olivLaw · US equity research
Minerals Technologies Inc. MTX
Industrial Inorganic Chemicals · SIC 2810 · Vertical: Industrial Inorganic Chemicals (SIC 2810)
Minerals Technologies Inc. (MTI) is a global, technology-driven specialty minerals company that mines, processes and sells bentonite and calcium carbonate for consumer and industrial markets. The company matters now because it reported 2025 sales of 2.1 billion USD and a 215 million USD talc provision, and in the second quarter of 2026 recorded an additional 290 million USD charge that has reshaped its financial profile.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Minerals Technologies Inc. (MTX) stock was 65.83 USD (+3.77% on the day), with market capitalisation 2.0 bn USD, dividend yield 0.73%, beta 0.87, 52-week range 55.50–82.84 USD. Latest reported quarter (Q3 2026): revenue of 554.9 m USD (+4.2% YoY), net income of 42.7 m USD (−0.7% YoY), diluted EPS 1.37 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.4
- strong (55–70)
- Bollinger (20, 2)
- 61.29 – 65.26
- above the upper band · %B 1.14 · band width 6.3%
- SMA 50 / 200
- 66.34 / 71.40
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.66 / -1.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.6% | −1.1% | +0.5 pp | — |
| 3 months | −14.6% | −0.5% | −14.2 pp | — |
| 6 months | −17.0% | +4.4% | −21.4 pp | — |
| Year to date | +8.0% | +12.3% | −4.3 pp | — |
| 1 year | +18.4% | +13.5% | +4.8 pp | +22.1% |
| 3 years | +11.1% | +76.4% | −65.3 pp | +24.2% |
| 5 years | −13.4% | +63.7% | −77.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 04 Oct 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 518.1 m | 491.8 m | 528.9 m | 532.4 m | 519.5 m | 546.9 m | 548.4 m | 554.9 m |
| Cost of revenue | 385.4 m | 372.2 m | 392.0 m | 395.4 m | 395.0 m | 415.8 m | 414.6 m | 425.7 m |
| Gross profit | 132.7 m | 119.6 m | 136.9 m | 137.0 m | 124.5 m | 131.1 m | 133.8 m | 129.2 m |
| Research & development | 5.7 m | 5.8 m | 5.7 m | 5.6 m | 5.8 m | 6.1 m | 5.9 m | 5.7 m |
| SG&A | 52.8 m | 50.6 m | 52.2 m | 53.0 m | 52.2 m | 57.5 m | 53.3 m | 52.0 m |
| Operating income | 84.1 m | -160.1 m | 74.6 m | 70.9 m | 62.0 m | 58.7 m | -220.3 m | 64.8 m |
| Pre-tax income | 69.4 m | -176.3 m | 59.1 m | 56.6 m | 46.6 m | 45.9 m | -231.3 m | 53.0 m |
| Income tax | 16.2 m | -32.1 m | 13.9 m | 13.5 m | 9.6 m | 9.9 m | -46.2 m | 12.2 m |
| Net income | 54.0 m | -144.0 m | 45.4 m | 43.0 m | 37.2 m | 36.2 m | -183.6 m | 42.7 m |
| Diluted EPS | 1.69 ≈ | -4.51 | 1.44 | 1.37 | 1.21 ≈ | 1.17 | -5.90 | 1.37 |
| Operating cash flow | 70.4 m | -4.4 m | 62.9 m ≈ | 70.9 m ≈ | 64.3 m | 32.1 m | 63.0 m ≈ | 75.9 m ≈ |
| Capex | 28.1 m | 18.3 m | 29.1 m ≈ | 27.3 m ≈ | 32.4 m | 23.1 m | 27.2 m ≈ | 24.0 m ≈ |
| Dividends paid | 3.5 m | 3.6 m | 3.4 m ≈ | 3.4 m ≈ | 3.8 m | 3.7 m | 3.8 m ≈ | 3.7 m ≈ |
| Share repurchases | 6.2 m | 11.5 m | 19.0 m ≈ | 17.0 m ≈ | 11.0 m | 5.4 m | 1.7 m ≈ | 3.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 1.8 bn | 1.6 bn | 1.9 bn | 2.1 bn | 2.2 bn | 2.1 bn | 2.1 bn |
| Revenue YoY | +7.9% | −0.9% | −11.0% | +16.5% | +14.4% | +2.1% | −2.4% | −2.2% |
| Net income | 169.0 m | 132.7 m | 112.4 m | 164.4 m | 122.2 m | 84.1 m | 167.1 m | -18.4 m |
| Net income YoY | −13.4% | −21.5% | −15.3% | +46.3% | −25.7% | −31.2% | +98.7% | −111.0% |
| Diluted EPS | 4.75 | 3.78 | 3.29 | 4.86 | 3.73 | 2.58 | 5.17 | -0.59 |
| Diluted EPS YoY | −13.3% | −20.4% | −13.0% | +47.7% | −23.3% | −30.8% | +100.4% | −111.4% |
| net % | 9.3% | 7.4% | 7.0% | 8.8% | 5.7% | 3.9% | 7.9% | -0.9% |
| Free cash flow | 127.7 m | 173.3 m | 173.8 m | 146.4 m | 23.4 m | 140.1 m | 146.9 m | 86.6 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 329.0 m USD
- Financial debt
- 955.4 m USD
- Net debt
- 626.4 m USD
- Equity
- 1.7 bn USD
- Total assets
- 3.5 bn USD
- Debt / equity
- 0.55x
- Current ratio
- 2.08x
- ROE
- -1.0%
- ROA
- -0.5%
- FCF margin
- 4.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.9 bn | 2.1 bn | 2.2 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 1.2 bn | 1.4 bn | 1.7 bn | 1.7 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 405.4 m | 446.5 m | 465.0 m | 507.1 m | 547.7 m | 518.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Research & development | 19.9 m | 19.5 m | 20.4 m | 21.2 m | 23.0 m | 22.9 m | SEC (XBRL)· 20 Feb 2026verified |
