MINERALS TECHNOLOGIES INC (MTX)
SIC breadcrumb: Manufacturing > Chemicals And Allied Products > SIC 2810 Industrial Inorganic Chemicals
SEC company page: https://www.sec.gov/edgar/browse/?CIK=891014. Latest filing source: 0000891014-26-000067.
Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.
At a glance
- Revenue
- 2,072,600,000 USD verified
- Net income
- -18,400,000 USD verified
- Assets
- 3,469,000,000 USD verified
- Free cash flow
- 86,600,000 USD computed
- Net margin
- -0.89% computed
- Operating margin
- 2.29% computed
- Revenue YoY
- -2.17% computed
- ROE
- -1.07% computed
Peer & cluster context
Peer percentile fingerprint
Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2810 Industrial Inorganic Chemicals, 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 | 2,072,600,000 | USD | 2025 | 2026-02-20 |
| Net income | -18,400,000 | USD | 2025 | 2026-02-20 |
| Assets | 3,469,000,000 | USD | 2025 | 2026-02-20 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000891014.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,638,000,000 | 1,675,700,000 | 1,807,600,000 | 1,791,000,000 | 1,594,800,000 | 1,858,300,000 | 2,125,500,000 | 2,169,900,000 | 2,118,500,000 | 2,072,600,000 |
| Net income | 133,400,000 | 195,100,000 | 169,000,000 | 132,700,000 | 112,400,000 | 164,400,000 | 122,200,000 | 84,100,000 | 167,100,000 | -18,400,000 |
| Operating income | 223,900,000 | 244,400,000 | 255,900,000 | 208,700,000 | 187,900,000 | 235,700,000 | 214,800,000 | 171,800,000 | 286,500,000 | 47,400,000 |
| Gross profit | 460,400,000 | 467,200,000 | 461,400,000 | 440,600,000 | 405,400,000 | 446,500,000 | 465,000,000 | 507,100,000 | 547,700,000 | 518,000,000 |
| Diluted EPS | 3.79 | 5.48 | 4.75 | 3.78 | 3.29 | 4.86 | 3.73 | 2.58 | 5.17 | -0.59 |
| Operating cash flow | 225,100,000 | 207,600,000 | 203,600,000 | 238,300,000 | 240,600,000 | 232,400,000 | 105,700,000 | 233,600,000 | 236,400,000 | 193,700,000 |
| Capital expenditures | 62,400,000 | 76,700,000 | 75,900,000 | 65,000,000 | 66,800,000 | 86,000,000 | 82,300,000 | 93,500,000 | 89,500,000 | 107,100,000 |
| Dividends paid | 7,000,000 | 7,000,000 | 7,100,000 | 7,000,000 | 6,800,000 | 6,800,000 | 6,500,000 | 8,100,000 | 13,200,000 | 14,200,000 |
| Share buybacks | 2,600,000 | 700,000 | 21,700,000 | 41,000,000 | 40,700,000 | 74,700,000 | 56,000,000 | 14,200,000 | 63,600,000 | 58,500,000 |
| Assets | 2,863,400,000 | 2,970,400,000 | 3,087,100,000 | 3,112,600,000 | 3,209,400,000 | 3,374,200,000 | 3,401,600,000 | 3,346,600,000 | 3,393,900,000 | 3,469,000,000 |
| Liabilities | 1,832,500,000 | 1,691,300,000 | 1,701,800,000 | 1,678,000,000 | 1,710,700,000 | 1,794,700,000 | 1,788,400,000 | 1,659,900,000 | 1,610,700,000 | 1,719,300,000 |
| Stockholders' equity | 1,006,500,000 | 1,251,700,000 | 1,353,500,000 | 1,402,700,000 | 1,460,800,000 | 1,539,300,000 | 1,579,500,000 | 1,652,000,000 | 1,747,000,000 | 1,713,400,000 |
| Cash and cash equivalents | 188,500,000 | 212,200,000 | 208,800,000 | 241,600,000 | 367,700,000 | 299,500,000 | 247,200,000 | 317,200,000 | 333,100,000 | 329,000,000 |
| Free cash flow | 162,700,000 | 130,900,000 | 127,700,000 | 173,300,000 | 173,800,000 | 146,400,000 | 23,400,000 | 140,100,000 | 146,900,000 | 86,600,000 |
Ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | 8.14% | 11.64% | 9.35% | 7.41% | 7.05% | 8.85% | 5.75% | 3.88% | 7.89% | -0.89% |
| Operating margin | 13.67% | 14.58% | 14.16% | 11.65% | 11.78% | 12.68% | 10.11% | 7.92% | 13.52% | 2.29% |
| Return on equity | 13.25% | 15.59% | 12.49% | 9.46% | 7.69% | 10.68% | 7.74% | 5.09% | 9.56% | -1.07% |
| Return on assets | 4.66% | 6.57% | 5.47% | 4.26% | 3.50% | 4.87% | 3.59% | 2.51% | 4.92% | -0.53% |
| Liabilities / equity | 1.82 | 1.35 | 1.26 | 1.20 | 1.17 | 1.17 | 1.13 | 1.00 | 0.92 | 1.00 |
| Current ratio | 2.54 | 2.75 | 2.29 | 2.31 | 3.49 | 2.45 | 2.13 | 2.40 | 2.84 | 2.08 |
Industry Peer Context
Net margin peer context
Operating margin peer context
ROE peer context
ROA peer context
Financial Bridges
Income statement bridge from reported figures
