Mattel Inc. /DE/ (MAT) intrinsic value & 10-year financials
Mattel Inc. /DE/ (MAT) has a Graham intrinsic value of $16.30 per share. At $17.20 on Oct 17, 2026, the stock trades 6% above that value. Over the last 10 fiscal years revenue shrank 0.2% a year to $5.3B, with an average return on invested capital of 7.5%.
- Graham intrinsic value
- $16.30
- Share price (Oct 17, 2026)
- $17.20
- Price vs Graham value
- 6% above
- Market cap
- $5.5B
- Revenue (FY2025)
- $5.3B
- Revenue growth (10-yr CAGR)
- -0.2%
- ROIC (10-yr avg)
- 7.5%
- Free cash flow (FY2025)
- —
MAT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.3B | $397.6M | $1.24 | — | 10.2% | 12.6% |
| FY2024 | $5.4B | $541.8M | $1.58 | — | 12.9% | 16.7% |
| FY2023 | $5.4B | $214.4M | $0.60 | — | 10.3% | 7.6% |
| FY2022 | $5.4B | $393.9M | $1.10 | — | 12.4% | 13.2% |
| FY2021 | $5.5B | $903.0M | $2.53 | — | 13.4% | 22.0% |
| FY2020 | $4.6B | $126.6M | $0.36 | — | 8.3% | 8.3% |
| FY2019 | $4.5B | -$213.5M | -$0.62 | — | 0.9% | 1.3% |
| FY2018 | $4.5B | -$531.0M | -$1.54 | -$105.1M | -5.2% | -7.6% |
| FY2017 | $4.9B | -$1.1B | -$3.07 | -$195.8M | -7.0% | -9.8% |
| FY2016 | $5.5B | $318.0M | $0.92 | $472.4M | 9.5% | 11.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MATTEL INC /DE/ is facing top-line stagnation, with revenue contracting over the decade.
MATTEL INC /DE/ has historically struggled to out-earn its cost of capital, averaging just 7.5% ROIC.
MATTEL INC /DE/ has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MATTEL INC /DE/ is modeled at 3.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $16.30 per share.