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MATERIALISE NV-ADR (MTLS) Stock Fundamental Analysis

USA - NASDAQ:MTLS - US57667T1007 - ADR

5.53 USD
+0.36 (+6.96%)
Last: 9/18/2025, 8:06:29 PM
Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to MTLS. MTLS was compared to 280 industry peers in the Software industry. Both the profitability and the financial health of MTLS get a neutral evaluation. Nothing too spectacular is happening here. MTLS has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

In the past year MTLS was profitable.
In the past year MTLS had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: MTLS reported negative net income in multiple years.
MTLS had a positive operating cash flow in each of the past 5 years.
MTLS Yearly Net Income VS EBIT VS OCF VS FCFMTLS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10M -10M 20M -20M 30M

1.2 Ratios

The Return On Assets of MTLS (1.39%) is better than 63.93% of its industry peers.
Looking at the Return On Equity, with a value of 2.26%, MTLS is in the better half of the industry, outperforming 65.36% of the companies in the same industry.
With a decent Return On Invested Capital value of 1.61%, MTLS is doing good in the industry, outperforming 65.71% of the companies in the same industry.
Industry RankSector Rank
ROA 1.39%
ROE 2.26%
ROIC 1.61%
ROA(3y)1.52%
ROA(5y)1.12%
ROE(3y)2.44%
ROE(5y)1.55%
ROIC(3y)N/A
ROIC(5y)N/A
MTLS Yearly ROA, ROE, ROICMTLS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2 -2 4 -4

1.3 Margins

MTLS has a Profit Margin of 2.12%. This is in the better half of the industry: MTLS outperforms 65.00% of its industry peers.
In the last couple of years the Profit Margin of MTLS has grown nicely.
The Operating Margin of MTLS (2.39%) is better than 64.64% of its industry peers.
In the last couple of years the Operating Margin of MTLS has remained more or less at the same level.
Looking at the Gross Margin, with a value of 56.55%, MTLS is doing worse than 65.00% of the companies in the same industry.
In the last couple of years the Gross Margin of MTLS has remained more or less at the same level.
Industry RankSector Rank
OM 2.39%
PM (TTM) 2.12%
GM 56.55%
OM growth 3Y-15.87%
OM growth 5Y0.16%
PM growth 3Y-7.79%
PM growth 5Y44%
GM growth 3Y-0.57%
GM growth 5Y0.29%
MTLS Yearly Profit, Operating, Gross MarginsMTLS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40

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5

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), MTLS is destroying value.
The number of shares outstanding for MTLS remains at a similar level compared to 1 year ago.
MTLS has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, MTLS has an improved debt to assets ratio.
MTLS Yearly Shares OutstandingMTLS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M 50M
MTLS Yearly Total Debt VS Total AssetsMTLS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

2.2 Solvency

An Altman-Z score of 2.14 indicates that MTLS is not a great score, but indicates only limited risk for bankruptcy at the moment.
MTLS's Altman-Z score of 2.14 is in line compared to the rest of the industry. MTLS outperforms 48.93% of its industry peers.
The Debt to FCF ratio of MTLS is 44.57, which is on the high side as it means it would take MTLS, 44.57 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of MTLS (44.57) is comparable to the rest of the industry.
MTLS has a Debt/Equity ratio of 0.17. This is a healthy value indicating a solid balance between debt and equity.
MTLS has a Debt to Equity ratio of 0.17. This is comparable to the rest of the industry: MTLS outperforms 47.14% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF 44.57
Altman-Z 2.14
ROIC/WACC0.21
WACC7.68%
MTLS Yearly LT Debt VS Equity VS FCFMTLS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M 100M 150M 200M

2.3 Liquidity

A Current Ratio of 2.16 indicates that MTLS has no problem at all paying its short term obligations.
Looking at the Current ratio, with a value of 2.16, MTLS is in the better half of the industry, outperforming 66.07% of the companies in the same industry.
MTLS has a Quick Ratio of 2.00. This indicates that MTLS is financially healthy and has no problem in meeting its short term obligations.
Looking at the Quick ratio, with a value of 2.00, MTLS is in the better half of the industry, outperforming 62.14% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 2.16
Quick Ratio 2
MTLS Yearly Current Assets VS Current LiabilitesMTLS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M

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6

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 109.09% over the past year.
Measured over the past years, MTLS shows a very strong growth in Earnings Per Share. The EPS has been growing by 50.29% on average per year.
MTLS shows a small growth in Revenue. In the last year, the Revenue has grown by 2.98%.
The Revenue has been growing slightly by 6.28% on average over the past years.
EPS 1Y (TTM)109.09%
EPS 3Y1.49%
EPS 5Y50.29%
EPS Q2Q%-100%
Revenue 1Y (TTM)2.98%
Revenue growth 3Y9.09%
Revenue growth 5Y6.28%
Sales Q2Q%-5.76%

3.2 Future

MTLS is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 16.27% yearly.
Based on estimates for the next years, MTLS will show a quite strong growth in Revenue. The Revenue will grow by 13.86% on average per year.
EPS Next Y-51.22%
EPS Next 2Y-2.73%
EPS Next 3Y12.96%
EPS Next 5Y16.27%
Revenue Next Year-1.22%
Revenue Next 2Y2.85%
Revenue Next 3Y4.71%
Revenue Next 5Y13.86%

3.3 Evolution

The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
MTLS Yearly Revenue VS EstimatesMTLS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 100M 200M 300M 400M 500M
MTLS Yearly EPS VS EstimatesMTLS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 0.1 -0.1 0.2 0.3 0.4

