Materion (MTRN) FY2025 results: revenue $1.8 billion, up 6.0% on the year
Materion Corp. (MTRN) reported revenue of $1.8 billion for fiscal 2025, the year ended 31 December 2025, up 6.0% on the year before. Net income was $75 million, up 1170.8%, and diluted earnings per share $3.58. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.
Revenue
$1.8 billion
+6.0% on the year
FY2018FY2025
Operating margin
6.1%
2.8% a year earlier
FY2018FY2025
Net income
$75 million
+1,170.8% on the year
FY2018FY2025
Diluted EPS
$3.58
+1,178.6% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Quarter returned to operating profit: Fourth-quarter operating profit was $10.8 million against an operating loss of $38.3 million a year earlier. Net income was $6.6 million, or $0.31 per diluted share, against a net loss of $48.8 million.
Full-year adjusted EPS reached $5.44: Adjusted earnings excluding acquisition amortization were $5.44 per diluted share for 2025, against $5.34. The fourth-quarter figure was $1.53 against $1.55.
Electronic Materials grew with margin gain: Electronic Materials full-year value-added sales were $327.6 million against $315.3 million. Adjusted EBITDA was $74.7 million, or 22.8% of value-added sales, against 19.7%.
Precision Optics margin widened: Precision Optics full-year value-added sales were $100.5 million against $94.3 million. Adjusted EBITDA was $9.6 million against $1.9 million.
Quarter adjusted EBITDA margin rose: Fourth-quarter adjusted EBITDA was $57.0 million, against $61.5 million. As a share of value-added sales it was 22.5%, against 20.8%.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
103
87.8
144
+17.6%
Capital expenditure
53.3
68.6
111
-22.4%
Free cash flow
50.0
19.2
33.9
+160.7%
Free cash flow margin
2.8%
1.1%
2.0%
Cash from investing
-98.1
-79.6
-119
Cash from financing
-9.8
-4.2
-24.9
Depreciation and amortisation
69.1
68.7
61.6
+0.6%
Share-based compensation
10.9
10.6
10.1
+3.5%
Buybacks
7.8
0.0
0.0
Dividends paid
11.5
11.1
10.6
+3.8%
Dividend per share
$0.56
$0.54
$0.52
+3.7%
Diluted shares, weighted
21m
21m
21m
-0.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
943
869
885
+8.6%
Short-term borrowings
22.4
34.3
n/a
-34.5%
Debt
461
444
429
+3.8%
Operating lease liabilities
60.6
62.6
53.8
-3.3%
Finance lease liabilities
13.4
12.4
13.7
+7.9%
Other liabilities
302
276
381
+9.8%
Total liabilities and equity
1,803
1,698
1,763
+6.2%
Fixed assets
535
511
515
+4.8%
Goodwill
281
264
321
+6.4%
Intangible assets
106
109
134
-3.1%
Cash and equivalents
13.7
16.7
13.3
-18.1%
Receivables
223
194
193
+15.0%
Inventory
461
441
442
+4.5%
Other assets
183
162
146
+13.0%
Total assets
1,803
1,698
1,763
+6.2%
10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.