# MATTHEWS INTERNATIONAL CORP (MATW)

Informational only - not investment advice.

CIK: 0000063296
SIC: 3360 Nonferrous Foundries (Castings)
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 33](/major-group/33/) > [SIC 3360 Nonferrous Foundries (Castings)](/industry/3360/)
Latest 10-K filed: 2025-11-21
SEC page: https://www.sec.gov/edgar/browse/?CIK=63296
Filing source: https://www.sec.gov/Archives/edgar/data/63296/000006329625000070/matw-20250930.htm

## At a glance

FY2025 · period end 2025-09-30 · filed 2025-11-21 · accession 0000063296-25-000070 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000063296.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,497,689,000 USD | 2025 | verified |
| Net income | -24,471,000 USD | 2025 | verified |
| Assets | 1,694,442,000 USD | 2025 | verified |
| Free cash flow | -59,368,000 USD | 2025 | computed |
| Net margin | -1.63% | 2025 | computed |
| Operating margin | 5.04% | 2025 | computed |
| Revenue YoY | -16.60% | 2025 | computed |
| ROE | -5.09% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MATW | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -1.6% | 3.3% | 24 | 26 |
| Operating margin | 5.0% | 5.9% | 37 | 20 |
| Revenue growth | -16.6% | 9.5% | 0 | 26 |
| FCF margin | -4.0% | 3.7% | 8 | 26 |
| ROE | -5.1% | 9.0% | 15 | 27 |
| ROA | -1.4% | 5.0% | 23 | 27 |
| Liabilities / equity | 2.52 | 0.85 | 96 | 27 |
| Current ratio | 1.48 | 2.30 | 12 | 27 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 33 SIC Major Group 33, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1497689000 | USD | 2025 | 2025-11-21 |
| Net income | -24471000 | USD | 2025 | 2025-11-21 |
| Assets | 1694442000 | USD | 2025 | 2025-11-21 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-21. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000063296.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  |  |  |  | 1,880,896,000 | 1,795,737,000 | 1,497,689,000 |
| Net income |  | 66,749,000 | 74,368,000 | 107,371,000 | -37,988,000 | -87,155,000 | 2,910,000 | -99,774,000 | 39,291,000 | -59,660,000 | -24,471,000 |
| Operating income |  | 118,815,000 | 121,376,000 | 138,557,000 | 10,303,000 | -64,193,000 | 42,034,000 | -43,937,000 | 88,117,000 | -12,323,000 | 75,453,000 |
| Gross profit |  | 556,454,000 | 567,788,000 | 584,221,000 | 542,466,000 | 497,769,000 | 541,832,000 | 522,278,000 | 577,672,000 | 529,707,000 | 507,593,000 |
| Diluted EPS |  | 2.03 | 2.28 | 3.37 | -1.21 | -2.79 | 0.09 | -3.18 | 1.26 | -1.93 | -0.79 |
| Operating cash flow | 92,399,000 |  | 149,299,000 | 147,574,000 | 131,083,000 | 180,447,000 | 162,811,000 | 126,860,000 | 79,524,000 | 79,282,000 | -23,550,000 |
| Capital expenditures |  | 41,682,000 | 44,935,000 | 43,200,000 | 37,688,000 | 34,849,000 | 34,313,000 | 61,321,000 | 50,598,000 | 45,218,000 | 35,818,000 |
| Dividends paid |  | 19,413,000 | 21,762,000 | 24,637,000 | 25,620,000 | 26,437,000 | 27,704,000 | 27,685,000 | 28,202,000 | 31,409,000 | 32,759,000 |
| Share buybacks |  | 57,998,000 | 14,025,000 | 21,181,000 | 26,127,000 | 4,428,000 | 11,858,000 | 41,717,000 | 2,857,000 | 20,574,000 | 12,228,000 |
| Assets |  | 2,091,041,000 | 2,244,649,000 | 2,357,744,000 | 2,190,603,000 | 2,072,633,000 | 2,032,078,000 | 1,882,771,000 | 1,887,381,000 | 1,834,890,000 | 1,694,442,000 |
| Liabilities |  | 1,381,707,000 | 1,454,390,000 | 1,489,030,000 | 1,471,367,000 | 1,461,200,000 | 1,395,675,000 | 1,395,695,000 | 1,362,100,000 | 1,397,684,000 | 1,213,500,000 |
| Stockholders' equity |  | 708,665,000 | 789,707,000 | 868,351,000 | 718,106,000 | 610,807,000 | 636,548,000 | 487,352,000 | 525,668,000 | 437,158,000 | 480,942,000 |
| Cash and cash equivalents |  | 55,711,000 | 57,515,000 | 41,572,000 | 35,302,000 | 41,334,000 | 49,176,000 | 69,016,000 | 42,101,000 | 40,816,000 | 32,433,000 |
| Free cash flow |  |  | 104,364,000 | 104,374,000 | 93,395,000 | 145,598,000 | 128,498,000 | 65,539,000 | 28,926,000 | 34,064,000 | -59,368,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  |  |  |  | 2.09% | -3.32% | -1.63% |
| Operating margin |  |  |  |  |  |  |  |  | 4.68% | -0.69% | 5.04% |
| Return on equity |  | 9.42% | 9.42% | 12.36% | -5.29% | -14.27% | 0.46% | -20.47% | 7.47% | -13.65% | -5.09% |
| Return on assets |  | 3.19% | 3.31% | 4.55% | -1.73% | -4.21% | 0.14% | -5.30% | 2.08% | -3.25% | -1.44% |
| Liabilities / equity |  | 1.95 | 1.84 | 1.71 | 2.05 | 2.39 | 2.19 | 2.86 | 2.59 | 3.20 | 2.52 |
| Current ratio |  | 2.21 | 2.09 | 2.15 | 2.09 | 1.82 | 1.76 | 1.53 | 1.64 | 1.45 | 1.48 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/MATW/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000063296.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-12-31 |  |  | 0.12 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 | 479,580,000 |  | 0.29 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 | 471,908,000 |  | 0.28 | reported discrete quarter |
| 2023-Q4 | 2023-09-30 |  | 17,723,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 | 449,986,000 | -2,303,000 | -0.07 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 471,223,000 | 9,027,000 | 0.29 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 | 427,833,000 | 1,777,000 | 0.06 | reported discrete quarter |
| 2024-Q4 | 2024-09-30 |  | -68,161,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-12-31 | 401,842,000 | -3,472,000 | -0.11 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 | 427,629,000 | -8,916,000 | -0.29 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 | 349,377,000 | 15,387,000 | 0.49 | reported discrete quarter |
| 2025-Q4 | 2025-09-30 | 318,841,000 | -27,470,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-12-31 | 284,763,000 | 43,629,000 | 1.39 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 | 258,619,000 | -21,834,000 | -0.69 | reported discrete quarter |
| 2026-Q3 | 2026-06-30 | 246,016,000 | -23,689,000 | -0.75 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MATW's latest 10-K: [/company/MATW/business/](/company/MATW/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MATW's latest 10-K: [/company/MATW/risk-factors/](/company/MATW/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/63296/000006329626000076/matw-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES:

The following discussion should be read in conjunction with the consolidated financial statements of Matthews International Corporation ("Matthews" or the "Company") and related notes thereto included in this Quarterly Report on Form 10-Q and the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025.  Any forward-looking statements contained herein are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Company regarding the future, and may be identified by the use of words such as “expects,” “believes,” “intends,” “projects,” “anticipates,” “estimates,” “plans,” “seeks,” “forecasts,” “predicts,” “objective,” “targets,” “potential,” “outlook,” “may,” “will,” “could” or the negative of these terms, other comparable terminology and variations thereof.  Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from management's expectations, and no assurance can be given that such expectations will prove correct.  Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include risks to our ability to achieve the anticipated benefits of the joint venture transaction with Peninsula Parent LLC, d.b.a. Propelis Group ("Propelis"), changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, including changes in costs due to adjustments to tariffs or supply chain disruptions, any impairment of goodwill or intangible assets, environmental liability and limitations on the Company’s operations due to environmental laws and regulations, disruptions to certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services, provided to the Company by third-parties, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions, divestitures, and business combinations, cybersecurity concerns and costs arising with management of cybersecurity threats, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, impact of pandemics or similar outbreaks, or other disruptions to our industries, customers, or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine and hostilities in the Middle East, and conflicts and related sanctions or trade restrictions involving Venezuela, the Company's plans and expectations with respect to its exploration, and contemplated execution, of various strategies with respect to its portfolio of businesses, the Company's plans and expectations with respect to its Board of Directors, and other factors described in Item 1A - "Risk Factors" in this Form 10-Q and Item 1A - "Risk Factors" in the Company's Form 10-K for the fiscal year ended September 30, 2025.  In addition, although the Company does not currently have any customers that would be considered individually significant to consolidated sales, changes in the distribution of the Company's products or the potential loss of one or more of the Company's larger customers are also considered risk factors. Matthews cautions that the foregoing list of important factors is not all inclusive. Readers are also cautioned not to place undue reliance on any forward looking statements, which reflect management's analysis only as of the date of this report, even if subsequently made available by Matthews on its website or otherwise. Matthews does not undertake to update any forward looking statement, whether written or oral, that may be made from time to time by or on behalf of Matthews to reflect events or circumstances occurring after the date of this report unless required by law.

