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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%.
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.57
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 composite fair value of $891.08 confirms substantial overvaluation.1234
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.245
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.
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
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
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%).
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.
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.457
可能削弱我们投资逻辑的五项变化。
Gross margin contracting below 58.0% would signal erosion of proprietary pricing power or service contract attach rates across the installed base.
当前：59.37% (FY2025)
触发警报：< 58.0%
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.
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.26
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
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.57
A sustained organic revenue growth beat and gross margin outperformance would compress the valuation discount to our fair value range, justifying an upgrade stance.
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.
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.
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.67
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
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).46
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.
FY2025 operating income of $1,118.49M on $4,026.40M revenue represents an operating margin of 27.78%,, compared to Agilent at 25.56% and IQVIA at 13.03%.
Superior operating efficiency shields core earnings power, though current market pricing leaves no safety margin against incremental margin compression.
| 营业收入 | US$4,026,399,000 |
|---|---|
| 营业成本 | US$1,635,753,000 |
| 毛利 | US$2,390,646,000 |
| 营业费用 | US$1,272,156,000 |
| 营业利润 | US$1,118,490,000 |
| 营业外项目及税项 | -US$249,297,000 |
| 净利润 | US$869,193,000 |
| 总资产 | US$3,712,646,000 |
|---|---|
| 现金 | US$66,888,000 |
| 流动资产 | US$1,362,667,000 |
| 总负债 | US$3,736,282,000 |
| 流动负债 | US$1,198,116,000 |
| 股东权益赤字 | US$23,636,000 |
| 净利润 | US$869,193,000 |
|---|---|
| 经营现金流入 | US$1,017,315,000 |
| 折旧与摊销 | US$125,610,000 |
| 股份支付 | US$22,512,000 |
| 经营现金流 | US$955,772,000 |
| 经营现金流出 | US$61,543,000 |
| 可用现金 | US$1,015,935,000 |
| 期初现金 | US$59,362,000 |
| 汇率影响 | US$801,000 |
| 投资现金流出 | US$193,874,000 |
| 资本支出 | US$107,124,000 |
| 其他投资活动 | US$86,750,000 |
| 融资现金流出 | US$755,173,000 |
| 期末现金 | US$66,888,000 |
| 投资现金流 | -US$193,874,000 |
| 融资现金流 | -US$755,173,000 |
来源: SEC EDGAR · 申报日期 2026-02-06 · SEC EDGAR
| 按经营分部划分的收入 | 营业收入 | 占比 | 同比 |
|---|---|---|---|
| USOperations | US$15亿 | 37.2% | 4.7% |
| Western European Operations | US$9亿 | 22.3% | 4.4% |
| Other Operations | US$7.9亿 | 19.6% | 6.9% |
| Chinese Operations | US$6.3亿 | 15.8% | 1% |
| Swiss Operations | US$2.1亿 | 5.2% | -3.5% |
来源: SEC EDGAR · 申报日期 2026-02-06 · SEC EDGAR
| 按地区划分的收入 | 营业收入 | 占比 | 同比 |
|---|---|---|---|
| Us Operations Segment Member | US$15亿 | 37.2% | 4.7% |
| Western European Operations | US$9亿 | 22.3% | 4.4% |
| Other Operations | US$7.9亿 | 19.6% | 6.9% |
| Chinese Operations | US$6.3亿 | 15.8% | 1% |
| Swiss Operations | US$2.1亿 | 5.2% | -3.5% |
2026-10-05分析所采用的时点财务数据。
| 期间 | 营业收入 | EBITDA | 净利润 | 经营现金流 | 自由现金流 | 资本支出 | 折旧与摊销 | 股份支付 | 股份回购 | 已付股息 | 净债务发行 | 投资现金流 | 融资现金流 | 期初现金 | 期末现金 | 现金与投资 | 总债务 | 营业利润率 | ROIC | WACC | ROIC−WACC利差 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016-12-31 | US$25.1亿 | US$6.1亿 | US$3.8亿 | US$4.4亿 | US$3.2亿 | US$1.2亿 | US$6879.5万 | US$1530.6万 | — | US$0 | — | -US$2.3亿 | -US$1.5亿 | — | US$1.6亿 | US$1.6亿 | US$8.8亿 | 21.5% | — | 6.3% | — |
| 2017-12-31 | US$27.3亿 | US$6.9亿 | US$3.8亿 | US$5.2亿 | US$3.9亿 | US$1.3亿 | US$7612.9万 | US$1658.2万 | US$4亿 | US$0 | — | -US$2.2亿 | -US$3.2亿 | US$1.6亿 | US$1.5亿 | US$1.5亿 | US$9.6亿 | 22.4% | — | 5.9% | — |
| 2018-12-31 | US$29.4亿 | US$7.7亿 | US$5.1亿 | US$5.7亿 | US$4.2亿 | US$1.4亿 | US$8469.1万 | US$1757.9万 | US$4.7亿 | — | — | -US$1.4亿 | -US$3.9亿 | US$1.5亿 | US$1.8亿 | US$1.8亿 | US$9.9亿 | 23.3% | — | 6.5% | — |
| 2019-12-31 | US$30.1亿 | US$8.2亿 | US$5.6亿 | US$6亿 | US$5.1亿 | US$9734.1万 | US$8868.1万 | US$1828.5万 | US$7.7亿 | US$4758.1万 | — | -US$9908.3万 | -US$4.8亿 | US$1.8亿 | US$2.1亿 | US$2.1亿 | US$12.4亿 | 24.2% | — | 6.6% | — |
| 2020-12-31 | US$30.9亿 | US$8.8亿 | US$6亿 | US$7.2亿 | US$6.3亿 | US$9249.4万 | US$9870.9万 | US$1868.7万 | US$7.7亿 | US$2671.9万 | — | -US$1亿 | -US$7.4亿 | US$2.1亿 | US$9425.4万 | US$9425.4万 | US$12.8亿 | 25.4% | — | 4.8% | — |
| 2021-12-31 | US$37.2亿 | US$11亿 | US$7.7亿 | US$9.1亿 | US$8亿 | US$1.1亿 | US$1.1亿 | US$1959.5万 | US$10亿 | US$2046.3万 | — | -US$3.1亿 | -US$5.9亿 | US$9425.4万 | US$9856.4万 | US$9856.4万 | US$15.8亿 | 26.8% | — | 5.5% | — |
| 2022-12-31 | US$39.2亿 | US$12.4亿 | US$8.7亿 | US$8.6亿 | US$7.4亿 | US$1.2亿 | US$1.1亿 | US$1966.1万 | US$11亿 | — | US$3.6亿 | -US$1.4亿 | -US$7.2亿 | US$9856.4万 | US$9596.6万 | US$9596.6万 | US$19.1亿 | 28.7% | — | 8.1% | — |
| 2023-12-31 | US$37.9亿 | US$11.5亿 | US$7.9亿 | US$9.7亿 | US$8.6亿 | US$1.1亿 | US$1.2亿 | US$1792.8万 | US$9亿 | US$1923.4万 | US$2977.4万 | -US$1.3亿 | -US$8.6亿 | US$9596.6万 | US$6980.7万 | US$6980.7万 | US$18.9亿 | 30.4% | — | 7.9% | — |
| 2024-12-31 | US$38.7亿 | US$12.5亿 | US$8.6亿 | US$9.7亿 | US$8.6亿 | US$1亿 | US$1.2亿 | US$1997.9万 | US$8.5亿 | — | -US$1872.6万 | -US$1.2亿 | -US$8.6亿 | US$6980.7万 | US$5936.2万 | US$5936.2万 | US$18.3亿 | 29.1% | — | 8.2% | — |
| 2025-12-31 | US$40.3亿 | US$12.4亿 | US$8.7亿 | US$9.6亿 | US$8.5亿 | US$1.1亿 | US$1.3亿 | US$2251.2万 | US$8亿 | — | US$2146万 | -US$1.9亿 | -US$7.6亿 | US$5936.2万 | US$6688.8万 | US$6688.8万 | US$20.9亿 | 27.8% | — | 8.5% | — |
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.
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.
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%.
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.
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.34
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.
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.
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
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
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
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.45
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.
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
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.
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.45
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.24
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.
当前：27.78% (FY2025)
触发警报：< 25.0%
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.
