# Mettler-Toledo International (MTD) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MTD/thesis · /stocks/MTD/memo

## Financial Snapshot

---
ticker: MTD
step: 04
generated: 2026-05-12
source: quick-research
---

### Mettler-Toledo International Inc. (MTD) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$3.97B | $3.78B | $3.87B | +2.2% |
| Gross Margin | ~57% | ~57% | ~58% | +100bps |
| Operating Margin | ~28% | ~26% | ~28% | +200bps |
| Net Income | ~$830M | ~$745M | ~$850M | +14% |
| EPS (diluted) | $38.41 | $35.90 | $40.48 | +12.8% |

*FY2025: Revenue $4.03B (+4%), EPS growth continued (est. ~$43–45). FY2022 was a peak year; FY2023 was pressured by China slowdown, biopharma destocking, and industrial weakness. FY2024 recovery underway.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$900M |
| Free Cash Flow | ~$825M |
| FCF Margin | ~21% |
| Cash & Equivalents | ~$100M |
| Total Debt | ~$3.3B |
| Net Debt | ~$3.2B |
| Share Count | ~21–22M (significantly reduced through buybacks; down from ~26M+ a decade ago) |

*Note: MTD carries substantial debt (~4x EBITDA) entirely to fund buybacks — a deliberate capital structure choice reflecting confidence in free cash flow. The $2.75B buyback program announced in 2025 continues this pattern.*

#### Key Ratios (approximate, FY2024)
- P/E: ~30–35x | FCF Yield: ~2.8–3.0%
- EV/EBITDA: ~22–25x | Dividend Yield: minimal (growth-focused; buybacks preferred)
- Revenue Growth (FY2024): +2.2% | FCF Margin: ~21%
- ROIC: ~35–40% (exceptionally high; capital-light model)
- Gross Margin: ~58% | Operating Margin: ~28%

#### Growth Profile
MTD's organic growth over the long term averages 5–7% (the scientific instruments market grows ~4.5% CAGR). FY2022 was an inflection point — post-COVID lab investment and Chinese government stimulus drove exceptional revenue. FY2023 slowed as China government-funded lab spending paused, biopharma destocking persisted, and Western industrial activity softened. FY2024 was an early recovery: +2.2% revenue growth, gross margins at record ~58%, and EPS +12.8% (aided by buybacks). Service revenue (growing 6% annually) provides stability through hardware cycles. Management is navigating $115M in tariff headwinds via supply chain moves (expanding Mexico manufacturing).

#### Forward Estimates
- **FY2025**: Revenue ~$4.0–4.2B; EPS ~$43–46 (consensus); continuing recovery in industrial and early biopharma restocking
- **FY2026**: Revenue growth 5–7% if China stabilizes and biopharma restocking continues; EPS ~$47–52
- **Capital allocation**: $2.75B buyback program (announced 2025) will retire ~9–10% of shares at current prices; MTD does not pay a meaningful dividend — all excess capital returned via buybacks

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MTD/fundamental

## Navigation

- Overview: /stocks/MTD
- Financials (this page): /stocks/MTD/financials
- Thesis: /stocks/MTD/thesis
- Investment Memo: /stocks/MTD/memo
- Coverage universe: /stocks