| SG&A | 176.5 m | 186.2 m | 192.1 m | 206.0 m | 209.2 m | 208.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 187.9 m | 235.7 m | 214.8 m | 171.8 m | 286.5 m | 47.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Interest expense | 38.2 m | 37.2 m | 43.9 m | 59.2 m | — | — | SEC (XBRL)· 16 Feb 2024verified |
| Pre-tax income | 138.0 m | 202.3 m | 156.7 m | 107.7 m | 223.6 m | -14.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 24.4 m | 36.6 m | 32.1 m | 23.7 m | 59.4 m | 4.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 112.4 m | 164.4 m | 122.2 m | 84.1 m | 167.1 m | -18.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 3.29 | 4.86 | 3.73 | 2.58 | 5.17 | -0.59 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 34.2 m | 33.8 m | 32.8 m | 32.6 m | 32.3 m | 31.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 0.20 | 0.20 | 0.20 | 0.25 | 0.41 | 0.45 | SEC (XBRL)· 20 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 367.7 m | 299.5 m | 247.2 m | 317.2 m | 333.1 m | 329.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 369.0 m | 367.8 m | 404.0 m | 399.1 m | 385.2 m | 400.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 248.2 m | 297.7 m | 348.8 m | 325.4 m | 342.1 m | 350.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 1.0 bn | 1.0 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 1.0 bn | 1.0 bn | 1.1 bn | 986.8 m | 989.7 m | 1.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 808.5 m | 907.5 m | 914.8 m | 913.6 m | 913.8 m | 915.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 195.8 m | 251.6 m | 241.9 m | 231.0 m | 218.1 m | 208.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 3.2 bn | 3.4 bn | 3.4 bn | 3.3 bn | 3.4 bn | 3.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 148.3 m | 196.1 m | 193.8 m | 188.7 m | 185.5 m | 187.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 0 | 80.0 m | 119.7 m | 85.4 m | 5.1 m | 400.0 k | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 933.2 m | 936.2 m | 928.1 m | 911.1 m | 959.6 m | 955.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 295.8 m | 419.8 m | 502.6 m | 457.3 m | 397.7 m | 555.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 1.7 bn | 1.8 bn | 1.8 bn | 1.7 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 1.5 bn | 1.6 bn | 1.6 bn | 1.7 bn | 1.8 bn | 1.7 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 240.6 m | 232.4 m | 105.7 m | 233.6 m | 236.4 m | 193.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 66.8 m | 86.0 m | 82.3 m | 93.5 m | 89.5 m | 107.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 173.8 m ≈ | 146.4 m ≈ | 23.4 m ≈ | 140.1 m ≈ | 146.9 m ≈ | 86.6 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -78.7 m | -278.6 m | -101.6 m | -91.7 m | -94.5 m | -122.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -43.0 m | 5.6 m | -34.1 m | -71.7 m | -110.4 m | -89.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 6.8 m | 6.8 m | 6.5 m | 8.1 m | 13.2 m | 14.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 40.7 m | 74.7 m | 56.0 m | 14.2 m | 63.6 m | 58.5 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.0 bn USD
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.91 – 7.95 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)5.91 – 7.95 (Mid 6.78)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.3% | 43 (vs peers) | 22% |
| Net margin · Quality | -3.1% | 38 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -0.8% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.5x | 54 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.3% | 79 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 1.8% | 26 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | 11.7% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial54/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality41/100 · 2/3 factors with a value
- Returns55/100 · 2/2 factors with a value
- Valuation· partial79/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MINERALS TECHNOLOGIES INC. (MTX). Latest full fiscal year: 2025; data up to 2026-10-04.
