Detailed financial statements for Minerals Technologies Inc. (MTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Minerals Technologies Inc. is dedicated to the development, manufacturing, and distribution of a wide array of specialized mineral, mineral-based, and synthetic mineral products, complemented by related systems and services. The company's operations are structured across three main divisions: Performance Materials, Specialty Minerals, and Refractories. The Performance Materials segment delivers bentonite and its associated products, as well as leonardite.
Analysis Summary
Minerals Technologies Inc. reported revenue of $2.07B in the most recent fiscal year, growing at a 5-year CAGR of 5.4%.
Trailing-twelve-month margins: gross margin 23.9%, operating margin -1.0%, net margin -3.1%. Free cash flow grew at -12.1% CAGR over 5 years.
At $64.83 (closing price, November 2, 2026), MTX has negative trailing earnings (P/E not meaningful) and an ROE of -4.12%. Market capitalisation stands at $2.0B.
Balance sheet quality for MTX: debt-to-equity ratio of 0.61, current ratio of 1.45 over the last 12 months, net debt of $713.2M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.64B | $1.68B | $1.81B | $1.79B | $1.59B | $1.86B | $2.13B | $2.17B | $2.12B | $2.07B |
| Cost of Revenue | $1.19B | $1.22B | $1.35B | $1.36B | $1.20B | $1.42B | $1.67B | $1.68B | $1.58B | $1.57B |
| Gross Profit | $452.2M | $459.2M | $452.6M | $431.5M | $396.1M | $435.9M | $452.3M | $494.4M | $535.6M | $506.6M |
| Research & Development | $23.8M | $23.7M | $22.7M | $20.3M | $19.9M | $19.5M | $20.4M | $21.2M | $23.0M | $22.9M |
| Selling, General & Admin | $171.2M | $172.7M | $169.8M | $178.4M | $167.2M | $175.6M | $179.4M | $193.3M | $227.1M | $196.6M |
| Operating Expenses | $195.0M | $196.4M | $192.5M | $198.7M | $187.1M | $195.1M | $199.8M | $214.5M | $250.1M | $219.5M |
| Operating Income | $257.2M | $262.8M | $260.1M | $232.8M | $209.0M | $240.8M | $252.5M | $279.9M | $285.5M | $287.1M |
| EBITDA | $319.1M | $321.2M | $340.5M | $309.3M | $279.9M | $345.1M | $307.3M | $278.1M | $393.4M | $155.6M |
| Interest Expense | $54.4M | $43.4M | $45.9M | $45.4M | $40.1M | $40.6M | $47.3M | $63.1M | $62.2M | $59.8M |
| Pre-tax Income | $172.4M | $192.4M | $207.6M | $159.2M | $140.2M | $205.1M | $158.4M | $112.0M | $230.3M | -$9.1M |
| Income Tax | $35.3M | -$6.6M | $34.4M | $22.8M | $24.4M | $36.6M | $32.1M | $23.7M | $59.4M | $4.9M |
| Net Income | $133.4M | $195.1M | $169.0M | $132.7M | $112.4M | $164.4M | $122.2M | $84.1M | $167.1M | -$18.4M |
| EPS | $3.82 | $5.54 | $4.79 | $3.79 | $3.29 | $4.89 | $3.74 | $2.59 | $5.21 | -$0.59 |
| EPS (Diluted) | $3.79 | $5.48 | $4.75 | $3.78 | $3.29 | $4.86 | $3.73 | $2.58 | $5.17 | -$0.59 |
| Shares Outstanding (Diluted) | 35.2 M | 35.6 M | 35.6 M | 35.1 M | 34.2 M | 33.8 M | 32.8 M | 32.6 M | 32.3 M | 31.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q2 | 2026-Q3 | 2026-Q4 |
|---|---|---|---|---|
| Revenue | $519.5M | $546.9M | $548.4M | $554.9M |
| Gross Profit | $124.5M | $131.1M | $133.8M | $129.2M |
| Operating Income | $62.0M | $67.5M | -$215.4M | $64.8M |
| EBITDA | $84.2M | $86.7M | -$191.9M | $90.1M |
| Net Income | $37.1M | $36.2M | -$183.6M | $42.7M |
| EPS | $1.19 | $1.17 | -$5.91 | $1.37 |
| EPS (Diluted) | $1.19 | $1.17 | -$5.91 | $1.37 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $188.5M | $212.2M | $208.8M | $241.6M | $367.7M | $299.5M | $247.2M | $317.2M | $333.1M | $329.0M |
| Short-term Investments | $2.0M | $2.7M | $3.8M | $1.6M | $4.1M | $4.9M | $5.6M | $4.3M | $4.0M | $3.6M |
| Receivables | $341.3M | $383.0M | $387.3M | $376.2M | $369.0M | $367.8M | $404.0M | $399.1M | $385.2M | $400.1M |
| Inventory | $186.9M | $219.3M | $239.2M | $253.3M | $248.2M | $298.3M | $348.8M | $325.4M | $342.1M | $350.2M |
| Total Current Assets | $751.1M | $852.2M | $876.3M | $919.2M | $1.03B | $1.03B | $1.07B | $1.10B | $1.13B | $1.16B |
| Property, Plant & Equipment | $1.05B | $1.06B | $1.10B | $1.10B | $1.09B | $1.10B | $1.10B | $1.03B | $1.04B | $1.07B |
| Goodwill | $778.7M | $779.3M | $812.4M | $807.4M | $808.5M | $905.9M | $914.8M | $913.6M | $913.8M | $915.9M |
| Intangible Assets | $204.4M | $196.5M | $214.1M | $203.0M | $195.8M | $252.6M | $241.9M | $231.0M | $218.1M | $208.7M |
| Total Assets | $2.86B | $2.97B | $3.09B | $3.11B | $3.21B | $3.37B | $3.40B | $3.35B | $3.39B | $3.47B |
| Accounts Payable | $144.9M | $179.0M | $169.1M | $163.4M | $148.3M | $196.1M | $193.8M | $188.7M | $185.5M | $187.9M |
| Short-term Debt | $12.9M | $10.1M | $108.5M | $115.2M | $12.7M | $92.5M | $147.7M | $116.9M | $26.1M | $23.2M |
| Total Current Liabilities | $295.5M | $310.0M | $381.9M | $398.5M | $295.8M | $419.8M | $502.6M | $457.3M | $397.7M | $555.4M |
| Long-term Debt | $1.07B | $959.8M | $907.8M | $824.3M | $933.2M | $936.2M | $928.1M | $911.1M | $959.6M | $988.8M |
| Total Liabilities | $1.83B | $1.69B | $1.70B | $1.68B | $1.71B | $1.79B | $1.79B | $1.66B | $1.61B | $1.72B |
| Retained Earnings | $1.42B | $1.61B | $1.77B | $1.91B | $2.01B | $2.17B | $2.28B | $2.36B | $2.51B | $2.48B |
| Total Equity | $1.01B | $1.25B | $1.35B | $1.40B | $1.46B | $1.54B | $1.58B | $1.65B | $1.75B | $1.71B |
| Total Debt | $1.08B | $969.9M | $1.02B | $982.8M | $995.1M | $1.08B | $1.12B | $1.07B | $1.02B | $1.05B |
| Net Debt | $892.3M | $755.0M | $803.7M | $739.6M | $623.3M | $771.5M | $866.9M | $744.4M | $687.3M | $713.2M |
| Working Capital | $455.6M | $542.2M | $494.4M | $520.7M | $737.8M | $609.3M | $567.9M | $641.7M | $733.3M | $600.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $319.6M | $329.0M | $315.9M | $342.2M |
| Total Assets | $3.46B | $3.47B | $3.47B | $3.50B |
| Total Liabilities | $1.75B | $1.72B | $1.70B | $1.92B |
| Total Equity | $1.68B | $1.71B | $1.73B | $1.54B |
| Total Debt | $977.7M | $1.05B | $966.2M | $964.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $133.4M | $195.1M | $169.0M | $132.7M | $112.4M | $164.4M | $122.2M | $84.1M | $167.1M | -$18.4M |
| Depreciation & Amortization | $94.4M | $86.9M | $90.5M | $106.6M | $101.8M | $102.2M | $103.3M | $107.3M | $107.6M | $104.9M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$30.7M | -$32.8M | -$102.1M | -$38.9M | -$9.7M | -$68.1M | -$138.4M | -$21.7M | -$63.9M | -$97.8M |
| Operating Cash Flow | $225.1M | $207.6M | $202.1M | $238.3M | $240.6M | $232.4M | $105.7M | $233.6M | $236.4M | $193.7M |
| Capital Expenditure | -$62.4M | -$76.7M | -$75.9M | -$65.0M | -$76.0M | -$86.0M | -$82.3M | -$93.5M | -$89.5M | -$107.1M |
| Acquisitions | $1.4M | $1.4M | -$117.9M | $600,000 | $2.4M | -$193.7M | -$21.4M | -$1.6M | $8.3M | $6.8M |
| Stock Repurchased | -$2.6M | -$700,000 | -$21.7M | -$41.0M | -$40.7M | -$74.7M | -$56.0M | -$14.2M | -$63.6M | -$58.5M |
| Dividends Paid | -$7.0M | -$7.0M | -$7.1M | -$7.0M | -$6.8M | -$6.8M | -$6.5M | -$8.1M | -$13.2M | -$14.2M |
| Free Cash Flow | $162.7M | $130.9M | $126.2M | $173.3M | $164.6M | $146.4M | $23.4M | $140.1M | $146.9M | $86.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $70.9M | $64.3M | $32.1M | $63.0M |
| Capital Expenditure | -$27.3M | -$32.4M | -$23.1M | -$27.2M |
| Free Cash Flow | $43.6M | $31.9M | $9.0M | $35.8M |
| Dividends Paid | -$3.4M | -$3.8M | -$3.7M | -$3.8M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.3% | +7.9% | -0.9% | -11.0% | +16.5% | +14.4% | +2.1% | -2.4% | -2.2% | |
| Net Income Growth (YoY) | +46.3% | -13.4% | -21.5% | -15.3% | +46.3% | -25.7% | -31.2% | +98.7% | -111.0% | |
| EPS Growth (YoY) | +45.0% | -13.5% | -20.9% | -13.2% | +48.6% | -23.5% | -30.7% | +101.2% | -111.3% | |
| Shares Change (YoY) | +1.1% | +0.0% | -1.4% | -2.6% | -1.2% | -3.0% | -0.6% | -0.9% | -2.8% | |
| FCF Growth (YoY) | -19.5% | -3.6% | +37.3% | -5.0% | -11.1% | -84.0% | +498.7% | +4.9% | -41.0% | |
| Gross Margin | 27.6% | 27.4% | 25.0% | 24.1% | 24.8% | 23.5% | 21.3% | 22.8% | 25.3% | 24.4% |
| Operating Margin | 15.7% | 15.7% | 14.4% | 13.0% | 13.1% | 13.0% | 11.9% | 12.9% | 13.5% | 13.9% |
| EBITDA Margin | 19.5% | 19.2% | 18.8% | 17.3% | 17.6% | 18.6% | 14.5% | 12.8% | 18.6% | 7.5% |
| Net Margin | 8.1% | 11.6% | 9.3% | 7.4% | 7.0% | 8.8% | 5.7% | 3.9% | 7.9% | -0.9% |
| FCF Margin | 9.9% | 7.8% | 7.0% | 9.7% | 10.3% | 7.9% | 1.1% | 6.5% | 6.9% | 4.2% |
| Effective Tax Rate | 20.5% | -3.4% | 16.6% | 14.3% | 17.4% | 17.8% | 20.3% | 21.2% | 25.8% | -53.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.62 | $3.68 | $3.54 | $4.94 | $4.81 | $4.33 | $0.71 | $4.30 | $4.55 | $2.76 |
| Dividends Per Share | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.25 | $0.41 | $0.45 |
| Shares Outstanding (Basic) | 34.9 M | 35.2 M | 35.3 M | 35.0 M | 34.2 M | 33.6 M | 32.7 M | 32.5 M | 32.1 M | 31.4 M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | -4.12% |
| Return on Invested Capital | -0.64% |
| Return on Assets | -1.91% |
| Gross Margin | 23.90% |
| Operating Margin | -0.97% |
| Net Margin | -3.12% |
Financial Health
| Debt / Equity | 0.61 |
| Current Ratio | 1.45 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 2.75 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.22 | 12.43 | 10.72 | 15.21 | 18.88 | 14.96 | 16.24 | 27.53 | 14.63 | -103.31 |
| P/B | 2.68 | 1.94 | 1.34 | 1.44 | 1.45 | 1.60 | 1.26 | 1.40 | 1.40 | 1.12 |
| P/S | 1.65 | 1.45 | 1.00 | 1.13 | 1.33 | 1.32 | 0.93 | 1.07 | 1.15 | 0.92 |
| Gross Margin | 27.6% | 27.4% | 25.0% | 24.1% | 24.8% | 23.5% | 21.3% | 22.8% | 25.3% | 24.4% |
| Operating Margin | 15.7% | 15.7% | 14.4% | 13.0% | 13.1% | 13.0% | 11.9% | 12.9% | 13.5% | 13.9% |
| Net Margin | 8.1% | 11.6% | 9.3% | 7.4% | 7.0% | 8.8% | 5.7% | 3.9% | 7.9% | -0.9% |
Related companies: IOSP · AAUC · OLN · NGVT · ASH · KWR
Explore sector: Basic Materials · Chemicals - Specialty
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