MATERIALISE NV financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MATERIALISE NV files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	102	114	143	185	197	170	205	232	256	267
Cost of revenue	-43	46.7	63	82.3	87.1	76.4	87.3	103	111	116
Gross profit	59.1	67.8	79.6	102	110	94	118	129	145	151
Research and development	-18.2	17.7	20	22.4	23.3	27.1	26.9	37.6	38.1	44.4
General and administrative	-15	20	24.9	32.3	31.8	29.3	33.3	35.1	37.1	39.6
Operating income	-3.89	0.11	0.39	5.16	6.94	-4.64	12.2	-2.87	5.62	9.43
Interest expense	-2.47	2.44	4.73	4.86	3.68	6	4.1	4.42	3.87	2.97
Interest income	3.51	2.04	3.21	3.63	1.38	2.45	5.62	6.11	5.02	7.68
Pre-tax income	-3.25	-1.31	-1.6	3.45	4.24	-8.22	13.7	-1.18	6.77	14.1
Income tax	0.39	1.71	0.52	0.43	2.6	-1.03	0.59	0.98	0.08	0.73
Net income to minority interests	-0.05	0	0	0	0.06	-0.15	-0.01	-0.03	-0.03	-0.03
Net income	-2.81	-3.02	-2.12	3.03	1.59	-7.04	13.2	-2.12	6.72	13.4
EPS, basic	-0.07	-0.07	-0.04	0.06	0.03	-0.13	0.23	-0.04	0.11	0.23
EPS, diluted	-0.07	-0.07	-0.04	0.06	0.03	-0.13	0.23	-0.04	0.11	0.23

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	50.7	55.9	43.2	116	129	112	196	141	128	102
Inventory	5.39	7.87	11	9.99	12.7	10	11.3	16.1	17
Total current assets	83.9	95.7	97.5	169	191	161	258	216	206	191
Property, plant and equipment	38.4	45.1	87.1	92.5	91	88.3	84.5	94.3	95.4	111
Lease right-of-use assets			0	0	10.6	11	9.05	8.42	8.1	7.72
Goodwill	9.66	8.86	17.6	17.5	19.6	18.6	18.7	44.2	43.2	43.4
Intangible assets	9.66	9.77	28.6	26.3	27.4	33	31.7	37.9	31.5	30
Total assets	144	162	235	313	349	326	413	411	397	396
Short-term debt								20	25.5
Total current liabilities	38.4	47.8	62.7	73.1	84	84.4	91.4	106	105	102
Lease liabilities			0	0	6.43	7.09	5.27	5.15	5.33	5.11
Total liabilities	61.2	82.9	158	177	207	193	181	182	160	148
Total debt	21.1	33.8	94.6	106	128	115	99.1	81	64.4	41.3
Paid-in capital	78.1	79	79.8	137	138	141	234	234	234	234
Retained earnings	1.18	-1.88	-3.99	-1.86	-0.27	-7.32	0.97	-1.16	5.56	19
Shareholders' equity	83	79	77.1	136	140	133	233	229	237	249
Minority interests			0	0	3.28	0	0	-0.03	-0.05	-0.09
Total equity	83	79	77.1	136	143	133	233	229	237	248
Total liabilities and equity	144	162	235	313	349	326	413	411	397	396

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	-2.86	-3.02	-2.12	3.03	1.64	-7.19	13.1	-2.15	6.7	13.4
Cash from operations					28.4	30	25.8	22.3	20.2	31.5
Capital expenditures					-13.5	-11	-7.93	-21.6	-9.24	-24.6
Cash from investing					-25.6	-28.3	-13.1	-53.9	-11	-28.6
Debt issued	5.67	14.7	54.3	32.6	29	0	0
Debt repaid	4.71	2.8	-11.9	-18.8	-12.1	-13.7	-14.3	-17.7	-16.7	-23.3
Stock issued					1.27	4.11	88.1	0.02
Cash from financing					10.8	-16.9	71.2	-22.5	-22.4	-27.6
Exchange rate effect					-0.18	-2.18	0.62	-1.08	-0.05	-0.49
Free cash flow					14.9	18.9	17.9	0.68	10.9	6.81
Income taxes paid					2.14	2.62	1.15	1.43	2.74	3.15

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	56.5%	Gross profit / revenue.
Operating margin	3.5%	Operating income / revenue.
Pre-tax margin	5.3%	Pre-tax income / revenue.
Net margin	5.0%	Net income / revenue.
FCF margin	2.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.8%	Cash from operations / revenue.
Effective tax rate	5.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.4%	Net income / average total assets.
Return on invested capital (ROIC)	5.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	16.6%	Research and development expense / revenue.
Capex / revenue	9.2%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	67.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	99.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	53.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	109.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	0.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	50.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	56.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-37.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-27.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-14.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.86x	Current assets / current liabilities.
Quick ratio	1.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.00x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.4%	Total debt / total assets.
Liabilities / assets	37.3%	Total liabilities / total assets.
Net debt	-€61.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	3.18x	Operating income / interest expense.
Working capital	€88.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	€175.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	2.58x	Revenue / average property, plant and equipment.
FCF conversion	50.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	78.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	€0.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€0.23	Net income per basic share, as reported (split-adjusted).

What was MATERIALISE NV's revenue in fiscal 2024?

MATERIALISE NV reported revenue of €266.8M for fiscal 2024, 4.2% higher than the year before.

Was MATERIALISE NV profitable in fiscal 2024?

Yes. Net income was €13.4M, a net margin of 5%.

How much free cash flow did MATERIALISE NV generate in fiscal 2024?

Cash from operations of €31.5M minus capital expenditures of €24.6M left free cash flow of €6.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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