Loading financials from SEC filings…
Metal fabrication · Industrials · Fiscal year ends Dec 31
Materion reported revenue of $1.8B in the fiscal year ended Dec 2025, up 6.0% from the year before. Operating income was $110M, an operating margin of 6.1%, and net income was $75M. Net debt was $445M.
Ranks among the 8 metal fabrication companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,511 | 1,757 | 1,665 | 1,685 | 1,787 |
| Cost of revenue | 1,227 | 1,413 | 1,316 | 1,359 | 1,478 |
| Gross profit | 284 | 344 | 349 | 326 | 309 |
| Research & development | 26.6 | 29.0 | 27.5 | 29.0 | 25.9 |
| Selling, general & admin | 164 | 169 | 158 | 146 | 143 |
| Operating income | 77.1 | 120 | 136 | 47.2 | 110 |
| Net interest incomeBanks | −4.9 | −21.9 | −31.3 | −34.8 | −30.7 |
| Interest expense | – | 21.9 | 31.3 | 34.8 | 30.7 |
| Pre-tax income | 77.3 | 103 | 108 | 14.9 | 81.5 |
| Income tax | 4.9 | 17.1 | 12.1 | 9.0 | 6.7 |
| Net income | 72.5 | 86.0 | 95.7 | 5.9 | 74.8 |
| Diluted EPS | 3.50 | 4.14 | 4.58 | 0.28 | 3.58 |
| Diluted shares | 20.7 | 20.8 | 20.9 | 20.9 | 20.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 14.5 | 13.1 | 13.3 | 16.7 | 13.7 |
| Receivables | 214 | 215 | 193 | 194 | 223 |
| Inventory | 361 | 423 | 442 | 441 | 461 |
| Current assets | 627 | 690 | 709 | 724 | 790 |
| Net PP&E | 409 | 449 | 515 | 511 | 535 |
| Goodwill | 319 | 319 | 321 | 264 | 281 |
| Total assets | 1,607 | 1,692 | 1,763 | 1,698 | 1,803 |
| Payables | 86.2 | 108 | 126 | 106 | 149 |
| Deferred revenue | 72.6 | 85.9 | 84.7 | 60.9 | 47.5 |
| Current liabilities | 205 | 239 | 255 | 227 | 254 |
| Short-term debt | 15.4 | 21.1 | 38.6 | 34.3 | 22.4 |
| Long-term debt | 434 | 411 | 388 | 408 | 436 |
| Total liabilities | 887 | 892 | 878 | 829 | 860 |
| Shareholders' equity | 720 | 800 | 885 | 869 | 943 |
| Backlog (remaining obligations) | 81.9 | 63.9 | 54.2 | 39.3 | 21.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 90.2 | 116 | 144 | 87.8 | 103 |
| Capital expenditure | 103 | 77.6 | 111 | 68.6 | – |
| Free cash flow | −12.7 | 38.4 | 33.9 | 19.2 | – |
| Depreciation & amortisation | 44.1 | 53.4 | 61.6 | 68.7 | 69.1 |
| Stock-based compensation | 6.5 | 8.8 | 10.1 | 10.6 | 10.9 |
| Acquisitions | 392 | 3.0 | 0.0 | 0.0 | 19.5 |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 7.8 |
| Dividends paid | 9.7 | 10.2 | 10.6 | 11.1 | 11.5 |
| Dividend per share | 0.47 | 0.49 | 0.52 | 0.54 | 0.56 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.3% | −5.2% | 1.2% | 6.0% |
| Operating income growth (YoY) | – | 55.3% | 13.9% | −65.4% | 132.5% |
| EPS growth (YoY) | – | 18.3% | 10.6% | −93.9% | 1178.6% |
| Gross margin | 18.8% | 19.6% | 21.0% | 19.3% | 17.3% |
| Operating margin | 5.1% | 6.8% | 8.2% | 2.8% | 6.1% |
| Net margin | 4.8% | 4.9% | 5.7% | 0.3% | 4.2% |
| Return on equityBlank when equity is negative | 10.1% | 10.7% | 10.8% | 0.7% | 7.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.5% | 8.2% | 9.0% | 3.2% | 7.1% |
| Free cash flow margin | −0.8% | 2.2% | 2.0% | 1.1% | – |
| Cash conversion (CFO ÷ net income) | 1.25x | 1.35x | 1.51x | 14.9x | 1.38x |
| Receivable days | 52 | 45 | 42 | 42 | 46 |
| Inventory days | 107 | 109 | 122 | 119 | 114 |
| Payable days | 26 | 28 | 35 | 28 | 37 |
| Interest cover | – | 5.47x | 4.36x | 1.36x | 3.58x |
| Debt ÷ equity | 0.62x | 0.54x | 0.48x | 0.51x | 0.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 435 | 419 | 413 | 425 | 445 |
| Current ratio | 3.07x | 2.89x | 2.78x | 3.19x | 3.11x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.