Materialise N.V.

MTLS

Software - Application · Technology

Price

$6.61

+0.10 (+1.54%)

Market Cap

$387.1M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Good

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Share count rising — dilution

+3.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 56.8M (2021) → 59.1M (2025)

Winston Score History

The full picture

Materialise is a Belgian company that uses 3D printing technology to make software and physical parts for industries like healthcare, aerospace, and automotive. Its core products include software tools that help engineers prepare and manage 3D printing jobs, plus a manufacturing service that prints custom parts and medical devices for customers around the world. The company is one of the pioneers of 3D printing, with over 30 years of experience in the field.

Materialise makes money two ways: selling software licenses and subscriptions to manufacturers, and charging for its 3D printing services. It operates mainly in Europe and North America, with a smaller presence in Asia. Its long history and deep library of 3D printing software give it a technical edge that is hard for newer competitors to copy quickly. The main growth driver is wider adoption of 3D printing in medical applications, such as custom surgical guides and implants, though slow industrial spending could limit near-term revenue growth.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

57.2%

Premium pricing power — 57.2% gross margin

Profit after running costs

Operating Margin

3.2%

Thin — 3.2% operating margin

Return on the money invested

ROCE

3.4%

Weak — 3.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-0.3%

Shrinking sales (-0.3% YoY)

Profit growth

EPS YoY

+11.1%

Earnings growing (+11.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

204%

Turns 204% of profit into real cash

Spare cash per sale

FCF Margin

2.3%

Thin free cash flow (2.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.21

Conservative — low debt load (0.21)

Covers its interest

Interest Cover

3.25x

Tight — interest eats into profit (3.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

37.7x

Pricey — P/E 37.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+5.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (37.7 → 32.1)

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Dividends

Not applicable for this business.

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