Latest Ratios: P/E Ratio -34.2x · EV/EBITDA 17.1x · ROE -5.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $840M | $755M | $717M | $1.2B | $703M | $1.1B | $697M | $1.1B | $1.6B | $2.0B | $2.0B |
| Enterprise Value | $1.6B | $1.5B | $1.5B | $2.0B | $1.5B | $1.9B | $1.6B | $2.0B | $2.5B | $2.9B | $2.8B |
| P/E Ratio → | -34.18 | — | — | 30.88 | — | 381.21 | — | — | 14.88 | 27.30 | 29.93 |
| P/S Ratio | 0.56 | 0.50 | 0.40 | 0.65 | 0.40 | 0.66 | 0.47 | 0.72 | 1.00 | 1.34 | 1.35 |
| P/B Ratio | 1.75 | 1.57 | 1.64 | 2.32 | 1.44 | 1.74 | 1.14 | 1.54 | 1.84 | 2.57 | 2.82 |
| P/FCF | — | — | 21.05 | 42.09 | 10.73 | 8.64 | 4.79 | 11.90 | 15.31 | 19.46 | 20.26 |
| P/OCF | — | — | 9.05 | 15.31 | 5.54 | 6.82 | 3.86 | 8.48 | 10.83 | 13.60 | 14.24 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.99 | 0.84 | 1.08 | 0.85 | 1.14 | 1.04 | 1.31 | 1.57 | 1.90 | 1.90 |
| EV / EBITDA | 17.08 | 16.15 | 9.30 | 9.74 | 8.25 | 9.06 | 8.79 | 9.25 | 10.37 | 13.37 | 13.01 |
| EV / EBIT | 77.39 | 19.70 | — | 22.34 | — | 59.18 | — | 238.38 | 18.26 | 22.98 | 22.94 |
| EV / FCF | — | — | 44.49 | 70.51 | 22.95 | 14.84 | 10.74 | 21.60 | 24.11 | 27.63 | 28.55 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.6% | 32.6% | 29.6% | 29.1% | 27.1% | 28.4% | 29.3% | 32.5% | 34.7% | 37.2% | 37.6% |
| Operating Margin | 1.4% | 1.4% | 3.8% | 6.0% | 4.4% | 4.6% | 3.9% | 8.3% | 10.3% | 9.8% | 10.2% |
| Net Profit Margin | -1.6% | -1.6% | -3.3% | 2.1% | -5.7% | 0.2% | -5.8% | -2.5% | 6.7% | 4.9% | 4.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.3% | -5.3% | -12.4% | 7.8% | -17.8% | 0.5% | -13.1% | -4.8% | 12.9% | 9.9% | 9.2% |
| ROA | -1.4% | -1.4% | -3.2% | 2.1% | -5.1% | 0.1% | -4.1% | -1.7% | 4.6% | 3.4% | 3.1% |
| ROIC | 1.2% | 1.2% | 4.0% | 6.4% | 4.3% | 4.0% | 2.8% | 5.6% | 7.2% | 7.0% | 7.3% |
| ROCE | 1.5% | 1.5% | 4.7% | 7.6% | 5.0% | 4.5% | 3.2% | 6.4% | 8.2% | 7.8% | 8.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.59 | 1.59 | 1.92 | 1.65 | 1.79 | 1.33 | 1.48 | 1.31 | 1.11 | 1.15 | 1.23 |
| Debt / EBITDA | 8.30 | 8.30 | 5.15 | 4.13 | 4.79 | 4.02 | 5.10 | 4.31 | 3.96 | 4.22 | 4.03 |
| Net Debt / Equity | — | 1.52 | 1.83 | 1.57 | 1.65 | 1.25 | 1.42 | 1.26 | 1.06 | 1.08 | 1.15 |
| Net Debt / EBITDA | 7.95 | 7.95 | 4.90 | 3.93 | 4.40 | 3.79 | 4.87 | 4.15 | 3.79 | 3.96 | 3.77 |
| Debt / FCF | — | — | 23.44 | 28.43 | 12.23 | 6.20 | 5.95 | 9.69 | 8.81 | 8.18 | 8.29 |
| Interest Coverage | 1.27 | 1.27 | -0.35 | 2.04 | -2.87 | 1.12 | -2.09 | 0.21 | 3.68 | 4.76 | 5.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.48 | 1.48 | 1.45 | 1.64 | 1.53 | 1.76 | 1.82 | 2.09 | 2.15 | 2.09 | 2.21 |
| Quick Ratio | 0.91 | 0.91 | 0.91 | 0.98 | 0.98 | 1.23 | 1.26 | 1.44 | 1.52 | 1.49 | 1.59 |
| Cash Ratio | 0.09 | 0.09 | 0.09 | 0.11 | 0.17 | 0.14 | 0.13 | 0.13 | 0.15 | 0.20 | 0.21 |
| Asset Turnover | — | 0.88 | 0.98 | 1.00 | 0.94 | 0.82 | 0.72 | 0.70 | 0.67 | 0.68 | 0.71 |
| Inventory Turnover | 4.98 | 4.98 | 5.31 | 5.12 | 5.70 | 6.33 | 6.05 | 5.76 | 5.80 | 5.55 | 5.69 |
| Days Sales Outstanding | — | 32.40 | 60.76 | 54.76 | 45.77 | 67.67 | 71.91 | 75.68 | 75.49 | 76.96 | 72.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.9% | 4.3% | 4.4% | 2.3% | 3.9% | 2.5% | 3.8% | 2.3% | 1.5% | 1.1% | 1.0% |
| Payout Ratio | — | — | — | 71.8% | — | 952.0% | — | — | 22.9% | 29.3% | 29.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.2% | — | 0.3% | — | — | 6.7% | 3.7% | 3.3% |
| FCF Yield | — | — | 4.7% | 2.4% | 9.3% | 11.6% | 20.9% | 8.4% | 6.5% | 5.1% | 4.9% |
| Buyback Yield | 1.5% | 1.6% | 2.9% | 0.2% | 5.9% | 1.1% | 0.6% | 2.3% | 1.3% | 0.7% | 2.9% |
| Total Shareholder Yield | 5.4% | 6.0% | 7.2% | 2.6% | 9.9% | 3.6% | 4.4% | 4.7% | 2.9% | 1.8% | 3.9% |
| Shares Outstanding | — | $31M | $31M | $31M | $31M | $32M | $31M | $31M | $32M | $33M | $33M |
Fixed cost deleveraging risks
According to current market data, MATW trades at an EV/EBITDA of 17.16, which appears to reflect a conglomerate discount when compared to the more specialized valuation multiples of its death care and industrial peers, potentially obscuring the long-term value of its proprietary energy storage technology patents.
The forward P/E of 25.00 suggests that investors are pricing in a recovery that remains unproven given the recent revenue contraction. This valuation gap warrants further investigation into whether the market is correctly assigning value to the Industrial Technologies segment or simply applying a distressed multiple to the entire enterprise.
Based on reported figures, MATW's ROIC has trended toward negative territory, reaching -0.2% in 2026Q2, which indicates that the company is currently failing to generate returns above its cost of capital, a significant departure from the compounding performance expected of an industrial conglomerate.
The decline in ROIC appears driven by both margin compression and an inability to optimize the asset base following aggressive acquisition activity. Investors should monitor whether management can pivot toward higher-margin technology sales to reverse this multi-quarter trend of decaying capital efficiency.
As reported in financial statements, the company's cash conversion cycle has expanded to 93 days in 2026Q2, reflecting increased difficulty in managing inventory and receivables across its disparate business segments compared to the more efficient operational cycles observed in previous fiscal periods.
The elevated days inventory outstanding of 112 days suggests that the company is carrying significant excess stock, which ties up liquidity and increases the risk of obsolescence. This inefficiency appears to be a structural drag on cash flow that complicates the company's ability to fund its ongoing industrial projects.
According to recent SEC filings, the company's interest coverage ratio has deteriorated to -0.32 in 2026Q2, indicating that operating income is currently insufficient to cover interest obligations, a development that highlights the vulnerability of the balance sheet in a high-interest rate environment.
With a debt-to-equity ratio of 1.24, the company lacks the financial flexibility to absorb further operational shocks without potentially compromising its dividend or capital expenditure plans. The reliance on external financing to support its capital-intensive operations appears increasingly unsustainable given the current lack of consistent profitability.
Based on the provided financial data, the P/E ratio is a fundamentally flawed metric for evaluating MATW, as the company's frequent non-GAAP adjustments and acquisition-related impairments render reported net income an unreliable proxy for the underlying cash-generating capacity of its diverse business units.
Analysts should instead focus on EV/EBITDA or free cash flow yield to better understand the core operational performance, as these metrics are less susceptible to the non-cash accounting distortions that currently plague the company's bottom line. Relying on P/E in this context risks misinterpreting the firm's true economic health.
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Quick answers to the most common questions about buying MATW stock.
Matthews International Corporation's current P/E ratio is -34.2x. The historical average is 20.4x.
Matthews International Corporation's current EV/EBITDA is 17.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
Matthews International Corporation's return on equity (ROE) is -5.3%. The historical average is 11.0%.
Based on historical data, Matthews International Corporation is trading at a P/E of -34.2x. Compare with industry peers and growth rates for a complete picture.
Matthews International Corporation's current dividend yield is 3.90%.
Matthews International Corporation has 32.6% gross margin and 1.4% operating margin.
Matthews International Corporation's Debt/EBITDA ratio is 8.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.