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.

• 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.

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.

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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.

The key risks to Mattel's business include its highly seasonal nature and susceptibility to demand fluctuations, rising costs and supply chain disruptions, and intense market competition coupled with evolving consumer preferences.

1. Seasonality and Fluctuations in Consumer Demand: A substantial portion of Mattel's sales occurs during the traditional holiday season, making the company highly dependent on performance during this brief period. Events that disrupt business during peak demand times can disproportionately impact Mattel's financial condition and operating results. Additionally, accurately forecasting consumer demand is a significant challenge, leading to risks associated with the overproduction of less popular toys or the underproduction of popular ones.

2. Rising Costs and Supply Chain Disruptions: Mattel faces ongoing risks from increasing costs of materials, transportation, services, labor, and compliance with regulatory requirements, including tariffs and trade restrictions. These cost increases can significantly impact profit margins, and Mattel may not always be able to offset them by adjusting product prices. Global supply chain disruptions can also hinder production and distribution.

3. Intense Market Competition and Evolving Consumer Preferences: The toy industry is highly competitive with relatively low barriers to entry. Mattel competes with other major toy manufacturers, as well as emerging companies and the increasing prevalence of digital media and games, which broaden the array of entertainment options for children. The company must continually adapt to rapidly evolving consumer preferences and technological changes, such as the increasing use of sophisticated technology like AI in toys, which often come with higher development costs and shorter consumer interest windows.

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.

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%.

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

1. 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.

2. 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.

3. 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.

4. 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.

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.