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Mattel Inc (MAT) stock

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NASDAQ: MAT Nasdaq Leisure Products Next results ~November 5, 2026

C+ Fundamentals grade

Mattel Inc is a US-listed company in the leisure products industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$37

Cash-flow model

Base case. Range ~$26–$51 across our lower- and higher-growth cases (-2.2%–7.8% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 139% above it.

Price used: $15.53, November 2, 2026

Mattel Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 1 selling1 purchase and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds140 adding, 235 cuttingOf 63 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Mattel files

Where Mattel stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.49bn, up 2.9% on a year earlier, faster than -0.3% a quarter earlier. Free-cash-flow margin fell to 9.3% from 11.2% a year earlier. Operating margin narrowed to 7.8% from 12.6%. The diluted share count is down 8.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $29.69 a share, against a share price of $16.91. At that price, our model says the market is pricing in cash flow shrinking about 4.7% a year for five years, slower than the 0.1% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Mattel Inc's trailing-twelve-month revenue grew 2.9% year on year, with a free-cash-flow margin of 9.3%. Where it stands out: change in share count of -8.3% ranks 2 of 24 leisure products companies we cover. Where it lags: long-term debt as % of assets of 36.7% ranks 17 of 20 leisure products companies we cover.

Our discounted-cash-flow model values the business at ~$37 per share in the base case (~$26–$51 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 77% in the quarter to 2026-06-30.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $15.53 is 139% below our value per share of $37.
  • Growth speeding up. The growth rate is 3.1 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 8.3% in a year, so each share owns more of the business.

Things to watch

  • Margins narrowing. Operating margin is down 4.8 points on a year ago.
  • Gross margin slipping. Gross margin is down 3.9 points on a year ago.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 36.7% ranks 17 of 20 leisure products companies we cover (median 16.0%).
  • Heavily shorted. 15.2% of the shares available to trade are sold short (3.2 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.01 against an average estimate of $0.04: missed by 77.3%
Revenue
$1.13bn, up 10.5% on a year earlier
Share reaction
-2.8% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
net Sales growth 3% to 6% (full year 2026); adjusted Gross Margin 50% (full year 2026)
Next report
November 5, 2026; average EPS estimate $0.94

Mattel's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.7%
  • 1 week-1.8%
  • 1 month+1.7%
  • This year-21.7%
  • 1 year-15.5%
  • 5 years-27.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.5B
Operating margin
7.8%
Net margin
7.8%
EPS (TTM, diluted)
$1.40

Growth

Revenue growth
+2.9%
Change in growth rate
+3.1 pts
Share count change
−8.3%

Cash

Free cash flow (TTM)
$513M
FCF margin
9.3%
Stock pay % of revenue
1.3%

Earnings

Last results
August 4, 2026

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Leadership
  3. Leadership
  4. Leadership
  5. Leadership
  6. Results
  7. Guidance
  8. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Mattel Inc valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 8.5% a year for five years.That is slower than the 0.1% a year revenue growth Mattel has delivered.

  • Priced in-8.5%
  • Last 12 months2.9%
  • 3 years a year2.8%
  • 5 years a year0.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($15.36, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$37
Price used
$15.36close November 3, 2026
Implied change
▲ +141%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Mattel Inc's free cash flow after stock-based pay with after-tax interest added back ($693M, FY2026 Q2 TTM), growing 5% and 3.7% in the next two years (forecasts, guidance and its record), then back to 2.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$26–~$51 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Mattel Inc's free cash flow after stock-based pay ( $693M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Mattel Inc as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$37 ~$26–$51 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$25 ~$23–$35 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$38 ~$28–$51 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$36 ~$31–$44 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$35 ~$25–$38 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mattel Inc with Leisure Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +40%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▼ −17%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $28$41$57$79$107$143
8.5% $20$29$41$57$77$103
10% $15$22$31$43$59$78

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$24.85$26.45$15.38$9.99$13.55$17.45$21.56$17.84$18.88$17.73$19.84$15.53
Market value$8.4bn$9.1bn$5.3bn$3.4bn$4.7bn$6.1bn$7.7bn$6.4bn$6.7bn$6.1bn$6.4bn$4.8bn
+ Net debt (− = net cash)$1.2bn$1.5bn$2.1bn$2.3bn$2.3bn$2.1bn$1.9bn$1.6bn$1.1bn$962m$1.1bn$1.8bn
Enterprise value$9.7bn$10.6bn$7.4bn$5.8bn$7.0bn$8.2bn$9.6bn$8.0bn$7.8bn$7.0bn$7.5bn$6.6bn
Multiples
Price / sales 1.5x1.7x1.1x0.8x1.0x1.3x1.4x1.2x1.2x1.1x1.2x0.9x
Price / earnings 22.9x29.1x———49.3x8.5x16.3x31.5x11.2x16.1x11.1x
Price / free cash flow 13.6x20.0x——39.9x26.9x18.9x19.1x8.6x9.1x13.2x9.3x
EV / EBITDA 12.0x13.5x—153.1x24.7x14.5x10.5x9.3x10.6x8.2x10.5x10.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

62 /100

Moderate moat

How hard Mattel's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 23.6% of total assets over 8 years.

  • Pricing power 13 / 20

    Gross margin has been a median 46.7%, moving by 4.6 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 8.0%; its worst year was -13.3%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 6.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 12.6% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (67 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $1.8bn and EPS of $0.94 (range $0.77 to $1.12) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.30 −8% $5.7bn +6%
Next $1.58 +22% $6.0bn +5%

Next year's EPS estimate has moved −1.7% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.4% on 90 days ago. In the last 30 days, 1 analyst raised Mattel Inc's forecast and 1 cut it.

Consensus EPS forecast Mattel Inc, last 90 days
$1.20 $1.30 $1.40 $1.50 $1.60 $1.70 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.33 Current fiscal year, 60 days ago: $1.31 Current fiscal year, 30 days ago: $1.31 Current fiscal year, 7 days ago: $1.30 Current fiscal year, Now: $1.30 $1.30 Next fiscal year, 90 days ago: $1.61 Next fiscal year, 60 days ago: $1.59 Next fiscal year, 30 days ago: $1.59 Next fiscal year, 7 days ago: $1.58 Next fiscal year, Now: $1.58 $1.58

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.33$1.61
60 days ago $1.31$1.59
30 days ago $1.31$1.59
7 days ago $1.30$1.58
Now $1.30$1.58

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.04 $0.01 −77.3%
Mar 2026 −$0.21 −$0.20 +4.1%
Dec 2025 $0.55 $0.39 −28.8%
Sept 2025 $1.06 $0.89 −15.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Net Sales full year 2026 3% growth to 6% growth Non-GAAP Maintained
    “Net Sales +3% to 6%* $5,348” source
  • Adjusted EPS full year 2026 $1.27 to $1.39 Non-GAAP Maintained
    “Adjusted EPS $1.27 - $1.39 $1.49” source
  • Adjusted Gross Margin full year 2026 about 50% Non-GAAP Maintained
    “Adjusted Gross Margin Approx. 50% 48.9%” source
  • Adjusted Operating Income full year 2026 $580m to $630m Non-GAAP Maintained
    “Adjusted Operating Income $580 - $630 $652” source
  • Adjusted Tax Rate full year 2026 about 24% Non-GAAP Maintained
    “Adjusted Tax Rate Approx. 24% 20%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Mattel Inc's revenue by +5.0% next year and +3.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.0%, weight 69%) and the company's own record (+2.8%, weight 31%) . How the weights are set.

