olivLaw · European equity research
Materialise NV MTLS.BR
Belgium · Euronext Brussels · ISIN BE0974501331 · Vertical: Listed companies from Belgium
Materialise NV, headquartered in Leuven (Belgium), develops software and provides industrial 3D printing services with applications in medicine, automotive and parts production. The company has been listed on both Nasdaq and Euronext Brussels since November 2025, which gives it a new liquidity base.
At the close of 05 Nov 2026, Materialise NV (MTLS.BR) stock was 6.35 EUR (+0.79% on the day), with market capitalisation 377.0 m EUR, P/E 48.8 on diluted EPS of 0.13 EUR over the last 12 months, beta 0.26, 52-week range 4.40–7.85 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.3
- weak (30–45)
- Bollinger (20, 2)
- 5.99 – 8.19
- in the lower half of the band · %B 0.16 · band width 31.1%
- SMA 50 / 200
- 6.89 / 5.61
- mixed trend
- MACD (12, 26, 9)
- -0.19 / -0.05
- 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 | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.0% | +0.4% | −17.4 pp | — |
| 3 months | +7.6% | −3.3% | +10.9 pp | — |
| 6 months | +38.0% | +4.0% | +34.1 pp | — |
| Year to date | +33.8% | +8.1% | +25.7 pp | — |
| 1 year | unavailable | +10.7% | unavailable | +6.3% |
| 3 years | unavailable | +50.1% | unavailable | −6.5% |
| 5 years | unavailable | +43.6% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
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 100 percentile of its own 1-quarter history (min 36.5, median 36.5, max 36.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 256.1 m | 266.8 m | 267.6 m |
| Revenue YoY | unavailable | +4.2% | +0.3% |
| Net income | 6.7 m | 13.4 m | 7.7 m |
| Net income YoY | unavailable | +99.9% | −42.6% |
| Diluted EPS | 0.11 | 0.23 | 0.13 |
| Diluted EPS YoY | unavailable | +109.1% | −43.5% |
| net % | 2.6% | 5.0% | 2.9% |
| Free cash flow | 10.9 m | 6.8 m | 11.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 133.9 m EUR
- Financial debt
- 49.7 m EUR
- Net debt
- -84.2 m EUR
- Equity
- 255.5 m EUR
- Total assets
- 420.6 m EUR
- Debt / equity
- 0.19x
- Current ratio
- 2.43x
- ROE
- 3.1%
- ROA
- 1.9%
- FCF margin
- 4.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 256.1 m | 266.8 m | 267.6 m | esef· 29 Apr 2026verified |
| Cost of revenue | 111.0 m | 115.9 m | 114.7 m | esef· 29 Apr 2026verified |
| Gross profit | 145.1 m | 150.8 m | 152.9 m | esef· 29 Apr 2026verified |
| Research & development | 38.1 m | 44.4 m | 46.1 m | esef· 29 Apr 2026verified |
| Operating income | 5.6 m | 9.4 m | 8.9 m | esef· 29 Apr 2026verified |
| Interest expense | 3.9 m | 3.0 m | 5.6 m | esef· 29 Apr 2026verified |
| Pre-tax income | 6.8 m | 14.1 m | 7.3 m | esef· 29 Apr 2026verified |
| Income tax | 78.0 k | 733.0 k | -429.0 k | esef· 29 Apr 2026verified |
| Net income | 6.7 m | 13.4 m | 7.7 m | esef· 29 Apr 2026verified |
| Diluted EPS | 0.11 | 0.23 | 0.13 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 127.6 m | 102.3 m | 133.9 m | esef· 29 Apr 2026verified |
| Inventories | 17.0 m | 17.0 m | 14.9 m | esef· 29 Apr 2026verified |
| Current assets | 206.5 m | 190.5 m | 223.6 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 95.4 m | 111.3 m | 112.9 m | esef· 29 Apr 2026verified |
| Goodwill | 43.2 m | 43.4 m | 43.2 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 31.5 m | 30.0 m | 25.6 m | esef· 29 Apr 2026verified |
| Total assets | 396.6 m | 396.3 m | 420.6 m | esef· 29 Apr 2026verified |
| Long-term debt | 33.6 m | 23.2 m | 49.7 m | esef· 29 Apr 2026verified |
| Current liabilities | 105.0 m | 102.2 m | 91.9 m | esef· 29 Apr 2026verified |
| Equity | 236.6 m | 248.5 m | 255.5 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 61.1 m | 58.4 m | 59.4 m | esef· 29 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 20.2 m | 31.5 m | 25.3 m | esef· 29 Apr 2026verified |
| Capex | 9.2 m | 24.6 m | 14.1 m | esef· 29 Apr 2026verified |
| Free cash flow | 10.9 m ≈ | 6.8 m ≈ | 11.2 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -11.0 m | -28.6 m | -9.7 m | esef· 29 Apr 2026verified |
| Financing cash flow | -22.4 m | -27.6 m | 17.0 m | esef· 29 Apr 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 377.0 m EUR
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
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: 1.38 – 7.17 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)4.99 – 7.17 (Mid 5.81)WACC 8.0% · starting FCFF 15.9 m EUR · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 5.4%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.38 – 3.07 (Mid 2.00)24 companies used · median multiple 15.4x · quartiles 10.6x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.4% | 26 (vs peers) | 20% |
| Net margin · Quality | 2.9% | 49 (vs peers) | 12% |
| FCF conversion · Quality | 145.5% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.6x | 1 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 48.8x | 11 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.0% | 37 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet41/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality52/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation23/100 · 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
MATERIALISE (MTLS.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 267.6 m EUR in 2025; YoY growth 0.3%; net margin 2.9%; ROE 3.1%.
The estimated value range is 3.19–5.12 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.90 EUR, the price of 6.35 EUR leaves a potential of -38.5% (value / price − 1) and a margin of safety of -62.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 145.5%
- Current ratio: 2.4x
What contradicts it
- ROIC: 4.4%
- Interest coverage: 1.6x
- P/E (TTM): 48.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · 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 | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| MTLS.BRMaterialise | 377.0 m | 48.8 | 3.1% | 2.9% | +0.3% | +21% / unavailable |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for MTLS.BR 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 (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.60 Total return -43% · Per year -43% | 6.37 Total return 0% · Per year 0% | 9.61 Total return 51% · Per year 51% |
| 3 years | 3.20 Total return -50% · Per year -20% | 6.41 Total return 1% · Per year 0% | 10.67 Total return 68% · Per year 19% |
| 5 years | 2.85 Total return -55% · Per year -15% | 6.45 Total return 2% · Per year 0% | 11.83 Total return 86% · Per year 13% |
- Exit P/E± 1.60
- Net margin± 1.12
- Annual revenue growth± 0.96
- Annual dilution± 0.09
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.
In brief
Materialise NV, headquartered in Leuven (Belgium), develops software and provides industrial 3D printing services with applications in medicine, automotive and parts production. The company has been listed on both Nasdaq and Euronext Brussels since November 2025, which gives it a new liquidity base 1.
SWOT
Strengths
- Extensive international presence, with offices and service centres in several regions, supporting service to global clients 1.
- Combination of specialised software and production services, which can build durable relationships with industrial clients 1.
- Experience in medical applications, a niche with specialised demand and high barriers to entry 1.
Weaknesses
Opportunities
- The Euronext Brussels listing could open access to European investors and additional financing options 1.
- Expanding medical applications and custom parts production could raise revenue from higher-margin segments 1.
- Share buyback programmes could become possible through the European listing, if the board decides 1.
Risks
- Founders' majority controlhigh
The founders control a majority of the votes, which may limit the influence of other shareholders over important decisions 1.
- Geopolitical risksmedium
Some facilities are located in regions affected by conflict, and the leases for these are treated as subject to short-term negotiation 1.
