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Materialise
(NASDAQ:MTLS)
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Rating:70Outperform
Price Target:
$7.50
▲(12.44% 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 growth and margins
Strong medical growth and a 31% EBITDA margin support durable earnings quality. Expanding patient-specific solutions, implants and hospital adoption can deepen customer relationships and provide a scalable foundation for future growth.
Negative Factors
Software revenue decline and transition pressure
Software is strategically important, yet current declines and longer sales cycles may delay growth. The transition from perpetual licenses to subscriptions can also pressure near-term revenue recognition and margins while investment in functionality remains high.
Read all positive and negative factors
Positive Factors
Negative Factors
Medical segment growth and margins
Strong medical growth and a 31% EBITDA margin support durable earnings quality. Expanding patient-specific solutions, implants and hospital adoption can deepen customer relationships and provide a scalable foundation for future growth.
Read all positive factors
Materialise (MTLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$417.01M
Dividend YieldN/A
Average Volume (3M)88.48K
Price to Earnings (P/E)26.5
Beta (1Y)1.30
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. Volume145,779
30 Day Avg. Volume88,476
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.18
Revenue Forecast (FY)$279.13M
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 three business lines that combine recurring software revenue with service and product sales tied to 3D printing production volumes.
1) Software revenue (licenses and subscriptions): Materialise develops a...
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 | 31.24M | 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
6.78
Positive
6.36
Positive
5.93
Positive
Market Momentum
0.11
Negative
56.31
Neutral
64.40
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 6.67 is below the 20-day moving average (MA) of 6.83, below the 50-day MA of 6.78, and above the 200-day MA of 5.93, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 56.31 is Neutral, neither overbought nor oversold. The STOCH value of 64.40 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $372.54M | 44.97 | 6.18% | ― | 2.08% | ― | |
70 Outperform | $417.01M | 26.53 | 5.40% | ― | 10.14% | -10.93% | |
69 Neutral | $193.51M | 33.33 | 3.73% | ― | 10.41% | 10.48% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $245.62M | 53.86 | 1.51% | 4.14% | 11.24% | -92.95% | |
51 Neutral | $221.27M | -8.67 | -28.06% | ― | 31.86% | 33.91% |
* Technology Sector Average
MTLS
Materialise
7.07
2.14
43.41%
IMMR
Immersion
7.54
0.81
12.09%
SLP
Simulations Plus
18.43
4.05
28.16%
PERF
Perfect Corp
1.90
-0.07
-3.55%
SVCO
Silvaco Group, Inc.
6.24
1.14
22.35%
Materialise Corporate Events
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...
Materialise Updates Share Buyback Progress, Now Holding 1.9% of Its Shares in Treasury
Jul 13, 2026
On July 13, 2026, Materialise NV reported the latest progress in its share buyback program, which was originally announced on October 30, 2025 and executed under a EUR 30 million mandate via an independent financial intermediary. Between July 6 an...
Materialise Updates Share Buyback Progress, Holding 1.8% of Outstanding Shares
Jul 6, 2026
On July 6, 2026, Materialise reported the latest progress of its share buyback program, originally announced on October 30, 2025, authorizing repurchases of up to EUR 30 million. The company has mandated an independent financial intermediary to ex...
Materialise Expands Share Buyback, Reaching 1.8% of Outstanding Shares
Jun 29, 2026
On June 29, 2026, Materialise reported on the progress of its share buyback program, which was announced on October 30, 2025 and executed under a discretionary mandate to an independent financial intermediary for up to EUR 30 million. The program ...
Materialise Reports Progress in Ongoing EUR 30 Million Share Buy-back Program
Jun 22, 2026
On June 22, 2026, Materialise NV reported the latest progress of its EUR 30 million share buy-back program, originally announced on October 30, 2025. Between June 15 and June 19, 2026, the company repurchased 46,152 shares on Nasdaq at an average ...
Materialise Details June Progress in Ongoing EUR 30 Million Share Buyback
Jun 15, 2026
On June 15, 2026, Materialise reported the latest progress of its share buyback program, originally announced on October 30, 2025, under which an independent financial intermediary may repurchase up to EUR 30 million of shares. Between June 8 and ...
Materialise Updates Market on Progress of EUR 30 Million Share Buyback Program
Jun 8, 2026
Materialise NV reported progress on its previously announced EUR 30 million share buyback program, providing an update dated June 8, 2026. The program, executed via an independent financial intermediary, is part of the company’s ongoing capi...
Materialise Reports Progress of Ongoing EUR 30 Million Share Buyback Program
Jun 1, 2026
Materialise NV, the Belgium-based 3D printing software and services specialist listed on Euronext and Nasdaq under the ticker MTLS, disclosed new data on its ongoing share buyback program originally announced on October 30, 2025. The program autho...
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.