MTLS (Materialise NV) Beneish M-Score: -2.62 (As of Jun. 25, 2026)


MTLS Materialise NV MTLS
64 GF Score
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What is Materialise NV Beneish M-Score?

Materialise NV MTLS +3.76% 64 Beneish M-Score is -2.62 as of Jun. 25, 2026. GuruFocus rates MTLS with a GF Score™ of 64/100. The stock has 7 warning signs investors should review. Among 2,633 Software companies, Materialise NV ranks better than 55.6% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Materialise NV's Beneish M-Score or its related term are showing as below:

MTLS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27   Med: -2.62   Max: -2.18
Current: -2.62

During the past 13 years, the highest Beneish M-Score of Materialise NV was -2.18. The lowest was -3.27. And the median was -2.62.

Materialise NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Materialise NV's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Materialise NV Beneish M-Score Chart

Materialise NV Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.43 -2.37 -2.55 -2.62 -2.76

Materialise NV Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.67 -2.66 -2.84 -2.76 -2.62

MTLS vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Materialise NV's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Materialise NV Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Materialise NV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Materialise NV's Beneish M-Score falls into.


MTLS
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Materialise NV MTLS
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Materialise NV Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Materialise NV for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0709+0.528 * 0.9774+0.404 * 0.8348+0.892 * 1.1172+0.115 * 0.9843
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9943+4.679 * -0.029249-0.327 * 1.0836
=-2.55

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $64.1 Mil.
Revenue was 76.62 + 82.159 + 91.309 + 74.776 = $324.9 Mil.
Gross Profit was 43.807 + 47.751 + 51.885 + 43.572 = $187.0 Mil.
Total Current Assets was $259.3 Mil.
Total Assets was $483.8 Mil.
Property, Plant and Equipment(Net PPE) was $135.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.5 Mil.
Selling, General, & Admin. Expense(SGA) was $116.7 Mil.
Total Current Liabilities was $107.2 Mil.
Long-Term Debt & Capital Lease Obligation was $58.4 Mil.
Net Income was 2.104 + 7.267 + 2.546 + 0.227 = $12.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 7.993 + 6.176 + 12.158 + -0.031 = $26.3 Mil.
 Total Receivables was $53.6 Mil.
Revenue was 71.761 + 68.775 + 76.195 + 74.055 = $290.8 Mil.
Gross Profit was 39.703 + 38.079 + 43.615 + 42.225 = $163.6 Mil.
Total Current Assets was $201.4 Mil.
Total Assets was $422.1 Mil.
Property, Plant and Equipment(Net PPE) was $127.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.5 Mil.
Selling, General, & Admin. Expense(SGA) was $105.1 Mil.
Total Current Liabilities was $106.9 Mil.
Long-Term Debt & Capital Lease Obligation was $26.4 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(64.118 / 324.864) / (53.59 / 290.786)
=0.197369 / 0.184294
=1.0709

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(163.622 / 290.786) / (187.015 / 324.864)
=0.562689 / 0.575672
=0.9774

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (259.276 + 135.733) / 483.846) / (1 - (201.439 + 127.83) / 422.112)
=0.183606 / 0.219949
=0.8348

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=324.864 / 290.786
=1.1172

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(23.522 / (23.522 + 127.83)) / (25.45 / (25.45 + 135.733))
=0.155413 / 0.157895
=0.9843

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(116.739 / 324.864) / (105.088 / 290.786)
=0.359347 / 0.361393
=0.9943

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((58.369 + 107.18) / 483.846) / ((26.4 + 106.88) / 422.112)
=0.342152 / 0.315746
=1.0836

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(12.144 - 0 - 26.296) / 483.846
=-0.029249

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Materialise NV has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.62 mean?
Materialise NV (MTLS) has a Beneish M-Score of -2.62 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Materialise NV and its competitors. According to the industry distribution chart, Materialise NV ranks #1169 out of 2633 companies in the Software industry, placing it in the top 44.4%.
Is Materialise NV's Beneish M-Score too high?
Materialise NV's current Beneish M-Score is -2.62. Based on the distribution chart, Materialise NV ranks #1169 out of 2633 companies in the Software industry, which is above the industry midpoint. Overall, Materialise NV has a GF Score™ of 64/100, reflecting its overall financial health beyond just this single metric.
How does Materialise NV's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, Materialise NV ranks #1169 out of 2633 companies for Beneish M-Score. This puts Materialise NV in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Software company?
A good Beneish M-Score depends on the Software industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Materialise NV and its competitors. Materialise NV's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Materialise NV stock overvalued right now?
Materialise NV (MTLS) has a current Beneish M-Score of -2.62. The current Beneish M-Score is -2.62. Materialise NV's overall GF Score™ is 64/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Materialise NV (MTLS), the current Beneish M-Score is -2.62 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Materialise NV Business Description

Other Exchanges 06MA:GermanyMTLS:Belgium
Address Technologielaan 15, Leuven, BEL, 3001
Materialise NV is a provider of 3D-printed medical devices and software and a pioneer in additive manufacturing software and services. The company operates through three principal segments: Materialise Software, Materialise Medical, and Materialise Manufacturing, with the Materialise Medical segment generating maximum revenue. The Materialise Medical segment develops and delivers medical software solutions, medical devices, and related products and services; the Materialise Software segment develops and delivers additive manufacturing software solutions and related services; and the Materialise Manufacturing segment delivers 3D-printed products and related services. The company generates maximum revenue from the United States of America.
64GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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