Mettler-Toledo International Inc

Mettler-Toledo makes precision instruments. They range from laboratory balances that measure down to one ten-millionth of a gram to truck and railcar scales rated up to 500 tons. Most customers are pharmaceutical, biotech, food and chemical companies, plus testing labs and universities. They use the equipment in research, quality control and manufacturing. Its products are sold in more than 140 countries.

Laboratory instruments and related service made up about 56% of sales in 2025. These include balances, pipettes, titrators (which measure a sample's chemical makeup), pH meters and LabX software, which stores lab data in a way that meets US Food and Drug Administration rules. Industrial instruments and service made up about 39%. That group covers factory scales, metal detectors and x-ray systems that catch contaminants on food and drug packaging lines, and systems that weigh and measure parcels for shippers. Supermarkets also use its weighing and labeling equipment. The company earns repeat revenue too, from service such as pipette recalibration and from consumables like pipette tips.

Revenue was about $4.03 billion in 2025, and net profit equaled 21.6% of sales. By reporting segment, the US brought in 37.2% of revenue, Western Europe 22.3%, China 15.8%, Switzerland 5.2% and other countries 19.6%. By broad region, 42% of sales came from the Americas, 29% from Europe and 29% from Asia and elsewhere.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.03B, up 4.5% from a year earlier, and net income was $232.9M (+15.1%).
• For fiscal 2025, revenue was $4.03B (+4.0% year over year; +5.5% a year from FY2020 to FY2025) with a 21.6% net margin.

• Over FY2021–FY2025: $4.65B in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -12.8% from Sep 30, 2021 to Jun 30, 2026.

Rank among 1514 US companies

Market value at each year end

Mettler-Toledo International’s market value went from $10.98B at the end of 2016 to $33.63B on Nov 2, 2026, about 3.1 times as much; since the end of 2025 it is up 18%.

Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 18 sales ($35.2M).

Large shareholders (13G filings)

ETFs with the most weight in MTD

1. Heavy reliance on China for profit. China supplied 16% of sales but 29% of segment profit and about 29% of global production in 2025. Demand there fell sharply in late 2023 and kept falling in 2024.
2. Tariffs and US–China trade tensions. Rising tariffs, trade restrictions and government rules favoring local suppliers, especially in China, could cut sales and raise costs. Converting profits and moving them out of China also requires government approval.
3. Slumps in pharma, food or chemical industries. Orders depend heavily on pharmaceutical and biopharmaceutical, food manufacturing and chemical companies. A long slump, more mergers in these industries, or cuts to customers' budgets or government funding could reduce sales.
4. Customers can delay equipment purchases. Most sales go to companies in developed countries. In a recession, customers often put off equipment purchases or switch to cheaper rivals. Some may not come back after conditions improve.
5. Currency swings can squeeze profits. Most revenue comes from outside the US, including the Swiss, Western European and Chinese operations. Exchange-rate swings can shrink reported sales and profits, especially when production costs are in a currency that strengthens.
6. Sizable debt with little cash on hand. As of June 30, 2026, debt was about $2.04 billion against $51 million in cash. Debt agreements restrict some activities, and the company says it may borrow substantially more.

• Aug 3, 2026 Executive or board change; Investor presentation or announcement
• Jul 30, 2026 Quarterly results released
• May 13, 2026 Executive or board change
• May 11, 2026 Shareholder vote results
• May 7, 2026 Quarterly results released
• Feb 5, 2026 Quarterly results released
• Jan 20, 2026 Executive or board change; Investor presentation or announcement
• Nov 6, 2025 Quarterly results released

Mettler-Toledo pays no dividend and paid none from 2021 through 2025, so the stock provides no regular income. An investor who needs cash from it would have to trim the holding. Instead, the company spent about $4.65 billion on buybacks (repurchasing its own shares) over those five years. That is more than the free cash flow (cash left after running and investing in the business) it generated. The share count fell 12.8% between September 30, 2021 and June 30, 2026, so each remaining share owns more of the company.

Past downturns hit the shares hard. They dropped 60.6% in the 2008 financial crisis and needed 13.7 months from the low to recover. In the 2020 COVID crash they fell 23.8% and recovered in about two months. After a 35.3% drop in the 2022 bear market, they did not regain their January 2022 peak until October 21, 2026. Single stocks like this carry more risk than diversified funds.