Materion Corporation (MTRN)
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Materion (NYSE: MTRN) from Ohio reported record net sales of $1.79 billion for 2025 (+6 percent) and jumped another 31 percent in the first quarter of 2026 — the stock sits roughly 114 percent above a year ago, and it ranks third of 75 in our in-house Joshua growth scanner (as of July 17, 2026). We read the annual reports (10-K) for 2024 and 2025 and the quarterly report (10-Q) as of April 3, 2026 — and found an uncomfortable second number: value-added sales, which strip out pass-through metal costs, have fallen since 2023, from $1,127 to $1,046 million. Not investment advice — just the question of how much of a record top line belongs to the company, and how much merely flows through its books.
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This stock currently matches 19 of our scanner strategies — each hit links to the scanner.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralIn den sechs ausgewerteten Filings (2×10-K für 2025 und 2024, 4×10-Q Q1 2025 bis Q1 2026) findet sich kein einziger Beleg für künstliche Intelligenz: kein KI-Produkt und keine KI-Umsatzquelle (also kein „verkauft“), keine Risk-Factor-Passage, die KI als konkretes Geschäftsrisiko für Materions Materialgeschäft benennt (kein „bedroht“), und keine Erwähnung eines operativen KI-Einsatzes wie interner Effizienz- oder Produkt-KI (kein „nutzt“). Der einzige KI-nahe Bezug ist rein indirekt: Materion beliefert als Werkstoffhersteller unter anderem den Endmarkt „telecom and data center“ (Volumen 2025 +24 %) sowie die Halbleiterindustrie — beides KI-getriebene Nachfragefelder, aber Materion verkauft dort Materialien, keine KI. Damit ist keine der drei positiven Kategorien belegt; dokumentierter Negativ-Befund → neutral.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-02-12 · 10-K 2025-02-19 · 10-Q 2026-04-29 · 10-Q 2025-10-30 · 10-Q 2025-07-30 · 10-Q 2025-05-01
Rated on July 17, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($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 |
- 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.
Assessment: Opportunities & Risks
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).
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).
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.
$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).
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.
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.
- 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.
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 |
| Website | materion.com |
| IPO Date | 7. Sep 1984 |
| Next Earnings | 29. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Jugal K. Vijayvargiya | CEO, President & Director | 1968 |
| Shelly M. Chadwick | CFO & VP of Finance | 1973 |
| 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.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 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.