Materion Corporation

Materion makes specialty materials that end up inside computer chips, aircraft, defense systems, cars and consumer electronics. Its products include beryllium and copper-based alloys, precious and specialty metals, chemicals, ceramics and optical coatings. The company was incorporated in Ohio in 1931 and was once called Brush Engineered Materials. It reported $1.8 billion in net sales for 2025 from about 800 customers, and no single customer topped 10% of sales that year. Margins were thin: operating profit was 6.1% of sales in 2025.

Electronic Materials is the largest segment, at 56.5% of 2025 sales. It makes vapor deposition targets (source material that is vaporized to coat chips with ultra-thin films), lids, precious metal products and advanced chemicals, and it recycles precious metals in-house. Performance Materials, at 37.8%, makes alloys of copper and nickel, with or without beryllium, in strip, rod, plate and custom shapes. It runs the world's largest bertrandite ore mine and refinery, in Utah, which supplies raw material for its beryllium products. Precision Optics, at 5.6%, makes thin-film coatings and optical filters.

By end market, semiconductors made up 48.6% of 2025 sales, aerospace and defense 12%, industrial 10.8% and consumer electronics 9.5%. Sales were split almost evenly by region: the United States 32.4%, Asia 32.3% and Europe 31.9%.

• In Q2 FY2026 (ended Jul 3, 2026), revenue was $613.9M, up 42.2% from a year earlier, and net income was $38.8M (+54.2%).
• For fiscal 2025, revenue was $1.79B (+6.0% year over year; +8.7% a year from FY2020 to FY2025) with a 4.2% net margin.

• Over FY2021–FY2025: $7.8M in buybacks and $53.1M in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +4.1% a year over 5 years (FY2020–FY2025).
• Dividends took 15.4% of earnings and 23% of free cash flow in the latest fiscal year.
• Shares outstanding changed +1.9% from Oct 1, 2021 to Jul 3, 2026.

Rank among 1514 US companies

Market value at each year end

Materion’s market value went from $789.5M at the end of 2016 to $5.03B on Oct 28, 2026, about 6.4 times as much; since the end of 2025 it is up 95%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 12 sales ($9.4M).

Large shareholders (13G filings)

ETFs with the most weight in MTRN

1. Beryllium health risks, lawsuits and regulation. Health concerns, lawsuits or tougher rules on beryllium could reduce demand and limit operations. Its Utah mine and its factories face heavy environmental rules, and future regulation could raise costs or stop beryllium production.
2. Customers may switch to beryllium substitutes. In some uses, Materion competes with titanium, aluminum, other alloys and composites. Customers may switch because substitutes cost less or to avoid beryllium's health and litigation concerns, which would reduce sales.
3. Heavy reliance on the semiconductor cycle. Semiconductors were 48.6% of 2025 sales. Chip demand is cyclical, and because Materion supplies materials early in the chain, customer inventory swings can cut its orders even when end demand holds up.
4. Precious metal costs and inventory losses. Materion uses gold, silver, platinum, palladium and other metals. Price spikes can squeeze results, and its large precious metal inventory is hard to value precisely and exposed to theft or employee error.
5. Defense contracts can be cut or delayed. Aerospace and defense made up 12% of 2025 net sales. Some customers rely on U.S. government contracts that can be canceled at any time, and delays to high-margin defense work can hurt quarterly earnings.
6. Debt with variable interest rates. As of July 3, 2026, debt was $442 million against $20 million of cash. Much of its bank debt has variable rates, so higher rates raise interest costs. Lender conditions (covenants) can limit acquisitions.

• Aug 5, 2026 Quarterly results released
• May 7, 2026 Shareholder vote results
• Apr 29, 2026 Quarterly results released
• Feb 12, 2026 Quarterly results released
• Jan 23, 2026 Quarterly results released
• Dec 11, 2025 Executive or board change
• Oct 29, 2025 Quarterly results released

Materion's dividend is small but steadily rising. Dividends per share rose every year from fiscal 2016 through 2025, at least nine straight increases, and grew from $0.455 in 2020 to $0.555 in 2025, about 4.1% a year. Materion paid out only 15.4% of 2025 earnings and 23% of free cash flow (cash left after capital spending). But the yield, the yearly dividend as a share of price, was just 0.24% as of October 28, 2026. The stock provides little income; returns depend mostly on the share price. Share repurchases totaled $7.8 million over fiscal 2021–2025, and the share count rose 1.9% from October 2021 to July 2026.

Downturns have hit the shares hard. They fell 86.8% in the 2008 financial crisis and did not regain their 2007 high until April 2018. They dropped 47.5% in the 2020 COVID crash and 25.6% in 2022, recovering within about two months each time. Single stocks carry more risk than diversified funds.