Materion
MTRNNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $201.44 Prior regular-session close from the quote source.
- $204.73–$215.61 Regular-session low and high so far today.
- 158.7K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $110.69–$324.99 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own MTRN if its qualified, application-specific advanced materials remain designed into high-reliability programs and recent margin volatility proves cyclical rather than evidence of commoditization.
MTRN price history
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Investment thesis
What must happen next
Customers continue to specify Materion’s advanced engineered materials into high-reliability electrical, electronic, thermal and structural applications because performance qualification matters more than lowest upfront material cost.HoldingMateriality: High
Item 1 description says Materion is an integrated producer of high-performance advanced engineered materials used in electrical, electronic, thermal and structural applications. If design-in positions hold, revenue can be more durable than a commodity metals cycle; if customers redesign or dual-source away, the revenue base loses its specialty character.
Watch: Major customers qualify lower-cost alternative specialty-material suppliers for applications where Materion had been sole or primary qualified source.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 description says Materion is an integrated producer of high-performance advanced engineered materials used in electrical, electronic, thermal and.
Open source ↗Materion’s qualification and process know-how preserve value-added pricing despite metal/input volatility, so the company is not forced to compete primarily on raw-material cost.WeakeningMateriality: High
GAAP annual gross profit remained substantial at $308.6 million in FY2025 despite a manufacturing and materials cost base exposed to input volatility. This determines whether growth is profitable specialty-materials growth or low-quality volume that dilutes economics.
Watch: Customers force price resets that capture raw-material pass-through but remove Materion’s value-added spread.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit remained substantial at $308.6 million in FY2025 despite a manufacturing and materials cost base exposed to.
Open source ↗The manufacturing network can convert recovered volumes and better mix into operating leverage, provided quality, yield and fixed-cost absorption improve rather than recurring as one-off disruptions.HoldingMateriality: Medium
GAAP annual operating income recovered to $109.8 million in FY2025 from $47.2 million in FY2024. Operating leverage is what turns a stable specialty-materials franchise into earnings growth; if execution slips, revenue growth will not translate into owner value.
Watch: Plant reliability problems, quality escapes or yield losses recur and absorb the benefit of higher demand.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income recovered to $109.8 million in FY2025 from $47.2 million in FY2024.
Open source ↗Materion can fund the working capital and reinvestment needs of a specialty-materials manufacturer from internally generated cash rather than relying on balance-sheet expansion.StrengtheningMateriality: Medium
GAAP annual operating cash flow was positive in each year shown: $116.0 million in FY2022, $144.4 million in FY2023, $87.8 million in FY2024 and $103.2 million in FY2025. If cash conversion holds, owners benefit from reinvestment and optional capital returns; if it fails, growth may require more debt or constrain strategic investment.
Watch: Precious-metal or specialty-input price spikes force a sustained inventory and receivables build before pricing catches up.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive in each year shown: $116.0 million in FY2022, $144.4 million in FY2023, $87.8.
Open source ↗
Full investment case & evidence
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Original research
Customers continue to specify Materion’s advanced engineered materials into high-reliability electrical, electronic, thermal and structural applications because performance qualification matters more than lowest upfront material cost. If design-in positions hold, revenue can be more durable than a commodity metals cycle; if customers redesign or dual-source away, the revenue base loses its specialty character.
Materion’s qualification and process know-how preserve value-added pricing despite metal/input volatility, so the company is not forced to compete primarily on raw-material cost. This determines whether growth is profitable specialty-materials growth or low-quality volume that dilutes economics.
The manufacturing network can convert recovered volumes and better mix into operating leverage, provided quality, yield and fixed-cost absorption improve rather than recurring as one-off disruptions. Operating leverage is what turns a stable specialty-materials franchise into earnings growth; if execution slips, revenue growth will not translate into owner value.
Materion can fund the working capital and reinvestment needs of a specialty-materials manufacturer from internally generated cash rather than relying on balance-sheet expansion. If cash conversion holds, owners benefit from reinvestment and optional capital returns; if it fails, growth may require more debt or constrain strategic investment.
All standing thesis claims
Original report summary
its qualified, application-specific advanced materials remain designed into high-reliability programs and recent margin volatility proves cyclical rather than evidence of commoditization.
Bull case and bear case
Bull case and bear case for MATERION
Where the evidence on MATERION disagrees: Mixed on the latest evidence (Oct 22, 2026). Of its 4 thesis points, 1 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
Customers continue to specify Materion’s advanced engineered materials into high-reliability electrical, electronic, thermal and structural applications because performance qualification matters more than lowest upfront material cost.
The manufacturing network can convert recovered volumes and better mix into operating leverage, provided quality, yield and fixed-cost absorption improve rather than recurring as one-off disruptions.
Materion can fund the working capital and reinvestment needs of a specialty-materials manufacturer from internally generated cash rather than relying on balance-sheet expansion.
Bear case: what the evidence questions
Materion’s qualification and process know-how preserve value-added pricing despite metal/input volatility, so the company is not forced to compete primarily on raw-material cost.
Thesis-Break Engine
Thesis-break watch · MATERION
Loading the break-condition record for MATERION.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
MATERION filed an SEC 8-K on 2026-08-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
MATERION filed an SEC 8-K on 2026-04-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Major customers qualify lower-cost alternative specialty-material suppliers for applications where Materion had been sole or primary qualified source.
- Customers force price resets that capture raw-material pass-through but remove Materion’s value-added spread.
- Plant reliability problems, quality escapes or yield losses recur and absorb the benefit of higher demand.
- Precious-metal or specialty-input price spikes force a sustained inventory and receivables build before pricing catches up.
MTRN news
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Financial statements
MTRN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
MTRN: quick answers
- Have members of Congress traded MTRN?
- 1 trade in MTRN has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed MTRN trade
- Which well-known investors own MTRN?
- 3 of the 37 well-known funds tracked here reported MTRN shares in their latest 13F filings. By share of the fund's portfolio: Soros Fund Management (George Soros), 0.0%; Bridgewater Associates (Ray Dalio), 0.0%; ARK Investment Management (Cathie Wood), 0.0%. Fund portfolios
MTRN in well-known investors’ portfolios
3 of 37 funds reported MTRN shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| George SorosSoros Fund Management | 0.01% | $427K | −93.2% | Q2 2026 |
| Ray DalioBridgewater Associates | 0.00% | $956K | −12.3% | Q2 2026 |
| Cathie WoodARK Investment Management | 0.00% | $135K | −20.3% | Q2 2026 |