Tearsheet

Mattel (MAT)

Market Price (12/4/2025): $21.23 | Market Cap: $6.7 Bil
Sector: Consumer Discretionary | Industry: Leisure Products

Mattel (MAT)

Market Price (12/4/2025): $21.23
Market Cap: $6.7 Bil
Sector: Consumer Discretionary
Industry: Leisure Products

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.0%, FCF Yield is 9.2%	Trading close to highs Dist 52W High is -3.2%, Dist 3Y High is -4.9%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.4%, Rev Chg QQuarterly Revenue Change % is -5.9%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%	Weak multi-year price returns 2Y Excs Rtn is -40%, 3Y Excs Rtn is -54%
2	Low stock price volatility Vol 12M is 43%
3	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, E-commerce & Digital Retail, and Digital Content & Streaming. Themes include Experiential Retail, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.0%, FCF Yield is 9.2%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%
2	Low stock price volatility Vol 12M is 43%
3	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, E-commerce & Digital Retail, and Digital Content & Streaming. Themes include Experiential Retail, Show more.
4	Trading close to highs Dist 52W High is -3.2%, Dist 3Y High is -4.9%
5	Weak multi-year price returns 2Y Excs Rtn is -40%, 3Y Excs Rtn is -54%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.4%, Rev Chg QQuarterly Revenue Change % is -5.9%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$21.23	$17.73	$18.88	$17.84	$21.56
Market Cap CYE ($ Bil)	6.7	5.9	6.6	6.3	7.6
Total Debt ($ Bil)	2.7	2.7	2.7	2.6	2.9
Total Cash ($ Bil)	0.7	1.4	1.3	0.8	0.7
Enterprise Value ($ Bil)	8.7	8.6	9.3	8.9	10.5
Valuation Ratios
P/S TTM	1.0	1.1	1.2	1.2	1.4
P/EBIT TTM	8.8	8.1	11.3	9.9	10.4
P/E TTM	12.3	11.1	31.1	16.0	8.4
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.6	8.0	7.8	6.3	8.3
P/E TTM (Sector)	10.4	11.1	10.7	8.4	10.8

	12/4/25	2024	2023
Share Price CYE	$21.23	$17.73	$18.88
Market Cap CYE ($ Bil)	6.7	5.9	6.6
Total Debt ($ Bil)	2.7	2.7	2.7
Total Cash ($ Bil)	0.7	1.4	1.3
Enterprise Value ($ Bil)	8.7	8.6	9.3
Valuation Ratios
P/S TTM	1.0	1.1	1.2
P/EBIT TTM	8.8	8.1	11.3
P/E TTM	12.3	11.1	31.1
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.6	8.0	7.8
P/E TTM (Sector)	10.4	11.1	10.7

	MAT	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	5.2
Rev Chg Q	-5.9%	7.1%
Rev Chg LTM	-2.4%	6.1%
Rev Chg 3Y Avg	-3.4%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.6
CFO LTM ($ Bil)	0.7
Net Inc LTM ($ Bil)	0.4
Op Mgn LTM	10.8%	18.8%
CFO/Rev LTM	12.6%	20.5%
Net Inc Mgn	8.3%	13.1%
VALUATION	LOW
P/S	1.0	3.2
P/CFO	8.1	15.8
P/FCF	10.9	20.5
P/E	12.3	23.5
STABILITY	GOOD
Debt/Equity	0.50	0.20
Cash/Assets	0.10	0.07

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Metric	Value	Date	Source
Worldwide Gross Billings for Dolls	$674 million	10212025	Link
Worldwide Gross Billings for Vehicles	$626 million	10212025	Link
Worldwide Gross Billings for Infant, Toddler, and Preschool	$262 million	10212025	Link
Worldwide Gross Billings for Action Figures, Building Sets, Games, and Other	$404 million	10212025	Link
Hot Wheels Worldwide Gross Billings Growth	6%	10212025	Link
Global Market Share Gain	70 basis points	2082024	Link
Sales Share from Amazon, Walmart, and Target	44%	3152024	Link
Total Active Patents	955	11072024	Link
US Patent Application Grant Rate	75.23%	11072024	Link

Upcoming
2/03/2026	Earnings Release	Rev: - EPS: -

MAT Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points highlighting why Mattel's stock moved by approximately 16% during the period from August 31, 2025, to December 4, 2025:

1. Mattel's Third Quarter 2025 Financial Results, while missing analyst expectations, were accompanied by an optimistic outlook for the fourth quarter. The company reported lower-than-expected earnings per share (EPS) of $0.89, missing the forecast by 16.04%, and revenue of $1.74 billion, falling short of estimates by 5.43%. Despite these misses, Mattel's stock rose 2.45% in aftermarket trading on October 21st, as management provided an upbeat assessment for the upcoming holiday season and reiterated its full-year 2025 guidance, projecting 1% to 3% net sales growth.

2. The company reaffirmed its full-year 2025 guidance and commitment to its share repurchase program. Mattel reiterated its 2025 guidance and reaffirmed its target to repurchase $600 million in shares for the year, having already repurchased $202 million in Q3, bringing the year-to-date total to $412 million. This demonstrated management's confidence in the company's financial health despite a challenging third quarter.

