Materion Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting that the critical-minerals and semiconductor/data-center themes fire before the falling value-added catches up with the market — and pays 82 times trailing earnings for it. Whoever waits may miss the next momentum surge but can check the decisive second number in every quarterly report (10-Q): not net sales, but value-added — and whether Performance Materials grows again after the precision-clad-strip accident. If value-added turns up, the story becomes real; if it stays down, you are paying for a narrative. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Materion is a profitable industrial company with a rare raw-material asset — the world's largest bertrandite mine in Utah — and a solid balance sheet. But the celebrated record top line was 41 percent merely pass-through metal in 2025, and the number that truly belongs to the company (value-added sales) has fallen for three years; on top, two consecutive operational accidents (the 2024 optics impairment, the 2025 beryllium-strip quality issue) weighed on results. At 82 times trailing earnings the market is paying for the raw-material story, not the shrinking present. Not investment advice.
Revenue quality & value-added
The record top line deceives: $740.4 million (41 percent) of 2025 net sales was merely pass-through metal cost, and value-added excluding those costs has fallen for three years ($1,127 → $1,098 → $1,046 million). In the first quarter of 2026 net sales jumped 31 percent, $132.6 million of it pure metal-price pass-through — while value-added stagnated (10-K 2025 / 10-Q Q1 2026).
Core Performance Materials
The highest-margin segment is faltering: value-added down 10 percent to $618.1 million in 2025, and down another 13 percent in Q1 2026 — triggered by a quality issue at the flagship precision clad strip that forced Materion to idle production lines ($25.7 million charge, 10-K 2025).
Strategic asset (beryllium/Utah mine)
Materion operates the world's largest bertrandite mine in Utah and is vertically integrated from ore to component for aerospace, defense and energy — a hard-to-replace asset in an age of critical minerals and domestic supply chains (10-K 2025, Item 1). The berylliosis (CBD) legacy is real but had no pending case as of 12/31/2025.
Balance sheet & cash cushion
$943.3 million of equity, an Altman Z around 8.4, $103.2 million of operating cash flow, a dividend for years — solid. But cash is thin at $13.7 million, roughly $526 million of precious metals sits only on consignment (fees rise with the metal price), and in 2024 $73.2 million of impairments weighed on the capital-allocation record (10-K 2024/2025).
Valuation & technicals
Strong momentum (Stan Weinstein stage-2, RS 95, roughly +114 percent year to date, Joshua rank 3) meets a trailing P/E around 82, an EPS rating of 57 and a Piotroski score of 5 of 9 (data as of July 10–14, 2026). The market is paying for a raw-material/semiconductor story that the falling value-added does not currently cover.
Worth Noting
MTRN reached our research list via rank 3 of 75 in the in-house Joshua growth scanner (as of July 17, 2026); its revenue-growth criterion measures net sales (Q1 2026: +30.8 percent) — which are largely made of pass-through metal prices. That is not a flaw of the scanner, but a reason to look under the growth label.
Scanner metrics (P/E, EPS rating, Piotroski, Altman Z) are computed from trailing twelve-month figures; the 2024 earnings collapse (impairments) and the 2025 one-time charge ($25.7 million) are baked in, a potential raw-material/semiconductor surge naturally is not.
Price and valuation figures are dated to July 10–14, 2026 (about $281.80, market value roughly $6.1 billion); analyses are evergreen, daily prices are not a buy argument. Materion's fiscal year matches the calendar year.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at MTRN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 111.50 $ to 297.40 $ · Last price: 250.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Other Industrial Metals & Mining
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Materion Corporation MTRN | 5.5 | 67.0 | 27.4 | 16.0 | 5.7 | 6.1 | 114.2 |
| MP Materials Corp MP | 9.0 | – | 133.4 | 42.3 | -7.9 | 35.1 | -26.1 |
| Skeena Resources Limited SKE | 4.1 | – | -3.7 | – | 0.0 | – | 70.7 |
| USA Rare Earth, Inc. USAR | 4.0 | – | 28.0 | -9.7 | -643.7 | -99.9 | 0.7 |
| Almonty Industries Inc. ALM | 4.0 | – | 57.2 | 49.8 | 8.8 | 12.8 | 176.6 |
| Evolution Metals & Technologies Corp. EMAT | 2.5 | – | 0.0 | 9.4 | -332.9 | – | – |
| Sunshine Silver Mining & Refining Company SSMR | 2.4 | – | 0.0 | -7,081.9 | -9,263.4 | 421.8 | – |
| TMC the metals company Inc TMC | 2.1 | – | -2.1 | – | 0.0 | – | -36.0 |
| Nexa Resources SA NEXA | 1.7 | 6.5 | 2.7 | 28.1 | 19.8 | 8.2 | 132.0 |
| Median of companies shown | 4.0 | – | 2.7 | 16.0 | 0.0 | 10.5 | 70.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 969 | 29 | 26 | 1.27 | 67 | 494 | 741 |
| 2017 | 1,139 | 40 | 11 | 0.56 | 68 | 495 | 791 |
| 2018 | 1,208 | 62 | 21 | 1.01 | 76 | 554 | 800 |
| 2019 | 1,185 | 71 | 53 | 2.59 | 99 | 646 | 898 |
| 2020 | 1,176 | 8 | 15 | 0.75 | 101 | 656 | 1,058 |
| 2021 | 1,511 | 77 | 72 | 3.50 | 90 | 720 | 1,607 |
| 2022 | 1,757 | 120 | 86 | 4.14 | 116 | 800 | 1,692 |
| 2023 | 1,665 | 136 | 96 | 4.58 | 144 | 885 | 1,763 |
| 2024 | 1,685 | 47 | 6 | 0.28 | 88 | 869 | 1,698 |
| 2025 | 1,787 | 116 | 75 | 3.58 | 103 | 943 | 1,803 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -2.33 | -351.10 | 437 | 3.70 | -11.20 | 76 | 57 |
| 2025: Q1 | 0.85 | 32.40 | 420 | 9.10 | 4.20 | 16 | -6 |
| 2025: Q2 | 1.21 | 32.60 | 432 | 1.40 | 5.80 | 47 | 33 |
| 2025: Q3 | 1.22 | 14.20 | 445 | 1.90 | 5.70 | 18 | -5 |
| 2025: Q4 | 0.31 | – | 490 | 12.10 | 1.30 | 20 | -1 |
| 2026: Q1 | 0.92 | 9.00 | 550 | 30.80 | 3.50 | -4 | -20 |
| 2026: Q2 | 1.84 | 52.10 | 614 | 42.20 | 6.30 | 75 | 75 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 20 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Power Trend Leader
- Near 52-Week High
- Qullamaggie: Trend Intensity (13/65)
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 7.02 | 6.65 – 7.25 | 2,383 | 29.0% | 6 |
| 12/31/2027 | 8.43 | 7.87 – 9.10 | 2,602 | 20.1% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 36.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $34.1M |
|---|---|
| Market cap | $5.46B |
| Free cash flow in year ten | $777.9M |
| Terminal value as a share of market value | 75.1% |
For comparison: over the past five years free cash flow grew by 8.1% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In den sechs ausgewerteten Filings (2×10-K für 2025 und 2024, 4×10-Q Q1 2025 bis Q1 2026) findet sich kein einziger Beleg für künstliche Intelligenz: kein KI-Produkt und keine KI-Umsatzquelle (also kein „verkauft“), keine Risk-Factor-Passage, die KI als konkretes Geschäftsrisiko für Materions Materialgeschäft benennt (kein „bedroht“), und keine Erwähnung eines operativen KI-Einsatzes wie interner Effizienz- oder Produkt-KI (kein „nutzt“). Der einzige KI-nahe Bezug ist rein indirekt: Materion beliefert als Werkstoffhersteller unter anderem den Endmarkt „telecom and data center“ (Volumen 2025 +24 %) sowie die Halbleiterindustrie — beides KI-getriebene Nachfragefelder, aber Materion verkauft dort Materialien, keine KI. Damit ist keine der drei positiven Kategorien belegt; dokumentierter Negativ-Befund → neutral.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-02-12 · 10-K 2025-02-19 · 10-Q 2026-04-29 · 10-Q 2025-10-30 · 10-Q 2025-07-30 · 10-Q 2025-05-01
Rated on July 17, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 0.6%
- More than 10% revenue growth is expected for the coming year 7.2%
- Share count grows by less than 3% a year 0.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 8.9%
- Gross margin at 40% or higher and without meaningful erosion 16.7%
- Goodwill from acquisitions does not grow faster than revenue 15.6%
- Net debt below twice EBITDA 3.3 x EBITDA
- Operating cash flow covers the profits of the last three years 159 m
- Return on capital at 15% or higher, or up versus two years ago 7.5%
- Insiders hold at least 10% or are net buyers 1.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 7.0%
- Exp. sales growth 3Y > 5% 20.7%
- EBIT growth 10Y > 5% 16.7%
- Exp. EBIT growth 3Y > 5% 53.5%
- Net debt < 4x EBIT 5.1x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 88.3%
- Return on equity > 15% 13.4%
- ROCE > 15% 7.5%
- Expected return > 10% 54.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 4, 2026 | Prevost Patrick M. | Director | Other | 10 | 0.00 | – |
| Sep 4, 2026 | Liggett Emily M | Director | Other | 1 | 0.00 | – |
| Sep 4, 2026 | Phillippy Robert J | Director | Other | 7 | 0.00 | – |
| Sep 4, 2026 | Khilnani Vinod M | Director | Other | 12 | 0.00 | – |
| Sep 4, 2026 | Shular Craig S | Director | Other | 31 | 0.00 | – |
| Sep 1, 2026 | Liggett Emily M | Director | Sell | 1,012 | 232.42 | 235,210 |
| Aug 31, 2026 | Khilnani Vinod M | Director | Sell | 2,000 | 235.16 | 470,322 |
| Aug 31, 2026 | Toth Robert B | Director | Other | 28,832 | 0.00 | – |
| Aug 21, 2026 | Liggett Emily M | Director | Other | 1,609 | 0.00 | – |
| Aug 10, 2026 | Toth Robert B | Director | Other | 28,832 | 0.00 | – |
The company
About the Company
Materion Corporation produziert gemeinsam mit ihren Tochtergesellschaften fortschrittliche technische Werkstoffe in den USA, Asien, Europa und international. Das Unternehmen ist in vier Segmenten tätig: Performance Materials, Electronic Materials, Precision Optics und Other.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 3,000
- Headquarters
- Mayfield Heights, OH
- Address
- 6070 Parkland Boulevard, 44124 Mayfield Heights, United States
- Phone
- 216 486 4200
- Website
- materion.com
- IPO Date
- 09/07/1984
- ISIN
- US5766901012
- Stock Split
- 2:1 on 06/25/1984
- Stock Split
- 3:2 on 01/21/1983
- Stock Split
- 2:1 on 10/01/1979
Management
| Name | Title | Birth Year |
|---|---|---|
| Jugal K. Vijayvargiya | CEO, President & Director | 1968 |
| Shelly M. Chadwick | CFO & VP of Finance | 1972 |
| Gregory R. Chemnitz | VP, General Counsel & Secretary | 1958 |
| Melissa A. Fashinpaur | Chief Accounting Officer | 1979 |
| Pankaj Lahoti | Chief Information Officer | – |
| Kyle Kelleher | Director of Investor Relations & Corporate FP&A | – |
| Sam Fulton | Vice President of Strategy & Corporate Development | – |
| Allen F. Reid | Chief Human Resources Officer | – |
| Jason Moore | President of Precision Optics | – |
| Alfonso T. Lubrano | President & CEO of Technical Materials Inc | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/05/2026 MATERION Corp (MTRN): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.