3D Systems (NYSE:DDD) - Share price, News & Analysis

Q: What is the Fair Price of DDD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

DDD ($8.53) is trading below our estimate of [[fair value]] ($17.15)

DDD fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	1/6
Past Performance	3/6
Financial Health	3/6
Dividends	0/6

DDD Stock Overview

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.

Rewards

Trading at 50.3% below our estimate of its fair value

Revenue is forecast to grow 7.96% per year

Became profitable this year

Trading at good value vs. peer average Price-To-Earnings ratio

Trading at good value vs. industry average Price-To-Earnings ratio

Trading below our calculated fair Price-To-Earnings ratio

Risk Analysis

Earnings are forecast to decline by an average of 11.1% per year for the next 3 years

High level of non-cash earnings

Significant insider selling over the past 3 months

Shareholders have been diluted in the past year

3D Systems Competitors

Avid Technology

NasdaqGS:AVID

US$1.1b

Eastman Kodak

NYSE:KODK

US$369.9m

Super Micro Computer

NasdaqGS:SMCI

US$3.0b

Immersion

NasdaqGS:IMMR

US$186.3m

Price History & Performance

Summary of all time highs, changes and price drops for 3D Systems
Historical stock prices
Current Share Price	US$8.53
52 Week High	US$34.97
52 Week Low	US$7.80
Beta	1.43
1 Month Change	-11.61%
3 Month Change	-14.10%
1 Year Change	-67.31%
3 Year Change	9.92%
5 Year Change	-35.13%
Change since IPO	-33.10%

Recent News & Updates

Sep 23

An Intrinsic Calculation For 3D Systems Corporation (NYSE:DDD) Suggests It's 41% Undervalued

Does the September share price for 3D Systems Corporation ( NYSE:DDD ) reflect what it's really worth? Today, we will...

Sep 08

3D Systems sets up new firm to support drug development with bioprinting technologies

3D Systems (NYSE:DDD) said Thursday it formed a new wholly-owned biotechnology firm called Systemic Bio, which will use advanced bioprinting technologies in drug discovery and development, with initial $15M seed investment from DDD. Systemic Bio will leverage DDD's production-level bioprinting technology to create vascularized organ models using biomaterials and human cells for its proprietary organ-on-a-chip platform called h-VIOS. These proprietary organs-on-chips can be used to study drug metabolism and the effects on healthy or diseased tissue. The ability to simulate human response to an experimental drug significantly reduces costs and time required for to bring a new drug to market. It could also eventually reduce or eliminate the need for animal testing. Systemic Bio will likely create a biotech revenue stream for DDD that could approach $100M annually over the next five years.

Shareholder Returns

	DDD	US Machinery	US Market
7D	8.0%	-0.9%	-2.5%
1Y	-67.3%	-18.6%	-23.2%

Return vs Industry: DDD underperformed the US Machinery industry which returned -18.6% over the past year.

Return vs Market: DDD underperformed the US Market which returned -23.2% over the past year.

Price Volatility

Is DDD's price volatile compared to industry and market?
DDD volatility
DDD Average Weekly Movement	8.9%
Machinery Industry Average Movement	5.4%
Market Average Movement	6.8%
10% most volatile stocks in US Market	15.5%
10% least volatile stocks in US Market	2.8%

Stable Share Price: DDD is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: DDD's weekly volatility (9%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1986	1,721	Jeff Graves	https://www.3dsystems.com

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.

3D Systems Fundamentals Summary

How do 3D Systems's earnings and revenue compare to its market cap?
DDD fundamental statistics
Market Cap	US$1.11b
Earnings (TTM)	US$226.70m
Revenue (TTM)	US$580.01m

4.9x

P/E Ratio

1.9x

P/S Ratio

Is DDD overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
DDD income statement (TTM)
Revenue	US$580.01m
Cost of Revenue	US$342.55m
Gross Profit	US$237.47m
Other Expenses	US$10.77m
Earnings	US$226.70m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	1.74
Gross Margin	40.94%
Net Profit Margin	39.08%
Debt/Equity Ratio	57.0%

How did DDD perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is DDD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DDD?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for DDD. This is calculated by dividing DDD's market cap by their current preferred multiple.
What is DDD's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$1.11b

DDD key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.7x
Enterprise Value/EBITDA	-23.4x
PEG Ratio	-0.4x

Price to Earnings Ratio vs Peers

How does DDD's PE Ratio compare to its peers?

DDD PE Ratio vs Peers

The above table shows the PE ratio for DDD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	29.1x
AVID Avid Technology	22.2x	17.3%	US$1.1b
KODK Eastman Kodak	61.7x	n/a	US$369.9m
SMCI Super Micro Computer	10.5x	17.6%	US$3.0b
IMMR Immersion	22.3x	20.2%	US$186.3m
DDD 3D Systems	4.9x	-11.1%	US$1.0b

Price-To-Earnings vs Peers: DDD is good value based on its Price-To-Earnings Ratio (4.9x) compared to the peer average (28.7x).

Price to Earnings Ratio vs Industry

How does DDD's PE Ratio compare vs other companies in the US Machinery Industry?

Price-To-Earnings vs Industry: DDD is good value based on its Price-To-Earnings Ratio (4.9x) compared to the US Machinery industry average (18.3x)

Price to Earnings Ratio vs Fair Ratio

What is DDD's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DDD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	4.9x
Fair PE Ratio	12.2x

Price-To-Earnings vs Fair Ratio: DDD is good value based on its Price-To-Earnings Ratio (4.9x) compared to the estimated Fair Price-To-Earnings Ratio (12.1x).

Share Price vs Fair Value

What is the Fair Price of DDD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DDD ($8.53) is trading below our estimate of fair value ($17.15)

Significantly Below Fair Value: DDD is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Future Growth

How is 3D Systems forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-11.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: DDD's earnings are forecast to decline over the next 3 years (-11.1% per year).

Earnings vs Market: DDD's earnings are forecast to decline over the next 3 years (-11.1% per year).

High Growth Earnings: DDD's earnings are forecast to decline over the next 3 years.

Revenue vs Market: DDD's revenue (8% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: DDD's revenue (8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: DDD's Return on Equity is forecast to be low in 3 years time (3.1%).

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Past Performance

How has 3D Systems performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

48.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: DDD has a high level of non-cash earnings.

Growing Profit Margin: DDD became profitable in the past.

Past Earnings Growth Analysis

Earnings Trend: DDD has become profitable over the past 5 years, growing earnings by 48.5% per year.

Accelerating Growth: DDD has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: DDD has become profitable in the last year, making it difficult to compare its past year earnings growth to the Machinery industry (9.8%).

Return on Equity

High ROE: DDD's Return on Equity (28.8%) is considered high.

Discover strong past performing companies

Financial Health

How is 3D Systems's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: DDD's short term assets ($895.8M) exceed its short term liabilities ($162.4M).

Long Term Liabilities: DDD's short term assets ($895.8M) exceed its long term liabilities ($533.8M).

Debt to Equity History and Analysis

Debt Level: DDD has more cash than its total debt.

Reducing Debt: DDD's debt to equity ratio has increased from 0% to 57% over the past 5 years.

Debt Coverage: DDD's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: Insufficient data to determine if DDD's interest payments on its debt are well covered by EBIT.

Balance Sheet

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Dividend

What is 3D Systems's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

3D Systems Dividend Yield vs Market

How does 3D Systems dividend yield compare to the market?
Segment	Dividend Yield
Company (3D Systems)	n/a
Market Bottom 25% (US)	1.7%
Market Top 25% (US)	4.7%
Industry Average (Machinery)	2.0%
Analyst forecast in 3 Years (3D Systems)	0%

Notable Dividend: Unable to evaluate DDD's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate DDD's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if DDD's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if DDD's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as DDD has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.8yrs

Average management tenure

CEO

Jeff Graves (61 yo)

2.75yrs

Tenure

US$8,574,250

Compensation

Dr. Jeffrey A. Graves, also known as Jeff, Ph D., has been President and Chief Executive Officer of 3D Systems Corporation since May 26, 2020 and its Director since 2020. Dr. Graves served as the President...

CEO Compensation Analysis

Jeff Graves's Compensation vs 3D Systems Earnings

How has Jeff Graves's remuneration changed compared to 3D Systems's earnings?
Date	Total Comp.	Salary	Company Earnings
Jun 30 2022	n/a	n/a	US$227m
Mar 31 2022	n/a	n/a	US$250m
Dec 31 2021	US$9m	US$837k	US$322m
Sep 30 2021	n/a	n/a	US$308m
Jun 30 2021	n/a	n/a	-US$57m
Mar 31 2021	n/a	n/a	-US$85m
Dec 31 2020	US$6m	US$489k	-US$150m

Compensation vs Market: Jeff's total compensation ($USD8.57M) is above average for companies of similar size in the US market ($USD4.14M).

Compensation vs Earnings: Jeff's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: DDD's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

Experienced Board: DDD's board of directors are considered experienced (4.5 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: DDD insiders have only sold shares in the past 3 months.

Recent Insider Transactions

NYSE:DDD Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
09 Sep 22	SellUS$68,076	Andrew Johnson	Individual	6,767	US$10.06
08 Jun 22	SellUS$288,803	Charles Hull	Individual	26,386	US$10.95
26 May 22	BuyUS$106,500	Jim Kever	Individual	10,000	US$10.65
19 May 22	BuyUS$106,481	Jeffrey Graves	Individual	10,141	US$10.50
10 Mar 22	SellUS$74,205	Andrew Johnson	Individual	5,000	US$14.84
09 Mar 22	SellUS$602,738	Jeffrey Graves	Individual	40,837	US$14.76
09 Mar 22	SellUS$180,065	Jagtar Narula	Individual	11,878	US$15.16
08 Mar 22	SellUS$50,640	Claudia Drayton	Individual	3,376	US$15.00
08 Mar 22	SellUS$437,650	Charles Hull	Individual	29,615	US$14.78

Ownership Breakdown

What is the ownership structure of DDD?
Owner Type	Number of Shares	Ownership Percentage
Individual Insiders	3,575,457	2.7%
General Public	38,171,648	29.3%
Institutions	88,534,213	68.0%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4%.

Top Shareholders

Top 25 shareholders own 56.74% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
16.11%	BlackRock, Inc.	20,986,994	$179.0m	5.3%	no data
10.32%	The Vanguard Group, Inc.	13,446,845	$114.7m	-1.04%	no data
3.99%	Invesco Ltd.	5,195,686	$44.3m	-0.28%	0.01%
3.78%	State Street Global Advisors, Inc.	4,920,204	$42.0m	5.52%	no data
2.9%	Nikko Asset Management Co., Ltd.	3,774,974	$32.2m	1.92%	0.01%
2.82%	ARK Investment Management LLC	3,673,560	$31.3m	-5.55%	0.2%
1.94%	Geode Capital Management, LLC	2,526,875	$21.6m	17.19%	no data
1.41%	D. E. Shaw & Co., L.P.	1,835,429	$15.7m	-19.54%	0.03%
1.22%	Legal & General Investment Management Limited	1,587,660	$13.5m	11.81%	no data
1.21%	Vident Investment Advisory, LLC	1,570,870	$13.4m	17.08%	0.3%
1.11%	Dimensional Fund Advisors LP	1,440,906	$12.3m	-15.27%	no data
1.09%	The Clark Estates, Inc.	1,418,614	$12.1m	0%	2.2%
0.99%	Northern Trust Global Investments	1,293,275	$11.0m	-4.8%	no data
0.91%	Renaissance Technologies LLC	1,187,250	$10.1m	3.04%	0.01%
0.88%	Pinnacle Associates, Ltd.	1,143,331	$9.8m	63.2%	0.21%
0.87%	BNY Mellon Asset Management	1,128,093	$9.6m	-8.03%	no data
0.84%	Charles Schwab Investment Management, Inc.	1,088,123	$9.3m	5.58%	no data
0.71%	Norges Bank Investment Management	929,230	$7.9m	0%	no data
0.65%	GO ETF Solutions LLP	853,223	$7.3m	0%	0.1%
0.62%	Morgan Stanley, Investment Banking and Brokerage Investments	810,762	$6.9m	-17.26%	no data
0.62%	Principal Global Investors, LLC	803,629	$6.9m	-6.99%	no data
0.47%	Mizuho Financial Group, Inc., Asset Management Arm	614,710	$5.2m	0.89%	0.02%
0.45%	Invesco Capital Management LLC	586,792	$5.0m	0.13%	no data
0.42%	Columbia Management Investment Advisers, LLC	552,885	$4.7m	-9.9%	no data
0.42%	Jeffrey Graves	549,181	$4.7m	-3.15%	no data

Ticker	Exchange	Primary Security	Security Type	Country	Currency	Listed on
DDD	NYSE (New York Stock Exchange)	Yes	Common Stock	US	USD	Mar 1988
DDD *	BMV (Bolsa Mexicana de Valores)	Yes	Common Stock	MX	MXN	Mar 1988
SYV	XTRA (XETRA Trading Platform)	Yes	Common Stock	DE	EUR	Mar 1988
SYV	DB (Deutsche Boerse AG)	Yes	Common Stock	DE	EUR	Mar 1988
DDD	SWX (SIX Swiss Exchange)	Yes	Common Stock	CH	CHF	Mar 1988
0QYH	LSE (London Stock Exchange)	Yes	Common Stock	GB	USD	Mar 1988
DDD	WBAG (Wiener Boerse AG)	Yes	Common Stock	AT	EUR	Mar 1988
SYV	ETLX (Eurotlx)	Yes	Common Stock	IT	EUR	Mar 1988

Data	Last Updated (UTC time)
Company Analysis	2022/10/03 00:00
End of Day Share Price	2022/10/03 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31