According to Allmusic critic Ritchie Unterberger, the lyrics of "No Matter What" are essentially "a pledge of eternal love." Unterberger says that these lyrics are "sung with great infectious lilting cheer, pioneering the 'power pop' style years before that was named by critics." Unterberger noted that the opening guitar chords are "not exactly hard rock and certainly not heavy metall, but dense and gripping." He also pointed out that similar to many Beatles songs, "the melody goes through a few different chord changes on the final line of the bridge than it does in the first half of the bridge, though retaining a similar progression."
