Revenue growth is volatile (ranging from -5.8% to 14.2%) but gross margins remain stable (55.3%-58.3%), while operating margin remains erratic, indicating limited operating leverage despite the recent 9.9% revenue growth in Q2 2026.
Materialise N.V. (MTLS) annual income statement — 14-year revenue, gross profit & net income history
| 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 | 274.94M | 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 % | 4% | -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 | 117.03M | 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 | 157.91M | 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 % | 57.43% | 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 | 150.45M | 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 | 97.72M | 96.32M | 101.22M | 94.89M | 93.02M | 77.59M | 69.59M | 84.64M | 78.61M | 64.59M | 56.19M | 50.4M | 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% | 49.39% | 48.17% | 43.75% | 45.53% |
| Research & Development | 49.25M | 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 | 357.71K | 1.38M | -4.22M | 6.52M | 1.05M | 1.48M | 1.95M | -5.29M | -3.77M | -5.63M | -6.21M | -5.62M | -5.65M | -3.44M | -3.21M |
| Operating Income | 7.46M | 4.94M | 9.43M | 5.62M | -2.87M | 12.22M | -4.64M | 6.94M | 5.16M | 392K | 107K | -3.89M | 330K | 4.42M | 2.08M |
| Operating Margin % | 2.71% | 1.92% | 3.54% | 2.19% | -1.24% | 5.95% | -2.72% | 3.53% | 2.8% | 0.27% | 0.09% | -3.81% | 0.41% | 6.43% | 3.52% |
| Operating Income Growth % | - | -47.58% | 67.86% | 295.65% | -123.51% | 363.41% | -166.87% | 34.31% | 1217.35% | 266.36% | 102.75% | -1278.48% | -92.53% | 112.7% | - |
| EBITDA | 30.48M | 25.79M | 31.19M | 27.19M | 19.7M | 32.77M | 15.04M | 26.21M | 22.45M | 12.97M | 8.48M | 2.82M | 4.89M | 7.61M | 4.99M |
| EBITDA Margin % | 11.09% | 10.03% | 11.69% | 10.62% | 8.49% | 15.95% | 8.82% | 13.33% | 12.15% | 9.1% | 7.41% | 2.76% | 6.02% | 11.07% | 8.44% |
| EBITDA Growth % | 19.15% | -17.31% | 14.73% | 38.04% | -39.89% | 117.92% | -42.64% | 16.76% | 73.13% | 52.91% | 200.96% | -42.43% | -35.68% | 52.54% | - |
| D&A (Non-Cash Add-back) | 23.02M | 20.85M | 21.76M | 21.57M | 22.57M | 20.55M | 19.67M | 19.28M | 17.29M | 12.58M | 8.37M | 6.71M | 4.57M | 3.19M | 2.91M |
| EBIT | 5.27M | 4.94M | 9.43M | 8.52M | 869K | 16.17M | -5.92M | 7.08M | 4.92M | 1.24M | -1.25M | -2.63M | 2.87M | 4M | 2.21M |
| Net Interest Income | 3.28M | -1.58M | 2.6M | 2.36M | -1.52M | -2.58M | -2.94M | -3.19M | -1.54M | -1.03M | -665K | -615K | -606K | -568K | -601.33K |
| Interest Income | 3.89M | 3.81M | 4.25M | 4.45M | 1.4M | 777.74K | 476.51K | 0 | 3.63M | 6K | 14K | 40K | 62K | 0 | 0 |
| Interest Expense | 607.07K | 5.39M | 1.65M | 2.09M | 2.92M | 3.36M | 3.42M | 3.19M | 4.86M | 1.03M | 665K | 615K | 606K | 568K | 601.33K |
| Other Income/Expense | 5.11M | 2.06M | 4.71M | 1.15M | 1.69M | 1.52M | -3.58M | -2.7M | -1.71M | -1.99M | -1.42M | 640K | 1.93M | -987K | -504K |
| Pretax Income | 12.56M | 7M | 14.14M | 6.77M | -1.18M | 13.74M | -8.22M | 4.24M | 3.45M | -1.59M | -1.31M | -3.25M | 2.26M | 3.43M | 1.57M |
| Pretax Margin % | 4.57% | 2.72% | 5.3% | 2.64% | -0.51% | 6.69% | -4.82% | 2.16% | 1.87% | -1.12% | -1.14% | -3.18% | 2.78% | 5% | 2.66% |
| Income Tax | -222.75K | -412.07K | 733K | 78K | 975K | 591K | -1.03M | 2.6M | 425K | 522K | 1.71M | -389K | 387K | 21K | 121K |
| Effective Tax Rate % | -1.77% | -5.89% | 5.18% | 1.15% | -82.77% | 4.3% | 12.5% | 61.22% | 12.31% | -32.73% | -130.63% | 11.97% | 17.13% | 0.61% | 7.69% |
| Net Income | 12.78M | 7.41M | 13.44M | 6.72M | -2.12M | 13.15M | -7.04M | 1.59M | 3.03M | -2.12M | -3.02M | -2.81M | 2.06M | 3.51M | 1.55M |
| Net Margin % | 4.65% | 2.88% | 5.04% | 2.62% | -0.92% | 6.4% | -4.13% | 0.81% | 1.64% | -1.48% | -2.64% | -2.75% | 2.53% | 5.11% | 2.62% |
| Net Income Growth % | 186.32% | -44.82% | 99.88% | 416.63% | -116.14% | 286.74% | -544.14% | -47.6% | 242.99% | 29.88% | -7.55% | -236.2% | -41.27% | 126.24% | - |
| Net Income (Continuing) | 12.79M | 7.41M | 13.41M | 6.69M | -2.15M | 13.14M | -7.19M | 1.64M | 3.03M | -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 | -80.34K | -79.97K | -86K | -53K | -28K | 1K | 0 | 3.68M | 0 | 0 | 0 | 0 | -132K | 10K | 38K |
| EPS (Diluted) | 0.22 | 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 % | 194.16% | -43.48% | 109.09% | 401.37% | -115.21% | 271.43% | -577.82% | -50.92% | 233.56% | 29.94% | -7.41% | -224.27% | -44.03% | 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 | 58.06M | 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 | 57.84M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Inconsistent profitability and EPS volatility
Revenue Growth Volatility Persists
Materialise's revenue growth has been inconsistent over the past ten quarters, ranging from a high of 14.2% to a low of -5.8%, with the most recent quarter showing a rebound to 9.9% growth. As reported in SEC filings, this pattern suggests the company is exposed to project-based or cyclical demand within its industrial software and 3D printing market.
The inconsistent growth trajectory, swinging from positive to negative quarter-over-quarter, indicates a lack of predictable organic momentum. This volatility complicates forecasting and suggests the business is sensitive to customer capital expenditure cycles, which may be lagging the broader industrial economy.
Gross Margin Stability Amidst Operational Headwinds
Despite revenue volatility, Materialise has maintained a relatively stable gross margin between 55.3% and 58.3% over the last ten quarters, indicating resilient pricing power or a consistent product mix. Based on the supplied financial statements, this stability contrasts with peers like Stratasys and 3D Systems, who report significantly lower margins.
The consistent gross margin band suggests the company's core software and service offerings command a premium in its niche, providing a solid foundation for profitability. However, the inability to expand this margin significantly, even during quarters of higher growth, may point to rising input costs or competitive pressures limiting further upside.
Operating Leverage Unproven at Scale
Operating margin has been erratic, ranging from -1.9% to 6.3%, and does not consistently scale with revenue growth, indicating limited operating leverage. For instance, the 9.9% revenue growth in 2026Q2 only translated to a 2.9% operating margin, as per the company's reported figures, raising questions about cost discipline.
The lack of clear positive correlation between top-line growth and operating margin expansion suggests that SG&A and R&D expenses are rising roughly in line with or faster than revenue. This implies the company has not yet achieved the scale needed for its overhead structure to become a meaningful profit driver.
Net Income Volatility and EPS Swings
Reported net income has been highly volatile, ranging from a loss of $533K in 2025Q1 to a profit of $6.2M in 2025Q4, creating significant EPS swings from -$0.01 to $0.11. According to recent SEC filings, this pattern suggests substantial influence from non-operational items, tax adjustments, or one-time charges.
The erratic net income line, which sometimes diverges from operating income trends, points to low-quality earnings that are difficult to project. Investors should scrutinize the non-operating components of the income statement, as the reported net margin does not reliably reflect the underlying operational performance.
Margin Compression Risk from Cost Structure
A key analytical challenge is that SG&A expenses have consistently consumed 35-40% of revenue, masking the potential of the high gross margin and constraining profitability, as shown in the income statement data. This heavy overhead burden makes the company vulnerable to even minor revenue shortfalls.
While the gross margin is impressive versus peers, the high SG&A ratio acts as a significant drag, converting a strong top-line profitability metric into modest operating margins. If revenue growth decelerates again, this fixed-cost-heavy structure could quickly lead to operating losses, a risk that the current share price may not fully discount.