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ZYBERNO

Stock Report

Updated Sep 1, 2026

MATTHEWS INTERNATIONAL CORP (MATW)

Materials • NASDAQ

$20.93

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

17.0/100

POOR BUSINESS

MATTHEWS INTERNATIONAL CORP (MATW) scores 17/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full MATW quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-6.4%

Slight Overestimate

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full MATW valuation analysis · → View full MATW Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-5.8%)

Debt-to-Equity (Solvency Risk):POOR (1.30x)

Operating Margin (Operational Efficiency):POOR (7.3%)

Return on Capital (Capital Efficiency):POOR (5.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

MATTHEWS INTERNATIONAL CORP (MATW) stock report — Zyberno Score 17/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, MATTHEWS INTERNATIONAL CORP (MATW) shows a Brina Gap of -6.4%, which weakens the case: based on the company's ROIC (5.4%) and reinvestment rate (31.7%), the business can fundamentally grow at 1.7% — but the current enterprise value implies the market expects 8.2%.

Over the trailing twelve months, MATW generated -$82.08M in Owner Earnings. Capital was deployed as follows: $5.16M returned via share buybacks, $33.00M paid as dividends, $31.54M invested in capital expenditures. Reinvestment rate: 31.7%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:20.93

Market Cap:$658.00M

Valuation Multiples (3)

P/B Ratio:1.35x

P/S Ratio:0.59x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$1.29B

Ev Ebitda Ratio:8.02x

Price Action & Momentum (3)

12-1 Momentum:

-12.3% (61th pctile)

📈 Click to view full MATW Momentum analysis →

Momentum Percentile:61 / 100

% of 52-Week High:67.7%

B. Profitability Assessment

Return Metrics (7)

ROE:

-5.8%

📊 Click to view full MATW ROE analysis →

ROA:-1.9%

Roic:

5.4%

📊 Click to view full MATW ROIC analysis →

Reinvestment Rate:31.7%

Fundamental Growth Rate (g):1.7%

Market-Implied Growth Rate:8.2%

Brina Gap:

-6.4%

☷ Click to view full MATW Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:7.3%

Net Margin Ttm:-2.6%

Ebitda Margin:14.6%

TTM Performance (3)

Gross Margin Ttm:36.6%

Operating Margin Ttm:7.3%

Net Margin Ttm:-2.6%

Yield Metrics (2)

Earnings Yield:-$4.44

Dividend Yield:5.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.95

📊 Click to view full MATW Earnings Surprise analysis →

EPS Surprise vs Expected:-237.3%

Latest Earnings Filed:2026-08-07

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-14.4%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):60.5%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-50.0%

Operating Cash Flow Growth Rate (Linear):-35.2%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-24.9%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.76x

Quick Ratio:1.02x

Cash Ratio:0.14x

Leverage Analysis (3)

Debt To Equity Ttm:1.30x

Debt-to-Equity Ratio:1.30x

Debt To Ebitda:4.17x

Coverage Ratios (2)

Interest Coverage Ratio:1.49x

Times Interest Earned:1.49

Capital Structure (4)

Working Capital:208,584,000.00

Cash And Cash Equivalents:37,602,000.00

Long Term Debt:$567.26M

Net Debt:$634.68M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.11B

Linear Growth: -14.4%

📊 Click to view full MATW Revenue analysis & methodology →

Cost Of Revenue Ttm:$702.56M

Profitability Breakdown (2)

Gross profit TTM: $405.68M

Linear Growth: -10.7%

📊 Click to view full MATW Gross Profit analysis & methodology →

Operating income TTM: $81.39M

Linear Growth: -24.9%

📊 Click to view full MATW Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$29.36M

Linear Growth: 60.5%

📊 Click to view full MATW Net Income analysis & methodology →

Income Before Tax:-$9.93M

Ebitda Ttm:161,279,000.00

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:16,733,000.00

Sga Expense:314,269,000.00

Income Tax Expense:$36.91M

Interest Expense:50,613,000.00

Expense Ratios (3)

R And D To Revenue Percentage:6.8%

Sga To Revenue Percentage:127.7%

Ebitda Margin:14.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.51B

Current Assets:$484.48M

Ppe Net:0.00

Goodwill:438,824,000.00

Intangible Assets:$89.48M

Liability Structure (4)

Total Liabilities:1,019,548,000.00

Current Liabilities:275,891,000.00

Long Term Debt:$567.26M

Short Term Debt:$105.01M

Equity & Capital (3)

Equity:$485.97M

Retained Earnings:$537.84M

Common Stock:36,334,000.00

Working Capital Items (3)

Accounts Receivable:105,755,000.00

Inventory:203,430,000.00

Accounts Payable:91,692,000.00

Special Items (2)

Contract Liabilities:3,079,000.00

Stock Based Compensation:5,054,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$50.53M

Linear Growth: -35.2%

Free cash flow TTM: -$82.08M

Linear Growth: -50.0%

📊 Click to view full MATW Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$237.44M

Capital Expenditures Ttm:31,543,000.00

Financing Activities (3)

Financing Cash Flow:-$186.64M

Dividends Paid Ttm:32,996,000.00

Stock Repurchase:5,163,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$202.98M

Long Term Debt Repayments:$374.98M

Non-Cash Items (1)

Depreciation Amortization Ttm:79,889,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.94

Eps diluted TTM: -$0.93

Linear Growth: 60.3%

📊 Click to view full MATW EPS analysis & methodology →

Earnings Per Share Ttm:-$0.93

Revenue & Cash Per Share (2)

Sales Per Share Ttm:35.25

Operating Cash Flow Per Share:-$0.75

Book Value & Capital (2)

Book Value Per Share:$15.46

Cash Per Share:1.20

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.71x

Working Capital Turnover Ttm:5.31x

Receivables Management (2)

Receivables Turnover Ttm:10.48x

Days Sales Outstanding Ttm:34.83

Inventory Management (2)

Inventory Turnover Ttm:3.45x

Days Inventory Outstanding Ttm:105.69

Payables & Cash Cycle (2)

Days Payable Outstanding:47.64

Cash Conversion Cycle:92.88

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:25.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$82.08M

Damodaran Growth Analysis (4)

Reinvestment Rate:31.7%

Fundamental Growth Rate (g):1.7%

Market-Implied Growth Rate:8.2%

Brina Gap:

-6.4%

☷ Click to view full MATW Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):-14.4%

Net Income Growth Rate (Linear):60.5%

Operating Income Growth Rate (Linear):-24.9%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-50.0%

Operating Cash Flow Growth Rate (Linear):-35.2%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):-10.7%

Book Value Growth Rate (Linear):-2.9%

C. Company Profile & Context

Corporate Information (6)

Symbol:MATW

Company Name:MATTHEWS INTERNATIONAL CORP

Sector:Materials

Industry:Nonferrous Foundries (Castings)

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:31.44M

Shares Outstanding Basic:31.44M

Shares Outstanding Diluted:31.44M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 10:49:42 UTC

Data Timestamp:2026-09-01T10:49:42.088744