Mattel, Inc. (MAT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+184.7%

$45.16

vs $15.87 price

Levered DCF

$37.55

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.89

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.87×	11.15×	30.95×	16.07×	8.36×	48.47×	-21.85×	-6.49×
P/B	2.83×	2.67×	3.11×	3.07×	4.81×	9.94×	9.54×	5.13×
P/S	1.18×	1.12×	1.23×	1.16×	1.38×	1.32×	1.04×	0.76×
EV / EBITDA	10.02×	7.43×	10.54×	9.39×	10.19×	14.9×	25.36×	146.35×
Gross margin	48.9%	50.8%	47.5%	45.7%	48.1%	48.9%	43.9%	39.8%
Operating margin	11.6%	12.9%	10.3%	12.4%	13.4%	8.2%	0.8%	-5.2%
Net margin	7.4%	10.1%	3.9%	7.2%	16.5%	2.7%	-4.9%	-11.8%
Current ratio	2.15×	2.38×	2.33×	2.3×	1.8×	1.84×	1.76×	1.88×
Debt / equity	1.2×	1.19×	1.24×	1.3×	1.87×	5.22×	6.49×	4.27×
Interest coverage	5.22×	5.85×	4.54×	5.09×	2.87×	1.89×	0.18×	-1.29×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.8%	23.9%	10.0%	19.2%	57.6%	20.3%	-44.5%	-79.7%
Return on invested capital	9.6%	11.0%	4.8%	9.9%	15.0%	5.7%	0.9%	-5.9%
Return on assets	6.0%	8.3%	3.3%	6.4%	14.1%	2.2%	-4.1%	-10.2%
Free cash flow yield	6.5%	9.9%	10.6%	4.1%	4.4%	2.8%	1.4%	-5.2%
Earnings yield	6.3%	9.0%	3.2%	6.2%	12.0%	2.0%	-4.7%	-15.5%
Enterprise value	$7.8B	$7.3B	$8.1B	$8.2B	$9.7B	$8.5B	$7.3B	$5.7B
Net debt / EBITDA	1.86×	1.32×	1.83×	2.18×	2.3×	4.25×	8.96×	58.08×
Cash conversion cycle (days)	76	82	89	110	97	87	81	79