MTLSMaterialise NV
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (3.5×).
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Margins have held roughly steady, a stable cost structure.
A balanced mix of margins, efficiency, and leverage. ROE 5% = 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 4.1% 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% · 4.9 points below what the capital costs: growth destroys value
- Operating margin
- 3.5%
Operating margin · Software - Application median 6.4% · fiscal year to FY2024
- Cash conversion
- 3.52×
Cash conversion · 3.63× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.03%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2019 | 3.5% |
| FY2020 | −2.7% |
| FY2021 | 5.9% |
| FY2022 | −1.2% |
| FY2023 | 2.2% |
| FY2024 | 3.5% |
Details›
- Gross marginfiscal year to FY2024
- 57%
- Operating marginfiscal year to FY2024
- 3.5%
- Net marginfiscal year to FY2024
- 5.0%
- Free cash flow margin
- 2.5%
- R&D as % of revenue
- 17%
- Revenue, trailing twelve months
- $267M
- Free cash flow, trailing twelve months
- $6.8M
- Net income, trailing twelve months
- $13M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.1%
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 96 by RyuScore