3. Strategic initiatives and brand expansions into new entertainment and digital experiences were announced. Mattel continued to expand its intellectual property beyond traditional toys, including an expanded collaboration with Roblox for new games announced on October 15, 2025. Additionally, Mattel announced the development of Mattel Wonder Indoor Waterparks on November 18, 2025, and an acceleration of its UNO Elite line with a Formula 1 partnership. These ventures aim to grow the company's brand presence and future revenue streams.

4. A positive reception followed Mattel's presentation at the Morgan Stanley Global Consumer & Retail Conference. Shares of Mattel jumped 4.8% on December 3, 2025, after the company's leadership presented business updates at the conference. Executive Chairman & CEO Ynon Kreiz and CFO Paul Ruh conveyed positive Black Friday results and year-to-date and quarter-to-date point-of-sale (POS) figures, expressing confidence for a strong holiday season.

5. Broader market sentiment, influenced by hopes for interest rate cuts, provided a tailwind for the stock. Mattel's stock gained 4.5% on November 21st (approximately 12 days before December 3rd) following comments from a Federal Reserve official that bolstered hopes for an interest rate cut. This positive sentiment in the broader market provided relief and contributed to the upward movement of Mattel's shares.

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Stock Movement Drivers

Fundamental Drivers

The 16.5% change in MAT stock from 9/3/2025 to 12/3/2025 was primarily driven by a 38.4% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	18.23	21.23	16.46%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5335.50	5227.57	-2.02%
Net Income Margin (%)	9.86%	8.27%	-16.17%
P/E Multiple	11.21	15.51	38.41%
Shares Outstanding (Mil)	323.53	315.83	2.38%
Cumulative Contribution			16.39%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
MAT	16.5%
Market (SPY)	6.2%	44.0%
Sector (XLY)	3.5%	49.8%

Fundamental Drivers

The 13.8% change in MAT stock from 6/4/2025 to 12/3/2025 was primarily driven by a 34.5% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	18.66	21.23	13.77%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5396.67	5227.57	-3.13%
Net Income Margin (%)	9.82%	8.27%	-15.77%
P/E Multiple	11.54	15.51	34.48%
Shares Outstanding (Mil)	327.49	315.83	3.56%
Cumulative Contribution			13.63%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
MAT	13.8%
Market (SPY)	15.1%	41.2%
Sector (XLY)	11.5%	52.7%

Fundamental Drivers

The 12.9% change in MAT stock from 12/3/2024 to 12/3/2025 was primarily driven by a 33.4% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	18.80	21.23	12.93%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5353.83	5227.57	-2.36%
Net Income Margin (%)	10.24%	8.27%	-19.26%
P/E Multiple	11.63	15.51	33.42%
Shares Outstanding (Mil)	339.06	315.83	6.85%
Cumulative Contribution			12.40%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
MAT	12.9%
Market (SPY)	14.3%	51.7%
Sector (XLY)	7.4%	54.6%

Fundamental Drivers

The 14.4% change in MAT stock from 12/4/2022 to 12/3/2025 was primarily driven by a 42.4% change in the company's P/E Multiple.

	12042022	12032025	Change
Stock Price ($)	18.55	21.23	14.45%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5827.66	5227.57	-10.30%
Net Income Margin (%)	10.36%	8.27%	-20.17%
P/E Multiple	10.89	15.51	42.40%
Shares Outstanding (Mil)	354.47	315.83	10.90%
Cumulative Contribution			13.09%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
MAT	8.9%
Market (SPY)	53.2%	42.0%
Sector (XLY)	42.3%	44.1%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MAT Return	29%	24%	-17%	6%	-6%	15%	50%
Peers Return	32%	24%	-27%	8%	-22%	26%	28%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
MAT Win Rate	67%	50%	42%	42%	42%	60%
Peers Win Rate	65%	57%	37%	48%	45%	60%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
MAT Max Drawdown	-47%	-1%	-25%	-10%	-15%	-18%
Peers Max Drawdown	-60%	-3%	-39%	-17%	-29%	-31%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HAS, DOOO, BC, PII, YETI. See MAT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	MAT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	68.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-50.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	103.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	241 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-70.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	243.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-64.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	183.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1062 days	1480 days

Compare to HAS, DOOO, BC, PII, YETI

In The Past

Mattel's stock fell -40.7% during the 2022 Inflation Shock from a high on 5/4/2022. A -40.7% loss requires a 68.6% gain to breakeven.

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About Mattel (MAT)

Mattel, Inc., a children's entertainment company, designs and produces toys and consumer products worldwide. The company operates through North America, International, and American Girl segments. It offers dolls and accessories, as well as content, gaming, and lifestyle products for children under the Barbie, Monster High, American Girl, Polly Pocket, Spirit, and Enchantimals brands; dolls and books under the American Girl brand name; die-cast vehicles, tracks, playsets, and accessories for kids of all ages, and collectors under the Hot Wheels, Monster Trucks, Matchbox, CARS, and Mario Kart brand names; and infant, toddler, and preschool products comprising content, toys, live events, and other lifestyle products under the Fisher-Price and Thomas & Friends, Power wheels, and Fireman Sam brands. The company also provides action figures, building sets, and games under the Masters of the Universe, MEGA, UNO, Lightyear, Jurassic World, WWE, and Star Wars brands; and licensor partner brands, including Disney, NBCUniversal, WWE, Microsoft, Nickelodeon, Warner Bros, and Sanrio. It sells its products directly to consumers through its catalog, website, and proprietary retail stores; retailers, including discount and free-standing toy stores, chain stores, department stores, and other retail outlets; and wholesalers, as well as through agents and distributors. Mattel, Inc. was founded in 1945 and is headquartered in El Segundo, California.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies to describe Mattel (MAT):

Essentially 'the Disney for toys,' known for its portfolio of iconic, character-driven brands like Barbie and Hot Wheels.
'The Nike of the toy world,' focusing on designing, marketing, and globally distributing beloved play brands.
'The Procter & Gamble of play,' managing a vast portfolio of iconic children's brands from Barbie to Fisher-Price.

AI Generated Analysis | Feedback

Barbie: A global fashion doll line encompassing dolls, accessories, playsets, and entertainment content.
Hot Wheels: A popular brand of die-cast toy cars, track sets, and vehicle playsets.
Fisher-Price: A comprehensive line of toys, gear, and educational products designed for infants, toddlers, and preschoolers.
American Girl: A brand of 18-inch dolls, books, and accessories that celebrate historical and contemporary American girl characters.
Thomas & Friends: A franchise featuring toy trains, track systems, and playsets based on the beloved children's railway characters.
UNO: A classic matching card game enjoyed by families and friends worldwide.
Mega Construx/Bloks: A line of construction toys offering building blocks, figures, and playsets for creative play.

AI Generated Analysis | Feedback

Major Customers of Mattel (MAT)

Mattel (MAT) primarily sells its products to other companies, specifically large retailers and e-commerce platforms, who then sell the toys and other products to individual consumers.

Based on their public filings, Mattel's major customer companies include:

Walmart Inc. (WMT)
Target Corporation (TGT)
Amazon.com, Inc. (AMZN)

These three companies collectively account for a significant portion of Mattel's net sales.

AI Generated Analysis | Feedback

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Ynon Kreiz, Chairman and Chief Executive Officer

Ynon Kreiz has served as Chairman and Chief Executive Officer of Mattel since April 2018, becoming Chairman in May 2018. Prior to Mattel, he was Chairman and CEO of Maker Studios, Inc., a global leader in short-form video content, which was acquired by The Walt Disney Company in 2014 for $500 million, with an additional $450 million based on performance incentives. He also served as Chairman and CEO of Endemol Group, a global television and digital production company. Before Endemol, Mr. Kreiz co-founded Fox Kids Europe N.V., where he was Chairman and CEO, and under his leadership, the company was listed on the Euronext Stock Exchange in Amsterdam in 1999, and a majority stake was acquired by The Walt Disney Company in 2002. He also served as a General Partner at Balderton Capital (formerly Benchmark Capital Europe), an early-stage startup investor.

Paul Ruh, Chief Financial Officer

Paul Ruh serves as the Chief Financial Officer of Mattel.

Steve Totzke, President and Chief Commercial Officer

Steve Totzke is the President and Chief Commercial Officer of Mattel, a role he has held since April 2022, overseeing Mattel's global commercial operations and worldwide sales in over 150 markets. He joined Mattel in 2002, and his contributions span more than 20 years across various senior general management positions, including sales, marketing, and business operations. He previously served as Executive Vice President, Commercial for Mattel's North America division and held several international leadership positions within the company.

Jonathan Anschell, Executive Vice President, Chief Legal Officer and Secretary

Jonathan Anschell is the Executive Vice President, Chief Legal Officer and Secretary of Mattel, having joined the company in 2021. In this role, he oversees all legal responsibilities, corporate governance, securities, intellectual property, litigation, privacy, compliance, and government affairs. Prior to Mattel, Mr. Anschell served as Executive Vice President and General Counsel for ViacomCBS Media Networks, leading legal affairs for CBS entertainment and news operations, and business and legal affairs for ViacomCBS cable networks. He was also General Counsel of CBS Television and Deputy General Counsel and Secretary of CBS Corporation before joining CBS in 2004.

Ken Wee, Executive Vice President and Chief Strategy Officer

Ken Wee joined Mattel as Executive Vice President and Chief Strategy Officer in 2024. In this role, he leads Mattel's Corporate Strategy, Corporate Development, and Mergers & Acquisitions functions, focusing on accelerating growth, profitability, and shareholder value. Before joining Mattel, Mr. Wee was Chief Strategy Officer at Activision Blizzard, where he identified and executed organic initiatives and M&A opportunities, culminating in Microsoft's $69 billion acquisition of Activision Blizzard. Prior to Activision Blizzard, he was a Partner at McKinsey & Company, leading their Interactive Entertainment Practice, and also worked at New Mountain Capital, an investment fund.

