MTD US S&P 500Russell 1000 Earnings call
Mettler Toledo (MTD) · Q2 2026 results and valuation
Share price: $1749.01 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 31 Jul 2026 and 8 May 2026
Net income up 37.4% on the previous quarter. Management sounded very upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+37.4%
Net income vs Q1 2026
Outlook given
Net income 232.9M vs 169.5M
Revenue +8.5%
Against the same quarter last year (Q2 2025) it is +15.1% — part of the move on last quarter is seasonal.
2 · How management spoke
Very upbeat
More upbeat than 92% of company calls
Answers to analysts: upbeat, but clearly less so than the script.
Similar to last call.
3 · What stood out
Guidance
MTD expects third-quarter 2026 local currency sales to grow approximately 4%, which includes a 0.5% benefit from acquisitions.
Valuation
Is Mettler Toledo undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 0.9% growth a year (3-year revenue growth), the model's fair value is $381.45 a share — the stock trades 359% above it. Today's price assumes 19.4% growth a year.
Current price
$1749.01
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+19.4% for 10 yrs
Fair value / share
$381.45
Buy below
$286.09
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Management expects
EPS +8.5% · from the Q2 2026 report: “We expect adjusted EPS to be in the range of $12 to $12.15, a growth rate of 8% to 9% or 9% to 10%, excluding currency.”
A guidance figure for eps, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
-
Guidance
Adjusted EPS is expected between $12 and $12.15, up 8% to 9%, or 9% to 10% excluding currency.
Source quote
“We expect adjusted EPS to be in the range of $12 to $12.15, a growth rate of 8% to 9% or 9% to 10%, excluding currency.”
-
Figure
Sales were $1 billion, up 7% in the U.S., indicating a specific growth in the revenue driver for the quarter.
Source quote
“Sales in the quarter were $1 billion, up 7% in U.S.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 91% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“Our business in China grew 9% and was stronger than expected as our team continues to do an excellent job identifying high-growth markets and leveraging our innovative portfolio.”
“Organic sales increased 4% in Laboratory and increased 3% in Industrial, which included 4% growth in Core Industrial and 1% growth in Product Inspection.”
“We have maintained a strong focus on investing in innovation and growth in recent years while protecting profitability, which will serve us well as our markets recover.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.03B | 947.1M | +8.5% | 983.2M | +4.5% |
| Gross profit | 650.2M | 555.8M | +17.0% | 579.9M | +12.1% |
| Operating income | 289.4M | 209.7M | +38.0% | 248.7M | +16.4% |
| Net income | 232.9M | 169.5M | +37.4% | 202.3M | +15.1% |
| EPS | 11.55 | 8.33 | +38.7% | 9.76 | +18.3% |
Topics
Most discussed now
- Mettler Toledo is encouraged by its Q2 results and improved market conditions, especially in China and emerging markets.
- Pro had really good growth again in Q2, especially in the Americas with bioprocessing.
- Mettler Toledo's business in China grew 9% and was stronger than expected as its team continues to do an excellent job...
- Core Industrial did well this quarter with sales growth driven by strong demand for Mettler Toledo's solutions that enable automation.
- Mettler Toledo saw the pipette business coming back to growth as well last quarter, which is very promising.
Faded since Q1 2026
- Dropped Product inspection sales growth was solid as it benefited from innovation and Mettler Toledo's mid-market strategy despite continued…
- Dropped You kind of see a lot of positive indicators out there externally in terms of the PMIs.
- Fading Gross margin was 58.7% in the quarter, a...
- Fading Mettler Toledo is also fully committed to delivering on its margin expansion targets and have...