Included in this report are measures of financial performance that are not defined by generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures assist management in comparing the Company's performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company's core operations. For additional information and reconciliations from the consolidated financial statements see "Non-GAAP Financial Measures" below.

31

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued

RESULTS OF OPERATIONS:

The Company manages its businesses under three segments: Memorialization, Industrial Technologies and Brand Solutions. The Memorialization segment consists primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial Technologies segment includes product identification, and the design, manufacturing, service and sales of high-tech custom energy storage solutions including coating and converting lines. The segment historically provided warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products, and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. The Brand Solutions segment historically provided brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.

On May 1, 2025, the Company contributed the vast majority of its Brand Solutions segment (the "SGK Business") to a newly-formed entity, Propelis, in exchange for a 40% ownership interest in Propelis and other consideration. Propelis is a leading global provider of brand solutions. In December 2025, the Company sold its European roto-gravure packaging and tooling and flexographic print businesses to the local management of those businesses in exchange for cash and other consideration. On December 31, 2025, the Company sold its warehouse automation business for cash consideration. Following the completion of these transactions, the Company's Industrial Technologies segment consists of product identification, and the design, manufacturing, service and sales of high-tech custom energy storage solutions including coating and converting lines, and the Company's Brand Solutions segment consists of its 40% ownership interest in Propelis. Activity prior to May 1, 2025 for the SGK Business is included within the consolidated financial statements of the Company. As of May 1, 2025 the SGK Business has been deconsolidated from the financial statements and since May 1, 2025, the Company's interest in such business has been accounted for as part of the Company's equity-method investment in Propelis. The Company recognizes its portion of the earnings or losses for its equity-method investment in Propelis on a three-month lag to ensure consistency and timely filing of the Company’s financial statements. Consequently, for the three months ended June 30, 2026, the Company's portion of earnings (losses) for its equity-method investment in Propelis includes the months from January 2026 through March 2026. For the nine months ended June 30, 2026, the Company's portion of earnings (losses) for its equity-method investment in Propelis includes the months from July 2025 through March 2026. See Notes 7, "Investments" and 16, "Acquisitions and Divestitures" in Item 1 - "Financial Statements" for further information.

The Company's primary measure of segment profitability is adjusted earnings before interest, income taxes, depreciation and amortization ("adjusted EBITDA"). Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management’s evaluation of its operating results. These items include stock-based compensation, the non-service portion of pension and postretirement expense, acquisition and divestiture costs, gains and losses on divestitures, enterprise resource planning ("ERP") system integration costs, and strategic initiatives and other charges. In addition, adjusted EBITDA does not include depreciation, intangible amortization, interest expense and other items incurred by Propelis. Reportable Segments adjusted EBITDA is also determined before corporate and non-operating expenses. This presentation is consistent with how the Company's chief operating decision maker (the “CODM”), identified as the Company's President and Chief Executive Officer, evaluates the results of operations versus budgets, forecasts, and historical performance, and makes strategic and resource allocation decisions about the business. For these reasons, the Company believes that adjusted EBITDA represents the most relevant measure of segment profit and loss.

