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Minerals Technologies Inc. (together with its subsidiaries, the Company, MTI, we, us or our ) is a global, technology-driven specialty minerals company that develops, produces, and markets a wide range of minerals and mineral-based products and services. We are the world's largest producer of bentonite and a leading producer of calcium carbonate.
Operating margin is thin at 2.29%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 2.2% YoY. Margins deteriorated 11.2pp alongside, both lines moving the wrong way.
Free cash flow declined 41% versus the prior year, cash generation momentum has weakened. ROIC dropped from 8.27% to 1.55%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$2.13B
▼ -2.2% YoY
Net Income (TTM)
$161M
▼ -111.0% YoY
Op. Margin
12.51%
▼ -11.2pp YoY
ROIC
8.19%
▼ -6.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$118M
▼ -41.0% YoY
Op. Cash Flow (TTM)
$230M
▼ -18.1% YoY
Net Debt
$645M
Cash & Equiv.
$321M
5Y CAGR: +5.4%
5Y CAGR: -13.0%
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