Tearsheet

Mattel (MAT)

Market Price (12/23/2025): $19.79 | Market Cap: $6.3 Bil
Sector: Consumer Discretionary | Industry: Leisure Products

Mattel (MAT)

Market Price (12/23/2025): $19.79
Market Cap: $6.3 Bil
Sector: Consumer Discretionary
Industry: Leisure Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, FCF Yield is 7.8%	Weak multi-year price returns 2Y Excs Rtn is -43%, 3Y Excs Rtn is -61%	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%		Key risks MAT key risks include [1] an outsized dependence on holiday season performance and forecasting errors, Show more.
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 6.9%, FCF Yield is 7.8%
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	Weak multi-year price returns 2Y Excs Rtn is -43%, 3Y Excs Rtn is -61%
5	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%
6	Key risks MAT key risks include [1] an outsized dependence on holiday season performance and forecasting errors, Show more.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$19.79	$17.73	$18.88	$17.84	$21.56
Market Cap CYE ($ Bil)	6.3	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)	8.2	8.6	9.3	8.9	10.5
Valuation Ratios
P/S TTM	1.2	1.1	1.2	1.2	1.4
P/EBIT TTM	10.3	8.1	11.3	9.9	10.4
P/E TTM	14.5	11.1	31.1	16.0	8.4
P/FCF TTM	12.8	10.1	9.4	24.6	22.6
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.9	1.4
P/EBIT TTM (Sector)	7.7	8.3	7.7	6.5	8.2
P/E TTM (Sector)	10.3	11.1	10.3	8.4	10.6
P/FCF TTM (Sector)	11.3	12.4	9.5	7.3	10.4

	12/23/25	2024	2023
Share Price CYE	$19.79	$17.73	$18.88
Market Cap CYE ($ Bil)	6.3	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)	8.2	8.6	9.3
Valuation Ratios
P/S TTM	1.2	1.1	1.2
P/EBIT TTM	10.3	8.1	11.3
P/E TTM	14.5	11.1	31.1
P/FCF TTM	12.8	10.1	9.4
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.7	8.3	7.7
P/E TTM (Sector)	10.3	11.1	10.3
P/FCF TTM (Sector)	11.3	12.4	9.5

	MAT	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	5.2
Rev Chg Q	-5.9%	7.3%
Rev Chg LTM	-2.4%	6.0%
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%	20.4%
Net Inc Mgn	8.3%	13.1%
VALUATION	LOW
P/S	1.2	3.2
P/CFO	9.5	15.5
P/FCF	12.8	20.7
P/E	14.5	23.5
STABILITY	GOOD
Debt/Equity	0.43	0.21
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

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Here are the key points for why Mattel (MAT) stock moved during the approximate time period from August 31, 2025, to December 23, 2025: 1. Missed Q3 2025 Earnings Estimates and Lowered Guidance. Mattel reported third-quarter 2025 financial results on October 21, 2025, with net sales of $1.74 billion, falling short of analyst estimates of $1.84 billion. The company's adjusted earnings per share (EPS) of $0.89 also missed expectations of $1.06 per share. This represented a 5.9% year-on-year decline in sales and a 15.9% miss on adjusted EPS. The decrease in net sales was primarily due to a 12% decrease in North America, while adjusted operating income also decreased due to lower net sales and gross margin.

2. Weak Performance in Dolls and Preschool Segments. The Dolls and Preschool segments experienced sharp sales declines in Q3 2025. This underperformance was a significant factor in the overall revenue miss, and increased marketing spending did not offset the weak demand and margin erosion in these areas.

Show more Here are the key points for why Mattel (MAT) stock moved during the approximate time period from August 31, 2025, to December 23, 2025: 1. Missed Q3 2025 Earnings Estimates and Lowered Guidance. Mattel reported third-quarter 2025 financial results on October 21, 2025, with net sales of $1.74 billion, falling short of analyst estimates of $1.84 billion. The company's adjusted earnings per share (EPS) of $0.89 also missed expectations of $1.06 per share. This represented a 5.9% year-on-year decline in sales and a 15.9% miss on adjusted EPS. The decrease in net sales was primarily due to a 12% decrease in North America, while adjusted operating income also decreased due to lower net sales and gross margin.

2. Weak Performance in Dolls and Preschool Segments. The Dolls and Preschool segments experienced sharp sales declines in Q3 2025. This underperformance was a significant factor in the overall revenue miss, and increased marketing spending did not offset the weak demand and margin erosion in these areas.

3. Negative Analyst Sentiment and Sell Ratings. Following the Q3 2025 earnings report, some analysts expressed negative sentiment. One analyst rated MAT stock as a "Sell" due to declining core business, pressured margins, and guidance that appeared difficult to achieve, estimating a fair value of $16 per share.

4. Reiteration of Full-Year 2025 Guidance and Positive Q4 Outlook. Despite the challenging Q3 results, Mattel's CEO, Ynon Kreiz, noted an acceleration in U.S. retailer orders and expressed expectations for strong top-line growth in the fourth quarter due to an anticipated good holiday season. Mattel reiterated its full-year 2025 guidance, with net sales expected to grow between 1% and 3% at constant currencies, and reaffirmed its 2025 share repurchase target of $600 million.

5. Continued Strength in Other Categories and Brand Momentum. While some segments struggled, Mattel reported continued strength in other categories like Vehicles and Action Figures. Hot Wheels, for instance, had gross billings exceeding estimates. The company also reiterated that Barbie, Hot Wheels, and Fisher-Price remained number one in their respective categories, with UNO being the number one card game globally, indicating overall brand momentum. Show less

Stock Movement Drivers

Fundamental Drivers

The 15.9% change in MAT stock from 9/22/2025 to 12/22/2025 was primarily driven by a 37.8% change in the company's P/E Multiple.

	9222025	12222025	Change
Stock Price ($)	17.08	19.80	15.93%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5335.50	5227.57	-2.02%
Net Income Margin (%)	9.86%	8.27%	-16.17%
P/E Multiple	10.50	14.47	37.78%
Shares Outstanding (Mil)	323.53	315.83	2.38%
Cumulative Contribution			15.86%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
MAT	15.9%
Market (SPY)	2.7%	47.8%
Sector (XLY)	1.9%	53.1%

Fundamental Drivers

The 3.6% change in MAT stock from 6/23/2025 to 12/22/2025 was primarily driven by a 22.4% change in the company's P/E Multiple.

	6232025	12222025	Change
Stock Price ($)	19.12	19.80	3.56%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5396.67	5227.57	-3.13%
Net Income Margin (%)	9.82%	8.27%	-15.77%
P/E Multiple	11.82	14.47	22.40%
Shares Outstanding (Mil)	327.49	315.83	3.56%
Cumulative Contribution			3.43%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
MAT	3.6%
Market (SPY)	14.4%	39.1%
Sector (XLY)	14.3%	52.5%

Fundamental Drivers

The 10.9% change in MAT stock from 12/22/2024 to 12/22/2025 was primarily driven by a 31.0% change in the company's P/E Multiple.

	12222024	12222025	Change
Stock Price ($)	17.86	19.80	10.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5353.83	5227.57	-2.36%
Net Income Margin (%)	10.24%	8.27%	-19.26%
P/E Multiple	11.04	14.47	30.99%
Shares Outstanding (Mil)	339.06	315.83	6.85%
Cumulative Contribution			10.34%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
MAT	10.9%
Market (SPY)	16.9%	51.5%
Sector (XLY)	7.8%	55.7%

Fundamental Drivers

The 17.0% change in MAT stock from 12/23/2022 to 12/22/2025 was primarily driven by a 45.5% change in the company's P/E Multiple.

	12232022	12222025	Change
Stock Price ($)	16.93	19.80	16.95%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5827.66	5227.57	-10.30%
Net Income Margin (%)	10.36%	8.27%	-20.17%
P/E Multiple	9.94	14.47	45.51%
Shares Outstanding (Mil)	354.47	315.83	10.90%
Cumulative Contribution			15.56%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
MAT	3.6%
Market (SPY)	47.7%	41.9%
Sector (XLY)	38.4%	44.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MAT Return	29%	24%	-17%	6%	-6%	13%	48%
Peers Return	-33%	66%	-3%	21%	22%	-20%	27%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
MAT Win Rate	67%	50%	42%	42%	42%	58%
Peers Win Rate	53%	61%	42%	50%	50%	53%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
MAT Max Drawdown	-47%	-1%	-25%	-10%	-15%	-18%
Peers Max Drawdown	-70%	-3%	-42%	-33%	-30%	-45%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HAS, JAKK, FNKO. 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 12/22/2025 (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	1,062 days	1,480 days

Compare to HAS, BC, PII, YETI, MAT

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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

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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.

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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.

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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.

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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.

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.
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.
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.

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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.

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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%.

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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.

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YETI

Higher CFO/Rev LTM (Value for MAT: 12.6%)

HAS (17.2%)

Hasbro

YETI (16.8%)

YETI

BC (14.2%)

Brunswick

DOO (14.0%)

BRP

Higher FCF/Rev LTM (Value for MAT: 9.3%)

HAS (12.6%)

Hasbro

BC (11.4%)

Brunswick

YETI (9.9%)

YETI

DOO (9.7%)

BRP

Higher Total Yield (Value for MAT: 6.9%)

MPX (10.6%)

Marine Products

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for MAT: -3.4% | 1.2x)

GM (8.6% | 0.4x)

General Motors

F (7.8% | 0.3x)

Ford Motor

LEN (3.0% | 0.8x)

Lennar

GPC (4.1% | 0.7x)

Genuine Parts

APTV (7.7% | 0.8x)

Aptiv

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MAT: -3.4% | 11.1x)

GM (8.6% | 9.7x)

General Motors

DHI (0.9% | 9.7x)

D.R. Horton

CCL (45.9% | 9.8x)

Carnival

LEN (3.0% | 7.9x)

Lennar

LULU (14.2% | 10.3x)

Lululemon Athletica

Higher Rev Chg LTM (Value for MAT: -2.4%)

BKNG (13.0%)

Booking

AMZN (10.9%)

Amazon.com

HD (7.5%)

Home Depot

MCD (1.2%)

McDonald's

TSLA (-1.6%)

Tesla

Higher Rev Chg 3Y Avg (Value for MAT: -3.4%)

BKNG (17.8%)

Booking

AMZN (11.3%)

Amazon.com

TSLA (9.3%)

Tesla

MCD (4.2%)

McDonald's

HD (1.9%)

Home Depot

Higher Op Mgn LTM (Value for MAT: 10.8%)

MCD (46.1%)

McDonald's

BKNG (34.5%)

Booking

HD (13.0%)

Home Depot

AMZN (11.4%)

Amazon.com

TJX (11.3%)

TJX Companies

Higher CFO/Rev LTM (Value for MAT: 12.6%)

MCD (39.9%)

McDonald's

MELI (37.5%)

MercadoLibre

BKNG (33.2%)

Booking

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

Higher FCF/Rev LTM (Value for MAT: 9.3%)

ABNB (38.4%)

Airbnb

MELI (32.9%)

MercadoLibre

BKNG (31.9%)

Booking

MCD (28.1%)

McDonald's

DASH (15.8%)

DoorDash

Higher Total Yield (Value for MAT: 6.9%)

F (12.1%)

Ford Motor

LEN (11.7%)

Lennar

DHI (9.5%)

D.R. Horton

EBAY (7.0%)

eBay

LOW (6.9%)

Lowe's Companies

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MAT: -3.4% | 1.2x)

UNH (11.4% | 0.7x)

UnitedHealth

CMCSA (0.7% | 0.9x)

Comcast

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

DELL (0.2% | 0.8x)

Dell Technologies

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MAT: -3.4% | 11.1x)

T (1.1% | 7.2x)

AT&T

VZ (0.5% | 5.3x)

Verizon Communications

BUD (0.8% | 8.2x)

Anheuser-Busch InBev SA/NV

HCA (6.6% | 10.2x)

HCA Healthcare

BMY (1.0% | 9.7x)

Bristol-Myers Squibb

Higher Rev Chg LTM (Value for MAT: -2.4%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for MAT: -3.4%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for MAT: 10.8%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for MAT: 12.6%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for MAT: 9.3%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for MAT: 6.9%)

XOM (9.3%)

Exxon Mobil

WFC (8.8%)

Wells Fargo

JNJ (7.5%)

Johnson & Johnson

KO (7.1%)

Coca-Cola

BAC (7.1%)

Bank of America

		Best Bets In Consumer Discretionary Sector
	MAT	ABNB	BKNG	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH	YUM
What You Pay
P/E	14.5	31.8	34.7	26.8	30.4	22.1	12.1	25.2	21.0	17.6	29.8
P/EBIT	10.3	30.9	20.8	18.4	13.4	14.7	8.9	22.3	18.3	10.3	17.3
What You Get
Rev Chg Q	-5.9%	9.7%	12.7%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%	8.4%
Rev Chg LTM	-2.4%	10.2%	13.0%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%	11.6%
Rev Chg 3Y Avg	-3.4%	14.2%	17.8%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%	6.4%
FCF/Rev 3Y Avg	10.3%	40.2%	35.6%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%	18.9%

[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
0	DASHBOARDS
1	Mattel Earnings Notes
2	With Mattel Stock Surging, Have You Considered The Downside?	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	How Does Mattel Stock Stack Up Against Its Peers?	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

	Title
0	ARTICLES

Trade Ideas

Select 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	10.7%	10.7%	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	3.9%	3.9%	-0.1%
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	3.8%	3.8%	-4.4%
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	19.9%	19.9%	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	7.5%	7.5%	-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

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Mattel

Peers to compare with:

Financials

	MAT	HAS	JAKK	FNKO	Median
Name	Mattel	Hasbro	Jakks Pa.	Funko
Mkt Price	19.80	81.56	17.22	3.02	18.51
Mkt Cap	6.3	11.5	0.2	0.2	3.2
Rev LTM	5,228	4,357	574	929	2,643
Op Inc LTM	564	833	8	-46	286
FCF LTM	488	550	18	-9	253
FCF 3Y Avg	546	525	20	14	273
CFO LTM	659	750	29	27	344
CFO 3Y Avg	728	725	30	49	387

Growth & Margins

	MAT	HAS	JAKK	FNKO	Median
Name	Mattel	Hasbro	Jakks Pa.	Funko
Rev Chg LTM	-2.4%	0.8%	-16.5%	-11.3%	-6.8%
Rev Chg 3Y Avg	-3.4%	-10.7%	-12.1%	-11.2%	-10.9%
Rev Chg Q	-5.9%	8.3%	-34.3%	-14.3%	-10.1%
QoQ Delta Rev Chg LTM	-2.0%	2.5%	-16.1%	-4.3%	-3.2%
Op Mgn LTM	10.8%	19.1%	1.4%	-5.0%	6.1%
Op Mgn 3Y Avg	11.0%	11.6%	5.1%	-6.2%	8.0%
QoQ Delta Op Mgn LTM	-1.8%	0.4%	-5.4%	-0.8%	-1.3%
CFO/Rev LTM	12.6%	17.2%	5.1%	2.9%	8.9%
CFO/Rev 3Y Avg	13.8%	16.0%	4.5%	4.7%	9.2%
FCF/Rev LTM	9.3%	12.6%	3.1%	-1.0%	6.2%
FCF/Rev 3Y Avg	10.3%	11.7%	3.0%	1.3%	6.7%

Valuation

	MAT	HAS	JAKK	FNKO	Median
Name	Mattel	Hasbro	Jakks Pa.	Funko
Mkt Cap	6.3	11.5	0.2	0.2	3.2
P/S	1.2	2.6	0.3	0.2	0.8
P/EBIT	10.3	-43.4	20.8	-3.5	3.4
P/E	14.5	-20.5	31.7	-2.4	6.0
P/CFO	9.5	15.3	6.6	6.2	8.0
Total Yield	6.9%	-1.5%	4.6%	-41.6%	1.6%
Dividend Yield	0.0%	3.4%	1.4%	0.0%	0.7%
FCF Yield 3Y Avg	8.6%	5.2%	13.4%	0.1%	6.9%
D/E	0.4	0.3	0.3	1.9	0.4
Net D/E	0.3	0.2	0.1	1.7	0.3

Returns

	MAT	HAS	JAKK	FNKO	Median
Name	Mattel	Hasbro	Jakks Pa.	Funko
1M Rtn	-0.2%	3.0%	11.5%	7.5%	5.2%
3M Rtn	15.9%	10.2%	-6.3%	-24.7%	1.9%
6M Rtn	3.6%	17.6%	-13.0%	-38.0%	-4.7%
12M Rtn	10.9%	47.3%	-31.2%	-75.8%	-10.2%
3Y Rtn	17.0%	60.7%	9.6%	-69.5%	13.3%
1M Excs Rtn	-1.0%	1.1%	11.3%	1.5%	1.3%
3M Excs Rtn	12.8%	6.7%	-9.3%	-28.8%	-1.3%
6M Excs Rtn	-11.2%	1.5%	-26.9%	-52.6%	-19.0%
12M Excs Rtn	-8.0%	28.8%	-46.5%	-90.8%	-27.3%
3Y Excs Rtn	-60.7%	-18.6%	-72.1%	-146.8%	-66.4%

Comparison Analyses

	Title
0	How Does Mattel Stock Stack Up Against Its Peers?
1	With 13% Gains On The Table, MAT May Outshine HAS
2	With 13% Gains On The Table, MAT May Outshine PII
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?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

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	$19.80
Market Cap ($ Bil)	6.3
First Trading Date	01/04/1982
Distance from 52W High	-9.8%
	50 Days	200 Days
DMA Price	$19.48	$18.53
DMA Trend	indeterminate	up
Distance from DMA	1.6%	6.8%
	3M	1YR
Volatility	36.0%	43.3%
Downside Capture	97.82	120.81
Upside Capture	157.27	112.54
Correlation (SPY)	48.9%	51.5%

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

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	6.1%	3.1%	14.7%	67.3%	6.8%	-0.5%	-16.6%
Annualized Volatility	43.0%	24.7%	19.7%	19.3%	15.2%	17.6%	35.4%
Sharpe Ratio	0.26	0.07	0.57	2.54	0.23	-0.18	-0.25
Correlation With Other Assets		55.8%	51.7%	-4.8%	18.0%	44.3%	16.2%

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	3.9%	10.2%	15.0%	18.9%	11.8%	5.1%	35.8%
Annualized Volatility	35.6%	23.8%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.19	0.39	0.71	0.98	0.51	0.18	0.63
Correlation With Other Assets		48.2%	48.1%	-1.0%	12.8%	38.8%	20.1%

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	-2.2%	13.3%	14.9%	14.9%	6.7%	5.5%	69.9%
Annualized Volatility	41.3%	22.0%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.09	0.56	0.71	0.84	0.30	0.23	0.90
Correlation With Other Assets		44.3%	43.9%	-1.4%	15.2%	36.5%	11.9%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	14,693,826
Short Interest: % Change Since 11152025	-0.6%
Average Daily Volume	3,565,250
Days-to-Cover Short Interest	4.12
Basic Shares Quantity	315,834,000
Short % of Basic Shares	4.7%

Returns Analyses

	Title
0	With Mattel Stock Surging, Have You Considered The Downside?
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: 26% YTD Return vs 17% For S&P 500

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/21/2025	-2.8%	2.2%	-1.3%
7/23/2025	-16.4%	-15.1%	-12.0%
5/5/2025	2.8%	17.3%	15.2%
2/4/2025	15.3%	20.9%	14.4%
10/23/2024	4.4%	14.4%	3.4%
7/23/2024	9.8%	13.7%	11.8%
4/23/2024	2.4%	-2.2%	-4.5%
2/7/2024	0.3%	2.6%	5.2%
...
SUMMARY STATS
# Positive	14	15	13
# Negative	11	10	12
Median Positive	4.7%	8.4%	11.4%
Median Negative	-2.8%	-3.8%	-4.4%
Max Positive	15.3%	20.9%	17.7%
Max Negative	-16.4%	-15.1%	-45.4%

	Forward Returns
10/21/2025	-2.8%	2.2%	-1.3%
7/23/2025	-16.4%	-15.1%	-12.0%
5/5/2025	2.8%	17.3%	15.2%
2/4/2025	15.3%	20.9%	14.4%
10/23/2024	4.4%	14.4%	3.4%
7/23/2024	9.8%	13.7%	11.8%
4/23/2024	2.4%	-2.2%	-4.5%
2/7/2024	0.3%	2.6%	5.2%
10/25/2023	-7.6%	-3.9%	-6.7%
7/26/2023	-0.4%	-0.3%	-0.2%
4/26/2023	6.1%	5.8%	5.2%
2/8/2023	-10.7%	-9.1%	-18.5%
10/25/2022	-2.7%	-4.1%	-8.4%
7/21/2022	-7.1%	-3.6%	0.2%
4/27/2022	0.7%	10.1%	-2.2%
2/9/2022	7.6%	12.4%	-0.5%
10/21/2021	0.6%	5.2%	11.4%
7/27/2021	4.9%	6.2%	6.8%
4/22/2021	0.8%	4.1%	-3.7%
2/9/2021	-2.1%	1.3%	11.3%
10/22/2020	9.6%	8.4%	16.4%
7/23/2020	-2.5%	-3.4%	-4.2%
5/5/2020	-1.3%	-2.6%	17.7%
2/13/2020	-3.1%	-10.1%	-45.4%
10/29/2019	13.8%	16.8%	11.8%
SUMMARY STATS
# Positive	14	15	13
# Negative	11	10	12
Median Positive	4.7%	8.4%	11.4%
Median Negative	-2.8%	-3.8%	-4.4%
Max Positive	15.3%	20.9%	17.7%
Max Negative	-16.4%	-15.1%	-45.4%

SEC Filings

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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

Insider Activity

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External Quote Links

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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 (12/23/2025): $19.79 | Market Cap: $6.3 BilSector: Consumer Discretionary | Industry: Leisure Products

Mattel (MAT)

Market Price (12/23/2025): $19.79Market Cap: $6.3 BilSector: Consumer DiscretionaryIndustry: Leisure Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

MAT Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Mattel (MAT)

Major Customers of Mattel (MAT)

Interactive Breakdown

Better Bets than Mattel (MAT)

INDUSTRY: Leisure Products

Higher Rev Chg 3Y Avg | Lower P/S (Values for MAT: -3.4% | 1.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MAT: -3.4% | 11.1x)

Higher Rev Chg LTM (Value for MAT: -2.4%)

Higher Rev Chg 3Y Avg (Value for MAT: -3.4%)

Higher Op Mgn LTM (Value for MAT: 10.8%)

Higher CFO/Rev LTM (Value for MAT: 12.6%)

Higher FCF/Rev LTM (Value for MAT: 9.3%)

Higher Total Yield (Value for MAT: 6.9%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for MAT: -3.4% | 1.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MAT: -3.4% | 11.1x)

Higher Rev Chg LTM (Value for MAT: -2.4%)

Higher Rev Chg 3Y Avg (Value for MAT: -3.4%)

Higher Op Mgn LTM (Value for MAT: 10.8%)

Higher CFO/Rev LTM (Value for MAT: 12.6%)

Higher FCF/Rev LTM (Value for MAT: 9.3%)

Higher Total Yield (Value for MAT: 6.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MAT: -3.4% | 1.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MAT: -3.4% | 11.1x)

Higher Rev Chg LTM (Value for MAT: -2.4%)

Higher Rev Chg 3Y Avg (Value for MAT: -3.4%)

Higher Op Mgn LTM (Value for MAT: 10.8%)

Higher CFO/Rev LTM (Value for MAT: 12.6%)

Higher FCF/Rev LTM (Value for MAT: 9.3%)

Higher Total Yield (Value for MAT: 6.9%)

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Market Price (12/23/2025): $19.79 | Market Cap: $6.3 Bil
Sector: Consumer Discretionary | Industry: Leisure Products

Market Price (12/23/2025): $19.79
Market Cap: $6.3 Bil
Sector: Consumer Discretionary
Industry: Leisure Products