MATERION Corp financial statements

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

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

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	969	1,139	1,208	1,185	1,176	1,511	1,757	1,665	1,685	1,787
Cost of revenue	785	927	956	923	984	1,227	1,413	1,316	1,359	1,478
Gross profit	185	213	251	263	193	284	344	349	326	309
Research and development	12.8	14	15.2	18.3	20.3	26.6	29	27.5	29	25.9
Selling, general and administrative	129	144	153	147	134	164	169	158	146	143
Operating income	28.9	40	61.8	70.5	8.22	77.1	120	136	47.2	110
Interest expense							21.9	31.3	34.8	30.7
Other non-operating income	-1.78	-1.45	-42.7	-3.43	3.94	5.12	5.25	2.71	2.44	2.44
Pre-tax income	25.3	36.4	16.6	65.5	8.28	77.3	103	108	14.9	81.5
Income tax	-0.43	24.9	-4.45	12.1	-7.19	4.85	17.1	12.1	9.01	6.72
Net income	25.7	11.5	21	53.4	15.5	72.5	86	95.7	5.89	74.8
EBITDA	74.5	82.8	97.3	112	50.6	121	173	198	116	179
EPS, basic	1.29	0.57	1.04	2.62	0.76	3.55	4.19	4.64	0.28	3.61
EPS, diluted	1.27	0.56	1.02	2.59	0.75	3.50	4.14	4.58	0.28	3.58
Shares, basic (weighted)	20	20	20.2	20.4	20.3	20.4	20.5	20.6	20.7	20.8
Shares, diluted (weighted)	20.2	20.4	20.6	20.7	20.6	20.7	20.8	20.9	20.9	20.9
Dividend per share	0.38	0.40	0.42	0.44	0.46	0.48	0.50	0.52	0.54	0.56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	31.5	41.8	70.6	125	25.9	14.5	13.1	13.3	16.7	13.7
Receivables	101	124	131	155	166	214	215	193	194	223
Inventory	201	220	215	236	251	361	423	442	441	461
Other current assets	12.1	24.7	23.3	21.7	20.9	37.9	39.1	61.7	72.4	91.7
Total current assets	345	411	439	538	464	627	690	709	724	790
Property, plant and equipment	253	256	251	232	310	409	449	515	511	535
Lease right-of-use assets			0	23.4	62.1	63.1	64.2	57.6	64.4	62
Goodwill	87	90.7	90.7	79	145	319	319	321	264	281
Intangible assets	11.1	9.85	6.46	6.38	54.7	157	140	134	109	106
Other non-current assets	5.95	6.99	7.24	17.9	19.4	27.4	22.5	21.7	22.1	21.5
Total assets	741	791	843	898	1,058	1,607	1,692	1,763	1,698	1,803
Accounts payable	32.5	49.1	49.6	43.2	55.6	86.2	108	126	106	149
Accrued liabilities	19.9	28	33.3	32.5	40.9	53.4	55	45.8	47.5	45.4
Deferred revenue	1.11	5.45	5.92	3.38	7.71	7.77	15.5	13.8	13.2	12.7
Short-term debt	0.73	0.78	0.82	0.87	1.94	15.4	21.1	38.6	34.3	22.4
Total current liabilities	90.4	127	140	122	127	205	239	255	227	254
Long-term debt	3.61	2.83	2.07	1.26	36.5	434	411	388	408	436
Lease liabilities			0	18.1	56.8	57.1	59.1	53.8	62.6	60.6
Other non-current liabilities	18	14.9	14.8	11.6	14.3	15	12.2	13.3	12	12.6
Total liabilities	247	264	214	253	402	887	892	878	829	860
Total debt	4.62	3.82	3.04	2.22	38.5	455	436	429	444	461
Retained earnings	518	536	548	625	631	694	769	854	849	912
Treasury stock	-154	-166	-175	-187	-199	-210	-221	-238	-262	-277
Other comprehensive income	-86.2	-103	-58.2	-45.5	-38.6	-40.2	-41.9	-46.9	-61	-50.6
Shareholders' equity	494	527	586	646	656	720	800	885	869	943
Total equity	494	527	586	646	656	720	800	885	869	943
Total liabilities and equity	741	791	800	898	1,058	1,607	1,692	1,763	1,698	1,803

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	25.7	11.5	21	53.4	15.5	72.5	86	95.7	5.89	74.8
Depreciation and amortization	45.7	42.8	35.5	41.1	42.4	44.1	53.4	61.6	68.7	69.1
Stock-based compensation	3.17	4.96	5.31	7.17	5.53	6.52	8.81	10.1	10.6	10.9
Deferred income tax	-9.01	20.3	-1.91	3.95	-9.85	-13	1.73	-7.01	-16.6	-5.1
Change in receivables	-4.1	-18.5	-7.22	-23.9	-0.71	-30.5	-4.38	23.4	-3.72	-25.8
Change in inventory	10.8	-9.46	3.98	20.5	-1.29	-43.5	-64	-18.7	-0.47	-13.3
Change in payables	2.76	34.4	8.82	-18.6	-21.9			6.63	-15.8	33.5
Cash from operations	68.2	67.8	76.4	99.2	101	90.2	116	144	87.8	103
Capital expenditures	-27.2	-27.5	-27.7	-24.3	-67.3	-103	-77.6	-111	-68.6
Acquisitions	-1.75	-16.5	0	0	-131	-392	-2.97	0	0	-19.5
Cash from investing	-37.4	-43.4	-33.8	-26.5	-195	-494	-79.7	-119	-79.6	-98.1
Debt issued	10	55	0	0	34	300	0	0
Debt repaid	-10.7	-55.8	-0.78	-0.82	-20.6	-2.05	-19.3	-15.4	-30.3	-18.2
Share buybacks	-3.8	-1.09	-0.42	-0.2	-6.77	0	0	0	0	-7.84
Dividends paid	-7.5	-7.91	-8.39	-8.86	-9.26	-9.7	-10.2	-10.6	-11.1	-11.5
Cash from financing	-23.1	-15.4	-13.6	-18.1	-7.09	393	-35.6	-24.9	-4.19	-9.82
Exchange rate effect	-0.48	1.39	-0.14	-0.32	1.61	-0.39	-2.03	-0.15	-0.61	1.68
Net change in cash	7.23	10.4	28.8	54.4	-99.1	-11.4	-1.36	0.19	3.42	-3.03
Free cash flow	41	40.3	48.7	75	33.8	-12.7	38.4	33.9	19.2
Interest paid	1.61	1.65	1.44	1.8	3.44	3.65	21.2	32	35.9	29.6
Income taxes paid	3	8.1	2.6	9.3	3.9	21.8	14.5	7.5	11.5	7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $264.96 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	16.0%	Gross profit / revenue.
Operating margin	6.0%	Operating income / revenue.
EBITDA margin	9.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.6%	Pre-tax income / revenue.
Net margin	4.3%	Net income / revenue.
Operating cash flow margin	5.2%	Cash from operations / revenue.
Effective tax rate	7.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	8.3%	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	1.2%	Research and development expense / revenue.
SG&A / revenue	7.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.5%	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	9.9%	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	132.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.9%	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	68.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	54.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	28.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1,171.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.5%	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	37.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1,179.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-4.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	36.7%	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	17.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.8%	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	0.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.6%	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	7.5%	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	6.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.1%	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	11.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.94x	Current assets / current liabilities.
Quick ratio	0.95x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.44x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.6%	Total debt / total assets.
Liabilities / assets	46.8%	Total liabilities / total assets.
Net debt	$422.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.13x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.10x	Operating income / interest expense.
Working capital	$574.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$614.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.12x	Revenue / average total assets.
Fixed asset turnover	3.95x	Revenue / average property, plant and equipment.
Inventory turnover	3.62x	Cost of revenue / average inventory.
Days inventory	101 days	365 x average inventory / cost of revenue.
Receivables turnover	8.05x	Revenue / average receivables.
Days sales outstanding	45 days	365 x average receivables / revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	106 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.28	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.
Revenue per share	$99.56	Revenue / diluted weighted shares.
Operating cash flow per share	$5.14	Cash from operations / diluted weighted shares.
Book value per share	$47.21	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$29.17	Tangible book value / shares outstanding.
Cash per share	$0.95	(Cash + short-term investments) / shares outstanding.
Payout ratio	13.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.52B	Share price x shares outstanding.
Enterprise value	$5.94B	Market cap + total debt - cash - short-term investments.
P/E	61.3x	Market cap / net income. Only when net income is positive.
P/S	2.63x	Market cap / revenue.
P/B	5.55x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.98x	Market cap / tangible book value, when positive.
P/OCF	51.0x	Market cap / cash from operations, when positive.
EV/Sales	2.83x	Enterprise value / revenue.
EV/EBIT	47.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.0x	Enterprise value / EBITDA, when both are positive.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.

What was MATERION Corp's revenue in fiscal 2025?

MATERION Corp reported revenue of $1.79B for fiscal 2025, 6% higher than the year before.

Was MATERION Corp profitable in fiscal 2025?

Yes. Net income was $74.8M, a net margin of 4.2%.

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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