MTRNMATERION Corp

Metal Forgings & Stampings

Revenue: $1.8B; 6.0% YoY
Operating margin: 6.1%; 119% YoY
EBITDA: $179M; 54% YoY
Market cap: $4.6B
Employees: 2,880; $620K revenue each
Net debt / EBITDA: 2.7×; $477M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 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
138% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
19% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$620K · 81st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$19M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$1.8B	$1.7B	$1.7B	$1.8B	6.0%
Operating income	$77M	$120M	$136M	$47M	$110M	133%
Net income	$72M	$86M	$96M	$6M	$75M	1171%
Operating cash flow	$90M	$116M	$144M	$88M	$103M	18%
Capex	$103M	$78M	$111M	$69M	—
Stock-based comp	$7M	$9M	$10M	$11M	$11M	3.5%
Buybacks	$0	$0	$0	$0	$8M
Dividends	$10M	$10M	$11M	$11M	$12M	3.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 3, 2019	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $19M · 42
Net: −$19M

Pay vs performance

No pay-versus-performance disclosure yet.