Materialise NV ADR (MTLS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.04	$0.06	+50.0%	—	$70.1M	—
Q1 26	$0.01	$0.03	+200.0%	—	$66.3M	—
Q4 25	$0.06	$0.12	+100.0%	—	$70.2M	—
Q3 25	$0.01	$0.04	+300.0%	—	$77.8M	—
Q2 25	$0.02	$0.01	-50.0%	—	$64.8M	—
Q1 25	-$0.04	-$0.01	+75.0%	—	$66.4M	—
Q4 24	$0.05	$0.05	0.0%	—	$77.6M	—
Q3 24	$0.03	$0.05	+66.7%	—	$79.4M	—
Q2 24	$0.05	$0.07	+40.0%	—	$73.6M	—
Q1 24	—	$0.06	—	—	$63.6M	—
Q4 23	$0.06	$0.02	-66.7%	—	$65.3M	—
Q3 23	$0.01	$0.07	+600.0%	—	$60.1M	—
Q2 23	$0.05	-$0.01	-120.0%	—	$64.8M	—
Q1 23	-$0.07	$0.06	+185.7%	—	$65.9M	—
Q4 22	$0.04	-$0.08	-300.0%	—	$62.7M	—
Q3 22	$0.02	$0.02	0.0%	—	$58.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.13	—	—	$267.6M	—
FY24	—	$0.23	—	—	$315.2M	—
FY23	—	$0.11	—	—	$256.1M	—
FY22	—	-$0.04	—	—	$232M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$114.5M	$142.6M	$184.7M	$196.7M	$170.4M	$205.4M	$232M	$256.1M	$315.2M	$267.6M
YoY change	+12.2%	+24.5%	+29.6%	+6.47%	-13.3%	+20.5%	+12.9%	+10.4%	+23%	-15.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	114.5M	142.6M	184.7M	196.7M	170.4M	205.4M	232M	256.1M	315.2M	267.6M
Cost of revenue	46.7M	63M	82.3M	87.1M	76.4M	87.3M	103.3M	111M	137M	114.7M
Gross profit	67.8M	79.6M	102.4M	109.6M	94M	118.2M	128.8M	145.1M	178.2M	152.9M
Gross margin	59.2%	55.8%	55.4%	55.7%	55.2%	57.5%	55.5%	56.7%	56.5%	57.1%
Research & development	17.7M	20M	22.4M	23.3M	27.1M	26.9M	37.6M	38.1M	52.5M	46.1M
Selling, general & administrative	53.9M	61M	74.8M	81.1M	69.6M	77.6M	93M	90.2M	113.6M	96.3M
Operating expenses	66.5M	76.1M	93.4M	98.8M	91.9M	99.1M	124.7M	122.3M	158.5M	136M
Operating income	-345K	627K	3.9M	5.8M	-2.9M	12.4M	-4.1M	15M	11.1M	8.9M
Operating margin	-0.3%	0.44%	2.1%	2.97%	-1.7%	6.03%	-1.75%	5.87%	3.54%	3.34%
Non-operating income, net	-166K	-1M	1.6M	835K	-3.1M	3.5M	4.3M	-10.6M	2.5M	-2.4M
Pretax income	-1.3M	-1.6M	3.5M	4.2M	-8.2M	13.7M	-1.2M	6.8M	16.7M	7.3M
Income tax	1.7M	522K	425K	2.6M	-1M	591K	975K	78K	866K	-429K
Net income	-3M	-2.1M	3M	1.6M	-7.2M	13.1M	-2.2M	6.7M	15.8M	7.7M
Net margin	-2.64%	-1.48%	1.64%	0.84%	-4.22%	6.4%	-0.93%	2.61%	5.03%	2.88%
EBITDA	6.9M	12.5M	21.7M	25.5M	16.8M	33.3M	19.1M	40.7M	41.5M	33.1M
EPS	-0.06	-0.03	0.06	0.03	-0.13	0.23	-0.04	0.11	0.23	0.13
Diluted EPS	-0.06	-0.03	0.06	0.03	-0.13	0.23	-0.04	0.11	0.23	0.13

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	60.1M	65.3M	63.6M	73.6M	79.4M	77.6M	66.4M	64.8M	77.8M	70.2M	66.3M	70.1M
Cost of revenue	26.4M	27.7M	27.7M	31.7M	34M	34.6M	29.7M	27.1M	33.6M	29.4M	28.4M	30.3M
Gross profit	33.7M	37.5M	35.9M	42M	45.5M	43M	36.7M	37.8M	44.2M	40.8M	37.9M	39.8M
Gross margin	56%	57.5%	56.5%	57%	57.2%	55.4%	55.3%	58.3%	56.8%	58.1%	57.2%	56.8%
Research & development	9.5M	10.1M	10.2M	11.9M	12.7M	14.3M	11.4M	11.1M	13.4M	12.1M	11.9M	12.3M