In addition, the CODM manages and evaluates the operating performance of the segments, as described above, on a pre-corporate cost allocation basis. Accordingly, for segment reporting purposes, the Company does not allocate corporate costs to its reportable segments. Corporate costs include management and administrative support to the Company, which consists of certain aspects of the Company’s executive management, legal, compliance, human resources, information technology (including operational support) and finance departments. These costs are included within "Corporate and Non-Operating" in the following table to reconcile to consolidated adjusted EBITDA and are not considered a separate reportable segment. Management does not allocate non-operating items such as investment income, other income (deductions), net and noncontrolling interest to the segments.

32

Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued

The following table sets forth the sales and adjusted EBITDA for the Company's three reporting segments for the three and nine-month periods ended June 30, 2026 and 2025. Refer to Note 15, "Segment Information" in Item 1 - "Financial Statements" for the Company's financial information by segment. Net loss was $23.7 million compared to net income of $15.4 million for the three months ended June 30, 2026 and 2025, respectively, and net loss was $1.9 million compared to net income of $3.0 million for the nine months ended June 30, 2026 and 2025, respectively. Refer to "Non-GAAP Financial Measures" below for a reconciliation of net income to adjusted EBITDA.

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/63296/000006329625000070/matw-20250930.htm
Complete FY 2025 MD&A: /company/MATW/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2025-11-21
Report date: 2025-09-30

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion should be read in conjunction with the consolidated financial statements of Matthews and related notes thereto.  In addition, see "Cautionary Statement Regarding Forward-Looking Information" included in Part I of this Annual Report on Form 10-K.

RESULTS OF OPERATIONS:

The Company manages its businesses under three segments: Memorialization, Industrial Technologies and Brand Solutions. The Memorialization segment consists primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial Technologies segment includes the design, manufacturing, service and sales of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, décor and tissue industries. The Brand Solutions segment consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries. On May 1, 2025, the Company contributed its SGK Business to a newly-formed entity, Propelis, in exchange for a 40% ownership interest in Propelis and other consideration. Propelis is a leading global provider of brand solutions. Following the completion of this transaction, the Company's Brand Solutions segment consists of its cylinders business, and its 40% ownership interest in Propelis. Activity prior to May 1, 2025 for the SGK Business is included within the consolidated financial statements of the Company. As of May 1, 2025 the SGK Business has been deconsolidated from the financial statements and is now accounted for as part of the Company's equity-method investment in Propelis. The Company recognizes its portion of the earnings or losses for its equity-method investment in Propelis on a three-month lag to ensure consistency and timely filing of the Company's financial statements. Consequently, in fiscal 2025, the Company's portion of earnings for its equity-method investment in Propelis only includes the months of May and June 2025. See Notes 8, "Investments" and 23, "Acquisitions and Divestitures" in Item 8 - "Financial Statements and Supplementary Data" for further information with respect to the Company's sale of its interest in the SGK Business.

The Company's primary measure of segment profitability is adjusted earnings before interest, income taxes, depreciation and amortization ("adjusted EBITDA"). Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management’s evaluation of its operating results. These items include stock-based compensation, the non-service portion of pension and postretirement expense, acquisition and divestiture costs, gains and losses on divestitures, enterprise resource planning ("ERP") integration costs, and strategic initiatives and other charges. This presentation is consistent with how the Company's chief operating decision maker (the “CODM”), identified as the Company’s President and Chief Executive Officer, evaluates the results of operations and makes strategic and resource allocation decisions about the business. For these reasons, the Company believes that adjusted EBITDA represents the most relevant measure of segment profit and loss.

In addition, the CODM manages and evaluates the operating performance of the segments, as described above, on a pre-corporate cost allocation basis. Accordingly, for segment reporting purposes, the Company does not allocate corporate costs to its reportable segments. Corporate costs include management and administrative support to the Company, which consists of certain aspects of the Company’s executive management, legal, compliance, human resources, information technology (including operational support) and finance departments. These costs are included within "Corporate and Non-Operating" in the following table to reconcile to consolidated adjusted EBITDA and are not considered a separate reportable segment. Management does not allocate non-operating items such as investment income, other income (deductions), net and noncontrolling interest to the segments.

27

ITEM 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS, (continued)

The following table sets forth sales and adjusted EBITDA for the Company's Memorialization, Industrial Technologies and Brand Solutions segments for each of the last three fiscal years. Refer to Note 22, "Segment Information" in Item 8 - "Financial Statements and Supplementary Data" for the Company's financial information by segment. Net loss was $24.5 million for the year ended September 30, 2025 compared to a net loss of $59.7 million and net income of $39.1 million for the years ended September 30, 2024 and 2023, respectively. Refer to "Non-GAAP Financial Measures" below for a reconciliation of net (loss) income to adjusted EBITDA.

[[GREPCENT_TABLE]]
[["","Years Ended September 30,"],["","2025","","2024","","2023"],["","(Dollar amounts in thousands)"],["Sales to external customers:"],["Memorialization","$","809,514","","","$","829,731","","","$","842,997"],["Industrial Technologies","342,229","","","433,156","","","505,751"],["Brand Solutions","345,946","","","532,850","","","532,148"],["Consolidated Sales","$","1,497,689","","","$","1,795,737","","","$","1,880,896"],["Adjusted EBITDA:"],["Memorialization","$","169,526","","","$","162,586","","","$","163,986"],["Industrial Technologies","27,936","","","39,716","","","66,278"],["Brand Solutions","40,311","","","61,620","","","57,128"],["Corporate and Non-Operating","(50,265)","","","(58,765)","","","(61,583)"],["Total Adjusted EBITDA(1)","$","187,508","","","$","205,157","","","$","225,809"]]
[[/GREPCENT_TABLE]]

(1) Total Adjusted EBITDA is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section below.

Comparison of Fiscal 2025 and Fiscal 2024:

Sales for the year ended September 30, 2025 were $1.5 billion, compared to $1.8 billion for the year ended September 30, 2024.  The decrease in fiscal 2025 sales reflected a sales reduction of $200.5 million resulting from the divestiture of the Company's interest in the SGK Business on May 1, 2025 (see Acquisitions and Divestitures below). The fiscal 2025 sales decline also reflected lower sales in the Industrial Technologies and Memorialization segments. On a consolidated basis, changes in foreign currency exchange rates were estimated to have a favorable impact of $2.3 million on fiscal 2025 sales compared to the prior year.

Memorialization segment sales for fiscal 2025 were $809.5 million, compared to $829.7 million for fiscal 2024.  The sales decrease principally reflected lower unit sales of caskets, bronze and granite memorial products, and cremation equipment, primarily reflecting a decline in U.S. death rates. These declines were partially offset by inflationary price realization and the favorable net impact of recently completed acquisitions and divestitures (see Acquisitions and Divestitures below). Industrial Technologies segment sales for fiscal 2025 were $342.2 million, compared to $433.2 million for fiscal 2024.  The decrease in sales reflected lower sales of purpose-built engineered products (primarily energy storage solutions for the electric vehicle market and coating and converting equipment), and reduced product identification sales. The decrease also reflected lower sales of R+S automotive engineering solutions, as the Company has discontinued these product offerings. Fiscal 2025 sales for the Industrial Technologies segment were impacted by customer delays impacting the timing of projects within the energy storage business. The declines in segment sales were partially offset by improved sales of warehouse automation solutions. Changes in foreign currency exchange rates had a favorable impact of $4.4 million on the segment's sales compared to the prior year. In the Brand Solutions segment, sales for fiscal 2025 were $345.9 million, compared to $532.9 million for fiscal 2024.  The decrease in sales primarily reflected the divestiture of the Company's interest in the SGK Business on May 1, 2025. Sales for the SGK Business prior to the divestiture (versus the comparable period of the prior year) reflected higher brand sales in the U.S. and Asia-Pacific regions, improved retail-based sales, increased private-label brand sales, and improved price realization to mitigate inflationary cost increases. These increases were partially offset by lower brand sales in Europe and the impact of unfavorable changes in foreign exchange rates. Brand Solutions segment sales also reflected lower sales for the European cylinders (packaging) business, which was not part of the sale of the SGK Business and remains part of the Company. Changes in foreign currency exchange rates had an unfavorable impact of $2.0 million on the segment's sales compared to the prior year.

Gross profit for the year ended September 30, 2025 was $507.6 million, compared to $529.7 million for fiscal 2024.  The decrease in gross profit reflected a reduction of $51.2 million resulting from the divestiture of the Company's interest in the

28

ITEM 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS, (continued)

SGK Business. The gross profit decline also reflected the impact of lower sales, higher material and labor costs, and a $5.6 million loss on the sale of certain property and other assets. These decreases were partially offset by the impact of improved price realization, benefits from the realization of productivity improvements and other cost-reduction initiatives, and the favorable net impact of recently completed acquisitions and divestitures within the Memorialization segment. Gross profit also included acquisition integration costs and other charges primarily in connection with cost-reduction initiatives totaling $4.6 million and $39.2 million in fiscal 2025 and 2024, respectively.

Selling and administrative expenses for the year ended September 30, 2025 were $467.2 million, compared to $488.3 million for fiscal 2024.  Consolidated selling and administrative expenses, as a percent of sales, were 31.2% for fiscal 2025, compared to 27.2% in fiscal 2024. Selling and administrative expenses in fiscal 2025 reflected benefits from ongoing cost-reduction initiatives, and a $30.4 million reduction in selling and administrative expenses from the divestiture of the Company's interest in the SGK Business, partially offset by higher compensation costs. Fiscal 2025 selling and administrative expenses included $5.1 million of costs related to the Company's 2025 contested proxy, $8.7 million of net gains on the sales of certain significant property and other assets, $3.5 million of accelerated stock-based compensation costs related to the Company's divestiture of its interest in the SGK Business, $8.0 million of expense related to the settlement of a contractual licensing matter within the Memorialization segment (see Legal Matters below) and a $2.1 million loss on a small divestiture in the Industrial Technologies segment. Selling and administrative expenses included legal costs related to an ongoing dispute with Tesla totaling $22.2 million in fiscal 2025 and $12.4 million in fiscal 2024 (see Legal Matters below). Selling and administrative expenses included fees for receivables sold under a receivables purchase agreement and factoring arrangement totaling $3.9 million in fiscal 2025 and $4.8 million in fiscal 2024. Se

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/MATW/mda/fy2025/
All MD&A years: /company/MATW/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MATW/mda/fy2024/): filed 2024-11-22; accession 0000063296-24-000094 (https://www.sec.gov/Archives/edgar/data/63296/000006329624000094/matw-20240930.htm)
- [FY 2023 MD&A](/company/MATW/mda/fy2023/): filed 2023-11-17; accession 0000063296-23-000103 (https://www.sec.gov/Archives/edgar/data/63296/000006329623000103/matw-20230930.htm)
- [FY 2022 MD&A](/company/MATW/mda/fy2022/): filed 2022-11-18; accession 0000063296-22-000099 (https://www.sec.gov/Archives/edgar/data/63296/000006329622000099/matw-20220930.htm)
- [FY 2021 MD&A](/company/MATW/mda/fy2021/): filed 2021-11-19; accession 0000063296-21-000107 (https://www.sec.gov/Archives/edgar/data/63296/000006329621000107/matw-20210930.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3360 Nonferrous Foundries (Castings)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MATW.md · JSON record: /company/MATW.json · verified financials: /company/MATW/financials.json / /company/MATW/financials.csv · machine TOC for the whole site: /llms.txt