Mativ Holdings, Inc. (MATV) · Nov 4, 2026 · Earnings
Beat — Adj. EPS $0.31 vs ~$0.25 consensus
Mativ’s Q3 earnings beat adjusted EPS expectations, but revenue missed as the Wisconsin tornado hit SAS. FAM delivered standout growth.
Mativ is trying to turn a specialty-materials portfolio toward profitable growth, with FAM emerging as the growth engine while SAS is working through the July Wisconsin tornado disruption. The prior quarter had already shown strong EBITDA improvement and management was emphasizing cost discipline and recovery, so this filing is more about the split between those businesses than a wholly new direction.
The adjusted EPS beat was real, but revenue missed. Adjusted diluted EPS of $0.31 exceeded the published consensus of roughly $0.25, while revenue of $499.5 million fell short of the roughly $510 million expectation. That makes the quarter a narrow earnings beat rather than a clean operational outperformance. The GAAP result remained a $0.03 per-share loss, although narrower than the $0.06 loss a year earlier.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Statements) | $499.5M (-2.8%) | $513.7M | $510M |
| Adjusted diluted EPS (Non-GAAP Reconciliation) | $0.31 | $0.39 | $0.25 |
| Adjusted EBITDA (Adjusted EBITDA) | $62.3M (-6.7%) | $66.8M | |
| Free cash flow (Supplemental Data) | $37.5M (-43.8%) | $66.7M |
FAM is now carrying the growth story. Filtration & Advanced Materials sales rose 10.2% reported and 11.6% organically, while adjusted EBITDA increased 20.4% and margin expanded 150 basis points to 18.1%. Management specifically tied demand to Aerospace & Defense and Transportation, making this the clearest evidence that the higher-value growth strategy is gaining traction.
SAS offset most of that progress. Sustainable & Adhesive Solutions sales fell 10.9%, and adjusted EBITDA dropped 24.7% with margin down 210 basis points to 11.6%. The tornado was the main reason for the sales decline in Paper & Packaging, but weaker volume/mix in Healthcare and higher distribution expense show that the segment’s pressure was broader than a single weather event.
Cash generation and leverage remain stabilizers, not a fresh catalyst. Year-to-date operating cash flow rose to $117.4 million and net debt declined to $879.1 million from $934.0 million at year-end, while liquidity stood at approximately $373.5 million. But third-quarter free cash flow fell sharply year over year, and interest expense still exceeded operating profit, so the balance sheet remains an important constraint on how quickly Mativ can invest behind the FAM opportunity.
Bottom line: This was a narrow beat with a meaningful strategic positive inside it: FAM is accelerating and improving margins. But the consolidated business is not yet cleanly inflecting because SAS remains disrupted and weaker, leaving the overall story modestly improved rather than decisively changed.
Q3 earnings call, November 5, 2026
A buy-side analyst on every ticker — it reads every public company's filing the instant it drops and decodes it into plain English.
A buy-side analyst on every ticker — the whole market decoded the second it moves, before it's a headline. Free gives you a taste. Pro takes the cap off and opens the full read on every company.
by Signing in NOW, claim your FREE 14-day Pro trial!