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Mattr (MATR) AI Stock Analysis

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TSE:MATR

Mattr

(TSX:MATR)

Select Model
Rating:62Neutral
Price Target:CAD 21.00â–²(6.33% Upside)
Action:reiterated
Date:08/24/26

The score is held back primarily by weaker cash flow conversion, higher leverage, and earnings durability concerns, despite improving operating results. Technicals are supportive with a clear uptrend and positive momentum. Valuation is a notable headwind given the high P/E and lack of dividend yield support, while the latest earnings call was broadly positive with raised guidance but tempered by working-capital and borrowing needs.

Positive Factors
Improving operating performanceImproving revenue and operating profitability indicate that Mattr’s core businesses are gaining traction and converting scale into earnings before financing and tax. If sustained, this provides a stronger base for reinvestment, debt reduction, and more consistent earnings over the next several quarters.
Negative Factors
Weak cash conversionWeak recent cash conversion means reported earnings are not translating reliably into funds available for debt repayment, capital investment, or shareholder returns. Continued working-capital absorption could increase external funding needs and make execution more sensitive to timing and project delivery.

Mattr (MATR) vs. iShares MSCI Canada ETF (EWC)

-50%-25%0%25%50%75%100%125%TSE:MATR+89.90%EWC+21.27%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
CAD 1.21B
Dividend Yield
―
Average Volume (3M)
270.25K
Price to Earnings (P/E)
43.6
Beta (1Y)
0.42
Revenue Growth
25.14%
EPS Growth
-30.11%
Country
Canada
Employees
2,110
Sector
Energy
Sector Strength
65
Industry
Oil & Gas Equipment & Services

Mattr Business Overview & Revenue Model

Company Description

Mattr Corp. is a materials science enterprise providing solutions for the global infrastructure, energy, and transportation industries. Its business operations are divided into three principal divisions. The Composite Systems segment manufactures ada...

How the Company Makes Money

Mattr makes money primarily by manufacturing and selling engineered materials and infrastructure products to industrial, utility, and infrastructure customers. Key revenue streams include: (1) Composite pipe systems: revenue from producing and sellin...

Mattr Earnings Call Summary

Earnings Call Date:Aug 11, 2026(Q2-2026)|% Change Since:4.55%|Next Earnings Date:Nov 11, 2026
Earnings Call SentimentPositive

The call presented a largely positive operational and financial picture: record revenue and adjusted EBITDA, accelerated order capture, product and manufacturing progress (notably at Xerxes and with FlexPipe's new 8-inch product), and an upgraded outlook for the year. Offsetting risks include slightly negative operating cash flow in Q2 driven by working capital build, modest incremental borrowings, margin pressure from revenue mix and some lower-margin international orders, and exposure to subdued oilfield and automotive markets and trade uncertainty. Management expects deleveraging, continued margin expansion, and sustained demand, and they raised guidance with visibility into a strong Q3.

Positive Updates

Record Revenue and Adjusted EBITDA
Company delivered new quarterly records for revenue and adjusted EBITDA in Q2 2026, driven by operational execution across segments and favorable product mix.

Negative Updates

Slightly Negative Operating Cash Flow in Q2
Operating cash flow was slightly negative in Q2 as working capital investments (increased accounts receivable from strong late-quarter sales and higher inventories to position for a robust H2) offset operational earnings.

Company Guidance

Management raised its outlook after a strong Q2, saying Q3 should be similar to Q2 before normal seasonal slowing in Q4 and that second‑half adjusted EBITDA is expected to be roughly in line with the first half, supported by near‑record backlog (firm Xerxes orders into 2027 and FlexPipe backlog extending into Q4); key metrics cited include Q2 capex of $6.3M (about $1.6M of which was previously accrued), full‑year capex guidance of $35M–$45M, targeted Xerxes productivity gains of 10–15% year‑over‑year, data‑center sales expected to more than double versus 2025 and to be ~5% of consolidated revenue in 2026, slightly negative Q2 operating cash flow as AR and inventories rose, modest incremental borrowings in Q2 with a lowered net‑debt-to-adjusted‑EBITDA ratio, and a plan to resume opportunistic NCIB repurchases at modest levels while prioritizing debt repayment and continued deleveraging.

Mattr Financial Statement Overview

Summary

Operating performance is improving with solid revenue growth and positive operating profitability, but net margin is thin and earnings have been volatile. Leverage has risen meaningfully versus 2022–2023, and recent cash flow conversion deteriorated sharply with weak TTM free cash flow relative to net income, increasing funding and execution risk sensitivity.

Income Statement

62Positive

Balance Sheet

57Neutral

Cash Flow

48Neutral
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue1.35B1.27B885.32M925.27M1.26B1.14B
Gross Profit302.48M250.66M243.84M296.44M364.70M318.12M
EBITDA161.86M128.70M85.07M121.27M116.87M29.53M
Net Income28.02M46.55M-3.73M87.19M-29.99M-79.11M
Balance Sheet
Total Assets1.72B1.60B1.63B1.28B1.55B1.27B
Cash, Cash Equivalents and Short-Term Investments39.10M65.53M375.24M334.06M263.99M124.45M
Total Debt589.18M560.83M640.37M232.46M270.27M346.58M
Total Liabilities918.23M849.48M908.38M548.62M849.44M625.68M
Stockholders Equity802.50M753.81M721.10M730.16M699.38M639.27M
Cash Flow
Free Cash Flow15.17M41.15M-59.05M48.35M161.02M39.61M
Operating Cash Flow58.25M104.43M51.35M124.61M211.10M64.68M
Investing Cash Flow-52.27M-437.88M-154.99M109.82M19.50M3.83M
Financing Cash Flow-24.87M-101.53M259.84M-161.78M-111.65M-163.53M

Mattr Technical Analysis

Technical Analysis SentimentNegative
Last Price19.75

Price Trends

50DMA20.36Negative
100DMA17.97Positive
200DMA13.79Positive

Market Momentum

MACD-0.09Positive
RSI37.65Neutral
STOCH25.69Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MATR, the sentiment is Negative. The current price of 19.75 is below the 20-day moving average (MA) of 21.27, below the 50-day MA of 20.36, and above the 200-day MA of 13.79, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 37.65 is Neutral, neither overbought nor oversold. The STOCH value of 25.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:MATR.

Mattr Peers Comparison

Overall Rating

UnderperformOutperform
Sector (65)

Financial Indicators

TSE:MATR against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TSE:TCWTSE:TCW83OutperformCAD 1.42B13.7115.61%3.15%14.96%-10.01%
TSE:CEUTSE:CEU82OutperformCAD 4.42B22.5423.68%0.99%10.96%13.96%
TSE:TOTTSE:TOT81OutperformCAD 1.47B16.6514.51%1.14%21.71%40.07%
Sector *65Neutral$15.17B7.614.09%5.20%3.87%-62.32%
TSE:MATRTSE:MATR62NeutralCAD 1.21B43.593.62%―25.14%-30.11%
TSE:CFWTSE:CFW60NeutralCAD 789.37M12.718.75%―-14.91%442.58%
TSE:NOATSE:NOA51NeutralCAD 452.69M14.707.40%2.85%7.11%-9.71%

* Energy Sector Average

Performance Comparison

0%50%100%150%TSE:MATRTSE:NOATSE:CEUTSE:CFWTSE:TOTTSE:TCWDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
TSE:MATR and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TSE:MATRMattr Corp.19.758.9683.04%
TSE:NOANorth American Construction16.82-4.34-20.50%
TSE:CEUCES Energy Solutions Corp20.9611.63124.65%
TSE:CFWCalfrac Well Services7.824.76155.81%
TSE:TOTTotal Energy Services40.3025.93180.50%
TSE:TCWTrican Well6.991.9037.19%

Mattr Corporate Events

Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance

Mattr Delivers Record Q2 Results and Raises Full-Year Outlook

Positive
Aug 12, 2026

Mattr reported a strong second quarter of 2026, with revenue from continuing operations rising 23.4% year over year to $396.2 million and operating income surging more than threefold. Both Connection Technologies and Composite Technologies contribute...

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.

Date of analysis: Aug 24, 2026