Analyst recommendations

15 analysts, Oct 2026
Buy1067%
Hold320%
Sell213%

Monthly trend

  1. Oct 20269315
  2. Sep 202610416
  3. Aug 20269416
  4. Jul 20269416

Counts of recommendations published by analysts covering Mattel Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.2%
of tradable shares
Days to cover
3.19
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.1%
of shares
Employees
31,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −15.5%

$18.38 on October 31, 2025 to $15.53

ThenNowEffect
Revenue (last 12 months) $5.3bn $5.5bn +2.9%
Net margin 9.9% 7.8% −21.1%
P/E multiple 11.7x 11.1x −4.6%
Share count 334m 306m +9.1%

Biggest factor: net margin.

Last 3 years −20.0%

$19.42 on November 3, 2023 to $15.53

ThenNowEffect
Revenue (last 12 months) $5.1bn $5.5bn +8.5%
Net margin 4.5% 7.8% +73.7%
P/E multiple 30.7x 11.1x −63.7%
Share count 358m 306m +17.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MAT+24%−17%+6%−6%+12%−22%
Industry peers (median)+14%−40%−8%−26%−15%+8%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MAT50%42%42%42%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MAT−19%−40%−25%−21%−34%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 77% from August 23, 2016 to March 23, 2020. Getting back needed a 343% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$12.66 – $22.16
From 52-week high
−29.9%
vs 50-day average
+3.5%
vs 200-day average
+0.6%
Volatility (1 year)
43%
Beta vs S&P 500
0.52

