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1. Company Snapshot

1.a. Company Description

Mativ Holdings, Inc.operates as a performance materials company.The company operates through two segments, Advanced Materials & Structures (AMS), and Engineered Papers (EP).


The AMS segment manufactures resin-based rolled goods, such as nets, films and meltblown materials, bonding products, and adhesive components, as well as adhesives and other coating solutions, and converting services.It serves healthcare, construction, industrial, transportation, and filtration end-markets.The EP segment produces various cigarette papers and reconstituted tobacco products for the tobacco industry.


It also produces non-tobacco papers for various applications, such as energy storage and industrial commodity paper grades.The company sells its products in the United States, Europe and the former Commonwealth of Independent States, the Asia Pacific, the Americas, and internationally.The company was formerly known as Schweitzer-Mauduit International, Inc.


and changed its name to Mativ Holdings, Inc.in July 2022.Mativ Holdings, Inc.


was incorporated in 1995 and is headquartered in Alpharetta, Georgia.

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1.b. Last Insights on MATV

Mativ Holdings' recent performance was negatively impacted by the departure of its CEO, Julie Schertell, who stepped down on March 11, 2025, and was succeeded by Shruti Singhal. The company's leadership change may lead to a period of uncertainty and potential disruption to its operations. Additionally, the upcoming first quarter 2025 earnings release on May 7, 2025, may reveal further challenges for the company.

1.c. Company Highlights

2. Mativ's Q3 2025 Earnings: A Strong Performance

Mativ reported a robust Q3 2025, with revenues reaching $513 million, up 3% year-over-year, and adjusted EBITDA of $66.8 million, a 10% increase from the same period last year. The company's EPS came in at $0.39, beating estimates of $0.27. The strong performance was driven by a 5% organic growth in SAS sales and a significant turnaround in the FAM segment, which marked its first quarter of growth in sales and adjusted EBITDA since the merger. The company's strategic review process is underway, focusing on driving enhanced commercial execution, strengthening its balance sheet, and conducting a strategic review of its portfolio.

Publication Date: Nov -30

📋 Highlights
  • Adjusted EBITDA Growth:: Increased to $66.8M (+10% YoY) with free cash flow doubling year-to-date, marking the strongest 6-month period since the merger.
  • SAS Sales Momentum:: Organic sales up 5% YoY, driven by HVAC, air pollution, and water filtration segments, alongside 4% EBITDA improvement.
  • FAM Turnaround:: First quarter of sales and adjusted EBITDA growth since the merger, with Q3 FAM EBITDA at $37M (+$1M YoY).
  • Strategic Cost Savings:: $60M net debt reduction, operational initiatives (warehouse optimization, freight management) offsetting distribution expenses.
  • 2026 EBITDA Outlook:: Anticipated 10% EBITDA growth despite flat SAS volumes, supported by margin improvements and R&D portfolio simplification.

Segmental Performance

The Filtration and Advanced Materials (FAM) segment saw a 4% year-over-year increase in sales, with adjusted EBITDA of $37 million, slightly higher than the previous year. The SAS segment continued its strong momentum, with a 5% organic growth in sales, driven by HVAC, air pollution, and water filtration segments. The company's films business is also showing signs of improvement, with a regain in market share and a narrowing of the year-over-year comparison gap.

Operational Improvements

Mativ has made significant progress in its operational improvements, including optimizing its operations support structure, SKU rationalization, and R&D optimization initiatives. The company has also implemented a transportation management system and optimized freight quote management to offset distribution expenses. According to Shruti Singhal, "Our company-wide pivot towards a higher sense of urgency and faster pace of execution is yielding measurable results."

Guidance and Outlook

The company expects its Q4 adjusted EBITDA to increase by at least 10% year-over-year, driven by a year-over-year increase in volume, particularly in the SAS segment, favorable relative net selling price versus input cost, operational improvements, and cost savings. For 2026, Mativ expects SAS volumes to be flat year-over-year, but with a 10% increase in EBITDA, driven by improved margins. Analysts estimate revenue growth of 2.2% for next year.

Valuation

3. NewsRoom

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Mativ Announces Appointment of Seasoned Executive to Its Board of Directors

Nov -24

Source: businesswire.com

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Mativ Holdings, Inc. (MATV) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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Mativ Holdings (MATV) Q3 Earnings and Revenues Surpass Estimates

Nov -06

Source: zacks.com

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Mativ Announces Third Quarter 2025 Results

Nov -05

Source: businesswire.com

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Teacher Retirement System of Texas Makes New $1.47 Million Investment in Mativ Holdings, Inc. $MATV

Nov -05

Source: defenseworld.net

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Mativ Announces Conference Call to Discuss Third Quarter 2025 Results

Oct -20

Source: businesswire.com

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Mativ Announces Participation in Upcoming Investor Conference

Sep -19

Source: businesswire.com

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Pixelle Specialty Solutions Board of Directors Appoints Julie Schertell as CEO

Sep -08

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.56%)

6. Segments

Advanced Technical Materials

Expected Growth: 6.5%

Advanced Technical Materials from Mativ Holdings, Inc. growth of 6.5% driven by increasing demand for sustainable packaging, rising adoption of electric vehicles, and growing need for advanced materials in industrial and consumer applications, coupled with Mativ's strategic acquisitions and investments in R&D.

Fiber-Based Solutions

Expected Growth: 6.8%

Mativ Holdings' Fiber-Based Solutions segment growth of 6.8% is driven by increasing demand for sustainable packaging, rising e-commerce sales, and growing adoption of fiber-based products in the food service industry. Additionally, the company's strategic acquisitions and investments in innovative technologies have enhanced its production capabilities, further contributing to the segment's growth.

7. Detailed Products

Cigarette Paper

Mativ Holdings, Inc. offers a range of cigarette paper products, including rolling papers, tubes, and filters, catering to the tobacco industry.

Filter Products

The company provides a variety of filter products, including acetate and paper filters, used in the manufacturing of cigarettes and other tobacco products.

Specialty Papers

Mativ Holdings, Inc. offers specialty papers for various applications, including food wrapping, medical, and industrial uses.

Reconstituted Tobacco

The company provides reconstituted tobacco products, which are used to enhance the flavor and quality of tobacco products.

E-Vapor Products

Mativ Holdings, Inc. offers e-vapor products, including e-liquids, cartridges, and other vaping accessories.

8. Mativ Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Mativ Holdings, Inc. is moderate due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of buyers in the market, giving them significant negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers in the market, reducing their negotiating power.

Threat Of New Entrants

The threat of new entrants is moderate due to the moderate barriers to entry and the availability of resources in the market.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several competitors in the market, leading to a highly competitive environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 54.04%
Debt Cost 7.31%
Equity Weight 45.96%
Equity Cost 7.70%
WACC 7.49%
Leverage 117.57%

11. Quality Control: Mativ Holdings, Inc. passed 2 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
Hawkins

A-Score: 5.2/10

Value: 1.6

Growth: 7.9

Quality: 5.6

Yield: 1.0

Momentum: 9.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
UFP Industries

A-Score: 5.0/10

Value: 5.8

Growth: 6.4

Quality: 6.0

Yield: 3.0

Momentum: 1.5

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Jewett-Cameron Trading

A-Score: 4.3/10

Value: 9.8

Growth: 4.4

Quality: 4.5

Yield: 0.0

Momentum: 5.0

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
Clearwater Paper

A-Score: 4.1/10

Value: 9.3

Growth: 4.7

Quality: 5.9

Yield: 0.0

Momentum: 1.0

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Mativ

A-Score: 3.9/10

Value: 9.0

Growth: 1.9

Quality: 1.8

Yield: 8.0

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
Glatfelter

A-Score: 3.8/10

Value: 7.1

Growth: 4.8

Quality: 2.5

Yield: 1.0

Momentum: 4.0

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

12.08$

Current Price

12.08$

Potential

-0.00%

Expected Cash-Flows