Mativ is a specialty materials manufacturer that engineers fibers, resins, polymers, and chemicals into customized substrates, films, nonwovens, tapes, and other performance materials, which it sells B2B to manufacturers who embed them into their own products. Mativ operates two segments: Filtration & Advanced Materials (FAM, ~39% of revenue), which produces specialty filtration media for HVAC, water treatment, life sciences, and transportation, as well as advanced thermoplastic polyurethane films for automotive paint protection, ballistic glass, and medical wound care; and Sustainable & Adhesive Solutions (SAS, ~61% of revenue), which produces tapes for automotive and construction, release liners for personal care and labels, specialty papers and packaging, and healthcare materials including wound care and device fixation. Mativ's products are highly engineered and often require extended customer qualification cycles, creating sticky relationships and recurring revenue once a customer adopts Mativ's specifications. Mativ's profitability is driven by the spread between pricing and raw material input costs (primarily resins and polymers), operating leverage across its 34 production sites, and mix shift toward higher-margin filtration and healthcare products. Following its 2022 merger with Neenah, Mativ took on significant debt, and the company is currently focused on delevering — targeting a 2.5–3.5x net leverage range — while rationalizing its manufacturing footprint and divesting non-core assets.