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Matthews International Corp key statistics and ratios

In fiscal 2025, Matthews International Corp had return on equity of -5.3%, an operating margin of 5.0%, debt equal to 147.8% of equity and a current ratio of 1.48. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Sept 20092010Sept 20102011Sept 20112012Sept 20122013Sept 20132014Sept 20142015Sept 20152016Sept 20162017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Gross margin37.7%39.3%39.1%37.4%36.2%35.5%37.1%37.6%37.5%36.5%35.3%33.2%32.4%29.6%30.7%29.5%33.9%36.6%
Operating margin12.9%14.2%13.2%10.3%9.6%7.4%7.4%8.0%8.0%8.6%0.7%−4.3%2.5%−2.5%4.7%−0.7%5.0%6.3%
Net margin7.4%8.4%8.1%6.1%5.5%3.9%4.4%4.5%4.9%6.7%−2.5%−5.8%0.2%−5.7%2.1%−3.3%−1.6%−2.6%
Free-cash-flow margin9.1%10.3%8.4%5.6%8.6%5.7%6.5%6.7%6.9%6.5%6.1%9.7%7.7%3.7%1.5%1.9%−4.0%−7.4%
Return on equity13.3%15.4%15.6%11.7%10.6%6.5%8.4%9.3%9.9%13.0%−4.8%−13.1%0.5%−17.8%7.8%−12.4%−5.3%−6.1%
Return on assets6.1%7.1%6.9%5.0%4.6%2.5%3.0%3.2%3.4%4.7%−1.7%−4.1%0.1%−5.1%2.1%−3.2%−1.4%−1.8%
Asset turnover0.820.850.860.810.850.660.670.700.700.700.680.700.810.901.000.960.850.69
Current ratio2.312.272.292.172.132.242.432.212.092.152.091.821.761.531.641.451.481.76
Debt to equity58.0%52.0%68.4%67.8%70.6%95.4%124.3%123.1%115.4%110.6%131.0%136.6%120.0%163.9%150.3%177.6%147.8%116.7%
Interest cover (operating income ÷ interest)8.4x15.7x14.4x8.1x7.3x6.5x5.1x4.9x4.6x3.7x0.3xn/m1.5xn/m2.0xn/m1.2x1.4x
Effective tax rate34.4%35.0%34.4%34.2%32.6%34.5%29.4%30.5%23.2%−9.3%——69.0%—4.3%———
R&D as % of revenue0.3%0.2%0.2%1.0%1.2%0.7%0.9%1.1%1.4%1.6%1.0%0.9%0.8%0.9%0.8%0.9%1.1%—
Capital spending as % of revenue2.5%2.6%2.5%3.7%2.5%2.6%3.4%2.8%3.0%2.7%2.5%2.3%2.1%3.5%2.7%2.5%2.4%2.1%
Free cash flow ÷ net income123.8%123.2%104.2%90.6%156.0%148.2%146.3%147.7%140.3%97.2%——>999%—73.6%———
Dividends ÷ net income14.2%12.6%13.3%18.7%20.8%31.4%28.1%29.1%29.3%22.9%——952.0%—71.8%———
Dividends and buybacks ÷ free cash flow51.7%51.7%71.9%82.5%39.0%36.9%34.9%78.5%34.3%43.9%55.4%21.2%30.8%105.9%107.4%152.6%——

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $1.5bn
Short-term assets $484mLonger-term assets $1.0bn
What it owes, and who funded it · $1.5bn
Short-term liabilities $276mLonger-term liabilities $744mShareholders' equity $486m
  • Short-term assets cover short-term liabilities $484m of assets due within a year against $276m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $484m short-term assets against $744m of longer-dated liabilities.
  • More cash than debt $38m of cash against $567m 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 129% to 117% over five years.
  • A year's operating cash flow covers at least 20% of debt −$59m of operating cash flow against $567m of debt.
  • Operating profit covers interest at least five times over Operating income of $70m against $51m of interest.

From Matthews International Corp'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.

Moat

33 /100

Weak moat

How hard Matthews International'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 0 / 20

    Net income has been a median -0.3% of total assets over 10 years.

  • Pricing power 11 / 20

    Gross margin has been a median 33.5%, moving by 2.7 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 3.4%; its worst year was -9.7%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 7 of 10 years, at a median 5.5% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 1.7% over five years; stock-based pay has been a median 0.9% 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 (38 before it).

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

Compare with peers

Head to head: CODI vs MATWLGPS vs MATWIEP vs MATWMATW vs MMM

More: Industrial Conglomerates stocks compared, Industrials sector, rankings of US companies

Figures from Matthews International Corp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Matthews International Corp.