Mattel Inc MAT

Consumer DiscretionaryLeisure ProductsUnited States of America

Last close 15.42 USD on Nov 1, 2026, −22.3% year to date

Quant rating

Quant rating B Rank 84 of 344 in Consumer Discretionary

Growth B 107 of 344
Valuation A 45 of 344
Quality B 109 of 344
Revisions C 147 of 344
Momentum C 157 of 344

Wall Street consensus Buy (2.12)Average target 18.95 USD +22.9%

Historical valuation

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

Key data

Market cap: 4.4B
Enterprise value: 6.2B
52-week range: 12.40 – 22.47
3-year range: 12.40 – 22.47
Dividend yield: –
Beta (5 years): 0.63
Shares outstanding: 286M
Next earnings: Nov 5, 2026

About the company

Mattel, Inc. is a global toy and family entertainment company. The Company's operating segments include North America and International. The North America segment markets and sells toys and consumer products in the United States and Canada. Products marketed and sold by the International segment are generally the same as those marketed and sold by the North America segment, although some are developed or adapted for particular international markets. Its franchise brands include Barbie, Hot Wheels, Fisher-Price, American Girl, Thomas & Friends, UNO, Masters of the Universe, Matchbox, Monster High, MEGA, and Polly Pocket, as well as other popular properties that it owns or licensed in partnership with global entertainment companies. Its offerings include toys, content, consumer products, digital and live experiences. The Company’s products are sold directly to consumers through its e-commerce platform and various third-party e-commerce channels.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,348	5,380	5,441	5,435	5,458	–
Revenue growth	−0.6%	−1.1%	0.1%	−0.4%	18.9%	3.1%
EPS (basic, normalized)	1.41	1.62	1.23	1.25	1.30	–
EPS growth	−13.0%	31.7%	−1.6%	−3.8%	–	–
Gross margin	48.9%	50.9%	47.5%	45.9%	48.2%	48.3%
Net margin	7.4%	10.1%	3.9%	7.2%	16.5%	9.0%
ROE	17.7%	24.6%	10.2%	21.7%	82.9%	31.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	524
Current ratio	1.90x
Long-term debt (mil)	2,334
Net debt (mil)	1,810
Total equity (mil)	1,998
Net debt / equity	0.91x
Net debt / EBITDA	1.95x

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	5,348	−0.6%	1.2x	927	−6.4%	6.7x	1.41	−13.0%	10.9x
2026	5,667	+6.0%	1.1x	841	−9.3%	7.4x	1.29	−8.3%	11.9x
2027	5,976	+5.4%	1.0x	919	+9.4%	6.8x	1.57	+21.7%	9.8x
2028	6,143	+2.8%	1.0x	889	−3.3%	7.0x	1.82	+15.6%	8.5x

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	5,667	0.0%	−0.1%	+0.4%	1.29	−1.1%	−2.5%	−1.4%
2027	5,976	−0.1%	+0.4%	+0.8%	1.57	−1.0%	−1.5%	+0.4%
2028	6,143	−0.1%	+0.1%	+0.5%	1.82	+0.4%	+0.1%	+2.7%

Earnings surprises EPS beat in 1 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)	810	1,080	1,844	1,646	827	1,019	1,736	1,766	862	1,125
Sales mean (mil)	832	1,097	1,858	1,628	786	1,050	1,838	1,844	805	1,101
Surprise	−2.7%	−1.6%	−0.8%	+1.1%	+5.2%	−3.0%	−5.6%	−4.2%	+7.1%	+2.2%
EPS reported	−0.05	0.19	1.14	0.35	−0.03	0.19	0.89	0.39	−0.20	0.01
EPS mean	−0.12	0.17	0.95	0.20	−0.10	0.15	1.07	0.54	−0.21	0.04
Surprise	+59.8%	+11.9%	+20.1%	+73.1%	+69.7%	+27.6%	−16.7%	−27.6%	+5.9%	−74.7%

Peer comparison Leisure Products

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
MAT Mattel Inc	4.4B	1.95x	7.4%	2.20x	11.9x	9.8x	7.4x	6.8x
HAS Hasbro, Inc.	16.7B	1.55x	−6.9%	18.29x	16.7x	16.9x	11.6x	11.4x
BC Brunswick Corp	4.9B	2.73x	−2.5%	2.91x	16.5x	13.9x	9.2x	8.4x
THO THOR Industries, Inc.	3.8B	0.82x	1.8%	0.90x	20.7x	15.3x	7.9x	6.9x
YETI YETI Holdings, Inc.	3.2B	0.13x	8.9%	5.23x	14.7x	13.0x	9.0x	8.3x
CALY Callaway Golf Co	2.7B	−0.92x	1.9%	1.26x	19.8x	16.9x	9.7x	9.1x
Mean		1.04x	1.8%	5.13x	16.7x	14.3x	9.1x	8.5x
Median		1.18x	1.9%	2.56x	16.6x	14.6x	9.1x	8.3x

