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THE COMPANY Materion Corporation (referred to herein as the Company, our, we, or us), through its wholly owned subsidiaries, is an integrated producer of high-performance advanced engineered materials used in a variety of electrical, electronic, thermal, and structural applications with $1.8 billion in net sales in 2025. Our products are sold into numerous end markets, including semiconductor, …
Operating margin is thin at 6.15%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 6.0%, steady but not accelerating. Margins contracted 2.8pp, which offsets some of the top-line progress.
ROIC dropped from 9.98% to 7.03%, capital efficiency is deteriorating. Net debt of $549M represents 11.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.92B
▲ +6.0% YoY
Net Income (TTM)
$76M
▲ +1170.8% YoY
Op. Margin
5.78%
▼ -2.8pp YoY
ROIC
7.09%
▼ -3.0pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$50M
▲ +160.7% YoY
Op. Cash Flow (TTM)
$83M
▲ +17.6% YoY
Net Debt
$569M
Cash & Equiv.
$16M
5Y CAGR: +8.7%
5Y CAGR: +8.1%
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