Mativ Holdings, Inc.

Specialty materials maker with deep operating losses, negative equity returns, and high leverage, partly offset by positive free cash flow.

Strengths

• Positive free cash flow ($93.8M, 65th pct) and adequate current ratio (2.24)
• Category-leading positions in filtration, advanced films, and adhesive solutions
• Net income improving year-over-year off a depressed base

Risks

• Deeply negative operating (-19.3%) and net (-17%) margins; ROE -67.7% (15th pct)
• High leverage (debt-to-equity 2.04, 90.7th pct) — distress-adjacent
• Cyclical end-markets and tariff/raw-material cost uncertainty

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• High leverageHigh leverage (debt/equity 2.04)
• Net lossNet loss (net margin -17.0%)
• Customer concentration~61% of revenue from one customer/distributor — For the twelve-month period ended December 31, 2025, SAS comprised approximately 61% of our revenues
• Chronic dilutionShare count +21%/yr over 3y (dilution, book value/share -76%)