At a glance
Mattel Inc is worth $4.37B, about 12 times its fiscal 2025 earnings. Revenue fell 0.6% to $5.35B in fiscal 2025, with 7.4% kept as profit; over 5 years it has grown 3.1% a year. It pays no dividend; it spent $1.20B buying back its shares over FY2021–FY2025. The stock returned −20.5% over the past year with dividends reinvested and −6.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.4% in the 2020 crash (S&P 500: 33.7%) and 30.5% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Mattel designs and markets toys, games and family entertainment. It owns brands such as Barbie, Hot Wheels, Fisher-Price, American Girl, Thomas & Friends, Masters of the Universe and UNO. It also licenses brands from partners, which means it pays for the right to make products based on their characters. These include Disney Princess, Disney Frozen, Toy Story (Disney Pixar), Jurassic World (NBCUniversal), Minecraft (Microsoft) and WWE. Its range spans dolls, die-cast cars, baby and preschool toys, action figures, building sets and games.
Mattel sells mainly to retailers and wholesalers, which resell to shoppers, so a few large chains matter a great deal. American Girl also reaches families directly as a retailer and children's book publisher. Beyond toys, Mattel licenses its own brands to other companies, develops films and TV shows, and publishes mobile games, partly through its Mattel163 studio. Its products are aimed at everyone from infants to adult collectors.
Mattel reports two segments, split by geography. In fiscal 2025, North America (the US and Canada) brought in $3.0 billion, or 56.1% of its $5.35 billion revenue. International brought in $2.35 billion, or 43.9%. By region, Europe, the Middle East and Africa supplied 25.1%, Latin America 11.3% and Asia Pacific 7.5%. No single country outside North America topped 7% of worldwide net sales. Its main rivals include Hasbro, LEGO, The Pokémon Company and Spin Master.
Price history
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MAT -20.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| North America | $3.00B | 56.1% |
| International | $2.35B | 43.9% |
By geography
| North American Region | $3.00B | 56.1% |
| EMEA | $1.34B | 25.1% |
| Latin America | $602.5M | 11.3% |
| Asia Pacific | $401.9M | 7.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.13B, up 10.5% from a year earlier, and net income was $-18.2M (-134.1%).
- For fiscal 2025, revenue was $5.35B (-0.6% year over year; +3.1% a year from FY2020 to FY2025) with a 7.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.1% watch |
|---|---|
| Operating margin | 10.2% watch |
| Free cash flow margin | 9% watch |
| Return on equity (FY2025) | 17.8% good |
| Return on assets (FY2025) | 6% watch |
| Net cash (cash minus debt) | $-1.81B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.59B | $123.6M | $226.3M |
| FY2021 | $5.46B | $903.0M | $408.3M |
| FY2022 | $5.43B | $393.9M | $336.5M |
| FY2023 | $5.44B | $214.4M | $784.0M |
| FY2024 | $5.38B | $541.8M | $665.4M |
| FY2025 | $5.35B | $397.6M | $482.6M |
Valuation snapshot
| Market value | $4.37B |
|---|---|
| P/E ratio | 12.3 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Mattel’s market value went from $9.42B at the end of 2016 to $4.37B on Oct 28, 2026, down 54%; since the end of 2025 it is down 29%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.37B | -29.2% |
| 2025 | $6.17B | +3.2% |
| 2024 | $5.97B | -10.4% |
| 2023 | $6.67B | +5.5% |
| 2022 | $6.32B | -16.3% |
| 2021 | $7.55B | +24.4% |
| 2020 | $6.07B | +29.3% |
| 2019 | $4.70B | +36.3% |
| 2018 | $3.45B | -34.8% |
| 2017 | $5.29B | -43.9% |
| 2016 | $9.42B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MAT price data to Oct 28, 2026 | -23.0% | -20.5% | -6.1% | -6.5% | -6.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -23.0% |
| 2025 | +11.9% |
| 2024 | -6.1% |
| 2023 | +5.8% |
| 2022 | -17.3% |
| 2021 | +23.6% |
| 2020 | +28.8% |
| 2019 | +35.6% |
| 2018 | -35.0% |
| 2017 | -41.9% |
| 2016 | +6.4% |
| 2015 | -6.6% |
| 2014 | -32.1% |
| 2013 | +34.3% |
| 2012 | +36.9% |
| 2011 | +13.0% |
| 2010 | +31.4% |
| 2009 | +29.6% |
| 2008 | -11.2% |
| 2007 | -12.8% |
| 2006 | +47.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 49% over that stretch · deepest drop along the way 49.6%, back to its old high 8.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.6% over that stretch · deepest drop along the way 45.4%, back to its old high 7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.3% over that stretch · deepest drop along the way 30.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($587K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 31, 2026 | Zanatta Roberto Jacobo Isaias EVP & Chief Supply Chain Offr | sell | $587K |
Who owns it
Large shareholders (13G filings)
| EdgePoint Investment Group Inc. | 17.57% | Jun 30, 2026 |
| PRIMECAP MANAGEMENT CO/CA/ | 10.29% | Jun 30, 2025 |
| Ariel Investments, LLC | 5.3% | Jun 30, 2026 |
| Vanguard Capital Management | 5.29% | Mar 31, 2026 |
| Capital International Investors | 0.9% | Dec 31, 2024 |
ETFs with the most weight in MAT
| LSAF LeaderShares AlphaFactor US Core Equity ETF | 0.84% |
| CGV Conductor Global Equity Value ETF | 0.82% |
| SMOT VanEck Morningstar SMID Moat ETF | 0.55% |
| TEQI T. Rowe Price Equity Income ETF | 0.5% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 0.47% |
| GQQQ Astoria US Quality Growth Kings ETF | 0.44% |
| IJJ iShares S&P Mid-Cap 400 Value ETF | 0.42% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 0.42% |
What could go wrong
- Toy hits and trends are hard to predict. Demand swings with hit toys and trends that are hard to foresee and fade fast, and children outgrow traditional toys at younger ages. Misreading tastes can mean weak sales or costly unsold inventory.
- Movies and shows may not deliver. Sales increasingly depend on films and shows tied to its own brands and its partners' brands, such as Masters of the Universe and Toy Story 5. Poor reviews or competing releases can weaken toy demand.
- Results hinge on the holiday season. Mattel's business is highly seasonal, and its results depend in large part on the brief holiday shopping period. A problem at that peak, such as weak spending or supply delays, can hurt the whole year.
- A few big retailers drive sales. Mattel has significant customer concentration. If a major retailer cuts orders, runs into cash trouble or bankruptcy, or pushes its own store-brand (private-label) toys, Mattel's sales could suffer.
- Trade actions and higher supply costs. Mattel depends heavily on outside vendors and outsourcers. Trade disputes or trade actions such as tariffs, plus higher costs for materials, shipping or labor, could squeeze profits if savings elsewhere don't make up for them.
- Substantial debt, partly at variable rates. As of June 30, 2026, Mattel had $2.33 billion of debt and $524 million of cash and investments. Some of its debt has variable rates, so rising interest rates could increase its borrowing costs.
Recent events
- Major agreement signed; Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Mattel does not pay a dividend. It paid none from fiscal 2020 through fiscal 2025, and its dividend yield was 0% as of October 28, 2026. For income investors, that means returns depend entirely on the share price, and getting cash out means selling shares. Instead, Mattel has repurchased its own stock (buybacks): $1.2 billion over fiscal 2021–2025, including $600 million in fiscal 2025. Shares outstanding fell 18.1%, from about 349 million in July 2021 to 285.7 million in July 2026. Mattel warns that the buyback program can be suspended at any time.
The stock has fallen hard in downturns. It dropped 49.6% in the 2008 financial crisis and 45.4% in the 2020 COVID crash, getting back to its prior peaks about 9 and 7 months after the lows. In the 2022 bear market it fell 30.5% and was still below its May 2022 high as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Mattel pay a dividend?
No. Mattel paid no dividend in any fiscal year from 2020 through 2025, and its dividend yield was 0% as of October 28, 2026. It has returned cash through share buybacks instead, spending $1.2 billion over fiscal 2021–2025, including $600 million in fiscal 2025. Buybacks shrink the share count, which fell 18.1% between July 2021 and July 2026, but they provide no regular income. Mattel also says the program can be suspended at any time.
How does Mattel make money?
Mattel makes money mainly by designing toys and games and selling them to retailers and wholesalers around the world. Its own brands include Barbie, Hot Wheels, Fisher-Price, American Girl and UNO. It also makes licensed products for partners' brands such as Disney Princess, Jurassic World and Minecraft. It is growing its brand licensing, film, TV and mobile game businesses. In fiscal 2025, North America supplied 56.1% of its $5.35 billion in revenue and International supplied 43.9%.
Is Mattel profitable?
Yes, on a full-year basis. In fiscal 2025, Mattel earned $398 million of net income on $5.35 billion of revenue, a 7.4% net margin, or $1.24 per diluted share. Profit fell 26.6% from fiscal 2024, while revenue slipped 0.6%. Free cash flow, the cash left after running the business and investing in equipment, was $483 million. Single quarters vary: Mattel lost $18.2 million in the quarter ended June 30, 2026, even though revenue rose 10.5% from a year earlier.
How much debt does Mattel have?
Mattel had $2.33 billion of total debt as of June 30, 2026, against $524 million of cash and investments. That leaves net debt (debt minus cash) of about $1.81 billion. Shareholders' equity was $2.0 billion. In its annual report, Mattel calls this debt substantial. It notes that some of the debt carries variable interest rates, so its interest costs could rise if rates climb, and that paying down and servicing the debt takes a significant amount of cash.
How has Mattel stock performed over the long term?
Mattel shares lost value over the past one, three, five and 10 years. As of October 28, 2026, the price was down 49% over 10 years (about 6.6% a year), 29% over five years, 17% over three years and 20.5% over one year. It was also down 23% in 2026 through that date. These figures count price changes only. The stock can swing sharply: its largest drop in 21 years of price history was 81.6%. It traded at 12.3 times fiscal 2025 earnings, its price-to-earnings (P/E) ratio.