.91%	79.05%	80.55%	72.86%	76.13%	-190.65%	246.17%	114.86%	-2,545.16%	118.14%
Effective Tax Rate	20.47%	16.49%	68.57%	9.16%	15.69%	18.91%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	12.30%	11.92%	4.43%	11.88%	13.47%	8.46%	-0.62%	-1.31%	-13.04%	0.23%	-16.04%
ROIC Less NNEP Spread (ROIC-NNEP)	16.45%	8.71%	2.91%	6.02%	3.05%	4.99%	8.18%	0.46%	-14.75%	-4.95%	-22.87%
Return on Net Nonoperating Assets (RNNOA)	6.45%	5.04%	2.11%	5.23%	1.38%	4.63%	13.65%	0.60%	-16.04%	-5.62%	-33.68%
Return on Equity (ROE)	18.75%	16.96%	6.54%	17.11%	14.85%	13.09%	13.03%	-0.71%	-29.08%	-5.39%	-49.72%
Cash Return on Invested Capital (CROIC)	-16.93%	10.11%	-24.71%	13.85%	57.31%	-85.42%	-1.50%	-31.27%	9.68%	4.32%	9.23%
Operating Return on Assets (OROA)	9.31%	8.93%	9.45%	9.64%	9.05%	6.57%	0.57%	-1.29%	-13.27%	0.12%	-17.42%
Return on Assets (ROA)	7.25%	6.72%	2.54%	6.28%	5.84%	4.31%	3.67%	-0.22%	-9.81%	-1.91%	-15.00%
Return on Common Equity (ROCE)	18.75%	16.96%	6.54%	17.11%	14.85%	13.09%	13.03%	-0.71%	-29.08%	-5.39%	-49.72%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.56%	-32.61%	-5.67%	0.00%
Net Operating Profit after Tax (NOPAT)	82	92	40	123	113	104	-11	-28	-290	4.41	-269
NOPAT Margin	10.72%	10.94%	4.11%	11.78%	11.05%	9.72%	-1.22%	-1.72%	-14.30%	0.22%	-13.54%
Net Nonoperating Expense Percent (NNEP)	-4.15%	3.21%	1.52%	5.86%	10.43%	3.48%	-8.80%	-1.76%	1.71%	5.18%	6.84%
Return On Investment Capital (ROIC_SIMPLE)	7.88%	9.68%	3.28%	10.39%	9.91%	5.35%	-0.58%	-0.97%	-13.87%	0.22%	-17.30%
Cost of Revenue to Revenue	70.63%	69.29%	71.14%	73.25%	71.65%	71.30%	80.32%	81.31%	82.44%	81.62%	81.74%
SG&A Expenses to Revenue	12.15%	12.48%	13.16%	12.16%	13.57%	14.32%	19.95%	15.57%	13.03%	11.80%	11.51%
R&D to Revenue	1.83%	2.08%	1.81%	1.46%	1.32%	1.28%	1.27%	1.15%	1.05%	1.16%	1.19%
Operating Expenses to Revenue	15.89%	17.61%	15.79%	13.78%	15.25%	16.71%	21.42%	21.15%	37.99%	18.06%	37.61%
Earnings before Interest and Taxes (EBIT)	115	110	128	145	133	128	14	-39	-419	3.10	-392
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	156	155	188	145	191	200	85	77	-263	155	-243
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.67	1.74	1.69	0.96	1.59	1.42	1.11	0.89	0.84	0.68	1.30
Price to Tangible Book Value (P/TBV)	37.68	8.75	0.00	0.00	104.12	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.02	1.06	0.94	0.52	0.93	0.90	0.81	0.64	0.39	0.29	0.33
Price to Earnings (P/E)	8.70	10.71	26.86	5.68	11.04	11.68	8.62	0.00	0.00	0.00	0.00
Dividend Yield	6.02%	5.58%	5.60%	9.92%	5.74%	5.69%	7.32%	8.84%	6.81%	3.74%	3.37%
Earnings Yield	11.50%	9.34%	3.72%	17.61%	9.06%	8.56%	11.60%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.44	1.49	1.38	0.99	2.12	1.16	1.04	1.07	0.92	0.85	1.10
Enterprise Value to Revenue (EV/Rev)	1.44	1.38	1.46	0.97	1.36	1.96	2.05	1.62	0.90	0.81	0.81
Enterprise Value to EBITDA (EV/EBITDA)	7.03	7.48	7.64	6.99	7.27	10.50	22.39	34.47	0.00	10.43	0.00
Enterprise Value to EBIT (EV/EBIT)	9.53	10.51	11.18	6.99	10.43	16.44	136.94	0.00	0.00	520.39	0.00
Enterprise Value to NOPAT (EV/NOPAT)	13.40	12.58	35.60	8.26	12.28	20.11	0.00	0.00	0.00	365.81	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.58	8.91	10.96	7.28	8.65	13.00	32.82	13.15	17.03	17.02	12.09
