Materion Corporation
MTRN Basic Materials Other Industrial Metals & Mining
Materion Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 6.04% from fiscal 2024. In the quarter to June 2026, revenue grew 42.2%, EPS grew 53.7%, free cash flow grew 61.8% and total debt rose 3.23%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Materion Corporation (MTRN) Beneish M-score
Materion Corporation's Beneish M-score for fiscal 2025 is −2.36; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.36 | 0.34 |
| FY2024 | −2.71 | 0.04 |
| FY2023 | −2.75 | (0.17) |
| FY2022 | −2.57 | 0.05 |
| FY2021 | −2.62 | (0.38) |
| FY2020 | −2.24 | 0.26 |
| FY2019 | −2.50 | 0.37 |
| FY2018 | −2.87 | (0.06) |
| FY2017 | −2.81 | (0.11) |
| FY2016 | −2.70 | 0.19 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.08 | — | 1.00 | |
| Gross margin index | 1.12 | — | 0.59 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 1.06 | — | 0.95 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.02) | — | −0.07 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.36 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ALM Almonty Industries Inc. compare | −3.6× |
| USAS Americas Gold and Silver Corporation compare | −3.5× |
| MTRN Materion Corporation | −2.4× |
| NEXA Nexa Resources S.A. compare | −2.1× |
| MP MP Materials Corp. compare | −0.6× |
| TMC TMC the metals company Inc. compare | — |
| USAR USA Rare Earth Inc. compare | — |
| SKE Skeena Resources Limited compare | — |
| VZLA Vizsla Silver Corp. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI