Matthews International (MATW)
Market Price (7/6/2026): $26.7 | Market Cap: $840.7 MilSector: Consumer Discretionary | Industry: Specialized Consumer Services
Matthews International (MATW)
Market Price (7/6/2026): $26.7Market Cap: $840.7 MilSector: Consumer DiscretionaryIndustry: Specialized Consumer Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, Dividend Yield is 4.0% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Automation & Robotics, Circular Economy & Recycling, and E-commerce & DTC Adoption. Themes include Process / Warehouse Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -21%, 3Y Excs Rtn is -97% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.5% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 87x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -29%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -40% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.2% Key risksMATW key risks include [1] a substantial debt burden creating significant liquidity pressure and [2] protracted, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, Dividend Yield is 4.0% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Circular Economy & Recycling, and E-commerce & DTC Adoption. Themes include Process / Warehouse Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -21%, 3Y Excs Rtn is -97% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -6.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.5% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 87x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -29%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -40% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.2% |
| Key risksMATW key risks include [1] a substantial debt burden creating significant liquidity pressure and [2] protracted, Show more. |
Qualitative Assessment
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Matthews International (MATW) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Matthews International's fiscal Q2 2026 adjusted earnings per share (EPS) significantly surpassed analyst expectations, signaling stronger underlying performance. The company reported an adjusted EPS of $0.37 for the fiscal quarter ended March 31, 2026, which exceeded analysts' consensus estimates of $0.15 by 146.7% and $0.33 by 12.12%. This substantial earnings beat, announced on April 30, 2026, was a key driver for investor optimism and subsequent stock appreciation, despite a 39.5% year-over-year decline in consolidated sales primarily due to prior strategic divestitures.
2. The company's substantial debt reduction efforts and improved financial structure bolstered investor confidence. Matthews International successfully redeemed $300 million of 8.625% notes, reducing its total debt to $579.2 million by March 31, 2026. This strategic deleveraging resulted in lower interest expenses and was highlighted as a positive factor in the fiscal Q2 2026 earnings report, contributing to a cleaner balance sheet and more attractive financial profile for investors.
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Matthews International (MATW) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Matthews International's fiscal Q2 2026 adjusted earnings per share (EPS) significantly surpassed analyst expectations, signaling stronger underlying performance. The company reported an adjusted EPS of $0.37 for the fiscal quarter ended March 31, 2026, which exceeded analysts' consensus estimates of $0.15 by 146.7% and $0.33 by 12.12%. This substantial earnings beat, announced on April 30, 2026, was a key driver for investor optimism and subsequent stock appreciation, despite a 39.5% year-over-year decline in consolidated sales primarily due to prior strategic divestitures.
2. The company's substantial debt reduction efforts and improved financial structure bolstered investor confidence. Matthews International successfully redeemed $300 million of 8.625% notes, reducing its total debt to $579.2 million by March 31, 2026. This strategic deleveraging resulted in lower interest expenses and was highlighted as a positive factor in the fiscal Q2 2026 earnings report, contributing to a cleaner balance sheet and more attractive financial profile for investors.
3. Favorable developments in key business segments and joint ventures provided a positive outlook. The Memorialization segment reported higher sales and adjusted EBITDA, partially driven by the accretive acquisition of The Dodge Company and effective pricing strategies. Additionally, the company received a favorable arbitration ruling that reaffirmed its right to develop and sell proprietary dry battery electrode solutions to third parties, mitigating uncertainty in the Industrial Technologies segment. The Propelis joint venture also continued to contribute positively, adding an estimated $9.5 million to adjusted EBITDA in fiscal Q2 2026, with a partial redemption of preferred equity interests in Propelis announced in May 2026.
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Stock Movement Drivers
Fundamental Drivers
The 4.3% change in MATW stock from 3/31/2026 to 7/5/2026 was primarily driven by a 144.5% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.59 | 26.69 | 4.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,381 | 1,212 | -12.2% |
| Net Income Margin (%) | 1.6% | 0.8% | -51.1% |
| P/E Multiple | 35.4 | 86.5 | 144.5% |
| Shares Outstanding (Mil) | 31 | 31 | -0.6% |
| Cumulative Contribution | 4.3% |
Market Drivers
3/31/2026 to 7/5/2026| Return | Correlation | |
|---|---|---|
| MATW | 4.3% | |
| Market (SPY) | 14.5% | 28.3% |
| Sector (XLY) | 7.5% | 30.5% |
Fundamental Drivers
The 4.1% change in MATW stock from 12/31/2025 to 7/5/2026 was primarily driven by a 30.1% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.64 | 26.69 | 4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,498 | 1,212 | -19.1% |
| P/S Multiple | 0.5 | 0.7 | 30.1% |
| Shares Outstanding (Mil) | 31 | 31 | -1.1% |
| Cumulative Contribution | 4.1% |
Market Drivers
12/31/2025 to 7/5/2026| Return | Correlation | |
|---|---|---|
| MATW | 4.1% | |
| Market (SPY) | 9.5% | 41.4% |
| Sector (XLY) | -1.7% | 43.2% |
Fundamental Drivers
The 16.1% change in MATW stock from 6/30/2025 to 7/5/2026 was primarily driven by a 64.9% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.98 | 26.69 | 16.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,704 | 1,212 | -28.9% |
| P/S Multiple | 0.4 | 0.7 | 64.9% |
| Shares Outstanding (Mil) | 31 | 31 | -0.9% |
| Cumulative Contribution | 16.1% |
Market Drivers
6/30/2025 to 7/5/2026| Return | Correlation | |
|---|---|---|
| MATW | 16.1% | |
| Market (SPY) | 21.6% | 30.7% |
| Sector (XLY) | 8.4% | 35.0% |
Fundamental Drivers
The -30.3% change in MATW stock from 6/30/2023 to 7/5/2026 was primarily driven by a -33.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.30 | 26.69 | -30.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,808 | 1,212 | -33.0% |
| P/S Multiple | 0.7 | 0.7 | 6.4% |
| Shares Outstanding (Mil) | 31 | 31 | -2.3% |
| Cumulative Contribution | -30.3% |
Market Drivers
6/30/2023 to 7/5/2026| Return | Correlation | |
|---|---|---|
| MATW | -30.3% | |
| Market (SPY) | 74.0% | 37.9% |
| Sector (XLY) | 41.1% | 39.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MATW Return | 28% | -15% | 23% | -22% | -2% | 4% | 8% |
| Peers Return | 39% | -20% | 4% | 18% | -8% | 3% | 29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| MATW Win Rate | 58% | 25% | 58% | 42% | 50% | 57% | |
| Peers Win Rate | 73% | 37% | 48% | 52% | 40% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| MATW Max Drawdown | -25% | -39% | -29% | -40% | -39% | -16% | |
| Peers Max Drawdown | -14% | -35% | -26% | -13% | -28% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SCI, DOV, DHR, ZBRA, HON.
[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] 2026 data is for the year up to 7/2/2026 (YTD)
How Low Can It Go
| Event | MATW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.0% | -18.8% |
| % Gain to Breakeven | 33.2% | 23.1% |
| Time to Breakeven | 57 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.2% | -24.5% |
| % Gain to Breakeven | 61.7% | 32.4% |
| Time to Breakeven | 90 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.8% | -33.7% |
| % Gain to Breakeven | 71.8% | 50.9% |
| Time to Breakeven | 307 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.7% | -19.2% |
| % Gain to Breakeven | 27.8% | 23.8% |
| Time to Breakeven | 1654 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -13.0% | -12.2% |
| % Gain to Breakeven | 14.9% | 13.9% |
| Time to Breakeven | 106 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -10.4% | -6.8% |
| % Gain to Breakeven | 11.6% | 7.3% |
| Time to Breakeven | 24 days | 15 days |
In The Past
Matthews International's stock fell -25.0% during the 2025 US Tariff Shock. Such a loss loss requires a 33.2% gain to breakeven.
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Asset Allocation
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| Event | MATW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.0% | -18.8% |
| % Gain to Breakeven | 33.2% | 23.1% |
| Time to Breakeven | 57 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.2% | -24.5% |
| % Gain to Breakeven | 61.7% | 32.4% |
| Time to Breakeven | 90 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.8% | -33.7% |
| % Gain to Breakeven | 71.8% | 50.9% |
| Time to Breakeven | 307 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.7% | -19.2% |
| % Gain to Breakeven | 27.8% | 23.8% |
| Time to Breakeven | 1654 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.7% | -17.9% |
| % Gain to Breakeven | 29.3% | 21.8% |
| Time to Breakeven | 586 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.8% | -15.4% |
| % Gain to Breakeven | 26.2% | 18.2% |
| Time to Breakeven | 21 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -42.4% | -53.4% |
| % Gain to Breakeven | 73.8% | 114.4% |
| Time to Breakeven | 1969 days | 1085 days |
In The Past
Matthews International's stock fell -25.0% during the 2025 US Tariff Shock. Such a loss loss requires a 33.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Matthews International (MATW)
Matthews International (MATW) is a diversified global company that operates across three distinct business segments, providing a wide array of products and services to various industries worldwide. A significant portion of its business is within the SGK Brand Solutions segment, which offers comprehensive brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, and merchandising display systems. These solutions primarily cater to the consumer goods and retail sectors, helping clients build and maintain strong brand identities and market presence.
The company's other key segments include Memorialization and Industrial Technologies. The Memorialization segment serves the cemetery and funeral home industries by supplying bronze and granite memorials, cremation products like urns and niche units, caskets, and cremation equipment. Concurrently, the Industrial Technologies segment provides essential marking and coding equipment, industrial automation products, and order fulfillment systems for identifying, tracking, picking, and conveying products, primarily serving the warehousing and broader industrial sectors.
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Matthews International can be described as:
The **Sysco for the funeral and cemetery industry.**
Similar to **Zebra Technologies for industrial marking, tracking, and warehouse automation.**
And like **Avery Dennison for brand identity, packaging, and in-store display solutions.**
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- Brand Management & Marketing Services: Provides brand strategy, design, pre-media, imaging, digital asset management, and merchandising display systems for consumer goods and retail.
- Printing Plates & Cylinders: Manufactures engineered printing plates and cylinders essential for printing processes.
- Memorials & Monuments: Offers bronze and granite memorials, upright monuments, granite benches, flower vases, crypt plates, letters, cemetery features, and statues.
- Cremation Products & Equipment: Supplies cremation urns, niche units, cremation memorialization products, and cremation and incineration equipment.
- Caskets: Provides caskets for traditional burial services.
- Marking & Coding Equipment: Manufactures equipment and consumables for identifying, tracking, and marking consumer and industrial products.
- Industrial Automation Products: Develops products that automate various industrial processes.
- Order Fulfillment Systems: Offers integrated systems for warehousing, including identifying, tracking, picking, and conveying products.
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Matthews International (MATW) primarily sells to other businesses rather than individuals. Based on the provided company description, specific names of its major customer companies are not disclosed. However, its customer base can be categorized by the industries it serves across its three segments:
- Consumer Goods Companies: Customers for brand management, pre-media services, printing plates, and other brand solutions provided by the SGK Brand Solutions segment.
- Retail Companies: Customers for merchandising display systems, marketing, and design services, as part of its SGK Brand Solutions segment.
- Cemetery Companies: Customers for bronze and granite memorials, cremation memorialization products, niche units, and other cemetery features, under its Memorialization segment.
- Funeral Home Companies: Customers for caskets, cremation, and incineration equipment, also within its Memorialization segment.
- Warehousing Companies: Customers for marking and coding equipment, industrial automation products, and order fulfillment systems provided by the Industrial Technologies segment.
- Industrial Companies: Customers for identifying, tracking, picking, and conveying consumer and industrial products, also falling under its Industrial Technologies segment.
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Joseph C. Bartolacci, President and Chief Executive Officer
Joseph C. Bartolacci was appointed President and Chief Executive Officer of Matthews International in 2006, having served on the Board of Directors since 2005. Prior to becoming CEO, he was President and Chief Operating Officer. His tenure at Matthews also includes various roles such as President of the Casket Division, Executive Vice President, President of Matthews Europe, President of Caggiati, S.p.A. (a Matthews subsidiary), and General Counsel. Bartolacci also serves on the board of Federated Hermes, a global investment management company.
Daniel E. Stopar, Chief Financial Officer and Treasurer
Daniel E. Stopar was appointed Chief Financial Officer and Treasurer in December 2025. He joined Matthews in 2013 and has held several executive financial roles within the company, most recently as Senior Vice President, Operations Controller and Head of Global Business Services. Before his time at Matthews, Stopar held financial leadership positions at Royal Philips Electronics and Respironics, Inc.
Steven D. Gackenbach, Group President, Matthews Memorialization
Steven D. Gackenbach has served as Group President for Matthews Memorialization since 2011. In this capacity, he is responsible for the strategic direction and global operational and commercial activities of both the Matthews' Cemetery Products Division and the Matthews Aurora Funeral Solutions Division. Before assuming this role, Gackenbach was Matthews Memorialization's Chief Commercial Officer.
Lee Lane, Group President, Matthews Industrial Automation and Matthews Environmental Solutions
Lee Lane is the newly appointed Group President for Matthews Industrial Automation and Matthews Environmental Solutions. He leads the long-term growth strategy for these divisions, overseeing global product management, operations, and commercial activities. Prior to joining Matthews, Lane spent over thirty years at Rockwell Automation, where he held various roles including Application Engineer, Marketing, Product Management, Product Security, and running a business unit.
Brian D. Walters, Executive Vice President and General Counsel, Corporate Secretary
Brian D. Walters was appointed Executive Vice President and General Counsel in 2021, and in February 2025, he also assumed the role of Corporate Secretary. He oversees and manages all legal matters for Matthews globally. Walters joined Matthews in 2005 as Corporate Counsel and has been involved in leading over 80 acquisition and divestiture initiatives for the corporation.
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Here are the key risks to the business for Matthews International (MATW):
- High Leverage and Interest Rate Risk: Matthews International faces significant financial risk due to its elevated debt levels and substantial interest expense. As of late 2025, the company had considerable debt, and its low interest coverage ratio indicates that the cost of borrowing is negatively impacting shareholder returns. S&P Global lowered its rating on Matthews International primarily due to its elevated leverage and uncertainties around deleveraging, projecting that debt to EBITDA could remain above 5x.
- Weak Operating Performance and Sales Decline: The company has experienced declining revenue and profitability across its segments. Fiscal 2025 saw a significant decrease in consolidated sales, primarily due to the divestiture of the SGK business, and the Industrial Technologies segment specifically faced declining sales due to ongoing challenges. This weakness in operating results makes deleveraging more uncertain and reduces the company's ability to generate free cash flow. The divestiture of SGK also reduced the company's geographic diversification.
- Goodwill and Intangible Asset Impairment Risk: Matthews International carries a substantial balance of goodwill and intangible assets on its balance sheet, particularly after its divestiture of the SGK business. This significant asset balance is subject to impairment risk, which could lead to material non-cash charges and further impact the company's financial results.
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Shifting societal preferences and cultural trends away from traditional physical memorialization products and practices, including the increasing adoption of direct cremation, eco-friendly burial alternatives, and digital memorialization, which reduces demand for traditional monuments, urns, caskets, and cemetery features.
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Matthews International (MATW) operates in diverse markets, and the addressable market sizes for its main products and services vary by segment and region.
SGK Brand Solutions Segment
- Digital Asset Management (DAM): The global digital asset management market was valued at approximately USD 4.9 billion in 2022 and is projected to reach USD 20.6 billion by 2032. North America was the leading region in this market in 2022 and 2026.
- Brand Management Services/Solutions: The global brand management services market was valued at US$654 million in 2024 and is projected to reach US$974 million by 2031. Another estimate places the global brand management systems market size at approximately $3.2 billion in 2023, with a projection to reach $9.8 billion by 2032.
- Printing Plates and Cylinders (part of pre-media services): The global printing plates market size was valued at USD 15 billion in 2024 and is expected to reach USD 21.4 billion by 2034. Another source indicated a market size of USD 15.23 billion in 2025, growing to $18.18 billion in 2030.
- Pre-Press and Packaging Graphics Services: This global market is projected to expand from USD 4.87 billion in 2025 to USD 7.11 billion by 2030.
Memorialization Segment
- Caskets: The global caskets market size was approximately USD 3.2 billion in 2024 and is projected to reach USD 4.1 billion by 2033. North America accounts for approximately 48% of the global caskets market. The global burial casket market size was USD 2841.5 million in 2024 and is expected to reach USD 3998.27 million by 2031.
- Cremation Equipment (Human and Animal): The global market for human and animal cremation equipment is projected to reach approximately $2427 million (USD 2.427 billion) in 2024 and $3150 million (USD 3.15 billion) by 2029. The global cremation furnace market size was valued at USD 593.69 million in 2024 and is projected to reach USD 867.20 million by 2033. North America dominated the cremation furnace industry in 2024.
- Memorial Products (included in Funeral Products and Services): The global funeral products and services market was valued at US$62.5 billion in 2023 and is forecasted to reach US$113 billion by 2033. North America held over 40% of the global revenue for funeral products and services in 2024.
Industrial Technologies Segment
- Marking and Coding Equipment and Consumables: The global coding and marking equipment market size was valued at USD 18.87 billion in 2025 and is projected to grow to USD 32.06 billion by 2034. North America led this market in 2024 with a revenue share of 30.9%.
- Industrial Automation Products: The global industrial automation market was valued at USD 256.02 billion in 2025 and is predicted to increase to approximately USD 613.25 billion by 2035. Europe dominated the industrial automation market with a market share of 32.99% in 2025.
-
Order Fulfillment Systems:
- E-commerce Fulfillment Services: The global e-commerce fulfillment services market size was estimated at USD 123.68 billion in 2024 and is projected to reach USD 272.14 billion by 2030. Asia Pacific dominated this global market with a 29% share in 2024.
- Order Fulfillment Software for E-commerce: This global market is projected to reach an estimated $12.5 billion by 2025.
- Distributed Order Management Systems (DOM): The global market size for Distributed Order Management Systems is estimated to fall within the range of USD 1.0 billion and USD 3.0 billion by 2025.
- Micro Fulfillment: The global micro fulfillment market size is expected to reach USD 37.74 billion by 2030.
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Matthews International (MATW) is expected to drive future revenue growth over the next 2-3 years through several key initiatives within its core business segments, following strategic portfolio adjustments including the divestiture of certain businesses. The primary drivers are anticipated to be:
- Growth within the Memorialization Segment: This segment is consistently identified as a strong performer. Future revenue growth is expected from continued inflationary price realization, higher sales volumes for caskets and cemetery memorials, and the integration and synergy realization from recent acquisitions, such as The Dodge Company.
- Conversion of Dry Battery Electrode (DBE) Solutions Interest to Orders: Within the Industrial Technologies segment, Matthews International has reported strong interest from various customers in its dry battery electrode solutions. The company anticipates this interest will translate into firm orders and contribute to revenue growth, particularly in the second half of fiscal year 2026.
- Commercialization and Market Expansion of MPERIA® Axian Inkjet (XIJ) Systems: The commercialization of MPERIA® Axian Inkjet (XIJ) systems within the Industrial Technologies segment is progressing well. With strong market reception, an expanding global pipeline, and solid beta performance, these new systems are expected to be a significant contributor to future revenue as the company seeks partnerships to accelerate their adoption.
- Strategic Investments and Diversification into Promising New Markets within Industrial Technologies: Matthews International has strategically diversified its portfolio into new markets and made careful investments within its Industrial Technologies segment to address end markets with significant growth potential. This strategic approach aims to capitalize on emerging opportunities and enhance the segment's overall revenue trajectory.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- In July 2021, Matthews International's Board of Directors authorized the repurchase of up to an additional 2,500,000 shares of the Company's common stock.
- For fiscal year 2025, the company reported approximately $12 million in share repurchases.
Outbound Investments
- On May 1, 2025, Matthews contributed its SGK business to Propelis, in return for a 40% equity stake in Propelis.
- Acquisitions, net of cash acquired, amounted to approximately $0.5 million for the period ending February 4, 2026, and approximately $2.2 million for a prior period, likely fiscal year 2025.
- The acquisition of The Dodge Company is noted for contributing to the growth of the Memorialization segment in fiscal year 2026.
Capital Expenditures
- Capital expenditures were approximately $5.3 million for the most recent period (likely Q1 fiscal year 2026, based on February 4, 2026 data).
- For a prior period, capital expenditures were approximately $9.5 million.
- The primary focus of capital expenditures is on driving operational efficiency and long-term growth through continuous innovation within its Industrial Technologies and Memorialization businesses.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 205.82 |
| Mkt Cap | 21.0 |
| Rev LTM | 6,932 |
| Op Inc LTM | 1,176 |
| FCF LTM | 986 |
| FCF 3Y Avg | 789 |
| CFO LTM | 1,167 |
| CFO 3Y Avg | 1,040 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 0.8% |
| Rev Chg Q | 3.1% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Inc Chg LTM | 2.3% |
| Op Inc Chg 3Y Avg | -0.0% |
| Op Mgn LTM | 16.9% |
| Op Mgn 3Y Avg | 17.2% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 16.5% |
| CFO/Rev 3Y Avg | 15.7% |
| FCF/Rev LTM | 13.3% |
| FCF/Rev 3Y Avg | 13.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Memorialization | 810 | 830 | 843 | 840 | 769 |
| Brand Solutions | 346 | 533 | 532 | 587 | 618 |
| Industrial Technologies | 342 | 433 | 506 | 336 | 284 |
| Corporate and Non-Operating | 0 | 0 | |||
| Total | 1,498 | 1,796 | 1,881 | 1,762 | 1,671 |
| $ Mil | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| Memorialization | 86 | 81 | 68 | 70 | |
| Brand Solutions | 35 | 25 | 43 | 22 | |
| Industrial Technologies | 11 | 7 | 8 | ||
| Industrial | 13 | ||||
| Cemetery Products | 36 | ||||
| Cremation | 5 | ||||
| Funeral Home Products | 28 | ||||
| Graphics Imaging | -5 | ||||
| Marking and Fulfillment Systems | 11 | ||||
| Merchandising Solutions | 7 | ||||
| Total | 133 | 113 | 119 | 105 | 83 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Memorialization | 885 | 790 | 794 | 801 | 807 |
| Industrial Technologies | 448 | 461 | 482 | 414 | 286 |
| Brand Solutions | 327 | 532 | 573 | 631 | 874 |
| Corporate and Non-Operating | 38 | 37 | 65 | ||
| Total | 1,661 | 1,783 | 1,887 | 1,883 | 2,032 |
Price Behavior
| Market Price | $26.69 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 08/10/1994 | |
| Distance from 52W High | -5.9% | |
| 50 Days | 200 Days | |
| DMA Price | $26.87 | $25.44 |
| DMA Trend | up | up |
| Distance from DMA | -0.7% | 4.9% |
| 3M | 1YR | |
| Volatility | 28.5% | 32.3% |
| Downside Capture | 89.04 | 99.23 |
| Upside Capture | 69.16 | 87.92 |
| Correlation (SPY) | 30.2% | 30.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.31 | 0.46 | 0.63 | 0.90 | 0.80 | 0.97 |
| Up Beta | -0.63 | -0.15 | 0.45 | 0.80 | 0.79 | 0.80 |
| Down Beta | 0.77 | 0.62 | 0.62 | 0.88 | 0.53 | 0.94 |
| Up Capture | 52% | 31% | 60% | 85% | 83% | 73% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 12 | 21 | 35 | 63 | 127 | 360 |
| Down Capture | 32% | 84% | 86% | 100% | 96% | 106% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 20 | 28 | 62 | 125 | 386 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MATW | |
|---|---|---|---|---|
| MATW | 13.0% | 32.7% | 0.41 | - |
| Sector ETF (XLY) | 8.0% | 18.6% | 0.28 | 35.0% |
| Equity (SPY) | 21.7% | 12.5% | 1.29 | 30.9% |
| Gold (GLD) | 23.1% | 27.7% | 0.73 | 5.4% |
| Commodities (DBC) | 21.3% | 18.6% | 0.90 | -16.7% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 31.6% |
| Bitcoin (BTCUSD) | -42.0% | 42.7% | -1.15 | 15.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MATW | |
|---|---|---|---|---|
| MATW | -2.8% | 36.3% | 0.00 | - |
| Sector ETF (XLY) | 6.6% | 23.9% | 0.24 | 40.1% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 42.0% |
| Gold (GLD) | 17.9% | 18.3% | 0.79 | 2.3% |
| Commodities (DBC) | 6.9% | 19.5% | 0.25 | 4.2% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 42.4% |
| Bitcoin (BTCUSD) | 12.2% | 53.8% | 0.41 | 15.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MATW | |
|---|---|---|---|---|
| MATW | -4.4% | 36.9% | -0.01 | - |
| Sector ETF (XLY) | 12.7% | 22.1% | 0.53 | 45.9% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 49.5% |
| Gold (GLD) | 12.1% | 16.1% | 0.61 | 1.9% |
| Commodities (DBC) | 5.7% | 18.0% | 0.25 | 14.6% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 46.3% |
| Bitcoin (BTCUSD) | 59.0% | 66.2% | 0.99 | 13.6% |
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Returns Analyses
Earnings Returns History
Updated 6/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/1/2026 | 0.2% | -3.1% | -6.6% |
| 2/4/2026 | -0.4% | 0.9% | -1.7% |
| 11/21/2025 | -0.6% | 0.4% | 6.4% |
| 8/6/2025 | 4.4% | 1.0% | 4.5% |
| 5/1/2025 | -3.1% | -6.6% | 6.2% |
| 2/7/2025 | -9.9% | -14.5% | -19.0% |
| 11/22/2024 | 21.0% | 18.3% | 8.3% |
| 8/2/2024 | -5.0% | -6.9% | -8.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 13 |
| # Negative | 13 | 13 | 11 |
| Median Positive | 4.4% | 3.5% | 6.2% |
| Median Negative | -3.6% | -5.3% | -8.4% |
| Max Positive | 21.0% | 18.3% | 18.2% |
| Max Negative | -9.9% | -14.5% | -19.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/1/2026 | 0.2% | -3.1% | -6.6% |
| 2/4/2026 | -0.4% | 0.9% | -1.7% |
| 11/21/2025 | -0.6% | 0.4% | 6.4% |
| 8/6/2025 | 4.4% | 1.0% | 4.5% |
| 5/1/2025 | -3.1% | -6.6% | 6.2% |
| 2/7/2025 | -9.9% | -14.5% | -19.0% |
| 11/22/2024 | 21.0% | 18.3% | 8.3% |
| 8/2/2024 | -5.0% | -6.9% | -8.9% |
| 5/3/2024 | 6.4% | 7.1% | 5.0% |
| 2/2/2024 | -7.5% | -13.3% | -13.2% |
| 11/17/2023 | -3.9% | -9.5% | -4.2% |
| 7/28/2023 | -3.3% | -4.9% | -13.6% |
| 4/28/2023 | 5.6% | 3.3% | 10.7% |
| 1/27/2023 | -7.9% | 1.6% | 0.1% |
| 11/18/2022 | 7.5% | 13.4% | 9.6% |
| 7/29/2022 | 1.9% | -5.3% | -3.9% |
| 4/29/2022 | -2.4% | -0.7% | 7.2% |
| 1/28/2022 | 4.3% | 3.5% | 0.2% |
| 11/19/2021 | -6.2% | -8.6% | -11.6% |
| 7/30/2021 | 1.0% | -0.7% | 5.0% |
| 4/30/2021 | -3.4% | -1.4% | -8.4% |
| 1/29/2021 | -3.6% | 5.5% | 18.2% |
| 11/20/2020 | 5.5% | -2.5% | -1.4% |
| 7/31/2020 | 2.9% | 5.7% | 6.0% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 13 |
| # Negative | 13 | 13 | 11 |
| Median Positive | 4.4% | 3.5% | 6.2% |
| Median Negative | -3.6% | -5.3% | -8.4% |
| Max Positive | 21.0% | 18.3% | 18.2% |
| Max Negative | -9.9% | -14.5% | -19.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/21/2025 | 10-K |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-Q |
| 09/30/2024 | 11/22/2024 | 10-K |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-Q |
| 09/30/2023 | 11/17/2023 | 10-K |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 01/27/2023 | 10-Q |
| 09/30/2022 | 11/18/2022 | 10-K |
| 06/30/2022 | 07/29/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/21/2025 | 10-K |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-Q |
| 09/30/2024 | 11/22/2024 | 10-K |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-Q |
| 09/30/2023 | 11/17/2023 | 10-K |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 01/27/2023 | 10-Q |
| 09/30/2022 | 11/18/2022 | 10-K |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 01/28/2022 | 10-Q |
| 09/30/2021 | 11/19/2021 | 10-K |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 01/29/2021 | 10-Q |
| 09/30/2020 | 11/20/2020 | 10-K |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 01/31/2020 | 10-Q |
| 09/30/2019 | 11/22/2019 | 10-K |
| 06/30/2019 | 08/02/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q2 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | 180.00 Mil | 0 | Affirmed | Guidance: 180.00 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | 180.00 Mil | 0 | Affirmed | Guidance: 180.00 Mil for 2026 | |||
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Specialized Consumer Services Resources |
| Consumer Reports |
| Better Business Bureau (BBB) |
| TrendWatching |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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