Materialise NV (MTLS)
NASDAQ:MTLS
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Materialise
(NASDAQ:MTLS)
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Rating:61Neutral
Price Target:
$5.50
▲(8.48% Upside)
Action:ReiteratedDate:02/23/26
MTLS scores as moderately attractive primarily due to a healthier balance sheet and improving cash generation, supported by constructive 2026 guidance and strong Medical performance plus increasing recurring software revenue. The score is held back by weakening recent top-line/margin trends and a bearish technical setup, while valuation signals are unavailable (no P/E or dividend yield provided).
Positive Factors
High‑growth, high‑margin Medical segment
Materialise Medical’s double‑digit growth and 35% adjusted EBITDA margin reflect a durable shift toward higher‑value, clinical offerings. Patient milestones and clinical adoption create sticky demand, driving sustainable margin expansion and less cyclical revenue versus prototyping services.
Negative Factors
Manufacturing segment weakness
Persistent Manufacturing losses reduce consolidated profitability and require structural repositioning toward series production and aerospace. Negative EBITDA consumes cash and management bandwidth, and the shift away from prototyping will take time to restore scale and margins even with strategic contract wins.
Read all positive and negative factors
Positive Factors
Negative Factors
High‑growth, high‑margin Medical segment
Materialise Medical’s double‑digit growth and 35% adjusted EBITDA margin reflect a durable shift toward higher‑value, clinical offerings. Patient milestones and clinical adoption create sticky demand, driving sustainable margin expansion and less cyclical revenue versus prototyping services.
Read all positive factors
Materialise (MTLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$299.47M
Dividend YieldN/A
Average Volume (3M)79.21K
Price to Earnings (P/E)37.6
Beta (1Y)1.05
Revenue Growth0.73%
EPS Growth-54.49%
CountryUS
Employees488
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.13
Shares Outstanding59,067,184
10 Day Avg. Volume49,034
30 Day Avg. Volume79,212
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 Cap0.63
Enterprise Value/Revenue0.67
Enterprise Value/Gross Profit1.18
Enterprise Value/Ebitda4.93
Forecast
1Y Price Target
$10.00Price Target Upside97.24% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.11
Revenue Forecast (FY)$277.20M
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 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 p...
Materialise Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presented meaningful progress: consolidated revenue and profitability improved in Q4, Materialise Medical delivered strong double‑digit growth and a major patient milestone, software is shifting toward a recurring cloud/subscription model, CO‑AM innovations produced notable operational efficiencies, and cash generation and liquidity are strong. Key challenges remain in the Manufacturing segment (declining revenue and negative EBITDA), some pressure from FX and nonrecurring software sales, and near‑term timing uncertainty for the benefits of strategic manufacturing contracts. On balance, positive operational and financial trends outweigh the headwinds.Positive Updates
Quarterly Revenue and Profitability Improvement
Consolidated Q4 revenue grew 6.8% year‑on‑year to EUR 70.2 million. Gross profit reached EUR 40.8 million (58.1% margin). Adjusted EBITDA more than doubled to EUR 9.5 million (13.6% margin) versus EUR 4.3 million a year ago. Adjusted EBIT improved to EUR 4.0 million (5.7% margin). Net profit was EUR 6.2 million (EPS EUR 0.11), more than double Q4 2024.
Negative Updates
Manufacturing Segment Weakness
Manufacturing revenue declined 2% in Q4 to EUR 22.2 million and fell 13% for full year to EUR 92.5 million. Q4 adjusted EBITDA for Manufacturing was negative EUR 2.2 million and full‑year adjusted EBITDA was negative EUR 4.2 million (‑4.6% margin). Management expects macro headwinds (particularly prototyping weakness) to persist into 2026 and anticipates manufacturing to be flat to down.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Revenue and Profitability Improvement
Consolidated Q4 revenue grew 6.8% year‑on‑year to EUR 70.2 million. Gross profit reached EUR 40.8 million (58.1% margin). Adjusted EBITDA more than doubled to EUR 9.5 million (13.6% margin) versus EUR 4.3 million a year ago. Adjusted EBIT improved to EUR 4.0 million (5.7% margin). Net profit was EUR 6.2 million (EPS EUR 0.11), more than double Q4 2024.