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.9%
After a week
8 up, 4 down
typical move ±9.0%
After a month
7 up, 5 down
typical move ±7.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −2.8% +1.6% +1.0% −1.6%
April 29, 2026 +2.0% +1.0% +2.0% +1.0%
February 10, 2026 −26.6% −0.3% −19.8% −24.7%
October 21, 2025 −0.4% −0.5% +4.7% +1.1%
July 23, 2025 −15.1% +0.9% −13.8% −10.7%
May 5, 2025 +1.6% −1.4% +16.0% +13.9%
February 4, 2025 +17.2% +1.1% +22.9% +16.3%
October 23, 2024 +2.5% −0.7% +12.3% +1.5%
July 23, 2024 +1.3% −2.4% +4.9% +3.2%
April 23, 2024 +3.0% +1.1% −1.6% −4.0%
February 7, 2024 +1.9% +0.9% +4.2% +6.9%
October 25, 2023 −8.1% −2.6% −4.4% −7.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Mattel Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Mattel Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Mattel Inc
$5.2B $5.3B $5.4B $5.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $5.2B Revenue (TTM), FY23 Q4: $5.4B Revenue (TTM), FY24 Q1: $5.4B Revenue (TTM), FY24 Q2: $5.4B Revenue (TTM), FY24 Q3: $5.4B Revenue (TTM), FY24 Q4: $5.4B Revenue (TTM), FY25 Q1: $5.4B Revenue (TTM), FY25 Q2: $5.3B Revenue (TTM), FY25 Q3: $5.2B Revenue (TTM), FY25 Q4: $5.3B Revenue (TTM), FY26 Q1: $5.4B Revenue (TTM), FY26 Q2: $5.5B $5.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $5.2B
FY23 Q4 $5.4B
FY24 Q1 $5.4B
FY24 Q2 $5.4B
FY24 Q3 $5.4B
FY24 Q4 $5.4B
FY25 Q1 $5.4B
FY25 Q2 $5.3B
FY25 Q3 $5.2B
FY25 Q4 $5.3B
FY26 Q1 $5.4B
FY26 Q2 $5.5B
Revenue growth, TTM YoY Mattel Inc
-15% -10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -10.4% Revenue growth, TTM YoY, FY23 Q4: 0.1% Revenue growth, TTM YoY, FY24 Q1: 4.4% Revenue growth, TTM YoY, FY24 Q2: 7.3% Revenue growth, TTM YoY, FY24 Q3: 2.5% Revenue growth, TTM YoY, FY24 Q4: -1.1% Revenue growth, TTM YoY, FY25 Q1: -0.7% Revenue growth, TTM YoY, FY25 Q2: -1.7% Revenue growth, TTM YoY, FY25 Q3: -2.4% Revenue growth, TTM YoY, FY25 Q4: -0.6% Revenue growth, TTM YoY, FY26 Q1: -0.3% Revenue growth, TTM YoY, FY26 Q2: 2.9% 2.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -10.4%
FY23 Q4 0.1%
FY24 Q1 4.4%
FY24 Q2 7.3%
FY24 Q3 2.5%
FY24 Q4 -1.1%
FY25 Q1 -0.7%
FY25 Q2 -1.7%
FY25 Q3 -2.4%
FY25 Q4 -0.6%
FY26 Q1 -0.3%
FY26 Q2 2.9%
Operating margin (TTM) Mattel Inc
6% 8% 10% 12% 14% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 9.6% Operating margin (TTM), FY23 Q4: 10.3% Operating margin (TTM), FY24 Q1: 11.8% Operating margin (TTM), FY24 Q2: 12.2% Operating margin (TTM), FY24 Q3: 12.6% Operating margin (TTM), FY24 Q4: 12.9% Operating margin (TTM), FY25 Q1: 12.5% Operating margin (TTM), FY25 Q2: 12.6% Operating margin (TTM), FY25 Q3: 10.8% Operating margin (TTM), FY25 Q4: 10.2% Operating margin (TTM), FY26 Q1: 9.2% Operating margin (TTM), FY26 Q2: 7.8% 7.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 9.6%
FY23 Q4 10.3%
FY24 Q1 11.8%
FY24 Q2 12.2%
FY24 Q3 12.6%
FY24 Q4 12.9%
FY25 Q1 12.5%
FY25 Q2 12.6%
FY25 Q3 10.8%
FY25 Q4 10.2%
FY26 Q1 9.2%
FY26 Q2 7.8%
FCF margin (TTM) Mattel Inc
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.3% FCF margin (TTM), FY23 Q4: 14.4% FCF margin (TTM), FY24 Q1: 19.0% FCF margin (TTM), FY24 Q2: 16.5% FCF margin (TTM), FY24 Q3: 14.1% FCF margin (TTM), FY24 Q4: 12.4% FCF margin (TTM), FY25 Q1: 12.0% FCF margin (TTM), FY25 Q2: 11.2% FCF margin (TTM), FY25 Q3: 10.7% FCF margin (TTM), FY25 Q4: 9.0% FCF margin (TTM), FY26 Q1: 7.6% FCF margin (TTM), FY26 Q2: 9.3% 9.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.3%
FY23 Q4 14.4%
FY24 Q1 19.0%
FY24 Q2 16.5%
FY24 Q3 14.1%
FY24 Q4 12.4%
FY25 Q1 12.0%
FY25 Q2 11.2%
FY25 Q3 10.7%
FY25 Q4 9.0%
FY26 Q1 7.6%
FY26 Q2 9.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Mattel took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $5.3B
  2. Cost of revenue $2.7B · 51.3%
  3. Gross profit $2.6B · 48.7%
  4. Research and development $227M · 4.3%
  5. Other operating costs $1.8B · 34.3%
  6. Operating income $546M · 10.2%
  7. Income tax $89.8M · 1.7%
  8. Interest and other $59.1M · 1.1%
  9. Net income $398M · 7.4%

Shares of revenue. Source: Mattel's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 5,431 5,856 6,266 6,421 6,485 6,024 5,703 5,453 4,881 4,515 4,505 4,588 5,458 5,435 5,441 5,380 5,348 5,490
Gross profit 2,715 2,955 3,146 3,409 3,479 3,001 2,806 2,547 1,825 1,799 1,977 2,243 2,627 2,481 2,584 2,734 2,606 2,608
EBITDA 901 1,068 1,202 1,195 1,364 902 806 782 −61 38 282 568 914 858 739 862 714 605
Operating income 731 902 1,041 1,021 1,168 654 541 520 −336 −234 37 375 730 676 562 694 546 429
Net income 529 685 769 776 904 499 369 313 −1,055 −533 −219 124 903 394 214 542 398 427
Diluted EPS $1.45 $1.86 $2.18 $2.22 $2.58 $1.45 $1.08 $0.91 −$3.07 −$1.55 −$0.63 $0.35 $2.53 $1.10 $0.60 $1.58 $1.24 $1.40
Growth (year on year)
Revenue −8.2% +7.8% +7.0% +2.5% +1.0% −7.1% −5.3% −4.4% −10.5% −7.5% −0.2% +1.9% +18.9% −0.4% +0.1% −1.1% −0.6% +2.9%
EBITDA +28.4% +18.5% +12.6% −0.6% +14.2% −33.9% −10.6% −3.0% −107.8% — — +101.8% +60.8% −6.1% −13.8% +16.7% −17.1% −27.9%
Operating income +35.0% +23.4% +15.4% −1.9% +14.4% −44.0% −17.3% −3.9% −164.6% — — — +94.7% −7.4% −16.9% +23.6% −21.3% −36.2%
Net income +39.3% +29.5% +12.2% +1.0% +16.4% −44.8% −25.9% −15.3% −437.0% — — — +630.7% −56.4% −45.6% +152.8% −26.6% −18.8%
Diluted EPS +39.4% +28.3% +17.2% +1.8% +16.2% −43.8% −25.5% −15.7% −437.4% — — — +622.9% −56.5% −45.5% +163.3% −21.5% −11.4%
Margins
Gross margin 50.0% 50.5% 50.2% 53.1% 53.6% 49.8% 49.2% 46.7% 37.4% 39.8% 43.9% 48.9% 48.1% 45.7% 47.5% 50.8% 48.7% 47.5%
EBITDA margin 16.6% 18.2% 19.2% 18.6% 21.0% 15.0% 14.1% 14.3% −1.2% 0.8% 6.3% 12.4% 16.7% 15.8% 13.6% 16.0% 13.4% 11.0%
Operating margin 13.5% 15.4% 16.6% 15.9% 18.0% 10.9% 9.5% 9.5% −6.9% −5.2% 0.8% 8.2% 13.4% 12.4% 10.3% 12.9% 10.2% 7.8%
Net margin 9.7% 11.7% 12.3% 12.1% 13.9% 8.3% 6.5% 5.7% −21.6% −11.8% −4.9% 2.7% 16.5% 7.2% 3.9% 10.1% 7.4% 7.8%
Free-cash-flow margin 16.6% 8.1% 9.2% 18.1% 8.9% 12.9% 10.9% 8.3% −3.2% −2.3% 2.6% 4.9% 7.5% 6.2% 14.4% 12.4% 9.0% 9.3%
Cash flow
Cash from operations 945 528 665 1,276 698 889 735 595 −28 −27 168 286 485 443 870 801 593 666
Capital spending 43 55 89 111 124 113 112 140 129 75 51 59 77 106 86 135 111 154
Free cash flow 902 473 576 1,165 574 775 623 454 −157 −102 118 226 408 337 784 665 483 513
Stock-based pay 50 67 53 63 62 52 57 54 67 49 56 60 60 69 83 79 80 74
Free cash flow after stock pay 852 406 522 1,101 513 723 566 400 −224 −151 62 166 348 267 701 586 403 439
Balance sheet
Cash 1,117 1,281 1,369 1,336 1,039 972 893 870 1,079 594 630 762 731 761 1,261 1,388 1,243 524
Total debt 752 1,200 1,558 1,510 1,604 2,100 2,102 2,326 3,150 2,900 2,900 2,900 2,600 2,350 2,350 2,350 2,350 2,334
Net debt (negative = net cash) −365 −81 189 174 565 1,128 1,209 1,457 2,071 2,306 2,270 2,138 1,869 1,589 1,089 962 1,107 1,810
Diluted shares 362m 365m 348m 346m 347m 341m 340m 344m 344m 345m 346m 349m 357m 360m 357m 343m 322m 306m
Returned to shareholders
Dividends 271 291 317 423 494 515 515 519 312 0 0 — — — — — — —
Buybacks 0 447 524 67 493 177 0 0 — — — — 0 0 203 400 600 690
Total returned 271 738 841 490 987 692 515 519 312 0 0 — 0 0 203 400 600 690

