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Matthews International

MATW on Nasdaq. Matthews International sells memorials, caskets, and industrial equipment to cemeteries, funeral homes, and manufacturers. Market value $603m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to September 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Materials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-13.5%low

For every $100 of what the whole company costs, it produced $-13.52 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
16.6×full

You pay 16.6 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to September 2025
2.4%five-year median

Each dollar kept in the business earns 2 cents a year. Above 10 is good.

Quality score: 37 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.

$19.42 a share, 5% above its 1-year low

Over the past year the price has ranged from $18.54 to $30.93.

Dividend: 5.4% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.1
0.0
0.0
-0.1
-0.1
2021202220232024202512 monthsto Jun '26
Revenue
$1.7bn$1.8bn$1.9bn$1.8bn$1.5bn
Operating margin
2.5%-2.5%4.7%-0.7%5.0%
Debt to equity
1.211.651.521.831.52
Shares outstanding
0.03bn0.03bn0.03bn0.03bn0.03bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)4 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt1.52× equity
  • Revenue growth, five yearsShrinking, 0.0% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $246 million last quarter, down 30% on a year ago.
  • A loss of $24 million, after a profit of $15 million a year ago.
  • It keeps 6 cents of each $1 of sales as operating profit, up from 2 cents a year earlier.
  • Over the past 12 months it spent $82 million more cash than it brought in, compared with $36 million a year earlier.
  • About the same number of shares as a year ago.
  • Debt is $550 million more than cash, down from $702 million a year ago.
  • Sales did not grow on a year ago in any of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$447m
December 2024$402m
March 2025$428m
June 2025$349m
September 2025$319m
December 2025$285m
March 2026$259m
June 2026$246m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$68m
December 2024-$3m
March 2025-$9m
June 2025$15m
September 2025-$27m
December 2025$44m
March 2026-$22m
June 2026-$24m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
21 November 2025
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 179 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $318,112 of shares on the open market.

Cluster buy3 insiders bought within 30 days (10 August 2026 to 24 August 2026).
  • Nauman J Michael
    Director
    Bought
    Date
    11 September 2026
    Shares
    1,000
    Price
    $19.99
    Value
    $19,990
  • Nauman J Michael
    Director
    Bought
    Date
    24 August 2026
    Shares
    1,000
    Price
    $21.08
    Value
    $21,080
  • Nauman J Michael
    Director
    Bought
    Date
    20 August 2026
    Shares
    1,900
    Price
    $21.96
    Value
    $41,724
  • Nauman J Michael
    Director
    Bought
    Date
    19 August 2026
    Shares
    100
    Price
    $21.98
    Value
    $2,198
  • Richards Aleta W.
    Director
    Bought
    Date
    14 August 2026
    Shares
    3,000
    Price
    $23.06
    Value
    $69,180
  • Nauman J Michael
    Director
    Bought
    Date
    10 August 2026
    Shares
    2,000
    Price
    $22.97
    Value
    $45,940
  • SCHAWK DAVID A
    Director
    Bought
    Date
    10 August 2026
    Shares
    5,000
    Price
    $23.60
    Value
    $118,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 21 Nov 2025, plus the 10-Q filed 7 Aug 2026 and 18 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 0.0% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.