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.

8.00 0.12 −1.48%
Market cap
$475.5M
P/E
29.6×
Fwd P/E
27.7×
Dividend yield
—
F-score
6/9
Altman Z
2.22
Beneish M
−2.72
Dividend safety
n/a

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 475.51
Revenue 311.07
Net Income 15.10
Free Cash Flow 20.86
Net Debt (93.27)
Current Ratio 2.41 (at or above 1.5: strong)
Debt/Equity 0.21 (at or below 0.5: strong)
P/E ratio 29.63
Fwd P/E 27.70
P/S ratio 1.50
P/B ratio 1.57
Past 5Y EPS Growth —
This Y EPS Growth 44.19% (at or above 15%: strong)
Next Y EPS Growth 34.54% (at or above 15%: strong)
Next Y revenue growth 3.27%
Next 5Y EPS Growth 44.07% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 14.23%
10-year low 10-year high
P/S against its own 10 years 26.83%
10-year low 10-year high
P/B against its own 10 years 26.35%
10-year low 10-year high
EV/Sales against its own 10 years 26.43%
10-year low 10-year high
EV/FCF against its own 10 years 3.32%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 138 111 152 155
Receivables 57 57 62 65
Inventory 18 18 17 20
Other 10 20 22 17
223 206 253 257
2023 2024 2025 Q'26
Payables 23 25 23 23
ST’ Debt 25 11 9 8
Other 17 20 19 19
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%

Revenue $m

Mar Jun Sep Dec Year
’26 76 80 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.04 0.07 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 5.22 7.25 11.16 13.56 10.65 18.50 8.36 4.93 4.70 3.93

Analyst estimates 2026–2028

Powerpack
High 8.59 16.50 21.98 22.99 61.82 87.40 24.84 11.42 8.50 9.69
People
People Employees 1,432 1,862 2,009 2,177 2,163 2,332 2,433 2,437 2,514 2,556
Revenue/emp, $m 0.09 0.09 0.11 0.10 0.09 0.10 0.10 0.11 0.11 0.12
Income, $m
Income, $m Revenue 127 161 218 220 195 243 244 277 289 303
Gross margin, % 59.20 55.96 55.45 55.78 55.15 57.52 55.50 56.66 56.54 57.15
EBT (1) (1) 4 5 (9) 16 (1) 7 15 8
EBT margin, % (1.14) (0.79) 1.87 2.20 (4.82) 6.69 (0.51) 2.64 5.30 2.72
Net income (3) (2) 4 2 (8) 16 (2) 7 15 9
Depreciation 9 14 20 22 22 24 24 23 17 25
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
Earnings (0.06) (0.04) 0.07 0.03 (0.16) 0.26 (0.04) 0.12 0.25 0.15
Cash flow 0.20 0.24 0.67 0.60 0.64 0.54 0.40 0.37 0.58 0.49
Capex (0.30) (0.76) (0.47) (0.33) (0.37) (0.23) (0.44) (0.20) (0.47) (0.30)
Free cash flow (0.10) (0.52) 0.20 0.28 0.28 0.30 (0.04) 0.17 0.10 0.18
Book value 1.85 1.85 3.22 3.02 2.85 4.85 4.08 4.34 4.55 4.89
Shares, m 47 47 50 53 53 57 59 59 59 59
Valuation, ×
Valuation, × P/E 0.00 0.00 284.11 493.53 0.00 95.48 0.00 51.43 28.16 36.04
P/S 2.87 3.64 4.57 4.40 14.86 5.57 2.09 1.34 1.44 1.08
P/B 4.16 6.70 6.21 6.06 19.03 4.92 2.11 1.45 1.55 1.13
EV/Sales 2.68 4.00 4.52 4.34 14.82 5.05 1.79 1.06 1.18 0.80
EV/FCF (73.71) (26.05) 98.32 65.63 196.07 71.18 (182.39) 29.84 56.99 22.58
Cash, $m
Cash, $m Operating cash flow 9 11 33 32 34 31 23 22 34 29
Capex (14) (36) (23) (17) (20) (13) (26) (12) (28) (18)
Free cash flow (5) (25) 10 15 15 17 (2) 10 6 11
Balance, $m
Balance, $m Working capital 53 40 114 120 87 197 116 110 96 149
Total debt 37 107 125 132 119 107 77 61 36 65
Net debt (24) 58 (11) (12) (8) (125) (72) (77) (74) (86)
Shareholders’ equity 87 88 161 160 152 275 241 256 269 289
Returns, %
Returns, % ROA (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
ROE (3.72) (2.14) 2.88 1.15 (5.22) 7.29 (0.87) 2.93 5.54 3.13
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
OOMA Ooma, Inc. $565.2M 50.6× 45.1× +25.41% (above 0%: growing) +120.00% (above 0%: growing) +113.96% (above 0%: growing) 61.26% 4.79% Compare
MTC MMTec, Inc. $530.8M — (loss-making) 6.2× +463.39% (above 0%: growing) +53.54% (above 0%: growing) +10.81% (above 0%: growing) 0.00% 0.00% Compare
MTLS Materialise NV $475.5M 29.6× 27.7× +5.08% (above 0%: growing) +1,650.00% (above 0%: growing) +264.69% (above 0%: growing) 56.76% 3.97%
CRNC Cerence Inc. $414.8M — (loss-making) 193× +11.81% (above 0%: growing) n/m +22.24% (above 0%: growing) 76.04% 2.69% Compare
MFI mF International Limited $389.9M — — — — −38.82% (below 0%: shrinking) — — Compare
RMNI Rimini Street, Inc. $383.7M 47.7× 17.3× +6.69% (above 0%: growing) −90.91% (below 0%: shrinking) +87.83% (above 0%: growing) 60.95% 5.74% Compare
ENRD Einride AB - Sponsored ADR $369.7M 8.1× — — −25.00% (below 0%: shrinking) −28.82% (below 0%: shrinking) — 0.00% Compare
YB Yuanbao Inc. - Sponsored ADR $358.7M 2.4× — +37.38% (above 0%: growing) +14.26% (above 0%: growing) — 92.98% 32.39% Compare
QH Quhuo Limited Sponsored ADR $356.9M — (loss-making) 9.1× +63.08% (above 0%: growing) n/m +67.69% (above 0%: growing) 3.85% 0.00% Compare
Median of peers $386.8M 27.9× 17.3× +31.40% +14.26% +22.24% 61.11% 2.69%

All 237 Software Application stocks →

Materialise NV (MTLS) key facts

  • Strength: Materialise NV’s revenue for fiscal 2025 (year ended December 2025) was $302.8 million, up 4.90% from fiscal 2024.
  • Materialise NV (MTLS) is a Software Application company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, MTLS traded at $8.00, a market capitalization of $475.5 million.
  • Return on equity was 3.13% and debt-to-equity 0.21.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.22 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Materialise NV (MTLS) Latest News

8 May

Impact 4 · transcript

2 Dec

31 Oct

28 Oct

Impact 4 · transcript
Impact 4 · earnings
Impact 4 · earnings

22 May

28 Apr

25 Feb

18 Feb

2 Jan

stockrow.com/MTLS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com