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Materialise NV

MTLS Technology Software Application

Materialise NV’s revenue for fiscal 2025 (year ended December 2025) was $302.8 million, up 4.90% from fiscal 2024.

Revenue
−1.23%
EPS
−32.3%
Free cash flow
+40.1%
Total debt
+10.7%

Quarter to September 2026, against a year earlier

6.75 0.09 +1.35%
Market cap
$383.9M
P/E
26.2×
Fwd P/E
30.6×
Dividend yield
—
F-score
6/9
Altman Z
2.22
Beneish M
−2.72
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 383.88
Revenue ttm 310.12
Net income ttm 14.49
Free cash flow ttm 23.28
Net debt Q (101.71)
Valuation
P/E 26.22
Forward P/E 30.60
Price / sales 1.26
Forward P/S Powerpack
Price / FCF 16.75
Price / book 1.32
Financial health
Current ratio Q 2.52 (at or above 1.5: strong)
Debt / equity Q 0.25 (at or below 0.5: strong)
Interest coverage Q 1.19
Growth
Revenue growth Q −1.23% (below 0%: shrinking)
Operating income growth Q −48.50% (below 0%: shrinking)
EPS, this year +44.10% (at or above 15%: strong)
EPS, next year A +34.54% (at or above 15%: strong)
Revenue, next year A +2.12%
EPS, past 5 yrs —
EPS, next 5 yrs A +33.52% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 2.9×; over the ten years it ranged from 0.6× in 2026 to 17.9× in 2021.
P/E against its own 10 years 7.83%
10-year low 10-year high
P/S against its own 10 years 20.78%
10-year low 10-year high
P/B against its own 10 years 20.89%
10-year low 10-year high
EV/Sales against its own 10 years 18.66%
10-year low 10-year high
EV/FCF against its own 10 years 0.11%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 138 111 152 177
Receivables 57 57 62 56
Inventory 18 18 17 20
Other 10 20 22 15
223 206 253 268
2023 2024 2025 Q'26
Payables 23 25 23 24
ST’ Debt 25 11 9 7
Other 17 20 19 22
114 111 104 107

Compound Annual Growth %

10y 5y 3y
Sales 10.34% 9.23% 7.39%
Cash Flow 27.06% (3.51%) 6.85%
Earnings 0.00% 0.00% 0.00%
Book Value 12.12% 13.71% 6.22%

Earnings Trends EPS, adjusted, against the consensus

Sep 2025 Estimate 0.01 Actual 0.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Jun 2022 0.02 0.02 Met by 0.00
Sep 2022 0.02 0.02 Met by 0.00
Dec 2022 0.04 −0.08 Miss by 0.12
Sep 2025 0.01 0.04 Beat by 0.03

EPS $

Mar Jun Sep Dec Year
’26 0.04 0.07 0.03 — —
’25 (0.01) 0.00 0.04 0.12 0.15
’24 0.07 0.07 0.06 0.05 0.25
’23 0.07 (0.01) 0.07 (0.01) 0.12
’22 0.00 0.02 0.02 (0.08) (0.04)
’21 (0.08) 0.07 0.17 0.09 0.26
’20 (0.06) (0.04) (0.01) (0.05) (0.16)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 76 80 77 — —
’25 72 76 78 77 303
’24 69 74 77 69 289
’23 71 70 64 72 277
’22 59 60 57 69 244
’21 53 60 60 69 243
’20 51 43 48 53 195
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 8 9 11 — —
’25 10 1 12 5 29
’24 11 9 8 6 34
’23 12 1 9 0 22
’22 12 9 3 0 23
’21 5 11 5 10 31
’20 8 8 1 17 34
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 6 8 8 — —
’25 8 (5) 6 1 11
’24 8 0 0 (2) 6
’23 8 (1) 5 (2) 10
’22 9 2 (6) (7) (2)
’21 3 8 1 5 17
’20 5 4 (8) 14 15
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 127 161 218 220 195 243 244 277 289 303 310 +10.2% 309 328 351 +5.1%
Gross margin, % 59.20 55.96 55.45 55.78 55.15 57.52 55.50 56.66 56.54 57.15 57.42 (2.0) pt
EBT (1) (1) 4 5 (9) 16 (1) 7 15 8 14 n/m
EBT margin, % (1.14) (0.79) 1.87 2.20 (4.82) 6.69 (0.51) 2.64 5.30 2.72 4.56 +3.9 pt
Net income (3) (2) 4 2 (8) 16 (2) 7 15 9 14 n/m
Per share, $
Per share, $ Revenue 2.68 3.41 4.38 4.16 3.65 4.29 4.14 4.69 4.89 5.13 5.36 +7.5%
Earnings (0.06) (0.04) 0.07 0.03 (0.16) 0.26 (0.04) 0.12 0.25 0.15 0.26 n/m
Cash flow 0.20 0.24 0.67 0.60 0.64 0.54 0.40 0.37 0.58 0.49 0.58 +10.4%
Capex (0.30) (0.76) (0.47) (0.33) (0.37) (0.23) (0.44) (0.20) (0.47) (0.30) (0.18) +0.3%
Free cash flow (0.10) (0.52) 0.20 0.28 0.28 0.30 (0.04) 0.17 0.10 0.18 0.40 n/m
Book value 1.85 1.85 3.22 3.02 2.85 4.85 4.08 4.34 4.55 4.89 5.09 +11.4%
Shares, m 47 47 50 53 53 57 59 59 59 59 59 +2.5%
Valuation, ×
Valuation, × P/E 0.00 0.00 284.11 493.53 0.00 95.48 0.00 51.43 28.16 36.04 26.22 98.9
P/S 2.87 3.64 4.57 4.40 14.86 5.57 2.09 1.34 1.44 1.08 1.26 4.2
P/B 4.16 6.70 6.21 6.06 19.03 4.92 2.11 1.45 1.55 1.13 1.32 5.3
EV/Sales 2.68 4.00 4.52 4.34 14.82 5.05 1.79 1.06 1.18 0.80 0.93 4.0
EV/FCF (73.71) (26.05) 98.32 65.63 196.07 71.18 (182.39) 29.84 56.99 22.58 12.38 25.8
Cash, $m
Cash, $m Operating cash flow 9 11 33 32 34 31 23 22 34 29 34 +13.2%
Capex (14) (36) (23) (17) (20) (13) (26) (12) (28) (18) (10) +2.8%
Free cash flow (5) (25) 10 15 15 17 (2) 10 6 11 23 n/m
Balance, $m
Balance, $m Working capital 53 40 114 120 87 197 116 110 96 149 162 +12.2%
Net debt (24) 58 (11) (12) (8) (125) (72) (77) (74) (86) (102) +15.1%
Shareholders’ equity 87 88 161 160 152 275 241 256 269 289 294 +14.2%
Returns, %
Returns, % ROA (1.97) (0.84) 1.12 0.48 (2.13) 3.60 (0.48) 1.69 3.39 1.93 2.93 +3.9 pt
ROIC 0.12 0.42 2.55 3.33 (2.30) 6.01 (1.11) 2.12 3.28 3.12 3.38 +3.0 pt
ROE (3.72) (2.14) 2.88 1.15 (5.22) 7.29 (0.87) 2.93 5.54 3.13 4.88 +6.9 pt
People
People Employees 1,432 1,862 2,009 2,177 2,163 2,332 2,433 2,437 2,514 2,556 — +6.6%
Revenue/emp, $m 0.09 0.09 0.11 0.10 0.09 0.10 0.10 0.11 0.11 0.12 — +3.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Materialise NV vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MTLS Materialise NV $383.9M 26.2× 30.6× −1.23% (below 0%: shrinking) −32.25% (below 0%: shrinking) +40.10% (above 0%: growing) 57.68% 1.98%
LAW CS Disco, Inc. $364.9M — (loss-making) — (loss-making) +10.80% (above 0%: growing) n/m −165.42% (below 0%: shrinking) 75.51% (12.36%) Compare
CRNC Cerence Inc. $363.2M — (loss-making) 245× +11.81% (above 0%: growing) n/m +22.24% (above 0%: growing) 76.04% 2.69% Compare
MNTN MNTN Inc. $351.6M 6.8× 6.8× +20.56% (above 0%: growing) n/m +87.71% (above 0%: growing) 80.32% 8.62% Compare
AIOT PowerFleet, Inc. $347.6M — (loss-making) — (loss-making) +6.41% (above 0%: growing) n/m +92.55% (above 0%: growing) 55.20% 0.24% Compare
ALIT Alight, Inc. $345.6M — (loss-making) — (loss-making) −6.19% (below 0%: shrinking) n/m −85.71% (below 0%: shrinking) 27.00% (12.20%) Compare
YB Yuanbao Inc. - Sponsored ADR $340.5M 2.1× — +37.38% (above 0%: growing) +14.26% (above 0%: growing) — 92.98% 32.39% Compare
EGHT 8x8 Inc $325.0M 39.7× 213× +4.29% (above 0%: growing) +317.86% (above 0%: growing) +130.99% (above 0%: growing) 59.67% 3.61% Compare
PLTS Platinum Analytics Cayman Limited $316.1M — — — — — — — Compare
Median of peers $346.6M 6.8× 213× +10.80% — +54.98% 75.51% 2.69%

All 230 Software Application stocks →

Materialise NV (MTLS) Latest News

28 Oct

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8 May

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stockrow.com/MTLS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com