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Saturday 7 November 2026
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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%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 0.00 | 284.11 | 493.53 | 0.00 | 95.48 | 0.00 | 51.43 | 28.16 | 36.04 |
Piotroski F-Score |
4 | 4 | 6 | 5 | 3 | 8 | 3 | 7 | 7 | 6 |
P/S ratio |
2.87 | 3.64 | 4.57 | 4.40 | 14.86 | 5.57 | 2.09 | 1.34 | 1.44 | 1.08 |
Altman Z-Score |
3.43 | — | — | 3.51 | 8.53 | 4.88 | 2.48 | 2.36 | 2.65 | 2.22 |
P/FCF ratio |
0.00 | 0.00 | 99.44 | 66.47 | 196.62 | 78.41 | 0.00 | 37.64 | 69.40 | 30.67 |
Altman Z″-Score (non-manufacturers) |
2.91 | — | — | 2.87 | 2.08 | 4.20 | 3.02 | 3.37 | 3.54 | 4.03 |
P/Operating CF |
79.27 | 71.44 | 81.71 | 148.45 | 170.17 | 135.95 | (1,858.94) | 4,212.37 | 66.16 | 62.86 |
Beneish M-Score |
(2.77) | (2.20) | (2.78) | (2.74) | (3.14) | (2.37) | (2.41) | (2.54) | (2.62) | (2.72) |
P/B ratio |
4.16 | 6.70 | 6.21 | 6.06 | 19.03 | 4.92 | 2.11 | 1.45 | 1.55 | 1.13 |
Price to Tangible BV |
5.44 | 17.07 | 9.16 | 9.10 | 31.74 | 6.28 | 3.29 | 2.12 | 2.19 | 1.55 |
EV/Sales |
2.68 | 4.00 | 4.52 | 4.34 | 14.82 | 5.05 | 1.79 | 1.06 | 1.18 | 0.80 |
EV/EBITDA |
36.12 | 42.28 | 37.20 | 32.59 | 167.96 | 31.68 | 21.11 | 10.01 | 12.72 | 6.96 |
EV/Operating CF |
36.06 | 57.71 | 29.49 | 30.08 | 84.24 | 40.17 | 18.66 | 13.50 | 10.03 | 8.43 |
EV/FCF |
(73.71) | (26.05) | 98.32 | 65.63 | 196.07 | 71.18 | (182.39) | 29.84 | 56.99 | 22.58 |
Quick Ratio |
1.74 | 1.23 | 2.08 | 2.02 | 1.69 | 2.60 | 1.81 | 1.72 | 1.52 | 2.06 |
Current Ratio |
2.00 | 1.55 | 2.32 | 2.27 | 1.90 | 2.82 | 2.04 | 1.97 | 1.86 | 2.43 |
Net Debt/EBITDA |
(2.61) | 3.81 | (0.42) | (0.41) | (0.47) | (3.22) | (3.45) | (2.62) | (2.77) | (2.49) |
Debt/Assets |
20.88% | 39.81% | 33.85% | 33.80% | 31.89% | 21.89% | 17.73% | 14.23% | 8.47% | 13.67% |
Debt/Equity |
0.43 | 1.22 | 0.78 | 0.83 | 0.79 | 0.39 | 0.32 | 0.24 | 0.14 | 0.23 |
Asset Turnover |
0.75 | 0.72 | 0.68 | 0.58 | 0.51 | 0.56 | 0.53 | 0.64 | 0.67 | 0.67 |
Operating CF/Net income |
(2.81) | (5.97) | 9.36 | 17.26 | (4.21) | 1.96 | (10.50) | 3.00 | 2.34 | 3.28 |
Capex/Depreciation |
(1.51) | (2.52) | (1.15) | (0.80) | (0.87) | (0.55) | (1.09) | (0.51) | (1.69) | (0.73) |
Interest Coverage |
0.04 | 0.18 | 1.06 | 1.91 | (0.77) | 2.98 | (0.65) | 1.45 | 3.18 | 1.59 |
| (3.72%) | (2.14%) | 2.88% | 1.15% | (5.22%) | 7.29% | (0.87%) | 2.93% | 5.54% | 3.13% | |
| (1.97%) | (0.84%) | 1.12% | 0.48% | (2.13%) | 3.60% | (0.48%) | 1.69% | 3.39% | 1.93% | |
ROIC |
0.12% | 0.42% | 2.55% | 3.33% | (2.30%) | 6.01% | (1.11%) | 2.12% | 3.28% | 3.12% |
Return on Tangible Assets |
(3.25%) | (1.36%) | 1.60% | 0.83% | (4.33%) | 5.06% | (1.04%) | 3.41% | 6.48% | 3.09% |
Average Days of Receivables |
87.61 | 91.09 | 72.89 | 76.05 | 66.11 | 73.80 | 80.30 | 75.10 | 72.59 | 74.92 |
Research and Development Expense of Revenue |
15.45% | 14.00% | 12.14% | 11.87% | 15.90% | 13.09% | 16.19% | 14.87% | 16.64% | 17.22% |
Selling, General and Administrative Expense of Revenue |
49.09% | 45.31% | 42.56% | 43.10% | 43.40% | 40.14% | 41.92% | 37.05% | 37.94% | 38.00% |
Intangible Assets out of Total Assets |
0.12 | 0.20 | 0.14 | 0.14 | 0.16 | 0.12 | 0.20 | 0.19 | 0.19 | 0.16 |
