Stock fact sheet · data as of
Materialise N.V. (MTLS): fair value, margin of safety and Wheel Score
Ticker symbol MTLS · Technology · Software - Application · Belgium · ADR · Blend
MTLS is an American depositary share (ADR): the US listing of Materialise N.V., whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.
Is MTLS undervalued?
At 7.32 (close of 5 Nov 2026), MTLS trades 18% under the GLS average fair value of 8.97. 4 of the 8 models that produced a value land above the price. A discount of this size counts as a positive margin of safety in every GLS scan; whether it is enough depends on the rest of the picture - the health score, the moat and the option premium below.
The 8 models disagree widely: EPV gives 2.76 while GLS Growth gives 15.22. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for MTLS, so the nightly engine files it under Blend (value score 42, growth score 50, out of 100).
Nine valuation models for MTLS
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 4.51 | -38% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 5.18 | -29% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 14.22 | +94% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 6.21 | -15% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 15.22 | +108% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 8.49 | +16% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 15.16 | +107% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 2.76 | -62% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 1.10 | -85% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 10.00 | +37% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health MTLS scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is 5.1 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are thin or negative - ROIC 2.3%, ROE 2.9%, ROA 1.8% - with debt at 0.26 times equity and a free-cash-flow yield of 5.1%.
Materialise N.V. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain.
Institutional ownership scores 2/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 2.3% |
|---|---|---|---|
| GLS Moat | 5.1 / 10 | ROE | 2.9% |
| Debt / equity | 0.26 | ROA | 1.8% |
| Free-cash-flow yield | 5.1% | Payout ratio | 0% |
| Institutions | 2 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 45: Weak
MTLS scores 45 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (573 open interest, 30 a day); and filter 8, big enough - market cap $438M (under $1.0B), and the parts are thin too - value good, premium strong, moat fair, health good, red flags strong, option trading weak, stability fair. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 48% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 573 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 110k shares a day on a market cap of $438M, with a beta of 1.30 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (573 open interest, 30 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Fails | market cap $438M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Good | 18% below fair value | |
| Premium | Strong | implied volatility 48% | |
| Moat | Fair | moat 5.1/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Strong | Red Flags score 100/100 | |
| Option trading | Weak | 30 contracts a day, 573 open interest | |
| Stability | Fair | beta 1.30, $438M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for MTLS in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
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| EGHT 8x8, Inc. | 2.26 | 2.12 | -6% | 23Weak | $326M |
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Start free See the Sunday ScanQuestions about MTLS
Is MTLS undervalued right now?
By the GLS models, moderately: at 7.32 the stock trades 18% below the average fair value of 8.97 (data as of 5 Nov 2026).
What is the Wheel Score of MTLS and what does it mean?
MTLS scores 45 out of 100 (Weak) - it fails Wheel Trade Filters 1, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for MTLS?
8.97 per share as of 5 Nov 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Materialise N.V. report earnings next?
No upcoming earnings date is recorded for MTLS in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does MTLS have listed options, and how liquid are they?
Yes. The nightly snapshot found 8 listed contracts with 573 open interest across all expiries and implied volatility of 48% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is MTLS an ADR?
Yes. MTLS is an American depositary share (ADR): the US listing of Materialise N.V., whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.