Mattr Corp MATR

IndustrialsHomebuilding & Construction SuppliesCanada

Last close 19.75 CAD on Nov 1, 2026, +147.5% year to date

Quant rating

Quant rating B Rank 12 of 53 in Industrials

Growth B 20 of 53
Valuation D 44 of 53
Quality C 35 of 53
Revisions A 5 of 53
Momentum B 12 of 53

Wall Street consensus Buy (2.00)Average target 24.50 CAD +24.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.2B
Enterprise value: 1.8B
52-week range: 7.27 – 22.39
3-year range: 7.27 – 22.39
Dividend yield: –
Beta (5 years): 0.10
Shares outstanding: 61.3M
Next earnings: Nov 12, 2026

About the company

Mattr Corp. is a global material technology company serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. The Company operates through a network of fixed and mobile manufacturing and service facilities. The Company operates through two business segments: Composite Technologies and Connection Technologies. The Composite Technologies segment consists of two operating units: the Xerxes business, which manufactures fiberglass reinforced plastic underground storage tanks primarily for the retail fuel, storm water and wastewater markets; and the FlexPipe business, which manufactures flexible fiberglass reinforced composite pipe used for oil and gas gathering lines and other applications requiring corrosion resistance and high-pressure capabilities. The Connection Technologies segment includes the Shawflex, AmerCable and DSG-Canusa brands. AmerCable is a manufacturer of harsh environment wire, cable, and assemblies.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,268	885	881	862	1,143	–
Revenue growth	43.3%	0.5%	2.2%	−24.6%	−3.0%	1.5%
EPS (basic, normalized)	0.55	0.69	1.25	−0.43	−1.12	–
EPS growth	−20.3%	−44.8%	–	–	–	–
Gross margin	25.1%	27.5%	31.6%	30.0%	27.6%	28.4%
Net margin	3.8%	−0.7%	4.8%	10.9%	−6.9%	2.4%
ROE	6.5%	−0.9%	5.9%	14.0%	−11.7%	2.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	39.1
Current ratio	1.83x
Long-term debt (mil)	573
Net debt (mil)	550
Total equity (mil)	802
Net debt / equity	0.69x
Net debt / EBITDA	3.55x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,268	+43.3%	1.4x	155	+36.5%	11.4x	0.55	−20.3%	35.9x
2026	1,456	+14.8%	1.2x	207	+33.6%	8.5x	1.09	+98.2%	18.1x
2027	1,541	+5.8%	1.1x	234	+13.3%	7.5x	1.48	+35.8%	13.3x
2028	1,627	+5.6%	1.1x	260	+10.8%	6.8x	1.70	+14.5%	11.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,456	+1.5%	+5.5%	+15.6%	1.09	+6.7%	+22.5%	+98.9%
2027	1,541	0.0%	+6.3%	+15.7%	1.48	+2.5%	+17.8%	+64.1%
2028	1,627	0.0%	+6.1%	+10.6%	1.70	+6.3%	+10.1%	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	224	254	226	232	320	321	315	312	322	396
Sales mean (mil)	217	257	240	192	318	313	309	290	305	376
Surprise	+3.6%	−1.2%	−5.6%	+20.5%	+0.7%	+2.6%	+2.0%	+7.8%	+5.5%	+5.2%
EPS reported	0.16	0.31	0.23	−0.02	0.34	0.12	0.05	−0.04	0.11	0.39
EPS mean	0.14	0.31	0.20	−0.07	0.16	0.15	0.34	−0.03	0.06	0.34
Surprise	+11.1%	−1.3%	+12.6%	+69.5%	+112.5%	−18.9%	−85.1%	−45.5%	+76.0%	+14.0%

Peer comparison Homebuilding & Construction Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MATR Mattr Corp	1.2B	3.55x	3.8%	1.51x	18.1x	13.3x	8.5x	7.5x
LYTS LSI Industries Inc	1.0B	3.47x	3.3%	2.05x	15.8x	11.9x	10.8x	8.7x
OESX Orion Energy Systems Inc	117M	0.62x	−3.7%	4.46x	34.8x	21.6x	9.8x	7.1x
SPWR SunPower Inc	103M	–	−14.8%	−1.33x	−1.3x	9.2x	–	–
Mean		2.55x	−2.8%	1.67x	16.8x	14.0x	9.7x	7.7x
Median		3.47x	−0.2%	1.78x	16.9x	12.6x	9.8x	7.5x

Technical analysis

1M−5.0%
3M+12.9%
1Y+77.0%
3Y+36.9%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Mattr Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,268	885	881	862	1,143	1,178
Cost of revenue	951	641	602	604	828	856
Gross profit	318	244	279	258	315	323
Selling, general & administrative expenses	158	133	135	134	210	252
Research & development	11.6	10.8	8.6	7.0	8.1	10.5
Depreciation/amortization	67.2	40.4	35.8	37.6	77.8	92.5
Interest expense (income), operating	12.2	10.7	2.9	−7.6	2.7	3.7
Unusual expense (income)	9.4	15.2	28.0	−23.9	68.1	227
Other operating expenses	0	0	0	0	0	0
Operating income	59.6	33.4	68.1	111	−51.3	−263
Net interest income (expense)	−42.1	−17.5	−20.8	−21.8	−17.2	37.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	17.5	15.8	47.3	89.2	−68.6	−226
Provision for taxes	−30.8	21.8	4.9	−4.2	12.1	8.6
Minority interest	0	−0.2	0	0.6	1.5	0.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	48.3	−6.2	42.3	94.0	−79.1	−234
Extraordinary items	−1.7	2.5	44.9	−124	–	–
Net income	46.5	−3.7	87.2	−30.0	−79.1	−234
EBIT, normalized	92.7	79.2	210	92.3	25.0	−30.7
EBITDA, normalized	160	120	246	164	103	61.8
Basic EPS, normalized	0.55	0.69	1.25	−0.43	−1.12	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Mattr Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	65.5	375	334	264	124	215
Receivables	173	156	173	275	236	266
Total inventory	201	143	123	182	123	126
Prepaid expenses	8.8	5.4	6.5	17.7	9.2	12.4
Other current assets	0	163	0.9	1.4	0.2	0.7
Total current assets	448	842	637	740	492	620
Property, plant & equipment	502	438	280	347	362	428
Goodwill	278	163	163	217	216	232
Intangibles	357	142	145	171	172	200
Long-term investments	–	–	–	–	0	11.6
Note receivable	0.2	0.5	2.1	0.5	0.9	–
Other long-term assets	17.8	43.1	51.3	73.0	25.1	34.9
Total assets	1,603	1,629	1,278	1,549	1,268	1,526
Liabilities
Accounts payable	102	74.5	54.5	99.7	82.5	79.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	103	97.8	124	138	102	98.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	16.0	9.2	11.3	25.8	13.4	18.6
Other current liabilities	47.1	62.8	89.2	243	62.0	73.9
Total current liabilities	267	244	279	506	260	270
Long-term debt	545	625	221	244	333	487
Minority interest	–	−0.3	−0.5	0.3	2.8	4.0
Other liabilities	37.1	38.9	48.2	98.8	32.4	52.4
Total liabilities	849	908	548	850	628	813
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	628	639	682	707	721	720
Additional paid-in capital	23.5	22.9	23.4	25.7	27.9	26.5
Retained earnings (accumulated deficit)	−64.9	−110	−92.8	−161	−131	−51.7
Treasury stock	–	–	–	–	–	–
Other equity	167	168	118	127	21.2	18.3
Total equity	754	721	730	699	639	713
Total liabilities & shareholders' equity	1,603	1,629	1,278	1,549	1,268	1,526

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Mattr Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	48.3	−6.0	55.9	−31.0	−80.6	−235
Depreciation, depletion & amortization	67.2	40.4	36.9	71.4	77.8	92.5
Deferred taxes	−44.1	5.1	−12.8	−28.9	4.1	−3.2
Non-cash items	24.4	29.5	100	97.8	48.5	145
Changes in working capital	8.6	−8.5	−55.5	102	14.9	44.9
Cash from operations	104	60.5	125	211	64.7	44.4
Investing activities
Capital expenditures	−63.3	−110	−76.3	−50.1	−25.1	−24.0
Other investing cash flows	−375	−44.6	186	69.6	28.9	131
Cash from investing	−438	−155	110	19.5	3.8	107
Financing activities
Financing cash flow items	0	−0.1	−19.9	−3.2	–	–
Cash dividends paid	–	–	–	–	0	−10.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−102	251	−142	−108	−164	−26.3
Cash from financing	−102	251	−162	−112	−164	−36.9
Foreign exchange effects	−2.0	12.2	−2.6	20.6	5.0	2.1
Net change in cash	−437	168	70.1	140	−90.1	116
Free cash flow	41.1	−49.9	48.4	161	39.6	20.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.