Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026

Materion Corp (MTRN)

A forensic read on Materion Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

11.3

Distress distance

Clean

Earnings quality

Forensic signals

81.4

P / E (ttm)

7.9%

ROE

$6.0B

Market cap

0.21%

Dividend yield

6.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Materion Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 11.3, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

6.3%

FY2025

Return on invested capital. Return on invested capital is 6.3% in the latest fiscal year and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

$77M

FY2019–FY2024

Goodwill impairments. Took $77M of goodwill writedowns across 3 years (FY2019 ($12M), FY2020 ($9M), FY2024 ($56M)) — about 23% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.

+0.2%/yr

FY2022–FY2025

Share count. Diluted share count changed +1% over the last 3 years to FY2025 (+0.2%/yr). Roughly flat — buybacks ($8M) are about offsetting stock comp ($11M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$1.79B

Revenue Growth YoY+6.0%

Revenue CAGR (3yr)+0.6%

Net Margin4.2%

Free Cash Flow$50.0M

Return on Equity7.9%

Debt / Equity0.53x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.