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	14.84	0.00	7.08	2.89	0.00	0.00	0.00	8.44	19.36	10.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.22	0.87	1.25	1.12	0.91	1.86	1.89	1.45	1.20	1.31	2.12
Long-Term Debt to Equity	1.21	0.86	1.24	1.11	0.90	1.86	1.88	1.43	1.20	1.31	2.11
Financial Leverage	0.39	0.58	0.73	0.87	0.45	0.93	1.67	1.31	1.09	1.13	1.47
Leverage Ratio	2.59	2.52	2.57	2.72	2.54	3.04	3.55	3.27	2.97	2.82	3.32
Compound Leverage Factor	2.37	2.14	2.04	2.19	1.85	2.32	-6.76	8.05	3.41	-71.67	3.92
Debt to Total Capital	54.98%	46.42%	55.59%	52.72%	47.59%	65.06%	65.34%	59.25%	54.57%	56.73%	67.94%
Short-Term Debt to Total Capital	0.32%	0.32%	0.41%	0.28%	0.17%	0.16%	0.14%	1.16%	0.13%	0.13%	0.19%
Long-Term Debt to Total Capital	54.67%	46.11%	55.17%	52.44%	47.42%	64.90%	65.21%	58.09%	54.43%	56.60%	67.76%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	45.02%	53.58%	44.41%	47.28%	52.41%	34.94%	34.66%	40.75%	45.43%	43.27%	32.06%
Debt to EBITDA	3.66	2.85	3.64	4.29	2.85	6.35	15.13	22.24	-4.33	7.28	-4.36
Net Debt to EBITDA	2.03	1.74	2.71	3.29	2.31	5.66	13.49	20.93	-3.87	6.67	-3.99
Long-Term Debt to EBITDA	3.64	2.83	3.61	4.27	2.84	6.34	15.10	21.81	-4.32	7.26	-4.34
Debt to NOPAT	6.98	4.79	16.97	5.07	4.80	12.16	-113.42	-60.95	-3.93	255.26	-3.93
Net Debt to NOPAT	3.88	2.93	12.62	3.88	3.89	10.83	-101.14	-57.35	-3.52	233.88	-3.59
Long-Term Debt to NOPAT	6.94	4.76	16.84	5.05	4.79	12.13	-113.18	-59.75	-3.92	254.67	-3.92
Altman Z-Score	2.34	2.76	2.21	2.21	2.47	1.54	1.25	1.06	0.85	1.32	0.66
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.11	2.68	2.94	2.99	2.71	2.57	2.57	2.09	2.53	2.40	2.24
Quick Ratio	2.14	1.64	1.74	1.73	1.56	1.35	1.35	0.60	1.05	0.94	0.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-113	78	-225	143	481	-1,054	-27	-673	215	83	155
Operating Cash Flow to CapEx	576.49%	423.86%	388.72%	468.35%	826.29%	492.68%	0.00%	496.81%	160.54%	190.36%	360.65%
Free Cash Flow to Firm to Interest Expense	-11.63	4.69	-8.36	5.07	13.31	-34.56	-0.67	-11.74	3.46	1.02	2.18
Operating Cash Flow to Interest Expense	14.92	7.81	4.87	4.93	4.44	5.30	1.44	3.53	1.71	1.16	1.88
Operating Cash Flow Less CapEx to Interest Expense	12.33	5.97	3.62	3.88	3.90	4.22	1.76	2.82	0.65	0.55	1.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.68	0.72	0.69	0.70	0.55	0.38	0.54	0.64	0.78	0.88
Accounts Receivable Turnover	7.16	7.16	7.43	6.85	6.87	5.64	3.91	7.87	11.42	11.69	11.58
Inventory Turnover	4.89	5.02	5.09	4.97	4.68	3.64	2.88	3.95	4.35	4.57	4.75
Fixed Asset Turnover	2.28	2.73	2.93	2.97	0.00	0.00	2.01	2.84	2.97	3.06	3.19
Accounts Payable Turnover	11.51	11.72	12.74	12.20	11.09	8.40	6.44	8.97	10.44	11.11	10.40
Days Sales Outstanding (DSO)	50.95	50.95	49.15	53.28	53.14	64.75	93.34	46.40	31.95	31.22	31.53
Days Inventory Outstanding (DIO)	74.66	72.69	71.73	73.38	77.93	100.27	126.71	92.44	83.86	79.91	76.88
Days Payable Outstanding (DPO)	31.72	31.14	28.65	29.93	32.90	43.45	56.64	40.67	34.95	32.84	35.10
Cash Conversion Cycle (CCC)	93.89	92.50	92.22	96.73	98.16	121.57	163.41	98.17	80.86	78.28	73.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	764	778	1,043	1,022	655	1,813	1,829	2,474	1,969	1,890	1,466
Invested Capital Turnover	1.15	1.09	1.08	1.01	1.22	0.87	0.51	0.76	0.91	1.03	1.18
Increase / (Decrease) in Invested Capital	195	14	265	-20	-368	1,159	16	645	-505	-79	-424
Enterprise Value (EV)	1,097	1,156	1,435	1,013	1,387	2,101	1,904	2,658	1,816	1,613	1,617
Market Capitalization	780	886	927	537	947	970	757	1,044	796	582	650
Book Value per Share	$15.35	$16.65	$17.80	$18.13	$19.35	$21.78	$21.69	$21.46	$17.51	$15.80	$9.12
Tangible Book Value per Share	$0.68	$3.32	($2.99)	($1.72)	$0.29	($15.32)	($15.26)	($6.83)	($2.88)	($2.95)	($1.34)
Total Capital	1,039	949	1,231	1,180	1,140	1,953	1,968	2,894	2,089	1,984	1,556
Total Debt	572	440	684	622	543	1,270	1,286	1,715	1,140	1,126	1,057
Total Long-Term Debt	568	437	679	619	541	1,267	1,284	1,681	1,137	1,123	1,054
Net Debt	318	269	509	476	440	1,131	1,147	1,614	1,020	1,031	967
Capital Expenditures (CapEx)	25	31	34	30	19	33	-13	41	66	50	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	119	124	184	195	169	292	292	441	314	292	266
Debt-free Net Working Capital (DFNWC)	305	232	291	289	272	367	366	542	434	386	356
Net Working Capital (NWC)	302	229	286	286	270	364	364	509	431	384	353
Net Nonoperating Expense (NNE)	-7.79	9.06	5.82	28	27	21	-100	-22	20	53	68
Net Nonoperating Obligations (NNO)	296	269	496	464	57	1,131	1,147	1,294	1,020	1,031	967
Total Depreciation and Amortization (D&A)	41	45	60	0.00	58	72	71	116	155	152	149
Debt-free, Cash-free Net Working Capital to Revenue	15.51%	14.78%	18.76%	18.75%	16.50%	27.18%	31.32%	26.94%	15.48%	14.73%	13.41%
Debt-free Net Working Capital to Revenue	39.92%	27.56%	29.64%	27.75%	26.57%	34.13%	39.35%	33.12%	21.42%	19.49%	17.93%
Net Working Capital to Revenue	39.48%	27.21%	29.12%	27.44%	26.39%	33.83%	39.06%	31.06%	21.28%	19.36%	17.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.95	$2.71	$1.12	$3.07	$2.78	$0.00	$0.00	($0.18)	($5.69)	($0.90)	($6.19)
Adjusted Weighted Average Basic Shares Outstanding	30.25M	30.31M	30.41M	30.55M	30.65M	0.00	0.00	42.44M	54.51M	54.31M	54.61M
Adjusted Diluted Earnings per Share	$2.94	$2.70	$1.12	$3.06	$2.76	$0.00	$0.00	($0.18)	($310,200,005.69)	($0.90)	($6.19)
Adjusted Weighted Average Diluted Shares Outstanding	30.37M	30.46M	30.55M	30.69M	30.84M	0.00	0.00	42.44M	54.51M	54.31M	54.61M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$2.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.54M	30.71M	30.77M	30.90M	31.19M	0.00	0.00	54.98M	54.30M	54.52M	54.78M
Normalized Net Operating Profit after Tax (NOPAT)	94	113	95	124	116	114	-10	-15	6.79	31	33
Normalized NOPAT Margin	12.24%	13.48%	9.72%	11.93%	11.35%	10.62%	-1.08%	-0.90%	0.34%	1.57%	1.67%
Pre Tax Income Margin	13.81%	11.12%	10.34%	11.22%	9.47%	9.06%	-2.85%	-5.90%	-23.74%	-3.98%	-23.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.88	6.63	4.77	5.14	3.68	4.19	0.34	-0.68	-6.73	0.04	-5.51
NOPAT to Interest Expense	8.44	5.53	1.50	4.35	3.13	3.42	-0.28	-0.49	-4.66	0.05	-3.78
EBIT Less CapEx to Interest Expense	9.29	4.78	3.52	4.09	3.15	3.11	0.67	-1.39	-7.80	-0.57	-6.03
NOPAT Less CapEx to Interest Expense	5.86	3.69	0.25	3.30	2.59	2.35	0.04	-1.20	-5.73	-0.55	-4.31
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	52.29%	59.66%	150.43%	56.30%	63.40%	65.63%	62.20%	-1,093.94%	-17.87%	-44.35%	-6.61%
Augmented Payout Ratio	55.52%	60.51%	153.91%	59.47%	64.45%	66.83%	66.03%	-1,093.94%	-17.87%	-44.35%	-6.61%

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	-	-	-	-	54,517,608.00	54,632,920.00	54,672,519.00	54,681,114.00	54,777,042.00	55,117,428.00	55,190,098.00
DEI Adjusted Shares Outstanding	-	-	-	-	54,517,608.00	54,632,920.00	54,672,519.00	54,681,114.00	54,777,042.00	55,117,428.00	55,190,098.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-7.80	-0.17	-0.06	1.84	-0.21	0.07	-0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.89%	-0.51%	0.06%	1.39%	-3.08%	0.31%	3.05%	0.98%	-1.07%	1.22%	-2.76%
EBITDA Growth	-27.42%	0.00%	108.40%	43.53%	-1,608.02%	25.58%	53.13%	-10.86%	111.54%	18.36%	10.20%
EBIT Growth	-317.24%	20.51%	98.64%	438.24%	-3,473.55%	129.79%	312.28%	-40.87%	102.04%	61.11%	61.16%
NOPAT Growth	-527.27%	0.96%	101.67%	218.18%	-3,020.29%	-965.99%	128.57%	288.46%	101.70%	129.36%	-252.30%
Net Income Growth	-263.64%	68.89%	95.43%	-99.05%	-1,419.64%	-578.57%	84.62%	6,620.00%	97.25%	137.89%	62.50%
EPS Growth	-258.97%	67.39%	95.41%	-89.23%	-1,403.85%	-500.00%	84.21%	6,133.33%	97.19%	133.33%	50.00%
Operating Cash Flow Growth	37.20%	14.68%	14.29%	-55.54%	-22.31%	24.95%	93.62%	-19.92%	106.29%	17.88%	-33.38%
Free Cash Flow Firm Growth	185.95%	190.20%	-73.41%	-83.96%	-77.40%	-49.16%	314.65%	434.03%	-77.69%	-87.98%	-107.88%
Invested Capital Growth	-28.64%	-30.15%	-6.26%	-4.01%	-24.25%	-25.42%	-28.18%	-22.44%	-2.30%	-2.27%	1.91%
Revenue Q/Q Growth	10.59%	4.72%	-4.83%	-8.00%	5.71%	8.37%	-2.23%	-9.85%	3.56%	10.88%	-6.07%
EBITDA Q/Q Growth	-22.94%	82.06%	-32.91%	52.50%	-909.63%	115.16%	-18.20%	-11.22%	4.83%	55.48%	-23.84%
EBIT Q/Q Growth	-255.88%	177.69%	-160.64%	301.75%	-3,860.00%	105.00%	-43.98%	-43.80%	29.41%	295.45%	-43.97%
NOPAT Q/Q Growth	-527.27%	176.09%	-33.33%	-62.86%	-16,661.54%	78.88%	117.60%	-36.88%	-27.72%	265.72%	-191.27%
Net Income Q/Q Growth	-117.76%	95.00%	-1,385.71%	107.21%	-28,466.67%	97.77%	66.32%	3,250.00%	-111.61%	130.77%	-133.33%
EPS Q/Q Growth	-105.98%	94.64%	-1,293.33%	341.15%	-26,166.67%	97.70%	66.67%	3,216.67%	-111.76%	127.27%	-150.00%
Operating Cash Flow Q/Q Growth	-123.99%	454.62%	-18.44%	-35.90%	-165.98%	462.26%	26.39%	-73.49%	-94.82%	6,690.00%	-28.57%
Free Cash Flow Firm Q/Q Growth	55.32%	7.82%	-84.37%	-38.71%	118.88%	142.50%	27.46%	-21.06%	-90.86%	30.65%	-183.63%
Invested Capital Q/Q Growth	0.14%	-1.82%	-1.93%	-0.44%	-20.98%	-3.34%	-5.55%	7.52%	-0.46%	-3.32%	-1.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.79%	20.79%	18.78%	16.92%	14.98%	19.74%	19.35%	18.83%	17.70%	21.31%	19.56%
EBITDA Margin	5.24%	9.11%	6.42%	10.64%	-81.50%	11.40%	9.54%	9.39%	9.51%	13.33%	10.81%
Operating Margin	-2.76%	2.00%	1.40%	0.57%	-88.82%	3.83%	3.11%	2.18%	1.52%	6.64%	3.98%
EBIT Margin	-2.42%	1.79%	-1.14%	2.51%	-89.19%	4.11%	2.36%	1.47%	1.83%	6.54%	3.90%
Profit (Net Income) Margin	-5.60%	-0.27%	-4.17%	0.33%	-87.77%	-1.81%	-0.62%	21.77%	-2.44%	0.68%	-0.24%
Tax Burden Percent	92.11%	15.56%	86.67%	-9.68%	94.51%	-316.67%	57.14%	-988.24%	134.48%	52.94%	-85.71%
Interest Burden Percent	251.24%	-95.74%	421.05%	-134.78%	104.12%	13.89%	-46.28%	-150.00%	-98.86%	19.54%	7.18%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	416.67%	0.00%	0.00%	0.00%	47.06%	185.71%
Return on Invested Capital (ROIC)	-1.61%	1.18%	0.99%	0.41%	-70.55%	-14.11%	2.65%	1.81%	1.43%	4.90%	-4.90%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.99%	0.52%	-1.18%	0.38%	-82.20%	-8.86%	1.20%	11.19%	-0.21%	3.36%	-3.22%
Return on Net Nonoperating Assets (RNNOA)	-3.86%	0.67%	-1.80%	0.43%	-131.12%	-13.91%	1.85%	16.47%	-0.47%	7.45%	-7.03%
Return on Equity (ROE)	-5.47%	1.85%	-0.81%	0.83%	-201.67%	-28.02%	4.50%	18.28%	0.96%	12.35%	-11.93%
Cash Return on Invested Capital (CROIC)	20.85%	22.85%	6.52%	4.32%	11.01%	12.52%	15.98%	9.23%	4.86%	5.67%	1.80%
Operating Return on Assets (OROA)	-1.51%	1.13%	-0.79%	1.95%	-74.53%	3.45%	2.02%	1.30%	1.78%	6.40%	3.82%
Return on Assets (ROA)	-3.50%	-0.17%	-2.87%	0.25%	-73.34%	-1.52%	-0.53%	19.22%	-2.37%	0.66%	-0.24%
Return on Common Equity (ROCE)	-5.47%	1.85%	-0.81%	0.83%	-201.67%	-28.02%	4.50%	18.28%	0.96%	12.35%	-11.93%
Return on Equity Simple (ROE_SIMPLE)	-36.37%	-36.38%	12.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-9.66	7.35	4.90	1.82	-301	-64	11	7.07	5.11	19	-17
NOPAT Margin	-1.93%	1.40%	0.98%	0.40%	-62.17%	-12.11%	2.18%	1.53%	1.07%	3.51%	-3.41%
Net Nonoperating Expense Percent (NNEP)	1.37%	0.66%	2.17%	0.03%	11.65%	-5.25%	1.45%	-9.38%	1.64%	1.53%	-1.68%
Return On Investment Capital (ROIC_SIMPLE)	-0.46%	0.36%	0.24%	0.09%	-18.99%	-4.11%	0.76%	0.45%	0.33%	1.26%	-1.14%
Cost of Revenue to Revenue	83.21%	79.21%	81.22%	83.08%	85.02%	80.26%	80.65%	81.17%	82.30%	78.70%	80.44%
SG&A Expenses to Revenue	15.47%	15.43%	13.98%	1.29%	13.06%	10.89%	10.45%	11.77%	11.43%	10.64%	10.97%
R&D to Revenue	1.20%	1.11%	1.14%	1.20%	1.30%	1.28%	1.09%	1.08%	1.15%	0.92%	0.96%
Operating Expenses to Revenue	19.55%	18.79%	17.37%	16.35%	103.80%	15.91%	16.24%	16.65%	16.18%	14.67%	15.58%
Earnings before Interest and Taxes (EBIT)	-12	9.40	-5.70	12	-432	22	12	6.80	8.80	35	20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	26	48	32	49	-395	60	49	44	46	71	54
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.08	0.99	1.02	0.68	0.75	0.86	1.51	1.30	1.00	0.89	1.37
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)	0.50	0.45	0.46	0.29	0.16	0.18	0.30	0.33	0.24	0.21	0.32
Price to Earnings (P/E)	0.00	0.00	8.33	0.00	0.00	0.00	0.00	0.00	6.17	4.66	6.99
Dividend Yield	3.87%	2.43%	2.41%	3.74%	6.79%	6.09%	3.64%	3.37%	4.65%	5.28%	3.45%
Earnings Yield	0.00%	0.00%	12.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.21%	21.45%	14.30%
Enterprise Value to Invested Capital (EV/IC)	1.04	1.00	1.01	0.85	0.93	0.96	1.15	1.10	1.00	0.96	1.12
Enterprise Value to Revenue (EV/Rev)	1.04	0.98	0.97	0.81	0.71	0.70	0.79	0.81	0.74	0.68	0.79
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	13.70	10.43	0.00	0.00	0.00	0.00	7.36	6.49	7.30
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	520.39	0.00	0.00	0.00	0.00	29.58	21.72	22.35
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	1,824.80	365.81	0.00	0.00	0.00	0.00	38.94	28.22	30.74
Enterprise Value to Operating Cash Flow (EV/OCF)	17.91	16.06	15.34	17.02	15.09	13.40	11.30	12.09	9.68	8.43	11.43
Enterprise Value to Free Cash Flow (EV/FCFF)	4.15	3.59	14.99	19.36	7.27	6.55	6.01	10.44	20.32	16.78	62.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.32	1.30	1.34	1.31	2.71	2.72	2.69	2.12	2.27	2.15	2.19
Long-Term Debt to Equity	1.31	1.30	1.33	1.31	2.70	2.71	2.68	2.11	2.27	2.14	2.18
Financial Leverage	1.29	1.30	1.52	1.13	1.60	1.57	1.55	1.47	2.28	2.22	2.18
Leverage Ratio	3.06	3.06	3.69	2.82	3.52	3.56	3.61	3.32	4.54	4.58	4.66
Compound Leverage Factor	7.69	-2.93	15.54	-3.80	3.67	0.49	-1.67	-4.97	-4.49	0.90	0.33
Debt to Total Capital	56.82%	56.60%	57.18%	56.73%	73.02%	73.11%	72.90%	67.94%	69.46%	68.23%	68.67%
Short-Term Debt to Total Capital	0.13%	0.13%	0.14%	0.13%	0.17%	0.19%	0.20%	0.19%	0.19%	0.30%	0.25%
Long-Term Debt to Total Capital	56.69%	56.47%	57.04%	56.60%	72.85%	72.93%	72.70%	67.76%	69.27%	67.93%	68.42%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	43.18%	43.40%	42.82%	43.27%	26.98%	26.89%	27.10%	32.06%	30.54%	31.77%	31.33%
Debt to EBITDA	-4.37	-4.29	8.42	7.28	-4.35	-4.45	-4.50	-4.36	5.42	4.84	4.78
Net Debt to EBITDA	-3.90	-3.80	7.26	6.67	-4.00	-4.04	-4.07	-3.99	4.98	4.50	4.31
Long-Term Debt to EBITDA	-4.36	-4.28	8.40	7.26	-4.34	-4.44	-4.49	-4.34	5.41	4.82	4.77
Debt to NOPAT	-4.01	-3.93	1,122.10	255.26	-4.03	-4.04	-3.90	-3.93	28.68	21.02	20.15
Net Debt to NOPAT	-3.57	-3.48	967.62	233.88	-3.71	-3.66	-3.52	-3.59	26.35	19.55	18.15
Long-Term Debt to NOPAT	-4.00	-3.92	1,119.43	254.67	-4.02	-4.03	-3.89	-3.92	28.60	20.93	20.07
Altman Z-Score	1.38	1.39	1.35	1.33	0.43	1.16	1.25	1.30	1.24	1.27	1.30
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.54	2.46	2.37	2.40	2.38	2.37	2.14	2.24	2.26	1.98	1.93
Quick Ratio	1.18	1.15	1.13	0.94	0.99	1.03	0.95	0.93	0.97	0.84	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	782	843	132	81	177	428	546	431	39	51	-43
Operating Cash Flow to CapEx	-128.71%	523.86%	376.00%	115.31%	-114.39%	662.07%	1,485.71%	170.80%	11.90%	905.33%	440.91%
Free Cash Flow to Firm to Interest Expense	42.71	45.80	7.20	2.99	9.93	23.03	30.85	25.36	2.25	1.84	-2.38
Operating Cash Flow to Interest Expense	-0.71	2.51	2.05	0.89	-0.89	3.10	4.11	1.14	0.06	2.43	2.68
Operating Cash Flow Less CapEx to Interest Expense	-1.26	2.03	1.51	0.12	-1.67	2.63	3.84	0.47	-0.42	2.16	2.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.63	0.63	0.69	0.78	0.84	0.84	0.86	0.88	0.97	0.98	0.98
Accounts Receivable Turnover	7.46	7.97	10.18	11.69	9.19	9.21	9.69	11.58	9.79	9.47	8.76
Inventory Turnover	3.67	3.70	4.46	4.57	4.70	4.68	4.76	4.75	4.72	4.68	4.83
Fixed Asset Turnover	2.59	2.62	3.04	3.06	3.08	3.11	3.17	3.19	3.22	3.24	3.29
Accounts Payable Turnover	7.75	8.40	9.95	11.11	9.41	9.49	9.11	10.40	8.92	8.62	7.86
Days Sales Outstanding (DSO)	48.92	45.82	35.84	31.22	39.73	39.62	37.66	31.53	37.29	38.56	41.69
Days Inventory Outstanding (DIO)	99.43	98.54	81.88	79.91	77.73	77.93	76.69	76.88	77.32	77.94	75.64
Days Payable Outstanding (DPO)	47.10	43.44	36.67	32.84	38.79	38.48	40.08	35.10	40.94	42.33	46.43
Cash Conversion Cycle (CCC)	101.25	100.92	81.04	78.28	78.67	79.08	74.27	73.31	73.67	74.18	70.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,972	1,936	1,898	1,890	1,493	1,444	1,363	1,466	1,459	1,411	1,389
Invested Capital Turnover	0.84	0.84	1.01	1.03	1.13	1.16	1.22	1.18	1.34	1.39	1.43
Increase / (Decrease) in Invested Capital	-791	-835	-127	-79	-478	-492	-535	-424	-34	-33	26
Enterprise Value (EV)	2,047	1,931	1,916	1,613	1,387	1,386	1,566	1,617	1,458	1,357	1,562
Market Capitalization	982	893	900	582	321	359	600	650	471	417	640
Book Value per Share	$16.70	$16.53	$16.24	$15.80	$7.85	$7.63	$7.27	$9.12	$8.62	$8.54	$8.46
Tangible Book Value per Share	($3.20)	($3.00)	($3.29)	($2.95)	($3.15)	($3.43)	($3.45)	($1.34)	($1.42)	($1.12)	($0.88)
Total Capital	2,100	2,069	2,061	1,984	1,587	1,550	1,466	1,556	1,546	1,482	1,491
Total Debt	1,194	1,171	1,178	1,126	1,159	1,133	1,069	1,057	1,074	1,011	1,024
Total Long-Term Debt	1,191	1,168	1,175	1,123	1,156	1,130	1,066	1,054	1,071	1,006	1,020
Net Debt	1,065	1,038	1,016	1,031	1,065	1,027	966	967	987	940	922
Capital Expenditures (CapEx)	10	8.80	10	21	14	8.70	4.90	11	8.40	7.50	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	334	316	290	292	307	303	258	266	286	258	244
Debt-free Net Working Capital (DFNWC)	463	449	452	386	401	409	361	356	374	328	346
Net Working Capital (NWC)	460	447	449	384	398	406	358	353	371	324	342
Net Nonoperating Expense (NNE)	18	8.75	26	0.32	124	-54	14	-94	17	15	-16
Net Nonoperating Obligations (NNO)	1,065	1,038	1,016	1,031	1,065	1,027	966	967	987	940	922
Total Depreciation and Amortization (D&A)	38	38	38	37	37	38	37	37	37	36	35
Debt-free, Cash-free Net Working Capital to Revenue	16.87%	16.00%	14.68%	14.73%	15.62%	15.39%	13.00%	13.41%	14.45%	12.95%	12.37%
Debt-free Net Working Capital to Revenue	23.39%	22.76%	22.89%	19.49%	20.39%	20.78%	18.19%	17.93%	18.86%	16.51%	17.51%
Net Working Capital to Revenue	23.26%	22.62%	22.75%	19.36%	20.25%	20.63%	18.04%	17.78%	18.71%	16.29%	17.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.52)	($0.03)	($0.38)	$0.03	($7.82)	($0.18)	($0.06)	$1.87	($0.22)	$0.06	($0.03)
Adjusted Weighted Average Basic Shares Outstanding	54.27M	54.32M	54.33M	54.31M	54.45M	54.62M	54.67M	54.61M	54.83M	55.12M	55.19M
Adjusted Diluted Earnings per Share	($28,000,000.52)	($1,500,000.03)	($20,900,000.38)	$50,400,000.03	($7.82)	($0.18)	($0.06)	$1.87	($0.22)	$0.06	($0.03)
Adjusted Weighted Average Diluted Shares Outstanding	54.27M	54.32M	54.33M	54.31M	54.45M	54.62M	54.67M	54.61M	54.83M	55.68M	55.19M
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	54.32M	54.33M	54.34M	54.52M	54.63M	54.67M	54.68M	54.78M	55.12M	55.19M	55.19M
Normalized Net Operating Profit after Tax (NOPAT)	0.42	16	13	1.82	-8.68	17	17	8.26	6.02	19	16
Normalized NOPAT Margin	0.08%	2.98%	2.56%	0.40%	-1.79%	3.18%	3.28%	1.78%	1.26%	3.58%	3.17%
Pre Tax Income Margin	-6.08%	-1.72%	-4.81%	-3.38%	-92.86%	0.57%	-1.09%	-2.20%	-1.81%	1.28%	0.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.66	0.51	-0.31	0.43	-24.29	1.16	0.68	0.40	0.50	1.24	1.08
NOPAT to Interest Expense	-0.53	0.40	0.27	0.07	-16.93	-3.42	0.63	0.42	0.29	0.67	-0.94
EBIT Less CapEx to Interest Expense	-1.21	0.03	-0.86	-0.35	-25.07	0.69	0.41	-0.26	0.02	0.98	0.47
NOPAT Less CapEx to Interest Expense	-1.08	-0.08	-0.28	-0.71	-17.71	-3.89	0.36	-0.25	-0.19	0.40	-1.55
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-11.73%	-6.67%	20.19%	-44.35%	-4.86%	-4.89%	-5.08%	-6.61%	29.71%	25.03%	24.59%
Augmented Payout Ratio	-11.73%	-6.67%	20.19%	-44.35%	-4.86%	-4.89%	-5.08%	-6.61%	29.71%	25.03%	24.59%

Financials Breakdown Chart

Key Financial Trends

Mativ’s Q2 2026 results show a meaningful operating recovery, but high leverage and interest costs remain major risks. Revenue increased to $531.8 million from $479.6 million in Q1 2026 and $525.4 million in the restated Q2 2025. Gross profit rose to $113.3 million, lifting the gross margin to approximately 21.3%, compared with 17.7% in Q1 and 19.7% a year earlier.

Operating performance also improved. Operating income reached $35.3 million, or approximately 6.6% of revenue, versus $7.3 million in Q1 2026 and $20.1 million in Q2 2025. Selling, general and administrative expense increased only modestly sequentially, while research and development spending declined. Impairment charges also fell to $700,000 from $1.3 million in Q1 and $3.8 million in the year-ago quarter.

Profitability below the operating line remains constrained by financing costs. Interest expense rose to $28.0 million in Q2 from $17.5 million in Q1 and $18.6 million in Q2 2025. Even so, Mativ generated $6.8 million of pretax income and $3.6 million of net income, compared with a $11.7 million loss in Q1 and a $9.5 million loss in Q2 2025. Diluted earnings per share improved to $0.06 from a loss of $0.22 in Q1.

Cash generation was strong in the latest quarter. Operating cash flow was $67.9 million, up sharply from $1.0 million in Q1 and $57.6 million in Q2 2025. The company also benefited from a $26.2 million contribution from changes in operating assets and liabilities. Capital expenditures were relatively modest at $7.5 million, producing approximately $60.4 million of operating cash flow after capital spending.

The balance sheet shows progress in debt reduction, although leverage is still substantial. Long-term debt declined to $970.1 million from $1.033 billion in Q1, and total liabilities fell to $1.52 billion from $1.562 billion. The quarter included $747.7 million of debt repayments and $677.4 million of new debt issuance, suggesting a significant refinancing or restructuring of the debt stack rather than a simple cash-funded payoff.

Revenue momentum improved: Q2 revenue rose approximately 10.9% sequentially and 1.2% year over year, reversing the decline from Q2 2025 to Q1 2026.
Operating margins expanded: The operating margin improved to approximately 6.6% from 1.5% in Q1 2026 and 3.8% in Q2 2025.
Net income returned to positive territory: Mativ reported $3.6 million of net income and $0.06 of diluted EPS after losses in both Q1 2026 and Q2 2025.
Operating cash flow strengthened: Q2 operating cash flow of $67.9 million was substantially above Q1’s $1.0 million and supported positive free cash flow after capital expenditures.
Debt balances declined sequentially: Long-term debt fell by approximately $62.8 million from Q1, while total liabilities decreased by roughly $42.4 million.
Working-capital movements supported cash flow: Operating assets and liabilities contributed $26.2 million of cash in Q2, but investors should determine whether this benefit is recurring or timing-related.
Liquidity remains adequate but not excessive: Cash and equivalents were $66.3 million and total current assets were $655.2 million against $331.3 million of current liabilities, producing a current ratio near 2.0.
Interest costs remain a significant earnings burden: Q2 interest expense of $28.0 million consumed most of the company’s $35.3 million of operating income.
Cash declined despite strong operating cash flow: Cash and equivalents fell by $16.0 million sequentially, while financing activities used $76.7 million, including dividends and debt-related transactions.
Leverage and asset quality remain concerns: Mativ had approximately $1.01 billion of long-term debt and capital lease obligations at June 30, while intangible assets totaled $475.9 million and retained earnings remained negative at $215.1 million.

Overall, the latest statements point to improving operations and cash generation, with Q2 2026 representing Mativ’s strongest recent quarter on revenue, operating income and net income. However, the company’s ability to sustain the recovery will depend heavily on reducing interest expense, maintaining positive free cash flow and continuing to lower debt without relying on repeated refinancing.

11/14/26 10:51 AM ETAI Generated. May Contain Errors.

Mativ Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Mativ's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Mativ's net income appears to be on a downward trend, with a most recent value of -$337.40 million in 2025, compared with $89.70 million in 2015. The previous period was -$48.70 million in 2024. See Mativ's forecast for analyst expectations on what's next for the company.

Mativ's total operating income in 2025 was -$384.40 million, based on the following breakdown:

Total Gross Profit: $362.90 million
Total Operating Expenses: $747.30 million

Over the last 10 years, Mativ's total revenue changed from $764.10 million in 2015 to $1.99 billion in 2025, a change of 160.0%.

In the past 13 quarters, Mativ's cash and equivalents has ranged from $66.30 million in Q2 2026 to $162.20 million in Q3 2024, and is currently $97.30 million as of their latest financial filing in Q3 2026.

Mativ had total debt of $1.06 billion at the end of 2025, a 6.1% decrease from 2024, and a 85.0% increase since 2015.

Over the last 10 years, Mativ's book value per share changed from 15.35 in 2015 to 9.12 in 2025, a change of -40.6%.

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Financial statements for NYSE:MATV last updated on 11/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Mativ (MATV) Financials

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Mativ (MATV) Financials

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