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Minerals Technologies

MTX
40
Chemicals - Specialty · Basic Materials
Price
$74.91
-0.48 (-0.64%)
Market Cap
$2.32B
Winston Score
40
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

7.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 33.8M (2021) → 31.4M (2025)

Minerals Technologies Inc. makes specialty minerals and chemicals used in manufacturing. Its main products include precipitated calcium carbonate, talc, and other processed minerals sold to paper mills, plastics makers, steel producers, and consumer goods companies. The company is one of the largest producers of precipitated calcium carbonate in the world, and it also makes products that help purify water and improve the performance of household items like cat litter and personal care products.

The company earns revenue by selling its mineral products and related services directly to industrial customers, often under long-term supply agreements that sit inside or near customer factories. It operates globally, with facilities across North America, Europe, Asia, and other regions, giving it a broad geographic footprint. Those co-located supply arrangements create switching costs that make it harder for customers to change suppliers. The main risk the business faces is exposure to cyclical industries like paper and steel, where demand can fall sharply during economic downturns.

Winston Score History

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Growth Profile

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

Revenue Growth

+11.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+125.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$23M/ year

Flat (-0% vs prior year)

1.1% of revenue

Below sector average (3%)

Steady R&D investment year-over-year

Insider Activity

1.5%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$316M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Minerals Technologies is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin
24.0%
Thin — 24.0% gross margin
Operating Margin
12.3%
Healthy — 12.3% operating margin
ROCE
2.5%
Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+2.5%
Nearly flat sales (2.5% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
142%
Turns 142% of profit into real cash
FCF Margin
5.6%
Thin free cash flow (5.6%)

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

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Stability

Debt / Equity
0.56
Conservative — low debt load (0.56)
Interest Cover
5.23x
Adequate interest coverage (5.2x)

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

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Valuation

P/E Ratio (TTM)
14.5x
Attractive valuation — P/E 14.5

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

P/E vs Forward
+2.6
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield
0.63%
Small dividend — 0.63% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+9.3%
Dividend growing modestly (9.3% YoY)

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