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Meet The Industrial–Services Hybrid Building a Stronger Income Engine
Noah Zelvis
November 20, 2025
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If you like dividend stories built on resilience and steady improvement, today's pick could win you over simply by the work it's done strengthening the basics.
From tightening operations to boosting cash generation and staying committed to shareholder returns, this one deserves your attention.
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Some companies build their value steadily and with a long-term mindset that rarely seeks the spotlight yet consistently rewards patient investors. Matthews International (NYSE: MATW) is one of those names.
If you appreciate dividend stocks that sit slightly off the radar, generate resilient cash flow, and use disciplined execution to create shareholder value, this pick deserves a closer look.
It blends stable, legacy segments with forward-looking growth initiatives, giving investors a mix of defensive strength and meaningful upside as its transformation gains momentum.
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Reshape, recharge
What makes MATW compelling today is the way management is reshaping the portfolio, tightening operations, and directing capital toward areas with clearer, higher-return potential.
It's a company that progresses with intent, building an income profile that's sturdier than many realize.
Let’s dig into how the business works and why it may earn a place in your portfolio.
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A legacy business evolving with purpose.
Matthews International is one of those companies that does far more than most people realize.
At its core, it runs a blend of industrial technology operations and memorialization services.
Granted, it’s a combination that sounds unusual on paper, but in reality, it creates a business with both defensive stability and room to grow.
The memorial side provides steady demand from caskets, cremation equipment, and cemetery products.
The industrial division is expanding into areas such as marking and coding systems and energy-storage manufacturing solutions.
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A refreshed operational mix
Management has been gradually shifting the balance away from slower-moving legacy lines and into higher-return, higher-margin industrial technologies.
The company is still proud of the craftsmanship and heritage behind its memorial products, but it’s also directing more capital and talent toward the parts of the business that benefit from long-term trends.
The result is a more focused platform with clearer growth drivers. Costs have been managed sensibly, supply chain pressures have eased, and the industrial products division has begun to capture the momentum that management has been positioning it for.
It’s the kind of deliberate evolution that can improve a company’s long-term income profile without adding unnecessary risk.
Action: Patience is the watchword here. The most attractive entry points tend to appear when sentiment cools around industrial names or when short-term noise overshadows the company’s longer-term shift toward higher-margin technology segments. Adding during those quieter stretches, before the benefits of operational tightening and portfolio reshaping fully show up, is a smart move for your longer-term income prospects. |
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A visible shift is taking place.
Matthews’ latest quarter was an important one, and not just because of the headline numbers.
The company delivered GAAP EPS of $0.49, a sharp improvement from $0.06 a year ago. At the same time, both the Memorialization and Industrial Technologies segments reported higher adjusted EBITDA year over year, a sign that the cost-reduction work and portfolio reshaping are starting to flow through.
One of the clearest signals of progress came from the balance sheet.
Matthews reduced outstanding debt by $120 million during the quarter, using SGK proceeds to lower leverage and free up additional financial flexibility for the year ahead.
A long record of dividend payments
We can’t claim MATW is the loudest income play in the market, but it does deliver something far more valuable than sheer volume.
Dependability. The company has just announced its 32nd consecutive increase to its quarterly dividend, raising the payout to $0.255 per share and yielding 4.11%.
That three-decade streak of reliability is grounded in the strength of the Memorialization segment, which continues to produce steady, recurring cash flow year after year.
It’s the financial anchor that allows Matthews to keep rewarding shareholders, even as the rest of the business evolves.
With the anticipated proceeds from the sale of its warehouse automation division, the company is set to add even more flexibility.
Action: Keep your eyes peeled for softer quarters when sentiment cools to accumulate MATW, then adopt a set-and-forget mindset to reap the long-term rewards. |
Beware the rough edges
No company transforms without a few rough edges, and Matthews still has some to watch.
The Industrial Technologies segment is recovering, but the turnaround isn't instantaneous.
The lingering impact of the Tesla dispute has weighed on customer behaviour longer than anyone hoped, and while quotes are rising, the conversion pace could remain uneven.
A slower-than-expected pickup would keep this segment from contributing to the earnings lift investors are looking for.
There's also the Memorialization business. It's steady, reliable, and defensive, but it’s not exactly a growth engine.
If volumes soften further or pricing power eases, the segment may not offset variability elsewhere.
And while the SGK divestiture strengthens the balance sheet, it also removes a revenue stream, so any delays in executing the next phase of the strategy could leave the company in a holding pattern.
Stability today, earnings tomorrow
Matthews has all the hallmarks of a company moving in the right direction.
The core business continues to generate reliable cash flow, the industrial operations are showing signs of renewed momentum, and recent portfolio moves have strengthened both focus and financial flexibility.
Layer in a long history of dividend growth and a yield that rewards patience, and you’re looking at a stock that offers stability now with the potential for brighter earnings ahead.
That’s all for today’s edition of the Dividend Brief.
Thanks for reading, and if you have any feedback or dividend stocks you want me to take a look at, just reply to this email!
—Noah Zelvis
DividendBrief.com