- Expiry of rental contractsmedium
Several leases expire in the near term, which could change operating costs if they are not renewed on similar terms 1.
- Fragmented liquiditylow
Trading on two exchanges could reduce volume on each market and could increase share price volatility 1.
- Dependence on industrial cyclesmedium
Revenue from industrial production can fluctuate with client investment, which could affect the predictability of results 1.
Investment thesis
What would need to be true (bull case)
- If adoption of additive manufacturing grows in medicine and industry, the company could benefit from an expanding client base 1.
- The Euronext Brussels listing could improve liquidity and provide flexibility in financing 1.
- The combination of software and services can generate recurring revenue and close client relationships 1.
What to watch
- First-quarter results, including revenue and margin trendsQ1 2026
- First-half results and any updated guidanceQ2 2026
- Renewal of leases expiring in 20262026
- Liquidity development after the Euronext Brussels listingnext 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.
The business
Materialise develops software for preparing and controlling 3D printing and offers additive manufacturing services to industrial and medical clients 1. Operations are organised around a main site in Leuven and a network of offices and service centres in Europe, the United States, Asia and South America, most of them leased 1. Ownership is concentrated: the founders control a majority of the votes, which shapes the company's governance 1.
The governance structure follows the Belgian one-tier board model, and the company applies Sarbanes-Oxley standards because of its Nasdaq listing 1. The board has ten members, four of whom are considered independent 1. Executive management is delegated to a management company represented by the chief executive officer 1.
The 2026 financial calendar includes first-quarter results in May, first-half results in August and third-quarter results in October 1. The company publishes quarterly reports, which allows activity to be tracked through the year 1.
Segments
Market context
The industrial 3D printing market is divided between equipment makers, software vendors and service bureaus, and Materialise is mainly active in software and services 1. The company's global presence, with offices in Europe, North America, Asia and South America, lets it serve clients in several regions 1.
Demand depends on the adoption of additive manufacturing in industries such as medicine and aerospace, where custom parts carry high value 1. If industrial investment in advanced manufacturing rises, expanding these applications could support the company's growth 1.
Trends
- Dual listing on Euronext Brusselstailwind
Since November 2025 the shares also trade on Euronext Brussels alongside Nasdaq, which could make it easier to access capital if needed 1.
- Adoption of additive manufacturing in medicinetailwind
Wider use of 3D printing for devices and surgical planning could expand the medical client base 1.
- Concentrated shareholdingheadwind
Majority control by the founders may limit minority shareholders' influence over strategic decisions, a factor relevant for investors 1.
- Facility rental costsmixed
Many facilities are leased under contracts with near expiry dates, and any renegotiation could change the cost structure 1.
Competitive position
Competition includes makers of 3D printing equipment, CAD software providers and additive manufacturing service bureaus, some with greater global scale 1. Materialise differentiates itself through the combination of specialised software and production services, as well as its experience in medical applications 1.
- Industrial 3D printing equipment makers
Companies that sell printing machines and compete for industrial clients' budgets; the exact list is not specified in the analysed source 1.
- File preparation software vendors
Providers of tools for preparing and optimising models for printing, competing directly with the company's solutions 1.
- Additive manufacturing service bureaus
Service providers that produce parts for clients and compete on price and quality of production 1.
- CAD and engineering software providers
Companies with design platforms that also include preparation modules for 3D printing 1.
News & filings
In the press
- Materialise NV ADR a raportat rezultate financiare conform așteptărilor pentru trimestrul al treilea - www.goldring.roSurge — Google News · 28 Oct 2026 · RO
- ‘Damp squib’: Ed Davey can breathe easy as Lib Dem leadership challenge fails to materialiseThe Guardian World · 18 Oct 2026 · EN
- Materialise (MTLS) Q2 2026 Earnings Call TranscriptYahoo Finance — News · 31 Aug 2026 · EN
- Materialise Q2 Earnings Call HighlightsYahoo Finance — News · 27 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202529 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Materialise NV · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.