MTXMINERALS TECHNOLOGIES INC

Industrial Inorganic Chemicals

Revenue: $2.1B; 2.2% YoY
Operating margin: 2.3%; 83% YoY
EBITDA: $47M; 83% YoY
Market cap: $1.9B
Employees: 216; $10M revenue each
Net debt / EBITDA: 9.6×; $455M net debt
AI in 10-K: 0.5; 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
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
38% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
26% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$10M · 99th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 21st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
9.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.9B	$2.1B	$2.2B	$2.1B	$2.1B	2.2%
Operating income	$236M	$215M	$172M	$287M	$47M	83%
Net income	$164M	$122M	$84M	$167M	−$18M	111%
Operating cash flow	$232M	$106M	$234M	$236M	$194M	18%
Capex	$86M	$82M	$94M	$90M	$107M	20%
Stock-based comp	$11M	$10M	$11M	$12M	$12M	0.8%
Buybacks	$75M	$56M	$14M	$64M	$59M	8.0%
Dividends	$7M	$7M	$8M	$13M	$14M	7.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 4
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.