Selling, general & administrative	22.6M	20.6M	23.9M	27.3M	28.8M	25.8M	25.1M	25.2M	28.9M	21.4M	24.8M	22.5M
Operating expenses	31.4M	21.5M	33.3M	37.9M	40.5M	35.9M	36.1M	35M	41.2M	29.7M	35.8M	31.8M
Operating income	2.3M	8.3M	2.6M	4.1M	5M	-1.5M	575K	2.7M	3M	3.1M	2.1M	3.5M
Operating margin	3.87%	12.7%	4.06%	5.53%	6.28%	-1.93%	0.87%	4.21%	3.81%	4.43%	3.15%	5.05%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	3.6M	-1.3M	4.1M	5.2M	3.7M	2.4M	-301K	-323K	2.8M	5.5M	2.5M	3M
Income tax	-363K	-808K	510K	1M	159.6K	-1M	234K	-521K	649K	-695K	662K	-304K
Net income	4M	-539K	3.6M	4.1M	3.5M	3.4M	-535K	198K	2.2M	6.2M	1.8M	3.3M
Net margin	6.67%	-0.83%	5.63%	5.63%	4.43%	4.42%	-0.81%	0.31%	2.79%	8.84%	2.75%	4.75%
EBITDA	10.7M	2.2M	10.3M	12M	12.1M	5.7M	8M	8.9M	9M	5.4M	8.8M	9.7M
EPS	0.07	-0.01	0.06	0.07	0.05	0.05	-0.01	0	0.04	0.11	0.03	—
Diluted EPS	0.07	-0.01	0.06	0.07	0.05	0.05	-0.01	0	0.04	0.11	0.03	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	350.7M	580.4M	962.7M	934.5M	2.8B	1.3B	501.6M	337.8M	—	—	495.2M
Enterprise value	328.6M	631.8M	953.2M	933.6M	2.8B	1.2B	441.7M	274.6M	—	—	475.5M
Shares outstanding	45.7M	45.7M	48.1M	51M	51.5M	54.7M	57M	51.4M	69.8M	59.1M	59.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	318	568.5	—	99.3	—	50.5	—	—	32.4
P/S	3.06	4.07	5.21	4.75	16.4	6.36	2.16	1.32	—	—	1.78
P/B	4.44	7.53	7.08	6.55	21	5.61	2.19	1.43	—	—	1.68
EV/EBITDA	47.8	50.4	43.8	36.6	166.1	36.4	23.1	6.75	—	—	15.6
EV/Sales	2.87	4.43	5.16	4.75	16.4	5.88	1.9	1.07	—	—	1.53
Earnings yield	—	—	0.31%	0.18%	—	1.01%	—	1.98%	—	—	3.08%
FCF yield	-1.73%	-3.81%	0.85%	1.36%	0.44%	1.08%	-0.5%	2.49%	—	—	3.02%
PEG	—	—	—	—	—	—	—	—	—	—	32.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	59.2%	55.8%	55.4%	55.7%	55.2%	57.5%	55.5%	56.7%	56.5%	57.1%	56.8%
Operating margin	-0.3%	0.44%	2.1%	2.97%	-1.7%	6.03%	-1.75%	5.87%	3.54%	3.34%	0.6%
Net margin	-2.64%	-1.48%	1.64%	0.84%	-4.22%	6.4%	-0.93%	2.61%	5.03%	2.88%	4.84%
ROE	-3.82%	-2.75%	2.23%	1.15%	-5.4%	5.65%	-0.94%	2.83%	5.39%	3.02%	5.22%
ROA	-1.86%	-0.9%	0.97%	0.47%	-2.21%	3.18%	-0.52%	1.69%	3.38%	1.83%	1.65%
ROIC	-0.61%	0.49%	2.69%	1.59%	-2.12%	8.74%	-2.4%	8.57%	4.77%	4.84%	6.28%
Return on tangible assets	-2.42%	-1.49%	1.34%	0.64%	-3.23%	4.2%	-0.87%	2.71%	5.37%	2.73%	4.75%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2	1.55	2.32	2.27	1.9	2.82	2.04	1.97	1.86	2.43	2.41
Quick ratio	1.86	1.4	2.19	2.13	1.79	2.7	1.89	1.81	1.7	2.27	2.22
Debt / equity	0.43	1.23	0.78	0.9	0.86	0.43	0.35	0.27	0.17	0.25	0.23
Debt / assets	0.21	0.4	0.34	0.37	0.35	0.24	0.2	0.16	0.1	0.15	0.14
Net debt / EBITDA	-3.21	4.1	-0.44	-0.04	0.21	-2.91	-3.13	-1.55	-1.74	-2.14	-2.25
Interest coverage	-0.97	-0.55	2.98	2.98	-2.58	6.64	0.42	4.87	11.9	5.26	1.34
Effective tax rate	0%	0%	12.3%	61.2%	0%	4.3%	0%	1.15%	5.18%	0%	2.25%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.51	3.12	3.84	3.85	3.31	3.76	4.07	4.98	4.52	4.53	4.64
EPS (basic)	-0.06	-0.03	0.06	0.03	-0.13	0.23	-0.04	0.11	0.23	0.13	0.13
EPS (diluted)	-0.06	-0.03	0.06	0.03	-0.13	0.23	-0.04	0.11	0.23	0.13	0.26
Book value per share	1.73	1.69	2.83	2.8	2.59	4.25	4.02	4.6	4.21	4.33	5.01
FCF per share	-0.13	-0.48	0.17	0.25	0.24	0.26	-0.04	0.16	0.09	0.15	0.26
Cash per share	1.22	0.95	2.4	2.53	2.17	3.58	2.47	2.48	1.73	2.27	2.29
Capex per share	0.23	0.6	0.37	0.26	0.2	0.14	0.38	0.17	0.41	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	9.01%	19.3%	9.74%	6.71%	6.15%	3.64%	9.22%	3.32%	9.07%	—	—
Capex / operating cash flow	121.8%	270.8%	63.6%	44.7%	38.6%	28.9%	260.5%	36.9%	80.3%	—	—
Payout ratio	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Dividend yield	0%	0%	0%	0%	0%	0%	0%	0%	—	—	—

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$60.1M	$65.3M	$63.6M	$73.6M	$79.4M	$77.6M	$66.4M	$64.8M	$77.8M	$70.2M	$66.3M	$70.1M
YoY change	+3.16%	+4.13%	-3.41%	+13.6%	+32.1%	+18.8%	+4.31%	-12%	-2.03%	-9.58%	-0.16%	+8.09%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	55.9M	43.2M	115.5M	128.9M	111.5M	196M	140.9M	127.6M	120.9M	133.9M
Receivables	27.5M	35.6M	36.9M	41M	30.9M	41.5M	51M	52.7M	62.7M	54.9M
Inventory	6.7M	9.8M	9.2M	12.2M	9.3M	10.8M	15.4M	16.4M	19.4M	14.9M
Total current assets	95.7M	97.5M	169.3M	191.2M	160.7M	257.8M	216.4M	206.5M	225.1M	223.6M
Property, plant & equipment	45.1M	129.3M	138.3M	101.6M	91.7M	171.7M	93.3M	95.3M	130.5M	111.5M
Goodwill & intangibles	37.3M	92.3M	87.6M	94M	103.2M	100.8M	164.1M	149.2M	173.3M	137.6M
Total assets	161.9M	234.7M	313.2M	349.4M	325.9M	413.4M	411.3M	396.6M	468.2M	420.6M
Accounts payable	13.4M	15.7M	18.7M	18.5M	17.7M	20.2M	23.2M	21.2M	27.6M	20.1M
Short-term debt	5.5M	12.8M	13.6M	16.8M	17.5M	21.2M	20M	25.5M	15.4M	10.3M
Total current liabilities	47.8M	62.7M	73.1M	84M	84.4M	91.4M	106.1M	105M	120.7M	91.9M
Long-term debt	28.3M	81.8M	92.4M	111.1M	97.6M	77.9M	61M	38.9M	33.4M	52.8M
Total liabilities	82.9M	157.6M	177.2M	206.6M	192.7M	180.8M	182.3M	160M	174.7M	165.2M
Shareholders' equity	79M	77.1M	136M	142.8M	133.2M	232.6M	228.9M	236.6M	293.6M	255.5M
Total debt	33.8M	94.6M	106M	127.9M	115.1M	99.1M	81M	64.4M	48.8M	63.1M
Net debt	-22.1M	51.4M	-9.5M	-959K	3.6M	-96.9M	-59.9M	-63.2M	-72.1M	-70.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	134M	127.6M	128.9M	125.5M	134.4M	120.9M	104.2M	116.7M	132M	133.9M	133M	133.7M
Receivables	42M	52.7M	48.6M	49.7M	57.6M	62.7M	49.6M	49.7M	44.9M	54.9M	55.5M	56.2M
Inventory	16.8M	16.4M	17M	17.8M	20.1M	19.4M	16.1M	14.7M	15.7M	14.9M	16.8M	16.8M
Total current assets	200.8M	206.5M	203.6M	201.5M	225.7M	225.1M	186.3M	201.7M	214.5M	223.6M	224.3M	221.2M
Property, plant & equipment	7.7M	95.3M	104.5M	110.7M	130.4M	130.5M	118.2M	118.1M	117.9M	111.5M	117.4M	115.6M
Goodwill & intangibles	159.7M	149.2M	147M	144.8M	172M	173.3M	144.3M	142M	139.6M	137.6M	135.5M	133M
Total assets	394M	396.6M	394.2M	397.6M	456.5M	468.2M	390.5M	404.4M	415.5M	420.6M	418.5M	417.7M
Accounts payable	20.8M	21.2M	19.7M	23.8M	24.5M	27.6M	21.3M	20.1M	18.9M	20.1M	19.8M	19.4M
Short-term debt	16M	25.5M	24.9M	24.8M	27.5M	15.4M	12M	10.6M	10.7M	10.3M	9.6M	9.3M
Total current liabilities	93.6M	105M	106.8M	109.7M	124.7M	120.7M	98.9M	93.4M	90.6M	91.9M	92.7M	92M
Long-term debt	50.3M	38.9M	34.7M	33.2M	33.9M	33.4M	24.4M	43M	53.6M	52.8M	50.5M	50.3M
Total liabilities	157.4M	160M	154.3M	154.5M	170.8M	174.7M	141.8M	155M	164.1M	165.2M	162.9M	161.4M
Shareholders' equity	236.6M	236.6M	240M	243.1M	285.7M	293.6M	248.7M	249.4M	251.4M	255.5M	255.6M	256.3M
Total debt	66.2M	64.4M	59.7M	58M	61.3M	48.8M	36.4M	53.7M	64.3M	63.1M	60.1M	59.5M
Net debt	-67.7M	-63.2M	-69.2M	-67.5M	-73M	-72.1M	-67.7M	-63M	-67.7M	-70.8M	-72.8M	-74.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-3M	-2.1M	3M	1.6M	-7.2M	13.1M	-2.2M	6.7M	15.8M	7.7M
Depreciation & amortization	8.4M	12.6M	17.3M	19.3M	19.7M	20.5M	22.6M	21.6M	25.7M	21.7M
Stock-based compensation	977K	1M	1.1M	302K	752K	-1M	-140K	39K	336.7K	266K
Change in working capital	139K	-3M	5M	3.7M	12.5M	-5.9M	-11.3M	-4.1M	-1.7M	-3.6M
Operating cash flow	8.5M	10.2M	28.3M	29.5M	27.1M	25.8M	8.2M	23.1M	35.6M	25.3M
Capital expenditure	-10.3M	-27.5M	-18M	-13.2M	-10.5M	-7.5M	-21.4M	-8.5M	-28.6M	—
Investing cash flow	-10.3M	-54.9M	-23.3M	-23.7M	-21.9M	-9.3M	-50.7M	-8.5M	-31.7M	6.2M
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	9.9M	39M	67M	11.8M	-14.6M	73.5M	-20.5M	-20.6M	-31.1M	18.7M
Net change in cash	8M	-5.7M	71.9M	17.6M	-9.4M	90M	-63M	-6M	-27.2M	50.2M
Free cash flow	-6.1M	-22.1M	8.2M	12.7M	12.3M	14.1M	-2.5M	8.4M	6M	9.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	4M	-539K	3.6M	3.9M	3.5M	3.4M	-535K	198K	1.8M	6.2M	1.8M	3.3M
Depreciation & amortization	5.5M	5.4M	5.4M	5.3M	6.3M	6.6M	5.5M	5.2M	5.5M	5.6M	5.7M	6.4M
Stock-based compensation	0	39K	71K	71K	82.1K	85.1K	72K	45K	74K	75K	56K	59K
Change in working capital	1.1M	-12.4M	4.3M	-4M	-4.2M	-2.8M	7.3M	-6M	603K	-8.2M	-1.8M	-573K
Operating cash flow	8.9M	-8M	12.4M	5.2M	7.1M	2.4M	13.5M	-27K	10.4M	5.3M	6.9M	8.1M
Capital expenditure	-2.1M	-2.3M	-2.3M	-8.2M	-7.6M	-8.4M	-1.3M	—	—	—	—	—
Investing cash flow	-2.1M	-2.3M	-2.3M	-8M	-10.9M	-8.4M	-1.3M	—	38K	3.5M	229K	-388K
Dividends paid	0	0	0	0	0	0	0	0	0	0	0	0
Share repurchases	—	—	—	—	—	—	—	—	—	—	-2.3M	-2.9M
Financing cash flow	-6.6M	-3.6M	-5.6M	-2.5M	-6.7M	-14.5M	-5.6M	-4.1M	10.5M	-2M	-6.5M	-4.6M
Net change in cash	175K	-14M	4.5M	-5.3M	-10.6M	-20.5M	6.6M	-4.1M	20.9M	6.7M	634K	3.2M
Free cash flow	4.2M	-2.3M	7.1M	-58K	-530.9K	-1.8M	7.9M	-4.8M	5.1M	862K	5.4M	6.2M

Materialise NV ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement