MATWMatthews International Corporation

$19.31-16% 1Y

Is the business good?

Mixed

The checks split: margins widening, but profits without cash flow.

1 good, 1 to watch, 2 without data
Profits arrive as cash-1.07×derived · Jun 30, 2026

Reports an operating profit but operating cash flow is negative, a red flag. Conversion is worsening vs a year ago.

Margin direction, 3 years+2.6 ptsderived

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.

5.4%

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

Operating margin by fiscal year
YearOperating margin
FY2020−4.3%
FY20212.5%
FY2022−2.5%
FY20234.7%
FY2024−0.69%
FY20255.0%
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.