Forensic Analysis · Paper & Forest Products · as of Nov 11, 2026
Mativ Holdings, Inc. (MATV)
A forensic read on Mativ Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.1
Distress distance
Clean
Earnings quality
2
Forensic signals
-49.7%
ROE
0.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Mativ Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.1, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-16.1%
FY2025
Return on invested capital.Return on invested capital is -16.1% in the latest fiscal year, against -14.6% in FY2023, having run between -16.1% and 0.2% across FY2023–FY2025 with no direction held. After-tax operating profit was ($327M) in FY2023 and ($304M) in FY2025, with operating income at -20.4% of revenue in FY2023, 0.3% in FY2024 and -19.3% in FY2025. The capital base behind it came down -16% across FY2023–FY2025, from $2.2B to $1.9B, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $401M goodwill write-off, a $18M asset write-down and a $4M restructuring charge that took about 14.9 points off that year's return, and FY2025's carried a $412M goodwill write-off, a $12M asset write-down and a $8M restructuring charge that took about 18.1 points off the latest; so, net of each other, the two charges take about 3.2 points off the -1.5-point change across FY2023–FY2025. FY2024's operating profit carried a $22M restructuring charge and a $16M asset write-down that alone took about 1.4 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
$813M
FY2023–FY2025
Goodwill impairments.Took $813M of goodwill writedowns across 2 years (FY2023 ($401M), FY2025 ($412M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$1.99B
Revenue Growth YoY+0.3%
Revenue CAGR (2yr)-1.0%
Net Margin-17.0%
Free Cash Flow$93.8M
Return on Equity-49.7%
Debt / Equity2.04x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Mativ Holdings, Inc.'s actual 10-K/10-Q/8-K filings?