MATWMATTHEWS INTERNATIONAL CORP

Nonferrous Foundries (castings)

Revenue: $1.5B; 17% YoY
Operating margin: 5.0%; 834% YoY
EBITDA: $147M; 79% YoY
Market cap: $602M
Employees: 10,000; $150K revenue each
Net debt / EBITDA: 3.5×; $522M net debt
AI in 10-K: 2.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-191% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$150K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.3 per 10K words · 60th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$602M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$318K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.7B	$1.8B	$1.9B	$1.8B	$1.5B	17%
Operating income	$42M	−$44M	$88M	−$12M	$75M	712%
Net income	$3M	−$100M	$39M	−$60M	−$24M	59%
Operating cash flow	$163M	$127M	$80M	$79M	−$24M	130%
Capex	$34M	$61M	$51M	$45M	$36M	21%
Stock-based comp	$16M	$17M	$17M	$18M	$23M	25%
Buybacks	$12M	$42M	$3M	$21M	$12M	41%
Dividends	$28M	$28M	$28M	$31M	$33M	4.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 13, 2025	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D	5.0%	Passive

Insider trading

Open-market buys, 12 mo: $318K · 7
Open-market sells, 12 mo: $0 · 0
Net: $318K

Pay vs performance

No pay-versus-performance disclosure yet.