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4

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 20.48, the valuation of MTLS can be described as rather expensive.
Compared to the rest of the industry, the Price/Earnings ratio of MTLS indicates a somewhat cheap valuation: MTLS is cheaper than 76.43% of the companies listed in the same industry.
When comparing the Price/Earnings ratio of MTLS to the average of the S&P500 Index (27.41), we can say MTLS is valued slightly cheaper.
MTLS is valuated rather expensively with a Price/Forward Earnings ratio of 21.50.
Based on the Price/Forward Earnings ratio, MTLS is valued a bit cheaper than 74.64% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.88, MTLS is valued at the same level.
Industry RankSector Rank
PE 20.48
Fwd PE 21.5
MTLS Price Earnings VS Forward Price EarningsMTLS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, MTLS is valued cheaply inside the industry as 94.29% of the companies are valued more expensively.
The rest of the industry has a similar Price/Free Cash Flow ratio as MTLS.
Industry RankSector Rank
P/FCF 229.56
EV/EBITDA 7.6
MTLS Per share dataMTLS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 1 2 3 4 5

4.3 Compensation for Growth

A more expensive valuation may be justified as MTLS's earnings are expected to grow with 12.96% in the coming years.
PEG (NY)N/A
PEG (5Y)0.41
EPS Next 2Y-2.73%
EPS Next 3Y12.96%

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0

5. Dividend

5.1 Amount

MTLS does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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MATERIALISE NV-ADR

NASDAQ:MTLS (9/18/2025, 8:06:29 PM)

5.53

+0.36 (+6.96%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)07-24 2025-07-24/bmo
Earnings (Next)N/A N/A
Inst Owners14.66%
Inst Owner Change-23.16%
Ins Owners0.5%
Ins Owner ChangeN/A
Market Cap326.64M
Analysts84.44
Price Target9.01 (62.93%)
Short Float %0.52%
Short Ratio2.49
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-5.48%
Min Revenue beat(2)-5.82%
Max Revenue beat(2)-5.13%
Revenue beat(4)1
Avg Revenue beat(4)-4.6%
Min Revenue beat(4)-9.94%
Max Revenue beat(4)2.5%
Revenue beat(8)1
Avg Revenue beat(8)-3.6%
Revenue beat(12)3
Avg Revenue beat(12)-2.1%
Revenue beat(16)6
Avg Revenue beat(16)-1.03%
PT rev (1m)0%
PT rev (3m)-0.75%
EPS NQ rev (1m)0%
EPS NQ rev (3m)200%
EPS NY rev (1m)-8.33%
EPS NY rev (3m)17.86%
Revenue NQ rev (1m)-1.66%
Revenue NQ rev (3m)-3.41%
Revenue NY rev (1m)-2.18%
Revenue NY rev (3m)-3.23%
Valuation
Industry RankSector Rank
PE 20.48
Fwd PE 21.5
P/S 1.04
P/FCF 229.56
P/OCF 11.94
P/B 1.11
P/tB 1.55
EV/EBITDA 7.6
EPS(TTM)0.27
EY4.88%
EPS(NY)0.26
Fwd EY4.65%
FCF(TTM)0.02
FCFY0.44%
OCF(TTM)0.46
OCFY8.37%
SpS5.31
BVpS4.99
TBVpS3.57
PEG (NY)N/A
PEG (5Y)0.41
Profitability
Industry RankSector Rank
ROA 1.39%
ROE 2.26%
ROCE 2.04%
ROIC 1.61%
ROICexc 2.58%
ROICexgc 4.07%
OM 2.39%
PM (TTM) 2.12%
GM 56.55%
FCFM 0.45%
ROA(3y)1.52%
ROA(5y)1.12%
ROE(3y)2.44%
ROE(5y)1.55%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3Y-20.99%
ROICexcg growth 5Y0.64%
ROICexc growth 3Y-20.22%
ROICexc growth 5Y-0.55%
OM growth 3Y-15.87%
OM growth 5Y0.16%
PM growth 3Y-7.79%
PM growth 5Y44%
GM growth 3Y-0.57%
GM growth 5Y0.29%
F-Score5
Asset Turnover0.66
Health
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF 44.57
Debt/EBITDA 1.53
Cap/Depr 101%
Cap/Sales 8.26%
Interest Coverage 5.48
Cash Conversion 82.44%
Profit Quality 21.4%
Current Ratio 2.16
Quick Ratio 2
Altman-Z 2.14
F-Score5
WACC7.68%
ROIC/WACC0.21
Cap/Depr(3y)95.08%
Cap/Depr(5y)86.4%
Cap/Sales(3y)8.39%
Cap/Sales(5y)8.24%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)109.09%
EPS 3Y1.49%
EPS 5Y50.29%
EPS Q2Q%-100%
EPS Next Y-51.22%
EPS Next 2Y-2.73%
EPS Next 3Y12.96%
EPS Next 5Y16.27%
Revenue 1Y (TTM)2.98%
Revenue growth 3Y9.09%
Revenue growth 5Y6.28%
Sales Q2Q%-5.76%
Revenue Next Year-1.22%
Revenue Next 2Y2.85%
Revenue Next 3Y4.71%
Revenue Next 5Y13.86%
EBIT growth 1Y-16.54%
EBIT growth 3Y-8.22%
EBIT growth 5Y6.45%
EBIT Next Year132.45%
EBIT Next 3Y52.16%
EBIT Next 5Y41.73%
FCF growth 1Y120.94%
FCF growth 3Y-28.9%
FCF growth 5Y-16.79%
OCF growth 1Y61.16%
OCF growth 3Y6.76%
OCF growth 5Y2.07%