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Critical MaterialsPublic

Materion

catalyst in 3dNo base rate yet — MTRN has 0 graded prints on the record, and the bar is 3.Website
Ticker
MTRN
Beat
critical materials
Size
Public Company
Revenue
$614M
as of Jul 2026
Cash
$20.0M
as of Jul 2026
Researched · Fresh
9 days ago

An irreplaceable U.S. beryllium monopoly wrapped in a low-margin pass-through metals business and now priced like a secular-growth compounder (~34x fwd vs 18-20x historical, above every Street target) — the asset is real, the multiple is the bet.

Orbit · who it trades with and competes with
4 on the rings · 1 trade · 3 rival
6 mentions across our dossiers
Focus · Critical materials
Materion
MTRN · public
No published house view
Trades with
Competes with
Links · 4 companies · 1 trade · 3 rival
“- Named competitors: beryllium/alloys — NGK Insulators, IBC Advanced Alloys, Ningxia Orient Tantalum, Le Bronze Alloys, Aurubis, AMPCO, Ulba Metallurgical (Kazakhstan), American Beryllia, CoorsTek; strip/plating — Wieland, Diehl Metall, He…”Honeywell · RIVAL · from Materion’s dossier
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Price

Weekly closes

MTRN · weekly close
221.94 USD+0.4%
Friday 30 Oct 2026 · last 52 Fridays 116.11–312.16
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 608,267 sh · 2.72 days to cover, FINRA · settled 30 Sept 2026
  2. Insiders bought, 90 days: 164 sh · 2 filings, Form 4 · 14 Oct 2026
  3. Next print: in 3 days, Scheduled · 3 Nov 2026, scheduled
221.94USD+0.4%critical-materials +0.7%MTRN · 112 weekly closes to 2026-10-30

Who is buying

Insiders bought, last 90 daysSEC Form 4 · newest 14 Oct 2026
2 filings · 164 shares
Shares sold shortFINRA · settled 30 Sept 2026
608,267 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
2.72
see the whole series
Financials

The reported figures

Revenue · quarterly
$614M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$614M USD
as of 3 Jul 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Materion, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2329 Sept 2023$403M USD9.1% share of revenue——$16.4M USD20.6M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$421M USD6.6% share of revenue$34.6M USD$25.3M USD$13.3M USD20.6M sharesFiled · primarysec.gov
Q1 ’2429 Mar 2024$385M USD5.8% share of revenue-$35.1M USD$21.3M USD$13.1M USD20.7M sharesFiled · primarysec.gov
Q2 ’2428 Jun 2024$426M USD7.5% share of revenue——$17.1M USD20.7M sharesFiled · primarysec.gov
Q3 ’2427 Sept 2024$437M USD7.2% share of revenue——$17.9M USD20.8M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$437M USD-8.8% share of revenue$58.3M USD$17.9M USD$16.7M USD20.8M sharesFiled · primarysec.gov
Q1 ’2528 Mar 2025$420M USD6.5% share of revenue$3.2M USD$12.3M USD$15.6M USD20.8M sharesFiled · primarysec.gov
Q2 ’2527 Jun 2025$432M USD8.5% share of revenue——$12.6M USD20.7M sharesFiled · primarysec.gov
Q3 ’2526 Sept 2025$445M USD7.9% share of revenue——$16.4M USD20.7M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$490M USD2.2% share of revenue——$13.7M USD20.7M sharesFiled · primarysec.gov
Q1 ’263 Apr 2026$550M USD5.1% share of revenue-$19.6M USD$15.3M USD$16.2M USD20.8M sharesFiled · primarysec.gov
Q2 ’263 Jul 2026$614M USD8.4% share of revenue——$20.0M USD20.8M sharesFiled · primarysec.gov

Materion’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$614M+42% vs Q2 ’25

Q2 ’26 · as of Jul 2026

Revenue Q3 ’23: $403M, as of Sep 2023Revenue Q4 ’23: $421M, as of Dec 2023Revenue Q1 ’24: $385M, as of Mar 2024Revenue Q2 ’24: $426M, as of Jun 2024Revenue Q3 ’24: $437M, as of Sep 2024Revenue Q4 ’24: $437M, as of Dec 2024Revenue Q1 ’25: $420M, as of Mar 2025Revenue Q2 ’25: $432M, as of Jun 2025Revenue Q3 ’25: $445M, as of Sep 2025Revenue Q4 ’25: $490M, as of Dec 2025Revenue Q1 ’26: $550M, as of Apr 2026Revenue Q2 ’26: $614M, as of Jul 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
8.4%-0.1 pts vs Q2 ’25

Q2 ’26 · as of Jul 2026

Operating margin Q3 ’23: 9.1%, as of Sep 2023Operating margin Q4 ’23: 6.6%, as of Dec 2023Operating margin Q1 ’24: 5.8%, as of Mar 2024Operating margin Q2 ’24: 7.5%, as of Jun 2024Operating margin Q3 ’24: 7.2%, as of Sep 2024Operating margin Q4 ’24: -8.8%, as of Dec 2024Operating margin Q1 ’25: 6.5%, as of Mar 2025Operating margin Q2 ’25: 8.5%, as of Jun 2025Operating margin Q3 ’25: 7.9%, as of Sep 2025Operating margin Q4 ’25: 2.2%, as of Dec 2025Operating margin Q1 ’26: 5.1%, as of Apr 2026Operating margin Q2 ’26: 8.4%, as of Jul 2026
Free cash flow · annualFY21 – FY25
$19.2M

FY24 · as of Dec 2024

Free cash flow FY21: -$12.7M, as of Dec 2021Free cash flow FY22: $38.4M, as of Dec 2022Free cash flow FY23: $33.9M, as of Dec 2023Free cash flow FY24: $19.2M, as of Dec 2024

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$20.0Mdebt $442M

Q2 ’26 · as of Jul 2026

Cash Q3 ’23: $16.4M, as of Sep 2023Cash Q4 ’23: $13.3M, as of Dec 2023Cash Q1 ’24: $13.1M, as of Mar 2024Cash Q2 ’24: $17.1M, as of Jun 2024Cash Q3 ’24: $17.9M, as of Sep 2024Cash Q4 ’24: $16.7M, as of Dec 2024Cash Q1 ’25: $15.6M, as of Mar 2025Cash Q2 ’25: $12.6M, as of Jun 2025Cash Q3 ’25: $16.4M, as of Sep 2025Cash Q4 ’25: $13.7M, as of Dec 2025Cash Q1 ’26: $16.2M, as of Apr 2026Cash Q2 ’26: $20.0M, as of Jul 2026Debt Q3 ’23: $422M, as of Sep 2023Debt Q4 ’23: $429M, as of Dec 2023Debt Q1 ’24: $478M, as of Mar 2024Debt Q4 ’24: $444M, as of Dec 2024Debt Q1 ’25: $453M, as of Mar 2025Debt Q2 ’25: $428M, as of Jun 2025Debt Q3 ’25: $459M, as of Sep 2025Debt Q4 ’25: $461M, as of Dec 2025Debt Q1 ’26: $492M, as of Apr 2026Debt Q2 ’26: $442M, as of Jul 2026

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
20.8M+0.9% since Q3 ’23

Q2 ’26 · as of Jul 2026

Shares outstanding Q3 ’23: 20.6M, as of Sep 2023Shares outstanding Q4 ’23: 20.6M, as of Dec 2023Shares outstanding Q1 ’24: 20.7M, as of Mar 2024Shares outstanding Q2 ’24: 20.7M, as of Jun 2024Shares outstanding Q3 ’24: 20.8M, as of Sep 2024Shares outstanding Q4 ’24: 20.8M, as of Dec 2024Shares outstanding Q1 ’25: 20.8M, as of Mar 2025Shares outstanding Q2 ’25: 20.7M, as of Jun 2025Shares outstanding Q3 ’25: 20.7M, as of Sep 2025Shares outstanding Q4 ’25: 20.7M, as of Dec 2025Shares outstanding Q1 ’26: 20.8M, as of Apr 2026Shares outstanding Q2 ’26: 20.8M, as of Jul 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-22editorial noteSources added: 0 → 2The dossier's cited-link count grew from 0 to 2 (deep-dive-2026-06-18.md → deep-dive-2026-10-22.md).dossier
dossier age
9 days
researched 22 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 14 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 458 words, 10 filing mentions
  2. The dossier: What held, 74 words, 4 filing mentions
Research