当前：$634.83M (15.77% of FY2025 sales)
触发警报：<= -5.0%
Developed markets top-line growth falling below 1.0% would indicate broad biopharmaceutical laboratory budget freezes or industrial automation capex deferrals.
当前：5.05% (FY2026 projected)
触发警报：< 1.0%
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.
当前：2.0% (Q2 2024 / FY2024 target)
触发警报：< 1.0%
| Cyclical demand contraction in Chinese industrial and academic customer accounts | medium | 6-12 months | Agile sales redeployment, customer mapping, and database enrichment, buffered by geographic diversification across Western Europe and the US.57 |
| Peer competitive pricing in analytical tools and core industrial weighing instruments | low | 2-3 years | Continuous SternDrive productivity programs and proprietary automation/data-integrity software integration maintaining premium gross margins over peers like Agilent.35 |
Under the moderate discount rate, US$180 comes from forecast-period earnings and US$659 from the long-term value, totaling US$839.
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and terminal value at WACC, then adjust for signed net debt per current share.
Discounted forecast-period cash flows (US$188) plus discounted terminal value (US$692) minus signed per current share (US$101) equals the US$778 lens value shown above. Negative net debt is , so subtracting it raises value.
Solve for the growth rate that makes the model value equal the report-date share price.
Project revenue, apply a terminal EV/revenue multiple, discount enterprise value, subtract net debt, and divide by diluted shares.
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
MTD relies on ~200 bps of annual price increases to offset inflation and expand gross margins across economic cycles.5
Cost savings and operational productivity under the SternDrive program sustain industry-leading operating margins near 28%.5
Direct service, calibration, and compliance certifications generate high-margin recurring cash flows.7
| $4.66B |
| $4.87B |
| $5.07B |
| Revenue growth | 5.1% | 5.1% | 4.8% | 4.5% | 4.2% |
| Operating margin | 28.1% | 28.3% | 28.5% | 28.7% | 28.7% |
| Operating income | $1.19B | $1.26B | $1.33B | $1.39B | $1.46B |
| Tax rate | 19.0% | 19.0% | 19.0% | 19.0% | 19.0% |
| NOPAT | $961.46M | $1.02B | $1.08B | $1.13B | $1.18B |
| Reinvestment | $115.38M | $122.35M | $118.28M | $124.24M | $118.02M |
| Reinvestment rate (of NOPAT) | 12.0% | 12.0% | 11.0% | 11.0% | 10.0% |
| Free cash flow to firm | $846.09M | $897.22M | $957.03M | $1.01B | $1.06B |
| Usoperations revenue | $1.57B | $1.65B | $1.73B | $1.81B | $1.88B |
| Western European Operations revenue | $941.15M | $988.84M | $1.04B | $1.08B | $1.13B |
| Other Operations revenue | $828.22M | $870.18M | $911.65M | $952.63M | $992.46M |
| Chinese Operations revenue | $667.06M | $700.85M | $734.25M | $767.26M | $799.34M |
| Swiss Operations revenue | $221.65M | $232.88M | $243.98M | $254.94M | $265.60M |
| Terminal growth | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
Capital expenditures of $107.12M represent just 2.66% of revenue in FY2025, yielding over $840M in free cash flow on $869.19M GAAP net income.
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.
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.
| 利润率 |
|---|
| MTD | Mettler-Toledo International Inc. | $30.9B | 28.5x | 7.5x | 24.7x | — | — |
| IDXX | IDEXX Laboratories Inc. | $41.6B | 31.5x | 9.1x | 25.7x | 74.2% | 35.0% |
| IQV | IQVIA Holdings Inc. | $43.8B | 18.4x | 2.6x | 19.1x | 22.8% | 13.0% |
| ILMN | Illumina Inc. | $44.3B | 48.1x | 9.9x | 36.9x | 32.3% | 21.1% |
| A | Agilent Technologies Inc. | $47.3B | 24.8x | 6.4x | 23.9x | 21.0% | 25.6% |
| <= -5.0% |
| Recognize multi-year structural impairment in Chinese equipment demand and reduce terminal fair value. |
| developed_markets_revenue_growth | < 1.0% | Conclude that broader lab and industrial demand is freezing across Western Europe and the US, exacerbating downside risks. |
