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Minerals Technologies Inc. (MTX)
NYSE:MTX
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Minerals Technologies
(NYSE:MTX)
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Rating:63Neutral
Price Target:
$77.00
▲(6.78% Upside)
Action:ReiteratedDate:02/21/26
MTX’s score is driven primarily by stable cash generation and manageable leverage, but is held back by the 2025 profitability swing to a net loss and the negative P/E. Technicals are supportive with a strong uptrend, while earnings-call guidance points to a potential 2026 improvement in growth, margins, and free cash flow despite meaningful near-term market, cost, and litigation risks.
Positive Factors
Cash generation
Consistent operating cash flow and a sharp FCF improvement in 2025 provide a durable buffer versus earnings volatility. Reliable cash generation supports ongoing growth investments, dividend and buyback capacity, and funds capital projects without requiring meaningful new external financing.
Balance sheet strength & liquidity
Strong liquidity and moderate net leverage create financial flexibility to fund ramping investments, absorb cyclicality, and return capital. A stable equity base and mid‑0.5x debt/equity history reduce refinancing risk and support multi‑year strategic initiatives.
New product adoption & innovation
High and rising contribution from new products indicates effective R&D and commercialization. Diversified, innovation-led revenue (FLUORO‑SORB traction, pet litter wins) can lift structural margins, reduce reliance on cyclical end markets, and sustain medium-term organic growth as recent investments ramp.
Negative Factors
Profitability deterioration
A swing to a net loss undermines demonstrated earnings power and return metrics, creating uncertainty about sustainable profitability. Even with cash flow intact, recurring operating issues or one‑off charges that erode net income can constrain reinvestment, stakeholder confidence, and long‑term return on capital.
End‑market cyclicality & segment pressure
Concentration in cyclical end markets exposes margins to demand swings and fixed cost absorption problems. Persistent weakness in construction and foundry volumes can keep utilization low, depress segment profitability, and delay realized benefits from recent capacity investments.
Talc litigation uncertainty
Ongoing talc litigation is a structural overhang: settlement size, timing, or trust establishment could materially affect long‑term cash flow and capital allocation. Legal uncertainty may restrict M&A or increase reserve needs, complicating multi‑year planning and investor confidence.
Minerals Technologies (MTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.26B
Dividend Yield0.74%
Average Volume (3M)180.59K
Price to Earnings (P/E)―
Beta (1Y)1.02
Revenue Growth-2.53%
EPS Growth-100.23%
CountryUS
Employees3,891
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)1.27
Shares Outstanding31,134,308
10 Day Avg. Volume145,104
30 Day Avg. Volume180,589
Financial Highlights & Ratios
PEG Ratio0.93
Price to Book (P/B)1.12
Price to Sales (P/S)0.92
P/FCF Ratio13.03
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue1.36
Enterprise Value/Gross Profit5.43
Enterprise Value/Ebitda19.28
Forecast
1Y Price Target
$89.00Price Target Upside23.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6.19
Revenue Forecast (FY)$2.15B
Minerals Technologies Business Overview & Revenue Model
Company DescriptionMinerals Technologies Inc. develops, produces, and markets various specialty mineral, mineral-based, and synthetic mineral products, and supporting systems and services. The company operates through three segments: Performance Materials, Specialty Minerals and Refractories. The Performance Materials segment supplies bentonite and bentonite-related products, as well as leonardite. This segment also offers metal casting products; household, personal care, and specialty products; and basic minerals, environmental products, and building materials. In addition, it provides products for non-residential construction, environmental, and infrastructure projects, as well as for construction and remediation project customers. The Specialty Minerals segment produces and sells precipitated calcium carbonate and quicklime; and provides natural mineral products comprising limestone and talc. This segment's products are used in paper and packaging, building materials, paint and coatings, glass, ceramic, polymer, food, automotive, and pharmaceutical industries. The Refractories segment offers monolithic and shaped refractory materials; specialty products, services, and application and measurement equipment; and calcium metal and metallurgical wire products that are used in the applications of steel, non-ferrous metal, and glass industries. The company markets its products primarily through its direct sales force, as well as regional distributors. It serves in the United States, Canada, Latin America, Europe, Africa, and Asia. Minerals Technologies Inc. was incorporated in 1968 and is headquartered in New York, New York.
How the Company Makes MoneyMinerals Technologies generates revenue primarily through the sale of specialty minerals and performance materials across its various business segments, including Paper, Energy Services, and Environmental. Key revenue streams include the production and distribution of precipitated calcium carbonate used in paper manufacturing, talc for the plastics and coatings industries, and various additives for construction and environmental applications. The company also benefits from long-term contracts and strategic partnerships with major players in its target industries, which provide a stable flow of income. Additionally, MTX invests in research and development to innovate new products and solutions that meet evolving customer needs, further enhancing its market competitiveness and revenue potential.
Minerals Technologies Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Neutral
The call balanced clear operational and strategic progress (best-ever safety, record segment margins in Engineered Solutions, 19% of sales from new products, successful growth investments, strong liquidity and continued share returns) against material near-term headwinds (2% YoY sales decline, a ~100 basis point drop in operating margin, Consumer & Specialties profit pressure, softness in U.S. residential construction and foundry markets, and short-term cost pressures). Management provided constructive guidance and expects mid-single-digit company growth in 2026 as recent investments ramp, but several macro and timing risks remain.Q4-2025 Updates
Positive Updates
Strong Safety Performance
MTI achieved a world-class safety performance in 2025 — the best in company history — with continued progress toward eliminating workplace injuries.
Full-Year Sales and Profitability
Full year sales of $2.1 billion (roughly flat vs. 2024) with operating income of $287 million and adjusted earnings per share of $5.52 for 2025.
Engineered Solutions Record Performance
Engineered Solutions delivered record operating income of $163 million and record operating margin of 16.7% on full-year sales of $975 million; Q4 sales in the segment grew 2% year-over-year to $245 million.
New Product Adoption and Innovation
Sales of the newest products represented 19% of total sales in 2025 (the highest level on record), demonstrating strong product development and commercialization.
Targeted Growth Investments Driving 2026 Revenue
Investments (cat litter plant upgrades, bleaching earth expansion in Turkey, 3 paper/packaging satellites in Asia, expanded FLUORO-SORB installations) are expected to contribute materially to 2026 — management estimates roughly $50 million of the ~$100 million of expected incremental revenue will flow in 2026 and ~$20 million of pricing benefits.
Pet Litter Momentum
Cat litter sales showed improvement: Q4 pet litter sales rose 8% sequentially and were slightly above prior year; company secured significant new retail business expected to begin ramping in Q2 2026 (management cited ~$25M–$30M of new business wins).
FLUORO-SORB Traction
FLUORO-SORB continued commercialization momentum (full-year sales growth ~20% in 2025), with 10 new water utility installations scheduled in 2026 that will more than double current footprint and hundreds of active trials in the U.S. and Europe.
Prudent Capital Stewardship and Liquidity
Returned $73 million to shareholders (dividends + repurchases), maintain strong balance sheet with >$700 million liquidity and net leverage of 1.7x EBITDA; ~$140 million share repurchase authorization remaining; expecting full-year free cash flow in the 6%–7% of sales range for 2026.
Pricing and Inflation Offset
Selling price increases fully offset inflationary cost pressures in 2025 (including tariff impacts), with management expecting additional pricing (~$20M) to help offset near-term cost pressures in 2026.
Negative Updates
Modest Decline in Full-Year Sales
Full year sales were 2% lower than prior year (driven by $74 million of unfavorable volume and mix), and operating margin declined to 13.9% from 14.9% year-over-year (roughly a 100 basis point drop).
Consumer & Specialties Margin and Income Pressure
Consumer & Specialties full-year operating income fell to $134 million from $166 million in 2024 (a $32 million decline) driven by unfavorable volume/mix and reduced fixed cost absorption; Q4 segment operating income was $29 million, $9 million lower than prior year.
Softness in Residential Construction and North America Foundry
Pronounced slowdown in U.S. residential construction led to customer outages and reduced Specialty Additives volumes; North America foundry demand was weak due to sluggish agricultural equipment and heavy truck markets, with several permanent foundry closures announced for early 2026.
Lower Company Operating Margin and Q4 Impact
Q4 operating margin was 12.8% (operating income $67 million) and was negatively impacted by lower residential construction and foundry volumes, lower productivity and fixed cost absorption at certain plants, and temporary higher logistics costs tied to cat litter plant upgrades.
Free Cash Flow Below Peak and Elevated CapEx
Full year free cash flow was $87 million (cash from operations $194 million) with CapEx of $107 million — free cash flow recovered to ~7% of sales in Q2–Q4 but remained below earlier expectations for the full year; working capital was modestly elevated at year-end (FX and inventory timing effects).
Near-Term Cost Headwinds
Management expects $2 million–$3 million higher energy and mining costs in Q1 2026 vs Q4 2025 which will temporarily pressure margins, and some new Asian satellite assets carry higher depreciation that initially depresses operating margin in those regions.
Geopolitical and Market Volatility
Company cited a dynamic operating environment (geopolitical uncertainty, changing tariffs, softer market demand) that created volatility during 2025 and continues to pose execution risk in 2026.
Talc Litigation Uncertainty
Talc-related litigation remains ongoing; management stated existing reserves remain sufficient while they continue to work toward establishing a 524(g) trust, creating some legal/financial uncertainty until finality is achieved.
Company Guidance
The company guided Q1 sales and operating income to be similar to Q4 (Q4 sales $520M, operating income $67M, 12.8% margin), roughly 5% above prior year, with Consumer & Specialties forecast up mid‑single digits (Household & Personal Care mid‑ to high‑single digits) and Engineered Solutions mid‑single‑digit growth; management warned of $2–3M higher energy/mining costs in Q1 to be offset by pricing and productivity. For full‑year 2026 they expect mid‑single‑digit revenue growth, free cash flow of ~6–7% of sales, margins reverting toward ~15% as volume improves, about $50M of investment‑related revenue to flow in 2026 plus ~$20M of pricing (from a roughly $100M pipeline), commissioning of 6 MINSCAN units and ~10 FLUORO‑SORB installs, while maintaining >$700M liquidity, ~1.7x net leverage, ~$140M remaining share‑repurchase capacity and a balanced capital return posture (~50% of FCF).Minerals Technologies Financial Statement Overview
Summary
Cash flow is the main support (solid operating cash flow and sharply improved/free cash flow in 2025) and leverage appears manageable, but profitability deteriorated materially with a swing to a net loss in 2025 and negative returns, creating uncertainty around underlying earnings power.Income Statement
Revenue has been relatively stable but not consistently growing (down slightly in 2024 and up modestly in 2025). Profitability has weakened materially: the company moved from solid profits in 2024 (about 7.9% net margin) to a net loss in 2025, which also pushed returns on the business into negative territory. Gross margin has stayed fairly steady (~23–25%), but the sharp swing to losses and lower operating profitability in 2025 is a meaningful red flag despite a generally resilient top line.54
Neutral
Balance Sheet
Leverage looks manageable for the industry, with debt-to-equity improving versus prior years and sitting around the mid-0.5x range in 2024–2025. Equity has remained sizable and fairly stable, supporting the capital structure. The key weakness is the earnings decline: return on equity turned negative in 2025, reducing the balance sheet’s effective strength even though headline leverage metrics are not overly aggressive.63
Positive
Cash Flow
Cash generation appears solid and stable, with operating cash flow holding steady across recent years and free cash flow improving sharply in 2025 versus 2024. Free cash flow remains meaningfully positive, which helps de-risk the recent earnings volatility. The main concern is the disconnect between earnings and cash flow in 2025 (net loss alongside strong cash flow), suggesting non-cash charges or working-capital benefits that may not be permanent.70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.07B | 2.12B | 2.17B | 2.13B | 1.86B |
| Gross Profit | 518.00M | 535.60M | 494.40M | 452.30M | 435.90M |
| EBITDA | 137.00M | 393.40M | 278.10M | 307.30M | 345.10M |
| Net Income | -18.40M | 167.10M | 84.10M | 122.20M | 164.40M |
Balance Sheet | |||||
| Total Assets | 3.47B | 3.39B | 3.35B | 3.40B | 3.37B |
| Cash, Cash Equivalents and Short-Term Investments | 332.60M | 337.10M | 321.50M | 252.80M | 304.40M |
| Total Debt | 961.70M | 1.02B | 1.07B | 1.12B | 1.08B |
| Total Liabilities | 1.72B | 1.61B | 1.66B | 1.79B | 1.79B |
| Stockholders Equity | 1.71B | 1.75B | 1.65B | 1.58B | 1.54B |
Cash Flow | |||||
| Free Cash Flow | 146.90M | 146.90M | 140.10M | 23.40M | 146.40M |
| Operating Cash Flow | 236.40M | 236.40M | 233.60M | 105.70M | 232.40M |
| Investing Cash Flow | -94.50M | -94.50M | -91.70M | -101.60M | -278.60M |
| Financing Cash Flow | -110.40M | -110.40M | -71.70M | -34.10M | 5.60M |
Minerals Technologies Technical Analysis
Positive
72.11
Price Trends
66.07
Positive
62.28
Positive
60.66
Positive
Market Momentum
2.06
Positive
63.04
Neutral
34.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MTX, the sentiment is Positive. The current price of 72.11 is above the 20-day moving average (MA) of 70.38, above the 50-day MA of 66.07, and above the 200-day MA of 60.66, indicating a bullish trend. The MACD of 2.06 indicates Positive momentum. The RSI at 63.04 is Neutral, neither overbought nor oversold. The STOCH value of 34.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MTX.
Minerals Technologies Risk Analysis
Minerals Technologies disclosed 17 risk factors in its most recent earnings report. Minerals Technologies reported the most risks in the "Ability to Sell" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Minerals Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $3.27B | 36.82 | 36.41% | 1.87% | 4.98% | 30.84% | |
73 Outperform | $2.14B | 18.51 | -0.09% | 2.19% | -4.49% | -100.80% | |
63 Neutral | $2.26B | ― | -1.07% | 0.74% | -2.53% | -100.23% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | $2.90B | -4.21 | -29.98% | 2.79% | -13.67% | -608.89% | |
59 Neutral | $2.67B | -39.67 | -38.91% | ― | -13.39% | 88.25% | |
58 Neutral | $3.02B | -341.48 | -0.64% | 1.37% | 0.08% | -107.33% |
* Basic Materials Sector Average
MTX
Minerals Technologies
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2.89
4.18%
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26.08
56.56%
Minerals Technologies Corporate Events
DividendsFinancial Disclosures
Minerals Technologies Board Declares Regular Quarterly Cash Dividend
Positive
Jan 21, 2026
On January 21, 2026, Minerals Technologies Inc.’s Board of Directors declared a regular quarterly cash dividend of $0.12 per share on its common stock, payable on March 6, 2026, to shareholders of record as of February 13, 2026. The decision to maintain this regular dividend underscores the company’s ongoing commitment to returning cash to shareholders and may signal confidence in its financial performance and cash flow stability following its 2024 global sales of $2.1 billion.
The most recent analyst rating on (MTX) stock is a Buy with a $84.00 price target. To see the full list of analyst forecasts on Minerals Technologies stock, see the MTX Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.