Materialise (MTLS) AI Stock Analysis

• Market Cap: $335.50M
• Dividend Yield: N/A
• Average Volume (3M): 148.51K
• Price to Earnings (P/E): 67.1
• Beta (1Y): 1.02
• Revenue Growth: 0.73%
• EPS Growth: -54.49%
• Country: US
• Employees: 488
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.04
• Shares Outstanding: 59,067,184
• 10 Day Avg. Volume: 184,896
• 30 Day Avg. Volume: 148,514
• PEG Ratio: 0.27
• Price to Book (P/B): 1.62
• Price to Sales (P/S): 1.51
• P/FCF Ratio: 79.06
• Enterprise Value/Market Cap: 0.74
• Enterprise Value/Revenue: 0.35
• Enterprise Value/Gross Profit: 0.63
• Enterprise Value/Ebitda: 3.18
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.1
• Revenue Forecast (FY): $314.22M

• Rating: 67 Neutral
• Price Target: $6.50 ▲(7.97% Upside)

Materialise's overall stock score reflects solid financial performance and strong cash flow generation, which are key strengths. The technical analysis suggests limited momentum, and the valuation indicates the stock may be overvalued. The earnings call provided a mixed outlook, with strong performance in the Medical segment but challenges in other areas. These factors combined result in a moderate overall stock score.

Positive Factors

Medical Segment Growth

The strong growth in the Medical segment indicates a robust demand for healthcare solutions, which can drive long-term revenue and profitability.

Improved Net Cash Position

An improved net cash position enhances financial flexibility, allowing for strategic investments and resilience against economic downturns.

Euronext Brussels Listing

The additional listing aims to broaden the investor base and enhance the company's profile in Europe, supporting future growth and capital access.

Negative Factors

Declining Revenue Growth

Negative revenue growth indicates difficulties in market expansion, which could hinder long-term financial performance and competitive positioning.

Manufacturing Segment Challenges

Ongoing challenges in the manufacturing segment, especially in automotive, may impact profitability and require strategic adjustments.

Free Cash Flow Decline

A significant decline in free cash flow limits the company's ability to invest in growth opportunities and manage financial obligations effectively.

Materialise Business Overview & Revenue Model

Company Description

Materialise (MTLS) is a leading provider of 3D printing software and services, specializing in the additive manufacturing sector. Founded in 1990, the company offers a comprehensive suite of software solutions that facilitate the design, preparation, and management of 3D printing processes. Materialise serves various industries, including healthcare, automotive, aerospace, and consumer goods, providing products such as software platforms for 3D printing, medical modeling services, and custom 3D printing solutions.

How the Company Makes Money

Materialise generates revenue through multiple streams, primarily from software licensing and services. The company offers its software solutions, such as Magics and 3D Sprint, on a subscription basis, which provides a steady income as customers pay for access to the tools necessary for 3D printing. Additionally, Materialise earns revenue from its medical segment, where it provides 3D printing services for personalized medical devices, surgical planning, and anatomical models, often in collaboration with healthcare professionals and institutions. The company also engages in partnerships with other industry leaders to expand its service offerings and reach, further contributing to its revenue. Furthermore, Materialise capitalizes on the growing demand for additive manufacturing by providing consulting services and custom 3D printed products, adding to its diverse revenue mix.

Materialise Financial Statement Overview

Summary

Materialise exhibits solid revenue growth and strong cash flow generation, which are positive indicators of financial health. The company has improved its leverage position, reducing financial risk. However, declining net profit margins and return on equity suggest potential challenges in maintaining profitability. Overall, the financial statements reflect a company with growth potential but facing profitability pressures.

Income Statement

Materialise has shown consistent revenue growth with a 3.44% increase in the TTM period. The gross profit margin remains strong at 56.46%, indicating efficient cost management. However, the net profit margin has decreased to 1.73% from 5.04% in the previous year, suggesting increased expenses or reduced pricing power. The EBIT and EBITDA margins are relatively stable, reflecting operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has improved significantly to 0.26 in the TTM period, indicating reduced leverage and a stronger equity position. Return on equity has decreased to 2.55%, suggesting lower profitability relative to shareholder equity. The equity ratio remains stable, reflecting a balanced capital structure.

Cash Flow

Materialise has demonstrated a substantial improvement in free cash flow growth, with a 492.43% increase in the TTM period. The operating cash flow to net income ratio is strong, indicating efficient cash generation relative to net income. The free cash flow to net income ratio is positive, reflecting the company's ability to generate cash beyond its net earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	704.96M	266.76M	256.13M	232.02M	205.45M	170.45M
Gross Profit	398.56M	150.82M	145.13M	128.77M	118.17M	94.00M
EBITDA	78.33M	31.24M	30.09M	23.44M	36.72M	13.75M
Net Income	13.84M	13.44M	6.72M	-2.12M	13.15M	-7.04M
Balance Sheet
Total Assets	415.51M	396.34M	396.63M	411.26M	413.41M	398.78M
Cash, Cash Equivalents and Short-Term Investments	132.02M	102.30M	127.57M	140.87M	196.03M	136.47M
Total Debt	64.28M	41.28M	64.40M	80.98M	99.11M	140.84M
Total Liabilities	164.14M	147.84M	160.04M	182.33M	180.83M	235.83M
Stockholders Equity	251.45M	248.58M	236.65M	228.96M	232.58M	162.96M
Cash Flow
Free Cash Flow	23.45M	5.08M	8.40M	-2.48M	14.12M	12.33M
Operating Cash Flow	73.24M	31.46M	20.16M	22.29M	25.84M	29.98M
Investing Cash Flow	-43.45M	-28.59M	-11.04M	-53.86M	-13.13M	-28.27M
Financing Cash Flow	33.75M	-27.64M	-22.37M	-22.51M	71.16M	-16.89M

Materialise Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.02
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MTLS, the sentiment is Negative. The current price of 6.02 is above the 20-day moving average (MA) of 5.94, above the 50-day MA of 6.01, and above the 200-day MA of 5.43, indicating a neutral trend. The MACD of -0.05 indicates Positive momentum. The RSI at 42.13 is Neutral, neither overbought nor oversold. The STOCH value of 19.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MTLS.

Materialise Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TRAK	73 Outperform	$245.07M	37.16	14.60%	0.56%	11.05%	18.55%
MTLS	67 Neutral	$335.50M	67.11	1.73%	―	0.73%	-54.49%
MKTW	66 Neutral	$256.79M	1.54	―	13.11%	-19.17%	308.81%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
API	56 Neutral	$366.56M	80.29	0.84%	―	1.62%	―
CMRC	48 Neutral	$351.06M	-25.93	-37.23%	―	2.97%	53.53%
NRDY	48 Neutral	$252.90M	-3.70	-120.79%	―	-9.86%	0.87%

Materialise Corporate Events

Materialise Announces Significant Transparency Notification

On December 2, 2025, Materialise NV announced the receipt of a transparency notification from Wilfried Vancraen, Hilde Ingelaere, and the IDEM partnership, regarding their holding of voting securities upon first admission to trading. This notification, dated November 28, 2025, indicated that the threshold of 70% voting rights had been crossed as of November 20, 2025. This development highlights a significant concentration of voting power within the company, potentially impacting its governance and strategic direction.

Materialise Begins Trading on Euronext Brussels to Expand Market Reach

On November 20, 2025, Materialise NV announced the commencement of trading its ordinary shares on Euronext Brussels, complementing its existing Nasdaq listing. This strategic move, supported by KBC Securities and legal advisors Freshfields and Fenwick, aims to enhance the company’s market presence in Europe. The founders, Fried Vancraen and Hilde Ingelaere, have arranged to sell up to 590,000 shares, representing about 1% of the total outstanding shares, while maintaining their ownership interest. This additional listing is expected to bolster Materialise’s growth and long-term success, reflecting its commitment to continuity and expansion in the 3D printing industry.

Materialise NV Expands Market Reach with Euronext Brussels Listing

On November 18, 2025, Materialise NV announced the admission of its ordinary shares to trading on Euronext Brussels, complementing its existing Nasdaq listing. This strategic move aims to enhance the company’s market presence and accessibility to European investors, potentially impacting its operations and industry positioning. The listing involves significant economic risks, and investors are advised to consider various factors, including the company’s dependency on specific industries and the evolving market dynamics of additive manufacturing.

Materialise NV Approves Key Resolutions at Extraordinary Shareholders’ Meeting

On November 14, 2025, Materialise NV held an Extraordinary Shareholders’ Meeting where all proposed resolutions were approved. These resolutions included share capital movements, a new authorization for share buybacks, amendments to the articles of association, and the introduction of double voting rights for certain shares. Additionally, the remuneration policy was approved, the statutory auditor was mandated with sustainability assurance, and the board of directors’ composition was confirmed. These changes are set to enhance Materialise’s corporate governance and strategic flexibility, potentially impacting its market positioning positively.

Materialise NV Announces Euronext Brussels Listing and ADS Buyback Program

On October 30, 2025, Materialise NV announced plans to pursue an additional listing of its ordinary shares on Euronext Brussels to complement its existing Nasdaq listing. This move is intended to broaden its investor base and enhance its profile among European investors, reflecting the company’s commitment to global growth. Additionally, the company plans an up to EUR 30 million ADS buyback program over Nasdaq, which is contingent upon shareholder approval and the completion of the Euronext listing. The extraordinary general shareholders’ meeting scheduled for November 14, 2025, will address these proposals, among other governance and operational matters. The listing on Euronext Brussels is expected to occur around November 20, 2025, and aims to provide Materialise with enhanced operational flexibility and potential access to additional capital in the future.

Materialise NV Reports Q3 2025 Financial Results Amid Economic Challenges

On October 28, 2025, Materialise NV reported its financial results for the third quarter of 2025, highlighting a 2.2% increase in total consolidated revenue compared to the previous quarter, though a 3.5% decrease from the same period in 2024. The Materialise Medical segment achieved a record quarterly revenue growth of 10.3% year-over-year, despite macroeconomic challenges impacting overall revenue, particularly in the Manufacturing segment. The company maintained strong cash flow and a positive net result, with a net profit of 1,848 kEUR. CEO Brigitte de Vet-Veithen emphasized the company’s focus on cost control and continued R&D investments to ensure future growth, while acknowledging ongoing geopolitical and economic uncertainties.

Materialise NV Reports Q3 2025 Financial Results with Focus on Medical Segment Growth

Materialise NV reported a decrease in total revenue by 3.5% for the third quarter of 2025 compared to the same period in 2024, with a notable increase in their Medical segment revenue by 10.3%. Despite the revenue decline, the company saw an increase in cash flow from operating activities and a stronger net cash position. However, the operating result and net profit both decreased compared to the previous year, reflecting challenges in their Software and Manufacturing segments. The company’s strategic focus on the Medical segment is evident with increased R&D investments, which may influence future growth in this area.