Mativ Holdings, Inc.

mativ.com

What Do They Do?

Sells adhesive materials, packaging and healthcare products to manufacturers and retailers. Also makes filtration media and films for system integrators and downstream manufacturers.

How Do They Make Money?

Customers pay for engineered materials and other products when they ship from a manufacturing facility.

revenue

Segment	Share	Revenue	How money arrives
FAM Sold outright	39% FY2022: 47%		Sold outright
SAS Sold outright	61% FY2022: 53%		Sold outright

Who Are Their Customers?

FAM sells mainly directly to system integrators and downstream manufacturers, with some sales through distributors. SAS sells directly and through distributors, converters and retailers.

Do Revenues Turn Into Profits?

Not on paper. It lost $337.4M in FY2025, but brought in more cash than it spent: $93.8M of free cash flow.

Operating income, FY2025

−19% of revenue

▼ Now a loss vs FY2024 ($6.3M, 0%)

Net income, FY2025

−17% of revenue

▲ +593% (Loss) vs FY2024 (−$48.7M, −2%)

Free cash flow, FY2025

5% of revenue

▲ +136% vs FY2024 ($39.8M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $525.4M in Q2 FY2025
Net income: ▲ Now profitable; vs −$9.5M in Q2 FY2025

SAS share of revenue vs 61.1% in Q2 FY2025

Growing. Revenue grew 2.1x in 4 years, from $930.7M in FY2021 to $2B in FY2025, about 21% a year.

Tobacco product exit The earlier report included engineered papers for tobacco products; the latest says Mativ sold that business and ceased participating in tobacco-based product markets.

Revenue over time

FAM SAS

$2.5B$1.3B$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Shaoxing Naite Plastics, 3M, Covestro, ORAFOL Europe, Hollingsworth and Vose, Ahlstrom Holding 3, Advanced Medical Solutions Group, Mondi, Loparex, Fedrigoni, and Potsdam Specialty Paper

Comments