Materialise N.V. (MTLS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-38.5%

$4.44

vs $7.22 price

Levered DCF

$3.08

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.54

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	36.34×	29.56×	54.04×	-225.16×	87.46×	-316.82×	547.89×	287.27×
P/B	1.09×	1.62×	1.48×	2.12×	5.12×	14.53×	5.52×	6.4×
P/S	1.09×	1.51×	1.37×	2.09×	5.79×	13.89×	4.39×	4.71×
EV / EBITDA	8.19×	10.92×	9.57×	18.16×	29.76×	172.43×	32.74×	38.75×
Gross margin	57.1%	56.5%	56.7%	55.5%	57.5%	55.2%	55.7%	55.4%
Operating margin	1.9%	3.5%	2.2%	-1.2%	5.9%	-2.7%	3.5%	2.8%
Net margin	2.9%	5.0%	2.6%	-0.9%	6.4%	-4.1%	0.8%	1.6%
Current ratio	2.43×	1.86×	1.97×	2.04×	2.82×	1.87×	2.24×	2.32×
Debt / equity	0.26×	0.17×	0.27×	0.35×	0.43×	0.86×	0.92×	0.78×
Interest coverage	0.92×	5.72×	2.69×	-0.98×	3.64×	-1.36×	2.17×	1.06×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	5.4%	2.8%	-0.9%	5.7%	-4.3%	1.0%	2.2%
Return on invested capital	1.5%	2.9%	1.8%	-0.9%	3.4%	-1.3%	0.8%	1.8%
Return on assets	1.8%	3.4%	1.7%	-0.5%	3.2%	-1.8%	0.4%	1.0%
Free cash flow yield	3.3%	1.3%	2.4%	-0.5%	1.2%	0.5%	1.5%	0.9%
Earnings yield	2.7%	3.3%	1.9%	-0.4%	1.1%	-0.3%	0.2%	0.3%
Enterprise value	$211.3M	$340.5M	$287.9M	$425.5M	$1.1B	$2.4B	$862.9M	$860.5M
Net debt / EBITDA	-2.63×	-1.96×	-2.1×	-2.56×	-2.64×	0.32×	-0.04×	-0.43×
Cash conversion cycle (days)	61	53	61	59	41	50	70	34