Cash generation remains strained as evidenced by a negative 0.22 operating cash flow to net income ratio in 2026Q1, largely driven by a $45.7 million working capital outflow.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 80.58M | 103.24M | 87.82M | 144.41M | 115.96M | 90.24M | 101.06M | 99.22M | 76.37M | 67.8M | 67.17M | 90.23M | 60.27M | 75.92M | 38.62M | 56.81M | 31.04M | 41.46M | 76.81M | 54.42M | 38.8M | 3.46M | 38.92M | 26.31M | 15.69M | 22.48M | 35.39M | 24.5M | 19.5M | 40.4M | 45M |
| Operating CF Margin % | - | 5.78% | 5.21% | 8.67% | 6.6% | 5.97% | 8.59% | 8.37% | 6.32% | 5.95% | 6.93% | 8.8% | 5.35% | 6.51% | 3.03% | 3.72% | 2.38% | 5.8% | 8.44% | 5.69% | 5.09% | 0.64% | 7.84% | 6.56% | 4.21% | 4.76% | 6.28% | 5.38% | 4.76% | 9.31% | 11.96% |
| Operating CF Growth % | 189.35% | 17.57% | -39.19% | 24.54% | 28.5% | -10.7% | 1.85% | 29.92% | 12.65% | 0.92% | -25.55% | 49.71% | -20.62% | 96.59% | -32.01% | 83% | -25.13% | -46.03% | 41.16% | 40.23% | 1019.91% | -91.1% | 47.92% | 67.71% | -30.19% | -36.5% | 44.46% | 25.64% | -51.73% | -10.22% | 13.64% |
| Net Income | 76.5M | 74.82M | 5.89M | 95.7M | 85.99M | 72.47M | 15.46M | 50.66M | 20.85M | 11.45M | 25.74M | 32.16M | 41.72M | 19.71M | 24.66M | 39.98M | 46.43M | -12.36M | 18.36M | 53.28M | 49.6M | 17.82M | 15.52M | -13.23M | -35.6M | -10.27M | 14.16M | 6.4M | -7.1M | 25.6M | 24.5M |
| Depreciation & Amortization | 71.2M | 69.07M | 68.68M | 63.36M | 53.44M | 44.29M | 53.27M | 59.31M | 2.27M | 41.6M | 45M | 35.12M | 42.72M | 41.65M | 37.05M | 0 | 0 | 37.26M | 0 | 24.3M | 25.14M | 22.79M | 23.83M | 20.73M | 20.64M | 21.61M | 22.66M | 27.1M | 24.6M | 19.3M | 23M |
| Stock-Based Compensation | 6.45M | 10.93M | 10.56M | 10.5M | 8.81M | 6.52M | 5.53M | 7.17M | 5.31M | 4.96M | 3.17M | 5.49M | 5.36M | 5.74M | 5.89M | 5M | 4.1M | 3.48M | 2.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -68K | -5.1M | -16.6M | 0 | 1.73M | -12.96M | -9.85M | 2.58M | -1.32M | 20.26M | -9.01M | 4.37M | -5.49M | -2.44M | -2.46M | -1.67M | 13.62M | -10.06M | 6.16M | 15.3M | -12.66M | -5.85M | -208K | -279K | 19.93M | 0 | 435K | 0 | 3.5M | 1.5M | -1.2M |
| Other Non-Cash Items | 5.8M | 20.56M | 82.22M | -2.62M | 790K | 3.86M | 1.17M | -105K | 41.36M | 36.69M | 37.92M | 5.81M | 46.98M | 41.93M | 41.04M | 44.19M | 36.53M | 40.06M | 34.38M | 731K | 3.8M | 1.94M | 368K | 5.05M | 4.39M | 0 | 0 | -1.9M | 13.9M | -1.5M | 900K |
| Working Capital Changes | -79.31M | -67.03M | -62.93M | -22.52M | -34.8M | -23.95M | 35.48M | -20.4M | 7.91M | -5.56M | 9.35M | 7.28M | -28.29M | 10.99M | -30.51M | -30.7M | -69.64M | 20.34M | 15.37M | -39.2M | -27.08M | -33.24M | -582K | 14.03M | 6.33M | 11.14M | -1.87M | -7.1M | -15.4M | -4.5M | -2.2M |
| Change in Receivables | -45.98M | -25.79M | -3.72M | 23.36M | -4.38M | -30.49M | -707K | -23.93M | -7.22M | -18.48M | -4.1M | 14.78M | -2.07M | 11.96M | -8.91M | 26.82M | -50.39M | 10.04M | 14.55M | 0 | 0 | 0 | 0 | -6.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -42.64M | -13.3M | -468K | -18.7M | -63.99M | -43.46M | -1.29M | 24.03M | 4.23M | -9.46M | 10.79M | 19.37M | -30.41M | -8.24M | -18.88M | -30.02M | -23.11M | 34.16M | 12.9M | -13.27M | -41.63M | -9.56M | -6.83M | 8.65M | 16.59M | 5.28M | -6.31M | -7.6M | -10.3M | 3.7M | -2.9M |
| Change in Payables | 38.76M | 0 | -15.76M | 0 | 12.86M | 40.22M | -21.88M | -18.57M | 8.82M | 34.43M | 2.76M | -17.99M | 6.16M | -7.41M | 1.47M | -16.01M | 14.51M | -7.26M | -11.89M | 0 | 0 | 0 | 0 | 2.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -92.75M | -98.14M | -79.61M | -119.22M | -79.73M | -494.27M | -194.71M | -26.48M | -33.83M | -43.36M | -37.35M | -52.03M | -27.47M | -32.59M | -43.36M | -50.03M | -46.52M | -70.81M | -90.99M | -31.03M | -41.11M | -25.71M | -9.38M | -57.96M | -5.33M | -23.27M | -21.04M | -17.1M | -43.2M | -64.4M | -35.4M |