AI Generated Analysis | Feedback

The increasing dominance of sophisticated digital play platforms and virtual worlds (e.g., Roblox, Minecraft, Fortnite's creative modes) represents a clear emerging threat. These platforms are evolving rapidly, offering children immersive, social, and often user-generated experiences that capture a significant and growing share of their playtime and attention. This fundamental shift in children's engagement from physical interaction with tangible toys to persistent digital environments and virtual social experiences directly competes with and potentially diminishes demand for Mattel's core physical toy products.

AI Generated Analysis | Feedback

Mattel Inc. (NASDAQ: MAT) operates in several key product categories, each addressing a significant global market. The estimated addressable market sizes for Mattel's main products and services are as follows:

Dolls (including brands like Barbie and American Girl): The global doll market size is valued at approximately USD 14.68 billion in 2025 and is projected to reach USD 25.41 billion by 2034, growing at a compound annual growth rate (CAGR) of about 7.1% from 2025 to 2034. North America held over 33% of the global doll market share in 2023.
Vehicles (including Hot Wheels, Matchbox, and remote-control cars):
- The global toy cars market, encompassing various types including die-cast and remote-controlled vehicles, was valued at USD 4.5 billion in 2023 and is anticipated to reach USD 8.2 billion by 2033, with a CAGR of 6.2% from 2024 to 2033.
- More specifically, the global remote control toy car market was valued at USD 296.3 million in 2024 and is expected to reach USD 1,088.9 million by 2034, demonstrating a CAGR of 13.9%. North America leads this market with a 34.6% share, valued at USD 102.51 million in 2024.
Infant, Toddler, and Preschool Products (including Fisher-Price and Thomas & Friends): The global baby & toddler toys market size was valued at USD 24.5 billion in 2024 and is estimated to grow at a CAGR of over 7.1% from 2025 to 2034. The U.S. baby & toddler toys market alone accounts for approximately USD 4.5 billion in 2024.
Games and Puzzles (including UNO and other games and puzzles): The global games and puzzles market size was valued at USD 20.4 billion in 2025 and is expected to grow at a 7.3% CAGR from 2025 to 2035, reaching USD 41.2 billion by 2035. North America's games and puzzles market was valued at USD 5,411.35 million in 2024 and is projected to reach USD 17,499.73 million by 2032, with a CAGR of 15.6%.

AI Generated Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Mattel (MAT) over the next 2-3 years:

Expansion of Intellectual Property (IP) into Entertainment Verticals: Mattel is strategically transforming into an IP-driven company, leveraging its iconic brands across various entertainment sectors beyond traditional toys. This includes a robust pipeline of film and television content, such as "Masters of the Universe" and "Matchbox" movies slated for 2026, and an animated Barbie film. The company is also developing new live-action TV series. This entertainment expansion aims to create high-margin, recurring revenue streams through IP licensing and multimedia monetization.
Growth of Core Franchise Brands and New Product Launches: Mattel anticipates continued strong performance from key franchises. Hot Wheels is projected for its eighth consecutive record year, and the adult collector market for brands like Hot Wheels and Barbie is identified as a significant growth driver. Innovation for Barbie is expected in 2026, and American Girl has shown consistent growth. Mattel also continues to launch new product lines, such as Mattel Brick Shop and the Hot Wheels Speed Snap Track System, which have shown a strong start.
Digital Gaming Investments and Partnerships: Mattel is actively expanding its presence in digital gaming through self-published titles and collaborations. The company expects to launch two self-published mobile games annually, with several more in development and pre-production. Collaborations with platforms like Roblox for games and experiences based on brands such as Barbie, Hot Wheels, and Masters of the Universe, as well as licensing agreements for digital content with Netflix, are also key initiatives.
International Market Expansion and Strong Consumer Demand: Despite some shifts in U.S. retailer ordering patterns, Mattel has experienced consistent point-of-sale (POS) growth across all regions, indicating healthy consumer demand for its products globally. International net sales have shown increases, and the company is focused on expanding its international footprint, including the global rollout of products like Fisher-Price Wood. Mattel expects a strong holiday season with accelerated retailer orders since the beginning of Q4 2025.

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Share Repurchases

Mattel repurchased $210 million of shares year-to-date as of Q2 2025, and $412 million year-to-date as of Q3 2025, with a target of $600 million for the full year 2025.
The company repurchased $160 million in shares during Q1 2025.
Mattel has repurchased over $760 million in shares since resuming repurchases in 2023, with $813 million repurchased from 2023 to Q2 2025.

Share Issuance

No significant share issuances for capital raising purposes by Mattel were identified over the last 3-5 years; rather, shares outstanding have consistently declined due to repurchases.

Capital Expenditures

Mattel's capital expenditures averaged $163.9 million annually for fiscal years 2020 through 2024.
Capital expenditures were $118.8 million in 2020, $151.4 million in 2021, $186.5 million in 2022, $160.3 million in 2023, and $202.6 million in 2024.
Mattel's latest twelve months capital expenditures, as of June 2025, were $213.2 million. The company employs a "capital-light strategy" to control expenditures while allowing for investment in product innovation.

Better Bets than Mattel (MAT)

	MAT	Better Performance than MAT
Metric	Value	INDUSTRY: Leisure Products
Rev Chg LTM	-2.4%	MBUU (11.5%), GOLF (4.2%), RGR (3.9%), YETI (1.6%), HAS (0.8%)
Rev Chg 3Y Avg	-3.4%	YETI (5.0%), GOLF (4.1%), MODG (1.9%), DOOO (1.0%)
Op Mgn LTM	10.8%	HAS (19.1%), GOLF (12.4%), YETI (12.0%)
CFO/Rev LTM	12.6%	HAS (17.2%), YETI (16.8%), BC (14.2%)
FCF/Rev LTM	9.3%	HAS (12.6%), MAMO (11.6%), BC (11.4%), YETI (9.9%)
Total Yield	8.1%	MPX (10.9%)
P/S	1.0	MODG (0.4), DOOO (0.5), PII (0.5), THO (0.5), BC (0.8)
P/Op Inc	9.4	DOOO (7.0), MODG (8.7)

	MAT	Better Performance than MAT
Metric	Value	SECTOR: Consumer Discretionary
Rev Chg LTM	-2.4%	AMZN (10.9%), HD (8.5%), TJX (4.1%), MCD (1.2%), TSLA (-1.6%)
Rev Chg 3Y Avg	-3.4%	AMZN (11.3%), TSLA (9.3%), TJX (5.3%), MCD (4.2%), HD (2.2%)
Op Mgn LTM	10.8%	MCD (46.1%), BKNG (34.5%), HD (13.1%), AMZN (11.4%), TJX (11.2%)
CFO/Rev LTM	12.6%	MCD (39.9%), MELI (37.5%), BKNG (33.2%), AMZN (18.1%), TSLA (16.5%)
FCF/Rev LTM	9.3%	ABNB (38.4%), MELI (32.9%), BKNG (31.9%), MCD (28.1%), DASH (15.8%)
Total Yield	8.1%	F (13.6%), DHI (11.3%), PHM (10.8%), LEN (10.0%), QSR (9.2%)
P/S	1.0	F (0.3), GM (0.3), GPC (0.8), LEN (0.9), APTV (0.9)
P/Op Inc	9.4	GM (7.1), PHM (7.6), DHI (8.0), CCL (8.6), LEN (9.3)

	MAT	Better Performance than MAT
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-2.4%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), GOOGL (13.4%), AAPL (6.0%)
Rev Chg 3Y Avg	-3.4%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	10.8%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	12.6%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	9.3%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	8.1%	MRK (13.0%), XOM (10.3%), WFC (9.9%), JNJ (8.4%), CVX (8.3%)
P/S	1.0	CVS (0.2), MCK (0.2), UNH (0.7), DELL (0.8), CMCSA (0.9)
P/Op Inc	9.4	VZ (5.9), BUD (7.7), T (8.3), MRK (9.4), PFE (9.4)

		Best Bets In Consumer Discretionary Sector
	MAT
What You Pay
P/E	12.3
P/EBIT	8.8
What You Get
Rev Chg Q	-5.9%
Rev Chg LTM	-2.4%
Rev Chg 3Y Avg	-3.4%
FCF/Rev 3Y Avg	10.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Mattel Earnings Notes
2	Can Mattel Stock Hold Up When Markets Turn?	Return
3	Mattel vs AT&T: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	Mattel vs PulteGroup: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Mattel Stock vs Competition: Who Wins?	Peer Comparison
6	Better Bet Than MAT Stock: Pay Less Than Mattel To Get More From UNH, OXY
7	Better Bet Than MAT Stock: Pay Less Than Mattel To Get More From NCLH, ALSN
8	MAT Dip Buy Analysis
9	Mattel Total Shareholder Return (TSR): -6.1% in 2024 and -6.3% 3-yr compounded annual returns (above peer average)
10	Mattel (MAT) Operating Cash Flow Comparison	Financials
11	ARTICLES
12	Can Mattel Survive The Covid-19 Recession?		June 26th, 2020
13	What’s Driving The Rally In Mattel Stock?		November 4th, 2019

	Title
0	DASHBOARDS
1	Mattel Earnings Notes
2	Can Mattel Stock Hold Up When Markets Turn?
3	Mattel vs AT&T: Which Is A Better Investment?
4	Mattel vs PulteGroup: Which Is A Better Investment?
5	Mattel Stock vs Competition: Who Wins?
6	Better Bet Than MAT Stock: Pay Less Than Mattel To Get More From UNH, OXY
7	Better Bet Than MAT Stock: Pay Less Than Mattel To Get More From NCLH, ALSN
8	MAT Dip Buy Analysis
9	Mattel Total Shareholder Return (TSR): -6.1% in 2024 and -6.3% 3-yr compounded annual returns (above peer average)
10	Mattel (MAT) Operating Cash Flow Comparison
11	ARTICLES
12	Can Mattel Survive The Covid-19 Recession?
13	What’s Driving The Rally In Mattel Stock?

