MTLSNasdaqServices-Prepackaged Software
MATERIALISE NV
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 23, 2026
$8.11+0.11 (+1.31%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
57.1%+2.0 pts over 5 years
Operating margin
3.3%+6.1 pts over 5 years
Net margin
2.9%+7.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +0.3% | +4.9% | +9.4% | +10.1% | |
| Gross profit | +1.4% | +5.9% | +10.2% | +10.0% | |
| Operating income | -5.3% | – | – | – | |
| Net income | -42.6% | – | – | – | |
| EPS, diluted | -43.5% | – | – | – | |
| Free cash flow | +64.9% | +154.6% | -9.9% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -3.7% | -5.2% | 3.1% | |
| Return on assets | -2.0% | -2.1% | 1.9% | |
| Current ratio | 2.00 | 1.90 | 2.43 | |
| Debt to equity | 0.43 | 0.78 | 0.22 | |
| Net debt to EBITDA | – | – | -2.49× | |
| Interest coverage | 0.0× | -0.8× | 1.6× | |
| Inventory turnover | 7.0× | 6.7× | – | |
| Capex to revenue | – | 6.5% | 5.3% | |
| Diluted shares | 0M | 53M | 59M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Materialise generated €125.07M from operations and spent €77.52M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
€125.07M
Used
€77.52M
Capital expenditure€77.52M100%Dividends€00%Share buybacks€00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.9%
×Asset turnover0.66×
×Equity multiplier1.62×
=Return on equity, FY20253.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.9% | 0.66× | 1.62× | 3.1% |
| FY2024 | 5.0% | 0.67× | 1.63× | 5.5% |
| FY2023 | 2.6% | 0.63× | 1.74× | 2.9% |
| FY2022 | -0.9% | 0.56× | 1.79× | -0.9% |
| FY2021 | 6.4% | 0.56× | 2.02× | 7.2% |
| FY2020 | -4.1% | 0.50× | 2.48× | -5.2% |
| FY2019 | 0.8% | 0.59× | 2.41× | 1.2% |
| FY2018 | 1.6% | 0.67× | 2.57× | 2.8% |
| FY2017 | -1.5% | 0.72× | 2.54× | -2.7% |
| FY2016 | -2.6% | 0.75× | 1.89× | -3.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero€7.72M
- Cash generatingOperating cash flow above zero€25.32M
- Return on assets improvedROA up on the prior year3.4% → 1.9%
- Earnings backed by cashOperating cash flow above net income€25.32M vs €7.72M
- Less leverageLong-term debt to assets fell5.8% → 11.8%
- Better liquidityCurrent ratio rose1.86 → 2.43
- No dilutionShare count did not rise59M → 59M
- Gross margin improvedGross margin up on the prior year56.54% → 57.15%
- More efficientAsset turnover rose0.67 → 0.68