NASDAQ : MTLS
Materialise NV — Financial statements
Technology · Software - Application · Belgium
Last price 7.18 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 415.44M
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Financial statements
Materialise NV (MTLS) reported revenue of 274.18M EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 274.18M | 267.63M | 266.76M | 256.13M | 232.02M | 205.45M |
| Cost of Revenue | 116.70M | 114.68M | 115.94M | 111.00M | 103.25M | 87.28M |
| Gross Profit | 157.48M | 152.95M | 150.82M | 145.13M | 128.77M | 118.17M |
| Selling, General & Admin | 103.11M | 101.71M | 101.19M | 94.89M | 97.27M | 82.05M |
| Research & Development | 49.12M | 46.09M | 44.40M | 38.10M | 37.57M | 26.89M |
| Other Operating Expenses | -4.08M | -3.79M | -4.22M | -2.89M | -2.52M | -3.58M |
| Operating Expenses | 148.16M | 144.01M | 141.37M | 130.09M | 132.32M | 105.36M |
| Operating Income | 9.33M | 8.94M | 9.46M | 15.04M | -3.55M | 12.81M |
| Interest Expense | -1.71M | -1.30M | -1.75M | -2.05M | -2.44M | |
| Interest & Investment Income | 5.97M | 2.84M | 4.25M | 4.45M | 1.33M | 658.00K |
| Currency Exchange Gain (Loss) | -2.43M | -2.43M | 2.11M | -1.21M | 3.13M | 3.65M |
| Other Non Operating Income (Expenses) | -345.00K | -345.00K | -351.00K | -338.00K | -723.00K | -350.00K |
| EBT Excluding Unusual Items | 12.52M | 7.29M | 14.16M | 16.19M | -1.86M | 14.33M |
| Merger & Restructuring Charges | -24.00K | -413.00K | ||||
| Impairment of Goodwill | -1.18M | -177.00K | ||||
| Asset Writedown | -3.05M | |||||
| Legal Settlements | -5.19M | |||||
| Other Unusual Items | 681.00K | |||||
| Pretax Income | 12.52M | 7.29M | 14.14M | 6.77M | -1.18M | 13.74M |
| Income Tax Expense | -217.00K | -429.00K | 733.00K | 78.00K | 975.00K | 591.00K |
| Earnings From Continuing Operations | 12.74M | 7.72M | 13.41M | 6.70M | -2.15M | 13.14M |
| Minority Interest in Earnings | -7.00K | 2.00K | 30.00K | 27.00K | 29.00K | 9.00K |
| Net Income | 12.73M | 7.72M | 13.44M | 6.72M | -2.12M | 13.15M |
| Net Income to Common | 12.73M | 7.72M | 13.44M | 6.72M | -2.12M | 13.15M |
| Shares Outstanding (Basic) | 58.52M | 59.07M | 59.07M | 59.07M | 59.06M | 56.69M |
| Shares Outstanding (Diluted) | 58.57M | 59.07M | 59.10M | 59.09M | 59.06M | 56.84M |
| EPS (Basic) | 0.22 | 0.13 | 0.23 | 0.11 | -0.04 | 0.23 |
| EPS (Diluted) | 0.21 | 0.13 | 0.23 | 0.11 | -0.04 | 0.23 |
| Free Cash Flow | 21.93M | 11.23M | 6.81M | 10.92M | 680.00K | 17.91M |
| Free Cash Flow Per Share | 0.37 | 0.19 | 0.12 | 0.18 | 0.01 | 0.32 |
| Gross Margin | 57.44% | 57.15% | 56.54% | 56.66% | 55.50% | 57.52% |
| Operating Margin | 3.40% | 3.34% | 3.54% | 5.87% | -1.53% | 6.23% |
| Profit Margin | 4.64% | 2.88% | 5.04% | 2.62% | -0.92% | 6.40% |
| Free Cash Flow Margin | 8.00% | 4.20% | 2.55% | 4.26% | 0.29% | 8.72% |
| EBITDA | 25.07M | 23.43M | 24.31M | 30.28M | 14.30M | 27.89M |
| EBITDA Margin | 9.14% | 8.76% | 9.11% | 11.82% | 6.16% | 13.57% |
| D&A For EBITDA | 15.74M | 14.50M | 14.85M | 15.25M | 17.85M | 15.08M |
