Forensic Analysis · Materials / Mining & Chemicals · as of Aug 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
0.0
Distress distance
Clean
Earnings quality
5
Forensic signals
9.0
P / E (ttm)
-67.7%
ROE
$700M
Market cap
3.42%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence). 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 0.0, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-18.0%
FY2025
Return on invested capital.Return on invested capital is -18.0% in the latest fiscal year and slipping from -1% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+8.8%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +29% over the last 3 years to FY2025 (+8.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~22%.
0.6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.6% of revenue and 12% of free cash flow in FY2025 — about $0.20 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 9.5% a year and is falling.
$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.
-61%
FY2023→FY2024
Dividend — cut.The payout was CUT ~61% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$1.99B
Revenue Growth YoY+0.3%
Revenue CAGR (3yr)+6.7%
Net Margin-17.0%
Free Cash Flow$93.8M
Return on Equity-67.7%
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?