olivLaw · US equity research
Materion Corporation MTRN
Metal Forgings & Stampings · SIC 3460 · Vertical: Fabricated metal products (SIC 34xx)
Materion Corporation is an integrated producer of advanced engineered materials for semiconductors, aerospace and defense, automotive and energy markets, with net sales of about 1.8 billion USD in 2025. In the second quarter of 2026 it reported net sales of 613.9 million USD and raised its full-year outlook, suggesting that demand in its high-performance segments remains strong.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Materion Corporation (MTRN) stock was 187.26 USD (−17.66% on the day), with market capitalisation 3.9 bn USD, P/E 38.3 on diluted EPS of 4.88 USD over the last 12 months, dividend yield 0.30%, beta 1.45, 52-week range 112.92–319.18 USD. Latest reported quarter (Q3 2026): revenue of 567.3 m USD (+27.5% YoY), net income of 38.3 m USD (+50.8% YoY), diluted EPS 1.81 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.7
- weak (30–45)
- Bollinger (20, 2)
- 195.90 – 286.45
- below the lower band · %B -0.10 · band width 37.5%
- SMA 50 / 200
- 251.75 / 212.86
- mixed trend
- MACD (12, 26, 9)
- -13.54 / -9.18
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −41.3% | −1.1% | −40.2 pp | — |
| 3 months | −37.0% | −0.5% | −36.5 pp | — |
| 6 months | −4.9% | +4.4% | −9.3 pp | — |
| Year to date | +50.6% | +12.3% | +38.3 pp | — |
| 1 year | +67.9% | +13.5% | +54.4 pp | +15.6% |
| 3 years | +68.2% | +76.4% | −8.2 pp | +44.2% |
| 5 years | +99.4% | +63.7% | +35.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 02 Oct 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 436.9 m | 420.3 m | 431.7 m | 444.8 m | 489.8 m | 549.8 m | 613.9 m | 567.3 m |
| Cost of revenue | 343.9 m | 344.2 m | 349.0 m | 358.7 m | 426.1 m | 468.0 m | 509.6 m | 463.6 m |
| Gross profit | 93.0 m | 76.2 m | 82.7 m | 86.1 m | 63.7 m | 81.8 m | 104.3 m | 103.7 m |
| Research & development | 6.3 m | 6.5 m | 6.4 m | 6.5 m | 6.5 m | 6.2 m | 6.6 m | 6.5 m |
| SG&A | 41.1 m | 35.4 m | 35.0 m | 38.3 m | 34.3 m | 36.2 m | 42.3 m | 42.5 m |
| Operating income | -38.3 m | 27.2 m | 36.8 m | 34.9 m | 10.8 m | 28.2 m | 51.7 m | 50.4 m |
| Depreciation & amortisation | 17.4 m | 16.5 m | 17.5 m | 17.5 m | 17.5 m | 18.4 m | 19.2 m | 19.7 m |
| Interest expense | 8.8 m | 6.9 m | 8.2 m | 7.5 m | 8.0 m | 7.6 m | 7.5 m | 6.6 m |
| Pre-tax income | -46.7 m | 20.9 m | 29.2 m | 28.1 m | 3.3 m | 20.9 m | 44.5 m | 44.2 m |
| Income tax | 2.2 m | 3.2 m | 4.0 m | 2.7 m | -3.2 m | 1.5 m | 5.7 m | 5.8 m |
| Net income | -48.9 m | 17.7 m | 25.1 m | 25.4 m | 6.6 m | 19.4 m | 38.8 m | 38.3 m |
| Diluted EPS | -2.34 ≈ | 0.85 | 1.21 | 1.22 | 0.31 ≈ | 0.92 | 1.84 | 1.81 |
| Operating cash flow | 76.3 m | 15.5 m | 49.9 m ≈ | 18.3 m ≈ | 19.5 m | -4.3 m | 74.8 m ≈ | 72.2 m ≈ |
| Capex | 17.9 m | 12.3 m | — | — | — | 15.3 m | — | — |
| Dividends paid | 2.8 m | 2.8 m | 2.9 m ≈ | 2.9 m ≈ | 2.9 m | 2.9 m | 3.0 m ≈ | 3.0 m ≈ |
| Share repurchases | 0 | — | — | 0 ≈ | 0 | — | — | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 55 percentile of its own 40-quarter history (min 20.0, median 33.9, max 348.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.2 bn | 1.5 bn | 1.8 bn | 1.7 bn | 1.7 bn | 1.8 bn |
| Revenue YoY | +6.0% | −1.9% | −0.8% | +28.4% | +16.3% | −5.2% | +1.2% | +6.0% |
| Net income | 21.0 m | 53.4 m | 15.5 m | 72.5 m | 86.0 m | 95.7 m | 5.9 m | 74.8 m |
| Net income YoY | +83.8% | +153.7% | −71.0% | +368.7% | +18.6% | +11.3% | −93.8% | +1,170.8% |
| Diluted EPS | 1.02 | 2.59 | 0.75 | 3.50 | 4.14 | 4.58 | 0.28 | 3.58 |
| Diluted EPS YoY | +82.1% | +153.9% | −71.0% | +366.7% | +18.3% | +10.6% | −93.9% | +1,178.6% |
| net % | 1.7% | 4.5% | 1.3% | 4.8% | 4.9% | 5.7% | 0.3% | 4.2% |
| Free cash flow | 48.7 m | 75.0 m | 33.8 m | -12.7 m | 38.4 m | 33.9 m | 19.2 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.7 m USD
- Financial debt
- 458.8 m USD
- Net debt
- 445.1 m USD
- Equity
- 943.3 m USD
- Total assets
- 1.8 bn USD
- Debt / equity
- 0.49x
- Current ratio
- 3.11x
- ROE
- 8.3%
- ROA
- 4.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.5 bn | 1.8 bn | 1.7 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 983.6 m | 1.2 bn | 1.4 bn | 1.3 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 192.6 m | 283.8 m | 343.9 m | 349.0 m | 326.0 m | 308.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Research & development | 20.3 m | 26.6 m | 29.0 m | 27.5 m | 29.0 m | 25.9 m | SEC (XBRL)· 12 Feb 2026verified |
| SG&A | 134.0 m | 163.8 m | 169.3 m | 157.9 m | 145.6 m | 143.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 8.2 m | 77.1 m | 119.8 m | 136.4 m | 47.2 m | 109.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 42.4 m | 44.1 m | 53.4 m | 61.6 m | 68.7 m | 69.1 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 50.6 m ≈ | 121.2 m ≈ | 173.2 m ≈ | 198.1 m ≈ | 115.9 m ≈ | 178.9 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | — | — | 21.9 m | 31.3 m | 34.8 m | 30.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 8.3 m | 77.3 m | 103.1 m | 107.8 m | 14.9 m | 81.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | -7.2 m | 4.9 m | 17.1 m | 12.1 m | 9.0 m | 6.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 15.5 m | 72.5 m | 86.0 m | 95.7 m | 5.9 m | 74.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 0.75 | 3.50 | 4.14 | 4.58 | 0.28 | 3.58 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 20.6 m | 20.7 m | 20.8 m | 20.9 m | 20.9 m | 20.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 0.46 | 0.48 | 0.50 | 0.52 | 0.54 | 0.56 | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 25.9 m | 14.5 m | 13.1 m | 13.3 m | 16.7 m | 13.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 166.4 m | 213.8 m | 215.2 m | 192.7 m | 193.8 m | 222.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 250.8 m | 361.1 m | 423.1 m | 441.6 m | 441.3 m | 461.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 464.0 m | 627.3 m | 690.4 m | 709.4 m | 724.2 m | 789.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 309.7 m | 409.0 m | 448.8 m | 514.7 m | 510.8 m | 535.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 144.9 m | 318.6 m | 319.5 m | 320.9 m | 263.7 m | 280.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 54.7 m | 156.7 m | 139.6 m | 133.6 m | 109.3 m | 105.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 1.1 bn | 1.6 bn | 1.7 bn | 1.8 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 55.6 m | 86.2 m | 107.9 m | 125.7 m | 105.9 m | 148.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 1.9 m | 15.4 m | 21.1 m | 38.6 m | 34.3 m | 22.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 36.5 m | 434.4 m | 410.9 m | 387.6 m | 407.7 m | 436.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 126.9 m | 204.5 m | 239.0 m | 255.0 m | 226.7 m | 253.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 655.6 m † | 720.4 m † | 800.0 m † | 885.1 m † | 868.9 m † | 943.3 m † | SEC (XBRL)· 12 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 101.1 m | 90.2 m | 116.0 m | 144.4 m | 87.8 m | 103.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 67.3 m | 102.9 m | 77.6 m | 110.6 m | 68.6 m | — | SEC (XBRL)· 19 Feb 2025verified |
| Free cash flow | 33.8 m ≈ | -12.7 m ≈ | 38.4 m ≈ | 33.9 m ≈ | 19.2 m ≈ | — | SEC (XBRL)· 19 Feb 2025derived |
| Investing cash flow | -194.7 m | -494.3 m | -79.7 m | -119.2 m | -79.6 m | -98.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | -7.1 m | 393.0 m | -35.6 m | -24.9 m | -4.2 m | -9.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 9.3 m | 9.7 m | 10.2 m | 10.6 m | 11.1 m | 11.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 6.8 m | 0 | 0 | 0 | 0 | 7.8 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 27 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet53