Trade Ideas

Select past ideas related to MAT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	6.8%	6.8%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.5%	0.5%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.6%	-2.6%	-2.6%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.7%	3.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.3%	1.3%	-1.6%
MAT_11302022_Dip_Buyer_ValueBuy	11302022	MAT	Mattel	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-4.5%	4.2%	-12.2%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	6.8%	6.8%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.5%	0.5%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.6%	-2.6%	-2.6%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.7%	3.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.3%	1.3%	-1.6%
MAT_11302022_Dip_Buyer_ValueBuy	11302022	MAT	Mattel	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-4.5%	4.2%	-12.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Mattel

Peers to compare with:

Financials

	MAT	HAS	DOOO	BC	PII	YETI	Median
Name	Mattel	Hasbro	BRP	Brunswick	Polaris	YETI
Mkt Price	21.23	82.47	70.77	70.11	66.69	43.14	68.40
Mkt Cap	6.7	11.6	5.2	4.6	3.8	3.5	4.9
Rev LTM	5,228	4,357	7,788	5,184	6,986	1,831	5,206
Op Inc LTM	564	833	507	293	132	221	400
FCF LTM	488	550	502	589	581	182	526
FCF 3Y Avg	546	525	612	402	394	179	464
CFO LTM	659	750	881	736	769	307	743
CFO 3Y Avg	728	725	1,141	623	717	267	721

Growth & Margins

	MAT	HAS	DOOO	BC	PII	YETI	Median
Name	Mattel	Hasbro	BRP	Brunswick	Polaris	YETI
Rev Chg LTM	-2.4%	0.8%	-11.4%	-4.8%	-9.4%	1.6%	-3.6%
Rev Chg 3Y Avg	-3.4%	-10.7%	1.0%	-7.7%	-4.5%	5.0%	-4.0%
Rev Chg Q	-5.9%	8.3%	4.3%	6.8%	6.9%	1.9%	5.5%
QoQ Delta Rev Chg LTM	-2.0%	2.5%	1.0%	1.7%	1.7%	0.5%	1.4%
Op Mgn LTM	10.8%	19.1%	6.5%	5.6%	1.9%	12.0%	8.6%
Op Mgn 3Y Avg	11.0%	11.6%	10.6%	9.4%	5.2%	10.6%	10.6%
QoQ Delta Op Mgn LTM	-1.8%	0.4%	-0.6%	-0.5%	-0.1%	-0.9%	-0.5%
CFO/Rev LTM	12.6%	17.2%	11.3%	14.2%	11.0%	16.8%	13.4%
CFO/Rev 3Y Avg	13.8%	16.0%	12.3%	10.9%	9.2%	15.5%	13.1%
FCF/Rev LTM	9.3%	12.6%	6.4%	11.4%	8.3%	9.9%	9.6%
FCF/Rev 3Y Avg	10.3%	11.7%	6.6%	7.1%	5.2%	10.4%	8.7%

Valuation

	MAT	HAS	DOOO	BC	PII	YETI	Median
Name	Mattel	Hasbro	BRP	Brunswick	Polaris	YETI
Mkt Cap	6.7	11.6	5.2	4.6	3.8	3.5	4.9
P/S	1.0	2.4	0.5	0.8	0.5	1.5	0.9
P/EBIT	8.8	-40.4	8.4	-32.0	-114.4	12.1	-11.8
P/E	12.3	-19.1	-94.2	-17.4	-21.9	16.6	-18.2
P/CFO	8.1	14.2	4.0	5.6	4.3	8.7	6.9
Total Yield	8.1%	-1.6%	-1.1%	-3.0%	-0.0%	6.0%	-0.6%
Dividend Yield	0.0%	3.7%	0.0%	2.7%	4.5%	0.0%	1.4%
FCF Yield 3Y Avg	8.6%	5.2%	12.7%	8.4%	9.6%	5.3%	8.5%
D/E	0.5	0.3	0.9	0.6	0.6	0.1	0.5
Net D/E	0.4	0.3	0.8	0.5	0.5	0.0	0.4

Returns

	MAT	HAS	DOOO	BC	PII	YETI	Median
Name	Mattel	Hasbro	BRP	Brunswick	Polaris	YETI
1M Rtn	15.1%	9.7%	13.5%	6.8%	2.6%	28.6%	11.6%
3M Rtn	16.5%	5.3%	8.9%	11.0%	17.7%	23.5%	13.7%
6M Rtn	13.8%	28.3%	52.8%	29.8%	64.8%	35.8%	32.8%
12M Rtn	12.9%	31.3%	45.1%	-9.3%	4.4%	4.5%	8.7%
3Y Rtn	14.4%	49.4%	-6.8%	1.4%	-36.0%	-8.2%	-2.7%
1M Excs Rtn	15.2%	9.8%	13.5%	6.8%	2.7%	28.7%	11.6%
3M Excs Rtn	8.5%	-1.8%	3.1%	2.5%	10.9%	13.8%	5.8%
6M Excs Rtn	-0.9%	13.6%	38.1%	15.1%	50.1%	21.1%	18.1%
12M Excs Rtn	-1.9%	18.1%	33.6%	-24.0%	-10.5%	-6.7%	-4.3%
3Y Excs Rtn	-54.1%	-19.7%	-69.2%	-69.5%	-106.3%	-68.2%	-68.7%

