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Materialise
(NASDAQ:MTLS)
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Rating:70Outperform
Price Target:
$9.00
▲(34.93% Upside)
Action:Upgraded
Date:08/29/26
MTLS scores well overall on improving fundamentals and earnings-call momentum (raised adjusted EBIT guidance, better profitability, strong cash generation and net cash position), supported by constructive technicals (price above key moving averages with moderate momentum). The main constraint is valuation (P/E ~26) alongside the company’s historical variability in growth/profitability and uneven free-cash-flow conversion.
Positive Factors
Medical segment strength
Medical is the strongest demonstrated growth engine, with more than half of group revenue and a high segment EBITDA margin. Device growth and an expanding clinical portfolio can deepen customer adoption, improve mix, and make medical workflows a durable source of profitability.
Negative Factors
Software revenue and margin pressure
Software is strategically important, yet revenue is declining while the transition to subscriptions and continued product investment weigh on profitability. Extended sales cycles and cautious customer spending could delay recurring-revenue benefits and keep software margins under pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Medical segment strength
Medical is the strongest demonstrated growth engine, with more than half of group revenue and a high segment EBITDA margin. Device growth and an expanding clinical portfolio can deepen customer adoption, improve mix, and make medical workflows a durable source of profitability.
Read all positive factors
Materialise (MTLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$488.49M
Dividend YieldN/A
Average Volume (3M)202.38K
Price to Earnings (P/E)31.6
Beta (1Y)1.36
Revenue Growth10.14%
EPS Growth-10.93%
CountryUS
Employees2,556
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.23
Shares Outstanding59,067,184
10 Day Avg. Volume259,997
30 Day Avg. Volume202,383
Financial Highlights & Ratios
PEG Ratio-0.84
Price to Book (P/B)1.09
Price to Sales (P/S)1.09
P/FCF Ratio30.53
Enterprise Value/Market Cap0.71
Enterprise Value/Revenue1.27
Enterprise Value/Gross Profit2.21
Enterprise Value/Ebitda11.39
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.18
Revenue Forecast (FY)$276.09M
Materialise Business Overview & Revenue Model
Company Description
Materialise N.V. (MTLS), founded in 1990 and headquartered in Leuven, Belgium, is a global leader in additive manufacturing and medical technology. The company offers specialized software and comprehensive 3D printing services across the Americas,...
How the Company Makes Money
Materialise makes money primarily through a mix of software revenues and service-based revenues tied to 3D printing applications.
1) Software segment (software products and related services): Materialise generates revenue by licensing its additiv...
Materialise Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q2-2026)
| Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive picture: healthy consolidated revenue growth (+8% Q2), clear margin and profitability improvements (adjusted EBITDA +16%, adjusted EBIT expansion), strong cash generation and net cash position, and strategic product and portfolio actions (CO-AM launches, Replasia investment, divestments) that position the company for scalable growth. Offsetting risks include a modest decline in Software revenue and near-term seasonality/costs (asset impairment, working capital increase), and ongoing weakness in certain Manufacturing subsegments (prototyping demand). On balance, the operational and financial momentum and the upgrade to adjusted EBIT guidance outweigh the contained headwinds reported.Positive Updates
Consolidated Revenue Growth
Q2 2026 consolidated revenue of EUR 70.1 million, up >8% year-over-year; H1 2026 revenue EUR 136.3 million, up nearly 4% year-over-year.
Negative Updates
Software Revenue Decline and Sales Headwinds
Software revenue decreased 3% in Q2 to EUR 9.6 million and was down ~2% for H1 (H1 software EUR 19.2 million); Medical software within Medical down ~4% in Q2; management cites cautious customer spending, extended sales cycles and reduced academic research grants (U.S.) as drivers.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Q2 2026 consolidated revenue of EUR 70.1 million, up >8% year-over-year; H1 2026 revenue EUR 136.3 million, up nearly 4% year-over-year.
