Business Description
Mettler-Toledo International Inc. (MTD) is a global enterprise dedicated to the production and provision of precision instruments and related services. The company's operations are strategically organized across five geographical divisions: its domestic U.S. market, Swiss operations, Western European activities, Chinese operations, and an 'Other' segment covering remaining territories. Their extensive product portfolio serves diverse scientific and industrial needs. Within the laboratory sphere, Mettler-Toledo supplies a comprehensive array of equipment, including high-precision balances, advanced liquid handling systems (such as pipetting solutions), automated laboratory reactors, titrators, pH meters, sensors and analyzers for process analytics, instruments for evaluating physical properties, thermal analysis systems, and various other analytical tools. These hardware offerings are complemented by LabX, their proprietary software platform designed for managing and analyzing instrument-generated data. For industrial applications, the company offers robust weighing instruments with associated terminals, automated systems for dimensional measurement and data capture, heavy-duty vehicle scales, specialized industrial software, and a full suite of product inspection technologies. This includes metal detectors, X-ray inspection systems, checkweighers, camera-based imaging equipment, and solutions for track-and-trace. Additionally, Mettler-Toledo provides sophisticated retail weighing solutions, encompassing networked scales and accompanying software, standalone scales, and automated packaging and labeling systems specifically tailored for fresh food items. The company caters to a wide spectrum of clients, including the life sciences sector, independent research organizations, testing laboratories, food and beverage manufacturers, food retailers, chemical, specialty chemical, and cosmetics companies, transportation and logistics firms, metals and electronics industries, and the academic community. Sales and support are conducted through both a direct sales force and an established network of indirect distribution channels. Mettler-Toledo International Inc. was founded in 1991 and is headquartered in Columbus, Ohio.
Business History
Generated: Jun 7, 2026 5:11pmPrice Overview
Last updated: Jun 27, 2026 8:01am (just now)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 42.17
Total Equity: -$23.64M
Shares: 20,610,189
Total Debt: $2.27B
Cash: $66.89M
EBITDA: $1.23B
Total Debt: $2.27B
Cash: $66.89M
Revenue: $4.03B
Revenue: $4.03B
Revenue: $4.03B
Total Equity: -$23.64M
Tax Rate: 17.1%
Equity: -$23.64M
Total Debt: $2.27B
Cash: $66.89M
Current Liabilities: $1.20B
Long-Term Debt: $2.17B
Total Debt: $2.27B
Total Equity: -$23.64M
Shares: 20,610,189
Shares: 20,610,189
CapEx: -$107.12M
Shares: 20,610,189
Stock Price: $1,264
Net Income: $869.19M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 24, 2026 1:29pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.7B | $3.9B | $3.8B | $3.9B | $4.0B |
| Cost of Revenue | $1.6B | $1.7B | $1.6B | $1.6B | $1.7B |
| Gross Profit | $2.1B | $2.2B | $2.2B | $2.3B | $2.3B |
| Operating Expenses | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B |
| Operating Income | $994.7M | $1.1B | $1.1B | $1.1B | $1.1B |
| Net Income | $769.0M | $872.5M | $788.8M | $863.1M | $869.2M |
| EBITDA | $1.1B | $1.2B | $1.2B | $1.2B | $1.2B |
| EPS | $33.25 | $38.79 | $36.10 | $40.67 | $42.17 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 1:29pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $98.6M | $96.0M | $69.8M | $59.4M | $66.9M |
| Total Current Assets | $1.3B | $1.4B | $1.2B | $1.2B | $1.4B |
| Total Assets | $3.3B | $3.5B | $3.4B | $3.2B | $3.7B |
| Current Liabilities | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B |
| Long-Term Debt | $1.6B | $1.9B | $1.9B | $1.8B | $2.2B |
| Total Liabilities | $3.2B | $3.5B | $3.5B | $3.4B | $3.7B |
| Total Equity | $171.4M | $24.8M | -$149.9M | -$126.9M | -$23.6M |
| Retained Earnings | $5.9B | $6.7B | $7.5B | $8.4B | $9.2B |
Cash Flow (Annual)
Last updated: Jun 24, 2026 1:29pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $908.8M | $859.1M | $965.9M | $968.3M | $955.8M |
| Capital Expenditure | -$107.6M | -$121.2M | -$105.3M | -$103.9M | -$107.1M |
| Free Cash Flow | $801.2M | $737.8M | $860.6M | $864.4M | $848.6M |
| Acquisitions (net) | -$220.9M | -$38.0M | -$5.8M | -$10.1M | -$93.8M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$1,000.0M | -$1.1B | -$900.0M | -$850.0M | -$800.0M |
| Net Change in Cash | $4.3M | -$2.6M | -$26.2M | -$10.4M | $7.5M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 11:49pm (8h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$4.4B $4.4B – $4.4B
|
$4.7B $4.7B – $4.7B
|
$4.9B $4.9B – $4.9B
|
$5.2B $5.1B – $5.2B
|
| EBITDA |
$1.4B $1.4B – $1.4B
|
$1.5B $1.5B – $1.5B
|
$1.5B $1.5B – $1.6B
|
$1.6B $1.6B – $1.6B
|
| Net Income |
$1.1B $1.0B – $1.1B
|
$1.2B $1.2B – $1.2B
|
$1.3B $1.3B – $1.3B
|
$1.4B $1.4B – $1.4B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 1:29pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +5.4% | -3.4% | +2.2% | +4.0% |
| Gross Profit Growth | +6.3% | -3.2% | +3.9% | +2.8% |
| Operating Income Growth | +13.2% | -4.1% | +4.4% | -0.8% |
| Net Income Growth | +13.5% | -9.6% | +9.4% | +0.7% |
| EBITDA Growth | +13.1% | -4.8% | +3.4% | +0.9% |
Insider Trading (Recent)
All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-12 | Wong Ann Ping Richard | A-Award | 103.00 | $0.00 | $0 |
| 2026-05-12 | Wong Ann Ping Richard | A-Award | 255.00 | $1,072.45 | $273,475 |
| 2026-05-12 | Wittorf Oliver | A-Award | 87.00 | $0.00 | $0 |
| 2026-05-12 | Wittorf Oliver | A-Award | 215.00 | $1,072.45 | $230,577 |
| 2026-05-12 | Vadala Shawn | A-Award | 291.00 | $0.00 | $0 |
| 2026-05-12 | Vadala Shawn | A-Award | 720.00 | $1,072.45 | $772,164 |
| 2026-05-12 | Keller Gerry | A-Award | 100.00 | $0.00 | $0 |
| 2026-05-12 | Keller Gerry | A-Award | 250.00 | $1,072.45 | $268,113 |
| 2026-05-12 | Kaltenbach Patrick | A-Award | 810.00 | $0.00 | $0 |
| 2026-05-12 | Kaltenbach Patrick | A-Award | 2,005.00 | $1,072.45 | $2.2M |
| 2026-05-12 | Graham-Bryce Susan | A-Award | 71.00 | $0.00 | $0 |
| 2026-05-12 | Graham-Bryce Susan | A-Award | 175.00 | $1,072.45 | $187,679 |
| 2026-02-17 | TOKICH MICHAEL J | A-Award | 130.00 | $1,353.24 | $175,921 |
| 2026-02-17 | TOKICH MICHAEL J | A-Award | 50.00 | $0.00 | $0 |
| 2026-02-10 | Vadala Shawn | M-Exempt | 800.00 | $595.31 | $476,248 |
| 2026-02-10 | Vadala Shawn | S-Sale | 800.00 | $1,410.12 | $1.1M |
| 2026-02-10 | Vadala Shawn | M-Exempt | 800.00 | $595.31 | $476,248 |
| 2026-02-05 | TOKICH MICHAEL J | 0.00 | $0.00 | $0 | |
| 2026-01-01 | Wittorf Oliver | 0.00 | $0.00 | $0 | |
| 2023-11-03 | Wittorf Oliver | 610.00 | $1,225.87 | $747,781 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
The raw numbers tell a less heroic story than the price implies. Annual revenue went from $3.72B (2021) to $4.03B (2025) — a 2.0% CAGR, not the 3.1% the momentum module shows, and well below what you need to justify 27x earnings and 20.6x EV/EBITDA. Net income has barely budged: $769M (2021) → $869M (2025), about 3.1% CAGR, and 2025's $869M is only marginally above 2022's $872M. Three years of flat earnings on a stock trading at a premium-quality-compounder multiple is the central tension. Quarterly margins are genuinely impressive — 25.3% net in Q4'25, 20%+ run-rate — and FCF conversion of $848.6M on $869M NI (98%) is best-in-class. But Q1'26 at $947M revenue and 17.9% margin is a step down from Q4'25's $1.13B/25.3%, and while seasonality explains some of it, YoY Q1 growth is only 7.2% on revenue with margin barely above Q1'25's 18.5%. This is not a business re-accelerating.
The synthesis verdict pegging fair value at $661 (-43%) is directionally correct but I'd push back on the precision. A mature 2–3% top-line grower with 22% net margins and 98% FCF conversion deserves a quality premium — call it 22–25x earnings, not 15x. On $869M trailing NI that's $19–22B market cap, or roughly $940–$1,090/share — meaningfully below $1,154 but not a 43% haircut. The DCF likely uses a discount rate that doesn't fully credit MTD's pricing power and service/consumables annuity (the ~50% recurring revenue mix the bulls cite is real). Where the bears are unambiguously right: paying 7.1x sales and 20.6x EBITDA for 2–3% growth requires a margin expansion or growth re-acceleration story that the trailing quarters don't support. Negative book value (the -1215 P/B) is just aggressive buybacks — MTD has repurchased relentlessly, which is shareholder-friendly but also means the equity cushion is gone and ROE figures are meaningless.
A contrarian would argue three things. First, MTD's installed base + LabX software switching costs are genuinely SaaS-like — pharma QC labs don't rip out balances and titrators, and the consumables/service tail is ~50% of revenue at higher margins. Second, the China weakness flagged by the market-forces module is cyclical, not structural; biopharma capex troughs reverse. Third, the buyback machine ($800M+ FCF, near-zero dividend, aggressive repo) mechanically compounds EPS even at flat revenue — at current pace that's 3–4% annual share count reduction, turning 3% revenue growth into 6–7% EPS growth. That's the bull case for paying up. But none of this justifies 27x on flat earnings; it justifies 22–24x, which is still below today's multiple. The insider activity is uninformative — all small awards, no open-market buys or sells, on a single date in May 2026.
I agree with the synthesis direction but dissent on magnitude: overvalued, yes, but $661 understates fair value. My read is $950–$1,050 fair value, implying 9–18% downside, not 43%. The stock isn't a short — quality is real, FCF is pristine, and the buyback floor matters — but new money at $1,154 is paying for a re-acceleration that the Q1'26 print actively contradicts. The market-narrative module nails it: this is anchored-but-stretched, a platform-monopoly story applied to a 2% grower. The catalyst path matters: if Q2/Q3 2026 show organic growth re-accelerating to mid-single-digits and China stabilizing, the multiple holds and you make the buyback yield (~4%) plus growth (~5%) = ~9% returns. If growth stays at 2–4%, multiple compresses to 22x and you lose 10–15% before the buyback bails you out. Risk/reward is mildly negative at this price; meaningfully positive below $1,000.
GPT Critique
Mettler-Toledo International Inc.'s financials paint a picture of a stable, mature company with strong margins and cash flow generation but tepid growth. The company's revenue from 2021 to 2025 grew from $3.72 billion to $4.03 billion, which equates to a modest 2.0% CAGR. This growth rate is indeed consistent with the narrative that Mettler-Toledo is not a high-growth company, particularly when juxtaposed against its current valuation multiples, such as a P/E ratio of 26.8 and EV/EBITDA of 20.6. Its impressive 57% gross margins and 98% free cash flow conversion highlight robust operational efficiency. However, these metrics alone do not justify the premium valuation without accompanying robust growth. The recent quarterly data reveals a deceleration in growth, with Q1 2026 revenue of $947 million and a net margin of 17.9%, down from Q4 2025's $1.13 billion and 25.3% margin. This suggests seasonality and perhaps an inability to sustain higher margins consistently.
Opus argues that Mettler-Toledo is overvalued but not drastically, suggesting a fair value range of $950–$1,050 compared to the current price of $1,154. I concur with the overvaluation assessment but disagree with the extent of the premium Opus finds justifiable. The company's current market cap reflects expectations of continued high growth and margin expansion, which recent results do not support. While Opus acknowledges the impressive cash flow and margin performance, they view the synthesis verdict of a $661 fair value as overly conservative. I agree that $661 may be too low, but I would place fair value even lower than Opus's $950–$1,050 range, considering the company's flat earnings and limited revenue growth.
The Delvantic AI Findings suggest that Mettler-Toledo's pricing, based on a narrative of a SaaS-like moat due to its LabX software and installed base, is overstretched. I agree with this assessment, as the company's fundamentals do not align with a SaaS multiple. The narrative of Mettler-Toledo as a platform monopoly is compelling but not enough to warrant such a high premium without more substantial growth or margin expansion evidence. The narrative's intensity may be strong, but its durability is moderate, as the market's expectations of biotech capex and margin expansion may not materialize. Opus's mention of aggressive share buybacks reducing equity cushion further supports the argument for caution, as negative book value complicates traditional valuation metrics like P/B ratio.
A careful skeptic might argue that Mettler-Toledo's entrenched market position and recurring revenue streams provide a solid, defensive investment case even if growth is not stellar. They might also suggest that the company's strong cash flows and buyback strategy could sustain shareholder returns despite modest revenue growth. However, these points do not negate the fact that the stock is priced for growth that it is not currently delivering.