Materialise N.V. (MTLS) 10-Year Financial Performance & Capital Metrics

MTLS •

TechnologyApplication SoftwareEngineering design and simulation software

AboutMaterialise NV provides additive manufacturing and medical software, and 3D printing services in the Americas, Europe and Africa, and the Asia-Pacific. The company operates through three segments: Materialise Software, Materialise Medical, and Materialise Manufacturing. Its Materialise Software segment offers software through programs and platforms that enable and enhance the functionality of 3D printers and of 3D printing operations. Its software interfaces between various types of 3D printers; and various software applications and capturing technologies, including computer-aided design/computer-aided manufacturing packages and 3D scanners. This segment serves 3D printing machine manufacturers; production companies and contract manufacturers in automotive, aerospace, consumer goods, and hearing aid industries; and 3D printing service bureaus through its sales force, Website, and third-party distributors. The company's Materialise Medical segment provides medical software that allows medical-image based analysis and engineering, as well as patient-specific design of surgical devices and implants. It serves medical device companies, hospitals, universities, research institutes, and industrial companies through its direct sales force, Website, and picture archiving and communication system partners. Its Materialise Manufacturing segment provides 3D printing services, design and engineering services, and rapid prototyping and additive manufacturing of production parts to industrial and commercial customers. The company has collaboration agreements with Zimmer Biomet Holdings, Inc.; Encore Medical, L.P.; DePuy Synthes Companies of Johnson & Johnson; Limacorporate Spa; Mathys AG; Corin Ltd; Medtronic Inc.; and Abbott Laboratories Inc. Materialise NV was incorporated in 1990 and is headquartered in Leuven, Belgium.Show more

Revenue $267M +4.2%
EBITDA $31M +14.9%
Net Income $13M +99.9%
EPS (Diluted) 0.23 +109.1%
Gross Margin 56.54% -0.2%
EBITDA Margin 11.71% +10.3%
Operating Margin 3.54% +61.2%
Net Margin 5.04% +91.9%
ROE 5.54% +91.8%
ROIC 3.92% +59.3%
Debt/Equity 0.17 -39.0%
Interest Coverage 5.72 +112.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 53.3%
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak 3Y average ROE of 2.5%
✗Thin 5Y average net margin of 1.8%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.61%

5Y6.29%

3Y9.1%

TTM3.12%

Profit (Net Income) CAGR

10Y20.62%

5Y53.32%

3Y0.71%

TTM-52.44%

EPS CAGR

10Y16.49%

5Y51%

3Y-1.41%

TTM-52.71%

ROCE

10Y Avg0.79%

5Y Avg1.32%

3Y Avg1.4%

Latest3.22%

Peer Comparison

Engineering design and simulation software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PDFSPDF Solutions, Inc.	1.33B	33.78	337.80	8.22%	-0.03%	-0.02%		0.02
CDNSCadence Design Systems, Inc.	81.92B	301.40	74.24	14.12%	20.94%	20.26%	1.94%	0.45
ADSKAutodesk, Inc.	52.62B	245.87	47.01	10.52%	16.59%	36.91%	4.58%	0.90
BSYBentley Systems, Incorporated	11.05B	36.55	43	10.99%	18.5%	23.36%	4.71%	1.08
PTCPTC Inc.	18.72B	156.59	25.75	19.18%	28.61%	21.3%	4.58%	0.36
MTLSMaterialise N.V.	305.39M	5.18	19.09	4.15%	1.73%	1.89%	1.96%	0.17
SVCOSilvaco Group, Inc. Common Stock	102.58M	3.36	-2.20	10.02%	-47.59%	-37.71%		0.02
FIGFigma, Inc.	2.38B	29.39	-7.92	40.96%	-124.47%	-86.99%	10.36%	0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	102.03M	114.48M	142.57M	184.72M	196.68M	170.45M	205.45M	232.02M	256.13M	266.76M
Revenue Growth %	25.42%	12.19%	24.54%	29.56%	6.47%	-13.34%	20.53%	12.93%	10.39%	4.15%
Cost of Goods Sold+	42.96M	46.71M	62.79M	82.3M	87.05M	76.45M	87.28M	103.25M	111M	115.94M
COGS % of Revenue	42.11%	40.8%	44.04%	44.55%	44.26%	44.85%	42.48%	44.5%	43.34%	43.46%
Gross Profit+	59.07M	67.77M	79.79M	102.42M	109.63M	94M	118.17M	128.77M	145.13M	150.82M
Gross Margin %	57.89%	59.2%	55.96%	55.45%	55.74%	55.15%	57.52%	55.5%	56.66%	56.54%
Gross Profit Growth %	20.66%	14.73%	17.73%	28.37%	7.03%	-14.25%	25.71%	8.97%	12.71%	3.92%
Operating Expenses+	62.96M	67.66M	78.92M	97.26M	102.69M	98.64M	105.95M	131.64M	139.51M	141.39M
OpEx % of Revenue	61.71%	59.11%	55.35%	52.65%	52.21%	57.87%	51.57%	56.74%	54.47%	53%
Selling, General & Admin	51.88M	56.19M	64.59M	78.61M	84.64M	69.59M	77.59M	93.02M	94.89M	101.22M
SG&A % of Revenue	50.84%	49.09%	45.31%	42.56%	43.03%	40.83%	37.76%	40.09%	37.05%	37.94%
Research & Development	18.19M	17.68M	19.96M	22.42M	23.35M	27.1M	26.89M	37.57M	38.1M	44.4M
R&D % of Revenue	17.82%	15.45%	14%	12.14%	11.87%	15.9%	13.09%	16.19%	14.87%	16.64%
Other Operating Expenses	-5.26M	-3.43M	-2.5M	-3.77M	-5.29M	1.95M	1.48M	1.05M	6.52M	-4.22M
Operating Income+	-3.89M	107K	865K	3.93M	6.94M	-4.64M	12.22M	-2.87M	5.62M	9.43M
Operating Margin %	-3.81%	0.09%	0.61%	2.13%	3.53%	-2.72%	5.95%	-1.24%	2.19%	3.54%
Operating Income Growth %	-1278.48%	102.75%	708.41%	353.99%	76.62%	-166.87%	363.41%	-123.51%	295.65%	67.86%
EBITDA+	2.82M	8.89M	12.68M	21.77M	19.57M	15.04M	32.77M	19.7M	27.19M	31.24M
EBITDA Margin %	2.76%	7.77%	8.89%	11.78%	9.95%	8.82%	15.95%	8.49%	10.62%	11.71%
EBITDA Growth %	-42.43%	215.45%	42.62%	71.7%	-10.08%	-23.18%	117.92%	-39.89%	38.04%	14.9%
D&A (Non-Cash Add-back)	6.71M	8.78M	11.81M	17.84M	12.64M	19.67M	20.55M	22.57M	21.57M	21.81M
EBIT	-2.63M	-644K	-569K	5.2M	7.08M	-5.92M	16.17M	869K	8.52M	9.43M
Net Interest Income+	-489K	-798K	-1.22M	-1.54M	-2.43M	-2.21M	-2.13M	-1.44M	2.36M	2.6M
Interest Income	3.51M	2.04M	3.21M	3.63M	1.38M	2.45M	5.62M	6.11M	4.45M	4.25M
Interest Expense	2.47M	2.44M	4.73M	4.86M	3.68M	6M	4.1M	4.42M	2.09M	1.65M
Other Income/Expense	640K	-1.42M	-1.51M	-1.71M	-2.7M	-3.58M	1.52M	1.69M	1.15M	4.71M
Pretax Income+	-3.25M	-1.31M	-1.12M	3.45M	4.24M	-8.22M	13.74M	-1.18M	6.77M	14.14M
Pretax Margin %	-3.18%	-1.14%	-0.79%	1.87%	2.16%	-4.82%	6.69%	-0.51%	2.64%	5.3%
Income Tax+	-389K	1.71M	534K	425K	2.6M	-1.03M	591K	975K	78K	733K
Effective Tax Rate %	86.4%	230.63%	147.59%	87.69%	37.41%	85.68%	95.76%	180.22%	99.26%	95.03%
Net Income+	-2.81M	-3.02M	-1.66M	3.03M	1.59M	-7.04M	13.15M	-2.12M	6.72M	13.44M
Net Margin %	-2.75%	-2.64%	-1.16%	1.64%	0.81%	-4.13%	6.4%	-0.92%	2.62%	5.04%
Net Income Growth %	-236.2%	-7.55%	45.15%	282.79%	-47.6%	-544.14%	286.74%	-116.14%	416.63%	99.88%
Net Income (Continuing)	-2.86M	-3.02M	-2.12M	2.55M	1.64M	-7.19M	13.14M	-2.15M	6.69M	13.41M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	3.68M	0	1K	-28K	-53K	-86K
EPS (Diluted)+	-0.06	-0.06	-0.04	0.06	0.03	-0.14	0.24	-0.04	0.11	0.23
EPS Growth %	-218.8%	-7.41%	45.14%	270.57%	-50.92%	-577.82%	271.43%	-115.21%	401.37%	109.09%
EPS (Basic)	-0.06	-0.06	-0.04	0.06	0.03	-0.14	0.24	-0.04	0.11	0.23
Diluted Shares Outstanding	47.22M	47.33M	47.33M	50.7M	53.99M	53.36M	56.84M	59.06M	59.09M	59.1M
Basic Shares Outstanding	46.78M	47.33M	47.33M	49.81M	52.91M	53.36M	56.69M	59.06M	59.07M	59.07M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	83.95M	97.51M	99.56M	169.32M	211.65M	193.2M	257.8M	216.41M	206.47M	190.51M
Cash & Short-Term Investments	50.73M	55.91M	43.17M	115.51M	144.69M	136.47M	196.03M	140.87M	127.57M	102.3M
Cash Only	50.73M	55.91M	43.17M	115.51M	144.69M	136.47M	196.03M	140.87M	127.57M	102.3M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	22.84M	31.63M	42.5M	36.89M	52.71M	44.44M	45.23M	54.75M	52.7M	53.05M
Days Sales Outstanding	81.71	100.86	108.81	72.89	97.83	95.16	80.35	86.12	75.1	72.59
Inventory	5.39M	7.87M	11.59M	9.99M	14.25M	12.29M	10.8M	15.44M	17.03M	16.99M
Days Inventory Outstanding	45.77	61.5	67.4	44.29	59.75	58.67	45.17	54.57	56.01	53.49
Other Current Assets	4.99M	31.96M	44.79M	43.83M	0	0	5.75M	5.36M	9.16M	18.16M
Total Non-Current Assets+	60.19M	64.41M	137.98M	143.91M	180.55M	205.58M	155.6M	194.85M	190.17M	205.82M
Property, Plant & Equipment	38.4M	45.06M	86.88M	92.54M	114.04M	121.45M	93.5M	102.7M	103.5M	119.05M
Fixed Asset Turnover	2.66x	2.54x	1.64x	2.00x	1.72x	1.40x	2.20x	2.26x	2.47x	2.24x
Goodwill	9.66M	8.86M	18.45M	17.49M	22.01M	22.76M	18.73M	44.15M	43.16M	43.39M
Intangible Assets	9.66M	9.77M	28.65M	26.33M	30.75M	40.35M	31.67M	37.88M	31.46M	29.97M
Long-Term Investments	1.37M	388K	31K	2.7M	6.7M	12.29M	3.96M	3.8M	3.74M	3.99M
Other Non-Current Assets	0	0	3.67M	4.54M	6.83M	8.48M	7.52M	5.13M	8.29M	9.41M
Total Assets+	144.14M	161.92M	237.54M	313.23M	392.2M	398.78M	413.41M	411.26M	396.63M	396.34M
Asset Turnover	0.71x	0.71x	0.60x	0.59x	0.50x	0.43x	0.50x	0.56x	0.65x	0.67x
Asset Growth %	8.19%	12.34%	46.7%	31.86%	25.21%	1.68%	3.67%	-0.52%	-3.56%	-0.07%
Total Current Liabilities+	40.17M	47.83M	64.29M	73.11M	94.34M	103.32M	91.44M	106.11M	104.95M	102.18M
Accounts Payable	9.71M	13.4M	15.67M	18.67M	20.79M	21.65M	20.17M	23.23M	21.2M	23.35M
Days Payables Outstanding	82.51	104.72	91.09	82.79	87.15	103.39	84.36	82.12	69.7	73.5
Short-Term Debt	4.48M	5.54M	12.77M	13.6M	18.9M	21.44M	17.85M	17.06M	22.87M	10.38M
Deferred Revenue (Current)	16.51M	17.82M	18.79M	23.2M	31.03M	36.16M	33.31M	41.72M	86.53K	0
Other Current Liabilities	17.26M	19.38M	20.71M	27.77M	8.31M	9.23M	908K	1.03M	43.33M	62.95M
Current Ratio	2.09x	2.04x	1.55x	2.32x	2.24x	1.87x	2.82x	2.04x	1.97x	1.86x
Quick Ratio	1.96x	1.87x	1.37x	2.18x	2.09x	1.75x	2.70x	1.89x	1.80x	1.70x
Cash Conversion Cycle	44.97	57.64	85.11	34.39	70.43	50.44	41.16	58.58	61.41	52.58
Total Non-Current Liabilities+	21.01M	35.05M	95.74M	104.12M	137.59M	132.51M	89.39M	76.22M	55.09M	45.67M
Long-Term Debt	16.61M	28.27M	81.79M	92.44M	117.5M	110.73M	72.64M	55.87M	33.58M	23.18M
Capital Lease Obligations	0	5.11M	6.13M	0	7.21M	8.67M	5.27M	5.15M	5.33M	5.11M
Deferred Tax Liabilities	2.07M	1.32M	7.01M	6.23M	6.45M	6.1M	4.37M	4.31M	0	3.2M
Other Non-Current Liabilities	4.4M	1.68M	7.82M	11.68M	781.26K	486.97K	667K	1.61M	16.17M	909K
Total Liabilities	61.18M	82.89M	160.02M	177.24M	231.93M	235.83M	180.83M	182.33M	160.04M	147.84M
Total Debt+	21.09M	33.81M	94.56M	106.04M	143.61M	140.84M	99.11M	80.98M	64.4M	41.28M
Net Debt	-29.64M	-22.11M	51.38M	-9.47M	-1.08M	4.37M	-96.92M	-59.89M	-63.17M	-61.02M
Debt / Equity	0.25x	0.43x	1.22x	0.78x	0.90x	0.86x	0.43x	0.35x	0.27x	0.17x
Debt / EBITDA	7.48x	3.80x	7.46x	4.87x	7.34x	9.37x	3.02x	4.11x	2.37x	1.32x
Net Debt / EBITDA	-10.52x	-2.49x	4.05x	-0.43x	-0.05x	0.29x	-2.96x	-3.04x	-2.32x	-1.95x
