# Mettler-Toledo International (MTD.US)

Canonical: https://gigainvestors.com/s/MTD

Analysis as of: 2026-10-16T07:30:27.314Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1,639.04 per share; close as of 2026-10-15.

Estimated value: low $660.48 per share, central $963.49 per share, high $1,132.49 per share. Buy at or below the central value $963.49 per share. Valuation as of 2026-10-16T07:30:27.314Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.22×

- FY2018: 0.23×

- FY2019: 0.24×

- FY2020: 0.25×

- FY2021: 0.27×

- FY2022: 0.29×

- FY2023: 0.30×

- FY2024: 0.29×

- FY2025: 0.28×

- LTM to Jun 2026: 0.28×

### moat: pass

- ROIC, median of available years: 63.4%

- ROIC, second-lowest year: 58.9%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 56.6%

- Recent gross margin (lower of latest and 3-year median): 57.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 38.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 59.3%

- FY2017: 47.6%

- FY2018: 58.9%

- FY2019: 61.9%

- FY2020: 64.9%

- FY2021: 65.8%

- FY2022: 65.6%

- FY2023: 71.4%

- FY2024: 73.5%

- FY2025: 61.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.2B

- Net income, five-year total: $4.2B

- Return on incremental invested capital: 99.9%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: 0.3 pp

- Working capital / revenue, final three-year average: 21.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.02×

- FY2024: 1.02×

- FY2025: 1.02×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 58.9% vs 71.4%

- Per-share earnings: 14.22 to 40.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.1%

- Ordinary dilution, 5-year annual growth: -3.1%

- Market cap gain: $17B

- Cumulative retained earnings: $6.2B

- Diluted shares, 10-year annual growth: -3.1%

- Diluted shares, 5-year annual growth: -3.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.0%

- Per-share value change: $26.26

- Per-share value, starting three-year median: $14.22

- Per-share value, ending three-year median: $40.48

- Buybacks concentrated in cheaper years (correlation): 0.52

- Average buyback yield: 3.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $602M

- Cumulative net income, 10 years: $6.6B

- ROIC, first three-year median: 58.9%

- ROIC, last three-year median: 71.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $14.22

- FY2017: $14.24

- FY2018: $19.88

- FY2019: $22.47

- FY2020: $24.91

- FY2021: $32.78

- FY2022: $38.41

- FY2023: $35.90

- FY2024: $40.48

- FY2025: $42.05

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.10×

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: -5.5%

- FY2018: -2.0%

- FY2019: -1.5%

- FY2020: -4.3%

- FY2021: -4.2%

- FY2022: 0.4%

- FY2023: -5.3%

- FY2024: -3.2%

- FY2025: -2.3%

## Holders

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 14.1% a year for ten years · sales +2.7%

Story as of 2026-10-16T09:59:13.228Z; price observation 2026-10-15.

Price needs cash profits to grow 14.1% a year for ten years

- 2025-11-10: The Bull Case For Mettler-Toledo (MTD) Could Change Following $2.75B Buyback and Upbeat Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/bull-case-mettler-toledo-mtd-042410999.html))

- 2026-06-02: Why Mettler-Toledo (MTD) Is Up 7.3% After Q1 Beat And Raised EPS Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/why-mettler-toledo-mtd-7-070840709.html))

- 2026-08-03: MTD Second Quarter Earnings Beat Estimates on China-Led Sales Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mtd-second-quarter-earnings-beat-134100334.html))

### Sales · FY2025–2026

sales +2.7%; source https://www.sec.gov/Archives/edgar/data/1037646/000103764626000011/mtd-20251231.htm; observed 2026-02-06.

- FY2017: $2.7B 

- FY2018: $2.9B 

- FY2019: $3.0B 

- FY2020: $3.1B 

- FY2021: $3.7B 

- FY2022: $3.9B 

- FY2023: $3.8B 

- FY2024: $3.9B 

- FY2025: $4.0B 

- FY2026: $4.1B 

### Gross margin · FY2025

gross margin 57.5%; source https://www.sec.gov/Archives/edgar/data/1037646/000103764626000011/mtd-20251231.htm; observed 2026-02-06.

