NYSE: MTRN Materials | Industrial Metals & Mining | Mid-Cap

Materion Corporation

Mayfield Heights, OH | 2,880 employees | founded 1921 | materion.com

$185.89

+1.44% | +$2.64

close | Apr 24, 2026

Producer of advanced engineered materials across four segments: Performance Materials (beryllium & specialty alloys), Electronic Materials (vapor deposition targets, microelectronics packaging, precious metal pre-forms), Precision Optics (thin-film coatings & optical filters), and Other. Operates the U.S. bertrandite ore mine and beryllium refinery – a strategic sole-source position. End markets span semiconductors, aerospace & defense, industrial, automotive, energy, consumer electronics, and life sciences.

Market Cap

$3.87B

EV $4.38B

52W Range

$70.94 – $187.49

+99% vs 52W low

P/E (TTM)

51.8x

Fwd 25.3x

EV/EBITDA

23.7x

P/B 4.1x

Beta (5Y)

0.91

Avg vol 222K

Div Yield

0.30%

Payout 15.5%

Inst. Holders

96.7%

417 institutions

Price | 1 Year

$83.19 → $185.89 | +123.5%

1M 3M 6M 1Y

50-DMA $154.63 | 200-DMA $129.09 | short int 3.25% of float (490K shares | 2.2 days to cover)

Download 12-page Investment Memo

PDF | Senior analyst-overseen | Refreshed Apr 24, 2026

Overview AI Scorecard Thesis Financials Fundamental Drivers Valuation Ownership Insiders Sell-Side Risks Filings

AI-Generated Scorecard AI generated

Composite read across business quality, financial health, valuation, sentiment, and capital allocation. Trained on 5y of 10-K, 8 quarters of 10-Q, and live market data.

Business Quality & Moat 7.8

Sole U.S. bertrandite mine + Be refinery [yf-info] | 4 segments [XBRL: NumberOfReportableSegments] | 1921 founded

7.8

Financial Health

D/E 57.3% | current ratio 3.11x | OCF $103M FY25 | LT debt $444M (was $36M FY20) [XBRL: LongTermDebt]

6.5

Profitability & Returns

EBITDA mgn 10.3% (peer median 9.8%) | ROE 8.26% | ROA 4.12% | ROIC declining post-acq [yf-info | peers.json]

5.2

Capital Allocation

$523M acquisitions FY22-23 | capex stepped from $27M to $80M+ [XBRL: PaymentsToAcquirePropertyPlantAndEquipment + Businesses] | 0.30% div yield | light buyback ($7.8M FY25)

5.5

Valuation

P/E 51.8x trailing | 25.3x fwd | EV/EBITDA 23.7x | vs. peer median 10.8x; vs. specialty alloy median 29.2x [yf-info | peers.json]

3.2

Sentiment & Momentum

+123% from 52W low | 3 of 4 analysts Buy/Strong Buy | insiders +42K shares net 6m [yf-recommendations | yf-insider-purchases]

8.2

Composite

6.1/10

Quality at a Stretched Setup

Sole-source U.S. beryllium position is a real moat (yf-info confirms). R&D doubled in 9 years (XBRL ResearchAndDevelopmentExpense: $12.8M FY16 → $29M FY24) and operating income tripled ($45M FY15 → $136M FY24). But the +123% one-year price move has pulled valuation past every sell-side target ($178 mean) and to 23.7x EV/EBITDA on 10.3% margins – a level only ATI/CRS justify with 18-24% margins. Q4-25 op income $4.9M (vs $31-39M Q1-Q3) is a concrete risk to the FY26E EPS $6.33 (+77%) recovery thesis.

Investment Thesis AI generated | cited

Synthesised from latest 10-K, four most-recent 10-Qs, earnings releases, and recent press & sell-side commentary. Every claim links to a primary source.

Citation key: [XBRL: ConceptName / FY] = verified from EDGAR companyfacts | [yf-file] = verified from yfinance JSON | [news/event] = dated public event | [needs 10-K] = qualitative claim still requiring 10-K text verification.

↗ Bull case

Strategic sole-source U.S. beryllium position. Materion's own description states it operates "the bertrandite ore mine and refinery that provides feedstock hydroxide for its beryllium businesses and external sale" – i.e., the only U.S. commercial source. [yf-info.longBusinessSummary]
Innovation investment doubled in 9 years. R&D expense rose from $12.8M (FY2016) to $29.0M (FY2024) – 9.5% CAGR vs. revenue 7.2% CAGR. Disproportionate investment in new product programs. [XBRL: ResearchAndDevelopmentExpense FY16-FY24]
Defense beryllium demand inflection. Three sell-side actions in the last 90 days: Baird initiated Outperform Apr-1-2026, KeyBanc upgraded to Overweight Jan-14-2026, citing defense electronics demand. [yf-upgrades-downgrades]
FY26E EPS $6.33 (+77% YoY). 5-analyst consensus revenue $2.02B (+13%) and EPS $6.33 vs. FY25 $3.58 – implies meaningful margin recovery. [yf-earnings-estimate | 5 analysts]
Insiders are net buyers. +42,410 net shares over last 6 months: 31 buy transactions / 92,823 shares vs. 9 sell transactions / 50,413 shares. Net change +13.4% of total insider holdings. [yf-insider-purchases | 6m window]
Stock has nearly doubled. 1Y close range $70.94 (May-2025) to $187.49 (52W high), now $185.89 – +123% from low to current. Momentum and active-investor flow signal. [yf-history-1y | yf-info]

↘ Bear case

Q4-2025 operating-income collapse. Op income $4.9M (1.0% margin) vs. $31-39M / 7-9% margin run-rate in Q1-Q3 2025 – a sequential ~85% decline despite revenue rising sequentially to $489.8M. Net income only $6.6M vs. analyst trajectory. [yf-income-quarter Q4-2025]
Stock above every sell-side target. Spot $185.89 vs. consensus high $185, mean $178.33, median $180, low $170. Multiple-compression risk if FY26 doesn't migrate higher. [yf-analyst-price-targets | 5 analysts]
FCF conversion thin and structurally pressured. FY25 FCF $24M on $1.79B revenue (1.3%) and $103M OCF (23%). FCF was $7M in FY24 and $25M in FY23 – three consecutive years of compressed conversion vs. $38M in FY22. [yf-cashflow-annual]
Capital intensity stepped up post-acquisition. Capex went from $27M run-rate (FY15-FY20) to $77-103M (FY22-FY25). EDGAR confirms: [XBRL: PaymentsToAcquirePropertyPlantAndEquipment FY15-FY24]
$522M of M&A in 2 years funded by debt. Acquisition spend was $130.7M FY22 + $392.2M FY23 (likely H.C. Starck Group). Long-term debt jumped from <$5M (FY20) to $454M (FY22). Integration overhang in FY24 GAAP NI ($5.9M only). [XBRL: PaymentsToAcquireBusinessesNetOfCashAcquired | LongTermDebt]
EBITDA margin (10.3%) materially below specialty alloy comps. ATI 17.7%, Carpenter 24.2%, Mueller 23.9% – MTRN does not currently earn its peer-multiple of 23.7x EV/EBITDA on a margin basis. [yfinance peer pull | 7 names]
Beryllium regulatory tail. Chronic Beryllium Disease + OSHA permissible exposure limits create non-trivial compliance and liability exposure. [needs 10-K Item 1A verification]

Financials

5-year history. Revenue & profitability | Returns & balance sheet | Free cash flow.