| Capital Expenditures | -73.85M | -53.28M | -80.81M | -119.88M | -77.61M | -102.91M | -67.27M | -26.53M | -34.26M | -29.08M | -37.04M | -52.09M | -30.56M | -32.62M | -44.66M | -28.75M | -53.66M | -44.98M | -35.94M | -33.55M | -15.52M | -14.22M | -10.03M | -58.16M | -5.41M | -23.28M | -21.31M | -17.1M | -49.1M | -53.2M | -26.8M |
| CapEx % of Revenue | 3.85% | 2.98% | 4.8% | 7.2% | 4.42% | 6.81% | 5.72% | 2.24% | 2.84% | 2.55% | 3.82% | 5.08% | 2.71% | 2.8% | 3.51% | 1.88% | 4.12% | 6.29% | 3.95% | 3.51% | 2.03% | 2.63% | 2.02% | 14.5% | 1.45% | 4.93% | 3.78% | 3.75% | 11.98% | 12.26% | 7.12% |
| Acquisitions | -18.83M | -19.5M | 0 | 0 | -2.97M | -392.24M | -130.72M | 44K | 432K | -16.5M | -1.75M | 58K | 0 | 0 | -3.89M | -22.45M | -20.61M | -54.11M | -86.05M | 2.15M | -25.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -60K | -25.36M | 1.2M | 654K | 850K | 881K | 3.25M | 0 | 432K | 2.22M | 1.43M | 58K | 3.09M | 37K | 5.19M | 1.17M | 27.69M | 28.2M | 30.93M | 323K | 102K | -11.44M | 649K | 203K | 83K | 16K | 268K | 0 | 5.9M | -11.2M | -8.6M |
| Cash from Financing | 11.94M | -9.82M | -4.19M | -24.85M | -35.56M | 393.01M | -7.09M | -18.05M | -13.61M | -15.45M | -22.11M | -26.09M | -40.87M | -36.17M | 8.5M | -10.63M | 19.82M | 23.3M | 817K | -7.03M | 7.52M | -15.69M | 14.96M | 32.09M | -12.94M | 3.61M | -9.84M | -9.3M | 18.4M | -400K | -5.8M |
| Debt Issued (Net) | 37.66M | 15.11M | 14.67M | -9M | -21.8M | 413.42M | 11.15M | -2.02M | -1.64M | -1.94M | -10.73M | -11.41M | -12.57M | -29.96M | 12.26M | -8.24M | 20.82M | 22.69M | 5.47M | -13.92M | -8.71M | -16.06M | -26.74M | 36.7M | -12.94M | 7.82M | -5.69M | -1.7M | 28M | 5.9M | 5.9M |
| Equity Issued (Net) | -8.15M | -10.48M | -7.61M | -5.23M | 0 | -3.32M | -6.77M | -199K | -422K | -1.09M | -3.8M | -7.13M | -21.92M | 1.16M | 39K | -3.04M | -896K | 497K | -4.76M | 4.96M | 13.61M | 372K | 41.95M | 25K | 0 | 1.76M | 3.73M | 200K | -1.7M | 1M | -5.2M |
| Dividends Paid | -11.61M | -11.51M | -11.09M | -10.62M | -10.16M | -9.7M | -9.26M | -8.86M | -8.39M | -7.91M | -7.5M | -7.13M | -6.87M | -6.5M | -4.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.97M | -7.87M | -7.8M | -7.8M | -7.3M | -6.5M |
| Share Repurchases | -8.15M | -10.48M | -7.61M | -5.23M | 0 | -3.32M | -6.77M | -199K | -422K | -1.09M | -3.8M | -7.13M | -22.28M | 0 | -119K | -3.78M | -3.53M | 0 | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.3M | -4.9M | -6.7M |
| Other Financing | -5.96M | -2.94M | -156K | 1 | -3.59M | -7.4M | -2.22M | -6.98M | -3.16M | -4.51M | -1.09M | -1.2M | 477K | -876K | 817K | 658K | -99K | 112K | 103K | 1.93M | 2.62M | 0 | -250K | -4.64M | 0 | 0 | 0 | 0 | -100K | 0 | 0 |
| Net Change in Cash | 555K | -3.03M | 3.42M | 193K | -1.36M | -11.42M | -99.13M | 54.36M | 28.8M | 10.38M | 7.23M | 11.09M | -9.62M | 6.72M | 3.8M | -3.85M | 3.85M | -6.29M | -13.18M | 16.09M | 5M | -39M | 44.58M | 705K | -2.66M | 2.7M | 4.21M | -1.8M | -5.2M | -24.6M | 2.1M |
| Free Cash Flow | 6.73M | 49.96M | 7.01M | 24.54M | 38.35M | -12.67M | 33.78M | 72.69M | 42.11M | 38.72M | 30.14M | 38.14M | 29.71M | 43.3M | -6.04M | 28.06M | -22.62M | -3.52M | 40.88M | 20.87M | 23.28M | -10.76M | 28.89M | -31.85M | 10.28M | -809K | 14.09M | 7.4M | -29.6M | -12.8M | 18.2M |
| FCF Margin % | 0.35% | 2.8% | 0.42% | 1.47% | 2.18% | -0.84% | 2.87% | 6.13% | 3.49% | 3.4% | 3.11% | 3.72% | 2.64% | 3.71% | -0.47% | 1.84% | -1.74% | -0.49% | 4.49% | 2.18% | 3.05% | -1.99% | 5.82% | -7.94% | 2.76% | -0.17% | 2.5% | 1.62% | -7.22% | -2.95% | 4.84% |
| FCF Growth % | -83.97% | 612.85% | -71.44% | -36.02% | 402.71% | -137.5% | -53.53% | 72.61% | 8.77% | 28.48% | -20.98% | 28.37% | -31.38% | 816.74% | -121.53% | 224.04% | -542.09% | -108.62% | 95.9% | -10.38% | 316.43% | -137.24% | 190.7% | -410% | 1370.09% | -105.74% | 90.35% | 125% | -131.25% | -170.33% | 18.18% |
| FCF per Share | 0.32 | 2.39 | 0.33 | 1.17 | 1.85 | -0.61 | 1.64 | 3.52 | 2.04 | 1.90 | 1.49 | 1.87 | 1.43 | 2.07 | -0.29 | 1.35 | -1.10 | -0.17 | 1.99 | 1.01 | 1.15 | -0.56 | 1.59 | -1.92 | 0.62 | -0.05 | 0.86 | 0.45 | -1.83 | -0.78 | 1.14 |
| FCF Conversion (FCF/Net Income) | 0.09x | 1.38x | 14.91x | 1.51x | 1.35x | 1.25x | 6.54x | 1.86x | 3.66x | 5.92x | 2.61x | 2.81x | 1.44x | 3.85x | 1.57x | 1.42x | 0.67x | -3.36x | 4.07x | 1.02x | 0.78x | 0.19x | 2.51x | -1.99x | -0.44x | -2.19x | 2.50x | 3.83x | -2.75x | 1.58x | 1.84x |
| Interest Paid | 0 | 0 | 0 | 32.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Volatility
As reported in recent quarterly filings, MTRN's operating cash flow to net income ratio has fluctuated wildly, reaching a negative 0.22 in 2026Q1, which suggests that reported earnings are frequently decoupled from the actual cash generation capabilities of the underlying beryllium and optics business segments.
The significant divergence between net income and operating cash flow appears driven by aggressive swings in working capital, which often mask the true cash-generative capacity of the firm. Investors should monitor whether this disconnect is a structural feature of the pass-through accounting model or a sign of deteriorating collection efficiency.
Based on the provided financial data, MTRN's free cash flow margin has remained largely negative or negligible over the last ten quarters, with a notable exception in 2024Q4, indicating that the company struggles to consistently convert its industrial output into sustainable free cash flow for shareholders.
The persistent inability to generate positive free cash flow suggests that the capital intensity required to maintain the Utah mining operations and specialized manufacturing facilities may be outpacing operational gains. This trajectory warrants further investigation into whether current capital expenditure levels are truly growth-oriented or merely maintenance-heavy.
According to the company's cash flow statements, capital expenditures have consistently consumed a significant portion of revenue, peaking at 6.9% in 2024Q1, which highlights the heavy asset-based nature of the business and the ongoing requirement for substantial reinvestment to sustain its unique beryllium supply chain.
The high ratio of capital expenditure to revenue suggests that the company is locked into a cycle of continuous infrastructure investment to maintain its regulatory and geological moat. This capital intensity appears to be a primary constraint on the firm's ability to achieve meaningful free cash flow expansion.
As evidenced by the 2026Q1 data, a massive $45.7 million outflow in working capital changes significantly impacted the company's cash position, illustrating how inventory and receivable cycles can create sudden, material liquidity pressures that are not immediately apparent from the headline net income figures alone.
These volatile working capital movements suggest that the company's cash flow is highly sensitive to the timing of large-scale defense contracts and semiconductor inventory cycles. Analysts should scrutinize whether these swings represent temporary timing differences or a more permanent shift in the efficiency of the cash conversion cycle.
Quick answers to the most common questions about buying MTRN stock.
Materion Corporation (MTRN) generated $103.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Materion Corporation (MTRN) generated $50.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Materion Corporation (MTRN) spent $53.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Materion Corporation (MTRN) returned $11.5M to shareholders via cash dividends and spent $10.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.