Mettler-Toledo delivered a quarter that met Wall Street’s expectations, with management attributing the performance to robust growth in its Industrial and Laboratory segments, especially in the Americas. CEO Patrick Kaltenbach highlighted the impact of the Spinnaker sales and marketing program and the launch of new products such as the NineFocus pH Meter as key drivers. The company also benefited from strong bioprocessing demand and continued expansion in service offerings. However, operating margins declined due to persistent tariff headwinds and increased investments in sales and marketing.
Is now the time to buy MTD? Find out in our full research report (it’s free for active Edge members).
Mettler-Toledo (MTD) Q3 CY2025 Highlights:
- Revenue: $1.03 billion vs analyst estimates of $997.5 million (7.9% year-on-year growth, 3.2% beat)
- Adjusted EPS: $11.15 vs analyst estimates of $10.67 (4.5% beat)
- Adjusted EBITDA: $342.7 million vs analyst estimates of $311.5 million (33.3% margin, 10% beat)
- Revenue Guidance for Q4 CY2025 is $1.08 billion at the midpoint, below analyst estimates of $1.10 billion
- Management reiterated its full-year Adjusted EPS guidance of $42.15 at the midpoint
- Operating Margin: 28.2%, down from 29.2% in the same quarter last year
- Organic Revenue rose 5.1% year on year vs analyst estimates of 3.4% growth (167.1 basis point beat)
- Market Capitalization: $29.58 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Mettler-Toledo’s Q3 Earnings Call
- Luke Sergott (Barclays) asked about growth assumptions by segment for 2026, with CFO Shawn Vadala highlighting low-to-mid single-digit growth in Laboratory and Industrial, and flat growth in Retail.
- Vijay Kumar (Evercore ISI) questioned the step-down in 2026 guidance versus the second half of 2025. CEO Patrick Kaltenbach reiterated that the forecast assumes no significant market recovery due to ongoing uncertainty.
- Daniel Arias (Stifel) probed the timing of onshoring demand, to which Kaltenbach responded that impacts would be gradual, with only a moderate benefit expected in 2026.
- Brandon Couillard (Wells Fargo) inquired about recent acquisitions, and Kaltenbach explained these were small, targeted deals expanding distribution and service capabilities, with limited near-term revenue contribution.
- Joshua Waldman (Cleveland Research) asked about the durability of bioprocessing demand, with Kaltenbach confirming strong engagement across the portfolio and expectations for continued momentum into 2026.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will be monitoring (1) how effectively Mettler-Toledo offsets tariff-related margin pressures through pricing and supply chain adjustments, (2) the pace of adoption for new laboratory and industrial products, particularly in bioprocessing and automation, and (3) signs of improving replacement cycles and stabilization in China and Europe. Progress in service attach rates and digitalization initiatives will also serve as important indicators of execution.
Mettler-Toledo currently trades at $1,446, in line with $1,440 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free for active Edge members).
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