Materialise NV (MTLS) intrinsic value & 10-year financials
Materialise NV (MTLS) has a Graham intrinsic value of €7.64 per share. Over the last 10 fiscal years revenue grew 11.3% a year to €266.8M, with an average return on invested capital of 1.2%.
- Graham intrinsic value
- €7.64
- Revenue (FY2024)
- €266.8M
- Revenue growth (10-yr CAGR)
- 11.3%
- ROIC (10-yr avg)
- 1.2%
- Free cash flow (FY2024)
- €6.8M
MTLS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | €266.8M | €13.4M | €0.23 | €6.8M | 3.5% | 5.0% |
| FY2023 | €256.1M | €6.7M | €0.11 | €10.9M | 2.2% | 3.2% |
| FY2022 | €232.0M | -€2.2M | -€0.04 | €680.0K | -1.2% | -1.9% |
| FY2021 | €205.4M | €13.1M | €0.00 | €17.9M | 5.9% | 8.6% |
| FY2020 | €170.4M | -€7.3M | -€0.00 | €18.9M | -2.7% | -2.9% |
| FY2019 | €196.7M | €1.7M | €0.00 | €14.9M | 3.6% | 2.6% |
| FY2018 | €184.7M | €3.0M | €0.00 | — | 2.8% | 3.5% |
| FY2017 | €142.6M | -€1.7M | -€0.00 | — | 0.6% | 0.7% |
| FY2016 | €114.5M | -€3.0M | -€0.00 | — | 0.1% | 0.1% |
| FY2015 | €102.0M | -€2.9M | -€0.00 | — | -3.8% | -7.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in EUR.
Executive summary
MATERIALISE NV is a consistent compounder, expanding top-line revenue at 11.3% annually over the past decade.
MATERIALISE NV has historically struggled to out-earn its cost of capital, averaging just 1.2% ROIC.
Over the decade, MATERIALISE NV shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MATERIALISE NV is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $7.64 per share.