Matthews International Corporation (MATW) 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

-15.5%

$16.81

vs $19.90 price

Levered DCF

-$2.92

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.89

Grey zone

Rating

C-

Overall 1 / 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	-30.73×	-12.02×	30.4×	-7.05×	377.89×	-8.01×	-29.25×	14.42×
P/B	1.56×	1.62×	2.26×	1.44×	1.73×	1.14×	1.55×	1.78×
P/S	0.5×	0.4×	0.63×	0.4×	0.66×	0.47×	0.72×	0.97×
EV / EBITDA	9.84×	19.94×	11.03×	54.58×	11.06×	32.85×	21.53×	11.62×
Gross margin	33.9%	29.5%	30.7%	29.6%	32.4%	33.2%	35.3%	36.5%
Operating margin	1.4%	0.2%	4.7%	2.2%	2.5%	-4.3%	0.7%	8.6%
Net margin	-1.6%	-3.3%	2.1%	-5.7%	0.2%	-5.8%	-2.5%	6.7%
Current ratio	1.48×	1.45×	1.64×	1.53×	1.76×	1.82×	2.09×	2.15×
Debt / equity	1.59×	1.92×	1.64×	1.79×	1.33×	1.48×	1.31×	1.11×
Interest coverage	0.32×	0.09×	1.97×	1.39×	1.47×	-1.84×	0.25×	3.7×
Dividend yield	4.4%	4.4%	2.4%	3.9%	2.5%	3.8%	2.3%	1.6%
Payout ratio	-133.9%	-52.6%	71.8%	-27.7%	952.0%	-30.3%	-67.4%	22.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-5.1%	-13.6%	7.5%	-20.5%	0.5%	-14.3%	-5.3%	12.4%
Return on invested capital	-2.2%	0.3%	5.5%	2.5%	0.8%	-2.9%	0.5%	6.5%
Return on assets	-1.4%	-3.3%	2.1%	-5.3%	0.1%	-4.2%	-1.7%	4.5%
Free cash flow yield	-7.9%	4.8%	2.4%	9.3%	11.7%	20.9%	8.4%	6.7%
Earnings yield	-3.3%	-8.4%	3.3%	-14.2%	0.3%	-12.5%	-3.4%	6.9%
Enterprise value	$1.5B	$1.5B	$2B	$1.5B	$1.9B	$1.6B	$2B	$2.5B
Net debt / EBITDA	4.85×	10.55×	4.52×	29.08×	4.65×	18.2×	9.67×	4.33×
Cash conversion cycle (days)	71	98	96	76	92	106	114	115