- FY2016: 55.5% 

- FY2017: 56.3% 

- FY2018: 55.8% 

- FY2019: 56.2% 

- FY2020: 56.5% 

- FY2021: 56.7% 

- FY2022: 57.2% 

- FY2023: 59.2% 

- FY2024: 58.2% 

- FY2025: 57.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diagnostics & research; annual sales are USD 4 billion.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2025-12-31 (filed 2026-02-06); FY2025: revenue 4026399000; grossProfit 2316177000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTD.US: Mettler-Toledo International Inc. manufactures and supplies precision instruments and services in the Americas, Europe, Asia, and internationally. It operates through five segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations, and Other Operations. The company offers laboratory instruments, such as laboratory balances, liquid pipetting solutions, real-time analytics, titrators, pH meters, process analytics sensors and analyzer technologies, density and refractometry instruments, and thermal analysis systems; and other analytical instruments, including UV/VIS spectrophotometers, moisture analyzers, and cell counters, as well as LabX, a laboratory software platform to manage and analyze data generated by its instruments and automate workflows. It also provides industrial instruments comprising industrial weighing instruments and related terminals, automatic dimensional measurement and data capture solutions, vehicle scale systems, industrial software, metal detectors, x-ray systems, checkweighers, and camera-based imaging equipment. In addition, the company offers retail weighing solutions consisting of weighing and software solutions, AI-driven image recognition solutions for fresh goods, and automated packaging and labeling solutions for the meat backroom. The company serves pharmaceutical and biotech companies, independent research organizations, and testing labs; food manufacturers and retailers; chemical, specialty chemicals, and cosmetics companies; transportation and logistics, metals, and electronics industries; and academic community through its direct sales force and indirect distribution channels. Mettler-Toledo International Inc. was incorporated in 1991 and is headquartered in Greifensee, Switzerland.

### Why customers stay

Margins ranged from 57.5% to 59.2% during 2023–25; it earns 63.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2023-12-31 (filed 2026-02-06); FY2023: grossProfit / revenue = 59.2%.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2024-12-31 (filed 2026-02-06); FY2024: grossProfit / revenue = 58.2%.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2025-12-31 (filed 2026-02-06); FY2025: grossProfit / revenue = 57.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); 10-year return on capital observations [[2016,0.5934557984479663],[2017,0.4761965530646295],[2018,0.5889975297689541],[2019,0.6194858385951121],[2020,0.6489083771047613],[2021,0.6576767620306465],[2022,0.6559025520835176],[2023,0.714239050412987],[2024,0.7350803431700428],[2025,0.6123426608719701]]; median 0.6341971078499367. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 10.6% of cash earnings; earns 99.9% on new investment.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2016-12-31 (filed 2026-02-06); FY2016: growth capex 23986130.227263376; upkeep 99970869.77273662; cash acquisitions 111381000; owner earnings 353194130.2272634. Growth capex plus acquisitions / owner earnings = 0.38326551503039186.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2017-12-31 (filed 2026-02-06); FY2017: growth capex 48036646.67372197; upkeep 79389353.32627803; cash acquisitions 108445000; owner earnings 372711646.67372197. Growth capex plus acquisitions / owner earnings = 0.41984640960444314.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2018-12-31 (filed 2026-02-06); FY2018: growth capex 47835467.79405105; upkeep 94890532.20594895; cash acquisitions 5527000; owner earnings 502411467.79405105. Growth capex plus acquisitions / owner earnings = 0.10621267868018777.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2019-12-31 (filed 2026-02-06); FY2019: growth capex 8660000; upkeep 88681000; cash acquisitions 2004000; owner earnings 561109000. Growth capex plus acquisitions / owner earnings = 0.01900522001963968.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2020-12-31 (filed 2026-02-06); FY2020: growth capex 0; upkeep 92494000; cash acquisitions 6242000; owner earnings 608954000. Growth capex plus acquisitions / owner earnings = 0.010250363738476142.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2021-12-31 (filed 2026-02-06); FY2021: growth capex 0; upkeep 107580000; cash acquisitions 220862000; owner earnings 769462000. Growth capex plus acquisitions / owner earnings = 0.28703431748416425.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2022-12-31 (filed 2026-02-06); FY2022: growth capex 8218000; upkeep 113023000; cash acquisitions 37951000; owner earnings 872502000. Growth capex plus acquisitions / owner earnings = 0.052915638015729474.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2023-12-31 (filed 2026-02-06); FY2023: growth capex 0; upkeep 105323000; cash acquisitions 5811000; owner earnings 804619000. Growth capex plus acquisitions / owner earnings = 0.0072220516791176945.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2024-12-31 (filed 2026-02-06); FY2024: growth capex 0; upkeep 103898000; cash acquisitions 10091000; owner earnings 882463000. Growth capex plus acquisitions / owner earnings = 0.01143504033596876.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2025-12-31 (filed 2026-02-06); FY2025: growth capex 0; upkeep 107124000; cash acquisitions 93839000; owner earnings 887679000. Growth capex plus acquisitions / owner earnings = 0.1057127632849262.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Incremental return on capital 0.9992947849087713, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,47581000],[2020,26719000],[2021,20463000],[2022,0],[2023,19234000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/MTD.US.json#2025-12-31 (filed 2026-02-06); FY2025: cash repurchases 799995000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTD.US SharesStats.PercentInsiders = 0.438 percentage points; cache date 2026-10-16.

