MATERION CorpMTRN
MATERION Corp Segments Disclosure
Segment Reporting and Geographic Information
The Company has the following operating segments: Performance Materials, Electronic Materials, Precision Optics, and Other. The Company’s operating segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer, the Company's Chief Operating Decision Maker (CODM), in determining how to allocate the Company’s resources and evaluate performance. The segments are determined based on several factors, including the availability of discrete financial information and the Company’s organizational and management structure.
Performance Materials provides advanced engineered solutions comprised of beryllium and non-beryllium containing alloy systems and custom engineered parts in strip, bulk, rod, plate, bar, tube, and other customized shapes.
Electronic Materials produces advanced chemicals, microelectronics packaging, precious metal, non-precious metal, and specialty metal products, including vapor deposition targets, frame lid assemblies, clad and precious metal preforms, and high temperature braze materials.
Precision Optics produces thin film coatings, optical filter materials, sputter-coated, and precision-converted thin film materials.
The Other reportable segment includes unallocated corporate costs and assets.
The primary measure used by the CODM in evaluating segment performance is EBITDA. The table below presents financial information for each segment and a reconciliation of EBITDA to Net Income (the most directly comparable GAAP financial measure) for 2025, 2024 and 2023:
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||
| Performance Materials | Electronic Materials | Precision Optics | Other | Consolidated | ||||||||||||||||||||||||||||
Net sales (1) | $ | 675,871 | $ | 1,009,965 | $ | 100,714 | $ | — | $ | 1,786,550 | ||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||
| Cost of sales | 516,892 | 888,713 | 72,085 | 234 | 1,477,924 | |||||||||||||||||||||||||||
| Selling, general and administrative expense | 54,551 | 42,083 | 18,998 | 27,425 | 143,057 | |||||||||||||||||||||||||||
Other segment items (2) | 17,407 | 25,595 | 11,306 | (972) | 53,336 | |||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||
| Segment depreciation, depletion and amortization | 40,142 | 17,563 | 9,373 | 1,996 | 69,074 | |||||||||||||||||||||||||||
| Segment EBITDA | $ | 127,163 | $ | 71,137 | $ | 7,698 | $ | (24,691) | $ | 181,307 | ||||||||||||||||||||||
| Income tax expense | 6,718 | |||||||||||||||||||||||||||||||
| Interest expense - net | 30,692 | |||||||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 69,074 | |||||||||||||||||||||||||||||||
| Net Income | $ | 74,823 | ||||||||||||||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||
| Performance Materials | Electronic Materials | Precision Optics | Other | Consolidated | ||||||||||||||||||||||||||||
Net sales (1) | $ | 744,503 | $ | 845,746 | $ | 94,490 | $ | — | $ | 1,684,739 | ||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||
| Cost of sales | 541,346 | 746,187 | 71,199 | 22 | 1,358,754 | |||||||||||||||||||||||||||
| Selling, general and administrative expense | 57,368 | 40,623 | 20,662 | 26,935 | 145,588 | |||||||||||||||||||||||||||
| Goodwill impairment | — | — | 56,067 | — | 56,067 | |||||||||||||||||||||||||||
| Long-lived asset impairment | — | — | 17,134 | — | 17,134 | |||||||||||||||||||||||||||
| Loss on asset disposal | — | 6,412 | — | — | 6,412 | |||||||||||||||||||||||||||
Other segment items (2) | 14,192 | 23,125 | 13,742 | 59 | 51,118 | |||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||
| Segment depreciation, depletion and amortization | 37,679 | 18,044 | 11,017 | 1,936 | 68,676 | |||||||||||||||||||||||||||
| Segment EBITDA | $ | 169,276 | $ | 47,443 | $ | (73,297) | $ | (25,080) | $ | 118,342 | ||||||||||||||||||||||
| Income tax expense | 9,014 | |||||||||||||||||||||||||||||||
| Interest expense - net | 34,764 | |||||||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 68,676 | |||||||||||||||||||||||||||||||
| Net Income | $ | 5,888 | ||||||||||||||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Performance Materials | Electronic Materials | Precision Optics | Other | Consolidated | ||||||||||||||||||||||||||||
Net sales (1) | $ | 755,547 | $ | 805,751 | $ | 103,889 | $ | — | $ | 1,665,187 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Cost of sales | 539,007 | 705,301 | 71,804 | 33 | 1,316,145 | |||||||||||||||||||||||||||
Selling, general and administrative expense | 59,624 | 45,346 | 20,510 | 32,431 | 157,911 | |||||||||||||||||||||||||||
Other segment items (2) | 13,592 | 26,397 | 12,999 | (1,011) | 51,977 | |||||||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Segment depreciation, depletion and amortization | 31,147 | 17,040 | 11,284 | 2,173 | 61,644 | |||||||||||||||||||||||||||
Segment EBITDA | $ | 174,471 | $ | 45,747 | $ | 9,860 | $ | (29,280) | $ | 200,798 | ||||||||||||||||||||||
| Income tax expense | 12,129 | |||||||||||||||||||||||||||||||
| Interest expense - net | 31,323 | |||||||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 61,644 | |||||||||||||||||||||||||||||||
Net Income | $ | 95,702 | ||||||||||||||||||||||||||||||
(1) Excludes inter-segment sales of $8.7 million, $5.9 million and $9.2 million for Electronic Materials for 2025, 2024 and 2023, respectively. Inter-segment sales for Performance Materials were less than $0.1 million in 2025, 2024 and 2023. Inter-segment sales are eliminated in consolidation.
