MTLSMaterialise NV
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (3.6×).
Operating profit is fully backed by cash.
Operating profit is falling even as sales grow, costs are outrunning the top line.
A balanced mix of margins, efficiency, and leverage. ROE 3% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MTLS?
Materialise NV earns 3.9% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 5.1 points below what the capital costs: growth destroys value
- Operating margin
- 3.3%
Operating margin · Software - Application median 6.9% · fiscal year to FY2025
- Cash conversion
- 3.59×
Cash conversion · 3.52× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.06%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −2.7% |
| FY2021 | 5.9% |
| FY2022 | −1.2% |
| FY2023 | 2.2% |
| FY2024 | 3.5% |
| FY2025 | 3.3% |
Details›
- Gross marginfiscal year to FY2025
- 57%
- Operating marginfiscal year to FY2025
- 3.3%
- Net marginfiscal year to FY2025
- 2.9%
- Free cash flow margin
- 4.2%
- R&D as % of revenue
- 17%
- Revenue, trailing twelve months
- $268M
- Free cash flow, trailing twelve months
- $11M
- Net income, trailing twelve months
- $7.7M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 3.9%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Software, Application
Ranks #35 of 92 by RyuScore