Latest Ratios: P/E Ratio 49.3x · EV/EBITDA 12.1x · ROE 2.9%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $432M | $328M | $416M | $388M | $520M | $1.4B | $2.9B | $989M | $1.0B | $602M | $363M |
| Enterprise Value | $355M | $260M | $355M | $325M | $460M | $1.3B | $2.9B | $987M | $1.0B | $653M | $341M |
| P/E Ratio → | 49.31 | 42.69 | 30.61 | 59.73 | — | 99.46 | — | 624.91 | 335.51 | — | — |
| P/S Ratio | 1.47 | 1.28 | 1.56 | 1.52 | 2.24 | 6.60 | 16.97 | 5.03 | 5.50 | 4.22 | 3.17 |
| P/B Ratio | 1.48 | 1.28 | 1.67 | 1.64 | 2.27 | 5.83 | 17.75 | 6.17 | 7.47 | 7.76 | 4.60 |
| P/FCF | 41.43 | 35.87 | 81.93 | 46.23 | — | 96.09 | 234.70 | 77.61 | 123.61 | — | — |
| P/OCF | 16.70 | 14.46 | 13.23 | 19.26 | 23.32 | 52.50 | 96.51 | 34.80 | 35.86 | 60.84 | 42.78 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.01 | 1.33 | 1.27 | 1.98 | 6.13 | 17.00 | 5.02 | 5.45 | 4.58 | 2.98 |
| EV / EBITDA | 12.06 | 10.08 | 11.37 | 11.95 | 23.35 | 38.45 | 192.69 | 50.45 | 46.22 | 51.50 | 38.40 |
| EV / EBIT | 62.89 | 52.61 | 37.65 | 38.13 | 529.20 | 77.91 | — | 139.55 | 193.50 | — | — |
| EV / FCF | — | 28.46 | 69.91 | 38.71 | — | 89.22 | 235.05 | 77.52 | 122.46 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.1% | 57.1% | 56.5% | 56.7% | 55.5% | 57.5% | 55.2% | 55.7% | 55.4% | 56.0% | 59.2% |
| Operating Margin | 1.9% | 1.9% | 3.5% | 2.2% | -1.2% | 5.9% | -2.7% | 3.5% | 2.1% | 0.6% | 0.1% |
| Net Profit Margin | 2.9% | 2.9% | 5.0% | 2.6% | -0.9% | 6.4% | -4.1% | 0.8% | 1.6% | -1.2% | -2.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.9% | 2.9% | 5.5% | 2.9% | -0.9% | 6.7% | -4.4% | 1.1% | 2.8% | -2.1% | -3.7% |
| ROA | 1.8% | 1.8% | 3.4% | 1.7% | -0.5% | 3.2% | -1.8% | 0.4% | 1.1% | -0.8% | -2.0% |
| ROIC | 2.0% | 2.0% | 3.9% | 2.5% | -1.4% | 6.0% | -2.1% | 3.6% | 2.3% | 0.7% | 0.1% |
| ROCE | 1.6% | 1.6% | 3.2% | 1.9% | -0.9% | 4.0% | -1.6% | 2.6% | 1.9% | 0.6% | 0.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.26 | 0.26 | 0.17 | 0.27 | 0.35 | 0.43 | 0.86 | 0.90 | 0.78 | 1.22 | 0.43 |
| Debt / EBITDA | 2.56 | 2.56 | 1.32 | 2.37 | 4.11 | 3.02 | 9.37 | 7.34 | 4.87 | 7.46 | 3.80 |
| Net Debt / Equity | — | -0.27 | -0.25 | -0.27 | -0.26 | -0.42 | 0.03 | -0.01 | -0.07 | 0.66 | -0.28 |
| Net Debt / EBITDA | -2.63 | -2.63 | -1.95 | -2.32 | -3.04 | -2.96 | 0.29 | -0.05 | -0.43 | 4.05 | -2.49 |
| Debt / FCF | — | -7.41 | -12.01 | -7.52 | — | -6.86 | 0.35 | -0.08 | -1.15 | — | — |
| Interest Coverage | 0.92 | 0.92 | 5.72 | 4.08 | 0.30 | 4.81 | -1.73 | 2.22 | 1.07 | -0.12 | -0.26 |
Net cash position: cash ($134M) exceeds total debt ($66M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.43 | 2.43 | 1.86 | 1.97 | 2.04 | 2.82 | 1.87 | 2.24 | 2.32 | 1.55 | 2.04 |
| Quick Ratio | 2.27 | 2.27 | 1.70 | 1.80 | 1.89 | 2.70 | 1.75 | 2.09 | 2.18 | 1.37 | 1.87 |
| Cash Ratio | 1.46 | 1.46 | 1.00 | 1.22 | 1.33 | 2.14 | 1.32 | 1.53 | 1.58 | 0.67 | 1.17 |
| Asset Turnover | — | 0.61 | 0.67 | 0.65 | 0.56 | 0.50 | 0.43 | 0.50 | 0.59 | 0.60 | 0.71 |
| Inventory Turnover | 7.39 | 7.39 | 6.82 | 6.52 | 6.69 | 8.08 | 6.22 | 6.11 | 8.24 | 5.42 | 5.93 |
| Days Sales Outstanding | — | 77.97 | 72.59 | 75.10 | 86.12 | 80.35 | 95.16 | 97.83 | 72.89 | 108.81 | 100.86 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 2.3% | 3.3% | 1.7% | — | 1.0% | — | 0.2% | 0.3% | — | — |
| FCF Yield | 2.4% | 2.8% | 1.2% | 2.2% | — | 1.0% | 0.4% | 1.3% | 0.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $59M | $59M | $59M | $59M | $57M | $53M | $54M | $51M | $47M | $47M |
Operating margin volatility
As reported in recent financial filings, Materialise trades at a trailing P/E of 47.74, a multiple that appears to price in significant future earnings expansion despite the company's recent revenue contraction and the inherent cyclicality of its industrial manufacturing and software segments.
The current valuation suggests the market is assigning a premium to the company's software ecosystem and medical segment, yet the lack of a clear PEG ratio indicates that investors are struggling to reconcile this price with the current lack of bottom-line growth. Compared to hardware-centric peers, the valuation appears to be in a transition zone, where the market is waiting for evidence that the software-led business model can achieve sustainable operating leverage.
Based on the company's reported figures, ROIC has struggled to gain momentum, frequently hovering near 1% over the last ten quarters, which indicates that the firm is currently failing to generate returns on invested capital that meaningfully exceed its cost of capital.
The persistent low ROIC suggests that the high capital intensity required to maintain the manufacturing segment is diluting the returns generated by the higher-margin software business. Investors should monitor whether management can improve capital efficiency by shifting the revenue mix toward software-only solutions, which would require less investment in physical hardware assets.
According to quarterly data, the cash conversion cycle has remained elevated, averaging approximately 57 days over the last ten quarters, which suggests that the company faces structural challenges in optimizing its inventory and receivables management relative to its industrial peers.
The volatility in DSO and DIO metrics implies that the company's ability to collect cash is tied to the lumpy nature of its project-based manufacturing contracts. This inefficiency in working capital management acts as a drag on free cash flow, limiting the company's ability to self-fund its R&D initiatives without relying on its existing cash reserves.
As evidenced by the company's diverse revenue streams, the price-to-sales ratio is a fundamentally flawed metric for Materialise because it treats low-margin manufacturing services and high-margin software licenses as equivalent, thereby obscuring the true underlying earning power of the software ecosystem.
Analysts should instead focus on a segment-adjusted valuation or an EV/EBITDA multiple that accounts for the differing capital requirements of the software and manufacturing divisions. Relying on a consolidated P/S ratio risks undervaluing the software moat while simultaneously overestimating the quality of the manufacturing revenue, leading to a distorted view of the company's intrinsic value.
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Quick answers to the most common questions about buying MTLS stock.
Materialise N.V.'s current P/E ratio is 49.3x. The historical average is 84.6x. This places it at the 40th percentile of its historical range.
Materialise N.V.'s current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 35.9x.
Materialise N.V.'s return on equity (ROE) is 2.9%. The historical average is 3.3%.
Based on historical data, Materialise N.V. is trading at a P/E of 49.3x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Materialise N.V. has 57.1% gross margin and 1.9% operating margin.
Materialise N.V.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.