(2) Other segment items for each reportable segment include:
•Research and development expense
•Restructuring expense
•Other operating expense - primarily comprised of metal consignment fees, intangible amortization and foreign currency (gains)/losses as further detailed in Note F
•Non-operating expenses primarily related to pension costs
Other geographic information includes the following:
| (Thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Net sales | ||||||||||||||||||||
| United States | $ | 579,164 | $ | 720,449 | $ | 815,408 | ||||||||||||||
| Asia | 576,517 | 508,332 | 406,123 | |||||||||||||||||
| Europe | 570,584 | 431,315 | 422,018 | |||||||||||||||||
| All other | 60,285 | 24,643 | 21,638 | |||||||||||||||||
| Total | $ | 1,786,550 | $ | 1,684,739 | $ | 1,665,187 | ||||||||||||||
| Property, plant, and equipment, net by country deployed | ||||||||||||||||||||
| United States | $ | 465,604 | $ | 444,751 | $ | 435,296 | ||||||||||||||
| All other | 69,854 | 66,054 | 79,387 | |||||||||||||||||
| Total | $ | 535,458 | $ | 510,805 | $ | 514,683 | ||||||||||||||
International sales include sales from international operations and direct exports from our U.S. operations. No individual country, other than the United States, accounted for 10% or more of the Company’s net sales for the years presented.
In fiscal 2025, no customers accounted for more than 10 percent of our net sales. In fiscal 2024 and 2023, one customer in our Performance Materials segment accounted for approximately ten percent of our net sales.
No individual country other than the United States accounted for 10% or more of the Company's net property, plant and equipment as of December 31, 2025 or December 31, 2024.
The CODM does not regularly review segment assets to make decisions regarding the allocation of resources, and, as such the Company has not included assets for each reportable segment.
The following table disaggregates revenue for each segment by end market for 2025, 2024 and 2023:
| (Thousands) | Performance Materials | Electronic Materials | Precision Optics | Other | Total | |||||||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||||||||
| End Market | ||||||||||||||||||||||||||||||||
| Semiconductor | $ | 10,964 | $ | 852,790 | $ | 3,893 | $ | — | $ | 867,647 | ||||||||||||||||||||||
| Industrial | 127,724 | 38,397 | 26,201 | — | 192,322 | |||||||||||||||||||||||||||
| Aerospace and Defense | 174,783 | 8,535 | 30,502 | — | 213,820 | |||||||||||||||||||||||||||
| Consumer Electronics | 150,275 | 4,489 | 14,090 | — | 168,854 | |||||||||||||||||||||||||||
| Automotive | 66,740 | 4,075 | 6,146 | — | 76,961 | |||||||||||||||||||||||||||
| Energy | 56,147 | 67,578 | — | — | 123,725 | |||||||||||||||||||||||||||
| Life Sciences | 9,405 | 18,523 | 18,855 | — | 46,783 | |||||||||||||||||||||||||||
| Other | 79,833 | 15,578 | 1,027 | — | 96,438 | |||||||||||||||||||||||||||
| Total | $ | 675,871 | $ | 1,009,965 | $ | 100,714 | $ | — | $ | 1,786,550 | ||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||
| End Market | ||||||||||||||||||||||||||||||||
| Semiconductor | $ | 8,342 | $ | 705,625 | $ | 2,794 | $ | — | $ | 716,761 | ||||||||||||||||||||||
| Industrial | 127,743 | 33,521 | 25,439 | — | 186,703 | |||||||||||||||||||||||||||
| Aerospace and Defense | 192,074 | 5,240 | 22,643 | — | 219,957 | |||||||||||||||||||||||||||
| Consumer Electronics | 227,595 | 397 | 14,635 | — | 242,627 | |||||||||||||||||||||||||||
| Automotive | 71,471 | 6,668 | 6,740 | — | 84,879 | |||||||||||||||||||||||||||
| Energy | 41,649 | 68,830 | — | — | 110,479 | |||||||||||||||||||||||||||
| Life Sciences | 10,243 | 17,937 | 21,886 | — | 50,066 | |||||||||||||||||||||||||||
| Other | 65,386 | 7,528 | 353 | — | 73,267 | |||||||||||||||||||||||||||
| Total | $ | 744,503 | $ | 845,746 | $ | 94,490 | $ | — | $ | 1,684,739 | ||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||
| End Market | ||||||||||||||||||||||||||||||||
| Semiconductor | $ | 13,734 | $ | 645,113 | $ | 2,529 | $ | — | $ | 661,376 | ||||||||||||||||||||||
| Industrial | 147,321 | 33,915 | 29,277 | — | 210,513 | |||||||||||||||||||||||||||
| Aerospace and Defense | 144,708 | 6,198 | 25,039 | — | 175,945 | |||||||||||||||||||||||||||
| Consumer Electronics | 220,898 | 944 | 15,296 | — | 237,138 | |||||||||||||||||||||||||||
| Automotive | 85,178 | 6,653 | 9,189 | — | 101,020 | |||||||||||||||||||||||||||
| Energy | 49,055 | 91,140 | — | — | 140,195 | |||||||||||||||||||||||||||
| Life Sciences | 8,798 | 15,265 | 22,199 | — | 46,262 | |||||||||||||||||||||||||||
| Other | 85,855 | 6,523 | 360 | — | 92,738 | |||||||||||||||||||||||||||
| Total | $ | 755,547 | $ | 805,751 | $ | 103,889 | $ | — | $ | 1,665,187 | ||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.