Does MATTEL INC /DE/ have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores MATTEL INC /DE/ (MAT) 55.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 73, returns on capital 50, balance-sheet safety 41, capital discipline 54.

Is MAT stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $14.62 per share versus a recent price of $14.30 — 2% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has MAT's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 55.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

MATTEL INC /DE/

MAT · Consumer Discretionary · $4.3B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power73

Median gross margin 47.1% over 10y, stable.

Returns on capital50

Median ROIC 10.9%, above the 9% hurdle in 70% of years.

Balance-sheet safety41

Net debt/EBITDA 1.5x, interest coverage 5x.

Capital discipline54

Owner earnings -1.0%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

2% below value

Owner earnings (normalized): $397.6M
Est. intrinsic value / share: $14.62
Recent price: $14.30
Discount to value: 2% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

MATTEL INC /DE/ booked $5.3B of revenue in FY2025 in the Consumer Discretionary sector and kept 48.7% of it as gross profit — a solid-margin business by that measure. After every other cost, 7.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $6.0B (FY2007) to $5.3B (FY2025) — about −0.6% a year compounded over 18 years.

It earned 13.2% on invested capital in FY2025, with a median of 13.6% across 19 filed years. The Returns on Capital filter above scores it 50/100.

The balance sheet carried $2.3B of total debt in FY2025 against $397.6M of owner earnings — roughly 5.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 41/100.

The share count fell 16.9% between FY2009 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 54/100.

Put together: Pricing Power is the strongest of the four filters (73/100) and Balance-Sheet Safety the weakest (41/100), which is how MAT lands at 56/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$5.3B FY2025

Gross marginRevenue kept after cost of goods48.7% FY2025

Return on invested capitalOperating profit on the capital employed13.2% FY2025

Owner earningsCash an owner could take out$397.6M FY2025

Gaps in a line mean that item isn’t in MAT’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale55.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MAT has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#128 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#126ALV AUTOLIV, INC.55.9 out of 100, Shallow moatShallow moat
#127WLDN Willdan Group, Inc.55.9 out of 100, Shallow moatShallow moat
#129ODC OIL-DRI CORPORATION OF AMERICA55.7 out of 100, Shallow moatShallow moat
#130SAH SONIC AUTOMOTIVE, INC.55.7 out of 100, Shallow moatShallow moat

Compare MAT with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about MAT

Does MATTEL INC /DE/ have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores MATTEL INC /DE/ (MAT) 55.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 73, returns on capital 50, balance-sheet safety 41, capital discipline 54.
Is MAT stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $14.62 per share versus a recent price of $14.30 — 2% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has MAT's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 55.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MAT. See the disclaimer.