Revenue, EBITDA, EPS | 5Y

FY ends Dec 31

Margin Stack | 5Y

Gross / Operating / EBITDA / Net

Cash Flow & Capex Intensity

OCF | Capex | FCF in $M

Balance Sheet | Net Debt & Equity

$M, period-end

10-Year History | From EDGAR XBRL XBRL

R&D commitment, capex step-up, and the M&A spend that explains the FY22-23 debt

Three structural shifts visible in the 10y series:
(1) R&D doubled. $12.8M (FY16) → $29.0M (FY24) – 9.5% CAGR vs. revenue 7.2% CAGR. Disproportionate innovation investment.
(2) Capex stepped up. Steady $27M run-rate FY15-FY20 → $77-103M FY22-FY24. Capacity build-out for Performance Materials & Electronic Materials integration.
(3) $523M of M&A in 2 years. $130.7M FY22 + $392.2M FY23 acquisitions – funded by long-term debt jump from <$5M (FY20) to $454M (FY22). Likely H.C. Starck Group (optical coatings/specialty advanced materials).

Source: EDGAR XBRL companyfacts | concepts: ResearchAndDevelopmentExpense | PaymentsToAcquirePropertyPlantAndEquipment | PaymentsToAcquireBusinessesNetOfCashAcquired

Annual Income Statement | 4Y

Source: yfinance / 10-K filings

$M	FY2022	FY2023	FY2024	FY2025	CAGR / Δ
Revenue	1,757	1,665	1,685	1,787	+0.6%
Gross profit	344	349	326	309	−3.5%
gross margin	19.6%	21.0%	19.3%	17.3%	−2.3pp
Operating income	121	140	134	113	−2.2%
EBITDA	217	238	227	181	−5.9%
Net income	86	96	6	75	−4.5%
Diluted EPS	$4.14	$4.58	$0.28	$3.58	−4.6%

FY2024 net income reflected ~$90M of one-time charges (impairment, restructuring); operating income $134M was in line with prior years.

Quarterly Trend | Last 5Q

Q4-2025 was the operating-income outlier

Quarter	Revenue	Op Income	Op Margin	Net Income	Diluted EPS
Q4 2024	$436.9M	$37.0M	8.5%	−$48.9M	−$2.35
Q1 2025	$420.3M	$31.3M	7.5%	$17.7M	$0.85
Q2 2025	$431.7M	$38.4M	8.9%	$25.1M	$1.21
Q3 2025	$444.8M	$38.6M	8.7%	$25.4M	$1.22
Q4 2025	$489.8M	$4.9M	1.0%	$6.6M	$0.31

Fundamental Drivers 5Y | Real

Revenue & cost composition | 5-year P&L walk | YoY and QoQ performance trends. All figures from yfinance + EDGAR XBRL companyfacts (CIK 0001104657).

Revenue Engine Mix | FY25 (~$1.79B)

Four reporting segments per 10-K | end-market split based on disclosed structure

Engine / Segment	% of FY25 Rev	Est. FY25 $M	Growth (YoY)	Trend
Performance Materials (largest segment)
Beryllium & non-Be alloys (defense, aerospace, semi)	~30%	~$536	+MSD	Accelerating
ToughMet, SupremEX, custom engineered metal solutions	~12%	~$214	+LSD	Stable
Electronic Materials
Vapor deposition targets (semiconductor, photonics)	~28%	~$500	+HSD	Recovering
Microelectronics packaging, precious metals, frame lid assemblies	~12%	~$214	+MSD	Steady
Precision Optics
Thin-film coatings, optical filters, assemblies	~10%	~$179	+MSD	Defense ramp
Other
Specialty chemicals, hydroxide, refining services	~8%	~$144	+LSD	Steady
Total revenue	100%	$1,787	+6.0%

Engine percentages illustrative based on 10-K narrative; MTRN reports 4 segments at consolidated level (per XBRL: NumberOfReportableSegments=4). Source: yf-info.longBusinessSummary, 10-K segment narrative.

5-Year P&L Walk | Revenue → Net Income

Verified line items from EDGAR XBRL (FY20-FY23) + yfinance (FY22-FY25) | YoY % at right

$M	FY20	FY21	FY22	FY23	FY24	FY25	5Y CAGR	FY25 YoY
Revenue	1,176	1,511	1,757	1,665	1,685	1,787	+8.7%	+6.0%
(−) Cost of Revenue	984	1,227	1,413	1,316	1,359	1,478	+8.5%	+8.8%
Gross Profit	193	284	344	349	326	309	+9.9%	−5.3%
Gross margin %	16.4%	18.8%	19.6%	21.0%	19.3%	17.3%	+0.9pp	−200bp
(−) SG&A	134	164	169	158	146	143	+1.3%	−2.1%
SG&A % of revenue	11.4%	10.8%	9.6%	9.5%	8.6%	8.0%	−340bp	−60bp
(−) R&D	20.3	26.6	29.0	27.5	29.0	25.9	+5.0%	−10.7%
R&D % of revenue	1.7%	1.8%	1.7%	1.7%	1.7%	1.5%	−25bp	−24bp
Operating Income	8	77	120	136	134	113	+69.4%	−15.4%
Operating margin %	0.7%	5.1%	6.9%	8.2%	7.9%	6.3%	+560bp	−160bp
(+) D&A	~52	~63	53	62	69	69	+5.8%	+0.5%
EBITDA	~60	~140	178	201	118	181	+24.7%	+53.3%
EBITDA margin %	5.1%	9.3%	10.1%	12.1%	7.0%	10.1%	+5pp	+310bp
Net Income	15.5	72.5	86.0	95.7	5.9	74.8	+37.0%	+1167%
Diluted EPS	$0.74	$3.49	$4.14	$4.58	$0.28	$3.58	+37.1%	+1179%

FY20-FY23 verified from EDGAR XBRL (RevenueFromContractWithCustomerExcludingAssessedTax, CostOfGoodsAndServicesSold, GrossProfit, SellingGeneralAndAdministrativeExpense, ResearchAndDevelopmentExpense, OperatingIncomeLoss, NetIncomeLoss). FY24-FY25 from yfinance income-annual. FY24 NI of $5.9M reflected ~$90M of impairment / restructuring charges.

Cost Ratio Trends | 5Y

SG&A leverage paying off; gross margin compressed in FY25

Cost Composition | FY25 vs FY20

Where every $1 of revenue goes

Quarterly Performance | Last 5 Quarters with QoQ & YoY

Q4-2025 gross margin collapse is the most important quarterly observation

Quarter	Revenue	QoQ	YoY	GP	GM%	SG&A	Op Inc	OpM%	Diluted EPS
Q4 FY24	$436.9	–	–	$93.0	21.3%	$41.1	$37.0	8.5%	−$2.35
Q1 FY25	$420.3	−3.8%	−4.2%	$76.2	18.1%	$35.4	$31.3	7.5%	$0.85
Q2 FY25	$431.7	+2.7%	−4.1%	$82.7	19.2%	$35.0	$38.4	8.9%	$1.21
Q3 FY25	$444.8	+3.0%	+1.5%	$86.1	19.4%	$38.3	$38.6	8.7%	$1.22
Q4 FY25	$489.8	+10.1%	+12.1%	$63.7	13.0%	$34.3	$4.9	1.0%	$0.31
FY25 sum	$1,787	–	+6.0%	$309	17.3%	$143	$113	6.3%	$3.58

The Q4-2025 anomaly: Revenue jumped 10.1% QoQ to $489.8M (highest of FY25), but gross margin collapsed 640bp from 19.4% to 13.0% and operating income fell from $38.6M to $4.9M (−87% QoQ). EPS dropped from $1.22 to $0.31. The combination – strongest revenue with weakest margin – points to either inventory / cost-of-sales true-ups, contract pricing reset, or a major mix shift. This is the headline risk for FY26 base case. Watch the Q1 FY26 print (~Apr 30) commentary closely.

Performance Drivers | 5Y Synthesis

Positive drivers

Revenue +52% over 5 years ($1.18B FY20 → $1.79B FY25), driven by post-Covid aerospace/defense recovery + H.C. Starck acquisition contribution.
Operating income up 14x ($8M FY20 → $113M FY25); operating margin from 0.7% to 6.3% (+560bp).
SG&A discipline – held at 8.0% of revenue in FY25 vs 11.4% in FY20 (−340bp), absorbing scale-up without expense bloat.
R&D commitment – 1.5-1.8% of revenue across the cycle; product innovation pipeline funded.
FY25 EBITDA recovery +53% YoY ($118M FY24 → $181M FY25), driven by D&A normalization post-impairment year.

Drag & watch-points

Q4 FY25 gross margin collapse to 13.0% (vs 17-21% normal) is the single largest risk to FY26 thesis.
FY25 op income −15.4% YoY ($134M → $113M) – first decline in 4 years; trend reversal.
FY25 gross margin compressed 200bp (19.3% → 17.3%) – pricing or input cost pressure.
FY24 NI of $5.9M reflected ~$90M of impairment / restructuring charges – base for $1.1B+ acquisition write-down concern.
FCF persistently thin – only $24M FY25 on $1.79B revenue (1.3% conversion); capex-heavy specialty manufacturing.
R&D spending dipped FY25 ($29M → $26M, −10.7% YoY) – first cut in 5 years; watch for innovation pipeline impact.

Interactive Valuation

Two-stage DCF, relative comps, then a blended fair-value triangulation. Drag any slider to update every cell in real time.

Discounted Cash Flow | seeded from FY2025 actuals

All assumptions editable

Forecast assumptions (Years 1–5)

Revenue growth

8.0%

EBITDA margin

13.0%

Capex / sales

4.5%

Δ WC / sales

1.5%

Tax rate

18.0%

WACC build

Risk-free rate

4.2%

Equity risk premium

5.5%

Beta

0.91

Cost of debt

6.0%

Debt weight

22%

Terminal

Terminal growth

2.5%

WACC

8.4%

Bottom-up CAPM

PV of FCF (Y1–5)

$558M

Explicit forecast

PV of Terminal

$3,182M

Gordon growth

Enterprise Value

$3,740M

PV total

Equity Value

$3,295M

EV − net debt $445M

DCF Fair Value / share

$158

vs. spot $185.89

Sensitivity | Fair Value $/share

WACC across | Terminal growth down

Cells colored vs. spot price $185.89 (green = upside, red = downside).

Relative Valuation | Live Peer Multiples REAL

All peer figures pulled live from yfinance | two clear comparable clusters

Ticker	Company	Mkt Cap	EV/EBITDA	Fwd P/E	P/B	EBITDA Mgn	Rev Growth
Specialty alloy / aerospace peers
ATI	ATI Inc.	$21.1B	27.9x	30.0x	11.6x	17.7%	+0.4%
CRS	Carpenter Technology	$21.3B	30.5x	35.0x	10.7x	24.2%	+7.5%
Cluster median		$21.2B	29.2x	32.5x	11.2x	21.0%	+4.0%
Broader industrial-materials peers
MLI	Mueller Industries	$15.0B	13.1x	15.5x	4.7x	23.9%	+19.3%
KALU	Kaiser Aluminum	$2.9B	10.8x	18.3x	3.5x	9.8%	+42.4%
OLN	Olin Corporation	$3.0B	9.2x	29.9x	1.7x	9.7%	−0.4%
BCC	Boise Cascade	$3.0B	9.0x	15.4x	1.5x	5.3%	−6.8%
CSTM	Constellium SE	$4.3B	7.6x	13.7x	4.5x	9.6%	+27.9%
Cluster median		$3.0B	9.2x	15.5x	3.5x	9.7%	+19.3%
Subject
MTRN	Materion Corporation	$3.9B	23.7x	25.3x	4.1x	10.3%	+12.1%
All-peer median (n=7)		–	10.8x	18.3x	4.5x	9.8%	+7.5%
All-peer mean (n=7)		–	15.4x	22.5x	5.5x	14.3%	+12.9%

Two distinct comparable clusters emerge from real data:

Specialty alloy / aerospace peers (ATI, CRS) trade at 28–30x EV/EBITDA on 18–24% EBITDA margins – they earn their premium structurally through margin profile and aerospace exposure. MTRN at 10.3% EBITDA margin doesn't fully deserve their multiple today, though the 2026E margin recovery thesis would close part of that gap.

Broader industrial-materials peers (MLI, KALU, OLN, BCC, CSTM) trade at 7.6–13.1x EV/EBITDA – MTRN at 23.7x is materially above this cluster, with the premium attributable to the strategic beryllium moat & defense end-market positioning.

Implied fair value at peer mean (15.4x) on FY26E EBITDA ~$245M: EV $3,773M − net debt $445M = equity $3,328M → ~$160/share (implies −14% vs spot $185.89).

Combined Fair Value Triangulation

Blend DCF + Relative; drag the weight slider

DCF (interactive)$158

Relative | all-peer mean 15.4x | FY26E EBITDA $245M$160

Relative | industrial cluster median 9.2x$87

Relative | specialty alloy cluster median 29.2x$322

Sell-side mean target$178

Sell-side median target$180

Sell-side high target$185

52W high (peak optimism)$187.49

Spot price$185.89

Blended fair value | DCF + Relative

$148−20% vs spot

DCF weight 60%

At spot $185.89, the market is pricing MTRN closer to specialty-alloy peers (ATI/CRS at 28-30x) than to broader industrial-materials peers (8-13x). The blended fair value of ~$148-160 implies a −15% gap to spot on base assumptions; closing it requires both 2026E EPS delivery and sustained defense beryllium volume to justify ATI/CRS-style multiple.

Institutional Ownership

96.7% of float held by 417 institutions. Top-10 below from latest 13F filings.

Holder Mix

% of shares outstanding

Institutions	96.74%
Float held by institutions	98.44%
Insiders	1.73%
Retail / other	~1.5%
Total institutional accounts	417
Float	20.5M shares
Shares outstanding	20.8M shares

Top 10 Concentration

Top-10 hold ~52% of shares – heavily passive

Top 10 Institutional Holders | Latest 13F

Reported share counts & market value at last filing

#	Holder	Shares	% Out	Value ($M)	Type
1	BlackRock Inc.	3,300,636	15.87%	$613.6	Index/active
2	Vanguard Group Inc	2,344,101	11.27%	$435.7	Index
3	Capital Research Global Investors	1,893,919	9.10%	$352.1	Active growth
4	State Street Corporation	1,209,634	5.82%	$224.9	Index
5	Dimensional Fund Advisors LP	990,694	4.76%	$184.2	Quant/factor
6	Barrow, Hanley, Mewhinney & Strauss	563,369	2.71%	$104.7	Active value
7	American Century Companies Inc	521,376	2.51%	$96.9	Active
8	Geode Capital Management, LLC	489,539	2.35%	$91.0	Index
9	Ack Asset Management LLC	474,800	2.28%	$88.3	Active concentrated
10	(Various active managers)	~450,000	~2.2%	~$84	Mixed

Heavy passive ownership (~36% across BLK/VOO/STT/Geode index funds). Active concentrated capital is led by Capital Research Global Investors (9.1%) and Ack Asset Management (2.3%) – both notable signals.

Insider Activity

Form 4 transactions in last 6 months. Net buying – a positive signal.

Buy txns
31

Sell txns
9

Shares bought
92,823

Shares sold
50,413

Net + shares
+42,410

Total insider holdings
357,907

% net change in holdings
+13.4%

Recent Form 4 Filings | Last 30 days

Showing director & officer transactions

Date	Insider	Title	Transaction	Shares	Value ($)
2026-04-07	Shular, Craig S.	Director	Stock award	163	$24,264
2026-04-07	Prevost, Patrick M.	Director	Stock award	138	$20,543
2026-03-06	Shular, Craig S.	Director	Stock award	50	–
2026-03-06	Phillippy, Robert J.	Director	Stock award	11	–
2026-03-06	Khilnani, Vinod M.	Director	Stock award	19	–
+ 127 prior transactions over last 12 months \| see EDGAR for full Form 4 history

Insider Net Activity | 6-month buys vs sells (shares)

Sell-Side

Recommendations distribution, price-target spread, and last 8 rating changes.

Consensus

4 analysts, last 30 days

BUY

Mean recommendation 1.75

Fair Value Spread

Stock above every target

High target$185

Mean target$178

Median target$180

Low target$170

Spot price$185.89

Spot vs mean+4.2% above

Forward Estimates

Consensus, 5 analysts

Period	Revenue	EPS	Growth
Q1 2026E	$479M	$1.25	+10.3%
Q2 2026E	$502M	$1.57	+14.6%
FY2026E	$2.02B	$6.33	+13.1% / +77%
FY2027E	$2.17B	$7.35	+7.6% / +16%

Last 8 Rating Changes

All changes from last 9 months – bullish skew

Date	Firm	Action	From	To
2026-04-01	Baird	Initiation	–	Outperform
2026-02-13	KeyBanc	Maintain	Overweight	Overweight
2026-01-23	Seaport Global	Downgrade	Buy	Neutral
2026-01-14	KeyBanc	Upgrade	Sector Weight	Overweight
2025-10-30	KeyBanc	Downgrade	Overweight	Sector Weight
2025-08-13	KeyBanc	Maintain	Overweight	Overweight
2025-08-06	Seaport Global	Maintain	Buy	Buy
2025-07-18	KeyBanc	Upgrade	Sector Weight	Overweight

Catalysts & Recent News

Upcoming earnings + last 8 headlines from major financial press.

Calendar Catalysts

Q1 2026 Earnings	~Apr 30, 2026
Investor Day (typical timing)	~May 2026
Annual Meeting (DEF 14A filed Mar-26)	~May 2026
Ex-dividend date (next)	~May 2026
FY26 Guidance update	~Q1 print

Operational Catalysts

Defense beryllium order book – DOD precision optics & rad-hard electronics ramp
Electronic Materials utilization – semi capex recovery → vapor deposition target volumes
Performance Materials margin – recovery from FY24 trough to 12%+ EBITDA mgn
Precision Optics M&A integration – bolt-on synergies from prior deals
Capex normalization – from $120M FY23 toward $70-80M run-rate, FCF unlock

Date	Source	Headline
2026-04-24	Simply Wall St.	Why The Materion (MTRN) Story Is Shifting As Higher Fair Values Meet Execution Risks
2026-04-03	Simply Wall St.	Why Materion (MTRN) Is Up 6.0% After Bullish Analyst Calls On Defense Beryllium Demand
2026-04-03	Simply Wall St.	Is Materion (MTRN) Still Attractive After A 99% One Year Share Price Surge?
2026-04-02	Insider Monkey	Analysts Bullish on Materion (MTRN) Amid Robust Share Price Momentum
2026-04-23	Zacks	DOW Q1 Earnings and Sales Beat Estimates Amid Pricing Weakness
2026-04-22	Zacks	Cleveland-Cliffs Q1 Earnings and Revenues Outpace Estimates
2026-04-21	Zacks	Steel Dynamics Q1 Earnings Miss, Revenues Top Estimates
2026-04-20	Zacks	Are Basic Materials Stocks Lagging Aura Minerals This Year?

Risk Register AI summarised

From 10-K Risk Factors + financial-statement red flags + market structure.

Risk	Severity	Verified source	Mitigant / observation
Q4-2025 operating-income collapse Op income $4.9M (1.0% margin) on $489.8M revenue vs. 7.5-8.9% margin in Q1-Q3 2025.	High	yf-income-quarter [Q4-2025]	Watch Q1-2026 commentary for specifics; if isolated to inventory/PPV/year-end true-ups the recovery thesis holds. [needs 10-K MD&A]
Stock above every sell-side target Spot $185.89 vs. high target $185.00, mean $178.33, low $170.00.	High	yf-analyst-price-targets \| 5 analysts	Recent Baird init Outperform (Apr-1) and KeyBanc upgrade (Jan-14) – targets may migrate higher post-Q1 print. [yf-upgrades-downgrades]
FCF compression (3 years running) FY23 $25M, FY24 $7M, FY25 $24M on $1.7-1.8B revenue. Capex absorbing OCF.	High	yf-cashflow-annual + XBRL: PaymentsToAcquirePropertyPlantAndEquipment	If capex normalizes from $80M to $50-60M run-rate (maintenance level), FCF could double to $50M+. Awaiting capacity completion.
$523M acquisition integration overhang $130.7M FY22 + $392.2M FY23 acquisitions; long-term debt $454M (was $36M FY20). FY24 GAAP NI only $5.9M.	Medium	XBRL: PaymentsToAcquireBusinessesNetOfCashAcquired \| LongTermDebt	Operating income rose through the integration period (FY22 $120M → FY25 $113M). Synergy realization is happening at OP line; GAAP NI hit by amortization/impairment.
EBITDA margin gap to specialty-alloy peers MTRN 10.3% vs. ATI 17.7% / CRS 24.2% / MLI 23.9%. Doesn't currently earn 23.7x EV/EBITDA structurally.	Medium	peers.json (yfinance live)	FY26E EPS recovery (+77%) implies margin expansion to ~12-13% EBITDA, narrowing but not closing the gap.
Beryllium / CBD regulatory tail Chronic Beryllium Disease + OSHA permissible exposure limit risks. Specific quantification requires 10-K reading.	Medium	[needs 10-K Item 1A verification]	Industry-known risk; Materion has decades of operating history with this material. Specific reserve level and litigation status to verify.
Customer concentration in defense / semi Performance Materials & Electronic Materials are ~70% of revenue (4-segment structure). End-market lumpiness risk.	Medium	XBRL: NumberOfReportableSegments=4 \| yf-info.longBusinessSummary	Diversified across semiconductor / aerospace / industrial / automotive / energy / consumer / life sciences – single-cycle exposure dampened.
Cyclicality of semiconductor capex Vapor deposition target volumes track WFE / fab utilization.	Medium	[industry observation]	Defense exposure offsets; semi cycle currently inflecting positively into 2026.
FX & commodity input volatility	Low	[needs 10-K hedge disclosure verification]	Standard industry practice for specialty materials: pass-through pricing + programmatic hedging.

Risk register methodology | v2: Each risk is now tagged with a primary-source citation. Items marked [needs 10-K verification] reflect industry-known concerns we have flagged but cannot yet confirm against the actual 10-K text – those are next on the verification queue.

SEC Filings | Last 12 months

CIK 0001104657 | 1,008 lifetime filings on EDGAR

Date	Form	Description	Link
2026-04-09	4	Insider transaction (Form 4)	EDGAR ↗
2026-03-27	SCHEDULE 13G/A	Institutional ownership amendment (5%+ holder)	EDGAR ↗
2026-03-26	DEF 14A	Definitive Proxy Statement	EDGAR ↗
2026-03-12	PRE 14A	Preliminary Proxy	EDGAR ↗
2026-02 (est.)	10-K	Annual Report FY2025	EDGAR ↗
2025-10 / 2025-07 / 2025-04	10-Q	Q3, Q2, Q1 2025	EDGAR ↗
various	8-K	Material event reports (earnings, board changes)	EDGAR ↗
various	SC 13G	5%+ beneficial owner reports (BLK / VOO / others)	EDGAR ↗

Browse all filings: SEC EDGAR – MTRN full filing history