Technical analysis

1M+15.6%
3M−0.1%
1Y−19.8%
3Y−16.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Mattel Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,348	5,380	5,441	5,435	5,458	4,588
Cost of revenue	2,734	2,641	2,859	2,943	2,828	2,340
Gross profit	2,613	2,738	2,582	2,492	2,630	2,249
Selling, general & administrative expenses	1,736	1,774	1,753	1,549	1,637	1,633
Research & development	227	194	199	195	189	189
Depreciation/amortization	31.5	31.3	37.9	37.6	38.0	38.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	72.0	45.2	31.0	34.3	35.2	12.9
Other operating expenses	0	0	0	0	0	0
Operating income	546	694	562	676	730	375
Net interest income (expense)	−81.6	−62.2	−97.0	−135	−259	−195
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−5.3	−9.6	0.7	−36.2	−0.1	−2.0
Net income before taxes	459	623	465	504	471	178
Provision for taxes	89.8	106	269	136	−420	65.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	27.9	24.9	18.4	25.4	11.8	11.5
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	398	542	214	394	903	124
Extraordinary items	–	–	–	–	–	–
Net income	398	542	214	394	903	124
EBIT, normalized	618	739	611	709	767	388
EBITDA, normalized	786	907	788	892	951	581
Basic EPS, normalized	1.41	1.62	1.23	1.25	1.30	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Mattel Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,243	1,388	1,261	761	731	762
Receivables	1,098	1,003	1,082	860	1,073	1,034
Total inventory	563	502	572	894	777	528
Prepaid expenses	227	234	208	214	293	172
Other current assets	0	0	0	0	0	0
Total current assets	3,131	3,127	3,122	2,729	2,875	2,497
Property, plant & equipment	910	842	779	788	781	765
Goodwill	1,390	1,382	1,385	1,379	1,390	1,394
Intangibles	337	361	393	425	477	518
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	873	832	757	857	871	361
Total assets	6,640	6,544	6,436	6,178	6,394	5,535
Liabilities
Accounts payable	555	399	442	471	579	495
Payable/accrued	–	–	–	–	–	–
Accrued expenses	873	879	866	679	992	832
Short-term debt	0	0	0	0	0	1.0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	29.9	38.0	33.9	37.6	27.5	27.1
Total current liabilities	1,458	1,316	1,342	1,188	1,598	1,355
Long-term debt	2,332	2,334	2,330	2,326	2,571	2,855
Minority interest	–	–	–	–	–	–
Other liabilities	617	630	614	608	656	715
Total liabilities	4,407	4,280	4,287	4,121	4,825	4,925
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	441	441	441	441	441	441
Additional paid-in capital	1,788	1,780	1,775	1,808	1,832	1,843
Retained earnings (accumulated deficit)	4,001	3,604	3,062	2,848	2,457	1,554
Treasury stock	−3,107	−2,567	−2,224	−2,130	−2,220	−2,283
Other equity	−891	−994	−905	−911	−941	−945
Total equity	2,233	2,264	2,149	2,056	1,569	610
Total liabilities & shareholders' equity	6,640	6,544	6,436	6,178	6,394	5,535

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Mattel Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	398	542	214	394	903	124
Depreciation, depletion & amortization	168	168	177	182	184	193
Deferred taxes	−19.4	−24.2	176	69.5	−484	−5.3
Non-cash items	140	184	180	145	178	117
Changes in working capital	−93.4	−69.4	122	−348	−296	−143
Cash from operations	593	801	870	443	485	286
Investing activities
Capital expenditures	−182	−203	−160	−187	−151	−119
Other investing cash flows	27.1	13.6	17.9	42.3	46.3	−13.3
Cash from investing	−155	−189	−142	−144	−105	−132
Financing activities
Financing cash flow items	−22.8	−55.7	−50.3	−38.4	−2.2	0.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−598	−394	−176	−222	−400	−6.2
Cash from financing	−621	−449	−227	−261	−402	−5.8
Foreign exchange effects	37.3	−35.6	−0.7	−8.1	−9.1	−15.6
Net change in cash	−145	127	500	29.9	−30.8	132
Free cash flow	411	598	709	256	334	167

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.