| EBIT | 9.33M | 8.94M | 9.46M | 15.04M | -3.55M | 12.81M |
| EBIT Margin | 3.40% | 3.34% | 3.54% | 5.87% | -1.53% | 6.23% |
| Effective Tax Rate | 5.18% | 1.15% | 4.30% |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 153.53M | 133.92M | 102.30M | 127.57M | 140.87M | 196.03M |
| Cash & Short-Term Investments | 153.53M | 133.92M | 102.30M | 127.57M | 140.87M | 196.03M |
| Accounts Receivable | 48.78M | 54.94M | 53.05M | 52.70M | 51.04M | 41.54M |
| Other Receivables | 9.48M | 12.87M | 4.54M | 4.00M | 4.21M | |
| Receivables | 48.78M | 64.41M | 65.92M | 57.23M | 55.05M | 45.75M |
| Inventory | 17.42M | 14.90M | 16.99M | 17.03M | 16.08M | 11.29M |
| Other Current Assets | 13.25M | 10.37M | 5.30M | 4.62M | 4.42M | 4.73M |
| Total Current Assets | 232.98M | 223.61M | 190.51M | 206.47M | 216.41M | 257.80M |
| Property, Plant & Equipment | 115.99M | 118.28M | 119.05M | 103.50M | 102.70M | 93.50M |
| Long-Term Investments | 418.00K | 3.99M | 3.74M | 3.80M | 3.96M | |
| Goodwill | 43.23M | 43.16M | 43.39M | 43.16M | 44.16M | 18.73M |
| Other Intangible Assets | 22.22M | 25.64M | 29.97M | 31.46M | 37.88M | 31.67M |
| Long-Term Deferred Tax Assets | 4.12M | 3.97M | 3.52M | 2.80M | 1.19M | 227.00K |
| Long-Term Deferred Charges | 741.00K | |||||
| Other Long-Term Assets | 10.62M | 5.99M | 5.89M | 5.50M | 5.13M | 4.53M |
| Total Assets | 429.58M | 420.65M | 396.34M | 396.63M | 411.26M | 413.41M |
| Accounts Payable | 20.93M | 20.12M | 23.35M | 21.20M | 23.23M | 20.17M |
| Accrued Expenses | 15.47M | 16.60M | 14.85M | 18.93M | 15.06M | |
| Current Portion of Long-Term Debt | 5.95M | 7.76M | 10.38M | 22.87M | 17.06M | 17.85M |
| Current Portion of Leases | 2.60M | 2.56M | 2.61M | 2.61M | 2.90M | 3.35M |
| Current Income Taxes Payable | 464.00K | 748.00K | 1.43M | 1.78M | 1.25M | 783.00K |
| Current Unearned Revenue | 43.36M | 43.52M | 46.00M | 40.79M | 41.72M | 33.31M |
| Other Current Liabilities | 19.34M | 1.70M | 1.80M | 851.00K | 1.03M | 908.00K |
| Total Current Liabilities | 92.63M | 91.88M | 102.18M | 104.95M | 106.11M | 91.44M |
| Long-Term Debt | 59.22M | 49.73M | 23.18M | 33.58M | 55.87M | 72.64M |
| Long-Term Leases | 3.29M | 3.06M | 5.11M | 5.33M | 5.15M | 5.27M |
| Long-Term Unearned Revenue | 15.80M | 17.34M | 13.27M | 10.70M | 9.28M | 6.45M |
| Long-Term Deferred Tax Liabilities | 2.34M | 2.66M | 3.20M | 3.73M | 4.31M | 4.37M |
| Other Long-Term Liabilities | 483.00K | 487.00K | 909.00K | 1.75M | 1.61M | 667.00K |
| Total Liabilities | 173.77M | 165.16M | 147.84M | 160.04M | 182.33M | 180.83M |
| Common Stock | 4.49M | 4.49M | 4.49M | 4.49M | 4.49M | 4.49M |
| Additional Paid-In Capital | 203.90M | 203.90M | 233.90M | 233.94M | 233.90M | 233.87M |
| Retained Earnings | 55.01M | 27.00M | 19.28M | 5.84M | -879.00K | 1.24M |
| Comprehensive Income & Other | 20.18M | -9.08M | -7.63M | -8.55M | -7.03M | |
| Total Common Equity | 255.89M | 255.56M | 248.58M | 236.65M | 228.96M | 232.58M |
| Minority Interest | -79.00K | -80.00K | -86.00K | -53.00K | -28.00K | 1.00K |
| Shareholders' Equity | 255.81M | 255.48M | 248.49M | 236.59M | 228.93M | 232.58M |
