MeritValue

METTLER TOLEDO INTERNATIONAL INC/

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

METTLER TOLEDO INTERNATIONAL INC/ earns about 24% on invested capital, far above its ~9% cost of capital, and has bought back 12% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $432.69 and $615.6 a share.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$3.72B1$3.92B2$3.79B3$3.87B3$4.03B3
Net income$769M4$872.5M5$788.8M6$863.1M6$869.2M6
Operating cash flow$908.8M7$859.1M8$965.9M9$968.3M9$955.8M9
Capital expenditure$107.6M10$121.2M11$105.3M12$103.9M12$107.1M12
Free cash flow (derived)$801.2M7$737.8M8$860.6M9$864.4M9$848.6M9
Total debt$3.26B13$3.92B14$3.97B15$3.85B16$4.24B16
Cash & equivalents$98.6M17$96M17$69.8M17$59.4M18$66.9M18
Diluted shares23.5M22.7M22.0M21.3M20.7M

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
−$11.43
your share of equity
Profit it earned you last year
$420.47
Free cash flow it threw off
$410.54
Debt you’d be carrying
$2,051.31

10 shares is a claim on −$11.43 of net worth that earned you $420.47 and generated $410.54 of cash last year, against $2,051.31 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
24% avg · 5y
FY21 24%FY22 24%FY23 23%FY24 25%FY25 22%

It earned about 24% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−12% shares · 5y

Share count is down 12% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 30% over the same window.

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

The 3 estimate methods that apply put fair value between $432.69 and $615.6 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$615.6
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.3%
  • fcfBase$860.6M
DCF · Growth Exit 5Y
$545.17
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.3%
  • fcfBase$860.6M
Earnings Power Value
$432.69
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$863.1M
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.3%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $545.17
The three cases
Bear0.0%$392.9
Base5.3%$545.17
Bull10.3%$719.04

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.3%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001037646-24-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001037646-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001037646-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001037646-24-000007 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001037646-25-000012 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001037646-26-000011 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001037646-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001037646-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001037646-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001037646-24-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001037646-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001037646-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001037646-23-000005 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001037646-24-000007 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001037646-25-000012 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001037646-26-000011 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001037646-24-000007 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001037646-26-000011 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)