Matthews International Corporation (MATW) Balance Sheet
MATW balance sheet, FY2025
September 30, 2025 · U.S. dollars$1.69B assets = $1.21B liabilities + $480.9M equity
Both columns are drawn to the same scale: what MATW owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MATW financial health
Current ratio1.48
Adequate · current assets cover current liabilities 1.48×
Debt / equity1.59
High leverage · $1.59 of debt for each $1 of equity
Equity / assets28.4%
Balanced · of assets funded by shareholders
Cash / debt4.2%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles35.0%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
MATW balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.09BFY2016 | $1.69BFY2025 | −2.3%/yr | |
| Total liabilities | $1.38BFY2016 | $1.21BFY2025 | −1.4%/yr | |
| Shareholders’ equity | $708.7MFY2016 | $480.9MFY2025 | −4.2%/yr | |
| Cash & short-term investments | $55.7MFY2016 | $32.4MFY2025 | −5.8%/yr | |
| Total debt | $872.6MFY2016 | $764.1MFY2025 | −1.5%/yr | |
| Net cash (debt) | −$816.8MFY2016 | −$731.7MFY2025 | +$85.2M | |
| Working capital | $314.8MFY2016 | $169.7MFY2025 | −$145.1M | |
| Book value per share | $21.55FY2016 | $15.47FY2025 | −3.6%/yr | |
| Current ratio | 2.21FY2016 | 1.48FY2025 | −0.73 | |
| Debt / equity | 1.23FY2016 | 1.59FY2025 | +0.36 | |
| Shares outstanding | 32.9MFY2016 | 31.1MFY2025 | −0.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MATW assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
MATW liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
MATW debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MATW balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $32.4M | $40.8M | $42.1M | $71.4M | $49.2M | $41.3M | $35.3M | $41.6M | $57.5M | $55.7M |
| Cash & equivalents | $32.4M | $40.8M | $42.1M | $71.4M | $49.2M | $41.3M | $35.3M | $41.6M | $57.5M | $55.7M |
| Short-term investments | — | — | $920,000 | $3.4M | $31,000 | — | $548,000 | $3.9M | $1.1M | $43,000 |
| Receivables | $132.9M | $299.0M | $282.2M | $221.0M | $309.8M | $295.2M | $318.8M | $331.5M | $319.6M | $294.9M |
| Inventory | $202.8M | $237.9M | $260.4M | $225.4M | $189.1M | $175.1M | $180.3M | $180.5M | $171.4M | $162.5M |
| Other current assets | $152.0M | $54.9M | $63.6M | $110.7M | $76.1M | $64.0M | $49.4M | $62.9M | $46.5M | $61.1M |
| Total current assets | $520.2M | $632.5M | $648.3M | $628.6M | $624.2M | $575.6M | $583.7M | $616.4M | $595.1M | $574.2M |
| Property, plant & equipment (net) | $276.2M | $340.0M | $342.0M | $256.1M | $223.7M | $236.8M | $237.4M | $252.8M | $235.5M | $219.5M |
| Goodwill & intangible assets | $593.5M | $823.1M | $858.6M | $877.6M | $1.04B | $1.10B | $1.25B | $1.39B | $1.32B | $1.25B |
| Long-term investments | $288.6M | $23.1M | $25.0M | $26.0M | $30.4M | $63.2M | $85.5M | $45.4M | $37.7M | $31.4M |
| Other non-current assets | $15.9M | $16.1M | $13.6M | $94.5M | $118.4M | $98.1M | $36.5M | $68.1M | $54.2M | $20.7M |
| Total assets | $1.69B | $1.83B | $1.89B | $1.88B | $2.03B | $2.07B | $2.19B | $2.38B | $2.24B | $2.09B |
| Liabilities | ||||||||||
| Accounts payable | $98.5M | $108.4M | $114.3M | $121.4M | $112.7M | $82.9M | $74.6M | $70.0M | $66.6M | $58.1M |
| Short-term debt | $24.4M | $29.5M | $27.7M | $26.1M | $29.8M | $50.8M | $42.5M | $31.3M | $29.5M | $27.7M |
| Deferred revenue | — | $28.7M | $36.9M | $31.9M | −$112.7M | −$82.9M | −$74.6M | $62.9M | $83.6M | $79.3M |
| Total current liabilities | $350.5M | $434.8M | $394.6M | $411.4M | $354.2M | $316.9M | $279.9M | $286.4M | $285.1M | $259.3M |
| Long-term debt | $703.6M | $769.6M | $786.5M | $795.3M | $759.1M | $807.7M | $898.2M | $929.3M | $881.6M | $844.8M |
| Lease obligations | $53.3M | $62.7M | $74.2M | $74.3M | $82.4M | $73.2M | — | — | — | — |
| Other long-term liabilities | $159.4M | $193.3M | $181.0M | $189.0M | $282.4M | $336.6M | $293.3M | $273.3M | $287.7M | $277.6M |
| Total liabilities | $1.21B | $1.40B | $1.36B | $1.40B | $1.40B | $1.46B | $1.47B | $1.51B | $1.45B | $1.38B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $36.3M | $36.3M | $36.3M | $36.3M | $36.3M | $36.3M | $36.3M | $165.6M | $159.8M | $153.4M |
| Retained earnings (deficit) | $565.3M | $623.1M | $714.7M | $706.7M | $834.2M | $859.0M | $972.6M | $1.04B | $948.8M | $896.2M |
| Treasury stock | — | — | — | −$225.8M | −$190.7M | −$179.0M | −$200.2M | −$173.3M | −$164.8M | −$159.1M |
| Accumulated other comprehensive income | −$78.0M | −$168.7M | −$174.4M | −$190.2M | −$192.7M | −$240.7M | −$228.4M | −$164.3M | −$154.1M | −$181.9M |
| Minority interest | $0 | $48,000 | −$387,000 | −$276,000 | −$145,000 | $626,000 | — | $363,000 | $552,000 | $669,000 |
| Total shareholders' equity | $480.9M | $437.2M | $525.7M | $487.1M | $636.4M | $611.4M | $719.2M | $868.4M | $789.7M | $708.7M |
| Key figures | ||||||||||
| Total debt | $764.1M | $839.2M | $864.4M | $872.9M | $846.1M | $907.8M | $940.7M | $960.6M | $911.1M | $872.6M |
| Net cash (debt) | −$731.7M | −$798.3M | −$822.3M | −$801.5M | −$797.0M | −$866.4M | −$905.4M | −$919.0M | −$853.6M | −$816.8M |
| Working capital | $169.7M | $197.8M | $253.7M | $217.2M | $269.9M | $258.7M | $303.8M | $330.0M | $309.9M | $314.8M |
| Tangible book value | −$112.6M | −$386.0M | −$332.9M | −$390.5M | −$398.9M | −$487.5M | −$528.2M | −$524.5M | −$532.5M | −$536.7M |
| Book value per share | $15.47 | $14.14 | $16.80 | $15.53 | $19.90 | $19.60 | $22.89 | $27.25 | $24.21 | $21.55 |
| Shares outstanding | 31.1M | 30.9M | 31.3M | 31.4M | 32.0M | 31.2M | 31.4M | 31.9M | 32.6M | 32.9M |
| Current ratio | 1.48 | 1.45 | 1.64 | 1.53 | 1.76 | 1.82 | 2.09 | 2.15 | 2.09 | 2.21 |
| Quick ratio | 0.47 | 0.78 | 0.82 | 0.71 | 1.01 | 1.06 | 1.27 | 1.30 | 1.32 | 1.35 |
| Debt / equity | 1.59 | 1.92 | 1.64 | 1.79 | 1.33 | 1.48 | 1.31 | 1.11 | 1.15 | 1.23 |
| Equity / assets | 28.4% | 23.8% | 27.9% | 25.9% | 31.3% | 29.5% | 32.8% | 36.6% | 35.2% | 33.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $37.6M | $36.1M | $31.4M | $32.4M | $20.4M | $40.2M | $33.5M | $40.8M | $42.7M | $45.5M | $37.9M | $42.1M |
| Cash & equivalents | $37.6M | $36.1M | $31.4M | $32.4M | $20.4M | $40.2M | $33.5M | $40.8M | $42.7M | $45.5M | $37.9M | $42.1M |
| Short-term investments | — | — | — | — | — | — | — | — | $616,000 | $472,000 | $129,000 | $920,000 |
| Receivables | $105.8M | $203.9M | $115.5M | $240.1M | $237.0M | $230.7M | $287.9M | $299.0M | $288.1M | $283.6M | $295.5M | $282.2M |
| Inventory | $203.4M | $195.9M | $192.4M | $202.8M | $210.5M | $205.2M | $241.6M | $237.9M | $248.6M | $253.3M | $257.8M | $260.4M |
| Other current assets | $137.7M | $43.7M | $149.9M | $44.8M | $48.4M | $178.3M | $60.2M | $54.9M | $62.6M | $71.7M | $66.8M | $63.6M |
| Total current assets | $484.5M | $479.6M | $489.1M | $520.2M | $516.3M | $654.4M | $623.2M | $632.5M | $642.1M | $654.0M | $658.1M | $648.3M |
| Property, plant & equipment (net) | $235.2M | $240.2M | $238.3M | $276.2M | $280.2M | $272.6M | $327.0M | $340.0M | $336.9M | $343.7M | $348.4M | $342.0M |
| Goodwill & intangible assets | $528.3M | $525.2M | $525.6M | $593.5M | $599.9M | $559.9M | $802.8M | $823.1M | $841.0M | $851.8M | $860.3M | $858.6M |
| Long-term investments | $246.5M | $276.2M | $287.1M | $288.6M | $285.4M | $22.3M | $22.6M | $23.1M | $26.8M | $26.8M | $25.2M | $25.0M |
| Other non-current assets | $11.1M | $10.2M | $12.8M | $15.9M | $24.2M | $318.0M | $16.1M | $16.1M | $15.1M | $14.2M | $11.1M | $13.6M |
| Total assets | $1.51B | $1.53B | $1.55B | $1.69B | $1.71B | $1.83B | $1.79B | $1.83B | $1.86B | $1.89B | $1.90B | $1.89B |
| Liabilities | ||||||||||||
| Accounts payable | $91.7M | $102.5M | $94.7M | $98.5M | $98.1M | $107.8M | $101.9M | $108.4M | $113.6M | $107.1M | $97.3M | $114.3M |
| Short-term debt | $22.9M | $22.5M | $24.4M | $24.4M | $23.9M | $23.7M | $29.6M | $29.5M | $28.8M | $28.9M | $28.4M | $27.7M |
| Deferred revenue | $3.1M | $4.6M | — | $7.4M | $7.9M | $11.1M | $28.4M | $28.7M | $31.4M | $35.6M | $34.3M | $36.9M |
| Total current liabilities | $275.9M | $293.2M | $324.9M | $350.5M | $310.8M | $411.3M | $395.6M | $434.8M | $386.2M | $358.8M | $349.2M | $394.6M |
| Long-term debt | $559.5M | $572.0M | $529.8M | $703.6M | $696.1M | $815.8M | $802.0M | $769.6M | $824.7M | $837.4M | $857.4M | $786.5M |
| Lease obligations | $60.9M | $56.3M | $49.3M | $53.3M | $51.2M | $51.8M | $64.2M | $62.7M | $66.2M | $68.1M | $69.1M | $74.2M |
| Other long-term liabilities | $184.2M | $154.0M | $155.0M | $159.4M | $185.3M | $191.9M | $180.7M | $193.3M | $147.3M | $185.0M | $187.7M | $181.0M |
| Total liabilities | $1.02B | $1.02B | $1.01B | $1.21B | $1.19B | $1.42B | $1.38B | $1.40B | $1.36B | $1.38B | $1.39B | $1.36B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $36.3M | $36.3M | $36.3M | $36.3M | $36.3M | $36.3M | $36.3M | $36.3M | $36.3M | $36.3M | $36.3M | $36.3M |
| Retained earnings (deficit) | $537.8M | $569.9M | $600.5M | $565.3M | $601.0M | $594.0M | $611.4M | $623.1M | $699.0M | $705.1M | $704.0M | $714.7M |
| Accumulated other comprehensive income | −$55.1M | −$55.2M | −$50.2M | −$78.0M | −$77.7M | −$175.2M | −$181.5M | −$168.7M | −$174.1M | −$172.5M | −$167.7M | −$174.4M |
| Minority interest | — | — | — | $0 | $0 | — | — | — | — | — | — | — |
| Total shareholders' equity | $486.0M | $512.2M | $543.2M | $480.9M | $513.8M | $408.2M | $413.4M | $437.2M | $503.6M | $509.3M | $508.8M | $525.7M |
| Key figures | ||||||||||||
| Total debt | $628.2M | $635.5M | $588.6M | $764.1M | $753.7M | $874.0M | $873.4M | $839.2M | $896.5M | $910.9M | $931.5M | $864.4M |
| Net cash (debt) | −$590.6M | −$599.4M | −$557.3M | −$731.7M | −$733.3M | −$833.8M | −$839.9M | −$798.3M | −$853.7M | −$865.4M | −$893.5M | −$822.3M |
| Working capital | $208.6M | $186.4M | $164.3M | $169.7M | $205.5M | $243.1M | $227.6M | $197.8M | $255.9M | $295.3M | $308.9M | $253.7M |
| Tangible book value | −$42.3M | −$13.0M | $17.7M | −$112.6M | −$86.1M | −$151.7M | −$389.4M | −$386.0M | −$337.4M | −$342.5M | −$351.5M | −$332.9M |
| Book value per share | $15.46 | $16.28 | $17.26 | $15.46 | $16.47 | $13.09 | $13.37 | $14.07 | $16.13 | $16.31 | $16.46 | $16.68 |
| Shares outstanding | 31.4M | 31.5M | 31.5M | 31.1M | 31.2M | 31.2M | 30.9M | 31.1M | 31.2M | 31.2M | 30.9M | 31.5M |
| Current ratio | 1.76 | 1.64 | 1.51 | 1.48 | 1.66 | 1.59 | 1.58 | 1.45 | 1.66 | 1.82 | 1.88 | 1.64 |
| Quick ratio | 0.52 | 0.82 | 0.45 | 0.78 | 0.83 | 0.66 | 0.81 | 0.78 | 0.86 | 0.92 | 0.95 | 0.82 |
| Debt / equity | 1.29 | 1.24 | 1.08 | 1.59 | 1.47 | 2.14 | 2.11 | 1.92 | 1.78 | 1.79 | 1.83 | 1.64 |
| Equity / assets | 32.3% | 33.4% | 35.0% | 28.4% | 30.1% | 22.3% | 23.1% | 23.8% | 27.1% | 26.9% | 26.7% | 27.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 21, 2025); data from EODHD.
MATW financial position
At the end of fiscal 2025 (September 30, 2025), Matthews International had total assets of $1.7 billion (down 7.7% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of $480.9 million. It held $32.4 million in cash and short-term investments against $764.1 million of debt, net debt of $731.7 million. Its current ratio was 1.48. In the latest quarter (ended June 30, 2026) total assets were $1.5 billion and equity $486.0 million.
Related: MATW income statement, MATW cash flow statement, MATW key metrics. See the MATW stock overview for the latest quote and news.
MATW balance sheet FAQ
What are Matthews International's total assets?
Matthews International reported total assets of $1.7 billion at the end of fiscal 2025 (September 30, 2025), compared with $1.8 billion a year earlier.
How much debt does Matthews International have?
Matthews International had $764.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.59.
How much cash does Matthews International have?
Matthews International held $32.4 million in cash and short-term investments at the end of fiscal 2025; with $764.1 million of debt that is net debt of $731.7 million.
What is Matthews International's book value?
Matthews International's shareholders' equity (book value) was $480.9 million at the end of fiscal 2025, or $15.47 per share.
What is Matthews International's current ratio?
Matthews International had current assets of $520.2 million and current liabilities of $350.5 million, a current ratio of 1.48 (it can cover its short-term obligations).
How much goodwill does Matthews International have?
Matthews International carried $593.5 million of goodwill and intangible assets, 35.0% of total assets, at the end of fiscal 2025.