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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
MTD — frequently asked questions
Is Mettler-Toledo International Inc. overvalued?
In our latest published analysis dated 2026-10-05, MTD looks meaningfully overvalued. The price recorded at analysis is 1542 USD versus our fair value of 891 USD; the high endpoint is presented separately as potential value of 1071 USD. That implies roughly 42.2% downside to fair value at that date.
Our latest published report, analyzed 2026-10-05, gives MTD a fair value of 891 USD and a potential value of 1071 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Mettler-Toledo International Inc.'s archetype; it is a dated research output, not a live price.
Should I buy MTD now?
Our latest published rating for MTD, analyzed 2026-10-05, is Sell. Mettler-Toledo International Inc. looks meaningfully overvalued at the analysis-date price of 1542 USD versus fair value of 891 USD; potential value is 1071 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for MTD?
The dedicated bear-case section in our report analyzed 2026-10-05 documents Mettler-Toledo International Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is MTD's rating?
Our latest published rating for MTD, analyzed 2026-10-05, is Sell, with a published moat assessment of 9/10 (Wide). It reflects our fair value of 891 USD, the potential value of 1071 USD, and the price recorded at analysis (1542 USD).
Ten raport nie został jeszcze przetłumaczony. Odśwież za kilka minut, gdy kolejka tłumaczeń go przetworzy.
§1 Podsumowanie wykonawczeEN
Odpowiedź w 30 sekundSell
Cena a wartość
Cena
$1,541.63
Wartość godziwa
$891.08
Wartość potencjalna
$1,070.69
Stan na
2026-10-05
Dlaczego to może zadziałać
Accelerating replacement cycles across automated laboratory instrumentation paired with rapid transmission of Chinese economic stimulus to biopharma capex, driving consolidated revenue growth above 6.5% and expanding operating margins toward 29.5%.
Co zmieniłoby naszą ocenę
Consolidated operating margin falling below 24.78% or Chinese segment revenue contracting more than 5% in FY2026.
Mettler-Toledo International Inc. (MTD) is an exceptional compounder characterized by high returns on invested capital and mission-critical precision instruments, but the stock at $1,541.63 trades at an unsustainable 73.0% premium to our fundamental fair value of $891.08, warranting a Sell rating on an asymmetric -42.2% implied return profile.
Valuation Disconnect vs. Quality Fundamentals: Mettler-Toledo stands out as an elite business with wide structural switching costs and high customer retention across regulated pharmaceutical, industrial, and food testing workflows. However, at a market price of $1,541.63 as of October 5, 2026, equity valuation has decoupled from cash flow fundamentals. Our composite intrinsic fair value of $891.08 implies a 42.2% downside (-42.2% implied return), representing a 73.0% market price premium over fundamental value. Current trading multiples of 28.49x forward earnings price in flawless execution while ignoring persistent cyclical and financing headwinds.
Cyclical Stagnation in China and Customer Capex Delays: The bear case centers on demand vulnerabilities across key geographic and end-market exposures. Chinese operations, which accounted for $634.83M (15.77%) of FY2025 consolidated revenue, faced high single-digit sales declines in 2024 with management confirming that government stimulus has produced no measurable positive demand response to date. Concurrently, sales cycles have lengthened globally, and elevated interest rates continue to restrict laboratory equipment expenditures among smaller biopharmaceutical and biotech accounts. A prolonged 10% volume slump in China combined with European weakness could trigger up to 300 bps of operating margin compression from the 27.78% FY2025 baseline.5,7
Peer Multiples and Valuation Asymmetry: Mettler-Toledo trades at a forward P/E of 28.49x, exceeding peers like Agilent Technologies at 24.83x and IQVIA at 18.39x. While MTD maintains superior gross margins of ~59.4% and operating margins of 27.78% compared to Agilent's 25.56%, Agilent is projected to grow forward revenue at 9.0%, outpacing MTD's projected 5.1% growth rate. Furthermore, discounting cash flows at a moderate cost of equity of 9.84% and WACC of 9.50% reveals that enterprise cash flow valuation ($778.22 DCF midpoint) sits substantially below current trading quotes. Even after weighting discounted earnings ($818.34), moat fade ($958.27), and forward earnings ($1,067.33), the compositefair value of $891.08 confirms substantial overvaluation.1,2,3,4
Operational Execution Cannot Overcome Multiple Risk: Management continues to demonstrate disciplined commercial execution, delivering 200 bps of annual pricing realization and operational savings via its SternDrive efficiency program. With annual capex contained at ~2.7% of revenue, free cash flow generation exceeding $840M supports ongoing capital returns. Nevertheless, deploying buybacks at a 73.0% premium to intrinsic value generates diminishing per-share accretion, while refinancing obligations across $2,228.64M of total debt face higher prevailing borrowing costs. Consequently, the investment committee establishes a Sell rating.2,4,5
Installed Base Service Network and Regulatory Switching Costs
Mettler-Toledo's thousands of service technicians and large installed base generate recurring repair, calibration, certification, and compliance revenues across highly regulated workflows, supported by extreme customer fragmentation where no single account exceeds 1% of net sales.
Consistent 200 bps Pricing Power and SternDrive Productivity
The company reliably achieves 200 bps of annual pricing realization even in inflationary environments, while its SternDrive operational initiative drives continuous manufacturing productivity to preserve ~28% operating margins.
Modest capital expenditure requirements (~2.7% of sales) enable MTD to convert more than 90% of GAAP net income into over $840M in annual free cash flow, powering consistent capital return through share repurchases.5
Rekomendacja domu
Sell. Mettler-Toledo possesses exceptional operational quality, wide moat barriers, and industry-leading profitability, but the market price of $1,541.63 exceeds fundamental fair value ($891.08) by 73.0%. On an implied return of -42.2%, the risk-reward profile is unfavorable, warranting position liquidation or avoidance.4
Przegląd spółki
Mettler-Toledo International Inc. (MTD) is a global provider of precision instruments and services for life sciences, industrial, and food retail applications. The company designs and manufactures laboratory balances, analytical instruments, automated chemistry solutions, process analytics sensors, industrial weighing equipment, and inline product inspection systems including checkweighing, metal detection, and X-ray inspection. In addition to precision hardware, the company delivers mission-critical software solutions and comprehensive lifecycle services, such as repair, regulatory compliance qualification, calibration, certification, and preventative maintenance.
The company serves a diverse customer base spanning biopharmaceutical manufacturers, chemical producers, food and beverage processors, academic research institutions, and food retailers. Customer concentration risk is minimal, as no single end-customer accounts for more than 1% of consolidated net sales. Mettler-Toledo's direct sales and service organization comprises thousands of factory-trained technicians globally, embedding the company directly into customers' regulated quality control and production environments.
Geographically, Mettler-Toledo operates across five major operational regions. In fiscal year 2025, consolidated net sales reached $4,026.40M. By operating region, US operations generated $1,496.20M (37.16% of total revenue), Western European operations generated $895.97M (22.25%), Other operations delivered $788.54M (19.58%), Chinese operations contributed $634.83M (15.77%), and Swiss operations contributed $210.86M (5.24%).
§2 Scenariusz negatywnyEN
In a severe stress test combining a persistent 10% volume contraction in Chinese operations with lengthened sales cycles across global biopharma accounts, consolidated operating margin compresses by 300 bps to 24.78%. Concurrently, elevated capital costs increase the cost of equity to 11.84% amid refinancing of $2,228.64M total debt, while forward valuation multiples de-rate 20% toward peer levels at 22.8x. Under these simultaneous shocks, annual free cash flow contracts toward $700M, reducing capital return capacity and confirming that current market pricing leaves zero fundamental safety margin.
Chinese industrial and laboratory demand weakness deepens into multi-year stagnation, while European industrial capex softens and high interest rates continue to constrain small-to-mid biotech funding. Organic top-line growth decelerates to 1.5%-2.5%, competitive pricing pressures squeeze margins toward 26.0%, and free cash flow generation falls, sharply curtailing share repurchase accretion.
Jak ta teza może się załamać
Severe China demand slump and fixed overhead deleverage
China represents $634.83M of sales with full-year 2024 guided down high single digits and no stimulus impact observed. A prolonged 10% volume decline in China combined with European weakness drives 300 bps of operating margin compression below 24.78% from the 27.78% FY2025 baseline, generating a -21.5% fair value impact.4,5,7
FV impact
-3.1%
Operating margin 3 points lower throughout
Trigger
Within 12 months
Sygnały wczesnego ostrzegania do monitorowania
Pięć zdarzeń, które osłabiłyby naszą tezę inwestycyjną.
01
gross_margin
Gross margin contracting below 58.0% would signal erosion of proprietary pricing power or service contract attach rates across the installed base.
