ValueScreener

ValueScreener company report

Materialise N.V. (MTLS)

NASDAQ / Technology / Software - Application

Share price

8.13 USD Market dataClose of Oct 14, 2026

Market capitalisation

476.1M USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2024, filed Apr 22, 2025
Ratios computed
Oct 14, 2026
Filed years
9, FY2016 to FY2024
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

4.6% Computed

From the FY2024 filing

Read quality

Valuation

Price to earnings

31.72x Computed

FY2024 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

1.6% Computed

FY2024 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2015 Revenue: 102.0M EURFY2015 Net income: -2.8M EURFY2016 Revenue: 114.5M EURFY2016 Net income: -3.0M EURFY2017 Revenue: 142.6M EURFY2017 Net income: -2.1M EURFY2018 Revenue: 184.7M EURFY2018 Net income: 3.0M EURFY2019 Revenue: 196.7M EURFY2019 Net income: 1.6M EURFY2020 Revenue: 170.4M EURFY2020 Net income: -7.0M EURFY2021 Revenue: 205.4M EURFY2021 Net income: 13.2M EURFY2022 Revenue: 232.0M EURFY2022 Net income: -2.1M EURFY2023 Revenue: 256.1M EURFY2023 Net income: 6.7M EURFY2024 Revenue: 266.8M EURFY2024 Net income: 13.4M EUR
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 31.72x at the close of 2026-10-14 on FY2024 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Software - Application industry (100 companies), 31.72x sits at the 55th percentile; the middle half of that group runs from 14.89x to 49.54x.

Is it good

Return on invested capital was 4.6% in FY2024, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Software - Application industry (39 companies), 4.6% sits at the 29th percentile; the middle half of that group runs from 1.5% to 17.0%.

Is it safe

Interest coverage was 3.18x in FY2024, in the band labelled "Investment grade" (3.00x to 6.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Materialise N.V.'s return on equity stayed above the median of the Software - Application industry, year by year. (FY2021 to FY2024, 4 fiscal years of Materialise N.V. with a comparable figure)
The direction
Which way Materialise N.V.'s return on equity has moved, and how steadily. (FY2015 to FY2024, 10 filed years of Materialise N.V.)
What could explain it
What in Materialise N.V.'s filed statements could explain the movements. (2 readings drawn from the statement lines Materialise N.V. filed)
What to check next
What to check next on Materialise N.V., and where in its filings. (3 questions for Materialise N.V.)
In one paragraph
One paragraph on Materialise N.V.'s returns, cash, balance sheet and price. (13 of sixteen figures read for Materialise N.V.)

These are MTLS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research MTLSPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2024 annual report: 20-F, filed Apr 22, 2025, accession 0001104659-25-037207.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Materialise N.V: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax4.6% ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Return on equity5.4% ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Return on capital employed, pre-tax3.2% ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Return on assets3.4% ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Gross margin56.5% ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Operating margin3.5% ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Net margin5.0% ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
MTLS 5.0%
CRNC -7.4%MITK 4.9%DCBO 15.5%VTEX 8.3%API 6.8%
-7.4%15.5%
Net margin: MTLS against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Materialise N.V: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.20 ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Current ratio1.86 ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Quick ratio1.86 ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Interest coverage3.18x ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Altman Z-score2.82 ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Net debt-53.3M ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Total assets 396.3MTotal liabilities 147.8MShareholders' equity 248.6MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Materialise N.V owned and owed at the end of fiscal 2024, from the balance sheet it filed (20-F, filed Apr 22, 2025, 0001104659-25-037207).

Materialise N.V: balance sheet position
Total assets396.3M FiledFY2024 20-F, filed Apr 22, 2025
Total liabilities147.8M FiledFY2024 20-F, filed Apr 22, 2025
Shareholders' equity248.6M FiledFY2024 20-F, filed Apr 22, 2025
Cash102.3M FiledFY2024 20-F, filed Apr 22, 2025
Total debt49.0M FiledFY2024 20-F, filed Apr 22, 2025
Net debt-53.3M
Current ratio1.86
Debt to equity0.20

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Materialise N.V: what the market charges, each with its source
FigureValue, source and document
Price to earnings31.72x ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.71x ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Price to sales1.60x ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Enterprise value to EBIT39.54x ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Diluted earnings per share
Why n/a

The FY2024 filing carries no diluted earnings per share we could read.

n/a FiledFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207

We publish no fair value or price target of our own. Value MTLS on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Materialise N.V today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Materialise N.V: valuation
Share price8.13 USD
Market capitalisation476.1M USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per share, FY2015n/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Materialise N.V

  1. Cerence Inc. (CRNC)Market cap 394.2M USD
  2. Mitek Systems, Inc. (MITK)Market cap 713.1M USD
  3. Docebo Inc. (DCBO)Market cap 677.3M USD
  4. Vtex (VTEX)Market cap 718.5M USD
  5. Agora, Inc. (API)Market cap 389.3M USD

Same industry (Software - Application) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Materialise N.V: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield1.6% ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Free cash flow6.8M EUR ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Free cash flow margin2.5% ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
FY2015 Free cash flow: -6.9M EURFY2015 Net income: -2.8M EURFY2016 Net income: -3.0M EURFY2017 Net income: -2.1M EURFY2018 Net income: 3.0M EURFY2019 Free cash flow: 14.9M EURFY2019 Net income: 1.6M EURFY2020 Free cash flow: 18.9M EURFY2020 Net income: -7.0M EURFY2021 Free cash flow: 17.9M EURFY2021 Net income: 13.2M EURFY2022 Free cash flow: 680.0K EURFY2022 Net income: -2.1M EURFY2023 Free cash flow: 10.9M EURFY2023 Net income: 6.7M EURFY2024 Free cash flow: 6.8M EURFY2024 Net income: 13.4M EUR
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Materialise N.V.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
31.72xFY2024Oct 14, 2026
1.71xFY2024Oct 14, 2026
39.54xFY2024Oct 14, 2026
1.6%FY2024Oct 14, 2026
4.6%FY2024Apr 22, 2025
n/aFY2024Oct 14, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.20FY2024Apr 22, 2025
1.86FY2024Apr 22, 2025
1.60xFY2024Oct 14, 2026
n/aFY2024Oct 14, 2026
n/a The filed income statement reports no earnings per share.
2.82FY2024Oct 14, 2026
-2.30FY2024Apr 22, 2025
6/9FY2024Apr 22, 2025

The figures are computed from the accounts for fiscal 2024, the newest full year on file. 9 filed fiscal years on record, FY2016 to FY2024, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2015 to FY2024. 9 read from the annual reports Materialise N.V filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in EUR, as reported.

Materialise N.V: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2024266.8M9.4M13.4Mn/a6.8M3.5%5.4%20-F, Apr 22, 20250001104659-25-037207
FY2023256.1M5.6M6.7Mn/a10.9M2.2%2.8%20-F, Apr 12, 20240001104659-24-046531
FY2022232.0M-2.9M-2.1Mn/a680.0K-1.2%-0.9%20-F, Apr 18, 20230001104659-23-046316
FY2021205.4M12.2M13.2Mn/a17.9M6.0%5.7%20-F, May 2, 20220001193125-22-134788
FY2020170.4M-4.6M-7.0Mn/a18.9M-2.7%-5.3%20-F, Apr 30, 20210001193125-21-145001
FY2019196.7M6.9M1.6Mn/a14.9M3.5%1.1%20-F, Apr 30, 20200001193125-20-128829
FY2018184.7M5.2M3.0Mn/an/a2.8%2.2%20-F, Apr 30, 20190001193125-19-129416
FY2017142.6M392.0K-2.1Mn/an/a0.3%-2.8%20-F/A, May 30, 20180001193125-18-178695
FY2016114.5M107.0K-3.0Mn/an/a0.1%-3.8%20-F/A, May 30, 20180001193125-18-178695
FY2015102.0M-3.9M-2.8M-0.06-6.9M-3.8%-3.4%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2015 to FY2024: 11.3%
  • Earnings: Earnings was not positive in both 2015 and 2024, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2015 and 2024, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Materialise N.V: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.30 ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Piotroski F-score6/9 ComputedFY2024 20-F, filed Apr 22, 2025, 0001104659-25-037207
Named tests met0 of 30 Computed
Beta1.34 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 0 met, 25 not met, 5 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(11)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 11 figures could not be read on this company, among them Positive Earnings Streak, PEG Ratio, Eps Growth 5Y. Each blank in the table above names the rest, with its reason. 5 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 9 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolioHow this is computed

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map

Apps

  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.

With your permission, Google Analytics, Microsoft Clarity and HubSpot set cookies to measure how this site and the product are used, including recordings of sessions. Nothing is set unless you allow it. Privacy policy