The Materion dossier

The verdict

An irreplaceable U.S. beryllium monopoly wrapped in a low-margin pass-through metals business and now priced like a secular-growth compounder (~34x fwd vs 18-20x historical, above every Street target) — the asset is real, the multiple is the bet.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Q2 revenue. Net sales $613.9M against $431.7M a year earlier. Value-added sales $308.2M against $269.0M (+15%; the previous dossier's Q1 value-added growth was +1% ). Every segment grew sales by double digits. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-05, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1104657/000110465726000042/q22026pressrelease.htm; quarter ended 2026-07-03]
  2. Q2 earnings. Operating profit $51.7M (against $36.8M). Net income $38.8M, diluted EPS $1.84 (against $1.21). Adjusted EPS $1.90 (against $1.37). Adjusted EBITDA $71.8M, 23.3% of value-added sales (against $55.8M, 20.8%). The company says the result includes some favourable one-time items. [sec.gov: 8-K filed 2026-08-05, same URL]
  3. Segment EBITDA, Q2. Performance Materials $48.3M on net sales $207.9M; Electronic Materials $27.8M on $375.2M; Precision Optics $6.6M on $30.8M. A year earlier the three segments earned $41.1M, $17.6M and $2.1M. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-05, https://www.sec.gov/Archives/edgar/data/1104657/000110465726000044/mtrn-20260703.htm; quarter ended 2026-07-03]
  4. Guidance raised. FY2026 adjusted EPS outlook is now $6.80-$7.20 (the previous dossier records $6.00-$6.50 reaffirmed at Q1 ). The company now expects mid-teens top-line growth (previously recorded as "low double-digit"). [sec.gov: 8-K filed 2026-08-05, same URL]
  5. Cash flow turned positive. Six-month operating cash flow $70.5M (against $65.4M); Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. $39.0M for six months and $58.7M for the quarter, with about 150% cash conversion in Q2. Q1 operating cash flow was negative $4.3M.. [sec.gov: 10-Q filed 2026-08-05, same URL; 8-K filed 2026-08-05, same URL]
  6. Balance sheet. Cash $20.0M and long-term debt $423.2M (gross debt $424.9M including the current portion) at 2026-07-03, against cash $13.7M and long-term debt $436.3M at 2025-12-31. The revolver balance was $212.1M. The company's own "net debt" definition used in the previous dossier ($473.7M at Q1) is not restated in the filings read, so no Q2 net-debt figure is given. [sec.gov: 10-Q filed 2026-08-05, same URL]
  7. Consigned metal. Off-balance-sheet consigned precious metals, copper and nickel were $505.6M at 2026-07-03 against $526.2M at 2025-12-31. Metal consignment fees were $4.4M in Q2 against $2.5M. [sec.gov: 10-Q filed 2026-08-05, same URL]
  8. Backlog and new business. The company reports record backlog, up about 30% year over year and about 20% since the start of the year, and about $15M of new business with a large commercial space customer. [sec.gov: 8-K filed 2026-08-05, same URL]
  9. Share count. 20,833,725 common shares outstanding at 2026-07-03. [sec.gov: 10-Q filed 2026-08-05, same URL]
  10. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed names the Q2-FY2026 print as a catalyst; it has occurred (items 1-4). The carried bear case says "value-added sales grew +1% YoY, FCF went negative"; Q2 value-added sales grew 15% and six-month free cash flow was positive $39.0M (items 1 and 5). The carried seed names "~$256" as the price at analysis and "$155-$175" as an entry zone; this delta has no price data and states none.

What held

  • Electronic Materials remains the largest segment by net sales, with the precious-metal pass-through effect still visible in net sales against value-added sales. [sec.gov: 8-K filed 2026-08-05, same URL; 10-Q filed 2026-08-05, same URL]
  • Aerospace and defense remains the largest end market in Performance Materials, with $61.5M of Q2 sales in that segment. [sec.gov: 10-Q filed 2026-08-05, same URL]
  • Metals are still carried mainly on consignment. [sec.gov: 10-Q filed 2026-08-05, same URL]

How our view changed

2 dossiers

Every dossier we have written on Materion, newest first.

  1. current

    An irreplaceable U.S. beryllium monopoly wrapped in a low-margin pass-through metals business and now priced like a secular-growth compounder (~34x fw…

  2. An irreplaceable U.S. beryllium monopoly wrapped in a low-margin pass-through metals business and now priced like a secular-growth compounder (~34x fw…

Company details

IndustryCritical Materials
SizePublic Company
WebsiteVisit Materion

Others in critical materials

5 names

Where Materion sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.