Download PDF

1. Company Snapshot

1.a. Company Description

Minerals Technologies Inc.develops, produces, and markets various specialty mineral, mineral-based, and synthetic mineral products, and supporting systems and services.The company operates through three segments: Performance Materials, Specialty Minerals and Refractories.


The Performance Materials segment supplies bentonite and bentonite-related products, as well as leonardite.This segment also offers metal casting products; household, personal care, and specialty products; and basic minerals, environmental products, and building materials.In addition, it provides products for non-residential construction, environmental, and infrastructure projects, as well as for construction and remediation project customers.


The Specialty Minerals segment produces and sells precipitated calcium carbonate and quicklime; and provides natural mineral products comprising limestone and talc.This segment's products are used in paper and packaging, building materials, paint and coatings, glass, ceramic, polymer, food, automotive, and pharmaceutical industries.The Refractories segment offers monolithic and shaped refractory materials; specialty products, services, and application and measurement equipment; and calcium metal and metallurgical wire products that are used in the applications of steel, non-ferrous metal, and glass industries.


The company markets its products primarily through its direct sales force, as well as regional distributors.It serves in the United States, Canada, Latin America, Europe, Africa, and Asia.Minerals Technologies Inc.


was incorporated in 1968 and is headquartered in New York, New York.

Show Full description

1.b. Last Insights on MTX

Minerals Technologies Inc.'s recent performance was driven by strong Q2 2025 earnings, with earnings per share of $1.44, or $1.55 excluding special items, up 36% sequentially. The company's operating income of $75 million, or $79 million excluding special items, also increased 25% sequentially. Additionally, Minerals Technologies announced a quarterly dividend of $0.11 per share, payable on September 5, 2025, to shareholders of record at the close of business on August 15, 2025. The company's participation in upcoming investor conferences, including the upcoming Investor Conferences, demonstrates its commitment to engaging with the investment community.

1.c. Company Highlights

2. MTOR: Delivering Record Q3 Earnings Amidst Mixed Market Conditions

Minerals Technologies reported a strong third quarter with sales of $532 million, up 1% both sequentially and year-over-year. Operating income was $78 million, and earnings per share (EPS) reached $1.55, a company record for the third quarter and beating analyst estimates of $1.47. The operating margin was 14.7% of sales, indicating the company's ability to maintain profitability despite mixed market conditions.

Publication Date: Oct -27

📋 Highlights
  • Record EPS & Cash Flow:: Earnings per share reached $1.55, a record for Q3, with cash flow up 24% year-over-year to $45 million.
  • Asia Pet Care Growth:: Pet litter sales in Asia surged, while natural oil purification and animal health products rose 18% and 12% respectively.
  • Growth Investments:: $50 million allocated to projects expected to generate $100 million in incremental revenue over 12-18 months, including a 30% capacity boost in Turkey’s renewable fuel expansion.
  • Q4 Revenue Outlook:: Sales projected to decline 2-4% sequentially to $510–$525 million, with operating income forecasted at $65–$70 million.
  • Shareholder Returns:: $20 million returned via dividends and buybacks, maintaining a net leverage ratio of 1.7x EBITDA despite $27 million in capital expenditures.

Segment Performance

The Household & Personal Care segment saw strong growth in Asia, particularly in the pet litter market, with sales up 18% for natural oil purification and 12% for animal health products. However, the Specialty Additives segment faced mixed conditions, with weaker demand in North America but opportunities for growth in Asia. The High-Temperature Technologies segment remained relatively stable for steel production in the U.S. but continued to face challenges in Europe.

Outlook and Investments

Looking ahead to the fourth quarter, Minerals Technologies expects continued growth in Household & Personal Care, driven by cat litter, edible oil, and renewable fuel purification. The company has made significant investments to support growth opportunities, including expanding its pet care business and deploying new technology in traditional businesses. These investments are expected to generate $100 million in incremental revenue over the next 12 to 18 months.

Valuation and Cash Flow

With a P/E Ratio of -1168.08 and an EV/EBITDA of 15.79, the market is pricing in certain expectations for the company's future performance. The company's strong cash flow generation is evident, with a Free Cash Flow Yield of 5.18%. The net leverage ratio stands at 1.7x EBITDA, indicating a manageable debt position. The company returned $20 million to shareholders through share repurchases and dividends in Q3.

Liquidity and Talc Litigation

Minerals Technologies is holding more inventory in pet care and strategic positions in the high-temperature business. The company expects a strong fourth quarter in cash flow and is working on establishing a 524G trust to address talc litigation, with average litigation expenses expected to be $3 million to $4 million per quarter. The company has a sufficient reserve on its balance sheet to cover ongoing costs.

3. NewsRoom

Card image cap

North American Niobium and Critical Minerals Corp. Announces Private Placement of Flow-Through Shares

Dec -04

Source: globenewswire.com

Card image cap

Canterra Minerals Announces $5.0 Million Private Placement to Fund Exploration in Newfoundland

Dec -04

Source: globenewswire.com

Card image cap

GMV Minerals Receives Drill Permits at the Mexican Hat Gold Project

Dec -04

Source: accessnewswire.com

Card image cap

Avrupa Minerals Announces $500,000 Private Placement

Dec -03

Source: thenewswire.com

Card image cap

Search Minerals Announces Shares-for-Debt Transaction

Dec -03

Source: newsfilecorp.com

Card image cap

North American Niobium and Critical Minerals Corp. Completes Phase 1 Fall Prospecting Program; Carbonatite and Pegmatite Targets Identified Across Québec Properties

Dec -03

Source: globenewswire.com

Card image cap

Michael Nederhoff Joins the Board of Directors of Powermax Minerals Inc.

Dec -03

Source: newsfilecorp.com

Card image cap

Black Stone Minerals and Caturus Energy Announce New Development Agreement in the Shelby Trough

Dec -03

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.97%)

6. Segments

Consumer & Specialties

Expected Growth: 3.5%

The 3.5% growth in Consumer & Specialties segment of Minerals Technologies Inc. is driven by increasing demand for specialty minerals in personal care products, growth in the global pet food market, and rising adoption of sustainable packaging solutions. Additionally, expansion in emerging markets and strategic acquisitions are contributing to the segment's growth.

Engineered Solutions

Expected Growth: 4.5%

The 4.5% growth in Engineered Solutions from Minerals Technologies Inc. is driven by increasing demand for specialty minerals in construction, automotive, and consumer products. Expanding production capacity, strategic acquisitions, and innovative product offerings also contribute to growth. Additionally, the company's focus on sustainability and environmental solutions resonates with customers, further boosting demand.

7. Detailed Products

PCC (Precipitated Calcium Carbonate)

A versatile mineral additive used in paper, plastics, and coatings to improve opacity, brightness, and printability.

Talc

A soft, powdery mineral used in plastics, coatings, and ceramics to improve stiffness, thermal resistance, and opacity.

Barite

A dense, heavy mineral used in drilling muds, paint, and coatings to improve density and opacity.

Limestone

A sedimentary rock used in construction, cement, and steel production to improve strength and durability.

GCC (Ground Calcium Carbonate)

A fine powder used in paper, plastics, and coatings to improve opacity, brightness, and printability.

Talc-based Reinforcements

A range of talc-based products used in plastics, rubber, and ceramics to improve stiffness, thermal resistance, and opacity.

Mineral-based Functional Additives

A range of mineral-based additives used in plastics, coatings, and ceramics to improve performance and functionality.

8. Minerals Technologies Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Minerals Technologies Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the availability of alternative materials and technologies.

Bargaining Power Of Customers

Minerals Technologies Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are often customized, making it difficult for customers to switch suppliers.

Bargaining Power Of Suppliers

Minerals Technologies Inc. relies on a few key suppliers for raw materials, which gives them some bargaining power. However, the company's scale and diversification efforts help to mitigate this risk.

Threat Of New Entrants

The barriers to entry in the minerals and materials industry are relatively high, making it difficult for new entrants to compete with established players like Minerals Technologies Inc.

Intensity Of Rivalry

The minerals and materials industry is highly competitive, with several established players competing for market share. Minerals Technologies Inc. must continually innovate and improve its products and services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 38.36%
Debt Cost 7.71%
Equity Weight 61.64%
Equity Cost 10.53%
WACC 9.45%
Leverage 62.23%

11. Quality Control: Minerals Technologies Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Element Solutions

A-Score: 5.0/10

Value: 3.5

Growth: 6.3

Quality: 6.2

Yield: 2.0

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Balchem

A-Score: 4.7/10

Value: 1.9

Growth: 5.6

Quality: 7.5

Yield: 1.0

Momentum: 2.5

Volatility: 9.7

1-Year Total Return ->

View Full Report
Stock-Card
H.B. Fuller

A-Score: 4.3/10

Value: 5.0

Growth: 4.8

Quality: 4.1

Yield: 3.0

Momentum: 2.0

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
Westlake

A-Score: 4.0/10

Value: 7.8

Growth: 4.0

Quality: 3.5

Yield: 4.0

Momentum: 0.0

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Minerals Technologies

A-Score: 4.0/10

Value: 6.6

Growth: 4.3

Quality: 3.2

Yield: 1.0

Momentum: 2.0

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
Olin

A-Score: 3.7/10

Value: 5.5

Growth: 4.4

Quality: 2.0

Yield: 6.0

Momentum: 0.5

Volatility: 3.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

58.63$

Current Price

58.63$

Potential

-0.00%

Expected Cash-Flows