Figure provenance: SEC companyfacts FY 2025. Revenue: accession 0000891014-26-000067; concept RevenueFromContractWithCustomerExcludingAssessedTax; source concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | Gross profit: accession 0000891014-26-000067; concept GrossProfit; source concepts us-gaap:GrossProfit | Operating income: accession 0000891014-26-000067; concept OperatingIncomeLoss; source concepts us-gaap:OperatingIncomeLoss | Net income: accession 0000891014-26-000067; concept NetIncomeLoss; source concepts us-gaap:NetIncomeLoss
Free cash flow = operating cash flow - capital expenditures
Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0000891014-26-000067; concept NetCashProvidedByUsedInOperatingActivities; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities | Capital expenditures: accession 0000891014-26-000067; concept PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Free cash flow: accession 0000891014-26-000067; concept NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Financial Charts
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: OperatingIncomeLoss. Source concepts: us-gaap:OperatingIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: GrossProfit. Source concepts: us-gaap:GrossProfit.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: NetCashProvidedByUsedInOperatingActivities. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: PaymentsOfDividendsCommonStock. Source concepts: us-gaap:PaymentsOfDividendsCommonStock.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: PaymentsForRepurchaseOfCommonStock. Source concepts: us-gaap:PaymentsForRepurchaseOfCommonStock.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: Assets. Source concepts: us-gaap:Assets.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: Liabilities. Source concepts: us-gaap:Liabilities.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.
Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0000891014-26-000067; filed 2026-02-20. Concept: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.
As-reported value updates
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000891014.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q3 | 2022-10-02 | 0.41 | reported discrete quarter | ||
| 2023-Q1 | 2023-04-02 | 1.14 | reported discrete quarter | ||
| 2023-Q2 | 2023-07-02 | 0.82 | reported discrete quarter | ||
| 2023-Q3 | 2023-10-01 | 547,800,000 | -19,200,000 | -0.59 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 524,500,000 | 39,700,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 534,500,000 | 46,700,000 | 1.44 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 541,200,000 | 19,700,000 | 0.61 | reported discrete quarter |
| 2024-Q3 | 2024-09-29 | 524,700,000 | 46,700,000 | 1.45 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 518,100,000 | 54,000,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-30 | 491,800,000 | -144,000,000 | -4.51 | reported discrete quarter |
| 2025-Q2 | 2025-06-29 | 528,900,000 | 45,400,000 | 1.44 | reported discrete quarter |
| 2025-Q3 | 2025-09-28 | 532,400,000 | 43,000,000 | 1.37 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 519,500,000 | 37,200,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-04-05 | 546,900,000 | 36,200,000 | 1.17 | reported discrete quarter |
| 2026-Q2 | 2026-07-05 | 548,400,000 | -183,600,000 | -5.90 | reported discrete quarter |
Quarterly Charts
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-07-05; accession 0000891014-26-000167; filed 2026-07-31. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-07-05; accession 0000891014-26-000167; filed 2026-07-31. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.
Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-07-05; accession 0000891014-26-000167; filed 2026-07-31. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.
Business
Read MTX's verbatim Item 1 Business section from its latest 10-K: Business.
Risk Factors
Read MTX's verbatim Item 1A Risk Factors from its latest 10-K: Risk Factors.
Latest quarter (10-Q)
Latest 10-Q source: 0000891014-26-000167.
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Summary
Our consolidated sales for the second quarter of 2026 were $548.4 million, an increase of 4% as compared with $528.9 million in the prior year. Loss from operations was $220.3 million, as compared with income of $74.6 million in the prior year. In the second quarter of 2026, the Company recorded a charge of $290 million to increase the Company's reserve for estimated costs to fund a trust to resolve all current and future talc-related claims for alleged exposure to asbestos-contaminated talc products sold by the Company's subsidiary BMI Oldco Inc (f/k/a Barretts Minerals Inc.) ("Oldco") as well as fund the bankruptcy of the Company's subsidiaries Oldco and Barretts Ventures Texas LLC ("BVT" and together with Oldco, the Chapter 11 Debtors"), and related litigation costs. Also included in income (loss) from operations for the second quarter of 2026 and 2025 was $4.9 million and $4.2 million, respectively of litigation expenses incurred in connection with the bankruptcy of Oldco and lawsuits related to talc products sold by Oldco.
Net loss in the second quarter of 2026 was $183.6 million, as compared to net income of $45.4 million in the second quarter of 2025. Diluted loss in the second quarter of 2026 was $5.90 per share, as compared with earnings of $1.44 per share in the second quarter of 2025.
Our balance sheet continues to be strong. Cash, cash equivalents and short-term investments were $346.2 million as of July 5, 2026 and the Company had more than $700 million of available liquidity, including cash on hand as well as availability under its revolving credit facility. We believe that these factors will allow us to meet our anticipated funding requirements.
Outlook
The global trade environment is dynamic.
Beginning in the first quarter of 2025, the United States government has
imposed tariffs on goods imported into the U.S. from numerous countries and
multiple nations have responded with reciprocal tariffs and other actions.
While the Company generally manufactures products in the markets where they are
sold, our businesses and suppliers import certain goods subject to U.S. imposed
tariffs, in particular in our High-Temperature Technologies product line, as
well as goods subject to reciprocal tariffs and other measures imposed by other
countries. On February 20, 2026, the U.S. Supreme Court issued a ruling
striking down certain tariffs imposed by the U.S., including those affecting
certain goods that the Company imports. However, the timing and amount of any
potential tariff refunds remains uncertain, and are subject to further legal,
regulatory, and administrative developments. In addition, the U.S. has
initiated new tariffs and may impose additional tariffs. As a result,
there remains significant uncertainty regarding the scope and duration of
existing and future tariffs, and the impact of such tariffs will continue to
vary. We continue to pursue available options to mitigate the impact of these
tariffs and other measures. We have made operational and supply chain
changes, utilized available exemptions or exclusions, and, where feasible,
increased the prices of our goods and services. To date, as a result of
our mitigation efforts, tariffs have not had a significant effect on our
financial results. However, the imposition of tariffs as well as
uncertainty about their scope and duration could negatively affect demand,
result in increases in some input costs and/or inflation that we are unable to
mitigate, or otherwise adversely affect economic conditions. The Company
continues to monitor the economic effects of the trade environment, but the
effects associated with the tariffs remain uncertain.
In addition to evolving U.S. tariffs, our
operating environment is affected by other market forces, including recent
geopolitical events in the Middle East. As a result of such events, we
have experienced higher energy prices and freight expenses, among other
effects. As with tariffs, we are pursuing available options to mitigate
the impacts of these market forces. To date, these market forces have not had a
significant effect on our financial results, but the extent of future impacts,
and our ability to mitigate them, remains uncertain.
The Company will continue to focus on innovation and new product development and other opportunities for sales growth in 2026 from its existing businesses, as follows:
Consumer & Specialties Segment
Increase our presence and market share in global cat litter products, including in emerging markets.
Deploy new products in pet care such as lightweight litter.
Increase our sales of calcium carbonate products by further penetration into filling and coating applications in the paper and packaging markets.
Promote the Company’s expertise in crystal engineering by developing crystal morphologies that help our customers achieve functional benefits.
Deploy new calcium carbonate products in paint, coating, and packaging applications.
23
Continue developing products and processes for waste management and recycling opportunities to reduce the environmental impact of our customers by reducing energy consumption and improving the sustainability of their products.
Continue to develop innovative applications for our bleaching earth products for edible oil and renewable fuel industries.
Develop natural and mineral-based solutions for personal care applications.
Increase our presence and market share globally for retinol delivery technology for personal care applications.
Expand our bentonite product solutions for animal health applications.
Increase our presence and market share in fabric care, including in emerging markets.
Engineered Solutions Segment
Increase our presence and gain penetration of our bentonite-based foundry solutions in emerging markets.
Deploy value-added formulations of refractory materials.
Deploy our laser measurement technologies into new applications.
Expand our refractory maintenance model to other steel makers globally.
Continue the development and market penetration of our FLUORO-SORB® adsorbent products which address PFAS contamination in soil, groundwater, drinking water sources, landfill leachate, and wastewater treatment facilities.
Pursue opportunities for the expanded use of our products in environmental, building and construction, infrastructure, and oil and gas drilling, and water treatment globally.
Increase our presence and market share for geosynthetic clay liners globally.
All Segments
Further Operational Excellence principles into all aspects of the organization, including system infrastructure and lean principles.
Continue to explore selective acquisitions to fit our competencies in minerals and our core technologies.
However, there can be no assurance that we will achieve success in implementing any one or more of these opportunities.
24
Results of Operations
Three-month period ended July 5, 2026 as compared with three-month period ended June 29, 2025
Consolidated Income (Loss) Statement Review
| Three Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul. 5, | Jun. 29, | % | |||||||||
| (in millions of dollars) | 2026 | 2025 | Change | ||||||||
| Net sales | $ | 548.4 | $ | 528.9 | 4 | % | |||||
| Cost of goods sold | 414.6 | 392.0 | 6 | % | |||||||
| Production margin | 133.8 | 136.9 | (2 | )% | |||||||
| Production margin % | 24.4 | % | 25.9 | % | |||||||
| Marketing and administrative expenses | 53.3 | 52.2 | 2 | % | |||||||
| Research and development expenses | 5.9 | 5.7 | 4 | % | |||||||
| Provision for litigation accrual and credit losses | 290.0 | - | * | ||||||||
| Restructuring and other items | - | 5.8 | * | ||||||||
| Gain on sale of assets, net | - | (5.6) | * | ||||||||
| Litigation expenses | 4.9 | 4.2 | 17 | % | |||||||
| Income (loss) from operations | (220.3 | ) | 74.6 | * | |||||||
| Operating margin % | * | 14.1 | % | ||||||||
| Interest expense, net | (12.1 | ) | (13.6 | ) | (11 | )% | |||||
| Other non-operating income (deductions), net | 1.1 | (1.9 | ) | * | |||||||
| Total non-operating deductions, net | (11.0 | ) | (15.5 | ) | (29 | )% | |||||
| Income (loss) before tax and equity in earnings | (231.3 | ) | 59.1 | * | |||||||
| Provision (benefit) for taxes on income | (46.2 | ) | 13.9 | * | |||||||
| Effective tax rate | 20.0 | % | 23.5 | % | |||||||
| Equity in earnings of affiliates, net of tax | 2.5 | 1.1 | 127 | % | |||||||
| Net income (loss) | (182.6 | ) | 46.3 | * | |||||||
| Net income attributable to non-controlling interests | 1.0 | 0.9 | 11 | % | |||||||
| Net income (loss) attributable to Minerals Technologies Inc. | $ | (183.6 | ) | $ | 45.4 | * |
* Percentage not meaningful
Net Sales
| Three Months Ended | Three Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul. 5, 2026 | Jun. 29, 2025 | ||||||||||||||||||
| (in millions of dollars) | Net Sales | % of Total Net Sales | % Change | Net Sales | % of Total Net Sales | ||||||||||||||
| U.S. | $ | 275.4 | 50 | % | (2 | )% | $ | 281.9 | 53 | % | |||||||||
| International | 273.0 | 50 | % | 11 | % | 247.0 | 47 | % | |||||||||||
| Total net sales | $ | 548.4 | 100 | % | 4 | % | $ | 528.9 | 100 | % | |||||||||
| Consumer & Specialties Segment | $ | 274.5 | 50 | % | (1 | )% | $ | 277.7 | 52 | % | |||||||||
| Engineered Solutions Segment | 273.9 | 50 | % | 9 | % | 251.2 | 48 | % | |||||||||||
| Total net sales | $ | 548.4 | 100 | % | 4 | % | $ | 528.9 | 100 | % |
25
Worldwide net sales increased by 4% to $548.4 million in the second quarter from $528.9 million in the prior year. Foreign exchange had a favorable impact on sales of $7 million in the second quarter of 2026.
Net sales in the United States decreased to $275.4 million in the second quarter of 2026 from $281.9 million in the second quarter of 2025. International sales increased to $273.0 million from $247.0 million in the prior year.
Operating Costs and Expenses
Cost of goods sold was $414.6 million and represented 75.6% of sales for the three-month period ended July 5, 2026, as compared with $392.0 million and 74.1% of sales in the prior year. Production margin decreased from 25.9% of sales in the prior year to 24.4% of sales in the second quarter of 2026.
Marketing and administrative costs were $53.3 million and 9.7% of sales for the three-month period ended July 5, 2026, as compared to $52.2 million and 9.9% of sales in the prior year.
Research and development expenses were $5.9 million and represented 1.1% of sales for the three-month period ended July 5, 2026, as compared with $5.7 million and 1.1% of sales in the prior year.
In the second quarter of 2026, the Company filed a Plan of Reorganization in the Chapter 11 case of its subsidiary Oldco Inc. which would provide for, among other things, the funding of a trust to resolve all current and future talc related claims for alleged exposure to asbestos-contaminated talc products sold by Oldco. Accordingly, the Company recorded a charge of $290 million to increase the Company's accrual for estimated costs.
The Company recorded a $5.8 million charge in restructuring and other items primarily for the write-down of assets and other charges relating to the consolidation of two facilities and a $5.6 million net gain on the final installment for the sale of refractories manufacturing assets in China during the three-month period ending June 29, 2025.
The Company recorded litigation and settlement expenses of $4.9 million a
[Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A (excerpt)
Latest 10-K Item 7 source: 0000891014-26-000067. The complete FY 2025 MD&A is published at /company/MTX/mda/fy2025/.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary Statement for “Safe Harbor” Purposes under the Private Securities Litigation Reform Act of 1995
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of the Company. This report contains statements that the Company believes may be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, particularly statements relating to the Company’s objectives, plans or goals, future actions, future performance or results of current and anticipated products, sales efforts, expenditures, and financial results. From time to time, the Company also provides forward-looking statements in other publicly released materials, both written and oral. Forward-looking statements provide current expectations and forecasts of future events such as new products, revenues, and financial performance, and are not limited to describing historical or current facts. They can be identified by the use of words such as “outlook,” “forecast,” “believes,” “expects,” “plans,” “intends,” “anticipates,” and other words and phrases of similar meaning.
Forward-looking statements are necessarily based on assumptions, estimates, and limited information available at the time they are made. A broad variety of risks and uncertainties, both known and unknown, as well as the inaccuracy of assumptions and estimates, can affect the realization of the expectations or forecasts in these statements. Many of these risks and uncertainties are difficult to predict or are beyond the Company’s control. Consequently, no forward-looking statements can be guaranteed. Actual future results may vary materially. Significant factors affecting the expectations and forecasts are set forth under “Item 1A — Risk Factors” in this Annual Report on Form 10-K.
The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances that arise after the date hereof. Investors should refer to the Company’s subsequent filings under the Securities Exchange Act of 1934 for further disclosures.
Executive Summary
Worldwide net sales were $2.1 billion in 2025, a 2% decrease from 2024. Consolidated income from operations was $47.4 million in 2025, as compared with $286.5 million in 2024. Included in income from operations for 2025 was a $215 million provision
to establish an accrual for estimated costs to fund a trust to resolve all
current and future talc-related claims for alleged exposure to
asbestos-contaminated talc products sold by the Company’s subsidiary BMI Oldco Inc.
(f/k/a Barretts Minerals Inc.) (“Oldco”) as well as fund the bankruptcy of the Company’s
subsidiaries, Oldco and Barretts Ventures Texas LLC (“BVT” and together with Oldco,
the “Chapter 11 Debtors”), and related litigation costs. Included in this provision was an additional
financing of $30 million relating to the Debtor-in-Possession Credit Agreement
with Oldco (the “DIP Credit Agreement”). The Company also recorded litigation expenses of $19.6 million in connection with Oldco's bankruptcy filing and lawsuits related to talc products sold by Oldco. In addition, the Company recorded a $15.0 million charge for
restructuring and other items relating to a cost savings program and write-down
of assets, which was offset by a net gain of $9.9 million on the final
installment for the sale of refractories manufacturing assets in China and the sale of our chromite mine in South Africa.
Included in income from operations for 2024 was a $30.0 million provision
for credit loss charge relating to the initial funding of the DIP Credit Agreement
with Oldco, which was offset by a net gain of $12.3 million for the installment sale of refractories
manufacturing assets in China. In addition, the Company recorded $11.3 million of litigation expenses incurred in connection with the bankruptcy
of Oldco.
Net loss was $18.4 million in 2025, as compared to income of $167.1 million in the prior year. The Company reported a loss of $0.59 per share in 2025 as compared with diluted earnings of $5.17 per share in the prior year.
In 2025, the Company continued to deliver on its strategic growth initiatives driven by multi-year advancements in new product development, positioning in growth markets and geographies, geographic penetration, and growth from acquisitions.
Our balance sheet continues to be strong. Cash, cash equivalents, and short-term investments were $332.6 million as of December 31, 2025. Cash flow from operations for 2025 was $193.7 million. The Company repurchased $58.5 million in shares in 2025 under our $200 million buyback program. The Company currently has more than $700 million of available liquidity, including cash on hand, as well as availability under its revolving credit facility. We believe these factors will allow us to meet our anticipated funding requirements. Our intention is to maintain a balanced approach to capital deployment by using cash flow for investments in growth, returns to shareholders, and continued debt reduction.
32
Outlook
The global trade environment is dynamic. Beginning in the first quarter of 2025, the United
States government has imposed tariffs on goods imported into the U.S.
from numerous countries and multiple nations have responded with reciprocal
tariffs and other actions. The scope and duration of such tariffs has continued to change and remains uncertain. While the Company
generally manufactures products in the markets where they are sold, our businesses and suppliers import certain goods subject to U.S. imposed tariffs, in particular in our High-Temperature Technologies product line, as well as goods subject to reciprocal tariffs and other measures imposed by other countries. We continue to pursue available options to mitigate the impact of these tariffs and other measures. We have made operational and supply chain changes, utilized available exemptions or exclusions, and, where feasible, increased the prices of our goods and services. To date, as a result of our mitigation efforts, tariffs have not had a significant effect on our financial results. However, the
imposition of tariffs as well as uncertainty about their scope and duration
could negatively affect demand, result in increases in some input costs
and/or inflation that we are unable to mitigate, or otherwise adversely affect economic
conditions. The United States Supreme Court on February 20, 2026 issued a ruling striking down certain tariffs imposed by the United States, including those affecting certain goods that the Company imports. We are currently evaluating the impact of such decision. The Company continues to monitor the economic effects of the trade environment,
but the effects associated with the tariffs remain uncertain.
The Company will continue to focus on innovation and new product development and other opportunities for sales growth in 2026 from its existing businesses, as follows:
Consumer & Specialties Segment
Increase our presence and market share in global cat litter products, including in emerging markets.
Deploy new products in pet care such as lightweight litter.
Increase our sales of calcium carbonate products by further penetration into filling and coating applications in the paper and packaging markets.
Promote the Company’s expertise in crystal engineering by developing crystal morphologies that help our customers achieve functional benefits.
Deploy new calcium carbonate products in paint, coating, and packaging applications.
Continue developing products and processes for waste management and recycling opportunities to reduce the environmental impact of our customers by reducing energy consumption and improving the sustainability of their products.
Continue to develop innovative applications for our bleaching earth products for edible oil and renewable fuel industries.
Develop natural and mineral-based solutions for personal care applications.
Increase our presence and market share globally for retinol delivery technology for personal care applications.
Expand our bentonite product solutions for animal health applications.
Increase our presence and market share in fabric care, including in emerging markets.
Engineered Solutions Segment
Increase our presence and gain penetration of our bentonite-based foundry solutions in emerging markets.
Deploy value-added formulations of refractory materials.
Deploy our laser measurement technologies into new applications.
Expand our refractory maintenance model to other steel makers globally.
Continue the development and market penetration of our FLUORO-SORB® adsorbent products which address PFAS contamination in soil, groundwater, drinking water sources, landfill leachate, and wastewater treatment facilities.
Pursue opportunities for the expanded use of our products in environmental, building and construction, infrastructure, and oil and gas drilling, and water treatment globally.
Increase our presence and market share for geosynthetic clay liners globally.
All Segments
Further Operational Excellence principles into all aspects of the organization, including system infrastructure and lean principles.
Continue to explore selective acquisitions to fit our competencies in minerals and our core technologies.
However, there can be no assurance that we will achieve success in implementing any one or more of these opportunities.
33
Results of Operations
Consolidated Income (Loss) Statement Review
[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]
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.
Macro cross-references for MTX
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- GDPC1 - Real Gross Domestic Product
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- PAYEMS - All Employees, Total Nonfarm