MeritValue

MATTHEWS INTERNATIONAL CORP

MATWdata completeness 100%18 fiscal years on file
The thesis, from the filings

MATTHEWS INTERNATIONAL CORP earns about -0% on invested capital, and has bought back 3% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.67B1$1.76B2$1.88B2$1.8B2$1.5B3
Net income$2.91M4−$99.8M5$39.3M6−$59.7M6−$24.5M6
Operating cash flow$162.8M7$126.9M8$79.5M9$79.3M9−$23.6M9
Capital expenditure$34.3M10$61.3M11$50.6M12$45.2M12$35.8M12
Free cash flow (derived)$128.5M7$65.5M8$28.9M9$34.1M9−$59.4M9
Total debt$1.52B13$1.59B14$1.57B15$1.53B16$1.4B16
Cash & equivalents$49.2M17$69M18$42.1M19$40.8M20$32.4M20
Diluted shares32.0M31.4M31.3M30.9M31.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$154.65
your share of equity
Profit it earned you last year
−$7.87
Free cash flow it threw off
−$19.09
Debt you’d be carrying
$449.9

10 shares is a claim on $154.65 of net worth that earned you −$7.87 and generated −$19.09 of cash last year, against $449.9 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 1%FY22 -3%FY23 4%FY24 -3%FY25 0%

It earned an average -0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$28.9M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$28.9M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-09-30 · accession 0000063296-23-000103 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0000063296-24-000094 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-09-30 · accession 0000063296-25-000070 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-09-30 · accession 0000063296-23-000103 (NetIncomeLoss)
  5. 10-K · period ending 2022-09-30 · accession 0000063296-24-000094 (NetIncomeLoss)
  6. 10-K · period ending 2023-09-30 · accession 0000063296-25-000070 (NetIncomeLoss)
  7. 10-K · period ending 2021-09-30 · accession 0000063296-23-000103 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-09-30 · accession 0000063296-24-000094 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-09-30 · accession 0000063296-25-000070 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-09-30 · accession 0000063296-23-000103 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-09-30 · accession 0000063296-24-000094 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-09-30 · accession 0000063296-25-000070 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-09-30 · accession 0000063296-22-000099 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-09-30 · accession 0000063296-23-000103 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-09-30 · accession 0000063296-24-000094 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-09-30 · accession 0000063296-25-000070 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-09-30 · accession 0000063296-22-000099 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-09-30 · accession 0000063296-23-000103 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-09-30 · accession 0000063296-24-000094 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-09-30 · accession 0000063296-25-000070 (CashAndCashEquivalentsAtCarryingValue)