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1. Company Snapshot

1.a. Company Description

3D Systems Corporation, through its subsidiaries, provides 3D printing and digital manufacturing solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.The company offers 3D printers, such as stereolithography, selective laser sintering, direct metal printing, multi jet printing, color jet printing, and extrusion and SLA based bioprinting that transform digital data input generated by 3D design software, computer aided design (CAD) software, or other 3D design tools into printed parts.It also develops, blends, and markets various print materials, such as plastic, nylon, metal, composite, elastomeric, wax, polymeric dental, and bio-compatible materials.


In addition, the company provides digital design tools, including software, scanners, and haptic devices, as well as solutions for product design, simulation, mold and die design, 3D scan-to-print, reverse engineering, production machining, metrology, and inspection and manufacturing workflows under the Geomagic brand.Further, it offers 3D Sprint and 3DXpert, a proprietary software to prepare and optimize CAD data and manage the additive manufacturing processes, which provides automated support building and placement, build platform management, print simulation, and print queue management; and Bioprint Pro, a software solution that allows researchers to design and bioprint repeatable experiments.Additionally, the company provides maintenance and training services; manufacturing services; and software and precision healthcare services.


It primarily serves companies and small and midsize businesses in medical, dental, automotive, aerospace, durable good, government, defense, technology, jewelry, electronic, education, consumer good, energy, biotechnology, and other industries through direct sales force, channel partners, and appointed distributors.3D Systems Corporation was founded in 1986 and is headquartered in Rock Hill, South Carolina.

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1.b. Last Insights on DDD

The recent performance of 3D Systems Corporation was negatively impacted by a series of events. The company's Q4 earnings and revenue missed estimates, with weaker Healthcare Solutions revenues and accounting changes contributing to the shortfall. Additionally, the company reported a quarterly loss of $0.19 per share, exceeding the Zacks Consensus Estimate of a loss of $0.11. Furthermore, multiple law firms have initiated investigations into possible securities law violations, citing concerns over the company's financial reporting.

1.c. Company Highlights

2. 3D Systems' Q3 2025 Earnings: A Step Towards Recovery

3D Systems reported a revenue of $91.2 million for Q3 2025, down 13.8% year-over-year, primarily due to softness in consumer-facing end markets. The non-GAAP gross margin was 33%, compared to 38% in the prior year, while the non-GAAP loss per share was $0.08, an improvement from $0.12 in the prior year. The actual EPS came out at -$0.08, beating estimates of -$0.09. Adjusted EBITDA for Q3 was negative $10.8 million, a $3.5 million improvement from the prior year.

Publication Date: Nov -30

📋 Highlights
  • Revenue Decline:: Q3 2025 revenue fell to $91.2M (-13.8% YoY) due to weaker consumer markets, with Q4 expected to lose $1.2M revenue and $1M gross margin from asset sales (Oqton, 3DXpert).
  • Cost Optimization:: Non-GAAP operating expenses dropped 24% YoY, and adjusted EBITDA improved to -$10.8M (+$3.5M YoY), despite a $18M GAAP net loss (vs. -$1.35/share prior year).
  • Industrial Innovation:: Launched MJP 300W Plus, boosting productivity by 30% and reducing waste by 20%, alongside NextDent Jetted Denture Solution targeting a $1B U.S./Europe market.
  • MedTech Expansion:: Advanced biocompatible PEEK materials for custom medical printing and new applications in aerospace/military via Saudi Electric and Lockheed Martin partnerships.

Operational Highlights

The company has taken significant steps to adjust its cost structure, including the sale of Oqton and 3DXpert, which is expected to impact Q4 results. 3D Systems remains focused on its core assets, investing in metal and polymer printing technology, with an emphasis on R&D activities. The company introduced new products, such as the MJP 300W Plus and the NextDent Jetted Denture Solution, which are expected to drive growth and profitability.

Segment Performance

In the Industrial segment, 3D Systems saw improvements in productivity and waste reduction with its new jetting technology. The MedTech segment continues to build on its market-leading position with new applications, materials, and printing technologies, including the use of printed medical-grade PEEK materials. The company's Saudi Arabian Growth Initiative has also seen significant milestones, including partnerships with the Saudi Electric Company and Lockheed Martin.

Valuation Metrics

With a P/S Ratio of 0.68 and an EV/EBITDA of 5.39, the company's valuation appears reasonable. However, the negative ROIC of -11.08% and a Net Debt / EBITDA of -0.85 indicate that the company still has challenges to overcome. Analysts estimate next year's revenue growth at 1.3%, indicating a slow recovery.