Figures computed from the financial statements: revenue 2.1 bn USD in 2025; YoY growth -2.2%; net margin -3.1%; ROE -4.1%.
The estimated value range is 5.91–7.95 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.78 USD, the price of 65.83 USD leaves a potential of -89.7% (value / price − 1) and a margin of safety of -870.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 6.3%
- Payout ratio (FCF): 11.7%
What contradicts it
- Revenue CAGR 3Y: -0.8%
- Shareholder yield (distributions): 1.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA.
Versus the vertical median
Industrial Inorganic Chemicals (SIC 2810) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LINLinde plc | 240.9 bn | 34.9 | 18.0% | 19.3% | +3.0% | +28% / +27% |
| APDAir Products And Chemicals, Inc. | 71.0 bn | — | -0.3% | -0.4% | −0.5% | +22% / +18% |
| MTXMinerals Technologies Inc. | 2.0 bn | — | -4.1% | -3.1% | −2.2% | +18% / +11% |
| KROKronos Worldwide, Inc. | 890.9 m | — | -13.7% | -5.6% | −1.5% | +53% / −11% |
| LXULSB Industries, Inc. | 766.1 m | 17.1 | 8.7% | 7.0% | +17.8% | +19% / +24% |
| TROXTronox Holdings PLC | 566.9 m | — | -39.1% | -18.0% | −5.7% | −14% / −72% |
| LXFRLuxfer Holdings PLC | 463.2 m | 76.3 | 2.7% | 1.7% | −1.9% | +38% / +110% |
| VHIValhi, Inc. | 430.8 m | — | -4.8% | -2.4% | −1.3% | +20% / +12% |
| NLNli Holdings, Inc. | 359.9 m | — | -6.7% | -15.8% | +8.5% | +30% / +44% |
| LTBRLightbridge Corporation | 172.9 m | — | -14.1% | — | unavailable | −73% / +39% |
1- and 3-year price returns: for MTX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Minerals Technologies Inc. (MTI) is a global, technology-driven specialty minerals company that mines, processes and sells bentonite and calcium carbonate for consumer and industrial markets. The company matters now because it reported 2025 sales of 2.1 billion USD and a 215 million USD talc provision, and in the second quarter of 2026 recorded an additional 290 million USD charge that has reshaped its financial profile.
SWOT
Strengths
- Leading position in bentonite and a vertical chain starting from the company's own reserves, which gives control over costs and quality 1.
- Long-term satellite contracts with paper customers that secure part of revenue over a longer period 1.
- A balance sheet the company describes as strong, with more than 700 million USD of available liquidity at the date of the second-quarter report 2.
Weaknesses
- Significant exposure to talc litigation, which led to large charges in 2025 and in the second quarter of 2026 12.
- Dependence on the uncoated paper industry, which faces structural decline in North America and Europe 1.
- Margins under pressure in the Consumer & Specialties segment, affected by energy and transport costs that are hard to recover immediately 3.
Opportunities
- Growing demand for PFAS remediation and environmental solutions, where the FLUORO-SORB adsorbent could become a growth driver 1.
- Expansion into emerging markets in Asia, Brazil and Eastern Europe, in lines such as cat litter and foundry solutions 1.
- Development of products with a sustainable profile, as a significant share of recent products already have such characteristics 3.
Threats
- Trade tariffs and retaliatory measures that can affect demand and raw material costs, especially for magnesia sourced from China 12.
- The risk of failing to renew satellite contracts with paper customers, which could affect results and asset values 1.
- Consolidation in customer industries, which can concentrate bargaining power and press on prices 1.
Risks
- Talc litigationhigh
Talc provisions and the Chapter 11 proceedings of subsidiary Oldco have generated large charges and could bring further costs if estimates change 12.
- Indebtedness and restrictive covenantsmedium
Total indebtedness and the covenants in financing agreements limit the company's flexibility and could cause problems if they are not met 1.
- Customer cyclicalitymedium
Customers in construction, automotive and steel are cyclical, and reduced investment on their part can affect the company's sales 1.
- Energy and transport costsmedium
Rising costs for energy, transport and raw materials could exceed the company's ability to recover them through prices 23.
- Dependence on Chinese raw materialslow
Part of the magnesia needed for refractories comes from China, and its price and availability can fluctuate 1.
Investment thesis
What would need to be true (bull case)
- Sales growth in the first half of 2026 and pricing actions aimed at restoring margins could support a recovery of results in the second half of the year 3.
- If talc provisions prove sufficient, their impact on future results could diminish, leaving room for a recovery in profitability 12.
- The leading position in bentonite and solutions tied to PFAS and environmental markets could become long-term growth drivers 1.
What would break the thesis
- Repeated talc charges, if they continue, could erode capital and limit the company's capacity to invest or return capital to shareholders 12.
- The structural decline of uncoated paper could reduce volumes in the Consumer & Specialties segment if customers' mills keep closing 1.
- Tariff and energy cost pressure could stay high and limit margins even if sales keep growing 23.
What to watch
- Development of the talc provision and the Oldco Chapter 11 proceedingsQ3 2026
- Recovery of production margin in Consumer & Specialties after pricing adjustmentsQ3 2026
- Investor Day on September 22, 2026 and updated growth targets2026
- Final impact of the Supreme Court tariff ruling and any refundsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
MTI presents itself as the world's largest producer of bentonite and a leading producer of calcium carbonate, with vertical integration from mine to market: it sources minerals from its own reserves, transforms them in plants through proprietary technologies, and sells to customers across several industries 1. The company operates through two reportable segments, Consumer & Specialties and Engineered Solutions, and its strategy targets faster-growing markets, leadership in existing markets and high-value innovative products 1. Sales in 2025 fell slightly from 2024, but the first half of 2026 showed 7% growth 13.
The business model also includes satellite plants located next to paper and packaging mills, operated under long-term evergreen contracts of ten to fifteen years that supply substantially all of a customer's requirements 1. This structure reduces transport costs and provides a degree of revenue stability, though it depends on keeping these contracts in place or renewing them.
Beyond mining and production, MTI invests in research and development, with expenses of about 1.1% of net sales in 2025 1, and aims to expand its presence in emerging markets such as Brazil, China and India 1.
Segments
Consumer & Specialties
The Consumer & Specialties segment accounted for 53% of 2025 revenue 1 and includes the Household & Personal Care line (cat litter, personal care, oil purification) and the Specialty Additives line (calcium carbonate for paper and packaging). The highest-volume lines are linked to declining uncoated freesheet paper production in North America and Europe 1.
Engineered Solutions
The Engineered Solutions segment accounted for 47% of 2025 revenue 1 and includes High-Temperature Technologies (foundry blends and steel refractories) and Environmental & Infrastructure (geosynthetic liners, remediation and the FLUORO-SORB adsorbent for PFAS). In the second quarter of 2026 this segment grew, supported by U.S. steel demand and Asian foundry business 3.
Market context
The markets MTI serves are tied to construction, automotive, paper and packaging, the steel and foundry industries, and household consumption. U.S. sales represented 52% of total in 2025 and international sales 48% 1. The market remains sensitive to economic cycles and trade policy, since customers can reduce capital spending during downturns 1.
Trends
- Declining uncoated paper productionheadwind
Uncoated freesheet production in North America and Europe is projected to keep declining, which has led to mill closures and conversions. This reduces demand for part of the calcium carbonate products, although satellite contracts offer some protection 1.
- Sales growth into the second half of 2026tailwind
The company states that first-half sales momentum, driven by growth initiatives and strong market conditions, keeps it on track for its full-year revenue targets 3. If this trend holds, it could support margins as pricing actions restore recovered costs.
- Uncertainty around trade tariffsmixed
U.S. tariffs and retaliatory measures by other countries can affect demand and raw material costs, particularly for the High-Temperature Technologies line. The U.S. Supreme Court struck down certain tariffs in February 2026, but the final impact remains uncertain 2.
- Energy and freight cost pressureheadwind
Geopolitical events in the Middle East have led to higher energy prices and freight expenses, which weighed on Consumer & Specialties margins in the second quarter of 2026 23. If these costs persist, pressure on margins could continue.
Competitive position
MTI operates in very competitive industries, and some of its principal competitors have greater financial and other resources than the company 1. Competitive pressure shows up as lower sales prices, and some competitors come from lower-cost producing countries such as China and India 1.
Competition also comes from alternative products, and consolidation in customer industries such as paper, foundry and steel concentrates purchasing power and can increase pressure on suppliers 1.
- Producers in China and India
Lower-cost producers cited in the sources as a source of price pressure in industries MTI serves 1.
- Makers of alternative products
Alternative products compete with part of the company's product lines, without being named in the sources 1.
- Larger well-resourced competitors
Principal competitors that may withstand downturns better and have more operating and financial flexibility than MTI 1.
- Refractory and foundry materials producers
Competition in the High-Temperature Technologies lines, whose customers are in the steel and foundry industries 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report21 Oct 2026Other events · Financial statements and exhibits
- Current report13 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report02 Oct 2026Other events · Financial statements and exhibits
- Current report01 Oct 2026Other events · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report22 Jul 2026Other events · Financial statements and exhibits
- Current report29 Jun 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Minerals Technologies Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-05 · SEC / Minerals Technologies Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Minerals Technologies Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.