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $6.4bn
Short-term assets $2.5bnLonger-term assets $3.9bn
What it owes, and who funded it · $3.3bn
Short-term liabilities $1.3bnShareholders' equity $2.0bn
  • Short-term assets cover short-term liabilities $2.5bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $524m of cash against $2.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 117% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 164% to 117% over five years.
  • A year's operating cash flow covers at least 20% of debt $666m of operating cash flow against $2.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $429m against $123m of interest.

From Mattel Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$690M
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−8.3%
year over year
Total shareholder yield
15.4%
dividends 0.0% + buybacks 15.4% of market value
R&D spending
4.8%
of revenue
Days sales outstanding
55 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in leisure products
Last 12 months unless stated MAT BC HAS PII GOLF PTON Median
Revenue, last 12 months $5.5bn $5.6bn $5.2bn $7.6bn $2.7bn $2.4bn $349m
Revenue growth, last 12 months 2.9% 10.5% 18.9% 9.5% 8.8% −1.8% 7.6%
Revenue growth, 3-year average 2.8% −5.8% −1.3% −5.5% 4.4% −4.4% −2.5%
Revenue growth, latest quarter 10.5% 7.7% 15.0% 10.9% 13.8% 0.1% 10.9%
Gross margin 47.5% 25.6% 74.0% 21.3% 49.1% 52.6% 40.1%
Operating margin 7.8% −0.4% 25.8% −1.8% 13.7% 6.6% 1.0%
Operating margin, 3-year average 10.9% 4.5% 2.5% 1.2% 12.5% −4.8% 0.9%
Net margin 7.8% −1.5% 18.4% −2.7% 8.1% 2.6% −0.5%
Cash from operations / revenue 12.1% 9.3% 25.3% 6.2% 10.0% 15.8% 8.7%
Free-cash-flow margin 9.3% 6.1% 23.7% 3.5% 6.8% 15.4% 6.1%
Free-cash-flow margin, 3-year average 12.3% 7.2% 20.3% 5.3% 7.5% 8.4% 5.3%
Stock pay / revenue 1.3% 0.8% 1.8% 0.7% 1.2% 8.1% 1.3%
Change in share count −8.3% −1.2% 0.2% 1.6% −2.8% 11.8% 0.5%

Median of all 29 companies we cover in leisure products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 leisure products companies
Measure Company Peer median Rank
Revenue growth Growth 2.9% 7.6% 18 of 29
Change in growth rate Growth +3.1pp +3.1pp 14 of 29
Gross margin Profitability 47.5% 39.7% 11 of 27
Operating margin Profitability 7.8% 1.0% 8 of 29
Net margin Profitability 7.8% -0.5% 8 of 29
Free-cash-flow margin Cash generation 9.3% 6.1% 11 of 29
Stock pay as % of revenue Cash generation 1.3% 1.3% 14 of 27
Long-term debt as % of assets Balance sheet 36.7% 16.0% 17 of 20
Change in share count Balance sheet -8.3% 0.8% 2 of 24
Days sales outstanding Balance sheet 55 days 42 days 18 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue YoY
North America $3B ▼ 5.3%
United States $2.9B ▼ 5.6%
International $2.3B ▲ 6.1%
EMEA $1.3B ▲ 8.2%
Latin America $603M ▼ 0.9%
Asia Pacific $402M ▲ 10.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Mattel Inc's 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.2B
Institutions reporting
399
Shares held vs prior quarter
▲ 1.8%
Positions opened / closed
39 / 67

Top buyers and sellers, Q2 2026: 140 institutions bought and 235 sold ; the biggest buyer was Fuller & Thaler Asset Management, Inc (+3.6M shares) and the biggest seller Price T Rowe Associates Inc (−3.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Edgepoint Investment Group Inc. $709M 51.0M 16.7% ▲ 3.9%
Primecap Management Co $410M 29.5M 9.7% ▼ 0.6%
Blackrock, Inc. $363M 26.2M 8.6% ▼ 4.2%
Ariel Investments, LLC $214M 15.4M 5.1% ▲ 13.6%
Vanguard Capital Management LLC $183M 13.2M 4.3% ▼ 3.6%
Vanguard Portfolio Management LLC $182M 13.1M 4.3% ▼ 3.7%
Dimensional Fund Advisors LP $175M 12.6M 4.1% ▲ 13.9%
Southeastern Asset Management Inc $171M 12.3M 4.0% ▼ 3.8%
State Street Corp $133M 9.6M 3.1% ▼ 1.5%
LSV Asset Management $99.7M 7.2M 2.4% ▲ 15.1%
Alyeska Investment Group, L.P. $83.4M 6.0M 2.0% ▲ 30.4%
Geode Capital Management, LLC $81.4M 5.9M 1.9% ▼ 5.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Mattel Inc's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 1 trade by 1 insider, last 12 months Insider sales History → $587,027 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $422,423 net buying
Insider Date Trade Shares Price Value
Isaias Zanatta Roberto Jacobo EVP & Chief Supply Chain Offr August 31, 2026 Sell 39,083 $15.02 $587,027
Kreiz Ynon Chairman & CEO February 12, 2026 Buy 65,000 $15.53 $1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 14 trades and filings

No trades in Mattel Inc disclosed in the last 12 months; 14 earlier trades on record.

  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded November 30, 2022, filed December 29, 2022
  • Susie Lee(D-NV 3):Purchase, $1,001 - $15,000, traded January 28, 2021, filed February 10, 2021
  • Susie Lee(D-NV 3):Purchase, $1,001 - $15,000, traded December 8, 2020, filed January 11, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 20, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • April 29, 2026
  • February 10, 2026
  • October 21, 2025
  • July 23, 2025
  • May 5, 2025

Recent SEC filings

Data status

When each part of this page on Mattel Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Mattel Inc in brief

What does Mattel Inc do?
Mattel Inc is a US-listed company in the leisure products industry. Its financial year ends in December.
What is Mattel Inc's stock ticker?
Mattel Inc trades under the ticker MAT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mattel Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mattel Inc reported revenue of $5.5B, 2.9% higher than a year earlier, according to its SEC filings.
What is Mattel Inc's free cash flow?
Mattel Inc's free-cash-flow margin is 9.3% of revenue over the trailing twelve months, ranking 11 of the 29 leisure products companies we cover.
What is Mattel Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Mattel Inc's free cash flow after stock-based pay gives ~$37 per share in the base case, and ~$26–$51 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Mattel Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Edgepoint Investment Group Inc., Primecap Management Co and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Mattel Inc buying back stock, and does it pay a dividend?
Mattel Inc spent $690M on share repurchases over the trailing twelve months, and its diluted share count fell 8.3% over the year.
What is Mattel Inc's market cap?
On November 2, 2026, Mattel Inc's market capitalisation was about $4.8B, with a price-to-earnings ratio of 11.1 and net debt of $1.8B. Market figures come from third-party market data and may be delayed.
How much debt does Mattel Inc have?
Mattel Inc's debt-to-equity ratio is 116.8%, from its latest balance sheet (163.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Mattel Inc's competitors?
In our Leisure Products peer group, the companies closest to Mattel Inc are Brunswick Corp, Hasbro, Polaris Inc., Acushnet Holdings Corp. and Peloton Interactive, Inc. The side-by-side comparison below sets their revenue, margins and growth against Mattel Inc's.
Are insiders buying or selling Mattel Inc stock?
Over the last 12 months, Mattel Inc's directors and officers reported 1 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Mattel Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Mattel Inc announces its own schedule.