MATMATTEL INC /DE/

Dolls & Stuffed Toys

Revenue: $5.3B; 0.6% YoY
Operating margin: 10.2%; 21% YoY
EBITDA: $714M; 17% YoY
Market cap: $4.4B
Employees: 31,000; $173K revenue each
Net debt / EBITDA: 2.5×; $1.8B net debt
AI in 10-K: 4.8; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 3 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRYes
$16M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
149% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
101% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
25% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$173K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.8 per 10K words · 82nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
$422K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.5B	$5.4B	$5.4B	$5.4B	$5.3B	0.6%
Operating income	$730M	$676M	$562M	$694M	$546M	21%
Net income	$903M	$394M	$214M	$542M	$398M	27%
Operating cash flow	$485M	$443M	$870M	$801M	$593M	26%
Stock-based comp	$60M	$69M	$83M	$79M	$80M	0.4%
Buybacks	$0	$0	$203M	$400M	$600M	50%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 22, 2026	EdgePoint Investment Group Inc.	SCHEDULE 13D	17.7%	Active

Insider trading

Open-market buys, 12 mo: $1M · 1
Open-market sells, 12 mo: $587K · 1
Net: $422K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$15M	$18M	—	—
FY2024	$38M	$31M	114	154
FY2023	$19M	$31M	102	145
FY2022	$12M	−$7M	108	112
FY2021	$16M	$27M	102	78