# Matthews International Corporation (MATW)

> Source: Nexqual · https://nexqual.com/MATW · data as of 2026-10-23 16:21 UTC · cite as "Nexqual, Matthews International Corporation (MATW), nexqual.com/MATW" · informational, not investment advice.

**Price:** USD 19.23 (+0.00% today) · US market open, as of October 23, 2026 at 16:21 UTC; quotes may be delayed. Prev close 19.23 · day 18.77–19.32 · 52w 18.42–30.93 · market cap $600M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.11B, net income -$29.4M (-2.6% margin), free cash flow -$82.0M (SEC filings).
- 1 of 80 tracked superinvestors hold MATW (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 7 Form 4 filings, $318K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 31.33 (range 24–40).
- Total return with dividends: 1Y -15.8% vs S&P 500 +14.7%; 5Y -34.0% vs S&P 500 +77.5%.
- Next earnings: 2026-11-19, EPS estimate USD 0.27, revenue estimate $253M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.67B | $1.76B | $1.88B | $1.80B | $1.50B | $1.11B |
| Gross profit | $542M | $522M | $578M | $530M | $508M | — |
| Operating income | $42.0M | -$43.9M | $88.1M | -$12.3M | $75.5M | $69.8M |
| Net income | $2.9M | -$99.8M | $39.3M | -$59.7M | -$24.5M | -$29.4M |
| EPS (diluted) | $0.09 | -$3.18 | $1.26 | -$1.93 | -$0.79 | — |
| Free cash flow | $128M | $65.5M | $28.9M | $34.1M | -$59.4M | -$82.0M |
| Gross margin | 32.4% | 29.6% | 30.7% | 29.5% | 33.9% | — |
| Operating margin | 2.5% | -2.5% | 4.7% | -0.7% | 5.0% | 6.3% |
| Net margin | 0.2% | -5.7% | 2.1% | -3.3% | -1.6% | -2.6% |
| Revenue growth | +11.5% | +5.5% | +6.7% | -4.5% | -16.6% | — |
| Cash + short-term investments | $49.2M | $69.0M | $42.1M | $40.8M | $32.4M | — |
| Total debt | $764M | $799M | $790M | $776M | $711M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.5x · EV/EBITDA 9.4x · EV/Sales 1.0x · P/B 1.2x · FCF yield -13.66% · Earnings yield -4.89% · Dividend yield (paid, TTM) 5.59% · Buyback yield (TTM) 0.98% · Net debt $530M · EV $1.13B
P/E at fiscal year-ends: Sep 2023 31.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MATW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 1.37% | $51.8M | New position |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
7 purchases, $318K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-11 | Nauman J Michael | Director | 1,000 | $20K | 19.99 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-24 | Nauman J Michael | Director | 1,000 | $21K | 21.08 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-20 | Nauman J Michael | Director | 1,900 | $42K | 21.96 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19 | Nauman J Michael | Director | 100 | $2K | 21.98 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14 | Richards Aleta W. | Director | 3,000 | $69K | 23.06 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-10 | Nauman J Michael | Director | 2,000 | $46K | 22.97 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-10 | Schawk David A | Director | 5,000 | $118K | 23.6 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 31.33 (low 24, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-21 | Truist Securities | Initiated | Hold | $24 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -15.8% | -34.0% |
| S&P 500 (SPY) | +14.7% | +77.5% |
| Per year | -15.8% | -8.0% |
| Volatility (annualized) | 33.9% | 34.8% |
| Max drawdown | -34.9% (Jul 2026→Oct 2026) | -57.2% (Jul 2023→Apr 2025) |

## Peers (Conglomerates)
VMI (Valmont Industries, Inc.) USD 438.05 +0.50% · HON (Honeywell International Inc.) USD 219.12 +0.37% · MMM (3M Company) USD 174.04 -0.87% · NSC (Norfolk Southern Corporation) USD 331.88 -1.88% · VRT (Vertiv Holdings, LLC) USD 196.03 +0.22% · NOC (Northrop Grumman Corporation) USD 548.6 -0.68%

## More
Full page: https://nexqual.com/MATW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reportable Segments Total | $246.0M | 100.0% | -29.6% |
| — Memorialization (part of Reportable Segments Total) | $208.1M | 84.6% | +2.1% |
| — Industrial Technologies (part of Reportable Segments Total) | $38.0M | 15.4% | -56.8% |
| Total revenue | $246.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $213.9M | 87.0% | -15.4% |
| Europe | $27.0M | 11.0% | -67.6% |
| Australia | $3.4M | 1.4% | -10.0% |
| Asia | $1.7M | 0.7% | -81.0% |
| Total revenue | $246.0M | 100% | — |

## Company outlook (8-K filed 2026-08-07)

- "Lastly, while the anticipated synergy benefits at The Propelis Group ("Propelis") are now beginning to scale, our expectations of the timing to realize those synergies has not been achieved, resulting in an estimated $5 million shortfall to our full year forecast."
- "We expect the total cost to achieve related to this restructuring to be approximately $10 million, of which approximately $5 million impacted third quarter results."
- "(6) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses."
- "(4) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.27 | $0.49 | -46.1% | $252.7M | 3 |
| Next quarter (ends 2026-12-31) | $0.06 | $0.00 | — | $247.4M | 2 |
| Current fiscal year (ends 2026-09-30) | $0.51 | $1.09 | -52.9% | $1.04B | 3 |
| Next fiscal year (ends 2027-09-30) | $0.78 | $1.24 | -36.6% | $1.02B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-19): ±13.0%; last 8 reports averaged ±6.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 54.8% | ±13.0% |
| 2026-12-18 | 56 | 39.2% | ±13.3% |
| 2027-01-15 | 84 | 45.1% | ±17.9% |
| 2027-02-19 | 119 | 43.0% | ±20.4% |
| 2027-03-19 | 147 | 47.1% | ±24.3% |
| 2027-04-16 | 175 | 43.8% | ±24.6% |
| 2027-06-17 | 237 | 48.2% | ±30.9% |