At a glance
Minerals Technologies Inc is worth $1.92B. Revenue fell 2.2% to $2.07B in fiscal 2025, at a loss; over 5 years it has grown 5.4% a year. It pays a 0.78% dividend yield, raised every year for at least 3 years, and returned $315.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +10.2% over the past year with dividends reinvested and −2.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.2% in the 2020 crash (S&P 500: 33.7%) and 33.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 18 months after the lows.
The business in plain English
Minerals Technologies is a specialty minerals company. It calls itself the world's largest producer of bentonite, an absorbent clay, and a leading producer of calcium carbonate, the main mineral in limestone. It mines minerals from its own reserves, processes them in its plants and supplies finished products and ingredients to other businesses. Revenue was about $2.07 billion in 2025, down 2.2% from 2024.
The Consumer & Specialties segment produced 53% of 2025 sales. Its Household & Personal Care line ($512.8 million, 25% of sales) makes cat litter for store brands and national brands. It also makes filtering clays for edible oils and renewable fuels, animal feed additives and cosmetic ingredients. Its Specialty Additives line ($584.9 million, 28%) supplies calcium carbonate that paper and packaging makers use as a filler to improve brightness and strength. Much of it comes from "satellite" plants built next to a customer's mill, under contracts that usually start at 10 to 15 years.
The Engineered Solutions segment (47%) serves heavy industry. High-Temperature Technologies is the largest line ($704.7 million, 34% of sales). It provides mineral blends that strengthen the sand molds foundries use to cast parts for vehicles and equipment. It also makes heat-resistant furnace linings, called refractories, for steelmakers. Environmental & Infrastructure ($270.2 million, 13%) offers clay liners for landfills and mine waste sites, plus water treatment and building products.
Price history
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MTX +10.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| High Temperature Technologies | $704.7M | 34% |
| Specialty Additives | $584.9M | 28.2% |
| Household And Personal Care | $512.8M | 24.7% |
| Environmental And Infrastructure | $270.2M | 13% |
By business segment
| Consumer And Specialties | $1.10B | 53% |
| Engineered Solutions | $974.9M | 47% |
Latest results
- In Q3 FY2026 (ended Oct 4, 2026), revenue was $554.9M, up 4.2% from a year earlier, and net income was $42.7M (-0.7%).
- For fiscal 2025, revenue was $2.07B (-2.2% year over year; +5.4% a year from FY2020 to FY2025) with a -0.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.4% good |
|---|---|
| Operating margin | 2.3% weak |
| Free cash flow margin | 4.2% watch |
| Return on equity (FY2025) | -1.1% weak |
| Return on assets (FY2025) | -0.5% weak |
| Net cash (cash minus debt) | $-578.8M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.59B | $112.4M | $173.8M |
| FY2021 | $1.86B | $164.4M | $146.4M |
| FY2022 | $2.13B | $122.2M | $23.4M |
| FY2023 | $2.17B | $84.1M | $140.1M |
| FY2024 | $2.12B | $167.1M | $146.9M |
| FY2025 | $2.07B | $-18.4M | $86.6M |
Valuation snapshot
| Market value | $1.92B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0.78% |
Rank among 1514 US companies
Market value at each year end
Minerals Technologies’s market value went from $2.70B at the end of 2016 to $1.92B on Oct 28, 2026, down 29%; since the end of 2025 it is up 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.92B | +1.4% |
| 2025 | $1.90B | -21.9% |
| 2024 | $2.43B | +4.7% |
| 2023 | $2.32B | +17.8% |
| 2022 | $1.97B | -19.1% |
| 2021 | $2.44B | +15.3% |
| 2020 | $2.11B | +5.1% |
| 2019 | $2.01B | +11.0% |
| 2018 | $1.81B | -25.7% |
| 2017 | $2.44B | -9.8% |
| 2016 | $2.70B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MTX price data to Oct 28, 2026 | +2.1% | +10.2% | +6.0% | -2.3% | -0.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.1% |
| 2025 | -19.4% |
| 2024 | +7.5% |
| 2023 | +18.0% |
| 2022 | -16.7% |
| 2021 | +18.1% |
| 2020 | +8.2% |
| 2019 | +12.7% |
| 2018 | -25.2% |
| 2017 | -10.6% |
| 2016 | +69.0% |
| 2015 | -33.8% |
| 2014 | +16.0% |
| 2013 | +51.1% |
| 2012 | +41.7% |
| 2011 | -13.3% |
| 2010 | +20.5% |
| 2009 | +33.8% |
| 2008 | -38.7% |
| 2007 | +14.2% |
| 2006 | +5.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 58.2% over that stretch · deepest drop along the way 62.9%, back to its old high 42.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.3% over that stretch · deepest drop along the way 48.2%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.2% over that stretch · deepest drop along the way 33.2%, back to its old high 17.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 2 sales ($2.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 14, 2026 | Douglas T Dietrich CHAIRMAN AND CEO, Director | sell | $1.8M |
| May 11, 2026 | Timothy Jordan Vice President | sell | $482K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.2% | Mar 31, 2025 |
| FMR LLC | 15% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.18% | Mar 31, 2026 |
| Vanguard Capital Management | 5.16% | Mar 31, 2026 |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | 5.03% | Dec 31, 2025 |
ETFs with the most weight in MTX
| PSCM Invesco S&P SmallCap Materials ETF | 3.29% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.68% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.63% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.51% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.51% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.39% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.38% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.37% |
What could go wrong
- Paper demand keeps shrinking. Production of uncoated freesheet, a common printing and writing paper, is expected to keep falling in North America and Europe, the company's two largest paper markets. That cuts demand for its calcium carbonate filler.
- Satellite plant contracts may not renew. Much of its paper filler comes from plants beside a single customer's mill. Mill closures, mergers among paper makers or a failure to renew long-term contracts could cut those plants' sales.
- Steel and foundry demand rises and falls. Its largest product line serves metal foundries and steelmakers. Demand for castings used in cars, heavy trucks and farm and construction equipment tends to drop in recessions, and global steel production has been volatile.
- A sizable debt load. Total debt was about $959 million as of July 5, 2026, against $346 million of cash and investments. Debt payments absorb cash, and loan covenants (lender rules) can limit the company's choices.
- Rising raw material and energy costs. It relies on ore from its own mines plus purchased materials, energy and shipping. If costs rise faster than it can raise prices, profits suffer. Operating profit was just 2.3% of sales in 2025.
- Legal, environmental and product safety claims. As a miner and mineral processor, it faces strict environmental, health, safety and tax rules. Unexpected lawsuits, cleanup costs or claims about its products could seriously harm results and cash flow.
Recent events
- Quarterly results released
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Other company announcement
- Other company announcement
- Shareholder vote results; Other company announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
Minerals Technologies pays a small dividend. It held at $0.20 a share from 2020 through 2022, then rose each year to $0.45 in 2025. The yield (dividends as a share of price) was 0.78% as of October 28, 2026, so the stock pays income investors little cash. Dividends used about 16% of 2025 free cash flow (cash left after capital spending), though the company posted a net loss that year. Buybacks were larger: $267 million over fiscal 2021–2025, against $48.8 million in dividends. The share count fell about 6.5% between October 2021 and July 2026.
The shares have fallen hard in past downturns. They dropped about 63% from June 2008 to March 2009 and did not regain that peak until September 2012. They fell about 48% in the 2020 COVID crash, recovering by October 2020, and about 33% in the 2022 bear market, recovering by March 2024. Single stocks like this carry more risk than diversified funds.
Questions investors ask
How does Minerals Technologies make money?
It mines and processes specialty minerals, mainly bentonite clay and calcium carbonate, and supplies them to other businesses. Of its $2.07 billion of 2025 revenue, High-Temperature Technologies (foundry and steel products) brought in 34%. Specialty Additives (calcium carbonate for paper, packaging and other goods) brought in 28%. Household & Personal Care (including cat litter for store brands and national brands) brought in 25%, and Environmental & Infrastructure (such as landfill liners) brought in 13%.
Does MTX raise its dividend every year?
No. The dividend held at $0.20 a share from 2020 through 2022, then rose in each of 2023, 2024 and 2025, reaching $0.45 a share. That works out to about 17.6% average annual growth from 2020 to 2025, but from a small base. The yield was 0.78% as of October 28, 2026. Dividends used about 16% of 2025 free cash flow, the cash left after capital spending.
Is Minerals Technologies profitable?
Not by net income in its latest reported periods. Its operations earned $47.4 million in 2025. After interest, taxes and other items, it posted a net loss of $18.4 million, or $0.59 a share, compared with a $167.1 million profit in 2024. It lost $183.6 million in the quarter ended July 5, 2026, even though revenue rose 3.7% to $548.4 million. Free cash flow stayed positive at $86.6 million in 2025.
How much debt does Minerals Technologies have?
About $959 million of total debt as of July 5, 2026, and $346 million of cash and investments. That leaves net debt of about $613 million. Shareholders' equity (assets minus liabilities) was about $1.54 billion. The company warns that servicing its debt takes significant cash and that loan covenants, the rules lenders set, can limit its flexibility. A filing dated October 13, 2026, reported a major agreement and a new debt obligation.
How has MTX stock performed over the long term?
Weakly over longer periods. As of October 28, 2026, the share price had lost about 2.3% a year over five years and about 0.2% a year over ten years, though it gained 10.2% over one year. Calendar years swing widely: the price rose about 18% in 2023 and fell about 19% in 2025. Its deepest fall from a peak was 65.1%, across about 21 years of price history.