Materialise NV key statistics and ratios

In fiscal 2025, Materialise NV had return on equity of 3.1%, an operating margin of 3.3%, debt equal to 24.7% of equity and a current ratio of 2.43. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Materialise NV: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	57.9%	59.2%	55.8%	55.4%	55.7%	55.2%	57.5%	55.5%	56.7%	56.5%	57.1%
Operating margin	−3.8%	0.1%	0.3%	2.8%	3.5%	−2.7%	5.9%	−1.2%	2.2%	3.5%	3.3%
Net margin	−2.8%	−2.6%	−1.5%	1.6%	0.8%	−4.1%	6.4%	−0.9%	2.6%	5.0%	2.9%
Free-cash-flow margin	—	—	—	—	7.6%	11.1%	8.7%	0.3%	4.3%	2.6%	4.2%
Return on equity	−3.5%	−3.9%	−2.7%	2.9%	1.1%	−5.0%	7.3%	−0.9%	2.9%	5.6%	3.1%
Return on assets	−2.0%	−2.0%	−1.1%	1.1%	0.5%	−2.0%	3.6%	−0.5%	1.7%	3.4%	1.9%
Asset turnover	0.72	0.77	0.71	0.68	0.59	0.49	0.56	0.54	0.63	0.68	0.67
Current ratio	2.19	2.00	1.55	2.32	2.27	1.90	2.82	2.04	1.97	1.86	2.43
Debt to equity	25.4%	42.8%	122.7%	78.0%	91.7%	86.4%	42.6%	35.4%	27.2%	16.6%	24.7%
Interest cover (operating income ÷ interest)	—	0.2x	0.4x	3.0x	3.2x	n/m	5.0x	n/m	3.2x	7.3x	5.2x
Effective tax rate	—	—	—	12.3%	61.2%	—	4.3%	—	1.2%	5.2%	−5.9%
R&D as % of revenue	−17.8%	15.4%	14.0%	12.1%	11.9%	15.9%	13.1%	16.2%	14.9%	16.6%	17.2%
Capital spending as % of revenue	—	—	—	—	6.8%	6.5%	3.9%	9.3%	3.6%	9.2%	5.3%
Free cash flow ÷ net income	—	—	—	—	941.4%	—	136.2%	—	162.5%	50.7%	145.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 6 checks passed · December 31, 2025

What it owns · $494m

Short-term assets $262mLonger-term assets $231m

What it owes, and who funded it · $408m

Short-term liabilities $108mShareholders' equity $300m

Short-term assets cover short-term liabilities $262m of assets due within a year against $108m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $157m of cash against $58m of debt.
Debt below 40% of shareholders' equity Debt is 19% of equity.
Debt burden no higher than five years ago Debt to equity moved from 68% to 19% over five years.
A year's operating cash flow covers at least 20% of debt $29m of operating cash flow against $58m of debt.
Operating profit covers interest at least five times over Operating income of $10m against $2m of interest.

From Materialise NV's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Materialise NV's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Materialise NV.