F

Minerals Technologies Inc. — Earnings Quality Grade F

MTX · Basic Materials

Major red flags

Revenue
$2.1B
2025
Net Income
-$18M
2025
Gross Margin
25.0%
Free Cash Flow
$87M
01

Screening Summary

13
Passed
2
Watch
2
Failed
-2.75
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 70 days, change +4 days YoY

A2AR vs Revenue Growth

AR growth 3.9% vs revenue growth -2.2%

A3Revenue vs CFFO

Revenue -2.2%, CFFO -18.1%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory 2.4% vs COGS -1.0%. Normal

B2CapEx vs Revenue

CapEx growth 19.7% vs revenue -2.2%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 40.2%. Normal

B4Gross Margin

Gross margin 25.0%, change -0.9pp. Stable

03

Cash Flow Quality

!
C1CFFO vs Net Income

CFFO/NI = -10.53. Below 1.0

C2Free Cash Flow

FCF $0.1B, FCF/NI = -4.71

C3Accruals Ratio

Accruals ratio = -6.1%. Low accruals

C4Cash vs Debt

Cash $0.3B covers only 35% of debt $1.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $1.1B = 66% of equity. Over 50%

!
D2Leverage

Debt/EBITDA = 7.3x (>4x). Financial stress

D3Soft Asset Growth

Other assets 17.5% vs revenue -2.2%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -1% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.75 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.75
-4.0 Clean-2.22 Grey-1.78 Danger0
1.062
DSRI
AR growing faster than revenue?
1.034
GMI
Gross margin declining?
0.99
AQI
Asset quality deteriorating?
0.978
SGI
Revenue growth rate
1
DEPI
Depreciation slowing?
1.016
SGAI
SG&A ratio changing?
-0.0611
TATA
Accruals level
1.089
LVGI
Leverage increasing?
05

Altman Z-Score

4.59
Safe Zone
0 Distress1.102.605.0+ Safe
0.173
Liquidity
0.7155
Cumulative profit
0.0117
Operating efficiency
0.9966
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25