- Growth2
- Quality42
- Returns4
- Valuation15
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 88.34 – 151.54 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA108.27 – 119.37 (Mid 112.19)13 companies used · median multiple 12.6x · quartiles 12.2x – 13.3xACA, ACU, AZZ, CXT, EML, GFF, HLIO, HLMN, MAS, MWA, SNA, SSD, VMI
- Peers: P/E88.34 – 151.54 (Mid 112.88)27 companies used · median multiple 23.1x · quartiles 18.1x – 31.0xACA, ACU, AZZ, BALL, CCK, CIX, CR, CXT, EML, GFF, HLIO, MAS, MWA, OFLX, PH, PKOH, PRLB, RECT, RGR, SLGN, SNA, SSD, SWBI, SWK, TRS, VMI, WTS
- Dividend discount (DDM)outside the aggregate7.29 – 9.81 (Mid 8.37)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 27/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.2% | 41 (vs peers) | 13% |
| Net margin · Quality | 4.6% | 45 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 0.6% | 5 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -4.7% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 1.8x | 35 (vs peers) | 13% |
| Interest coverage · Balance sheet | 4.8x | 50 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 38.3x | 14 (vs peers) | 13% |
| EV/EBITDA · Valuation | 19.9x | 16 (vs peers) | 13% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet53/100 · 3/3 factors with a value
- Growth2/100 · 2/2 factors with a value
- Quality42/100 · 2/3 factors with a value
- Returns· partial4/100 · 1/2 factors with a value
- Valuation15/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MATERION CORPORATION (MTRN). Latest full fiscal year: 2025; data up to 2026-10-02.
Figures computed from the financial statements: revenue 1.8 bn USD in 2025; YoY growth 6.0%; net margin 4.6%; ROE 10.5%; net debt/EBITDA 1.8x.
The estimated value range is 98.30–135.45 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 112.53 USD, the price of 187.26 USD leaves a potential of -39.9% (value / price − 1) and a margin of safety of -66.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 27/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.8x
What contradicts it
- Revenue CAGR 3Y: 0.6%
- EPS CAGR 3Y: -4.7%
- P/E (TTM): 38.3x
- EV/EBITDA: 19.9x
- Shareholder yield (distributions): 0.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).
Versus the vertical median
Fabricated metal products (SIC 34xx) · same major group (2-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PHParker-Hannifin Corporation | 114.7 bn | 32.0 | 25.1% | 17.0% | +8.3% | +6% / +110% |
| AXONAxon Enterprise, Inc. | 34.5 bn | 175.8 | 6.2% | 6.2% | +33.5% | −21% / +85% |
| SNASnap-on Inc | 19.0 bn | 19.2 | 17.0% | 19.2% | unavailable | +8% / +34% |
| SWKStanley Black & Decker, Inc. | 17.6 bn | 21.2 | 9.4% | 5.5% | unavailable | +65% / +30% |
| BALLBall Corporation | 17.5 bn | 33.9 | 9.6% | 3.5% | +11.6% | +36% / +22% |
| MASMasco Corporation | 16.7 bn | 18.8 | — | 12.1% | −3.4% | +34% / +43% |
| CCKCrown Holdings, Inc. | 13.5 bn | 17.4 | 26.7% | 5.8% | +4.8% | +29% / +45% |
| CRCrane Company | 11.9 bn | 35.4 | 16.2% | 12.4% | +8.2% | +13% / +95% |
| SSDSimpson Manufacturing Co., Inc. | 8.4 bn | 22.4 | 18.7% | 15.6% | +4.5% | +23% / +23% |
| VMIValmont Industries, Inc. | 8.1 bn | 15.9 | 30.8% | 12.1% | +0.7% | +2% / +92% |
| ACAArcosa, Inc. | 7.3 bn | 14.9 | 17.9% | 17.9% | +12.2% | +46% / +116% |
| GFFGriffon Corporation | 4.9 bn | 27.4 | 185.4% | 6.5% | −3.9% | +43% / +131% |
| SLGNSilgan Holdings Inc | 4.5 bn | 16.7 | 11.7% | 4.0% | +10.7% | +8% / +2% |
| AZZAZZ Inc. | 4.0 bn | 23.8 | 12.3% | 9.6% | +4.6% | +25% / +169% |
| MTRNMaterion Corporation | 3.9 bn | 38.3 | 10.5% | 4.6% | +6.0% | +68% / +68% |
| MWAMueller Water Products, Inc. | 3.8 bn | 17.0 | 21.7% | 15.0% | +8.7% | −1% / +81% |
| CXTCrane Nxt, Co. | 3.5 bn | 27.3 | 10.5% | 7.1% | +11.4% | +9% / +20% |
| AMBPArdagh Metal Packaging S.A. | 2.8 bn | — | — | 0.2% | +12.0% | +27% / +18% |
| HLIOHelios Technologies, Inc. | 2.2 bn | 31.2 | 7.7% | 8.0% | unavailable | +24% / +74% |
| HLMNHillman Solutions Corp. | 1.7 bn | 68.6 | 2.0% | 1.5% | +5.4% | +0% / +20% |
| PRLBProto Labs, Inc. | 1.6 bn | 46.6 | 5.1% | 6.0% | +6.4% | +31% / +84% |
| TRSTrimas Corporation | 1.4 bn | 1.6 | 83.9% | 136.2% | +2.4% | +16% / +54% |
| RGRSturm, Ruger & Company, Inc. | 797.5 m | 49.4 | 5.7% | 2.7% | +1.9% | +66% / +14% |
| SWBISmith & Wesson Brands, Inc. | 649.7 m | 26.5 | 6.6% | 4.4% | +10.4% | +66% / +5% |
| PKOHPark-Ohio Holdings Corp | 630.3 m | 23.1 | 7.0% | 1.6% | −3.4% | +103% / +91% |
1- and 3-year price returns: for MTRN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 107.51 Total return -42% · Per year -42% | 190.45 Total return 2% · Per year 2% | 287.39 Total return 54% · Per year 54% |
| 3 years | 96.23 Total return -48% · Per year -20% | 192.57 Total return 4% · Per year 1% | 320.20 Total return 72% · Per year 20% |
| 5 years | 86.14 Total return -53% · Per year -14% | 194.72 Total return 6% · Per year 1% | 356.77 Total return 93% · Per year 14% |
- Exit P/E± 48.14
- Net margin± 33.70
- Annual revenue growth± 28.75
- Annual dilution± 2.83
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Materion Corporation is an integrated producer of advanced engineered materials for semiconductors, aerospace and defense, automotive and energy markets, with net sales of about 1.8 billion USD in 2025 1. In the second quarter of 2026 it reported net sales of 613.9 million USD and raised its full-year outlook, suggesting that demand in its high-performance segments remains strong 23.
SWOT
Strengths
- The company holds a leading position in beryllium materials and owns a mine and refinery that supply its own raw material 1.
- Backlog reached a record at the end of the second quarter of 2026, giving visibility into future activity 3.
- Adjusted margins improved in 2026, and the company reported its best quarter ever for adjusted EBITDA 3.
Weaknesses
- Dependence on precious metals and consignment exposes the company to volatility and costs that are hard to control 1.
- A quality issue at a large consumer electronics customer reduced sales and added costs in 2025 1.
- Facilities are interdependent, so an interruption at the mine or a single plant could affect several production lines 1.
Opportunities
- Demand for high-performance materials in semiconductors, energy and aerospace could grow if current trends continue 23.
- New contracts, such as those with commercial space customers, could widen the aerospace customer base 3.
- Developing new non-beryllium materials could open markets where substitutes are accepted 1.
Threats
- Cuts to defense budgets or cancelled government contracts could reduce revenue in the aerospace and defense market 1.
- Tighter beryllium standards could discourage customers from using the company's products 1.
- Tariffs and trade restrictions could raise the cost of raw materials and cross-border shipments 1.
Risks
- Dependence on government contractsmedium
Part of sales comes from contracts with the U.S. Government, which can be terminated at any time for budgetary or political reasons 1.
- Precious metal volatilityhigh
Prices of gold, silver and platinum can fluctuate significantly and affect inventories and margins, especially at high prices 1.
- Quality issue at a large customermedium
A quality issue led to a temporary production shutdown and significant added costs in 2025 1.
- Interruptions at interdependent sitesmedium
Production depends on a few plants and a mine, and a serious incident at one of them could interrupt deliveries 1.
- Losses of precious metalslow
Large precious metal inventories expose the company to losses from theft or employee error that insurance may not fully cover 1.
Investment thesis
What would need to be true (bull case)
- Sales growth in the second quarter of 2026 and a record order backlog suggest that demand in high-performance segments could continue 23.
- Raising the adjusted earnings per share outlook signals confidence in executing the strategy for the rest of the year 3.
- The company's unique position in beryllium and its own mining resources could protect margins over the long term 1.
What would break the thesis
- Revenue depends on precious metals with volatile prices, so sales growth may partly reflect cost pass-through rather than real volume growth 12.
- Defense contracts are vulnerable to budget changes, and cuts could significantly affect the aerospace segment 1.
- The 2025 quality problems show that production processes can generate unexpected losses, which could recur 1.
What to watch
- Delivery of the raised adjusted earnings per share outlook, between 6.80 and 7.20 USD2026
- Development of backlog and sales in aerospace and defenseQ3 2026
- Recovery of production at the customer affected by the 2025 quality issueQ3 2026
- Any changes to beryllium exposure standards and their effect on demandnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Materion Corporation, incorporated in Ohio in 1931, is an integrated producer of advanced engineered materials used in electrical, electronic, thermal and structural applications 1. Its products reach semiconductor, industrial, aerospace and defense, automotive, energy, consumer electronics and life sciences end markets 1. The company served about 800 customers and employed 2,880 people as of December 31, 2025 1.
Operations are organized into four reportable segments: Performance Materials, Electronic Materials, Precision Optics and Other, which holds unallocated corporate costs 1. Key raw materials include beryllium, tantalum, aluminum, copper, gold and silver, and many precious metals are held on consignment 1. Product prices generally follow metal prices, which are passed through to customers 1.
For results, the company uses value-added sales, a non-GAAP measure that excludes pass-through metal costs to remove distortions from metal price volatility 1. This measure shows underlying activity more clearly than net sales, which include precious metal costs.
Segments
Performance Materials
The segment supplies beryllium and non-beryllium alloys and custom metal forms, and operates the world's largest bertrandite ore mine, located in Utah 1. Net sales fell to 675.9 million USD in 2025, down 9%, due to a quality issue at a large consumer electronics customer 1.
Electronic Materials
The segment makes vapor deposition targets, microelectronics packaging lids, braze materials and precious metal products used in integrated circuits and radio frequency devices 1. Net sales rose to 1,010.0 million USD in 2025, up 19%, mainly from higher pass-through precious metal costs 1.
Market context
Demand from semiconductor, energy and telecom and data center end markets grew in 2025 and in the first half of 2026 12. The company reported a record backlog at the end of the second quarter of 2026, which could support growth if demand stays high 3.
The market is cyclical and sensitive to inflation, tariffs and government defense budgets, and orders can be cancelled or delayed 1. Precious metal costs remain volatile, which affects net sales without changing profitability to the same extent 1.
Trends
- Growing demand from semiconductors and energytailwind
Volumes rose in semiconductor, telecom and data center, and energy end markets in 2025 1. In the second quarter of 2026, volume growth continued in energy and semiconductors 2.
- Aerospace and defensemixed
The aerospace and defense end market grew in the second quarter of 2026, delivering the company's highest quarterly sales in that market 23. Government contracts can however be suspended or reduced because of budgets 1.
- Precious metal pricesheadwind
Volatile prices of precious metals and consignment fees affect the company's costs and inventories 1. Passing prices on to customers limits the impact on margins but does not remove it entirely 1.
- Beryllium regulationheadwind
Tighter exposure standards for beryllium could reduce customer demand for beryllium products if customers choose substitutes 1. The impact would depend on the nature and extent of the changes 1.
Competitive position
Depending on the segment, the company faces alloy producers such as NGK Insulators, IBC Advanced Alloys and KME, plating and coating suppliers such as Heraeus and Wieland, and optics firms such as Viavi and Coherent 1. Competition also comes from makers of substitute materials such as organic composites, titanium and aluminum 1.
The market is fragmented, with many regional and national competitors, and the company's edge rests on beryllium expertise, its own mine and product development capability 1. The long sales cycle makes short-term results hard to predict 1.
- NGK Insulators
Competitor in beryllium alloys and metal plating within the Performance Materials and Electronic Materials segments 1.
- Heraeus
Competitor in precious metal products and electronic materials 1.
- Coherent Corporation
Competitor in optical components within the Precision Optics segment 1.
- Viavi Corporation
Competitor in optical filters and coatings within the Precision Optics segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report07 May 2026Shareholder vote
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement26 Mar 2026
- Annual report12 Feb 2026
- Current report12 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Materion Corporation · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Materion Corporation · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Materion Corporation · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.