olivLaw · US equity research
Mettler-Toledo International Inc. MTD
Laboratory Analytical Instruments · SIC 3826 · Vertical: Laboratory Analytical Instruments (SIC 3826)
Mettler-Toledo International Inc. (NYSE: MTD) is a global supplier of precision instruments and services, with net sales of 4.0 billion USD in fiscal 2025. In the second quarter of 2026, reported sales rose 4% to 1.027 billion USD, and adjusted EPS was 11.46 USD. The company guided to local currency sales growth of about 4% to 5% for 2026, excluding tariff refunds.
At the close of 04 Nov 2026, Mettler-Toledo International Inc. (MTD) stock was 1,723.24 USD (+1.48% on the day), with market capitalisation 34.5 bn USD, P/E 38.8 on diluted EPS of 44.42 USD over the last 12 months, beta 1.03, 52-week range 1,025.53–1,723.24 USD. Latest reported quarter (Q2 2026): revenue of 1.0 bn USD (+4.5% YoY), net income of 232.9 m USD (+15.1% YoY), diluted EPS 11.55 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 1,539.58 – 1,755.42
- in the upper half of the band · %B 0.85 · band width 13.1%
- SMA 50 / 200
- 1,512.12 / 1,341.18
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 54.70 / 56.71
- MACD below 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 | +11.8% | −1.1% | +12.9 pp | — |
| 3 months | +21.2% | −0.5% | +21.7 pp | — |
| 6 months | +29.9% | +4.4% | +25.5 pp | — |
| Year to date | +23.6% | +12.3% | +11.3 pp | — |
| 1 year | +21.3% | +13.5% | +7.8 pp | +14.4% |
| 3 years | +67.0% | +76.4% | −9.4 pp | −8.6% |
| 5 years | +13.5% | +63.7% | −50.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 954.5 m | 1.0 bn | 883.7 m | 983.2 m | 1.0 bn | 1.1 bn | 947.1 m | 1.0 bn |
| Gross profit | 572.5 m | 639.3 m | 525.9 m | 579.9 m | 609.5 m | 675.4 m | 555.8 m | 650.2 m |
| Research & development | 47.1 m | 50.1 m | 46.3 m | 49.3 m | 51.1 m | 52.6 m | 51.3 m | 53.0 m |
| SG&A | 228.8 m | 237.3 m | 242.8 m | 247.3 m | 248.4 m | 259.8 m | 258.3 m | 263.3 m |
| Interest expense | 18.6 m | 17.9 m | 16.7 m | 16.8 m | 17.7 m | 17.4 m | 17.0 m | 17.2 m |
| Pre-tax income | 259.0 m | 314.5 m | 201.9 m | 248.7 m | 269.2 m | 329.1 m | 209.7 m | 289.4 m |
| Income tax | 47.4 m | 62.2 m | 38.4 m | 46.3 m | 51.7 m | 43.3 m | 40.2 m | 56.5 m |
| Net income | 211.5 m | 252.3 m | 163.6 m | 202.3 m | 217.5 m | 285.8 m | 169.5 m | 232.9 m |
| Diluted EPS | 9.96 | 11.96 ≈ | 7.81 | 9.76 | 10.57 | 13.97 ≈ | 8.33 | 11.55 |
| Operating cash flow | 254.7 m ≈ | 266.2 m | 194.4 m | 236.4 m ≈ | 299.4 m ≈ | 225.6 m | 139.8 m | 310.4 m ≈ |
| Capex | 21.4 m ≈ | 41.3 m | 17.3 m | 23.9 m ≈ | 24.5 m ≈ | 41.5 m | 17.4 m | 27.8 m ≈ |
| Share repurchases | 212.5 m ≈ | 212.5 m | 218.7 m | 218.7 m ≈ | 218.7 m ≈ | 143.7 m | 206.3 m | 206.3 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.
Today's P/E sits at the 60 percentile of its own 35-quarter history (min 28.4, median 36.1, max 55.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.9 bn | 3.0 bn | 3.1 bn | 3.7 bn | 3.9 bn | 3.8 bn | 3.9 bn | 4.0 bn |
| Revenue YoY | +7.7% | +2.5% | +2.5% | +20.5% | +5.4% | −3.4% | +2.2% | +4.0% |
| Net income | 512.6 m | 561.1 m | 602.7 m | 769.0 m | 872.5 m | 788.8 m | 863.1 m | 869.2 m |
| Net income YoY | +36.3% | +9.5% | +7.4% | +27.6% | +13.5% | −9.6% | +9.4% | +0.7% |
| Diluted EPS | 19.88 | 22.47 | 24.91 | 32.78 | 38.41 | 35.90 | 40.48 | 42.05 |
| Diluted EPS YoY | +39.6% | +13.0% | +10.9% | +31.6% | +17.2% | −6.5% | +12.8% | +3.9% |
| net % | 17.5% | 18.6% | 19.5% | 20.7% | 22.3% | 20.8% | 22.3% | 21.6% |
| Free cash flow | 422.3 m | 506.1 m | 632.2 m | 801.2 m | 737.8 m | 860.6 m | 864.4 m | 848.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 66.9 m USD
- Financial debt
- 2.2 bn USD
- Net debt
- 2.1 bn USD
- Equity
- -23.6 m USD
- Total assets
- 3.7 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.14x
- ROE
- unavailable
- ROA
- 25.0%
- FCF margin
- 21.1%
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 | 3.1 bn | 3.7 bn | 3.9 bn | 3.8 bn | 3.9 bn | 4.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| Gross profit | 1.8 bn | 2.2 bn | 2.3 bn | 2.2 bn | 2.3 bn | 2.4 bn | SEC (XBRL)· 06 Feb 2026verified |
| Research & development | 140.1 m | 169.8 m | 177.1 m | 185.3 m | 189.4 m | 199.4 m | SEC (XBRL)· 06 Feb 2026verified |
| SG&A | 820.2 m | 944.0 m | 938.5 m | 904.1 m | 936.3 m | 998.3 m | SEC (XBRL)· 06 Feb 2026verified |
| Interest expense | 38.6 m | 43.2 m | 55.4 m | 77.4 m | 74.6 m | 68.5 m | SEC (XBRL)· 06 Feb 2026verified |
| Pre-tax income | 748.7 m | 949.4 m | 1.1 bn | 973.7 m | 1.0 bn | 1.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| Income tax | 146.0 m | 180.4 m | 198.1 m | 185.0 m | 174.1 m | 179.7 m | SEC (XBRL)· 06 Feb 2026verified |
| Net income | 602.7 m | 769.0 m | 872.5 m | 788.8 m | 863.1 m | 869.2 m | SEC (XBRL)· 06 Feb 2026verified |
| Diluted EPS | 24.91 | 32.78 | 38.41 | 35.90 | 40.48 | 42.05 | SEC (XBRL)· 06 Feb 2026verified |
| Weighted average diluted shares | 24.2 m | 23.5 m | 22.7 m | 22.0 m | 21.3 m | 20.7 m | SEC (XBRL)· 06 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 94.3 m | 98.6 m | 96.0 m | 69.8 m | 59.4 m | 66.9 m | SEC (XBRL)· 31 Jul 2026verified |
| Receivables | 593.8 m | 647.3 m | 709.3 m | 663.9 m | 687.1 m | 778.2 m | SEC (XBRL)· 06 Feb 2026verified |
| Inventories | 297.6 m | 414.5 m | 441.7 m | 385.9 m | 342.3 m | 387.2 m | SEC (XBRL)· 06 Feb 2026verified |
| Current assets | 1.1 bn | 1.3 bn | 1.4 bn | 1.2 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 06 Feb 2026verified |
| Property, plant & equipment, net | 798.9 m | 799.4 m | 778.6 m | 803.4 m | 770.3 m | 845.6 m | SEC (XBRL)· 06 Feb 2026verified |
| Goodwill | 550.3 m | 648.6 m | 660.2 m | 670.1 m | 668.9 m | 739.2 m | SEC (XBRL)· 06 Feb 2026verified |
| Intangibles (excl. goodwill) | 196.8 m | 307.5 m | 306.1 m | 285.4 m | 257.1 m | 278.9 m | SEC (XBRL)· 06 Feb 2026verified |
| Total assets | 2.8 bn | 3.3 bn | 3.5 bn | 3.4 bn | 3.2 bn | 3.7 bn | SEC (XBRL)· 06 Feb 2026verified |
| Accounts payable | 175.8 m | 272.9 m | 252.5 m | 210.4 m | 215.8 m | 266.6 m | SEC (XBRL)· 06 Feb 2026verified |
| Short-term debt | 50.3 m | 101.1 m | 106.1 m | 192.2 m | 182.6 m | 63.9 m | SEC (XBRL)· 06 Feb 2026verified |
| Long-term debt | 1.3 bn | 1.6 bn | 1.9 bn | 1.9 bn | 1.8 bn | 2.1 bn | SEC (XBRL)· 06 Feb 2026verified |
| Current liabilities | 840.3 m | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Total liabilities | 2.5 bn | 3.2 bn | 3.5 bn | 3.5 bn | 3.4 bn | 3.7 bn | SEC (XBRL)· 06 Feb 2026verified |
| Equity | 282.7 m † | 171.4 m † | 24.8 m † | -149.9 m † | -126.9 m † | -23.6 m † | SEC (XBRL)· 06 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 724.7 m | 908.8 m | 859.1 m | 965.9 m | 968.3 m | 955.8 m | SEC (XBRL)· 06 Feb 2026verified |
| Capex | 92.5 m | 107.6 m | 121.2 m | 105.3 m | 103.9 m | 107.1 m | SEC (XBRL)· 06 Feb 2026verified |
| Free cash flow | 632.2 m ≈ | 801.2 m ≈ | 737.8 m ≈ | 860.6 m ≈ | 864.4 m ≈ | 848.6 m ≈ | SEC (XBRL)· 06 Feb 2026derived |
| Investing cash flow | -100.4 m | -314.1 m | -139.4 m | -131.7 m | -119.5 m | -193.9 m | SEC (XBRL)· 06 Feb 2026verified |
| Financing cash flow | -743.9 m | -590.5 m | -716.0 m | -859.6 m | -856.0 m | -755.2 m | SEC (XBRL)· 06 Feb 2026verified |
| Share repurchases | 775.0 m | 1,000.0 m | 1.1 bn | 900.0 m | 850.0 m | 800.0 m | SEC (XBRL)· 06 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 34.5 bn USD
Key indicators
Coverage and freshness
Score by group
58% · 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: 470.86 – 1,638.46 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)470.86 – 780.74 (Mid 590.58)WACC 9.0% · starting FCFF 921.2 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1,474.86 – 1,638.46 (Mid 1,551.56)3 companies used · median multiple 34.9x · quartiles 33.2x – 36.9xA, AVTR, ILMN
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 21.9% | 95 (vs peers) | 11% |
| FCF conversion · Quality | 95.4% | 93 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 0.9% | 7 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 3.1% | 20 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 27 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 38.8x | 50 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.5% | 31 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 2.2% | 32 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial27/100 · 1/3 factors with a value
- Growth14/100 · 2/2 factors with a value
- Quality94/100 · 2/3 factors with a value
- Returns· partial32/100 · 1/2 factors with a value
- Valuation42/100 · 2/3 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
Mettler-Toledo International Inc. (MTD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.0 bn USD in 2025; YoY growth 4.0%; net margin 21.9%.
The estimated value range is 972.86–1,209.60 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1,071.07 USD, the price of 1,723.24 USD leaves a potential of -37.8% (value / price − 1) and a margin of safety of -60.9% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 21.9%
- FCF conversion: 95.4%
What contradicts it
- Revenue CAGR 3Y: 0.9%
- EPS CAGR 3Y: 3.1%
- Current ratio: 1.1x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Laboratory Analytical Instruments (SIC 3826) · same industry (4-digit SIC) · compared with 20 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger 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 | |
|---|---|---|---|---|---|---|
| AAgilent Technologies, Inc. | 49.9 bn | 34.9 | 21.0% | 19.5% | +6.7% | +15% / +39% |
| WATWaters Corporation | 45.9 bn | 116.6 | 1.9% | 3.6% | +7.0% | +16% / +67% |
| MTDMettler-Toledo International Inc. | 34.5 bn | 38.8 | — | 21.9% | +4.0% | +21% / +67% |
| ILMNIllumina, Inc. | 34.3 bn | 38.8 | 32.4% | 19.7% | −0.7% | +72% / +128% |
| RVTYRevvity, Inc | 17.8 bn | 76.0 | 3.2% | 8.2% | +3.7% | +53% / +79% |
| AVTRAvantor, Inc. | 10.6 bn | 31.5 | 5.9% | 5.1% | −3.4% | +33% / −26% |
| BRKRBruker Corporation | 9.7 bn | — | -3.4% | -2.0% | +2.1% | +31% / −2% |
| TXG10x Genomics, Inc. | 8.6 bn | — | -9.4% | -12.2% | +5.2% | +259% / +55% |
| PACBPacific Biosciences of California, Inc. | 792.6 m | — | -929.3% | -82.5% | +3.9% | +10% / −70% |
| CTKBCytek Biosciences, Inc. | 769.0 m | — | -23.2% | -39.1% | +0.5% | +4% / −15% |
| MASS908 Devices Inc. | 457.6 m | — | -25.2% | -57.0% | +17.7% | +74% / +39% |
| NAUTNautilus Biotechnology, Inc. | 291.7 m | — | -41.0% | — | unavailable | +2% / −17% |
| QTRXQuanterix Corporation | 143.8 m | — | -46.5% | -80.2% | +1.1% | −58% / −87% |
| SEERSeer, Inc. | 94.1 m | — | -26.4% | -478.0% | +17.0% | −11% / +6% |
| HBIOHarvard Bioscience, Inc. | 39.2 m | — | -89.9% | -11.9% | −8.1% | +13% / −80% |
| PRPOPrecipio, Inc. | 35.0 m | — | -9.0% | -4.5% | +29.8% | −20% / +187% |
| EYPTEyePoint, Inc. | 34.1 m | — | -148.7% | -10,994.7% | −27.5% | −97% / −94% |
| BNGOBionano Genomics, Inc. | 14.0 m | — | -83.6% | -106.6% | −7.4% | −36% / −99% |
| ASTCAstrotech Corporation | 9.1 m | — | -75.4% | -1,580.2% | −8.7% | +41% / −44% |
| BIOBio-Rad Laboratories, Inc. | — | 10.0 | 14.3% | 39.5% | +0.7% | +17% / +25% |
| RPIDRapid Micro Biosystems, Inc. | — | — | -141.6% | -145.6% | +19.7% | −84% / −42% |
1- and 3-year price returns: for MTD 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 | 998.81 Total return -42% · Per year -42% | 1,768.99 Total return 3% · Per year 3% | 2,668.94 Total return 55% · Per year 55% |
| 3 years | 900.47 Total return -48% · Per year -19% | 1,800.95 Total return 5% · Per year 1% | 2,993.12 Total return 74% · Per year 20% |
| 5 years | 811.81 Total return -53% · Per year -14% | 1,833.48 Total return 6% · Per year 1% | 3,356.67 Total return 95% · Per year 14% |
- Exit P/E± 450.24
- Net margin± 315.17
- Annual revenue growth± 267.95
- Annual dilution± 26.48
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.
In brief
Mettler-Toledo International Inc. (NYSE: MTD) is a global supplier of precision instruments and services, with net sales of 4.0 billion USD in fiscal 2025 1. In the second quarter of 2026, reported sales rose 4% to 1.027 billion USD, and adjusted EPS was 11.46 USD 3. The company guided to local currency sales growth of about 4% to 5% for 2026, excluding tariff refunds 3.
SWOT
Strengths
- Global leadership positions in most markets, an extensive sales and service network and a very large installed base of weighing instruments.
- Continuous innovation supported by steady research spending and a software portfolio that helps justify differentiated pricing.
- Recurring service revenue and a diversified customer base, with no single end-customer accounting for more than 1% of 2025 net sales.
Weaknesses
- Significant dependence on China, where demand fell in the past and where repatriation of funds requires government approval.
- Exposure to pharma, food and chemical end-markets that have been challenged at times and can be volatile.
- Reliance on single information technology systems and single-site manufacturing for some products, which could expose the company to disruption.
Opportunities
- Automation, digitalization and on-shoring trends could create additional demand for the company's products and services.
- Emerging markets and faster-growing segments such as semiconductors and new energy could add sales if adoption accelerates.
- Bolt-on acquisitions, particularly in distribution and life sciences, could extend market access and the service business.
Threats
- Tariffs and geopolitical tensions between the United States and China could raise costs and reduce demand in some regions.
- Conflicts in Ukraine and the Middle East could disrupt supply chains and affect energy and transport costs.
- Cybersecurity incidents and system failures could interrupt operations, damage reputation and create legal liability.
Risks
- China exposurehigh
China represents a significant part of the business, and weaker demand, repatriation rules and trade tensions could reduce sales and profitability 1.
- Trade tariffshigh
Changes in United States tariff rates could affect import costs and margins, and the company has said further changes could adversely affect future results 2.
- Geopolitical conflictsmedium
The Iran conflict and instability in the Middle East could increase economic uncertainty, energy prices and transport costs 2.
- Cybersecuritymedium
Cyber attacks and system failures could interrupt services, lead to data loss and create legal liability, and insurance may not fully cover losses 1.