Share Based Compensation of Revenue |
0.85% | 0.72% | 0.58% | 0.15% | 0.44% | (0.50%) | (0.06%) | 0.02% | 0.11% | 0.10% |
Graham Net Nets |
0.04 | (0.12) | (0.01) | (0.02) | (0.01) | 0.07 | 0.07 | 0.14 | 0.11 | 0.20 |
Graham Number |
0.00 | 0.00 | 2.26 | 1.59 | 0.00 | 5.23 | 0.00 | 3.45 | 5.06 | 4.12 |
Earnings Yield |
(0.97%) | (0.32%) | 0.35% | 0.20% | (0.29%) | 1.05% | (0.48%) | 1.94% | 3.55% | 2.77% |
Free Cash Flow Yield |
(1.27%) | (4.22%) | 1.01% | 1.50% | 0.51% | 1.28% | (0.47%) | 2.66% | 1.44% | 3.26% |
Revenue per Share |
2.68 | 3.41 | 4.38 | 4.16 | 3.65 | 4.29 | 4.14 | 4.69 | 4.89 | 5.13 |
Operating CF per Share |
0.20 | 0.24 | 0.67 | 0.60 | 0.64 | 0.54 | 0.40 | 0.37 | 0.58 | 0.49 |
Capex per Share |
(0.30) | (0.76) | (0.47) | (0.33) | (0.37) | (0.23) | (0.44) | (0.20) | (0.47) | (0.30) |
Free Cash Flow per Share |
(0.10) | (0.52) | 0.20 | 0.28 | 0.28 | 0.30 | (0.04) | 0.17 | 0.10 | 0.18 |
Cash per Share |
1.31 | 1.03 | 2.74 | 2.73 | 2.39 | 4.09 | 2.51 | 2.34 | 1.87 | 2.57 |
Shareholders Equity per Share |
1.85 | 1.85 | 3.22 | 3.02 | 2.85 | 4.85 | 4.08 | 4.34 | 4.55 | 4.89 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
1.85 | 1.85 | 3.22 | 3.02 | 2.85 | 4.85 | 4.08 | 4.34 | 4.55 | 4.89 |
Free Cash Flow |
(4.60) | (24.76) | 10.03 | 14.58 | 14.71 | 17.26 | (2.40) | 9.87 | 5.99 | 10.69 |
Working Capital |
53.02 | 39.87 | 113.62 | 120.00 | 87.15 | 196.83 | 116.21 | 109.87 | 95.59 | 149.03 |
Capital Expenditures |
(14.00) | (35.93) | (23.41) | (17.23) | (19.53) | (13.32) | (25.88) | (11.95) | (28.05) | (17.96) |
Net Current Asset Value |
14.23 | (68.34) | (9.35) | (17.28) | (38.63) | 91.07 | 35.91 | 50.25 | 46.17 | 66.12 |
EV/EBIT |
2,863.12 | 659.62 | 161.74 | 121.76 | 0.00 | 84.97 | 0.00 | 48.44 | 33.46 | 23.87 |
Capex to Sales |
0.11 | 0.22 | 0.11 | 0.08 | 0.10 | 0.05 | 0.11 | 0.04 | 0.10 | 0.06 |
Price to Operating Income |
3,069.73 | 600.21 | 163.58 | 123.30 | 0.00 | 93.61 | 0.00 | 61.09 | 40.75 | 32.42 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.19 | 0.15 | 0.19 | 0.21 | 0.22 | 0.22 | 0.24 | 0.23 | 0.13 | 0.18 |
Cash ROIC |
(2.46%) | (10.18%) | 2.38% | 3.34% | 3.69% | 2.81% | (0.51%) | 2.17% | 1.44% | 2.11% |
Accounts Receivable Turnover |
4.54 | 4.56 | 5.21 | 4.92 | 4.80 | 5.76 | 4.75 | 5.00 | 5.04 | 5.07 |
Accounts Payable Turnover |
4.04 | 4.36 | 4.89 | 4.55 | 4.26 | 4.69 | 4.50 | 5.07 | 5.21 | 5.40 |
Inventory Turnover |
7.04 | 6.51 | 7.81 | 7.49 | 6.80 | 8.32 | 7.18 | 6.79 | 6.81 | 7.36 |
Average Days of Payables |
104.72 | 91.09 | 82.79 | 77.71 | 84.50 | 84.36 | 82.12 | 69.70 | 73.50 | 64.05 |
Days of Inventory on Hand |
61.50 | 67.40 | 44.29 | 53.28 | 47.95 | 47.24 | 56.85 | 56.01 | 53.49 | 47.43 |
Average Receivables |
27.88 | 35.31 | 41.89 | 44.73 | 40.58 | 42.21 | 51.46 | 55.41 | 57.22 | 59.78 |
Average Payables |
12.80 | 16.27 | 19.88 | 21.39 | 20.48 | 22.04 | 24.17 | 23.71 | 24.10 | 24.02 |
Average Inventory |
7.34 | 10.91 | 12.45 | 13.01 | 12.85 | 12.42 | 15.15 | 17.69 | 18.41 | 17.62 |
Average Assets |
169.56 | 223.84 | 319.20 | 380.56 | 382.75 | 431.70 | 461.20 | 431.29 | 429.07 | 452.40 |
Average Common Equity |
89.76 | 87.54 | 124.11 | 160.20 | 155.92 | 213.60 | 258.18 | 248.63 | 262.48 | 278.97 |
Columns are period end dates · fundamentals updated 2 Nov 2026