Materialise NV American Depositary Shares (MTLS)

FairStock Score: 32/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Materialise is a niche additive-manufacturing and medical software company with three segments: software, medical, and manufacturing. The business has real assets and intellectual property, and its software/medical focus could create switching costs, but the numbers do not yet show a wide moat. In the latest filed quarter, fiscal Q2 2026, revenue was $70.1M and net income was $3.3M, a thin 4.75% net margin. The supplied growth figures show revenue up 13.32% but profit down 28.77%, though the periods behind those annual rates are not specified in the data. Financial health is mixed: debt-to-equity is low at 0.23, Piotroski F-Score is 7/9, and trailing free cash flow is $17.5M, a 5.8% FCF yield. Yet returns on capital are poor, with ROE at 5.22% and ROCE at 1.65%, so growth is not yet translating into high-quality earnings. At the 2026-10-13 close of $8.13, FairStock calculates a P/E of 31.27, P/B of 1.61, EV/EBITDA of 6.93, Graham Number of $5.08, and a margin of safety of -60.04%. The FairStock Score is 32/100, and its Lynch category is none because only zero years of filed results are available and three are needed. Altman Z-Score is 1.87, suggesting some balance-sheet caution. I see a promising niche, but the price already reflects optimism while current profitability and returns remain weak.

In plain English: Materialise makes software and 3D printing tools for manufacturing and medical uses. The business is modestly profitable, carries little debt, and produces some cash, but profits recently fell and the returns on the money invested in the business are low. At $8.13, the price looks high compared with its profits and accounting value, though its cash flow and low debt offer some support.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer