Materialise NV (MTLS)
NASDAQ:MTLS
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Materialise
(NASDAQ:MTLS)
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Rating:60Neutral
Price Target:
$5.50
▲(0.73% Upside)
Action:Reiterated
Date:05/10/26
The score is driven primarily by mixed financial performance (solid balance sheet but modest/volatile profitability and cash conversion) and a constructive but not strongly bullish technical setup. The latest earnings call supports the outlook via reaffirmed guidance and improving margins/cash position, while valuation remains a key constraint given the high P/E.
Positive Factors
Strong balance sheet / net cash
A net cash position and sizable cash reserves provide durable financial flexibility to fund R&D, invest in Medical and Software growth, weather cyclical Manufacturing weakness, and pursue strategic portfolio actions without reliance on volatile external financing.
Negative Factors
Manufacturing revenue weakness
Materialise's Manufacturing business remains exposed to cyclical prototyping and automotive demand; persistent weakness reduces revenue diversification, pressures segment margins, and requires strategic repositioning toward series production to stabilize long‑term cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet / net cash
A net cash position and sizable cash reserves provide durable financial flexibility to fund R&D, invest in Medical and Software growth, weather cyclical Manufacturing weakness, and pursue strategic portfolio actions without reliance on volatile external financing.
Read all positive factors
Materialise (MTLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$335.50M
Dividend YieldN/A
Average Volume (3M)85.16K
Price to Earnings (P/E)34.6
Beta (1Y)1.13
Revenue Growth7.16%
EPS GrowthN/A
CountryUS
Employees488
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.18
Shares Outstanding59,067,184
10 Day Avg. Volume74,068
30 Day Avg. Volume85,160
Financial Highlights & Ratios
PEG Ratio-0.87
Price to Book (P/B)1.09
Price to Sales (P/S)1.09
P/FCF Ratio30.53
Enterprise Value/Market Cap0.64
Enterprise Value/Revenue0.77
Enterprise Value/Gross Profit1.34
Enterprise Value/Ebitda6.73
Forecast
1Y Price Target
$9.05Price Target Upside65.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.16
Revenue Forecast (FY)$279.13M
Materialise Business Overview & Revenue Model
Company Description
Materialise NV provides additive manufacturing and medical software, and 3D printing services in the Americas, Europe and Africa, and the Asia-Pacific. The company operates through three segments: Materialise Software, Materialise Medical, and Mat...
How the Company Makes Money
Materialise makes money through three primary revenue streams: (1) Software revenue from selling licenses and subscriptions for its additive manufacturing software, along with related maintenance, support, and professional services (e.g., implemen...
Materialise Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and financial picture: revenue was stable despite FX headwinds, margins and adjusted profitability improved materially (adjusted EBITDA +>30%, adjusted EBIT up meaningfully), Medical reported solid growth with strategic product launches, software recurring revenue increased and software profitability improved, cash position strengthened, and sustainability and strategic portfolio actions were executed. Offsetting factors include FX-driven reported declines in some areas, an 8% YoY drop in Manufacturing revenue driven by softer prototyping and automotive demand, and the near‑term top‑line impact of divestments. On balance, the favorable profitability trends, cash generation, product and partnership momentum, and reaffirmed guidance outweigh the lowlights.Positive Updates
Stable Revenue with Margin Expansion
Q1 revenue of EUR 66.3 million was stable year‑on‑year (0% change) while gross profit rose to EUR 37.9 million and gross margin expanded to 57.2% (up from 55.3% year‑ago), demonstrating revenue resilience with improved unit economics.
Negative Updates
Foreign Exchange Headwinds
Significant FX headwinds (notably a weaker U.S. dollar) negatively impacted reported revenue, primarily affecting Medical and Software; software and some Medical results would have shown stronger growth on a constant currency basis.
Read all updates
Q1-2026 Updates
Positive
Negative
Stable Revenue with Margin Expansion
Q1 revenue of EUR 66.3 million was stable year‑on‑year (0% change) while gross profit rose to EUR 37.9 million and gross margin expanded to 57.2% (up from 55.3% year‑ago), demonstrating revenue resilience with improved unit economics.