- Reliance on developed marketsmedium
Most of the business comes from companies in developed countries, so a downturn there could delay customer capital spending and reduce demand 1.
Investment thesis
What would need to be true (bull case)
- Second quarter 2026 results were stronger than expected and the 2026 outlook was raised, which could support profit growth if market conditions hold 3.
- The company holds leadership positions and a large installed base of instruments, which could generate long-term service revenue 1.
- Trends toward automation and digitalization could favour the company, which invests steadily in products and software 1.
What would break the thesis
- Dependence on China and volatile end-markets could limit growth if demand there weakens again 1.
- Tariffs and geopolitical tensions could raise costs and slow purchases by industrial customers 2.
- Quarterly results were affected by one-time tariff refunds, so reported growth may not reflect the underlying pace of the business 23.
What to watch
- Local currency sales growth in China and emerging marketsQ3 2026
- Demand from pharma, biopharma and academic research customers2027
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.
The business
Services made up about 25% of net sales in 2025, supporting customer retention, and the company says it has the largest installed base of weighing instruments in the world 1. Research and development spending was 199 million USD in 2025, and manufacturing is located mainly in China, Switzerland, the United States, Germany, the United Kingdom and Mexico 1.
The company was incorporated in Delaware in 1991, went public in 1997, and reports five segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other Operations 1.
Segments
Laboratory Instruments
This segment covers laboratory balances, pipettes, titrators, pH meters, process analytics and the LabX software platform, and is the largest revenue contributor at about 56% of net sales in 2025 1.
Industrial Instruments
The segment includes industrial scales, terminals, product inspection systems such as metal detectors, x-ray and checkweighers, and vehicle scales, representing about 39% of net sales in 2025 1. Product inspection grew strongly in 2025 1.
Retail Weighing Solutions
Weighing solutions for supermarkets and food retail make up a small share, about 5% of net sales in 2025, and this business has been more volatile due to customer project timing 1.
Market context
Market risks include United States tariffs that raised import costs and geopolitical tensions such as the Iran conflict, which could affect demand in some markets and transport costs 2. The China market remains volatile, and since China is a significant part of the business, developments there could materially change results 1.
Trends
- Automation and digitalizationtailwind
The company expects to benefit from the shift toward automation and digitalization in laboratories and industry, which supports demand for its instruments and software 1.
- On and near-shoring investmenttailwind
Demand tied to investments in on-shoring and near-shoring could lift industrial sales, although the timing of these investments remains unclear 1.
- Trade tariffsmixed
U.S. tariffs and Chinese counter-tariffs raised costs and created uncertainty, and the company recorded a one-time tariff refund benefit in the second quarter of 2026 2.
- Pharma and biopharma demandmixed
Bioprocessing conditions improved, but biotech research and academia remained softer, so the pace of recovery in these markets could shape results 13.
Competitive position
The company says it holds number-one global market positions in most of its businesses and operates one of the most extensive sales and service networks in the industry 1. The sources do not name specific competitors, though the company compares itself with other precision instrument makers 1.
Competitive strengths include its brand, broad innovation portfolio, the Spinnaker program, its installed base and investments in software and digital tools, which support differentiated pricing 12.
- Precision and laboratory instrument makers
The company compares itself with other precision instrument suppliers; the sources do not name individual competitors.
- Product inspection system suppliers
In product inspection, the company competes with other providers of metal detectors and x-ray systems, not named in the sources.
- Regional instrument suppliers
In emerging markets and price-sensitive segments the company faces local competition, not detailed in the sources.
- Weighing equipment manufacturers
In industrial and commercial weighing the company competes with other manufacturers, not identified in the sources.
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.
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News & filings
In the press
- What Makes Mettler-Toledo International (MTD) an Attractive Bet?Yahoo Finance — News · 16 Sept 2026 · EN
- Is Mettler-Toledo Stock Underperforming the Nasdaq?Yahoo Finance — News · 14 Sept 2026 · EN
- Do Wall Street Analysts Like Mettler-Toledo Stock?Yahoo Finance — News · 28 Aug 2026 · EN
SEC filings
- Current report03 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report13 May 2026Departure or appointment of officers
- Current report11 May 2026Shareholder vote
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement18 Mar 2026
- Annual report06 Feb 2026
- Current report05 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Mettler-Toledo International Inc. · 06 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Mettler-Toledo International Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Mettler-Toledo International 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.