Mettler Toledo (MTD)
Health Care · $29.6B market cap · SEC CIK 0001037646
fundamentals score out of 100
Next reports on Nov 4, 2026, after the close, with analysts expecting $12.23 in earnings per share.
The case for MTD
- Generated $849M of free cash flow in FY2025, 21% of revenue.
- 22% of revenue drops through to net profit.
- Earns 25% a year on everything it owns (return on assets).
- Gross margin of 60% absorbs cost shocks.
- Within 2% of its 52-week high: the trend is up.
The case against
- Pricey at 32.7× earnings, against a long-run market average nearer 20×.
- Owes more than it owns: shareholder equity is -$23.6M, usually the result of buybacks funded with debt. ROE and price-to-book mean little here.
- Priced at 7.2× sales with revenue growing only 6.9%.
- Long-term debt of $2.1B against $66.9M of cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 35 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 47 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 81 |
| Momentumhow the price has behaved lately | 82 |
| Stabilityhow violently it moves, what it owes and what it pays you | 25 |
- Shareholder equity is negative, so return on equity, price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 32.7× |
|---|---|
| Price / book | n/m (negative equity) |
| Price / sales | 7.2× |
| Revenue growth (YoY) | +6.9% |
| EPS growth (YoY) | +12.5% |
| Gross margin | 60% |
| Operating margin | 27% |
| Net margin | 22% |
| Return on assets | 24.9% (ROE not meaningful: negative equity) |
| Debt / equity | n/m (negative equity) |
| Current ratio | 1.12 |
| Dividend yield | none |
| Beta | 1.21 |
| 52-week range | $1,023 – $1,525 |
| Position in that range | 93% of the way up |
| 3-month return | +24.9% |
| 1-year return | +13.0% |
Five years of financials, as filed
Pulled from Mettler Toledo's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $4.0B | $3.9B | $3.8B | $3.9B | $3.7B |
| Gross profit | $2.4B | $2.3B | $2.2B | $2.3B | $2.2B |
| Net income | $869M | $863M | $789M | $873M | $769M |
| Operating cash flow | $956M | $968M | $966M | $859M | $909M |
| Capital expenditure | $107M | $104M | $105M | $121M | $108M |
| Total assets | $3.7B | $3.2B | $3.4B | $3.5B | $3.3B |
| Total liabilities | $3.7B | $3.4B | $3.5B | $3.5B | $3.2B |
| Shareholder equity | -$23.6M | -$127M | -$150M | $24.8M | $171M |
| Cash | $66.9M | $59.4M | $69.8M | $96.0M | $98.6M |
| Long-term debt | $2.1B | $1.8B | $1.9B | $1.9B | $1.6B |
| Free cash flow | $849M | $864M | $861M | $738M | $801M |
| Gross margin | 59.4% | 60.1% | 59.2% | 58.9% | 58.4% |
| Net margin | 21.6% | 22.3% | 20.8% | 22.3% | 20.7% |
| Diluted shares | 20.7M | 21.3M | 22.0M | 22.7M | 23.5M |
Share count is down 11.9% over 4 years. Buybacks have been shrinking the pie.
What Mettler Toledo says it does
We are a leading global supplier of precision instruments and services. We have strong leadership positions in all of our businesses and believe we hold global number-one market positions in most of them. We are recognized as an innovation leader and our solutions are critical in key research and development, quality control, and manufacturing processes for customers in a wide range of industries including life sciences, food, and chemicals. Our sales and service network is one of the most extensive in the industry. Our products are sold in more than 140 countries and we have a direct presence in approximately 40 countries. With proven growth strategies and a focus on execution, we have achieved a long-term track record of strong financial performance. Our business is geographically diversified, with net sales in 2025 derived 42% from North and South America, 29% from Europe, and 29% from Asia and other countries. Our customer base is…
Risk factors MTD lists in its 10-K
- Factors Affecting Our Future Operating Results
- We sell primarily to companies in developed countries. An economic downturn in these countries could hurt our operating results
- We are subject to risks associated with our international operations, including our significant concentration of business in China
- Our business and financial performance may be adversely affected by a cybersecurity attack
- We are vulnerable to system failures and data loss risks, which could harm our business
- Our ability to manufacture and deliver products and services may be disrupted
- Our business would suffer if we were unable to obtain supplies of material
- Our product development efforts may not produce commercially viable products in a timely manner
- We face risks related to sales through distributors and other third parties that we do not control, which could harm our business
- Departures of key employees could impair our operations
- We operate in highly competitive markets, and it may be difficult for us to preserve operating margins, gain market share, and maintain a technological advantage
- We may face risks associated with acquisitions
- Currency fluctuations affect our operating profits
- Inflation can impact our operating results and the global economy