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 guidance of revenue EUR 273–283 million and adjusted EBIT EUR 10–12 million despite the divestments of RapidFit and Eyewear, and said Manufacturing EBITDA is expected to be positive in 2026; they pointed to Q1 supporting metrics: revenue EUR 66.3m, gross profit EUR 37.9m (gross margin 57.2%), adjusted EBITDA EUR 8.0m (12.1% margin), adjusted EBIT EUR 2.5m (3.7% margin), net profit EUR 1.8m (EPS EUR 0.03), free cash flow EUR 5.7m and net cash EUR 72.8m, plus deferred revenue EUR 61m (including EUR 49m software), cash reserves EUR 133m and gross debt EUR 60.1m as the financial basis for the outlook.Materialise Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
68
Positive
Cash Flow
49
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 279.07M | 257.07M | 266.76M | 256.13M | 232.02M | 205.45M |
| Gross Profit | 160.66M | 146.91M | 150.82M | 145.13M | 128.77M | 118.17M |
| EBITDA | 32.10M | 25.79M | 31.24M | 30.09M | 23.44M | 36.72M |
| Net Income | 10.39M | 7.41M | 13.44M | 6.72M | -2.12M | 13.15M |
Balance Sheet | ||||||
| Total Assets | 418.53M | 420.47M | 396.34M | 396.63M | 411.26M | 413.41M |
| Cash, Cash Equivalents and Short-Term Investments | 132.95M | 133.86M | 102.30M | 127.57M | 140.87M | 196.03M |
| Total Debt | 60.13M | 66.15M | 41.28M | 64.40M | 80.98M | 99.11M |
| Total Liabilities | 162.93M | 165.09M | 147.84M | 160.04M | 182.33M | 180.83M |
| Stockholders Equity | 255.68M | 255.45M | 248.58M | 236.65M | 228.96M | 232.58M |
Cash Flow | ||||||
| Free Cash Flow | 6.82M | 9.14M | 5.08M | 8.40M | -2.48M | 14.12M |
| Operating Cash Flow | 21.94M | 22.68M | 31.46M | 20.16M | 22.29M | 25.84M |
| Investing Cash Flow | -9.14M | -9.32M | -28.59M | -11.04M | -53.86M | -13.13M |
| Financing Cash Flow | 16.56M | 18.00M | -27.64M | -22.37M | -22.51M | 71.16M |
Materialise Technical Analysis
Positive
5.46
Price Trends
5.21
Positive
5.47
Negative
5.53
Negative
Market Momentum
0.04
Negative
66.92
Neutral
70.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MTLS, the sentiment is Positive. The current price of 5.46 is above the 20-day moving average (MA) of 5.04, above the 50-day MA of 5.21, and below the 200-day MA of 5.53, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 66.92 is Neutral, neither overbought nor oversold. The STOCH value of 70.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MTLS.
Materialise Risk Analysis
Materialise disclosed 72 risk factors in its most recent earnings report. Materialise reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Materialise Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $176.28M | 17.42 | 0.06% | 0.57% | 6.55% | 11.41% | |
62 Neutral | $270.86M | -20.35 | -30.68% | 14.78% | -16.07% | -85.04% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $335.50M | 34.56 | 4.11% | ― | 7.16% | ― | |
57 Neutral | $339.66M | 18.47 | 1.68% | ― | 6.11% | ― | |
56 Neutral | $224.43M | 14.69 | -36.37% | ― | 3.55% | 29.77% | |
45 Neutral | $156.12M | -6.22 | -141.94% | ― | -2.16% | 31.21% |
* Technology Sector Average
MTLS
Materialise
5.68
0.42
7.98%
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Materialise Corporate Events
Materialise Swings to Q1 2026 Profit as Medical Growth Offsets Manufacturing Weakness
May 8, 2026
Materialise NV, a Belgian 3D printing software and services company, operates one of the world’s largest 3D printing facilities and employs a substantial software development team focused on industrial and medical applications. The group tar...
Materialise Lifts Profit in Q1 2026 and Spins Off Eyewear Unit to Management
May 7, 2026
On May 7, 2026, Materialise reported first-quarter 2026 results showing flat revenue at €66.3 million but a marked improvement in profitability, with gross margin rising to 57.2% and adjusted EBIT climbing to €2.5 million, turning last...
Materialise Updates Share Buyback Progress, Holding 1.1% of Shares as Treasury Stock
May 4, 2026
Materialise NV reported progress in its ongoing share buyback program on May 4, 2026, under a EUR 30 million mandate launched on October 30, 2025. Between April 27 and May 1, 2026, the company repurchased 27,493 shares on Nasdaq at an average pric...
Materialise Updates Progress of €30 Million Share Buyback Program
Apr 27, 2026
On April 27, 2026, Materialise reported the latest progress of a EUR 30 million share buyback program it launched on October 30, 2025, authorizing an independent financial intermediary to execute repurchases under Belgian corporate law. During the...
Materialise Files 2025 Annual Report with U.S. SEC as Foreign Private Issuer
Apr 23, 2026
Materialise NV reported that on April 23, 2025, it published its annual report for the financial year ended December 31, 2025, in line with Belgian legal requirements. The filing, formally submitted to the U.S. Securities and Exchange Commission o...
Materialise Updates Investors on Progress of EUR 30 Million Share Buyback Program
Apr 20, 2026
Materialise NV disclosed progress in its ongoing share buyback program, originally announced on October 30, 2025, under which an independent intermediary may repurchase up to EUR 30 million of shares. Between April 13 and April 17, 2026, the compa...
Materialise Expands 2026 Share Buyback to 0.9% of Outstanding Shares
Apr 13, 2026
On April 13, 2026, Materialise reported progress under its previously announced share buyback program, which authorizes repurchases of up to EUR 30 million via an independent financial intermediary. Between April 6 and April 10, 2026, the company ...
Materialise Updates Investors on Ongoing EUR 30 Million Share Buyback
Apr 7, 2026
On April 7, 2026, Materialise reported the latest progress of its share buyback program, originally announced on October 30, 2025, under which an independent financial intermediary can repurchase up to EUR 30 million of shares. Between March 30 an...
Materialise Updates Market on Ongoing €30 Million Share Buyback Program
Mar 30, 2026
On March 30, 2026, Materialise reported the latest progress of its EUR 30 million share buyback program, originally announced on October 30, 2025, and executed via an independent financial intermediary. During the week of March 23–27, 2026, ...
Materialise Expands Share Buyback to 0.8% of Outstanding Stock as of March 23, 2026
Mar 23, 2026
Materialise reported the latest progress in its previously announced share buyback program, revealing that between March 16 and March 20, 2026, it repurchased 46,665 shares on Nasdaq at an average price of €4.39, for a total outlay of €...
Materialise Details March Progress in Ongoing €30 Million Share Buyback Program
Mar 16, 2026
On March 16, 2026, Materialise reported further progress on the share buyback program it launched on October 30, 2025, authorizing up to €30 million in repurchases under a discretionary mandate to an independent financial intermediary. The c...
Materialise Expands EUR 30 Million Share Buyback, Reaching 0.6% of Shares Outstanding
Mar 9, 2026
On March 9, 2026, Materialise NV reported on the progress of its previously announced share buyback program of up to EUR 30 million, under which it has mandated an independent financial intermediary to repurchase its shares. Between March 2 and Ma...
Materialise Updates Market on Progress of €30 Million Share Buyback Program
Mar 2, 2026
On March 2, 2026, Materialise NV reported progress on its share buyback program, originally announced on October 30, 2025, under which an independent financial intermediary is mandated to repurchase up to €30 million of the company’s s...
Materialise Expands Share Buyback, Lifting Treasury Stake to 0.4%
Feb 23, 2026
On February 23, 2026, Materialise NV disclosed an update on its previously announced EUR 30 million share buyback program, under which an independent financial intermediary repurchases the company’s stock in line with Belgian corporate regul...
Materialise Posts Strong Q4 2025 as Medical Growth Offsets Manufacturing Weakness
Feb 19, 2026
Materialise NV, a Belgium-based leader in 3D-printed medical devices and additive manufacturing software, serves healthcare, industrial and aerospace clients through its Medical, Software and Manufacturing segments. The company is increasingly emp...
Materialise Posts Strong Q4 on Medical Growth Despite Full-Year Profit Decline in 2025
Feb 19, 2026
Materialise reported higher fourth-quarter 2025 revenue of 70.2 million euros, up 6.8% year on year, driven by a 16.3% surge in its Medical segment that offset declines in Software and Manufacturing. Fourth-quarter gross margin improved, operating...
Materialise Updates Investors on Progress of EUR 30 Million Share Buyback Program
Feb 17, 2026
On February 17, 2026, Materialise reported progress on its share buyback program, originally announced on October 30, 2025, under which it can repurchase up to EUR 30 million of its shares via an independent financial intermediary. The company sai...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.