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Research · S&P 500 · Health Care
MTD · Mettler Toledo
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
32/55
low-moderate value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (ROE Trend) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
4/5Diluted EPS: $38.41 (2022), $35.90 (2023), $40.48 (2024), $42.05 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
Not scoredShareholder equity is negative in 2023, 2024, 2025, so ROE has no meaningful value and is not scored.
ROIC
5/5ROIC of 44.4%: earnings before interest and taxes of $1.12B (pre-tax income $1.05B plus interest expense $68.52M; the 10-K's financial data has no standard operating income figure) divided by $2.51B of capital (total assets $3.71B minus current liabilities $1.20B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores above 20% as 5.
Profit Margins
5/5Net margin of 21.9%; the framework scores above 20% as 5; gross margin 60.3%, operating margin 31.2%.
Balance sheet & cash
Debt-to-Equity
1/5Debt-to-equity of 166.68; the framework scores above 2.5 as 1 (total debt $2.14B, total cash $51.38M).
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $737.83M (2022), $860.55M (2023), $864.45M (2024), $848.65M (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $6.73B (2022), $7.51B (2023), $8.37B (2024), $9.24B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $44.37 x (8.5 + 2 x 8.2) x (4.4 / 4.5) = $1,080.26. Current price $1,622.29; price is 50.2% above the model value.
DCF Value
1/5FCF/share = $34.616, stage 1 growth = 3.1% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $143.11, PV of terminal value = $368.42, DCF value = $511.53. Current price $1,622.29; price is 217.1% above the model value.
Margin of Safety
1/5Graham value $1,080.26 (price is 50.2% above the model value); DCF value $511.53 (price is 217.1% above the model value).
Price-to-Book
1/5P/B of 2534.83; the framework scores above 5.0 as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 10 of 10 years (2016-2025); lowest 32.6%, highest 53.7%.
Gross margin, each year
Between 57.3% and 60.1% over 10 years (a range of 2.8 points).
Competition, in the company’s own words · 10-K filed Feb 6, 2026
Our markets are highly competitive. Many of the markets in which we compete are fragmented both geographically and by application, particularly the industrial and food retailing markets. As a result, we face numerous regional or specialized competitors, many of which are well established in their markets. For example, some of our competitors are divisions of larger companies with potentially greater financial and other resources than our own. In addition, some of our competitors are domiciled in emerging markets and may have a lower cost structure than ours. We are confronted with new competitors in emerging markets which, although relatively small in size today, could become larger companies in their home markets. Given the sometimes significant growth rates of these emerging markets, and in light of their cost advantage over developed markets, emerging market competitors could become more significant global competitors. Taken together, the competitive forces present in our markets can impair our operating margins in certain product lines and geographic markets. We expect our competitors to continue to improve the design and performance of their products and to introduce new products with competitive prices. Although we believe that we have technological and other competitive advantages over many of our competitors, we may not be able to realize and maintain these advantages.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. For a year whose 10-K financial data has no standard operating income figure, earnings before interest and taxes (pre-tax income plus interest expense) is used. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
4/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $3.65B paid out against $3.31B of free cash flow (fail: paid out more than free cash flow); total debt $2.01B to $2.15B, up 6.8%, 1.7x EBITDA (pass: not up more than 10%); shares outstanding 0.02B to 0.02B, down 8.0% (pass). 3 of 4 tests passed; the framework scores that as 4.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $44.37, g = 8.2%, Y = 4.5
IV = $1,080.26
Current price $1,622.29 vs Graham value $1,080.26 — price is 50.2% above the model value.
DCF:
FCF/share = $34.616
Stage 1 growth = 3.1% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $35.689 → PV $32.445
Y2: $36.796 → PV $30.410
Y3: $37.936 → PV $28.502
Y4: $39.112 → PV $26.714
Y5: $40.325 → PV $25.039
Stage 1 PV sum = $143.11
Terminal value at end of Y5 = $593.35
PV of terminal value = $368.42
DCF value = $511.53
Current price $1,622.29 vs DCF value $511.53 — price is 217.1% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $1622.29. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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