Interest Coverage	-1.57x	0.04x	0.18x	0.81x	1.88x	-0.77x	2.98x	-0.65x	2.69x	5.72x
Total Equity+	82.95M	79.03M	77.52M	135.99M	160.27M	162.96M	232.58M	228.93M	236.59M	248.49M
Equity Growth %	-2.6%	-4.73%	-1.92%	75.44%	17.86%	1.67%	42.72%	-1.57%	3.35%	5.03%
Book Value per Share	1.76	1.67	1.64	2.68	2.97	3.05	4.09	3.88	4.00	4.20
Total Shareholders' Equity	82.95M	79.03M	77.52M	135.99M	156.6M	162.96M	232.58M	228.96M	236.65M	248.58M
Common Stock	2.73M	2.73M	2.73M	3.05M	3.44M	5.01M	4.49M	4.49M	4.49M	4.49M
Retained Earnings	1.18M	-1.88M	-3.71M	-1.58M	-305.32K	-8.95M	965K	-1.16M	5.84M	19M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	2.13M	-2.71M	-5.05M	-3.7M	-1.55M	-5.96M	-6.75M	-8.27M	-7.63M	-9.08M
Minority Interest	0	0	0	0	3.68M	0	1K	-28K	-53K	-86K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.67M	8.49M	9.89M	28.32M	28.4M	29.98M	25.84M	22.29M	20.16M	31.46M
Operating CF Margin %	3.59%	7.42%	6.93%	15.33%	14.44%	17.59%	12.58%	9.61%	7.87%	11.79%
Operating CF Growth %	-24.22%	131.66%	16.37%	186.48%	0.29%	5.54%	-13.79%	-13.76%	-9.56%	56.05%
Net Income	-2.86M	-3.02M	-1.66M	3.03M	1.64M	-7.27M	13.14M	-2.15M	6.58M	13.41M
Depreciation & Amortization	6.71M	8.37M	12.63M	17.29M	19.28M	19.67M	20.52M	22.57M	21.57M	21.76M
Stock-Based Compensation	769K	977K	1.03M	1.07M	302K	752K	-1.04M	-140K	39K	285K
Deferred Taxes	-388K	1.71M	534K	426K	2.6M	-948K	591K	975K	71.5K	0
Other Non-Cash Items	-707K	312K	984K	1.25M	916K	5.26M	-1.48M	14K	4.47M	-2.58M
Working Capital Changes	146K	139K	-3.64M	5.26M	3.67M	12.51M	-5.89M	1.02M	-12.58M	-1.42M
Change in Receivables	-6.64M	-6.46M	-6.51M	-3.16M	216K	9.2M	-10.92M	-6.33M	-3.27M	-1.04M
Change in Inventory	-1.67M	-2.48M	-984K	812K	-745K	2.72M	-1.42M	-5.01M	-789.48K	-372K
Change in Payables	8.46M	9.09M	3.85M	7.6M	4.2M	583K	6.45M	0	-8.78M	0
Cash from Investing+	-4.11M	-12.64M	-59.18M	-22.13M	-25.62M	-28.27M	-13.13M	-53.86M	-11.04M	-28.59M
Capital Expenditures	-10.55M	-14.58M	-32.01M	-20.11M	-13.47M	-17.65M	-11.72M	-21.61M	-9.23M	-24.65M
CapEx % of Revenue	10.34%	12.74%	22.45%	10.88%	6.85%	10.36%	5.71%	9.31%	3.61%	9.24%
Acquisitions	-3.93M	2.02M	-27.67M	-2.67M	-7.49M	-8.33M	-875K	-29.29M	0	-2.67M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.37M	1.94M	502K	5.15M	-4.38M	3.78M	-536K	-2.96M	-1.8M	-1.27M
Cash from Financing+	-1.79M	9.27M	38.04M	65.23M	10.78M	-16.89M	71.16M	-22.51M	-22.37M	-27.64M
Debt Issued (Net)	-585K	9.97M	39.47M	10.63M	11.59M	-17.38M	-18.05M	-21.09M	-20.27M	-26.39M
Equity Issued (Net)	0	0	0	1000K	0	1000K	1000K	23K	0	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-1.2M	-709K	-1.43M	-5.89M	-810K	-3.62M	1.09M	-1.45M	-2.1M	-1.25M
Net Change in Cash	-293K	5.19M	-12.74M	72.33M	13.39M	-17.36M	84.49M	-55.16M	-13.29M	-25.27M
Free Cash Flow+	-6.88M	-6.08M	-22.13M	8.21M	12.74M	12.33M	14.12M	-2.48M	8.4M	5.08M
FCF Margin %	-6.74%	-5.31%	-15.52%	4.45%	6.48%	7.23%	6.87%	-1.07%	3.28%	1.9%
FCF Growth %	-21.47%	11.58%	-263.69%	137.13%	55.05%	-3.23%	14.56%	-117.6%	437.91%	-39.51%
FCF per Share	-0.15	-0.13	-0.47	0.16	0.24	0.23	0.25	-0.04	0.14	0.09
FCF Conversion (FCF/Net Income)	-1.31x	-2.81x	-5.97x	9.36x	17.91x	-4.26x	1.96x	-10.50x	3.00x	2.34x
Interest Paid	0	0	0	0	0	0	0	0	0	1.34M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-3.34%	-3.73%	-2.12%	2.84%	1.07%	-4.36%	6.65%	-0.92%	2.89%	5.54%
Return on Invested Capital (ROIC)	-5.57%	0.15%	0.7%	2.31%	3.64%	-2.13%	6.05%	-1.41%	2.46%	3.92%
Gross Margin	57.89%	59.2%	55.96%	55.45%	55.74%	55.15%	57.52%	55.5%	56.66%	56.54%
Net Margin	-2.75%	-2.64%	-1.16%	1.64%	0.81%	-4.13%	6.4%	-0.92%	2.62%	5.04%
Debt / Equity	0.25x	0.43x	1.22x	0.78x	0.90x	0.86x	0.43x	0.35x	0.27x	0.17x
Interest Coverage	-1.57x	0.04x	0.18x	0.81x	1.88x	-0.77x	2.98x	-0.65x	2.69x	5.72x
FCF Conversion	-1.31x	-2.81x	-5.97x	9.36x	17.91x	-4.26x	1.96x	-10.50x	3.00x	2.34x
Revenue Growth	25.42%	12.19%	24.54%	29.56%	6.47%	-13.34%	20.53%	12.93%	10.39%	4.15%

US Stock Screener

...

Materialise N.V. (MTLS) 10-Year Financial Performance & Capital Metrics

MTLS •

TechnologyApplication SoftwareEngineering design and simulation software

Revenue $267M +4.2%
EBITDA $31M +14.9%
Net Income $13M +99.9%
EPS (Diluted) 0.23 +109.1%
Gross Margin 56.54% -0.2%
EBITDA Margin 11.71% +10.3%
Operating Margin 3.54% +61.2%
Net Margin 5.04% +91.9%
ROE 5.54% +91.8%
ROIC 3.92% +59.3%
Debt/Equity 0.17 -39.0%
Interest Coverage 5.72 +112.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 53.3%
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak 3Y average ROE of 2.5%
✗Thin 5Y average net margin of 1.8%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y12.61%

5Y6.29%

3Y9.1%

TTM3.12%

Profit (Net Income) CAGR

10Y20.62%

5Y53.32%

3Y0.71%

TTM-52.44%

EPS CAGR

10Y16.49%

5Y51%

3Y-1.41%

TTM-52.71%

ROCE

10Y Avg0.79%

5Y Avg1.32%

3Y Avg1.4%

Latest3.22%

Peer Comparison

Engineering design and simulation software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PDFSPDF Solutions, Inc.	1.33B	33.78	337.80	8.22%	-0.03%	-0.02%		0.02
CDNSCadence Design Systems, Inc.	81.92B	301.40	74.24	14.12%	20.94%	20.26%	1.94%	0.45
ADSKAutodesk, Inc.	52.62B	245.87	47.01	10.52%	16.59%	36.91%	4.58%	0.90
BSYBentley Systems, Incorporated	11.05B	36.55	43	10.99%	18.5%	23.36%	4.71%	1.08
PTCPTC Inc.	18.72B	156.59	25.75	19.18%	28.61%	21.3%	4.58%	0.36
MTLSMaterialise N.V.	305.39M	5.18	19.09	4.15%	1.73%	1.89%	1.96%	0.17
SVCOSilvaco Group, Inc. Common Stock	102.58M	3.36	-2.20	10.02%	-47.59%	-37.71%		0.02
FIGFigma, Inc.	2.38B	29.39	-7.92	40.96%	-124.47%	-86.99%	10.36%	0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	102.03M	114.48M	142.57M	184.72M	196.68M	170.45M	205.45M	232.02M	256.13M	266.76M
Revenue Growth %	25.42%	12.19%	24.54%	29.56%	6.47%	-13.34%	20.53%	12.93%	10.39%	4.15%
Cost of Goods Sold+	42.96M	46.71M	62.79M	82.3M	87.05M	76.45M	87.28M	103.25M	111M	115.94M
COGS % of Revenue	42.11%	40.8%	44.04%	44.55%	44.26%	44.85%	42.48%	44.5%	43.34%	43.46%
Gross Profit+	59.07M	67.77M	79.79M	102.42M	109.63M	94M	118.17M	128.77M	145.13M	150.82M
Gross Margin %	57.89%	59.2%	55.96%	55.45%	55.74%	55.15%	57.52%	55.5%	56.66%	56.54%
Gross Profit Growth %	20.66%	14.73%	17.73%	28.37%	7.03%	-14.25%	25.71%	8.97%	12.71%	3.92%
Operating Expenses+	62.96M	67.66M	78.92M	97.26M	102.69M	98.64M	105.95M	131.64M	139.51M	141.39M
OpEx % of Revenue	61.71%	59.11%	55.35%	52.65%	52.21%	57.87%	51.57%	56.74%	54.47%	53%
Selling, General & Admin	51.88M	56.19M	64.59M	78.61M	84.64M	69.59M	77.59M	93.02M	94.89M	101.22M
SG&A % of Revenue	50.84%	49.09%	45.31%	42.56%	43.03%	40.83%	37.76%	40.09%	37.05%	37.94%
Research & Development	18.19M	17.68M	19.96M	22.42M	23.35M	27.1M	26.89M	37.57M	38.1M	44.4M
R&D % of Revenue	17.82%	15.45%	14%	12.14%	11.87%	15.9%	13.09%	16.19%	14.87%	16.64%
Other Operating Expenses	-5.26M	-3.43M	-2.5M	-3.77M	-5.29M	1.95M	1.48M	1.05M	6.52M	-4.22M
Operating Income+	-3.89M	107K	865K	3.93M	6.94M	-4.64M	12.22M	-2.87M	5.62M	9.43M
Operating Margin %	-3.81%	0.09%	0.61%	2.13%	3.53%	-2.72%	5.95%	-1.24%	2.19%	3.54%
Operating Income Growth %	-1278.48%	102.75%	708.41%	353.99%	76.62%	-166.87%	363.41%	-123.51%	295.65%	67.86%
EBITDA+	2.82M	8.89M	12.68M	21.77M	19.57M	15.04M	32.77M	19.7M	27.19M	31.24M
EBITDA Margin %	2.76%	7.77%	8.89%	11.78%	9.95%	8.82%	15.95%	8.49%	10.62%	11.71%
EBITDA Growth %	-42.43%	215.45%	42.62%	71.7%	-10.08%	-23.18%	117.92%	-39.89%	38.04%	14.9%
D&A (Non-Cash Add-back)	6.71M	8.78M	11.81M	17.84M	12.64M	19.67M	20.55M	22.57M	21.57M	21.81M
EBIT	-2.63M	-644K	-569K	5.2M	7.08M	-5.92M	16.17M	869K	8.52M	9.43M
Net Interest Income+	-489K	-798K	-1.22M	-1.54M	-2.43M	-2.21M	-2.13M	-1.44M	2.36M	2.6M
Interest Income	3.51M	2.04M	3.21M	3.63M	1.38M	2.45M	5.62M	6.11M	4.45M	4.25M
Interest Expense	2.47M	2.44M	4.73M	4.86M	3.68M	6M	4.1M	4.42M	2.09M	1.65M
Other Income/Expense	640K	-1.42M	-1.51M	-1.71M	-2.7M	-3.58M	1.52M	1.69M	1.15M	4.71M
Pretax Income+	-3.25M	-1.31M	-1.12M	3.45M	4.24M	-8.22M	13.74M	-1.18M	6.77M	14.14M
Pretax Margin %	-3.18%	-1.14%	-0.79%	1.87%	2.16%	-4.82%	6.69%	-0.51%	2.64%	5.3%
Income Tax+	-389K	1.71M	534K	425K	2.6M	-1.03M	591K	975K	78K	733K
Effective Tax Rate %	86.4%	230.63%	147.59%	87.69%	37.41%	85.68%	95.76%	180.22%	99.26%	95.03%
Net Income+	-2.81M	-3.02M	-1.66M	3.03M	1.59M	-7.04M	13.15M	-2.12M	6.72M	13.44M
Net Margin %	-2.75%	-2.64%	-1.16%	1.64%	0.81%	-4.13%	6.4%	-0.92%	2.62%	5.04%
Net Income Growth %	-236.2%	-7.55%	45.15%	282.79%	-47.6%	-544.14%	286.74%	-116.14%	416.63%	99.88%
Net Income (Continuing)	-2.86M	-3.02M	-2.12M	2.55M	1.64M	-7.19M	13.14M	-2.15M	6.69M	13.41M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	3.68M	0	1K	-28K	-53K	-86K
EPS (Diluted)+	-0.06	-0.06	-0.04	0.06	0.03	-0.14	0.24	-0.04	0.11	0.23
EPS Growth %	-218.8%	-7.41%	45.14%	270.57%	-50.92%	-577.82%	271.43%	-115.21%	401.37%	109.09%
EPS (Basic)	-0.06	-0.06	-0.04	0.06	0.03	-0.14	0.24	-0.04	0.11	0.23
Diluted Shares Outstanding	47.22M	47.33M	47.33M	50.7M	53.99M	53.36M	56.84M	59.06M	59.09M	59.1M
Basic Shares Outstanding	46.78M	47.33M	47.33M	49.81M	52.91M	53.36M	56.69M	59.06M	59.07M	59.07M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	83.95M	97.51M	99.56M	169.32M	211.65M	193.2M	257.8M	216.41M	206.47M	190.51M
Cash & Short-Term Investments	50.73M	55.91M	43.17M	115.51M	144.69M	136.47M	196.03M	140.87M	127.57M	102.3M
Cash Only	50.73M	55.91M	43.17M	115.51M	144.69M	136.47M	196.03M	140.87M	127.57M	102.3M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	22.84M	31.63M	42.5M	36.89M	52.71M	44.44M	45.23M	54.75M	52.7M	53.05M
Days Sales Outstanding	81.71	100.86	108.81	72.89	97.83	95.16	80.35	86.12	75.1	72.59
Inventory	5.39M	7.87M	11.59M	9.99M	14.25M	12.29M	10.8M	15.44M	17.03M	16.99M
Days Inventory Outstanding	45.77	61.5	67.4	44.29	59.75	58.67	45.17	54.57	56.01	53.49
Other Current Assets	4.99M	31.96M	44.79M	43.83M	0	0	5.75M	5.36M	9.16M	18.16M
Total Non-Current Assets+	60.19M	64.41M	137.98M	143.91M	180.55M	205.58M	155.6M	194.85M	190.17M	205.82M
Property, Plant & Equipment	38.4M	45.06M	86.88M	92.54M	114.04M	121.45M	93.5M	102.7M	103.5M	119.05M
Fixed Asset Turnover	2.66x	2.54x	1.64x	2.00x	1.72x	1.40x	2.20x	2.26x	2.47x	2.24x
Goodwill	9.66M	8.86M	18.45M	17.49M	22.01M	22.76M	18.73M	44.15M	43.16M	43.39M
Intangible Assets	9.66M	9.77M	28.65M	26.33M	30.75M	40.35M	31.67M	37.88M	31.46M	29.97M
Long-Term Investments	1.37M	388K	31K	2.7M	6.7M	12.29M	3.96M	3.8M	3.74M	3.99M
Other Non-Current Assets	0	0	3.67M	4.54M	6.83M	8.48M	7.52M	5.13M	8.29M	9.41M
Total Assets+	144.14M	161.92M	237.54M	313.23M	392.2M	398.78M	413.41M	411.26M	396.63M	396.34M
Asset Turnover	0.71x	0.71x	0.60x	0.59x	0.50x	0.43x	0.50x	0.56x	0.65x	0.67x
Asset Growth %	8.19%	12.34%	46.7%	31.86%	25.21%	1.68%	3.67%	-0.52%	-3.56%	-0.07%
Total Current Liabilities+	40.17M	47.83M	64.29M	73.11M	94.34M	103.32M	91.44M	106.11M	104.95M	102.18M
Accounts Payable	9.71M	13.4M	15.67M	18.67M	20.79M	21.65M	20.17M	23.23M	21.2M	23.35M
Days Payables Outstanding	82.51	104.72	91.09	82.79	87.15	103.39	84.36	82.12	69.7	73.5
Short-Term Debt	4.48M	5.54M	12.77M	13.6M	18.9M	21.44M	17.85M	17.06M	22.87M	10.38M
Deferred Revenue (Current)	16.51M	17.82M	18.79M	23.2M	31.03M	36.16M	33.31M	41.72M	86.53K	0
Other Current Liabilities	17.26M	19.38M	20.71M	27.77M	8.31M	9.23M	908K	1.03M	43.33M	62.95M
Current Ratio	2.09x	2.04x	1.55x	2.32x	2.24x	1.87x	2.82x	2.04x	1.97x	1.86x
Quick Ratio	1.96x	1.87x	1.37x	2.18x	2.09x	1.75x	2.70x	1.89x	1.80x	1.70x
Cash Conversion Cycle	44.97	57.64	85.11	34.39	70.43	50.44	41.16	58.58	61.41	52.58
Total Non-Current Liabilities+	21.01M	35.05M	95.74M	104.12M	137.59M	132.51M	89.39M	76.22M	55.09M	45.67M
Long-Term Debt	16.61M	28.27M	81.79M	92.44M	117.5M	110.73M	72.64M	55.87M	33.58M	23.18M
Capital Lease Obligations	0	5.11M	6.13M	0	7.21M	8.67M	5.27M	5.15M	5.33M	5.11M
Deferred Tax Liabilities	2.07M	1.32M	7.01M	6.23M	6.45M	6.1M	4.37M	4.31M	0	3.2M
Other Non-Current Liabilities	4.4M	1.68M	7.82M	11.68M	781.26K	486.97K	667K	1.61M	16.17M	909K
Total Liabilities	61.18M	82.89M	160.02M	177.24M	231.93M	235.83M	180.83M	182.33M	160.04M	147.84M
Total Debt+	21.09M	33.81M	94.56M	106.04M	143.61M	140.84M	99.11M	80.98M	64.4M	41.28M
Net Debt	-29.64M	-22.11M	51.38M	-9.47M	-1.08M	4.37M	-96.92M	-59.89M	-63.17M	-61.02M
Debt / Equity	0.25x	0.43x	1.22x	0.78x	0.90x	0.86x	0.43x	0.35x	0.27x	0.17x
Debt / EBITDA	7.48x	3.80x	7.46x	4.87x	7.34x	9.37x	3.02x	4.11x	2.37x	1.32x
Net Debt / EBITDA	-10.52x	-2.49x	4.05x	-0.43x	-0.05x	0.29x	-2.96x	-3.04x	-2.32x	-1.95x
Interest Coverage	-1.57x	0.04x	0.18x	0.81x	1.88x	-0.77x	2.98x	-0.65x	2.69x	5.72x
Total Equity+	82.95M	79.03M	77.52M	135.99M	160.27M	162.96M	232.58M	228.93M	236.59M	248.49M
Equity Growth %	-2.6%	-4.73%	-1.92%	75.44%	17.86%	1.67%	42.72%	-1.57%	3.35%	5.03%
Book Value per Share	1.76	1.67	1.64	2.68	2.97	3.05	4.09	3.88	4.00	4.20
Total Shareholders' Equity	82.95M	79.03M	77.52M	135.99M	156.6M	162.96M	232.58M	228.96M	236.65M	248.58M
Common Stock	2.73M	2.73M	2.73M	3.05M	3.44M	5.01M	4.49M	4.49M	4.49M	4.49M
Retained Earnings	1.18M	-1.88M	-3.71M	-1.58M	-305.32K	-8.95M	965K	-1.16M	5.84M	19M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	2.13M	-2.71M	-5.05M	-3.7M	-1.55M	-5.96M	-6.75M	-8.27M	-7.63M	-9.08M
Minority Interest	0	0	0	0	3.68M	0	1K	-28K	-53K	-86K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.67M	8.49M	9.89M	28.32M	28.4M	29.98M	25.84M	22.29M	20.16M	31.46M
Operating CF Margin %	3.59%	7.42%	6.93%	15.33%	14.44%	17.59%	12.58%	9.61%	7.87%	11.79%
Operating CF Growth %	-24.22%	131.66%	16.37%	186.48%	0.29%	5.54%	-13.79%	-13.76%	-9.56%	56.05%
Net Income	-2.86M	-3.02M	-1.66M	3.03M	1.64M	-7.27M	13.14M	-2.15M	6.58M	13.41M
Depreciation & Amortization	6.71M	8.37M	12.63M	17.29M	19.28M	19.67M	20.52M	22.57M	21.57M	21.76M
Stock-Based Compensation	769K	977K	1.03M	1.07M	302K	752K	-1.04M	-140K	39K	285K
Deferred Taxes	-388K	1.71M	534K	426K	2.6M	-948K	591K	975K	71.5K	0
Other Non-Cash Items	-707K	312K	984K	1.25M	916K	5.26M	-1.48M	14K	4.47M	-2.58M
Working Capital Changes	146K	139K	-3.64M	5.26M	3.67M	12.51M	-5.89M	1.02M	-12.58M	-1.42M
Change in Receivables	-6.64M	-6.46M	-6.51M	-3.16M	216K	9.2M	-10.92M	-6.33M	-3.27M	-1.04M
Change in Inventory	-1.67M	-2.48M	-984K	812K	-745K	2.72M	-1.42M	-5.01M	-789.48K	-372K
Change in Payables	8.46M	9.09M	3.85M	7.6M	4.2M	583K	6.45M	0	-8.78M	0
Cash from Investing+	-4.11M	-12.64M	-59.18M	-22.13M	-25.62M	-28.27M	-13.13M	-53.86M	-11.04M	-28.59M
Capital Expenditures	-10.55M	-14.58M	-32.01M	-20.11M	-13.47M	-17.65M	-11.72M	-21.61M	-9.23M	-24.65M
CapEx % of Revenue	10.34%	12.74%	22.45%	10.88%	6.85%	10.36%	5.71%	9.31%	3.61%	9.24%
Acquisitions	-3.93M	2.02M	-27.67M	-2.67M	-7.49M	-8.33M	-875K	-29.29M	0	-2.67M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.37M	1.94M	502K	5.15M	-4.38M	3.78M	-536K	-2.96M	-1.8M	-1.27M
Cash from Financing+	-1.79M	9.27M	38.04M	65.23M	10.78M	-16.89M	71.16M	-22.51M	-22.37M	-27.64M
Debt Issued (Net)	-585K	9.97M	39.47M	10.63M	11.59M	-17.38M	-18.05M	-21.09M	-20.27M	-26.39M
Equity Issued (Net)	0	0	0	1000K	0	1000K	1000K	23K	0	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-1.2M	-709K	-1.43M	-5.89M	-810K	-3.62M	1.09M	-1.45M	-2.1M	-1.25M
Net Change in Cash	-293K	5.19M	-12.74M	72.33M	13.39M	-17.36M	84.49M	-55.16M	-13.29M	-25.27M
Free Cash Flow+	-6.88M	-6.08M	-22.13M	8.21M	12.74M	12.33M	14.12M	-2.48M	8.4M	5.08M
FCF Margin %	-6.74%	-5.31%	-15.52%	4.45%	6.48%	7.23%	6.87%	-1.07%	3.28%	1.9%
FCF Growth %	-21.47%	11.58%	-263.69%	137.13%	55.05%	-3.23%	14.56%	-117.6%	437.91%	-39.51%
FCF per Share	-0.15	-0.13	-0.47	0.16	0.24	0.23	0.25	-0.04	0.14	0.09
FCF Conversion (FCF/Net Income)	-1.31x	-2.81x	-5.97x	9.36x	17.91x	-4.26x	1.96x	-10.50x	3.00x	2.34x
Interest Paid	0	0	0	0	0	0	0	0	0	1.34M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-3.34%	-3.73%	-2.12%	2.84%	1.07%	-4.36%	6.65%	-0.92%	2.89%	5.54%
Return on Invested Capital (ROIC)	-5.57%	0.15%	0.7%	2.31%	3.64%	-2.13%	6.05%	-1.41%	2.46%	3.92%
Gross Margin	57.89%	59.2%	55.96%	55.45%	55.74%	55.15%	57.52%	55.5%	56.66%	56.54%
Net Margin	-2.75%	-2.64%	-1.16%	1.64%	0.81%	-4.13%	6.4%	-0.92%	2.62%	5.04%
Debt / Equity	0.25x	0.43x	1.22x	0.78x	0.90x	0.86x	0.43x	0.35x	0.27x	0.17x
Interest Coverage	-1.57x	0.04x	0.18x	0.81x	1.88x	-0.77x	2.98x	-0.65x	2.69x	5.72x
FCF Conversion	-1.31x	-2.81x	-5.97x	9.36x	17.91x	-4.26x	1.96x	-10.50x	3.00x	2.34x
Revenue Growth	25.42%	12.19%	24.54%	29.56%	6.47%	-13.34%	20.53%	12.93%	10.39%	4.15%

Materialise N.V. (MTLS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare MTLS vs Peers

vs CDNS

vs ADSK

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Materialise N.V. (MTLS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare MTLS vs Peers

vs CDNS

vs ADSK

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios