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Maker of advanced/specialty materials — beryllium alloys, precious-metal coatings — for aerospace, semiconductor and defense customers.
Maker of advanced/specialty materials — beryllium alloys, precious-metal coatings — for aerospace, semiconductor and defense customers.
Makes alloys and parts to customers' specifications, where qualification can take years, so repeat orders from established customers matter. It mines its own beryllium ore in Utah, an unusual supply position, and handles precious metals that are largely passed through to customers at cost. Beryllium needs specialised handling and is regulated for worker exposure.
Moat: narrow (IP / patents, customer qualification, process know-how). Specialty metallurgy expertise and long qualification cycles in aerospace/semiconductor supply chains.
Headquarters: Mayfield Heights, Ohio, US · Founded: 1931 · Employees: 2,880
Size Materion (MTRN) is a United States Materials company (Electronic Equipment/Instruments) with a market value of $3.88B, the 1367th largest of 3,117 United States companies the cockpit tracks. Shares closed at $186.11 on 6 Nov 2026.
Performance Over six months the shares fell 6.7%, against -3.7% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 28.1% over the last twelve months (peer median +4.5%); the operating margin is 6.7% (peer median 10.1%).
Valuation It trades at 22.3× forward earnings against a peer median of 15.1× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.9 points below its cost of capital (9.8% WACC).
Backlog Backlog (remaining performance obligations) was $120M at 2 Oct 2026, up 456% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 2.6% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.22B | $1.79B | $1.69B | $1.67B | $1.76B |
| Revenue growth | — | +6% | +1% | -5% | — |
| Gross profit | $346M | $298M | $313M | $336M | $331M |
| EBITDA | $224M | $185M | $201M | $201M | $174M |
| Net income | $103M | $74.8M | $5.89M | $95.7M | $86.0M |
| Free cash flow | $83.5M | $20.7M | $6.85M | $24.5M | $38.4M |
| Capital expenditure | $78.8M | $79.6M | $80.8M | $120M | $77.6M |
| Total debt | $471M | $540M | $525M | $501M | $515M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Materion MTRN | $3.88B | -7% | +28% | 7% | 22.3× | 22.7% |
| Ngk 5333.T | $7.43B | -13% | +10% | 16% | 13.1× | 4.4% |
| JX Advanced Metals 5016.T | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% |
| Tosoh 4042.T | $4.69B | -4% | -1% | 11% | 11.4× | -1.5% |
| Mitsubishi Materials 5711.T | $3.21B | -24% | +7% | 5% | 3.7× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MTRN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.8% | +4.4% | 2nd lowest of 21 |
| 6-month return | -6.7% | -3.7% | 10th lowest of 21 |
| Distance from 52-week high | -42.7% | -24.2% | 4th lowest of 21 |
| Revenue growth (TTM) | +28.1% | +4.5% | 2nd highest of 20 |
| Operating margin | 6.7% | 10.1% | 6th lowest of 21 |
| Forward P/E | 22.3× | 15.1× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 22.7% | 7.5% | 2nd most demanding of 18 |
| Growth delivered (Del g) | +8.7% | +7.1% | 8th highest of 18 |
| Hurdle (Req g minus delivered) | +14.0 pp | -4.7 pp | 3rd most demanding of 18 |
| ROIC minus cost of capital | -1.9 pp | +1.3 pp | 7th lowest of 21 |
| EV / EBITDA | 19.4× | 9.2× | 2nd most expensive of 18 |
| Net debt / EBITDA | 2.0× | 1.8× | 9th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Materion MTRN | United States | $3.88B | -7% | +28% | 7% | 22.3× | 22.7% | +8.7% |
| Greif GEF | United States | $3.95B | +7% | -2% | 8% | 16.1× | 7.9% | -4.7% |
| Scotts Miracle-Gro SMG | United States | $3.77B | +6% | -4% | 14% | 13.6× | 7.5% | -7.8% |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 17% | 16.9× | 9.8% | +14.5% |
| Cabot CBT | United States | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% | +1.9% |
| Avient AVNT | United States | $4.17B | +23% | +5% | 11% | 13.0× | 9.9% | +0.1% |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Silgan SLGN | United States | $4.34B | +2% | +4% | 10% | 10.2× | -5.8% | +5.7% |
| Uranium Energy UEC | United States | $3.43B | -54% | -44% | -358% | n/a | n/a | n/a |
| UFP Industries UFPI | United States | $4.41B | -5% | -1% | 5% | 17.7× | 9.9% | +4.2% |
| CSW Industrials CSW | United States | $4.43B | 0% | +30% | 18% | 20.8× | 13.5% | +20.9% |
| United States Lime & Minerals USLM | United States | $3.39B | +7% | +4% | 41% | 19.6× | 5.1% | +18.3% |
| Century Aluminum CENX | United States | $3.31B | -43% | +10% | 15% | 3.2× | 9.9% | +9.5% |
| Graphic Packaging GPK | United States | $3.31B | +5% | 0% | 6% | 12.3× | 5.0% | +5.6% |
| Knife River KNF | United States | $3.20B | -38% | +11% | 9% | 23.1× | n/a | n/a |
| Hawkins HWKN | United States | $3.14B | -10% | +9% | 11% | 33.9× | 15.2% | +12.7% |
| Perimeter Solutions PRM | United States | $4.83B | -7% | +24% | -51% | 18.3× | 36.6% | +14.0% |
| USAR USAR | United States | $3.09B | -69% | n/a | -949% | n/a | n/a | n/a |
| Sonoco Products SON | United States | $4.99B | -2% | +4% | 10% | 9.0× | -1.9% | +7.5% |
| WD-40 WDFC | United States | $2.97B | +6% | +11% | 16% | 33.9× | 2.2% | +7.1% |
| Celanese CE | United States | $5.10B | -19% | +1% | 9% | 7.6× | 5.3% | +11.0% |
Materion reported $120M of remaining performance obligations at 2 Oct 2026, up 456% from a year earlier and up 3% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.