Read all positive updates
Company Guidance
Materialise reaffirmed full‑year 2026 revenue guidance of EUR 273–283 million and raised full‑year adjusted EBIT guidance to EUR 12–14 million (from EUR 10–12 million), citing a strong first half (H1 revenue EUR 136.3M; Q2 revenue EUR 70.1M) and improving profitability (Q2 adjusted EBIT EUR 3.9M and adjusted EBITDA EUR 9.6M; H1 adjusted EBIT EUR 6.4M and adjusted EBITDA EUR 17.6M), solid margins (Q2 gross profit EUR 39.8M; gross margin 56.8%), robust cash generation (Q2 operating cash flow >EUR 8M; H1 operating cash flow EUR 50M; H1 free cash flow >EUR 11.4M), a net cash position of EUR 74.2M (cash EUR 133.7M; gross debt EUR 59.5M), continued R&D spend (Q2 R&D >EUR 12M), and ongoing share buybacks of EUR 5.2M (≈1.1M ADSs, 1.8% of shares), with the guidance explicitly said to fully absorb the expected revenue impact from the RapidFit and Eyewear divestments.Materialise Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
72
Positive
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 275.16M | 257.07M | 266.76M | 256.13M | 232.02M | 205.45M |
| Gross Profit | 157.45M | 146.91M | 150.82M | 145.13M | 128.77M | 118.17M |
| EBITDA | 30.59M | 25.79M | 31.19M | 30.09M | 23.44M | 36.72M |
| Net Income | 13.29M | 7.41M | 13.44M | 6.72M | -2.12M | 13.15M |
Balance Sheet | ||||||
| Total Assets | 417.49M | 420.47M | 396.34M | 396.63M | 411.26M | 413.41M |
| Cash, Cash Equivalents and Short-Term Investments | 133.68M | 133.86M | 102.30M | 127.57M | 140.87M | 196.03M |
| Total Debt | 59.50M | 66.15M | 41.28M | 64.40M | 80.98M | 99.11M |
| Total Liabilities | 161.33M | 165.09M | 147.84M | 160.04M | 182.33M | 180.83M |
| Stockholders Equity | 256.25M | 255.45M | 248.58M | 236.65M | 228.96M | 232.58M |
Cash Flow | ||||||
| Free Cash Flow | 16.84M | 9.14M | 5.08M | 8.40M | -2.48M | 14.12M |
| Operating Cash Flow | 28.41M | 22.68M | 31.46M | 20.16M | 22.29M | 25.84M |
| Investing Cash Flow | -9.09M | -9.32M | -28.59M | -11.04M | -53.86M | -13.13M |
| Financing Cash Flow | -4.93M | 18.00M | -27.64M | -22.37M | -22.51M | 71.16M |
Materialise Technical Analysis
Positive
6.67
Price Trends
7.50
Positive
7.08
Positive
6.23
Positive
Market Momentum
0.25
Positive
53.32
Neutral
17.33
Positive
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 6.67 is below the 20-day moving average (MA) of 8.24, below the 50-day MA of 7.50, and above the 200-day MA of 6.23, indicating a neutral trend. The MACD of 0.25 indicates Positive momentum. The RSI at 53.32 is Neutral, neither overbought nor oversold. The STOCH value of 17.33 is Positive, 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $488.49M | 31.56 | 5.40% | ― | 10.14% | -10.93% | |
69 Neutral | $197.59M | 34.04 | 3.73% | ― | 10.41% | 10.48% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $244.06M | 21.50 | 3.45% | 4.23% | 4.12% | -68.41% | |
51 Neutral | $272.78M | -10.19 | -28.06% | ― | 31.86% | 33.91% |
* Technology Sector Average
MTLS
Materialise
8.13
1.95
31.55%
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7.31
0.46
6.68%
PERF
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1.94
-0.06
-3.00%
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7.34
1.39
23.36%
Materialise Corporate Events
Materialise Expands Share Buyback, Now Holding 2.8% of Outstanding Shares
Oct 13, 2026
Materialise NV disclosed the latest progress in its share buyback program, originally announced on October 30, 2025, highlighting recent purchases on October 12, 2026. The program authorizes an independent financial intermediary to repurchase shar...
Materialise Expands Share Buyback, Now Holding 2.5% of Its Own Shares
Oct 5, 2026
Materialise NV, a Belgium-based 3D printing software and services provider, leverages over thirty years of additive manufacturing experience to deliver secure, flexible solutions for industrial production and mass personalization. With major opera...
Materialise Updates Progress of €30 Million Share Buyback Program
Sep 28, 2026
Materialise NV reported the latest progress in its share buyback program on September 28, 2026, detailing repurchases executed between September 21 and 25, 2026. Over that week, the company bought 31,306 shares on Nasdaq at an average price of ...
Materialise Expands Share Buyback, Reaching 2.3% of Outstanding Shares
Sep 21, 2026
Materialise NV reported the latest activity in its previously announced share buyback program, detailing purchases executed between September 14 and September 18, 2026. The company is repurchasing its American Depositary Shares and ordinary shares...
Materialise Updates Share Buyback Progress, Now Holding 2.2% of Outstanding Shares
Sep 14, 2026
On September 14, 2026, Materialise reported recent activity under its ongoing share buyback program, originally announced on October 30, 2025 and executed via an independent financial intermediary with an authorization of up to EUR 30 million. Bet...
Materialise Expands Share Buyback to 2.2% of Outstanding Shares
Sep 8, 2026
Materialise NV disclosed the latest weekly progress in its ongoing share buyback program that was launched on October 30, 2025, under a mandate allowing repurchases of up to EUR 30 million. In the period from August 31 to September 4, 2026, the co...
Materialise to Resume Share Buyback Program After Renewal of Authorization
Aug 28, 2026
On August 28, 2026, Materialise NV announced it will restart its American Depositary Shares buyback program, with repurchases resuming from August 31, 2026, following the end of a closed period and the renewal of the underlying authorization. The ...
Materialise Half-Year 2026 Report Highlights Portfolio Refocus and Growth in Medical, Software and Aerospace
Aug 27, 2026
On August 27, 2026, Materialise NV published its unaudited half-year report for the six months ended June 30, 2026, detailing progress on its strategic priorities across medical, software and manufacturing operations. The company also reiterated i...
Materialise Delivers Strong Q2 2026 Results and Refocuses Portfolio on High-Value 3D-Printing Segments
Aug 27, 2026
Materialise reported on August 27, 2026 that its second-quarter 2026 revenue rose 8.1% year on year to €70.1 million, with net profit jumping to €3.3 million from €0.2 million and adjusted EBITDA up 15.7%. Growth was driven by do...
Materialise Posts Strong Turnaround in Q2 and First-Half 2026 Results
Aug 27, 2026
In its second-quarter 2026 results, Materialise reported an 8.1% year-on-year revenue increase to 70.1 million euros, driven by 12.2% growth in its Medical segment and 6.7% growth in Manufacturing, while Software revenue slipped modestly. Despite ...
Materialise Pauses EUR 30 Million Share Buyback Ahead of Planned August Restart
Jul 27, 2026
Materialise NV reported on July 27, 2026 that it continued executing the share buyback program launched on October 30, 2025, repurchasing 48,806 shares between July 20 and July 24, 2026 at an average price of EUR 5.75 for a total of EUR 280,703. S...
Materialise Updates Ongoing Share Buyback Program After Repurchasing 51,168 Shares
Jul 20, 2026
Materialise NV, listed on Euronext and Nasdaq, reported the latest progress in its share buyback program initiated on October 30, 2025, under a discretionary mandate of up to EUR 30 million. Between July 13 and July 17, 2026, the company repurchas...
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.