Mettler Toledo International
MTD on NYSE. Mettler-Toledo International Inc. sells instruments and services to laboratories, manufacturers, and researchers. Market value $30.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Health care stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.81 of spare cash in the past 12 months. A savings account pays about $4.
You pay 28.1 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 45 cents a year. Above 10 is good.
Quality score: 80 of 100. Price score: 35 of 100. Our list needs 70 on quality and 60 on price.
$1,533.07 a share, 50% above its 1-year low
Over the past year the price has ranged from $1,023.05 to $1,585.72.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3.7bn | $3.9bn | $3.8bn | $3.9bn | $4.0bn |
| Operating margin | |||||
| Operating margin | 26.7% | 28.7% | 27.7% | 28.7% | 27.8% |
| Debt to equity | |||||
| Debt to equity | 9.81 | 81.25 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 5.5% a year
- Buying back its own sharesYes, 10% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1 billion last quarter, up 4% on a year ago.
- Profit: $233 million, up 15% on a year ago.
- Spare cash over the past 12 months: $864 million, up from $848 million.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $2.1 billion more than cash, about the same as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $955m |
| December 2024 | $1.0bn |
| March 2025 | $884m |
| June 2025 | $983m |
| September 2025 | $1.0bn |
| December 2025 | $1.1bn |
| March 2026 | $947m |
| June 2026 | $1.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $212m |
| December 2024 | $252m |
| March 2025 | $164m |
| June 2025 | $202m |
| September 2025 | $217m |
| December 2025 | $286m |
| March 2026 | $169m |
| June 2026 | $233m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 5 November 2026
- Last annual report (10-K)
- 6 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
6 long-term investors we follow own it, unchanged from 6 last quarter. 802 funds in all.
- Torray Investment PartnersRobert Torray (founder)
- Value
- $2m
- Share of fund
- 0.3%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Seilern Investment ManagementPeter Seilern | $27m | 3.4% | Cut |
| Select Equity GroupGeorge Loening | $11m | <0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $10m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $9m | <0.1% | Added |
| Weitz Investment ManagementWally Weitz | $3m | 0.2% | New |
| Torray Investment PartnersRobert Torray (founder) | $2m | 0.3% |
Sold out this quarter
- FundsmithTerry SmithSold out
Largest holders overall
- BlackRock$2.4bnAdded
- Capital International Investors$1.9bnAdded
- Vanguard Capital Management$1.7bn
- Vanguard Portfolio Management$1.3bn
- State Street$1.2bn
- T. Rowe Price Investment Management$887mCut
- Alliancebernstein L.P.$856mCut
- Geode Capital Management$780m
- Bank of New York Mellon$763mCut
- Morgan Stanley$594mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor8.0%Since 31 March 2025
- Capital International InvestorsPassive investor7.9%+2.9 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.0%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 8.0% | 31 March 2025 | |
Capital International Investors Passive investor | 7.9%+2.9 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.0% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $36m.
- Kaltenbach PatrickPresident and CEOSold
- Date
- 27 August 2026
- Shares
- 942
- Price
- $1425.00
- Value
- $1m
- SALICE THOMAS PDirectorSold
- Date
- 5 August 2026
- Shares
- 417
- Price
- $1440.41
- Value
- $600,651
- SALICE THOMAS PDirectorSold
- Date
- 3 August 2026
- Shares
- 415
- Price
- $1444.62
- Value
- $599,517
- Keller GerryHead of Process AnalyticsSold
- Date
- 3 August 2026
- Shares
- 240
- Price
- $1427.14
- Value
- $342,514
- Vadala ShawnChief Financial OfficerSold
- Date
- 3 August 2026
- Shares
- 2,240
- Price
- $1432.00
- Value
- $3m
- Vadala ShawnChief Financial OfficerSold
- Date
- 10 February 2026
- Shares
- 800
- Price
- $1410.12
- Value
- $1m
- de la Guerroniere MarcHead of Eur & NA Market OrgsSold
- Date
- 25 November 2025
- Shares
- 6,055
- Price
- $1488.18
- Value
- $9m
- Vadala ShawnChief Financial OfficerSold
- Date
- 25 November 2025
- Shares
- 1,000
- Price
- $1511.00
- Value
- $2m
- Vadala ShawnChief Financial OfficerSold
- Date
- 24 November 2025
- Shares
- 1,025
- Price
- $1452.00
- Value
- $1m
- Keller GerryHead of Process AnalyticsSold
- Date
- 21 November 2025
- Shares
- 236
- Price
- $1418.58
- Value
- $334,785
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 27 August 2026 | Kaltenbach Patrick President and CEO | Sold | 942 | $1425.00 | $1m |
| 5 August 2026 | SALICE THOMAS P Director | Sold | 417 | $1440.41 | $600,651 |
| 3 August 2026 | SALICE THOMAS P Director | Sold | 415 | $1444.62 | $599,517 |
| 3 August 2026 | Keller Gerry Head of Process Analytics | Sold | 240 | $1427.14 | $342,514 |
| 3 August 2026 | Vadala Shawn Chief Financial Officer | Sold | 2,240 | $1432.00 | $3m |
| 10 February 2026 | Vadala Shawn Chief Financial Officer | Sold | 800 | $1410.12 | $1m |
| 25 November 2025 | de la Guerroniere Marc Head of Eur & NA Market Orgs | Sold | 6,055 | $1488.18 | $9m |
| 25 November 2025 | Vadala Shawn Chief Financial Officer | Sold | 1,000 | $1511.00 | $2m |
| 24 November 2025 | Vadala Shawn Chief Financial Officer | Sold | 1,025 | $1452.00 | $1m |
| 21 November 2025 | Keller Gerry Head of Process Analytics | Sold | 236 | $1418.58 | $334,785 |
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 6 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 5 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
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 28.1× operating profit.
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
Your first deep dive is free.
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.