Demonstrações financeiras detalhadas de Materialise N.V. (MTLS): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Materialise N.V. registou receitas de $257.1M no último exercício, com um CAGR de 5 anos de 8.6%.
Margens dos últimos 12 meses: margem bruta 57.2%, margem operacional 3.6%, margem líquida 4.8%. O fluxo de caixa livre cresceu a CAGR de -5.8% em 5 anos.
Ao preço atual de $7.70, MTLS negocia a um P/L de 27.16 e um ROE de 5.40%. A capitalização de mercado é de $451M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $114.5M | $142.6M | $184.7M | $196.7M | $170.4M | $205.4M | $232.0M | $256.1M | $266.8M | $257.1M |
| Custo da Receita | $46.7M | $62.8M | $82.3M | $87.1M | $76.4M | $87.3M | $103.3M | $111.0M | $115.9M | $110.2M |
| Lucro Bruto | $67.8M | $79.8M | $102.4M | $109.6M | $94.0M | $118.2M | $128.8M | $145.1M | $150.8M | $146.9M |
| P&D | $17.7M | $20.0M | $22.4M | $23.3M | $27.1M | $26.9M | $37.6M | $38.1M | $44.4M | $44.3M |
| Despesas Gerais e Administrativas | $56.2M | $64.6M | $78.6M | $84.6M | $69.6M | $77.6M | $93.0M | $94.9M | $101.2M | $96.3M |
| Despesas Operacionais | $67.7M | $78.9M | $97.3M | $102.7M | $98.6M | $106.0M | $131.6M | $139.5M | $141.4M | $142.0M |
| Lucro Operacional | $107000 | $392000 | $5.2M | $6.9M | -$4.6M | $12.2M | -$2.9M | $5.6M | $9.4M | $4.9M |
| EBITDA | $7.6M | $12.2M | $19.9M | $19.7M | $13.8M | $36.7M | $23.4M | $30.1M | $31.2M | $25.8M |
| Despesas com Juros | $665000 | $1.0M | $4.9M | $3.2M | $3.4M | $3.4M | $2.9M | $2.1M | $1.6M | $5.4M |
| Lucro Antes de Impostos | -$1.3M | -$1.6M | $3.5M | $4.2M | -$8.2M | $13.7M | -$1.2M | $6.8M | $14.1M | $7.0M |
| Imposto | $1.7M | $522000 | $425000 | $2.6M | -$1.0M | $591000 | $975000 | $78000 | $733000 | -$412067 |
| Lucro Líquido | -$3.0M | -$2.1M | $3.0M | $1.6M | -$7.0M | $13.2M | -$2.1M | $6.7M | $13.4M | $7.4M |
| LPA | $-0.06 | $-0.04 | $0.06 | $0.03 | $-0.14 | $0.24 | $-0.04 | $0.11 | $0.23 | $0.13 |
| LPA Diluído | $-0.06 | $-0.04 | $0.06 | $0.03 | $-0.14 | $0.24 | $-0.04 | $0.11 | $0.23 | $0.13 |
| Ações em Circulação (Diluídas) | $47.3M | $47.3M | $50.7M | $54.0M | $53.4M | $56.8M | $59.1M | $59.1M | $59.1M | $59.1M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q4 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $67.5M | $70.2M | $66.3M | $71.2M |
| Lucro Bruto | $38.3M | $40.8M | $37.9M | $40.4M |
| Lucro Operacional | $2.6M | $3.1M | $2.1M | $2.1M |
| EBITDA | $7.8M | $5.4M | $8.8M | $8.6M |
| Lucro Líquido | $1.9M | $6.2M | $1.8M | $3.4M |
| LPA | $0.03 | $0.11 | $0.03 | $0.06 |
| LPA Diluído | $0.03 | $0.11 | $0.03 | $0.06 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $55.9M | $43.2M | $115.5M | $144.7M | $136.5M | $196.0M | $140.9M | $127.6M | $102.3M | $133.9M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $31.6M | $42.5M | $36.9M | $52.7M | $44.4M | $45.2M | $54.7M | $52.7M | $53.1M | $54.9M |
| Estoque | $6.7M | $11.6M | $10.0M | $14.3M | $12.3M | $10.8M | $15.4M | $17.0M | $17.0M | $14.9M |
| Ativos Circulantes | $95.7M | $97.5M | $169.3M | $211.7M | $193.2M | $257.8M | $216.4M | $206.5M | $190.5M | $223.5M |
| Imobilizado | $45.1M | $86.9M | $92.5M | $114.0M | $121.5M | $93.5M | $102.7M | $103.5M | $119.1M | $118.2M |
| Ágio | $8.9M | $18.4M | $17.5M | $22.0M | $22.8M | $18.7M | $44.2M | $43.2M | $43.4M | $43.1M |
| Ativos Intangíveis | $9.8M | $28.6M | $26.3M | $30.8M | $40.4M | $31.7M | $37.9M | $31.5M | $30.0M | $25.6M |
| Ativos Totais | $161.9M | $237.5M | $313.2M | $392.2M | $398.8M | $413.4M | $411.3M | $396.6M | $396.3M | $420.5M |
| Contas a Pagar | $13.4M | $15.7M | $18.7M | $20.8M | $21.7M | $20.2M | $23.2M | $21.2M | $23.3M | $20.1M |
| Dívida de Curto Prazo | $5.5M | $12.8M | $13.6M | $18.9M | $21.4M | $17.8M | $17.1M | $22.9M | $10.4M | $10.3M |
| Passivos Circulantes | $47.8M | $62.7M | $73.1M | $94.3M | $103.3M | $91.4M | $106.1M | $105.0M | $102.2M | $91.8M |
| Dívida de Longo Prazo | $28.3M | $81.8M | $88.5M | $117.5M | $110.7M | $72.6M | $55.9M | $33.6M | $23.2M | $52.8M |
| Passivos Totais | $82.9M | $160.0M | $177.2M | $231.9M | $235.8M | $180.8M | $182.3M | $160.0M | $147.8M | $165.1M |
| Reservas | -$1.9M | -$3.7M | -$1.6M | -$305320 | -$9.0M | $965000 | -$1.2M | $5.8M | $19.0M | $47.2M |
| Patrimônio Líquido | $79.0M | $77.5M | $136.0M | $156.6M | $163.0M | $232.6M | $229.0M | $236.6M | $248.6M | $255.5M |
| Dívida Total | $33.8M | $94.6M | $106.0M | $143.6M | $140.8M | $99.1M | $81.0M | $64.4M | $41.3M | $66.1M |
| Dívida Líquida | -$22.1M | $51.4M | -$9.5M | -$1.1M | $4.4M | -$96.9M | -$59.9M | -$63.2M | -$61.0M | -$67.7M |
| Capital de Giro | $47.9M | $34.7M | $96.2M | $117.3M | $89.9M | $166.4M | $110.3M | $101.5M | $88.3M | $131.7M |
Balanço (Trimestral)
| Ano | 2025-Q4 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $114.5M | $133.9M | $133.0M | $133.7M |
| Ativos Totais | $360.4M | $420.5M | $418.5M | $417.5M |
| Passivos Totais | $142.4M | $165.1M | $162.9M | $161.3M |
| Patrimônio Líquido | $218.1M | $255.5M | $255.7M | $256.2M |
| Dívida Total | $55.8M | $66.1M | $60.1M | $59.5M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | -$3.0M | -$1.7M | $3.0M | $1.6M | -$7.3M | $13.1M | -$2.2M | $6.6M | $13.4M | $7.4M |
| Depreciação e Amortização | $8.4M | $12.6M | $17.3M | $19.3M | $19.7M | $20.5M | $22.6M | $21.6M | $21.8M | $20.8M |
| Compensação em Ações | $977000 | $1.0M | $1.1M | $302000 | $752000 | -$1.0M | -$140000 | $39000 | $285000 | 0 |
| Variação Capital de Giro | $139000 | -$3.6M | $5.3M | $3.7M | $12.5M | -$5.9M | $1.0M | -$12.6M | -$1.4M | -$8.5M |
| Fluxo de Caixa Operacional | $8.5M | $9.9M | $28.3M | $28.4M | $30.0M | $25.8M | $22.3M | $20.2M | $31.5M | $22.7M |
| CapEx | -$14.6M | -$32.0M | -$20.1M | -$15.7M | -$17.6M | -$11.7M | -$24.8M | -$11.8M | -$26.4M | -$13.5M |
| Aquisições | $2.0M | -$27.2M | -$2.7M | -$7.5M | -$8.3M | -$875000 | -$29.3M | 0 | -$2.7M | $373646 |
| Recompra de Ações | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | -$6.1M | -$22.1M | $8.2M | $12.7M | $12.3M | $14.1M | -$2.5M | $8.4M | $5.1M | $9.1M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q4 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $9.0M | $4.7M | $6.9M | $7.8M |
| CapEx | -$4.6M | -$3.6M | -$1.5M | -$1.9M |
| Fluxo de Caixa Livre | $4.4M | $1.1M | $5.4M | $5.9M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $64191 | 0 | $56000 | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +24.5% | +29.6% | +6.5% | -13.3% | +20.5% | +12.9% | +10.4% | +4.2% | -3.6% |
| Crescimento Lucro Líquido (anual) | | +29.9% | +243.0% | -47.6% | -544.1% | +286.7% | -116.1% | +416.6% | +99.9% | -44.8% |
| Crescimento LPA (anual) | | +29.9% | +236.0% | -51.0% | -569.8% | +271.4% | -115.2% | +401.4% | +109.1% | -43.5% |
| Variação de Ações (anual) | | +0.0% | +7.1% | +6.5% | -1.2% | +6.5% | +3.9% | +0.0% | +0.0% | -0.1% |
| Crescimento FCF (anual) | | -263.7% | +137.1% | +55.0% | -3.2% | +14.6% | -117.6% | +437.9% | -39.5% | +79.9% |
| Margem Bruta | 59.2% | 56.0% | 55.4% | 55.7% | 55.2% | 57.5% | 55.5% | 56.7% | 56.5% | 57.1% |
| Margem Operacional | 0.1% | 0.3% | 2.8% | 3.5% | -2.7% | 5.9% | -1.2% | 2.2% | 3.5% | 1.9% |
| Margem EBITDA | 6.6% | 8.5% | 10.8% | 10.0% | 8.1% | 17.9% | 10.1% | 11.7% | 11.7% | 10.0% |
| Margem Líquida | -2.6% | -1.5% | 1.6% | 0.8% | -4.1% | 6.4% | -0.9% | 2.6% | 5.0% | 2.9% |
| Margem FCF | -5.3% | -15.5% | 4.4% | 6.5% | 7.2% | 6.9% | -1.1% | 3.3% | 1.9% | 3.6% |
| Taxa Efetiva de Imposto | -130.6% | -32.7% | 12.3% | 61.2% | 12.5% | 4.3% | -82.8% | 1.2% | 5.2% | -5.9% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-0.13 | $-0.47 | $0.16 | $0.24 | $0.23 | $0.25 | $-0.04 | $0.14 | $0.09 | $0.15 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $47.3M | $47.3M | $49.8M | $52.9M | $53.4M | $56.7M | $59.1M | $59.1M | $59.1M | $59.1M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 5.40% |
| Retorno sobre capital investido | 2.89% |
| Retorno sobre ativos | 3.18% |
| Margem bruta | 57.22% |
| Margem operacional | 3.57% |
| Margem líquida | 4.83% |
Saúde financeira
| Dívida / Patrimônio | 0.23 |
| Liquidez corrente | 2.41 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | -114.31 | -231.08 | 287.27 | 547.89 | -316.82 | 87.46 | -225.16 | 54.04 | 29.56 | 36.34 |
| P/VP | 4.37 | 6.31 | 6.40 | 5.52 | 14.53 | 5.12 | 2.12 | 1.48 | 1.62 | 1.09 |
| P/V | 3.01 | 3.43 | 4.71 | 4.39 | 13.89 | 5.79 | 2.09 | 1.37 | 1.51 | 1.09 |
| Margem Bruta | 59.2% | 56.0% | 55.4% | 55.7% | 55.2% | 57.5% | 55.5% | 56.7% | 56.5% | 57.1% |
| Margem Operacional | 0.1% | 0.3% | 2.8% | 3.5% | -2.7% | 5.9% | -1.2% | 2.2% | 3.5% | 1.9% |
| Margem Líquida | -2.6% | -1.5% | 1.6% | 0.8% | -4.1% | 6.4% | -0.9% | 2.6% | 5.0% | 2.9% |