Operating margins have reached a trough of -18.3% in 2026Q1, reflecting a persistent inability to scale revenue against a $61.4 million SG&A expense base.
| 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 |
|---|
| Sales/Revenue | 547.75M | 551.1M | 572.46M | 627.6M | 651.48M | 607.22M | 520.82M | 636.08M | 663.24M | 668.36M | 672.46M | 696M | 750.13M | 484.4M | 215.24M | 155.89M | 117.1M | 98.36M | 124.5M | 112.24M | 103.81M | 82.84M | 70.33M | 50.89M | 39.81M | 37.57M | 35.61M | 37.59M | 32.4M | 29.6M | 22.9M |
| Revenue Growth % | -2.96% | -3.73% | -8.79% | -3.67% | 7.29% | 16.59% | -18.12% | -4.09% | -0.77% | -0.61% | -3.38% | -7.22% | 54.86% | 125.05% | 38.07% | 33.13% | 19.06% | -21% | 10.92% | 8.12% | 25.31% | 17.8% | 38.2% | 27.84% | 5.95% | 5.51% | -5.26% | 16.01% | 9.46% | 29.26% | 122.33% |
| Cost of Goods Sold | 311.55M | 291.84M | 315.64M | 360.57M | 375.02M | 347.14M | 301.42M | 330.32M | 338.01M | 345.58M | 355.15M | 593.82M | 387.74M | 258.23M | 105.33M | 73.49M | 61.01M | 51.97M | 58.08M | 52.53M | 52.37M | 35.32M | 28M | 18.11M | 15.44M | 14.57M | 11.89M | 11.01M | 8.8M | 7.8M | 6.8M |
| COGS % of Revenue | - | 52.96% | 55.14% | 57.45% | 57.56% | 57.17% | 57.88% | 51.93% | 50.96% | 51.71% | 52.81% | 85.32% | 51.69% | 53.31% | 48.94% | 47.14% | 52.1% | 52.84% | 46.65% | 46.8% | 50.45% | 42.63% | 39.81% | 35.58% | 38.79% | 38.78% | 33.4% | 29.29% | 27.16% | 26.35% | 29.69% |
| Gross Profit | 236.2M | 259.26M | 256.82M | 267.02M | 276.47M | 260.08M | 219.39M | 305.76M | 325.22M | 322.78M | 317.31M | 102.17M | 362.39M | 226.17M | 109.91M | 82.4M | 56.09M | 46.38M | 66.41M | 59.71M | 51.44M | 47.53M | 42.33M | 32.78M | 24.37M | 23M | 23.72M | 26.58M | 23.6M | 21.8M | 16.1M |
| Gross Margin % | 43.12% | 47.04% | 44.86% | 42.55% | 42.44% | 42.83% | 42.13% | 48.07% | 49.04% | 48.29% | 47.19% | 14.68% | 48.31% | 46.69% | 51.06% | 52.86% | 47.9% | 47.16% | 53.35% | 53.2% | 49.55% | 57.37% | 60.19% | 64.42% | 61.21% | 61.22% | 66.6% | 70.71% | 72.84% | 73.65% | 70.31% |
| Gross Profit Growth % | - | 0.95% | -3.82% | -3.42% | 6.3% | 18.54% | -28.25% | -5.98% | 0.76% | 1.72% | 210.56% | -71.81% | 60.23% | 105.78% | 33.38% | 46.92% | 20.92% | -30.16% | 11.23% | 16.07% | 8.24% | 12.27% | 29.12% | 34.54% | 5.94% | -3.02% | -10.77% | 12.62% | 8.26% | 35.4% | 136.76% |
| Operating Expenses | 312.44M | 318.06M | 342.48M | 354.6M | 333.63M | 339.24M | 675.39M | 313.39M | 334.07M | 351.92M | 404.89M | 556.98M | 434.26M | 255.1M | 92.79M | 53.4M | 42.62M | 40.56M | 45.82M | 41.24M | 35.8M | 33.37M | 29.33M | 24.04M | 20.75M | 19.51M | 23.27M | 24.1M | 23.5M | 21.7M | 14M |
| OpEx % of Revenue | - | 57.71% | 59.83% | 56.5% | 51.21% | 55.87% | 129.68% | 49.27% | 50.37% | 52.65% | 60.21% | 80.03% | 57.89% | 52.66% | 43.11% | 34.25% | 36.4% | 41.24% | 36.8% | 36.74% | 34.49% | 40.28% | 41.71% | 47.24% | 52.13% | 51.94% | 65.35% | 64.11% | 72.53% | 73.31% | 61.14% |
| Selling, General & Admin | 228.83M | 218.35M | 238.22M | 255.98M | 240.75M | 250.94M | 205.22M | 219.13M | 235.11M | 257.06M | 287.12M | 351.02M | 351.99M | 202.04M | 73.13M | 39.04M | 32.86M | 32.82M | 36.84M | 33.77M | 29.11M | 27.01M | 23.69M | 18.99M | 16.07M | 14.6M | 15.14M | 15.61M | 15.3M | 14.7M | 9.6M |
| SG&A % of Revenue | - | 39.62% | 41.61% | 40.79% | 36.95% | 41.33% | 39.4% | 34.45% | 35.45% | 38.46% | 42.7% | 50.43% | 46.92% | 41.71% | 33.98% | 25.04% | 28.06% | 33.37% | 29.59% | 30.09% | 28.04% | 32.61% | 33.69% | 37.32% | 40.36% | 38.85% | 42.51% | 41.53% | 47.22% | 49.66% | 41.92% |
| Research & Development | 59.63M | 0 | 99.14M | 94.42M | 92.88M | 88.3M | 84.01M | 94.25M | 98.96M | 96.24M | 97.78M | 122.36M | 82.27M | 52.31M | 19.66M | 14.36M | 9.76M | 7.74M | 8.97M | 7.47M | 6.7M | 6.35M | 5.64M | 5.05M | 4.69M | 4.92M | 6.37M | 6.58M | 5.9M | 5.1M | 3.3M |
| R&D % of Revenue | - | - | 17.32% | 15.05% | 14.26% | 14.54% | 16.13% | 14.82% | 14.92% | 14.4% | 14.54% | 17.58% | 10.97% | 10.8% | 9.13% | 9.21% | 8.33% | 7.87% | 7.21% | 6.65% | 6.45% | 7.67% | 8.02% | 9.92% | 11.78% | 13.08% | 17.88% | 17.51% | 18.21% | 17.23% | 14.41% |
| Other Operating Expenses | 1000K | 99.7M | 5.11M | 4.2M | 0 | 0 | 386.15M | 0 | 0 | 0 | 0 | 0 | 0 | -450K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.77M | 1.9M | 2.3M | 1.9M | 1.1M |
| Operating Income | -76.24M | -58.79M | -85.66M | -87.58M | -57.16M | -79.16M | -456M | -7.63M | -8.85M | -30.52M | -86.71M | -1.37B | -148.19M | -28.93M | 17.12M | 29.01M | 13.47M | 5.82M | 20.6M | 18.47M | 15.64M | 14.16M | 13M | 8.74M | 3.61M | 3.49M | 443.59K | 2.48M | 100K | 100K | 2.1M |
| Operating Margin % | -13.92% | -10.67% | -14.96% | -13.95% | -8.77% | -13.04% | -87.55% | -1.2% | -1.33% | -4.57% | -12.89% | -197.35% | -19.76% | -5.97% | 7.95% | 18.61% | 11.5% | 5.92% | 16.54% | 16.46% | 15.06% | 17.09% | 18.48% | 17.18% | 9.08% | 9.28% | 1.25% | 6.6% | 0.31% | 0.34% | 9.17% |
| Operating Income Growth % | - | 31.36% | 2.19% | -53.22% | 27.79% | 82.64% | -5879.49% | 13.8% | 71.02% | 64.8% | 93.69% | -826.89% | -412.22% | -268.97% | -40.97% | 115.38% | 131.25% | -71.72% | 11.5% | 18.14% | 10.45% | 8.92% | 48.67% | 141.94% | 3.6% | 686.26% | -82.12% | 2380.66% | 0% | -95.24% | 950% |
| EBITDA | -43.57M | -58.79M | -40.32M | -38.61M | 2.61M | -23.07M | -406.44M | 43.32M | 52.4M | 36.11M | 6.16M | -1.27B | -38.76M | 63.51M | 36.62M | 39.35M | 22.81M | 14.08M | 27.6M | 23.45M | 19.47M | 17.22M | 15.68M | 11.28M | 6.01M | 5.77M | 2.21M | 4.38M | 2.4M | 2M | 3.2M |
| EBITDA Margin % | -7.95% | -10.67% | -7.04% | -6.15% | 0.4% | -3.8% | -78.04% | 6.81% | 7.9% | 5.4% | 0.92% | -181.78% | -5.17% | 13.11% | 17.01% | 25.24% | 19.48% | 14.31% | 22.17% | 20.89% | 18.75% | 20.78% | 22.3% | 22.16% | 15.11% | 15.35% | 6.21% | 11.67% | 7.41% | 6.76% | 13.97% |
| EBITDA Growth % | -6.87% | -45.81% | -4.44% | -1579.2% | 111.32% | 94.32% | -1038.3% | -17.34% | 45.11% | 485.85% | 100.49% | -3164.06% | -161.03% | 73.42% | -6.95% | 72.53% | 62.01% | -48.99% | 17.71% | 20.43% | 13.08% | 9.77% | 39.09% | 87.48% | 4.29% | 160.77% | -49.56% | 82.7% | 20% | -37.5% | 433.33% |
| D&A (Non-Cash Add-back) | 32.67M | 0 | 45.34M | 48.97M | 59.77M | 56.1M | 49.56M | 50.94M | 61.25M | 66.64M | 92.88M | 108.39M | 109.43M | 92.44M | 19.5M | 10.35M | 9.34M | 8.26M | 7M | 4.97M | 3.83M | 3.06M | 2.69M | 2.53M | 2.4M | 2.28M | 1.77M | 1.9M | 2.3M | 1.9M | 1.1M |
| EBIT | -105.36M | -58.79M | -85.66M | -80.68M | -57.16M | -79.16M | -69.84M | -7.14M | -8.85M | -30.52M | -86.71M | -454.81M | -143.96M | -29.38M | 17.12M | 31.35M | 13.84M | 5.82M | 20.6M | 18.47M | 15.64M | 14.16M | 13M | 8.74M | 3.61M | 3.49M | 443.59K | 2.48M | 100K | 136.37K | 2.1M |
| Net Interest Income | 8.67M | 0 | -2.72M | 0 | 0 | 0 | -6.78M | 1.66M | 633K | 1.05M | 354K | -10.29M | -6.53M | -450K | 1.39M | 923.21K | 921K | 989.92K | 2.04M | 0 | 0 | 0 | 0 | -123.92K | -178.43K | -270.82K | -69.55K | 0 | -100K | 0 | 0 |
| Interest Income | 8.67M | 0 | 0 | 0 | 0 | 0 | - | 1.66M | 633K | 1.05M | 354K | 0 | 0 | 0 | 984K | 923.21K | 921.09K | 989.92K | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 2.72M | 0 | 0 | 0 | 6.78M | 0 | 0 | 0 | 0 | 10.29M | 6.53M | 450K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 123.92K | 178.43K | 270.82K | 69.55K | 0 | 100K | 0 | 0 |
| Other Income/Expense | -36.16M | -42.41M | -31.65M | -29.71M | 33.64M | 13.27M | -4.51M | 70K | 622K | 1.05M | -24.61M | -1.24B | -101.76M | -450K | 1.39M | 2.35M | 368K | 358.55K | 137.03K | 1.89M | 1.33M | 1.13M | 849.49K | 402.38K | 288.44K | 35.25K | 482.3K | 408.99K | -5.8M | 500K | 600K |
| Pretax Income | -112.4M | -101.2M | -117.31M | -117.29M | -23.52M | -65.89M | -460.51M | -7.56M | -8.21M | -29.48M | -86.36M | -1.38B | -154.72M | -29.38M | 18.51M | 31.35M | 13.84M | 6.18M | 20.73M | 20.36M | 16.96M | 15.28M | 13.85M | 9.14M | 3.9M | 3.52M | 925.89K | 2.89M | -5.7M | 600K | 2.7M |
| Pretax Margin % | -20.52% | -18.36% | -20.49% | -18.69% | -3.61% | -10.85% | -88.42% | -1.19% | -1.24% | -4.41% | -12.84% | -198.83% | -20.63% | -6.07% | 8.6% | 20.11% | 11.82% | 6.29% | 16.65% | 18.14% | 16.34% | 18.45% | 19.69% | 17.97% | 9.8% | 9.38% | 2.6% | 7.69% | -17.59% | 2.03% | 11.79% |
| Income Tax | 2.65M | 3.08M | 2.97M | 5.78M | 5.45M | -3.91M | -16.39M | 3.52M | 4.74M | 9.27M | -9.45M | -10.32M | -35.25M | -2.47M | 9.69M | 10.73M | 4.47M | 2.07M | 7.12M | 6.04M | 5.8M | 4.68M | 4.72M | 2.99M | 791.1K | 1.01M | -62.41K | 746K | -2.4M | 100K | -800K |
| Effective Tax Rate % | -2.36% | -3.05% | -2.53% | -4.93% | -23.19% | 5.93% | 3.56% | -46.63% | -57.66% | -31.46% | 10.94% | 0.75% | 22.78% | 8.42% | 52.33% | 34.21% | 32.28% | 33.42% | 34.33% | 29.65% | 34.19% | 30.62% | 34.07% | 32.69% | 20.27% | 28.66% | -6.74% | 25.82% | 42.11% | 16.67% | -29.63% |
| Net Income | -115.06M | -104.28M | -120.28M | -123.07M | -28.97M | -61.98M | -443.72M | -10.85M | -10.96M | -39.98M | -77.22M | -1.37B | -119.42M | -26.95M | 8.49M | 20.63M | 9.37M | 4.12M | 13.62M | 14.32M | 11.16M | 10.6M | 9.13M | 6.16M | 3.11M | 2.51M | 988.3K | 2.14M | -3.3M | 500K | 3.5M |
| Net Margin % | -21.01% | -18.92% | -21.01% | -19.61% | -4.45% | -10.21% | -85.2% | -1.71% | -1.65% | -5.98% | -11.48% | -197.51% | -15.92% | -5.56% | 3.94% | 13.23% | 8% | 4.19% | 10.94% | 12.76% | 10.75% | 12.8% | 12.98% | 12.1% | 7.81% | 6.69% | 2.78% | 5.7% | -10.19% | 1.69% | 15.28% |
| Net Income Growth % | -7.17% | 13.3% | 2.27% | -324.77% | 53.25% | 86.03% | -3989.97% | 1.05% | 72.58% | 48.22% | 94.38% | -1051.09% | -343.05% | -417.44% | -58.83% | 120.14% | 127.62% | -69.77% | -4.95% | 28.3% | 5.29% | 16.14% | 48.31% | 97.88% | 23.78% | 154.29% | -53.9% | 164.96% | -760% | -85.71% | 775% |
| Net Income (Continuing) | -115.06M | -104.28M | -120.28M | -123.07M | -28.97M | -61.98M | -444.12M | -11.08M | -11.22M | -38.75M | -76.91M | -1.37B | -119.47M | -26.91M | 8.82M | 20.63M | 9.37M | 4.12M | 13.62M | 14.32M | 11.16M | 10.6M | 9.13M | 6.16M | 3.11M | 2.51M | 988.3K | 2.14M | -3.3M | 500K | 3.5M |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 227K | 622K | 852K | 17K | 131K | 183K | 469K | 0 | 496K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.33 | -1.28 | -1.70 | -1.79 | -0.44 | -0.98 | -8.08 | -0.20 | -0.20 | -0.75 | -1.47 | -26.64 | -2.39 | -0.64 | 0.36 | 0.95 | 0.44 | 0.20 | 0.65 | 0.66 | 0.27 | 0.50 | 0.43 | 0.32 | 0.19 | 0.15 | 0.06 | 0.12 | -0.18 | 0.03 | 0.07 |
| EPS Growth % | 10% | 24.71% | 5.03% | -306.82% | 55.1% | 87.87% | -3940% | 0% | 73.33% | 48.98% | 94.48% | -1014.64% | -273.44% | -277.78% | -62.11% | 115.91% | 120% | -69.23% | -1.52% | 144.44% | -46% | 16.28% | 34.38% | 68.42% | 26.67% | 164.55% | -52.75% | 166.67% | -749.82% | -60.43% | 600% |
| EPS (Basic) | - | -1.28 | -1.70 | -1.79 | -0.44 | -0.98 | -8.08 | -0.20 | -0.20 | -0.75 | -1.48 | -26.64 | -2.39 | -0.64 | 0.37 | 0.98 | 0.46 | 0.20 | 0.66 | 0.69 | 0.28 | 0.51 | 0.44 | 0.34 | 0.19 | 0.15 | 0.06 | 0.12 | -0.18 | 0.03 | 0.07 |
| Diluted Shares Outstanding | 86.36M | 81.6M | 70.86M | 68.67M | 66.49M | 63.47M | 54.92M | 54.26M | 53.75M | 52.96M | 52.58M | 51.59M | 50.02M | 42.1M | 23.78M | 21.65M | 21.13M | 20.27M | 21.08M | 21.57M | 41.45M | 21.49M | 21.45M | 19.36M | 16.78M | 16.48M | 17.05M | 17.34M | 18.22M | 18.05M | 16.54M |
| Basic Shares Outstanding | 86.36M | 81.6M | 70.86M | 68.67M | 66.49M | 63.47M | 54.92M | 54.26M | 53.75M | 52.96M | 52.33M | 51.59M | 49.97M | 42.08M | 22.81M | 21.13M | 20.58M | 20.24M | 20.68M | 20.77M | 40.48M | 21.06M | 20.7M | 18.1M | 16.01M | 16.39M | 16.58M | 17.33M | 18.22M | 17.18M | 16.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Margin Deficit
As reported in recent financial filings, Stratasys has experienced a sustained period of top-line decline, with revenue falling to $132.7 million in 2026Q1, representing a 2.5% year-over-year contraction that underscores the ongoing challenges in securing consistent industrial demand for its additive manufacturing hardware platforms.
The consistent negative growth trajectory suggests that the company is struggling to offset the cyclicality of its core aerospace and automotive customer base. Investors should monitor whether this trend reflects a structural shift in market adoption or merely a temporary deferral of capital expenditures in a high-interest-rate environment.
Based on the company's quarterly income statements, gross margins have fluctuated significantly, ranging from a low of 36.8% in 2023Q4 to a peak of 46.3% in 2024Q4, indicating that the product mix between hardware and high-margin consumables remains highly sensitive to quarterly sales volume shifts.
The inability to maintain a stable gross margin profile suggests that the company's 'razor-and-blade' model is currently failing to provide the expected insulation from hardware sales volatility. This instability warrants further investigation into whether competitive pricing pressures are forcing concessions on consumable pricing to protect market share.
According to the provided income statement data, Stratasys has failed to achieve positive operating income in nine of the last ten quarters, with operating margins reaching a trough of -18.3% in 2026Q1, highlighting a persistent inability to scale revenue efficiently against its fixed cost base.
The lack of operating leverage suggests that the company's current infrastructure is oversized relative to its realized revenue, necessitating a potential re-evaluation of its global sales and support footprint. Without a clear path to scaling, the company appears vulnerable to continued earnings dilution as it attempts to fund R&D.
Analysis of the company's cost structure reveals that SG&A expenses, which totaled $61.4 million in 2026Q1, continue to consume a disproportionate share of gross profit, effectively preventing the company from reaching a break-even point despite its established position in the industrial 3D printing market.
The high fixed-cost nature of the business appears to be a structural impediment to profitability, as management has struggled to align operating expenses with the reality of declining revenue. Investors should monitor whether future cost-cutting initiatives can meaningfully reduce this burden without compromising the company's long-term competitive moat.
As evidenced by the recent termination of merger agreements and persistent net losses, the company's go-it-alone strategy faces significant skepticism, with net margins reaching -18.0% in 2026Q1, suggesting that the current business model may not be sustainable without a fundamental shift in operational efficiency.
Short-term observers may point to the lack of GAAP profitability as a primary indicator that the company's technological advantages are not being effectively monetized. The reliance on non-operating items and the absence of consistent earnings growth suggest that the market's valuation may be overly dependent on speculative M&A outcomes.
Quick answers to the most common questions about buying SSYS stock.
For fiscal year 2025, Stratasys Ltd. (SSYS) reported total revenue of $551.1M. This represents a 2306.6% increase compared to $22.9M in 1996.
Stratasys Ltd. (SSYS) reported a net loss of $104.3M for the fiscal year ending 2025.
Stratasys Ltd. (SSYS) reported an operating income of $-58.8M, resulting in an operating profit margin of -10.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Stratasys Ltd. (SSYS) generated $259.3M in gross profit for the year, representing a gross profit margin of 47.0%. This demonstrates the company's core pricing power and production efficiency.