| Total Liabilities & Equity | 429.58M | 420.65M | 396.34M | 396.63M | 411.26M | 413.41M |
| Total Debt | 71.06M | 63.11M | 41.28M | 64.40M | 80.98M | 99.11M |
| Net Cash (Debt) | 82.47M | 70.81M | 61.02M | 63.17M | 59.89M | 96.92M |
| Net Cash Per Share | 1.41 | 1.20 | 1.03 | 1.07 | 1.01 | 1.71 |
| Filing Date Shares Outstanding | 57.84M | 59.07M | 59.07M | 59.07M | 59.07M | 59.06M |
| Total Common Shares Outstanding | 57.84M | 59.07M | 59.07M | 59.07M | 59.07M | 59.06M |
| Working Capital | 140.34M | 131.72M | 88.34M | 101.52M | 110.30M | 166.37M |
| Book Value Per Share | 4.42 | 4.33 | 4.21 | 4.01 | 3.88 | 3.94 |
| Tangible Book Value | 190.44M | 186.76M | 175.21M | 162.02M | 146.93M | 182.18M |
| Tangible Book Value Per Share | 3.29 | 3.16 | 2.97 | 2.74 | 2.49 | 3.08 |
| Land | 67.61M | 48.67M | 48.60M | 47.96M | 47.16M | |
| Machinery | 143.07M | 132.41M | 121.05M | 105.88M | 103.27M | |
| Construction In Progress | 3.95M | 26.53M | 12.54M | 15.96M | 1.78M |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 12.73M | 7.72M | 13.44M | 6.72M | -2.12M | 13.15M |
| Depreciation & Amortization | 18.83M | 17.58M | 18.04M | 18.54M | 21.15M | 18.72M |
| Other Amortization | 4.12M | 4.12M | 3.76M | 3.03M | 1.42M | 1.83M |
| Loss (Gain) From Sale of Assets | -411.00K | -85.00K | -312.00K | -415.00K | 347.00K | 210.00K |
| Asset Writedown & Restructuring Costs | 4.23M | 177.00K | ||||
| Stock-Based Compensation | 550.00K | 266.00K | 285.00K | 39.00K | -140.00K | -1.04M |
| Provision & Write-off of Bad Debts | 980.00K | 723.00K | 236.00K | 499.00K | -23.00K | 255.00K |
| Other Operating Activities | 664.00K | 3.83M | -2.58M | 91.00K | 635.00K | -1.57M |
| Change in Accounts Receivable | -4.82M | -2.67M | -1.04M | -3.33M | -6.33M | -10.92M |
| Change in Inventory | -2.36M | -904.00K | -372.00K | -806.00K | -5.01M | -1.42M |
| Change in Accounts Payable | -281.00K | -5.27M | -9.00K | -8.44M | 12.37M | 6.45M |
| Operating Cash Flow | 30.00M | 25.32M | 31.46M | 20.16M | 22.29M | 25.84M |
| Capital Expenditures | -8.07M | -14.09M | -24.65M | -9.23M | -21.61M | -7.93M |
| Sale of Property, Plant & Equipment | 516.00K | 389.00K | 458.00K | 723.00K | 205.00K | 462.00K |
| Cash Acquisitions | -2.67M | -29.29M | -875.00K | |||
| Sale (Purchase) of Intangibles | -1.93M | -2.17M | -1.73M | -2.52M | -3.17M | -3.79M |
| Investment in Securities | -8.00K | |||||
| Other Investing Activities | 5.24M | 3.67M | 1.00K | |||
| Investing Cash Flow | -2.70M | -9.70M | -28.59M | -11.04M | -53.86M | -13.13M |
| Long-Term Debt Issued | 35.00M | |||||
| Long-Term Debt Repaid | -14.12M | -26.39M | -20.27M | -21.09M | -18.05M | |
| Lease Payments | -3.48M | -3.07M | -3.12M | -3.55M | -3.38M | -3.77M |
| Net Debt Issued (Repaid) | 3.62M | 20.88M | -26.39M | -20.27M | -21.09M | -18.05M |
| Issuance of Common Stock | 23.00K | 88.12M | ||||
| Other Financing Activities | -2.74M | -3.86M | -1.25M | -2.10M | -1.45M | 1.09M |
| Financing Cash Flow | -6.40M | 17.02M | -27.64M | -22.37M | -22.51M | 71.16M |
| Foreign Exchange Rate Adjustments | 575.00K | -1.02M | -492.00K | -46.00K | -1.08M | 624.00K |
| Net Cash Flow | 21.48M | 31.61M | -25.27M | -13.29M | -55.16M | 84.49M |
| Free Cash Flow | 21.93M | 11.23M | 6.81M | 10.92M | 680.00K | 17.91M |
| Free Cash Flow Margin | 8.00% | 4.20% | 2.55% | 4.26% | 0.29% | 8.72% |
| Free Cash Flow Per Share | 0.37 | 0.19 | 0.12 | 0.18 | 0.01 | 0.32 |
| Levered Free Cash Flow | 26.62M | 1.12M | 1.21M | 8.17M | -3.69M | 5.01M |
| Unlevered Free Cash Flow | 26.62M | 2.19M | 2.02M | 9.26M | -2.42M | 6.54M |
| Free Cash Flow After Leases | 18.45M | 8.16M | 3.69M | 7.37M | -2.70M | 14.14M |
| Cash Interest Paid | 2.07M | 1.71M | 1.34M | 1.75M | 1.99M | 2.33M |
| Cash Income Tax Paid | 504.00K | 1.08M | 3.15M | 2.74M | 1.43M | 1.15M |
| Change in Working Capital | -7.46M | -8.84M | -1.42M | -12.58M | 1.02M | -5.89M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 415.44M | 327.82M | 415.83M | 387.78M | 519.76M | 1.40B |
| Enterprise Value | 321.79M | 248.25M | 345.35M | 316.04M | 454.34M | 1.30B |
| Last Close Price | 7.18 | 5.55 | 7.04 | 6.57 | 8.80 | 23.87 |
| PE Ratio | 30.54 | 36.18 | 29.89 | 52.19 | 93.78 | |
| Forward PE | 45.93 | 23.64 | 28.33 | 31.26 | 58.40 | 122.67 |
| PS Ratio | 1.33 | 1.04 | 1.51 | 1.37 | 2.10 | 6.00 |
| PB Ratio | 1.43 | 1.09 | 1.62 | 1.48 | 2.12 | 5.30 |
| P/TBV Ratio | 1.92 | 1.50 | 2.29 | 2.17 | 3.31 | 6.77 |
| P/FCF Ratio | 16.96 | 24.87 | 59.01 | 32.12 | 715.20 | 68.87 |
| P/OCF Ratio | 12.40 | 11.03 | 12.77 | 17.40 | 21.82 | 47.73 |
| PEG Ratio | 10.14 | 10.14 | 10.14 | 10.14 | 1.18 | |
| EV/Sales Ratio | 1.03 | 0.79 | 1.25 | 1.12 | 1.83 | 5.54 |
| EV/EBITDA Ratio | 11.30 | 9.02 | 13.72 | 9.44 | 29.73 | 40.85 |
| EV/EBIT Ratio | 30.37 | 23.66 | 35.28 | 19.02 | 88.94 | |
| EV/FCF Ratio | 13.14 | 18.83 | 49.00 | 26.18 | 625.18 | 63.59 |
| Debt / Equity Ratio | 0.28 | 0.25 | 0.17 | 0.27 | 0.35 | 0.43 |
| Debt / EBITDA Ratio | 2.52 | 2.38 | 1.50 | 1.92 | 4.60 | 3.14 |
| Debt / FCF Ratio | 3.24 | 5.62 | 6.07 | 5.90 | 119.09 | 5.53 |
| Net Debt / Equity Ratio | -0.32 | -0.28 | -0.25 | -0.27 | -0.26 | -0.42 |
| Net Debt / EBITDA Ratio | -3.29 | -3.02 | -2.51 | -2.09 | -4.19 | -3.48 |
| Net Debt / FCF Ratio | -3.76 | -6.31 | -8.96 | -5.78 | -88.07 | -5.41 |
| Asset Turnover | 0.65 | 0.66 | 0.67 | 0.63 | 0.56 | 0.56 |
| Inventory Turnover | 7.05 | 7.19 | 6.82 | 6.70 | 7.54 | 8.18 |
| Quick Ratio | 2.18 | 2.16 | 1.65 | 1.76 | 1.85 | 2.64 |
| Current Ratio | 2.52 | 2.43 | 1.86 | 1.97 | 2.04 | 2.82 |
| Return on Equity (ROE) | 5.02% | 3.06% | 5.53% | 2.88% | -0.93% | 7.19% |
| Return on Assets (ROA) | 1.38% | 1.37% | 1.49% | 2.33% | -0.54% | 2.17% |
| Return on Invested Capital (ROIC) | 5.25% | 4.80% | 4.97% | 8.68% | -2.33% | 9.00% |
| Return on Capital Employed (ROCE) | 2.80% | 2.70% | 3.20% | 5.20% | -1.20% | 4.00% |
| Earnings Yield | 3.27% | 2.76% | 3.35% | 1.92% | -0.44% | 1.07% |
| FCF Yield | 5.89% | 4.02% | 1.70% | 3.11% | 0.14% | 1.45% |
| Buyback Yield / Dilution | 0.91% | 0.06% | -0.03% | -0.04% | -3.91% | -6.52% |