# Materion Corporation (MTRN)

> Source: Nexqual · https://nexqual.com/MTRN · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Materion Corporation (MTRN), nexqual.com/MTRN" · informational, not investment advice.

**Price:** USD 221.06 (+0.89% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 219.12 · day 216.32–227.49 · 52w 109.61–324.99 · market cap $4.61B · NYQ

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $2.10B, net income $90.1M (4.3% margin) (SEC filings).
- Valuation: P/E 51.1x (avg 138.2x at the last 3 fiscal year-ends), EV/EBITDA 25.4x, net debt $422M.
- 1 of 80 tracked superinvestors hold MTRN (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 303.75 (range 278.74–330).
- Total return with dividends: 1Y +63.6% vs S&P 500 +14.0%; 5Y +213.8% vs S&P 500 +76.9%.
- Next earnings: 2026-11-04, EPS estimate USD 1.89, revenue estimate $611M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.51B | $1.76B | $1.67B | $1.68B | $1.79B | $2.10B |
| Gross profit | $284M | $344M | $349M | $326M | $309M | — |
| Operating income | $77.1M | $120M | $136M | $47.2M | $110M | $126M |
| Net income | $72.5M | $86.0M | $95.7M | $5.9M | $74.8M | $90.1M |
| EPS (diluted) | $3.50 | $4.14 | $4.58 | $0.28 | $3.58 | — |
| Free cash flow | -$12.7M | $38.4M | $33.9M | $19.2M | — | — |
| Gross margin | 18.8% | 19.6% | 21.0% | 19.3% | 17.3% | — |
| Operating margin | 5.1% | 6.8% | 8.2% | 2.8% | 6.1% | 6.0% |
| Net margin | 4.8% | 4.9% | 5.7% | 0.3% | 4.2% | 4.3% |
| Revenue growth | +28.4% | +16.3% | -5.2% | +1.2% | +6.0% | — |
| Cash + short-term investments | $14.5M | $13.1M | $13.3M | $16.7M | $13.7M | — |
| Total debt | $455M | $436M | $429M | $444M | $461M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 51.1x · P/S 2.2x · EV/EBITDA 25.4x · EV/Sales 2.4x · P/B 4.6x · Earnings yield 1.96% · Dividend yield (paid, TTM) 0.25% · Net debt $422M · EV $5.03B
P/E at fiscal year-ends: Dec 2025 34.7x, Dec 2024 351.5x, Dec 2023 28.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MTRN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.06% | $35.5M | Added +17.0% |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 5 analysts; mean target USD 303.75 (low 278.74, high 330).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-02 | Jefferies | Initiated | Buy | $314 |
| 2026-08-07 | Keybanc | Target raised | Overweight | $237 → $306 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +63.6% | +213.8% |
| S&P 500 (SPY) | +14.0% | +76.9% |
| Per year | +64.1% | +25.7% |
| Volatility (annualized) | 61.5% | 45.3% |
| Max drawdown | -36.3% (Jun 2026→Jul 2026) | -46.0% (Feb 2024→Mar 2025) |

## Peers (Other Industrial Metals & Mining)
SKE (Skeena Resources Limited) USD 28.02 -2.51% · USAR (USA Rare Earth, Inc.) USD 9.33 -3.12% · MP (MP Materials Corp.) USD 38.3 -0.67% · ALM (Almonty Industries Inc.) USD 8.86 +1.20% · RML (RESOLUTION MINERALS LTD) USD 4.24 -2.64% · SSMR (Sunshine Silver Mining & Refini) USD 13.23 +0.46%

## More
Full page: https://nexqual.com/MTRN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Electronic Materials | $375.2M | 61.1% | +67.2% |
| Electronic Materials | $375.2M | 61.1% | +67.2% |
| Performance Materials | $207.9M | 33.9% | +13.8% |
| Performance Materials | $207.9M | 33.9% | +13.8% |
| Precision Optics | $30.8M | 5.0% | +25.9% |
| Total revenue | $613.9M | 100% | — |
The lines above cover 195% of total revenue.

## Revenue by product line (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Aerospace and defense | $61.5M | 10.0% | +39.9% |
| Consumer electronics | $46.5M | 7.6% | -18.0% |
| — Other (part of Consumer electronics) | $26.4M | 4.3% | +48.8% |
| — Automotive (part of Consumer electronics) | $18.3M | 3.0% | +8.6% |
| — Life sciences (part of Consumer electronics) | $1.9M | 0.3% | -18.7% |
| Industrial | $34.0M | 5.5% | +9.5% |
| Energy | $15.6M | 2.5% | +24.5% |
| Semiconductor | $3.9M | 0.6% | +121.3% |
| Total revenue | $613.9M | 100% | — |
The lines above cover 26.3% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $579.2M | 32.4% | -19.6% |
| Asia | $576.5M | 32.3% | +13.4% |
| Europe | $570.6M | 31.9% | +32.3% |
| All Other Countries | $60.3M | 3.4% | +144.6% |
| Total revenue | $1.79B | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "EX-99.1 2 q22026pressrelease.htm EX-99.1 Document MATERION CORPORATION REPORTS RECORD SECOND-QUARTER 2026 FINANCIAL RESULTS AND RAISES FULL-YEAR OUTLOOK MAYFIELD HEIGHTS, Ohio – Materion Corporation (NYSE: MTRN) today reported strong second-quarter 2026 financial results and raised its full-year outlook."
- "We closed out the quarter once again with record backlog, giving us the confidence to meaningfully raise our full-year outlook." SECOND-QUARTER 2026 RESULTS Net sales for the quarter were $613.9 million, compared to $431.7 million in the prior year period."
- "We now expect mid-teens top‑line growth and are raising our full‑year adjusted earnings per share guidance to $6.80 to $7.20, a 30% increase from prior year at the midpoint."
- "However, items excluded from the Company's adjusted earnings guidance include the historical adjustments noted in Attachments 4 through 8 to this press release."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.89 | $1.75 | +8.2% | $611.4M | 6 |
| Next quarter (ends 2026-12-31) | $1.99 | $1.90 | +4.6% | $619.5M | 6 |
| Current fiscal year (ends 2026-12-31) | $7.02 | $6.43 | +9.2% | $2.38B | 6 |
| Next fiscal year (ends 2027-12-31) | $8.43 | $7.52 | +12.1% | $2.60B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±14.5%; last 8 reports averaged ±8.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 64.2% | ±14.5% |
| 2026-12-18 | 56 | 58.1% | ±18.3% |
| 2027-03-19 | 147 | 56.4% | ±28.5% |
| 2027-06-17 | 237 | 56.5% | ±36.0% |