Read all positive updates
Company Guidance
Materialise guided 2026 revenue of EUR 273–283 million and adjusted EBIT of EUR 10–12 million, forecasting double‑digit growth in Materialise Medical, completion of the Software transition to a cloud‑based subscription model in 2026 (Software had ~82% recurring revenue in 2025), and a Manufacturing business that is likely flat-to-down amid persistent macro headwinds even as it shifts toward series manufacturing and aerospace/defense opportunities. Management said it will keep investing in Medical and Software while enforcing disciplined cost control, supported by EUR 134 million in cash and cash equivalents, an improved net cash position, a track record of positive 2025 operating cash flow (>EUR 25 million) and free cash flow (over EUR 15 million), and an active EUR 30 million share buyback program (187,500 shares bought to date for just under US$1 million).Materialise Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
72
Positive
Cash Flow
61
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 257.07M | 266.76M | 256.13M | 232.02M | 205.45M |
| Gross Profit | 146.91M | 150.82M | 145.13M | 128.77M | 118.17M |
| EBITDA | 25.79M | 31.24M | 30.09M | 23.44M | 36.72M |
| Net Income | 7.41M | 13.44M | 6.72M | -2.12M | 13.15M |
Balance Sheet | |||||
| Total Assets | 420.47M | 396.34M | 396.63M | 411.26M | 413.41M |
| Cash, Cash Equivalents and Short-Term Investments | 133.86M | 102.30M | 127.57M | 140.87M | 196.03M |
| Total Debt | 66.15M | 41.28M | 64.40M | 80.98M | 99.11M |
| Total Liabilities | 165.09M | 147.84M | 160.04M | 182.33M | 180.83M |
| Stockholders Equity | 255.45M | 248.58M | 236.65M | 228.96M | 232.58M |
Cash Flow | |||||
| Free Cash Flow | 9.14M | 5.08M | 8.40M | -2.48M | 14.12M |
| Operating Cash Flow | 22.68M | 31.46M | 20.16M | 22.29M | 25.84M |
| Investing Cash Flow | -9.32M | -28.59M | -11.04M | -53.86M | -13.13M |
| Financing Cash Flow | 18.00M | -27.64M | -22.37M | -22.51M | 71.16M |
Materialise Technical Analysis
Positive
5.07
Price Trends
5.23
Negative
5.50
Negative
5.54
Negative
Market Momentum
-0.06
Negative
49.42
Neutral
68.93
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 5.07 is above the 20-day moving average (MA) of 5.00, below the 50-day MA of 5.23, and below the 200-day MA of 5.54, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 49.42 is Neutral, neither overbought nor oversold. The STOCH value of 68.93 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $130.34M | 33.51 | 14.66% | 0.57% | 11.05% | 18.55% | |
69 Neutral | $260.67M | 6.24 | -38.92% | 14.78% | -19.17% | 308.81% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $299.47M | 37.64 | 3.18% | ― | 0.73% | -54.49% | |
57 Neutral | $346.92M | 39.18 | 1.68% | ― | 1.62% | ― | |
50 Neutral | $216.19M | -17.10 | -48.65% | ― | 2.97% | 53.53% | |
47 Neutral | $163.29M | -3.15 | -145.86% | ― | -9.86% | 0.87% |
* Technology Sector Average
MTLS
Materialise
5.07
0.61
13.68%
TRAK
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CMRC
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2.63
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MKTW
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16.23
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NRDY
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Materialise Corporate Events
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...
Materialise Details Progress of Ongoing €30 Million Share Buyback Program
Feb 9, 2026
On February 9, 2026, Materialise reported the latest progress in its share buyback program, which was launched on October 30, 2025 with capacity of up to €30 million and is executed via an independent financial intermediary. Between February...
Materialise Reports Initial Progress on €30 Million Share Buyback Program
Feb 2, 2026
On February 2, 2026, Materialise NV reported initial 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. ...
Materialise Announces Significant Transparency Notification
Dec 2, 2025
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 notifica...
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.