MATWMatthews International Corporation
Is the business good?
The checks split: margins widening, but profits without cash flow.
Reports an operating profit but operating cash flow is negative, a red flag. Conversion is worsening vs a year ago.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MATW?
Matthews International Corporation earns 5.4% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 3.6 points below what the capital costs: growth destroys value
- Operating margin
- 6.3%
Operating margin · Conglomerates median 7.3% · 12 months to Q3 2026
- Cash conversion
- −1.07×
Cash conversion · 0.07× a year ago · the operating profit has not turned into cash yet
- Share count, year on year
- +0.04%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −4.3% |
| FY2021 | 2.5% |
| FY2022 | −2.5% |
| FY2023 | 4.7% |
| FY2024 | −0.69% |
| FY2025 | 5.0% |
Details›
- Gross margin12 months to Q3 2026
- 37%
- Operating margin12 months to Q3 2026
- 6.3%
- Net margin12 months to Q3 2026
- −2.6%
- Free cash flow margin
- −7.4%
- Revenue, trailing twelve months
- $1.11B
- Free cash flow, trailing twelve months
- −$82M
- Net income, trailing twelve months
- −$29M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.