Comparison Analyses

	Title
0	Mattel Stock vs Competition: Who Wins?
1	MAT Looks Stronger Than HAS With 13% Return Potential
2	PII or MAT - With 13% Return Forecast, MAT Probably Deserves Your Money
3	Mattel vs. Brunswick: With Return Forecast Of 5.4%, Brunswick Is A Better Bet
4	Mattel vs United Therapeutics: Similar Market Cap; Which Stock Is A Better Bet?
5	Mattel vs Autonation: Similar Market Cap; Which Stock Is A Better Bet?
6	Mattel vs Churchill Downs: Similar Market Cap; Which Stock Is A Better Bet?
7	Mattel vs Workday: Similar Revenue; Which Stock Is A Better Bet?
8	Mattel vs Intuitive Surgical: Similar Revenue; Which Stock Is A Better Bet?
9	Mattel vs ServiceNow: Similar Revenue; Which Stock Is A Better Bet?

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/29/2025	2/26/2025	3/15/2024	2/22/2023	2/28/2022	2/25/2021	2/25/2020
Key Financials
Total Revenue	5,228	5,380	5,441	5,435	5,458	4,588	4,505
EBITDA	835	987	818	875	956	569	286
Operating Income	564	694	562	676	730	375	37
Net Income	432	542	214	394	903	124	-219
EPS	1.34	1.59	0.61	1.11	2.58	0.36	-0.63
Growth Rates
Total Revenue Growth	-2.4%	-1.1%	0.1%	-0.4%	18.9%	1.9%	-0.2%
EBITDA Growth	-13.4%	20.6%	-6.5%	-8.5%	68.0%	99.2%	634.2%
Operating Income Growth	-16.6%	23.6%	-16.9%	-7.4%	94.7%	910.0%	115.8%
Net Income Growth	-21.2%	152.8%	-45.6%	-56.4%	630.7%	156.5%	59.0%
Margins
EBITDA Margin	16.0%	18.4%	15.0%	16.1%	17.5%	12.4%	6.3%
Operating Income Margin	10.8%	12.9%	10.3%	12.4%	13.4%	8.2%	0.8%
Net Income Margin	8.3%	10.1%	3.9%	7.2%	16.5%	2.7%	-4.9%
Cash & Debt
Total Cash	692	1,388	1,261	761	731	762	630
Total Debt	2,675	2,687	2,667	2,597	2,928	3,185	3,192
Net Debt / (Cash)	1,983	1,299	1,405	1,836	2,197	2,422	2,562
Cash Flows
Net Cash from Operations	659	801	870	443	485	286	168
Free Cash from Operations	488	598	709	256	334	167	65
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	544	400	203	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/29/2025	7/29/2025	5/6/2025	2/26/2025	10/30/2024	7/30/2024	4/30/2024	3/15/2024	11/9/2023	8/1/2023	5/2/2023	2/22/2023
Key Financials Quarterly
Total Revenue	1,736	1,019	827	1,646	1,844	1,080	810	1,621	1,919	1,087	815	1,402
Ebitda	439	153	10	233	564	158	33	210	538	122	-51	149
Operating Income	380	78	-53	158	488	83	-36	140	474	63	-115	79
Net Income	278	53	-40	141	372	57	-28	147	146	27	-106	16
EPS	0.88	0.16	-0.12	0.42	1.10	0.17	-0.08	0.42	0.41	0.08	-0.30	0.05
Key Financials TTM
Total Revenue TTM	5,228	5,336	5,397	5,380	5,354	5,429	5,436	5,441	5,222	5,059	5,208	5,435
Ebitda TTM	835	959	965	987	964	939	903	818	758	663	707	875
Operating Income TTM	564	672	677	694	676	662	641	562	501	418	480	676
Net Income TTM	432	526	530	542	548	322	293	214	83	227	266	394
Growth Rates Quarterly
Total Revenue Growth	-5.9%	-5.7%	2.1%	1.6%	-3.9%	-0.7%	-0.6%	15.6%	9.3%	-12.0%	-21.8%	-21.9%
EBITDA Growth	-22.1%	-3.4%	-68.7%	11.0%	4.7%	30.0%	163.6%	40.8%	21.4%	-26.5%	-143.9%	-57.2%
Operating Income Growth	-22.2%	-5.7%	-49.2%	13.0%	3.1%	32.5%	69.1%	77.3%	21.1%	-49.8%	-243.7%	-69.3%
Net Income Growth	-25.2%	-6.2%	-42.6%	-4.4%	154.5%	109.1%	73.4%	812.9%	-49.5%	-59.1%	-596.3%	-92.9%
Margins Quarterly
EBITDA Margin	25.3%	15.0%	1.2%	14.2%	30.6%	14.6%	4.0%	12.9%	28.1%	11.2%	-6.3%	10.6%
Operating Income Margin	21.9%	7.7%	-6.4%	9.6%	26.5%	7.7%	-4.4%	8.6%	24.7%	5.8%	-14.1%	5.6%
Net Income Margin	16.0%	5.2%	-4.9%	8.6%	20.2%	5.3%	-3.5%	9.1%	7.6%	2.5%	-13.1%	1.2%
Cash & Debt
Total Cash	692	870	1,244	1,388	724	722	1,130	1,261	456	300	462	761
Total Debt	2,675	2,682	2,680	2,687	2,637	2,651	2,587	2,667	2,640	2,648	2,659	2,597
Net Debt / (Cash)	1,983	1,811	1,437	1,299	1,914	1,929	1,457	1,405	2,184	2,348	2,197	1,836
Cash Flows Quarterly
FCF from Operations	72	-300	25	862	156	-253	35	949	246	-119	-206	718
Cash Flows TTM
FCF from Operations TTM	659	743	790	801	888	978	1,112	870	638	542	380	443
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	202	50	160	132	68	100	100	93	60	16	34	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	58.1%	12.9%	-9.1%	45.1%	79.1%	14.6%	-6.0%	39.9%	27.1%	6.7%	-16.9%	10.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	23.6%	30.8%	39.6%	44.4%	31.3%	18.0%	21.9%	16.8%	3.9%	13.2%	16.2%	25.8%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	5,441
American Girl		227	270	258	257
International		2,220	2,219	1,904	1,972
North America		2,988	2,968	2,426	2,276
Total	5,441	5,435	5,458	4,588	4,505

