At a glance
Matthews International Corporation is worth $593.7M. Revenue fell 16.6% to $1.50B in fiscal 2025, at a loss; over 5 years it has grown 0.0% a year. It pays a 5.47% dividend yield, raised every year for at least 9 years, and returned $237.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −15.0% over the past year with dividends reinvested and −7.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 41.6% in the 2020 crash (S&P 500: 33.7%) and 39.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 3 months after the lows.
The business in plain English
Matthews International was founded in 1850 and is incorporated in Pennsylvania. It makes products used to remember the dead, along with industrial equipment. Its largest segment, Memorialization, brought in about $810 million, or 54% of the company's $1.50 billion in sales for fiscal 2025 (the year ended September 30, 2025). This segment makes bronze and granite grave markers, metal and wood caskets, cremation urns, embalming chemicals and cremation equipment. Its main customers are cemeteries, funeral homes, crematories and monument dealers, which in turn supply families.
Industrial Technologies brought in about 23% of sales. It designs custom energy storage systems, warehouse automation and product-tracking equipment, and coating and converting lines for packaging, pharmaceutical, foil and tissue producers. Brand Solutions brought in another 23%. It provided design, printing-plate and marketing services to consumer-goods and retail brands. On May 1, 2025, Matthews moved most of that business into a new company, Propelis, in exchange for a 40% stake and other consideration. Matthews kept its printing cylinders business. It no longer counts Propelis's sales as its own. Instead, it records its share of Propelis's profit or loss.
By region, about 71% of fiscal 2025 sales came from North America, 24% from Europe and 3% from Asia.
Price history
The interactive chart needs JavaScript.
MATW -15.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Memorialization | $809.5M | 54.1% |
| SGK Brand Solutions | $345.9M | 23.1% |
| Industrial Technologies | $342.2M | 22.9% |
By geography
| North America | $1.07B | 71.4% |
| Europe | $357.1M | 23.8% |
| Asia | $50.0M | 3.3% |
| Australia | $17.5M | 1.2% |
| Central and South America | $3.1M | 0.2% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $246.0M, down 29.6% from a year earlier, and net income was $-23.7M (-254.0%).
- For fiscal 2025, revenue was $1.50B (-16.6% year over year; 0.0% a year from FY2020 to FY2025) with a -1.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | 0.0% watch |
|---|---|
| Operating margin | 5% watch |
| Free cash flow margin | -4% weak |
| Return on equity (FY2025) | -5.1% weak |
| Return on assets (FY2025) | -1.4% weak |
| Net cash (cash minus debt) | $-283.2M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.50B | $-87.2M | $145.6M |
| FY2021 | $1.67B | $2.9M | $128.5M |
| FY2022 | $1.76B | $-99.8M | $65.5M |
| FY2023 | $1.88B | $39.3M | $28.9M |
| FY2024 | $1.80B | $-59.7M | $34.1M |
| FY2025 | $1.50B | $-24.5M | $-59.4M |
Valuation snapshot
| Market value | $593.7M |
|---|---|
| P/E ratio | — |
| Dividend yield | 5.47% |
Rank among 1514 US companies
Market value at each year end
Matthews International’s market value went from $2.47B at the end of 2016 to $593.7M on Oct 28, 2026, down 76%; since the end of 2025 it is down 27%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $593.7M | -27.0% |
| 2025 | $813.0M | -5.2% |
| 2024 | $857.2M | -23.0% |
| 2023 | $1.11B | +20.7% |
| 2022 | $922.3M | -20.3% |
| 2021 | $1.16B | +24.2% |
| 2020 | $931.2M | -22.0% |
| 2019 | $1.19B | -7.7% |
| 2018 | $1.29B | -23.7% |
| 2017 | $1.70B | -31.3% |
| 2016 | $2.47B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MATW price data to Oct 28, 2026 | -24.9% | -15.0% | -15.2% | -7.7% | -8.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -24.9% |
| 2025 | -1.5% |
| 2024 | -21.2% |
| 2023 | +23.3% |
| 2022 | -14.5% |
| 2021 | +27.8% |
| 2020 | -20.5% |
| 2019 | -3.9% |
| 2018 | -21.8% |
| 2017 | -30.5% |
| 2016 | +45.4% |
| 2015 | +11.0% |
| 2014 | +15.4% |
| 2013 | +34.2% |
| 2012 | +3.4% |
| 2011 | -9.3% |
| 2010 | -0.5% |
| 2009 | -2.6% |
| 2008 | -21.3% |
| 2007 | +19.8% |
| 2006 | +8.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 34.5% over that stretch · deepest drop along the way 45.7%, back to its old high 72.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.2% over that stretch · deepest drop along the way 41.6%, back to its old high 10.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.4% over that stretch · deepest drop along the way 39%, back to its old high 3 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 7 open-market purchases ($318K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 10, 2026 | David A Schawk Director | buy | $118K |
| Aug 14, 2026 | Aleta W. Richards Director | buy | $69K |
| Aug 10, 2026 | J Michael Nauman Director | buy | $46K |
| Aug 20, 2026 | J Michael Nauman Director | buy | $42K |
| Aug 24, 2026 | J Michael Nauman Director | buy | $21K |
Who owns it
Large shareholders (13G filings)
| Oaktree Value Opportunities Fund Holdings, L.P. | 9.68% | Oct 20, 2026 |
| BlackRock, Inc. | 7.8% | Sep 30, 2026 |
| Oaktree Capital Management LP | 6.17% | Jun 30, 2026 |
| Private Capital Management, LLC | 5.59% | Sep 30, 2026 |
| Ameriprise Financial, Inc. | 5.4% | Jun 30, 2025 |
| Dimensional Fund Advisors LP | 5.2% | Mar 31, 2026 |
| Vanguard Capital Management | 4.89% | Sep 30, 2026 |
| Vanguard Portfolio Management | 4.04% | Jun 30, 2026 |
ETFs with the most weight in MATW
| LOPP Gabelli Love Our Planet & People ETF | 2% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 0.91% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.53% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.29% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.29% |
| ISMD Inspire Small/Mid Cap ETF | 0.2% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.17% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.14% |
What could go wrong
- Changes in death and cremation rates. Memorialization supplied 54% of fiscal 2025 sales. The company warns that changes in death rates, and in how many families choose cremation, could hurt its revenue and cash flow.
- Results tied to its Propelis stake. Most of the former Brand Solutions segment now sits inside Propelis, where Matthews holds a 40% minority stake. The company warns its results could suffer if Propelis fails to perform as expected.
- Heavy debt and refinancing costs. The fiscal 2025 report lists $300 million of 8.625% notes due October 1, 2027, plus variable-rate loans. Debt was $567 million against $284 million of cash on June 30, 2026.
- Intellectual property claims, including from Tesla. The company names Tesla among third parties asserting intellectual property infringement against it. Such claims could bring significant costs and hurt its business, results and reputation.
- Raw material prices and tariffs. Matthews relies on bronze and aluminum ingot, granite, steel and lumber. Higher prices, shortages, or new or increased US tariffs and trade rules could squeeze profits and cash flow.
- Possible goodwill write-downs. Goodwill, the amount paid for past acquisitions above the value of their assets, is a significant part of the balance sheet. A write-down would reduce reported earnings and total assets.
Recent events
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change
- Investor presentation or announcement
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results; Investor presentation or announcement
For income and retirement investors
Matthews has raised its dividend for at least nine consecutive fiscal years through fiscal 2025. Dividends per share grew from about $0.85 in fiscal 2020 to $1.00, roughly 3.4% a year, and the yield was 5.47% as of October 28, 2026. But in fiscal 2025 the company lost money and its free cash flow (cash left after operating costs and equipment spending) was negative $59 million, while dividends cost $33 million. It also spent $89 million on buybacks (share repurchases) from fiscal 2021 to 2025, yet the share count fell less than 1% between October 2021 and June 2026.
The stock has fallen hard in downturns. It dropped about 46% in the 2008 financial crisis and took roughly six years to recover. It fell about 42% in the 2020 COVID crash and 39% in the 2022 bear market, recovering in about 11 months and three months, respectively. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Matthews International make money?
Mostly from products for funerals, burials and cremations. In fiscal 2025 (the year ended September 30, 2025), the Memorialization segment produced about 54% of $1.50 billion in sales. Those sales came from bronze and granite memorials, caskets, cremation urns, embalming supplies and cremation equipment for cemeteries and funeral homes. Industrial Technologies, about 23%, makes energy storage, warehouse automation and coating equipment. Brand Solutions, about 23%, came largely from a packaging and branding business that moved into Propelis on May 1, 2025.
Does Matthews International raise its dividend every year?
Yes, so far. Matthews has increased its dividend for at least nine consecutive fiscal years through fiscal 2025, and the streak may be longer. Dividends per share rose from about $0.85 in fiscal 2020 to $1.00 in fiscal 2025, about 3.4% a year. The raises continued even through net losses in fiscal 2020, 2022, 2024 and 2025. Past increases do not guarantee future ones.
What is MATW's dividend yield, and is the dividend covered?
The yield was 5.47% as of October 28, 2026, but earnings and free cash flow (cash left after running the business and investing in equipment) did not cover the dividend in fiscal 2025. That year Matthews reported a net loss of $24.5 million and negative free cash flow of $59.4 million while paying $32.8 million in dividends. A payout larger than both must be funded from cash, borrowing or asset sales. On June 30, 2026, the company had $284 million in cash and $567 million in debt.
What is Propelis, and how much of it does Matthews own?
Matthews owns 40% of Propelis, a newly formed brand solutions company. On May 1, 2025, Matthews contributed most of its Brand Solutions segment, known as the SGK Business, to Propelis in exchange for that stake and other consideration. Matthews no longer reports those sales as its own. Instead, under the equity method, it records its share of Propelis's profit or loss. It kept its printing cylinders business and warns that its results could suffer if Propelis underperforms.
How has Matthews International stock performed over the long term?
Weakly. As of October 28, 2026, the shares were down about 58% over 10 years, 33% over five years and 39% over three years. They were also down about 25% in 2026 through that date. Calendar-year results swing widely, from a 45% gain in 2016 to a 31% loss in 2017. The deepest decline on record was about 75% from peak to trough.