Future Outlook

Phyllis Nordstrom, Interim CFO, mentioned that the company expects continued reductions in expenses through the end of the year and is targeting fourth-quarter operating expenses to be marginally below the current quarter. The company's cost savings initiatives will be aligned with its strategic priorities for 2026, focusing on products and markets with the greatest growth and profitability potential. With a strong pipeline of new products and a focus on dentistry, 3D Systems is poised for a gradual recovery.

3. NewsRoom

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3D Systems Transforming Manufacturing with Introduction of Next-generation Stereolithography Solutions at Formnext 2025

Nov -11

Source: globenewswire.com

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3D Systems' Posts Narrower Loss in Q3 Earnings, Revenues Down Y/Y

Nov -06

Source: zacks.com

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3D Systems Corporation (DDD) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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3D Systems (DDD) Reports Q3 Loss, Lags Revenue Estimates

Nov -05

Source: zacks.com

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3D Systems Reports Third Quarter 2025 Financial Results

Nov -04

Source: globenewswire.com

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DDD Partners LLC Reduces Holdings in Meta Platforms, Inc. $META

Nov -04

Source: defenseworld.net

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3D Systems Announces Date of Third Quarter 2025 Financial Results

Oct -30

Source: globenewswire.com

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Broadcom Inc. $AVGO is DDD Partners LLC’s 6th Largest Position

Oct -30

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Industrial

Expected Growth: 3%

The Industrial segment of 3D Systems Corporation is driven by increasing adoption of additive manufacturing in aerospace, automotive, and healthcare industries. Growing demand for rapid prototyping, production of complex parts, and reduced lead times are key growth drivers. Additionally, the company's expanding portfolio of industrial-grade 3D printing solutions and strategic partnerships are contributing to its growth.

Healthcare

Expected Growth: 3%

The 3% growth in Healthcare from 3D Systems Corporation is driven by increasing demand for personalized medicine, advancements in bioprinting, and rising adoption of 3D printing in medical devices, surgical models, and patient-specific implants, as well as expansion into new markets and strategic partnerships.

7. Detailed Products

Stereolithography (SLA) Printers

High-precision 3D printing technology for creating accurate and detailed models

Selective Laser Sintering (SLS) Printers

Powder-based 3D printing technology for creating strong and durable parts

Digital Light Processing (DLP) Printers

High-resolution 3D printing technology for creating detailed and accurate models

Fused Deposition Modeling (FDM) Printers

Material extrusion-based 3D printing technology for creating functional parts and prototypes

Direct Metal Printing (DMP) Printers

Metal 3D printing technology for creating complex and functional metal parts

Geomagic Software

3D scanning and design software for creating and editing 3D models

On Demand Manufacturing Services

Rapid prototyping and production services for creating custom parts and products

Dental and Healthcare Solutions

Customized 3D printing solutions for dental and healthcare industries

8. 3D Systems Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for 3D Systems Corporation is moderate due to the presence of alternative technologies such as CNC machining and casting. However, the unique benefits of 3D printing, such as rapid prototyping and complex geometries, reduce the likelihood of substitution.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of 3D printing technology and the lack of alternative suppliers. Customers are often dependent on 3D Systems Corporation for their specific needs.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers of raw materials and components. However, the specialized nature of some components, such as print heads and lasers, gives suppliers some bargaining power.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for 3D printing technology and the relatively low barriers to entry. New companies can enter the market with innovative technologies and disrupt the industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the market, including Stratasys and ExOne. The market is highly competitive, with companies competing on factors such as price, quality, and innovation.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 44.03%
Debt Cost 11.51%
Equity Weight 55.97%
Equity Cost 13.06%
WACC 12.38%
Leverage 78.68%

11. Quality Control: 3D Systems Corporation passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Quantum

A-Score: 4.4/10

Value: 10.0

Growth: 1.0

Quality: 5.8

Yield: 0.0

Momentum: 9.5

Volatility: 0.3

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Identiv

A-Score: 4.4/10

Value: 8.4

Growth: 3.6

Quality: 6.3

Yield: 0.0

Momentum: 4.5

Volatility: 3.7

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Stratasys

A-Score: 4.3/10

Value: 8.6

Growth: 2.3

Quality: 3.5

Yield: 0.0

Momentum: 8.5

Volatility: 3.0

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One Stop Systems

A-Score: 3.9/10

Value: 7.4

Growth: 0.6

Quality: 4.2

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

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Strong Global Entertainment

A-Score: 3.4/10

Value: 6.6

Growth: 2.6

Quality: 6.3

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

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3D Systems

A-Score: 3.0/10

Value: 8.4

Growth: 0.7

Quality: 3.8

Yield: 0.0

Momentum: 4.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.23$

Current Price

2.23$

Potential

-0.00%

Expected Cash-Flows