Price Behavior

Price Behavior

Market Price	$21.23
Market Cap ($ Bil)	6.7
First Trading Date	01/04/1982
Distance from 52W High	-3.2%
	50 Days	200 Days
DMA Price	$18.68	$18.58
DMA Trend	indeterminate	up
Distance from DMA	13.6%	14.3%
	3M	1YR
Volatility	34.6%	43.3%
Downside Capture	73.37	120.28
Upside Capture	123.54	116.55
Correlation (SPY)	44.6%	51.8%

MAT Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.03	1.30	1.23	1.37	1.13	1.01
Up Beta	1.43	1.09	1.66	2.31	0.98	0.95
Down Beta	-1.32	1.99	1.61	1.51	1.23	0.92
Up Capture	239%	200%	123%	91%	128%	103%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	24	32	65	126	373
Down Capture	69%	51%	75%	104%	113%	104%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	17	29	57	116	366

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of MAT With Other Asset Classes (Last 1Y)
	MAT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.2%	9.3%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	43.0%	24.8%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.41	0.31	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		54.6%	51.7%	-3.8%	16.0%	43.2%	17.1%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of MAT With Other Asset Classes (Last 5Y)
	MAT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.5%	9.5%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	35.6%	23.8%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.26	0.36	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		48.0%	48.0%	-0.8%	12.5%	38.6%	19.5%

Based On 10-Year Data

		Comparison of MAT With Other Asset Classes (Last 10Y)
	MAT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-0.5%	12.6%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	41.3%	22.0%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.13	0.53	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		44.2%	43.9%	-1.2%	14.9%	36.5%	12.0%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	14,777,724
Short Interest: % Change Since 10312025	11.7%
Average Daily Volume	3,270,929
Days-to-Cover Short Interest	4.52
Basic Shares Quantity	315,834,000
Short % of Basic Shares	4.7%

Returns Analyses

	Title
0	Can Mattel Stock Hold Up When Markets Turn?
1	Mattel Stock Return Comparison
2	[10/15/2021] Mattel (MAT) Stock Price Forecast: AI Forecasts MAT Stock Price To Be Around $19.72 In A Month (Up 0.3%)
3	Mattel (MAT) Stock Return: AI Predicts MAT Average and Excess Return After a Fall or Rise
4	Leisure Products Industry Return: 29% YTD Return vs 17% For S&P 500

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10292025	10-Q 9/30/2025
6302025	7292025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2262025	10-K 12/31/2024
9302024	10302024	10-Q 9/30/2024
6302024	7302024	10-Q 6/30/2024
3312024	4302024	10-Q 3/31/2024
12312023	3152024	10-K 12/31/2023
9302023	11092023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2222023	10-K 12/31/2022
9302022	11012022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5032022	10-Q 3/31/2022
12312021	2282022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Mattel (MAT)

Market Price (12/4/2025): $21.23 | Market Cap: $6.7 BilSector: Consumer Discretionary | Industry: Leisure Products

Mattel (MAT)

Market Price (12/4/2025): $21.23Market Cap: $6.7 BilSector: Consumer DiscretionaryIndustry: Leisure Products

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Market Price (12/4/2025): $21.23 | Market Cap: $6.7 Bil
Sector: Consumer Discretionary | Industry: Leisure Products

Market Price (12/4/2025): $21.23
Market Cap: $6.7 Bil
Sector: Consumer Discretionary
Industry: Leisure Products