Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 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.
B · Sound & dependable
Forensic grade
Safe
Financial health
10.5
Distress distance
Clean
Earnings quality
3
Forensic signals
58.1
P / E (ttm)
7.9%
ROE
$5.3B
Market cap
0.45%
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, going concern, valuation). 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 B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 10.5, 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, against 7.9% in FY2023, having run between 2.1% and 7.9% across FY2023–FY2025 with no direction held. After-tax operating profit was $121M in FY2023 and $99M in FY2025, with operating income at 8.2% of revenue in FY2023, 2.8% in FY2024 and 6.1% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($1.5B to $1.6B, +2%), so there has been little new capital for that return to be earned on. FY2024's operating profit carried a $73M asset write-down, a $56M goodwill write-off and a $7M restructuring charge that alone took about 5.9 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
$56M
FY2024–FY2024
Goodwill impairments.Took $56M of goodwill writedowns across 1 year (FY2024 ($56M)) — about 952% 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.
0.0%/yr
FY2023–FY2025
Share count.Diluted share count changed 0% over the last 2 years to FY2025 (0.0%/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 (2yr)+3.6%
Net Margin4.2%
Free Cash Flow$50.0M
Return on Equity7.9%
Debt / Equity0.53x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Materion Corp's actual 10-K/10-Q/8-K filings?