Obecnie:59.37% (FY2025)
Alarm, jeśli< 58.0%
02
§3 Przewaga konkurencyjnaEN
Wide
Mettler-Toledo possesses a wide economic moat supported by structural switching costs, a vast proprietary installed base, and customer fragmentation across highly regulated end markets,. The company's precision weighing instruments and analytical tools serve as mission-critical control points in pharmaceutical research, industrial manufacturing, and retail food inspection. Because measurement accuracy directly determines regulatory compliance and product safety, customers face steep friction when contemplating vendor replacement, cementing durable customer relationships.
This structural defensibility is reinforced by MTD's global direct service infrastructure. Service revenues—comprising repair, calibration, qualification, and preventive maintenance—are generated directly from an installed base where no single end-customer contributes more than 1% of total net sales. This fragmentation prevents client concentration from constraining pricing power, enabling management to consistently achieve 200 bps of annual price increases across economic cycles. Consequently, MTD sustains an operating margin of 27.78% in FY2025, outperforming peers like Agilent Technologies at 25.56%.
While MTD's wide economic moat is unquestioned and returns on capital remain exceptional,, moat quality cannot be conflated with investment value. At a forward P/E of 28.49x and a 73.0% premium over fundamental Fair value of $891.08, current trading levels already fully capitalize the company's competitive advantages without leaving an adequate margin of safety.
Zysk ekonomiczny
Return on invested capital of 46.16% (and 33.67% per third-party benchmark) substantially outpaces the company's moderate cost of equity of 9.84% and computed WACC of 9.50%. This persistent economic profit spread of over 2,400 to 3,600 bps reflects an asset-light operating model (annual capex of $107.12M, or ~2.7% of sales) generating $869.19M in GAAP net income in FY2025 and over $840M in annual free cash flow.2,6
9/ 10
Wide
Sources of advantage
01High Switching Costs in Regulated Quality and Compliance Workflows — Mettler-Toledo's precision instruments are deeply integrated into regulated pharmaceutical, food safety, and chemical manufacturing workflows governed by FDA, EMA, and ISO standards. Displacing validated instruments entails substantial re-qualification expenses, operator retraining, and compliance audit risks, creating high customer switching costs.Wide
02Global Installed Base and Direct Service Network — A massive global installed base supported by direct field service engineers and inside sales teams generates steady recurring calibration, certification, and preventative maintenance revenue. Competitors without equivalent global technician density cannot match MTD's response times and compliance audit support.Wide
03
Znane zagrożenia dla przewagi
Zagrożenie
Powaga
Oś czasu
Złagodzenie
Prolonged biopharmaceutical lab equipment budget freezes and elongated sales cycles
medium
12-18 months
Offset by high-margin recurring service and calibration revenue streams across the installed base and expanding product offerings into midrange laboratory segments.
The highlighted cell is Fair value when every assumption sits at its base level ($891.08). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $846.1M after modeled reinvestment of $115.4M, with terminal value at 78.7% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
Revenue compounds at 4.5%-5.1% annually, supported by steady 200 bps pricing realization and gradual recovery in Chinese operations, while Western European and US operations sustain mid-single digit cash generation,. Operating margins normalize around 28.1% to 28.7%, and free cash flow generation exceeding $840M supports ongoing annual share count reductions.5,7
Upgrade the rating; Maintain disciplined underweight exposure. Re-examine China demand order books, European laboratory instrument book-to-bill trends, and SternDrive run-rate productivity before adjusting allocations.
Wyzwalacz: Quarterly organic revenue growth accelerating above guided levels in local currency and adjusted EPS above consensus guidance range.
A sustained organic revenue growth beat and gross margin outperformance would compress the valuation discount to our fair value range, justifying an upgrade stance.
Wyzwalacz: Quarterly organic revenue growth tracking within guided expectations in local currency and adjusted EPS within consensus expectations.
Meeting guidance confirms the mature compounder baseline but fails to justify the current premium valuation multiple over peers, preserving substantial downside risk to intrinsic value.
Poniżej
Maintain Sell; Accelerate liquidation of remaining positions. Re-examine operating margin degradation from fixed cost deleverage and assess whether multi-year revenue growth requires downward revision.
Wyzwalacz: Quarterly organic revenue growth turning negative in local currency or adjusted EPS missing the lower bound of consensus guidance.
A miss driven by deepening China industrial weakness or gross margin compression from delayed volume absorption reinforces the fundamental Sell stance as multiple contraction accelerates toward historical peer medians.
Jakość wyników
Earnings quality is high, evidenced by GAAP net income of $869.19M in FY2025 closely tracking cash flow generation. Revenue recognition is conservative and customer concentration is virtually absent, with no single account contributing more than 1% of net sales. Stock-based compensation across the industry is modest at 2.1% of revenue, and inventory obsolescence risks are mitigated by modular precision assembly.6,7
Dynamika prognoz
Post-earnings consensus estimate revisions exhibit slight downward momentum, with FY2026 EPS revised down by 0.02% and FY2027 EPS trimmed by 0.20%. Top-line revenue revisions similarly contracted marginally for both FY2026 (-0.05%) and FY2027 (-0.08%), reflecting ongoing demand caution in China and Europe.1
Metryki do obserwacji przed publikacją
01
Wskaźnik:
China Demand Inflection and Stimulus Transmission
BieżącyDown high single digits in FY2024 with government equipment stimulus impact yet to materialize.
Dlaczego to ważne
China accounts for 15.8% of net sales ($634.83M in FY2025) and has been a primary cyclical drag on top-line performance.5,7
02
Wskaźnik:
Annual Pricing Realization Discipline
BieżącyRealized 2% pricing in Q2 2024 and guided 200 bps for full-year 2024.
Mettler-Toledo generates robust operating cash flow, reporting $310.42M in Q2 2026 and $450.21M year-to-date through June 30, 2026, compared to $443.08M in full-year FY2016. Reinvestment requirements are minimal, with current annual capex of $107.12M against depreciation of $125.61M, generating an estimated $846.09M in FY2026 free cash flow to the firm. Free cash flow conversion consistently approaches 100% of net income ($869.19M in FY2025).4,6
Alokacja kapitału
Capital allocation is heavily focused on systematic share buybacks rather than dividends. Management deployed approximately $850M into share repurchases in FY2024, reducing diluted share count from 20,671,708 shares in FY2025 to 20,036,559 shares as of October 5, 2026. M&A is highly selective, and ordinary cash dividends are not paid.
MTD's ROIC trajectory remains exceptionally stable, anchored by an asset-light assembly model, pricing realization of ~200 bps, and ongoing productivity gains under SternDrive. Reinvestment needs remain modest at 10-12% of NOPAT, preserving high returns even across macro slowdowns.
Return on invested capital of 46.16% (and 33.67% per external benchmark) exceeds computed WACC of 9.50% and moderate Ke of 9.84% by more than 2,400 to 3,600 basis points, reflecting substantial ongoing economic value creation.
Durable Operating Profitability Outpaces Peer Group
Superior operating efficiency shields core earnings power, though current market pricing leaves no safety margin against incremental margin compression.
Najnowsze przychody4 mld USDCAGR przychodów +5,4%
Marża operacyjna27,8%10 okresów fiskalnych
Najnowsze wolne przepływy pieniężne848,6 mln USDFY2025
Dług netto2 mld USDFY2025
Struktura rachunku zysków i stratJak skala działalności przekłada się na raportowany zysk.
StockMarketAgent.AI
Przychody4 mld USDKoszt sprzedaży−1,6 mld USDZysk brutto2,4 mld USDKoszty operacyjne−1,3 mld USDZysk operacyjny1,1 mld USDPozycje pozaoperacyjne i podatki−249,3 mln USDZysk netto869,2 mln USD
Dane historii finansowej
Przychody
4 026 399 000 USD
Koszt sprzedaży
1 635 753 000 USD
Zysk brutto
2 390 646 000 USD
Koszty operacyjne
1 272 156 000 USD
Zysk operacyjny
1 118 490 000 USD
Pozycje pozaoperacyjne i podatki
-249 297 000 USD
Zysk netto
869 193 000 USD
Podsumowanie bilansuJak wykazane aktywa są utrzymywane i finansowane w wybranym okresie.
StockMarketAgent.AI
Struktura aktywówFinansowane przez
Aktywa ogółem3,7 mld USDŚrodki pieniężne66,9 mln USDAktywa obrotowe1,4 mld USDZobowiązania ogółem3,7 mld USDZobowiązania krótkoterminowe1,2 mld USDUjemny kapitał własny23,6 mln USD
Dane podziału bilansu
Aktywa ogółem
3 712 646 000 USD
Środki pieniężne
66 888 000 USD
Aktywa obrotowe
1 362 667 000 USD
Zobowiązania ogółem
3 736 282 000 USD
Zobowiązania krótkoterminowe
1 198 116 000 USD
Ujemny kapitał własny
23 636 000 USD
Most przepływów pieniężnychJak przepływy operacyjne przełożyły się na wolne przepływy pieniężne w FY2025.
StockMarketAgent.AI
Uzgodnienie przepływów operacyjnych
Zysk netto869,2 mln USDAmortyzacja+125,6 mln USDWynagrodzenie w akcjach+22,5 mln USDPozostałe korekty operacyjne−61,5 mln USDOperacyjne przepływy pieniężne955,8 mln USD
Uzgodnienie środków na początek i koniec
Środki pieniężne na początek59,4 mln USDOperacyjne przepływy pieniężne+955,8 mln USDPrzepływy inwestycyjne−193,9 mln USDPrzepływy finansowe−755,2 mln USDWpływ kursów walutowych+801 tys. USDŚrodki pieniężne na koniec66,9 mln USD
955,8 mln USD − 107,1 mln USDWolne przepływy pieniężne 848,6 mln USD
Dane mostu przepływów pieniężnych
Zysk netto
869 193 000 USD
Wpływy operacyjne
1 017 315 000 USD
Amortyzacja
125 610 000 USD
Wynagrodzenie w akcjach
22 512 000 USD
Operacyjne przepływy pieniężne
955 772 000 USD
Wydatki operacyjne
61 543 000 USD
Dostępne środki pieniężne
1 015 935 000 USD
Środki pieniężne na początek
59 362 000 USD
Wpływ kursów walutowych
801 000 USD
Wydatki inwestycyjne
193 874 000 USD
Capex
107 124 000 USD
Pozostała działalność inwestycyjna
86 750 000 USD
Wydatki finansowe
755 173 000 USD
Środki pieniężne na koniec
66 888 000 USD
Przepływy inwestycyjne
-193 874 000 USD
Przepływy finansowe
-755 173 000 USD
Przychody według segmentu operacyjnegoUdział w łącznych przychodach za 2025-12-31.
4 mld USDŁączne przychody
Przychody według segmentu operacyjnegoUdział
USOperations1,5 mld USD37,2%+4,7% r/r
Western European Operations896 mln USD22,3%+4,4% r/r
Other Operations788,5 mln USD19,6%+6,9% r/r
Chinese Operations634,8 mln USD15,8%+1% r/r
Swiss Operations210,9 mln USD5,2%−3,5% r/r
Źródło: SEC EDGAR · Złożono 2026-02-06 · SEC EDGAR
Dane o strukturze przychodów: Przychody według segmentu operacyjnego
Przychody według segmentu operacyjnego
Przychody
Udział
r/r
USOperations
1,5 mld USD
37,2%
4,7%
Western European Operations
896 mln USD
22,3%
4,4%
Other Operations
788,5 mln USD
19,6%
6,9%
Chinese Operations
634,8 mln USD
15,8%
1%
Swiss Operations
210,9 mln USD
5,2%
-3,5%
Przychody według regionuUdział w łącznych przychodach za 2025-12-31.
4 mld USDŁączne przychody
Przychody według regionuUdział
Us Operations Segment Member1,5 mld USD37,2%+4,7% r/r
Western European Operations896 mln USD22,3%+4,4% r/r
Other Operations788,5 mln USD19,6%+6,9% r/r
Chinese Operations634,8 mln USD15,8%+1% r/r
Swiss Operations210,9 mln USD5,2%−3,5% r/r
Źródło: SEC EDGAR · Złożono 2026-02-06 · SEC EDGAR
Dane o strukturze przychodów: Przychody według regionu
Przychody według regionu
Przychody
Udział
r/r
Us Operations Segment Member
1,5 mld USD
37,2%
4,7%
Western European Operations
896 mln USD
22,3%
4,4%
Other Operations
788,5 mln USD
19,6%
6,9%
Chinese Operations
634,8 mln USD
15,8%
1%
Swiss Operations
210,9 mln USD
5,2%
-3,5%
Przychody i wynikiJak skala działalności przekłada się na raportowany zysk.
Gotówka i zadłużenieDostępna płynność wobec całkowitego zadłużenia.
Generowanie gotówkiPrzepływy operacyjne w porównaniu z wolnymi przepływami pieniężnymi.
RentownośćZmiany marży brutto, operacyjnej i netto.
Dane finansowe na określony moment użyte w analizie z 2026-10-05.
Dane historii finansowej
Okres
Przychody
EBITDA
Zysk netto
Operacyjne przepływy pieniężne
Wolne przepływy pieniężne
Capex
Amortyzacja
Wynagrodzenie w akcjach
Skup akcji
Wypłacone dywidendy
Emisja długu netto
Przepływy inwestycyjne
Przepływy finansowe
Środki pieniężne na początek
Środki pieniężne na koniec
Gotówka i inwestycje
Zadłużenie ogółem
Marża operacyjna
ROIC
WACC
Spread ROIC−WACC
2016-12-31
2,5 mld USD
609 mln USD
384,4 mln USD
443,1 mln USD
319,1 mln USD
124 mln USD
68,8 mln USD
15,3 mln USD
—
0 USD
—
-231,5 mln USD
-145,9 mln USD
—
158,7 mln USD
158,7 mln USD
875,1 mln USD
21,5%
—
6,3%
—
2017-12-31
2,7 mld USD
686 mln USD
376 mln USD
516,3 mln USD
388,9 mln USD
127,4 mln USD
76,1 mln USD
16,6 mln USD
400 mln USD
0 USD
—
-217,3 mln USD
-319,5 mln USD
158,7 mln USD
148,7 mln USD
148,7 mln USD
960,2 mln USD
22,4%
—
5,9%
—
2018-12-31
2,9 mld USD
767,7 mln USD
512,6 mln USD
565 mln USD
422,3 mln USD
142,7 mln USD
84,7 mln USD
17,6 mln USD
475 mln USD
—
—
-138,9 mln USD
-388 mln USD
148,7 mln USD
178,1 mln USD
178,1 mln USD
985 mln USD
23,3%
—
6,5%
—
2019-12-31
3 mld USD
817,1 mln USD
561,1 mln USD
603,5 mln USD
506,1 mln USD
97,3 mln USD
88,7 mln USD
18,3 mln USD
775 mln USD
47,6 mln USD
—
-99,1 mln USD
-477,4 mln USD
178,1 mln USD
207,8 mln USD
207,8 mln USD
1,2 mld USD
24,2%
—
6,6%
—
2020-12-31
3,1 mld USD
882,8 mln USD
602,7 mln USD
724,7 mln USD
632,2 mln USD
92,5 mln USD
98,7 mln USD
18,7 mln USD
775 mln USD
26,7 mln USD
—
-100,4 mln USD
-743,9 mln USD
207,8 mln USD
94,3 mln USD
94,3 mln USD
1,3 mld USD
25,4%
—
4,8%
—
2021-12-31
3,7 mld USD
1,1 mld USD
769 mln USD
908,8 mln USD
801,2 mln USD
107,6 mln USD
108,1 mln USD
19,6 mln USD
1 mld USD
20,5 mln USD
—
-314,1 mln USD
-590,5 mln USD
94,3 mln USD
98,6 mln USD
98,6 mln USD
1,6 mld USD
26,8%
—
5,5%
—
2022-12-31
3,9 mld USD
1,2 mld USD
872,5 mln USD
859,1 mln USD
737,8 mln USD
121,2 mln USD
113 mln USD
19,7 mln USD
1,1 mld USD
—
359,9 mln USD
-139,4 mln USD
-716 mln USD
98,6 mln USD
96 mln USD
96 mln USD
1,9 mld USD
28,7%
—
8,1%
—
2023-12-31
3,8 mld USD
1,2 mld USD
788,8 mln USD
965,9 mln USD
860,6 mln USD
105,3 mln USD
121,2 mln USD
17,9 mln USD
900 mln USD
19,2 mln USD
29,8 mln USD
-131,7 mln USD
-859,6 mln USD
96 mln USD
69,8 mln USD
69,8 mln USD
1,9 mld USD
30,4%
—
7,9%
—
2024-12-31
3,9 mld USD
1,3 mld USD
863,1 mln USD
968,3 mln USD
864,4 mln USD
103,9 mln USD
123,2 mln USD
20 mln USD
850 mln USD
—
-18,7 mln USD
-119,5 mln USD
-856 mln USD
69,8 mln USD
59,4 mln USD
59,4 mln USD
1,8 mld USD
29,1%
—
8,2%
—
2025-12-31
4 mld USD
1,2 mld USD
869,2 mln USD
955,8 mln USD
848,6 mln USD
107,1 mln USD
125,6 mln USD
22,5 mln USD
800 mln USD
—
21,5 mln USD
-193,9 mln USD
-755,2 mln USD
59,4 mln USD
66,9 mln USD
66,9 mln USD
2,1 mld USD
27,8%
—
8,5%
—
§9 Porównanie wyceny z konkurentami
Wartość godziwaReport-date price
Mettler-Toledo International Inc.MTD
Cena / wartość godziwa
Wartość godziwa891,08 USDReport-date price1541,63 USD
Data oceny
Przewaga konkurencyjnaWide
Karta wyników inwestycyjnych63 / 100
IDEXX Laboratories Inc.IDXX
Cena / wartość godziwa
Wartość godziwa342,77 USDReport-date price565,45 USD
Data oceny
Przewaga konkurencyjnaWide
Karta wyników inwestycyjnych67 / 100
IQVIA Holdings Inc.IQV
Cena / wartość godziwa
Wartość godziwa215,19 USDReport-date price258,21 USD
Data oceny
Przewaga konkurencyjnaNarrow
Karta wyników inwestycyjnych51 / 100
Mettler-Toledo International Inc.MTD
Cena / wartość godziwa
Wartość godziwa891,08 USDReport-date price1541,63 USD
Mettler-Toledo International Inc. (MTD) trades at 28.5x forward earnings against a peer median of 28.2x. Its EV/EBITDA of 24.7x compares with a peer median of 24.8x. The comparison uses 4 peers: IDEXX Laboratories Inc., IQVIA Holdings Inc., Illumina Inc. and Agilent Technologies Inc., as of 2026-10-05.
§10 Branża i cyklEN
Faza cyklu
Contraction
Industry benchmark capex-to-revenue stands at 4.5% and industry capex-to-depreciation is 0.8x, indicating capital discipline and net asset contraction across precision instruments and life science peers. Evidence on industry capacity, order backlogs, and component lead times is not publicly disclosed, meaning this cycle evaluation is primarily demand-led and evidence-limited.
Cykl byczy
An upcycle scenario entails synchronized global capex re-acceleration in biopharmaceutical discovery, government stimulus programs in China driving industrial instrument replacements, and food processing automation investments lifting industry revenue growth toward 8-10%.
Cykl niedźwiedzi
A downcycle scenario features prolonged capital expenditure freezes among small-and-mid-sized biotech accounts, persistent post-stimulus stagnation across Chinese manufacturing, and deferred retail supermarket weighing upgrades.
Trendy długoterminowe
Trend
Wpływ
Uwaga
Laboratory Automation and Data Integrity Compliance
positive
Strict regulatory standards (FDA 21 CFR Part 11, Good Laboratory Practice) necessitate automated, digital weighing records and software-connected instruments, driving demand for MTD's proprietary lab software.
Food Safety Regulations and Automated Inline Inspection
positive
Heightened global food safety compliance mandates continuous checkweighing, metal detection, and X-ray inspection across automated packaging lines, underpinning Product Inspection segment demand,.
Pozycjonowanie
MTD operates well above industry profitability benchmarks, generating an operating margin of 27.78% in FY2025 versus the industry average of 15.5% and Agilent at 25.56%. Its low capex-to-revenue intensity of ~2.7% ($107.12M in FY2025) outperforms the industry average of 4.5%, insulating cash generation from cyclical swings.3,4
§11 Zarządzanie pozycjąEN
Wielkość pozycji
0%
Given our Sell rating and the substantial 73.0% market premium over our Fair value of $891.08, we recommend a 0% target allocation. Investors should reallocate capital away from MTD to higher-margin-of-safety opportunities, as current valuations leave zero cushion for macro or competitive execution missteps.
Ryzyko
Capital preservation is paramount given the -42.2% implied return to our Fair value of $891.08. Investors holding existing positions face severe multiple compression risk as sales cycles lengthen and biopharma budget constraints persist. Refinancing on $2,228.64M total debt under elevated interest rates limits capital return acceleration, leaving the stock vulnerable to any guidance downgrades.
Transze wejścia
Poziom
Działanie
Dlaczego
$891.08 (Fair Value Midpoint)
Initiate fundamental review for potential position initiation
Price alignment with composite intrinsic DCFfair value, eliminating the current 73.0% market premium.
Evaluate selective position building if macroeconomic headwinds in China and Europe are fully priced
Execute complete position liquidation and reallocate capital
$1,600.00 (Near-term Resistance)
Accelerate remaining sales into any technical liquidity spikes
Kwartalne punkty kontrolne
Wskaźnik
Próg
Działanie
gross_margin
< 58.0%
Confirm deterioration of pricing power or service attach rates and exit any lingering holdings immediately.
operating_margin
< 25.0%
Re-assess competitive encroachment from peers and accelerate position liquidation.
§12 Perspektywy inwestorówEN
Value Investors
Avoid
With market price ($1,541.63) sitting at a 73.0% premium over fundamental intrinsic value ($891.08) and a forward P/E of 28.49x, the stock offers zero margin of safety and significant downside risk.4
Quality Compounder & Growth Investors
Avoid
Although MTD demonstrates superior ROIC (46.16%) and 200 bps pricing realization, projected ~5.1% top-line growth does not justify a 28.49x forward multiple when peer Agilent trades at 24.83x with 9.0% projected growth.5
Income & Total Return Investors
Avoid
MTD pays no regular cash dividend, relying entirely on share repurchases; executing buybacks at a 73.0% premium to intrinsic value results in value destruction rather than long-term per-share compounding.5
§14 Końcowa rekomendacjaEN
Działanie
Sprzedaj
Sell. Mettler-Toledo trades at $1,541.63, representing an unsustainable 73.0% premium over our composite intrinsic fair value of $891.08 (-42.2% implied return). While the firm's operational moat and 27.78% operating margins remain robust, the current 28.49x forward P/E multiple leaves no margin of safety for persistent Chinese market softness or elongated customer sales cycles.4,5
Investors should systematically eliminate exposure or reallocate capital into peer opportunities trading at more balanced multiples (such as Agilent Technologies at 24.83x forward P/E). Present valuation prices in uninterrupted perfection while discounting higher refinancing costs on $2,228.64M of debt and a 9.84% cost of equity.
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Sources
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Valuation de-rating on prolonged biopharma lab budget stagnation
MTD trades at 28.49x forward P/E compared to peer Agilent at 24.83x and IQVIA at 18.39x. As sales cycles lengthen and small biotech funding remains constrained, a 20% multiple de-rating below 22.8x contracts valuation toward historical peer multiples, producing a -20.0% fair value impact.4,5
FV impact
-4.8%
Terminal multiple 20% lower
Trigger
Within 18 months
Persistent high interest rate regime elevating cost of capital
Moderate cost of equity is currently computed at 9.8406% with the risk-free rate at 5.28%. An additional 200 bps discount rate shock pushing Ke above 11.84%—reflecting sticky capital costs and refinancing on $2,228.64M total debt —drives a -27.5% fair value impact.2,4
FV impact
-21.6%
Cost of capital 2 points higher
Trigger
Within 24 months
operating_margin
Operating margin dropping below 25.0% would demonstrate that competitive pricing pressure from peers such as Agilent or input cost inflation is impairing operating profitability.
Chinese segment sales contracting at or worse than -5.0% beyond FY2024 would indicate structural demand deterioration rather than a cyclical trough, lowering multi-year consolidated growth.
Developed markets top-line growth falling below 1.0% would indicate broad biopharmaceutical laboratory budget freezes or industrial automation capex deferrals.
Obecnie:5.05% (FY2026 projected)
Alarm, jeśli< 1.0%
05
pricing_growth
Annual pricing realization falling below 1.0% would demonstrate that customer resistance and competitive peer discounting are eroding MTD's historical 200 bps pricing power, compressing gross margins.
Obecnie:2.0% (Q2 2024 / FY2024 target)
Alarm, jeśli< 1.0%
Customer Fragmentation and Precision Scale — No individual end-customer represents more than 1% of net sales, insulating the company from buyer bargaining power and enabling consistent ~200 bps annual price increases while achieving annual incremental market share gains against peers.
Discounted forecast-period cash flows (188 USD) plus discounted terminal value (692 USD) minus signed per current share (101 USD) equals the 778 USD lens value shown above. Negative net debt is , so subtracting it raises value.
Chinese demand inflects positively on government stimulus transmission and replacement cycles, while biopharmaceutical laboratory capex accelerates as interest rates ease. Consolidated organic revenue growth accelerates to 6.5%-7.5% annually, operating margins expand toward 29.5% via operating leverage and SternDrive productivity, and sustained share buybacks drive compounded EPS growth above 12%.5
Dlaczego to ważne
MTD relies on ~200 bps of annual price increases to offset inflation and expand gross margins across economic cycles.5
Enables management to return virtually 100% of free cash flow to shareholders via repurchases, reducing diluted share count by ~2.0% to 2.5% annually.
Negative Book Equity from Cumulative Repurchases Requires Debt Discipline
Total debt stood at $2,228.64M as of October 5, 2026 with pre-tax cost of debt at 5.82%, against total liabilities of $3,658.12M and total assets of $3,670.94M as of June 30, 2026.
While debt-to-market capitalization is modest at 6.73%, refinancing at higher interest rates incrementally increases interest expense and constrains incremental leverage.
Illumina, Inc.ILMN
Cena / wartość godziwa
Wartość godziwa119,53 USDReport-date price259,19 USD
Elevated cost of capital continues to constrain research and development budgets among emerging biopharma firms, resulting in delayed instrument purchases and prolonged sales cycles,.
