Mattel

MAT

Leisure · Consumer Cyclical

Also trades as: 0JZH.L

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

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Winston Score History

The full picture

Mattel is a toy company that makes some of the most recognizable toys in the world. Its biggest brands include Barbie, Hot Wheels, Fisher-Price, and American Girl. It sells to children and families through retailers like Walmart, Target, and Amazon, as well as directly through its own website and stores.

Mattel earns money by selling physical toys and games, and increasingly through licensing its brands for movies, TV shows, and merchandise. The 2023 Barbie movie showed how valuable its intellectual property can be beyond the toy aisle. Mattel operates globally, with significant sales in North America, Europe, and Latin America, generating roughly $5 billion in annual revenue. Its main competitive advantage is its portfolio of well-known, decades-old brands that are hard to replicate. The key growth opportunity is expanding its entertainment and licensing business, while the main risk is declining toy sales as children spend more time on screens and digital entertainment.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-137.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

18.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

$526M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Mattel has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

48.2%

Healthy — 48.2% gross margin

Profit after running costs

Operating Margin

1.0%

Thin — 1.0% operating margin

Return on the money invested

ROCE

10.8%

Below par — 10.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+2.9%

Nearly flat sales (+2.9% YoY)

Profit growth

EPS YoY

-12.9%

Earnings shrinking (-12.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

171%

Turns 171% of profit into real cash

Spare cash per sale

FCF Margin

9.0%

Modest free cash flow (9.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.17

Elevated debt (1.17)

Covers its interest

Interest Cover

3.79x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.7x

no trend

Attractive valuation — P/E 10.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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