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what it is
Stratasys sells industrial 3D printers, materials, and services that companies use to design parts and make some of them at scale.
how it gets paid
Last year Stratasys made $551M in revenue. manufacturing-related applications was the main engine at $206.6M, or 38% of sales.
why growth slowed
Revenue fell 3.7% last year. Gross margin was 41.0%. The quarter showed cost discipline.
what just happened
Latest quarter revenue was $137M, down 2% vs. prior year, while EPS landed at -$0.65.
At a glance
C++ balance sheet — some cracks in the foundation
30/100 earnings predictability — expect surprises
42.9x trailing p/e — you're paying up for this one
3.0% return on capital — nothing to write home about
xvary composite: 32/100 — weak
What they do
Stratasys sells industrial 3D printers, materials, and services that companies use to design parts and make some of them at scale.
Stratasys wins when your printer stops being a prototype toy and starts living on your factory floor. In 2025, manufacturing-related revenue reached 37.5% of sales, the highest mix on record. That means more customers use Stratasys in real production, where switching costs (changing equipment and workflows) hurt more, so what: leaving gets expensive.
How they make money
$551M
annual revenue · their business grew -3.7% last year
manufacturing-related applications
$206.6M
up
prototype and design applications
$188.4M
down
materials and consumables
$96.4M
flat
services and support
$59.6M
flat
The products that matter
polymer printers, software, and materials
Industrial 3D Printing Systems
$551M annual revenue
it's the whole company today: $551M in sales, down 4% from last year, with only a 2.9% net margin left after the bills are paid.
entire business
certified aerospace production parts
Flight-certified applications
200,000+ parts in service
the airbus partnership has now cleared 200,000 certified parts in active service. that's a real validation signal in an industry that does not hand out approvals for fun.
credibility
industrial tooling and manufacturing workflow
Automotive and post-processing ecosystem
new partnerships in 2026
subaru adopted the f770 printer to cut tooling development time by more than half, and the january post-processing program is meant to make the workflow stickier. useful signs, but still not large enough to solve the whole growth problem.
catalyst watch
Key numbers
37.5%
factory-use mix
Manufacturing-related revenue was 37.5% of 2025 sales, so more of your revenue dollar came from real production work, not one-off prototypes.
$104M
net loss
The company still lost $104M in 2025, which means the business model has not earned the turnaround headline yet.
13.2%
operating margin
Operating margin means profit after running the business. At -13.2%, Stratasys still loses money before you even get cute with valuation.
$551M
annual revenue
Revenue fell 3.7% to $551M, so the first job is boring and unavoidable: stop shrinking.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- net profit margin 4.4% — keeps 4 cents of every dollar in revenue
- return on equity 3% — $0.03 profit for every $1 investors have put in
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
You invested $10,000 in SSYS 3 years ago → it's now worth $6,130.
The index would have given you $14,540.
source: institutional data · total return
What just happened
beat estimates
Latest quarter revenue was $137M, down 2% vs. prior year, while EPS landed at -$0.65.
Gross margin was 41.0%. The quarter showed cost discipline, but not the clean top-line turn investors want before paying up for 2026 earnings.
$137M
revenue
-$0.65
eps
41.0%
gross margin
the number that mattered
The number that mattered was $137M of revenue, because a turnaround story with shrinking sales is still just a story.
-
stratasys turned in a mixed performance in 2025.
-
the company recorded net losses of $104 million, an improvement of 15% compared to $120 million in the prior year, while sales of $551 million declined 4% from a year ago.
-
the bottom-line performance was bolstered by record manufacturing-related revenue, which grew to 37.5% of total sales, up from just 25% in 2020.stratasys also ended the year with a fortified balance sheet, holding nearly $250 million in cash and short-term deposits against zero debt. operationally, the company is accelerating its transition into flightgrade and industrial production. management recently celebrated a major milestone in its airbus partnership, confirming that over 200,000 stratasys-certified parts are now in active service across the airbus fleet. expansion in the automotive sector has also been a key theme, with subaru of america implementing the f770 printer to reduce tooling development time by over half. additionally, to streamline customer workflows, stratasys also launched a new post processing partnership program in january, integrating automated finishing solutions directly into its additive manufacturing ecosystem.
-
for 2026, stratasys expects a return to top-line growth.
-
full-year revenue is projected to range between $565 million and $575 million, a roughly 3% increase at the midpoint from 2025 levels.management anticipates sequential improvement throughout the year, with the second half expected to be stronger, as new hardware and software launches targeting aerospace and automotive gain traction. however, the company is bracing for approximately $17 million in combined adverse impacts from foreign exchange and tariffs. despite these headwinds, stratasys remains focused on its long-term goal of becoming the first choice for polymer additive manufacturing, leveraging its large installed base and growing recurring consumables revenue to drive sustained bottom-line growth.
source: company earnings report, 2026
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What could go wrong
the top risk is missing the $565M–$575M 2026 revenue target while tariffs and foreign exchange absorb about $17M.
high
growth reset risk
2025 revenue fell 4% to $551M. 2026 guidance calls for $565M–$575M. if the second-half recovery slips, the market goes back to treating this as a no-growth hardware name.
impact: the entire return-to-growth thesis depends on roughly $14M–$24M of incremental revenue showing up.
high
tariff and foreign exchange pressure
management already expects about $17M of combined adverse impact from tariffs and foreign exchange. on a business with a 3.0% operating margin, that is not background noise.
impact: small external hits matter more when operating profit is measured in low single digits.
med
industrial adoption may stay real but slow
200,000+ airbus-certified parts and automotive wins show the technology works. the open question is volume. proof points do not automatically become broad demand.
impact: the mix can improve while total revenue still disappoints.
med
thin profitability leaves little room for execution misses
net margin was 2.9%, return on equity was 2%, and full-year EPS was still -$1.28. when profit is this thin, a few delayed orders or pricing concessions can matter a lot.
impact: the business can stay solvent with nearly $250M in cash and still fail to create meaningful shareholder returns.
$17M of external pressure against a $551M revenue base and 3.0% operating margin tells you the story: this is a small-margin recovery, not a business with much slack.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
2026 revenue landing above $565M
management's midpoint is $570M. anything materially below that means the rebound got pushed out again.
trend
manufacturing mix staying above 37.5%
if more revenue keeps coming from production use cases instead of prototyping, the strategy is still moving in the right direction.
risk
whether the $17M headwind grows
tariffs and foreign exchange are already large enough to matter at a 3.0% operating margin. any increase would hit a business with little buffer.
calendar
second-half 2026 improvement
management expects the back half of the year to be stronger. that's where this story either gets confirmed or starts sounding recycled.
Analyst rankings
short-term outlook
below average
momentum score 4. in human-speak, analysts think near-term performance still looks weaker than most stocks.
risk profile
below average
stability score 4 — more volatile than most names, which fits a small-cap turnaround with uneven profits.
chart momentum
top 5%
technical score 1 is the highest rating. the chart looks better than the fundamentals right now. that gap is the tension.
earnings predictability
30 / 100
low predictability means quarterly results can move around a lot. if you own it, expect fewer straight lines than management slides imply.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 50 buyers vs. 46 sellers in 4q2025. total institutional holdings: 39.8M shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$3
$12
$9
current price
$8
target midpoint · 7% from current · 3-5yr high: $19 (+120% · 22% ann'l return)
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