Materialise Nv
MTLS Nasdaq Services-Prepackaged Software Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$302M
4.6%
vs prior year
Operating margin
Operating income as a share of revenue.
3.3%
0.2 pts
Net income
Profit after all expenses, interest and tax.
$8.7M
40.1%
Free cash flow
Cash from operations minus capital spending.
$12.7M
71.9%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.6%
0.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.15 EPS (TTM)
What Materialise Nv does
No business description yet.
- Legal name
- MATERIALISE NV
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 23, 2026
- Accession · CIK
- 0001104659-26-047671
0001091223
Revenue and margins
Materialise Nv had $302M of revenue in fiscal 2025, up 4.6% on the year before.
FY16
Revenue $127M
FY17
Revenue $161M
FY18
Revenue $218M
FY19
Revenue $220M
FY20
Revenue $194M
FY21
Revenue $243M
FY22
Revenue $244M
FY23
Revenue $277M
FY24
Revenue $289M
FY25
Revenue $302M
FY16
Gross 59.2%
Operating 0.1%
Net −2.6%
FCF —
FY17
Gross 55.8%
Operating 0.3%
Net −1.5%
FCF —
FY18
Gross 55.4%
Operating 2.8%
Net 1.6%
FCF —
FY19
Gross 55.7%
Operating 3.5%
Net 0.8%
FCF 7.6%
FY20
Gross 55.2%
Operating −2.7%
Net −4.1%
FCF 11.1%
FY21
Gross 57.5%
Operating 5.9%
Net 6.4%
FCF 8.7%
FY22
Gross 55.5%
Operating −1.2%
Net −0.9%
FCF 0.3%
FY23
Gross 56.7%
Operating 2.2%
Net 2.6%
FCF 4.3%
FY24
Gross 56.5%
Operating 3.5%
Net 5.0%
FCF 2.6%
FY25
Gross 57.1%
Operating 3.3%
Net 2.9%
FCF 4.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$3.3M
FY17
Net income −$2.4M
FY18
Net income $3.6M
FY19
Net income $1.8M
FY20
Net income −$8.0M
FY21
Net income $15.6M
FY22
Net income −$2.2M
FY23
Net income $7.3M
FY24
Net income $14.5M
FY25
Net income $8.7M
FY16
Diluted EPS −$0.07
FY17
Diluted EPS −$0.05
FY18
Diluted EPS $0.07
FY19
Diluted EPS $0.03
FY20
Diluted EPS −$0.15
FY21
Diluted EPS $0.27
FY22
Diluted EPS −$0.04
FY23
Diluted EPS $0.12
FY24
Diluted EPS $0.25
FY25
Diluted EPS $0.15
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 0.2%
Return on equity −4.0%
Return on assets −2.0%
FY17
Return on capital 0.2%
Return on equity −2.7%
Return on assets −1.1%
FY18
Return on capital 3.7%
Return on equity 2.9%
Return on assets 1.1%
FY19
Return on capital 3.2%
Return on equity 1.1%
Return on assets 0.5%
FY20
Return on capital −2.5%
Return on equity −5.0%
Return on assets −2.0%
FY21
Return on capital 9.0%
Return on equity 7.3%
Return on assets 3.6%
FY22
Return on capital −1.3%
Return on equity −0.9%
Return on assets −0.5%
FY23
Return on capital 3.1%
Return on equity 2.9%
Return on assets 1.7%
FY24
Return on capital 5.0%
Return on equity 5.6%
Return on assets 3.4%
FY25
Return on capital 4.6%
Return on equity 3.1%
Return on assets 1.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $12.7M in fiscal 2025, 4.2% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow $16.7M
FY20
Free cash flow $21.6M
FY21
Free cash flow $21.2M
FY22
Free cash flow $0.7M
FY23
Free cash flow $11.8M
FY24
Free cash flow $7.4M
FY25
Free cash flow $12.7M
FY16
Cash from operations —
Capital spending —
FY17
Cash from operations —
Capital spending —
FY18
Cash from operations —
Capital spending —
FY19
Cash from operations $31.8M
Capital spending $15.1M
FY20
Cash from operations $34.2M
Capital spending $12.6M
FY21
Cash from operations $30.6M
Capital spending $9.4M
FY22
Cash from operations $23.4M
Capital spending $22.7M
FY23
Cash from operations $21.8M
Capital spending $10.0M
FY24
Cash from operations $34.0M
Capital spending $26.7M
FY25
Cash from operations $28.6M
Capital spending $15.9M
Cash from operations
Capital spending
Dividends, buybacks and share count
Materialise Nv returned — to shareholders in fiscal 2025. The diluted share count fell 0.1%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.00B
FY17
Diluted shares 0.00B
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.06B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Materialise Nv can carry it.
FY16
Cash $58.9M
Debt $35.6M
FY17
Cash $51.8M
Debt $113M
FY18
Cash $132M
Debt $121M
FY19
Cash $145M
Debt $144M
FY20
Cash $137M
Debt $141M
FY21
Cash $222M
Debt $112M
FY22
Cash $150M
Debt $86.4M
FY23
Cash $141M
Debt $71.2M
FY24
Cash $106M
Debt $42.9M
FY25
Cash $157M
Debt $74.2M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $222M | $150M | $141M | $106M | $157M |
| Debt incl. finance leases | $112M | $86.4M | $71.2M | $42.9M | $74.2M |
| Net debt / EBITDA | — | — | −2.4x | −1.9x | −2.4x |
| Debt / equity | 0.4x | 0.4x | 0.3x | 0.2x | 0.2x |
| Interest coverage | 5.0x | −1.4x | 3.2x | 7.3x | 5.2x |
| Current ratio | 2.8x | 2.0x | 2.0x | 1.9x | 2.4x |
| Quick ratio | 2.7x | 1.9x | 1.8x | 1.9x | 2.4x |
| Total assets | $468M | $439M | $438M | $412M | $494M |
| Total liabilities | $205M | $194M | $177M | $154M | $194M |
| Shareholders' equity | $263M | $244M | $261M | $258M | $300M |
| Net debt (− = net cash) | −$110M | −$63.9M | −$69.8M | −$63.4M | −$83.2M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations is positive | — | — | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | — | — | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Gross margin rose | — | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 1 | 2 / 7 | 5 / 7 | 4 / 9 | 3 / 9 | 8 / 9 | 4 / 9 | 7 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | — | — | — | −8.0% | −10.6% | −3.5% | −5.7% | −3.3% | −4.6% | −4.4% |
| Altman Z'' | 2.91 | 1.44 | 2.92 | 2.84 | 2.10 | 4.21 | 3.02 | 3.37 | 3.55 | 4.02 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $127M | $161M | $218M | $220M | $194M | $243M | $244M | $277M | $289M | $302M |
| Gross profit | $74.9M | $89.8M | $121M | $123M | $107M | $140M | $135M | $157M | $163M | $172M |
| Research and development | $19.6M | $22.5M | $26.5M | $26.1M | $30.9M | $31.8M | $39.5M | $41.2M | $48.0M | $52.0M |
| Operating income | $0.1M | $0.4M | $6.1M | $7.8M | −$5.3M | $14.4M | −$3.0M | $6.1M | $10.2M | $10.1M |
| Interest expense | $0.7M | $1.2M | $2.1M | $2.4M | $2.6M | $2.9M | $2.2M | $1.9M | $1.4M | $1.9M |
| Pretax income | −$1.4M | −$1.8M | $4.1M | $4.7M | −$9.4M | $16.2M | −$1.2M | $7.3M | $15.3M | $8.2M |
| Income tax | $1.9M | $0.6M | $0.5M | $2.9M | −$1.2M | $0.7M | $1.0M | $0.1M | $0.8M | −$0.5M |
| Net income | −$3.3M | −$2.4M | $3.6M | $1.8M | −$8.0M | $15.6M | −$2.2M | $7.3M | $14.5M | $8.7M |
| Net income to common | −$3.3M | −$2.4M | $3.6M | $1.8M | −$8.0M | $15.6M | −$2.2M | $7.3M | $14.5M | $8.7M |
| Diluted EPS | −$0.07 | −$0.05 | $0.07 | $0.03 | −$0.15 | $0.27 | −$0.04 | $0.12 | $0.25 | $0.15 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B | 0.05B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | — | — | — | $31.8M | $34.2M | $30.6M | $23.4M | $21.8M | $34.0M | $28.6M |
| Capital expenditure | — | — | — | $15.1M | $12.6M | $9.4M | $22.7M | $10.0M | $26.7M | $15.9M |
| Free cash flow | — | — | — | $16.7M | $21.6M | $21.2M | $0.7M | $11.8M | $7.4M | $12.7M |
| Depreciation and amortization | — | — | — | — | — | — | — | $23.3M | $23.5M | $24.6M |
| Stock-based compensation | — | — | $0.1M | $0.3M | $0.9M | −$1.2M | −$0.1M | $0.0M | $0.3M | $0.3M |
| Acquisitions | — | — | — | — | — | $1.0M | $30.8M | — | $2.9M | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $58.9M | $51.8M | $132M | $145M | $137M | $222M | $150M | $141M | $106M | $157M |
| Total debt | $35.6M | $113M | $121M | $144M | $141M | $112M | $86.4M | $71.2M | $42.9M | $74.2M |
| Current assets | $101M | $117M | $194M | $215M | $197M | $292M | $231M | $228M | $198M | $263M |
| Current liabilities | $50.4M | $75.3M | $83.7M | $94.4M | $104M | $104M | $113M | $116M | $106M | $108M |
| Inventory | $8.3M | $13.2M | $11.4M | $14.3M | $12.3M | $12.8M | $17.2M | $18.8M | — | — |
| Property and equipment, net | $47.5M | $104M | $106M | $102M | $108M | $95.6M | $101M | $105M | $116M | $133M |
| Goodwill | $9.3M | $21.1M | $20.0M | $22.0M | $22.8M | $21.2M | $47.1M | $47.7M | $45.1M | $50.7M |
| Intangible assets | $10.3M | $34.3M | $30.1M | $30.8M | $40.5M | $35.9M | $40.4M | $34.8M | $31.1M | $30.1M |
| Total assets | $171M | $281M | $359M | $393M | $400M | $468M | $439M | $438M | $412M | $494M |
| Total liabilities | $87.4M | $189M | $203M | $236M | $237M | $205M | $194M | $177M | $154M | $194M |
| Shareholders' equity | $83.3M | $92.4M | $156M | $157M | $163M | $263M | $244M | $261M | $258M | $300M |
| Margins | ||||||||||
| Gross margin | 59.2% | 55.8% | 55.4% | 55.7% | 55.2% | 57.5% | 55.5% | 56.7% | 56.5% | 57.1% |
| Operating margin | 0.1% | 0.3% | 2.8% | 3.5% | −2.7% | 5.9% | −1.2% | 2.2% | 3.5% | 3.3% |
| EBITDA margin | — | — | — | — | — | — | — | 10.6% | 11.7% | 11.5% |
| Net margin | −2.6% | −1.5% | 1.6% | 0.8% | −4.1% | 6.4% | −0.9% | 2.6% | 5.0% | 2.9% |
| FCF margin | — | — | — | 7.6% | 11.1% | 8.7% | 0.3% | 4.3% | 2.6% | 4.2% |
| Returns | ||||||||||
| Return on capital | 0.2% | 0.2% | 3.7% | 3.2% | −2.5% | 9.0% | −1.3% | 3.1% | 5.0% | 4.6% |
| Return on capital employed | 0.1% | 0.2% | 2.2% | 2.6% | −1.8% | 4.0% | −0.9% | 1.9% | 3.3% | 2.6% |
| Return on equity | −4.0% | −2.7% | 2.9% | 1.1% | −5.0% | 7.3% | −0.9% | 2.9% | 5.6% | 3.1% |
| Return on assets | −2.0% | −1.1% | 1.1% | 0.5% | −2.0% | 3.6% | −0.5% | 1.7% | 3.4% | 1.9% |
| Return on tangible equity | −5.2% | −6.4% | 3.4% | 1.7% | −8.0% | 7.5% | −1.4% | 4.1% | 8.0% | 4.0% |
| Growth | ||||||||||
| Revenue growth | — | 27.0% | 35.6% | 1.0% | −11.8% | 25.1% | 0.4% | 13.6% | 4.2% | 4.6% |
| Net income growth | — | — | — | −50.3% | −552.2% | — | −114.3% | — | 100.0% | −40.1% |
| EPS growth | — | — | — | −52.7% | −537.2% | — | −115.4% | — | 109.1% | −41.1% |
| FCF growth | — | — | — | — | 29.2% | −1.9% | −96.6% | 1,552.6% | −37.7% | 71.9% |
| Share count change | — | 0.0% | 7.2% | 6.5% | 98,722.2% | 6.5% | 3.9% | 0.0% | 0.0% | −0.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | — | — | — | — | −2.4x | −1.9x | −2.4x |
| Debt / equity | 0.4x | 1.2x | 0.8x | 0.9x | 0.9x | 0.4x | 0.4x | 0.3x | 0.2x | 0.2x |
| Interest coverage | 0.2x | 0.4x | 3.0x | 3.2x | −2.0x | 5.0x | −1.4x | 3.2x | 7.3x | 5.2x |
| Current ratio | 2.0x | 1.6x | 2.3x | 2.3x | 1.9x | 2.8x | 2.0x | 2.0x | 1.9x | 2.4x |
| Quick ratio | 1.8x | 1.4x | 2.2x | 2.1x | 1.8x | 2.7x | 1.9x | 1.8x | 1.9x | 2.4x |
| Capital allocation | ||||||||||
| Capex / revenue | — | — | — | 6.8% | 6.5% | 3.9% | 9.3% | 3.6% | 9.2% | 5.3% |
| Stock comp / revenue | — | — | 0.0% | 0.2% | 0.4% | −0.5% | −0.1% | 0.0% | 0.1% | 0.1% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 2.0 | 5.0 | 4.0 | 3.0 | 8.0 | 4.0 | 7.0 | 6.0 | 6.0 |
| Altman Z'' | 2.9 | 1.4 | 2.9 | 2.8 | 2.1 | 4.2 | 3.0 | 3.4 | 3.6 | 4.0 |
| Accruals ratio | — | — | — | −8.0% | −10.6% | −3.5% | −5.7% | −3.3% | −4.6% | −4.4% |
Source: SEC EDGAR XBRL filings (CIK 0001091223). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in EUR under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.