### What could break it

"Financial Risks" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1037646/000103764626000011/mtd-20251231.htm (filed 2026-02-06); Financial Risks

### What the price says

The price assumes cash profits grow 14.1% yearly over ten years; actual growth was 13.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Ten-year compound average after fade. Initial solved rate 0.2570190047712826. Price 1639.04; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 11.82725693292958 → FY2025 42.941734664595685. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $404.08 per share

- 2016-11: $412.02 per share

- 2016-12: $418.56 per share

- 2017-01: $426.63 per share

- 2017-02: $476.22 per share

- 2017-03: $478.91 per share

- 2017-04: $513.42 per share

- 2017-05: $582.81 per share

- 2017-06: $588.54 per share

- 2017-07: $573.08 per share

- 2017-08: $605.09 per share

- 2017-09: $626.16 per share

- 2017-10: $682.63 per share

- 2017-11: $629.21 per share

- 2017-12: $619.52 per share

- 2018-01: $675.26 per share

- 2018-02: $616.22 per share

- 2018-03: $575.03 per share

- 2018-04: $559.93 per share

- 2018-05: $550.74 per share

- 2018-06: $578.63 per share

- 2018-07: $592.51 per share

- 2018-08: $584.46 per share

- 2018-09: $608.98 per share

- 2018-10: $546.82 per share

- 2018-11: $636.66 per share

- 2018-12: $565.58 per share

- 2019-01: $638.16 per share

- 2019-02: $680.91 per share

- 2019-03: $723.00 per share

- 2019-04: $745.26 per share

- 2019-05: $723.09 per share

- 2019-06: $840.00 per share

- 2019-07: $756.75 per share

- 2019-08: $656.79 per share

- 2019-09: $704.40 per share

- 2019-10: $704.94 per share

- 2019-11: $719.41 per share

- 2019-12: $793.28 per share

- 2020-01: $757.18 per share

- 2020-02: $701.70 per share

- 2020-03: $690.51 per share

- 2020-04: $719.94 per share

- 2020-05: $795.00 per share

- 2020-06: $805.55 per share

- 2020-07: $935.00 per share

- 2020-08: $970.78 per share

- 2020-09: $965.75 per share

- 2020-10: $997.91 per share

- 2020-11: $1,150.04 per share

- 2020-12: $1,139.68 per share

- 2021-01: $1,168.10 per share

- 2021-02: $1,116.05 per share

- 2021-03: $1,155.69 per share

- 2021-04: $1,313.32 per share

- 2021-05: $1,300.95 per share

- 2021-06: $1,385.34 per share

- 2021-07: $1,473.71 per share

- 2021-08: $1,552.83 per share

- 2021-09: $1,377.36 per share

- 2021-10: $1,480.88 per share

- 2021-11: $1,514.13 per share

- 2021-12: $1,697.21 per share

- 2022-01: $1,472.68 per share

- 2022-02: $1,408.74 per share

- 2022-03: $1,373.19 per share

- 2022-04: $1,277.53 per share

- 2022-05: $1,286.12 per share

- 2022-06: $1,148.77 per share

- 2022-07: $1,349.73 per share

- 2022-08: $1,212.46 per share

- 2022-09: $1,084.12 per share

- 2022-10: $1,264.93 per share

- 2022-11: $1,469.56 per share

- 2022-12: $1,445.45 per share

- 2023-01: $1,532.92 per share

- 2023-02: $1,433.71 per share

- 2023-03: $1,530.21 per share

- 2023-04: $1,491.50 per share

- 2023-05: $1,321.87 per share

- 2023-06: $1,311.64 per share

- 2023-07: $1,257.47 per share

- 2023-08: $1,213.48 per share

- 2023-09: $1,108.07 per share

- 2023-10: $985.20 per share

- 2023-11: $1,091.93 per share

- 2023-12: $1,212.96 per share

- 2024-01: $1,197.19 per share

- 2024-02: $1,247.22 per share

- 2024-03: $1,331.29 per share

- 2024-04: $1,229.70 per share

- 2024-05: $1,404.09 per share

- 2024-06: $1,397.59 per share

- 2024-07: $1,521.03 per share

- 2024-08: $1,439.08 per share

- 2024-09: $1,499.70 per share

- 2024-10: $1,291.75 per share

- 2024-11: $1,251.20 per share

- 2024-12: $1,223.68 per share

- 2025-01: $1,364.44 per share

- 2025-02: $1,272.72 per share

- 2025-03: $1,180.91 per share

- 2025-04: $1,070.57 per share

- 2025-05: $1,155.52 per share

- 2025-06: $1,174.72 per share

- 2025-07: $1,233.68 per share

- 2025-08: $1,301.04 per share

- 2025-09: $1,227.61 per share

- 2025-10: $1,416.29 per share

- 2025-11: $1,476.72 per share

- 2025-12: $1,394.19 per share

- 2026-01: $1,373.24 per share

- 2026-02: $1,366.69 per share

- 2026-03: $1,261.20 per share

- 2026-04: $1,276.61 per share

- 2026-05: $1,180.58 per share

- 2026-06: $1,277.51 per share

- 2026-07: $1,416.30 per share

- 2026-08: $1,405.14 per share

- 2026-09: $1,510.95 per share

- 2026-10: $1,639.04 per share

## Annual estimated value (USD per share)

- FY2016: low $184.41 per share, central $267.17 per share, high $313.33 per share

- FY2017: low $203.85 per share, central $288.94 per share, high $338.69 per share

- FY2018: low $235.41 per share, central $341.28 per share, high $400.33 per share

- FY2019: low $252.23 per share, central $365.24 per share, high $428.27 per share

- FY2020: low $318.18 per share, central $463.53 per share, high $544.60 per share

- FY2021: low $430.25 per share, central $627.16 per share, high $736.99 per share

- FY2022: low $495.28 per share, central $722.14 per share, high $848.67 per share

- FY2023: low $518.15 per share, central $755.87 per share, high $888.45 per share

- FY2024: low $560.15 per share, central $817.14 per share, high $960.46 per share

- FY2025: low $623.54 per share, central $909.61 per share, high $1,069.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:36:11.304Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1037646/000103764626000011/mtd-20251231.htm); period 2025-12-31, filed 2026-02-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.