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. In the quarter to June 2026, revenue grew 5.08%, EPS grew 1,650.0%, free cash flow grew 264.7% and total debt rose 17.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Materialise NV (MTLS) Altman Z-score
Materialise NV's Altman Z-score for fiscal 2025 is 2.22, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.22 | (0.42) |
| FY2024 | 2.65 | 0.28 |
| FY2023 | 2.36 | (0.12) |
| FY2022 | 2.48 | (2.39) |
| FY2021 | 4.88 | (3.66) |
| FY2020 | 8.53 | 5.02 |
| FY2019 | 3.51 | 0.08 |
| FY2016 | 3.43 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.31 | — | 0.38 | |
| Retained earnings / total assets | 0.06 | — | 0.09 | |
| EBIT / total assets | 0.02 | — | 0.07 | |
| Market value of equity / total liabilities | 1.75 | — | 1.05 | |
| Sales / total assets | 0.64 | — | 0.64 | |
| Altman Z-score | Grey zone | 2.22 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.03 | ||
Z and Z″ put Materialise NV in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MFI mF International Limited compare | 19.8× |
| MTC MMTec, Inc. compare | 18.6× |
| YB Yuanbao Inc. - Sponsored ADR compare | 5.1× |
| MTLS Materialise NV | 2.2× |
| OOMA Ooma, Inc. compare | 1.9× |
| RMNI Rimini Street, Inc. compare | 1.1× |
| QH Quhuo Limited Sponsored ADR compare | −0.2× |
| CRNC Cerence Inc. compare | −0.9× |
| ENRD Einride AB - Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets