Revenue growth remains highly volatile, fluctuating between a 14.2% peak in 2024Q3 and a -5.8% contraction in 2025Q2, while operating margins frequently hover in the low single digits, reaching only 3.2% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 279.07M | 257.07M | 266.76M | 256.13M | 232.02M | 205.45M | 170.45M | 196.68M | 184.72M | 142.57M | 114.48M | 102.03M | 81.36M | 68.72M | 59.11M |
| Revenue Growth % | 3.55% | -3.63% | 4.15% | 10.39% | 12.93% | 20.53% | -13.34% | 6.47% | 29.56% | 24.54% | 12.19% | 25.42% | 18.38% | 16.27% | - |
| Cost of Goods Sold | 118.41M | 110.16M | 115.94M | 111M | 103.25M | 87.28M | 76.45M | 87.05M | 82.3M | 62.79M | 46.71M | 42.96M | 32.4M | 27.19M | 23.79M |
| COGS % of Revenue | - | 42.85% | 43.46% | 43.34% | 44.5% | 42.48% | 44.85% | 44.26% | 44.55% | 44.04% | 40.8% | 42.11% | 39.82% | 39.56% | 40.25% |
| Gross Profit | 160.66M | 146.91M | 150.82M | 145.13M | 128.77M | 118.17M | 94M | 109.63M | 102.42M | 79.79M | 67.77M | 59.07M | 48.96M | 41.53M | 35.31M |
| Gross Margin % | 57.57% | 57.15% | 56.54% | 56.66% | 55.5% | 57.52% | 55.15% | 55.74% | 55.45% | 55.96% | 59.2% | 57.89% | 60.18% | 60.44% | 59.75% |
| Gross Profit Growth % | - | -2.59% | 3.92% | 12.71% | 8.97% | 25.71% | -14.25% | 7.03% | 28.37% | 17.73% | 14.73% | 20.66% | 17.88% | 17.61% | - |
| Operating Expenses | 149.76M | 141.97M | 141.39M | 139.51M | 131.64M | 105.95M | 98.64M | 102.69M | 97.26M | 78.92M | 67.66M | 62.96M | 48.63M | 37.22M | 33.13M |
| OpEx % of Revenue | - | 55.23% | 53% | 54.47% | 56.74% | 51.57% | 57.87% | 52.21% | 52.65% | 55.35% | 59.11% | 61.71% | 59.77% | 54.16% | 56.04% |
| Selling, General & Admin | 100.32M | 96.32M | 101.22M | 94.89M | 93.02M | 77.59M | 69.59M | 84.64M | 78.61M | 64.59M | 56.19M | 51.88M | 39.19M | 30.06M | 26.91M |
| SG&A % of Revenue | - | 37.47% | 37.94% | 37.05% | 40.09% | 37.76% | 40.83% | 43.03% | 42.56% | 45.31% | 49.09% | 50.84% | 48.17% | 43.75% | 45.53% |
| Research & Development | 48.56M | 44.27M | 44.4M | 38.1M | 37.57M | 26.89M | 27.1M | 23.35M | 22.42M | 19.96M | 17.68M | 18.19M | 15.09M | 10.6M | 9.42M |
| R&D % of Revenue | - | 17.22% | 16.64% | 14.87% | 16.19% | 13.09% | 15.9% | 11.87% | 12.14% | 14% | 15.45% | 17.82% | 18.55% | 15.42% | 15.94% |
| Other Operating Expenses | -1.91M | 1.38M | -4.22M | 6.52M | 1.05M | 1.48M | 1.95M | -5.29M | -3.77M | -2.5M | -3.43M | -5.26M | -4.36M | -3.44M | -3.21M |
| Operating Income | 10.89M | 4.94M | 9.43M | 5.62M | -2.87M | 12.22M | -4.64M | 6.94M | 3.93M | 865K | 107K | -3.89M | 330K | 4.42M | 2.11M |
| Operating Margin % | 3.9% | 1.92% | 3.54% | 2.19% | -1.24% | 5.95% | -2.72% | 3.53% | 2.13% | 0.61% | 0.09% | -3.81% | 0.41% | 6.43% | 3.57% |
| Operating Income Growth % | - | -47.58% | 67.86% | 295.65% | -123.51% | 363.41% | -166.87% | 76.62% | 353.99% | 708.41% | 102.75% | -1278.48% | -92.53% | 109.38% | - |
| EBITDA | 32.76M | 25.79M | 31.24M | 27.19M | 19.7M | 32.77M | 15.04M | 19.57M | 21.77M | 12.68M | 8.89M | 2.82M | 4.89M | 7.61M | 5.02M |
| EBITDA Margin % | 11.74% | 10.03% | 11.71% | 10.62% | 8.49% | 15.95% | 8.82% | 9.95% | 11.78% | 8.89% | 7.77% | 2.76% | 6.02% | 11.07% | 8.5% |
| EBITDA Growth % | 11.91% | -17.44% | 14.9% | 38.04% | -39.89% | 117.92% | -23.18% | -10.08% | 71.7% | 42.62% | 215.45% | -42.43% | -35.68% | 51.53% | - |
| D&A (Non-Cash Add-back) | 21.87M | 20.85M | 21.81M | 21.57M | 22.57M | 20.55M | 19.67M | 12.64M | 17.84M | 11.81M | 8.78M | 6.71M | 4.57M | 3.19M | 2.91M |
| EBIT | 10.23M | 4.94M | 9.43M | 8.52M | 869K | 16.17M | -5.92M | 7.08M | 5.2M | -569K | -644K | -2.63M | 2.87M | 4M | 2.21M |
| Net Interest Income | -315.96K | -1.58M | 2.6M | 2.36M | -1.52M | -2.58M | -2.94M | -3.19M | -1.54M | -1.22M | -798K | -489K | -771K | -664K | -515K |
| Interest Income | 3.01M | 3.81M | 4.25M | 4.45M | 1.4M | 777.74K | 476.51K | 0 | 3.63M | 3.21M | 2.04M | 3.51M | 3.16M | 54K | 64K |
| Interest Expense | 3.32M | 5.39M | 1.65M | 2.09M | 2.92M | 3.36M | 3.42M | 3.19M | 4.86M | 4.73M | 2.44M | 2.47M | 1.15M | 568K | 636K |
| Other Income/Expense | -401K | 2.06M | 4.71M | 1.15M | 1.69M | 1.52M | -3.58M | -2.7M | -1.71M | -1.51M | -1.42M | 640K | 1.93M | -987K | -504K |
| Pretax Income | 10.49M | 7M | 14.14M | 6.77M | -1.18M | 13.74M | -8.22M | 4.24M | 3.45M | -1.12M | -1.31M | -3.25M | 2.26M | 3.43M | 1.57M |
| Pretax Margin % | 3.76% | 2.72% | 5.3% | 2.64% | -0.51% | 6.69% | -4.82% | 2.16% | 1.87% | -0.79% | -1.14% | -3.18% | 2.78% | 5% | 2.66% |
| Income Tax | 95K | -412.07K | 733K | 78K | 975K | 591K | -1.03M | 2.6M | 425K | 534K | 1.71M | -389K | 387K | 21K | 121K |
| Effective Tax Rate % | 0.91% | -5.89% | 5.18% | 1.15% | -82.77% | 4.3% | 12.5% | 61.22% | 12.31% | -47.59% | -130.63% | 11.97% | 17.13% | 0.61% | 7.69% |
| Net Income | 10.39M | 7.41M | 13.44M | 6.72M | -2.12M | 13.15M | -7.04M | 1.59M | 3.03M | -1.66M | -3.02M | -2.81M | 2.06M | 3.51M | 1.55M |
| Net Margin % | 3.72% | 2.88% | 5.04% | 2.62% | -0.92% | 6.4% | -4.13% | 0.81% | 1.64% | -1.16% | -2.64% | -2.75% | 2.53% | 5.11% | 2.62% |
| Net Income Growth % | 11.64% | -44.82% | 99.88% | 416.63% | -116.14% | 286.74% | -544.14% | -47.6% | 282.79% | 45.15% | -7.55% | -236.2% | -41.27% | 126.24% | - |
| Net Income (Continuing) | 10.39M | 7.41M | 13.41M | 6.69M | -2.15M | 13.14M | -7.19M | 1.64M | 2.55M | -2.12M | -3.02M | -2.86M | 1.87M | 3.41M | 1.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -83K | -79.97K | -86K | -53K | -28K | 1K | 0 | 3.68M | 0 | 0 | 0 | 0 | -132K | 10K | 38K |
| EPS (Diluted) | 0.18 | 0.13 | 0.23 | 0.11 | -0.04 | 0.24 | -0.14 | 0.03 | 0.06 | -0.04 | -0.06 | -0.06 | 0.05 | 0.09 | 0.04 |
| EPS Growth % | 14.35% | -43.48% | 109.09% | 401.37% | -115.21% | 271.43% | -577.82% | -50.92% | 270.57% | 45.14% | -7.41% | -218.8% | -41.45% | 126.53% | - |
| EPS (Basic) | - | 0.13 | 0.23 | 0.11 | -0.04 | 0.24 | -0.14 | 0.03 | 0.06 | -0.04 | -0.06 | -0.06 | 0.05 | 0.09 | 0.04 |
| Diluted Shares Outstanding | 58.87M | 59.07M | 59.1M | 59.09M | 59.06M | 56.84M | 53.36M | 53.99M | 50.7M | 47.33M | 47.33M | 47.22M | 43.29M | 41.1M | 41.1M |
| Basic Shares Outstanding | 58.87M | 59.07M | 59.07M | 59.07M | 59.06M | 56.69M | 53.36M | 52.91M | 49.81M | 47.33M | 47.33M | 46.78M | 43.12M | 39.07M | 39.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating margin volatility
As reported in recent financial filings, Materialise's revenue growth has exhibited significant volatility, fluctuating between a 14.2% peak in 2024Q3 and a -5.8% contraction in 2025Q2, suggesting that the company's top-line performance remains highly sensitive to cyclical industrial demand and lumpy project-based revenue recognition cycles.
The inconsistent growth profile indicates that the company's core software and medical segments are not yet providing the predictable, compounding revenue stream expected of a mature technology platform. Investors should monitor whether the recent -0.2% revenue decline in 2026Q1 represents a temporary lull or a more structural challenge in maintaining market share within the competitive additive manufacturing landscape.
Based on the provided income statement data, Materialise has maintained a relatively stable gross margin profile, hovering near 57% over the last ten quarters, which suggests that the company possesses some pricing power despite the broader cyclical headwinds impacting the industrial 3D printing sector.
While the gross margin remains resilient, the inability to expand this figure significantly suggests that the cost of delivering manufacturing services and medical solutions remains high. This stability provides a necessary foundation, but it also highlights that the company's profitability is currently constrained by its existing operational cost structure rather than a lack of gross-level efficiency.
According to historical income statements, Materialise's operating margins have struggled to scale, frequently dipping into low single digits or negative territory, which indicates that SG&A and R&D expenses are currently absorbing nearly all of the gross profit generated by the company's software and manufacturing operations.
The lack of meaningful operating leverage suggests that the company is heavily reinvesting in its ecosystem, potentially at the expense of short-term profitability. Without a clear inflection point where revenue growth outpaces the growth of operating expenses, the company may continue to face significant earnings volatility during periods of top-line weakness.
As evidenced by the thin 1.92% operating margin, the company's reliance on high-fixed-cost manufacturing infrastructure creates a precarious situation where even minor revenue declines can lead to disproportionate bottom-line pressure, a risk that short-sellers likely emphasize when evaluating the sustainability of current valuation multiples.
The persistent gap between gross profit and operating income suggests that the company's R&D-heavy model may be structurally incapable of achieving high-margin software-like profitability without a radical shift in its business mix. Investors should be wary of the possibility that the company's high cash balance is being used to subsidize an inefficient operating model rather than driving future growth.
Quick answers to the most common questions about buying MTLS stock.
For fiscal year 2025, Materialise N.V. (MTLS) reported total revenue of $257.1M. This represents a 334.9% increase compared to $59.1M in 2012.
Materialise N.V. (MTLS) is profitable, generating $7.4M in net income for the fiscal year ending 2025 with a net profit margin of 2.9%.
Materialise N.V. (MTLS) reported an operating income of $4.9M, resulting in an operating profit margin of 1.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Materialise N.V. (MTLS) generated $146.9M in gross profit for the year, representing a gross profit margin of 57.1%. This demonstrates the company's core pricing power and production efficiency.