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Mattr
(TSX:MATR)
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Rating:62Neutral
Price Target:
C$21.50
â–²(20.45% 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
Near-record backlog supports revenue visibility
The near-record backlog provides meaningful forward revenue visibility across key composite businesses, reducing reliance on immediate order activity. Firm Xerxes orders into 2027 and FlexPipe demand into Q4 support production planning, capacity utilization, and more predictable operating performance over coming quarters.
Negative Factors
Weak recent cash conversion increases funding sensitivity
Weak recent conversion of accounting earnings into free cash flow limits internally funded investment and debt reduction. If working-capital needs remain elevated, Mattr may need additional borrowing or tighter spending choices, increasing execution sensitivity even while operating profitability improves.
Read all positive and negative factors
Positive Factors
Negative Factors
Near-record backlog supports revenue visibility
The near-record backlog provides meaningful forward revenue visibility across key composite businesses, reducing reliance on immediate order activity. Firm Xerxes orders into 2027 and FlexPipe demand into Q4 support production planning, capacity utilization, and more predictable operating performance over coming quarters.
Read all positive factors
Mattr (MATR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.21B
Dividend Yield33.15%
Average Volume (3M)268.16K
Price to Earnings (P/E)44.6
Beta (1Y)0.38
Revenue Growth25.14%
EPS Growth-30.11%
CountryCA
Employees2,110
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.46
Shares Outstanding61,312,130
10 Day Avg. Volume164,723
30 Day Avg. Volume268,158
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.65
Price to Sales (P/S)0.39
P/FCF Ratio11.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$24.00Price Target Upside34.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.02
Revenue Forecast (FY)C$1.43B
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 ...
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 sel...
Mattr Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
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.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
62
Positive
Balance Sheet
57
Neutral
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.35B | 1.27B | 885.32M | 925.27M | 1.26B | 1.14B |
| Gross Profit | 302.48M | 250.66M | 243.84M | 296.44M | 364.70M | 318.12M |
| EBITDA | 161.86M | 128.70M | 85.07M | 121.27M | 147.78M | 29.86M |
| Net Income | 28.02M | 46.55M | -3.73M | 87.19M | -29.99M | -79.11M |
Balance Sheet | ||||||
| Total Assets | 1.72B | 1.60B | 1.63B | 1.28B | 1.55B | 1.27B |
| Cash, Cash Equivalents and Short-Term Investments | 39.10M | 65.53M | 375.24M | 334.06M | 263.99M | 124.45M |
| Total Debt | 589.18M | 560.83M | 640.37M | 232.46M | 270.27M | 346.58M |
| Total Liabilities | 918.23M | 849.48M | 908.38M | 548.62M | 849.44M | 625.68M |
| Stockholders Equity | 802.50M | 753.81M | 721.10M | 730.16M | 699.38M | 639.27M |
Cash Flow | ||||||
| Free Cash Flow | 15.17M | 41.15M | -59.05M | 48.35M | 161.02M | 39.61M |
| Operating Cash Flow | 58.25M | 104.43M | 51.35M | 124.61M | 211.10M | 64.68M |
| Investing Cash Flow | -52.27M | -437.88M | -154.99M | 109.82M | 19.50M | 3.83M |
| Financing Cash Flow | -24.87M | -101.53M | 259.84M | -161.78M | -111.65M | -163.53M |
Mattr Technical Analysis
Positive
17.85
Price Trends
17.21
Positive
14.36
Positive
11.40
Positive
Market Momentum
0.58
Negative
69.38
Neutral
93.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MATR, the sentiment is Positive. The current price of 17.85 is below the 20-day moving average (MA) of 18.54, above the 50-day MA of 17.21, and above the 200-day MA of 11.40, indicating a bullish trend. The MACD of 0.58 indicates Negative momentum. The RSI at 69.38 is Neutral, neither overbought nor oversold. The STOCH value of 93.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MATR.
Mattr Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$1.24B | 14.29 | 14.51% | 1.32% | 21.71% | 40.07% | |
71 Outperform | C$4.05B | 20.48 | 23.68% | 1.09% | 10.96% | 13.96% | |
71 Outperform | C$723.76M | 11.64 | 8.75% | 9.98% | -14.91% | 442.58% | |
70 Outperform | C$1.35B | 14.84 | 12.81% | 3.45% | 20.43% | -20.30% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | C$1.21B | 44.65 | 3.62% | 33.15% | 25.14% | -30.11% | |
57 Neutral | C$503.29M | 16.44 | 7.40% | 2.55% | 7.11% | -9.71% |
* Energy Sector Average
TSE:MATR
Mattr
20.23
8.59
73.80%
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TSE:TOT
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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 contrib...
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.