3D Systems
DDD on NYSE. 3D Systems sells 3D printers, materials, software, and services to healthcare and industrial manufacturers. Market value $591m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-8.86 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -31 cents a year. Above 10 is good.
Quality score: 24 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.56 a share, 109% above its 1-year low
Over the past year the price has ranged from $1.70 to $4.12.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $52 million in the past 12 months, a shortfall of $98 million in the year to December 2025.
| Revenue | |||||
| Revenue | $616m | $538m | $488m | $440m | $387m |
| Operating margin | |||||
| Operating margin | -5.4% | -21.7% | -83.2% | -63.0% | -24.8% |
| Debt to equity | |||||
| Debt to equity | 0.59 | 0.60 | 0.78 | 1.27 | 0.42 |
| Shares outstanding | |||||
| Shares outstanding | 0.13bn | 0.13bn | 0.14bn | 0.13bn | 0.17bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Warning signs
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.42× equity
- Revenue growth, five yearsShrinking, 7.0% a year
- Buying back its own sharesNo, 27% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $95 million last quarter, about the same as a year ago.
- A loss of $13 million, after a profit of $104 million a year ago.
- It loses 16 cents on each $1 of sales, compared with 64 cents a year earlier.
- Over the past 12 months it spent $52 million more cash than it brought in, compared with $83 million a year earlier.
- 18% fewer shares than a year ago. Each share owns a bit more of the company.
- It has $26 million more cash than debt. A year ago debt was $18 million more than cash.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $113m |
| December 2024 | $111m |
| March 2025 | $95m |
| June 2025 | $95m |
| September 2025 | $91m |
| December 2025 | $106m |
| March 2026 | $96m |
| June 2026 | $95m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$179m |
| December 2024 | -$34m |
| March 2025 | -$37m |
| June 2025 | $104m |
| September 2025 | -$18m |
| December 2025 | -$20m |
| March 2026 | -$4m |
| June 2026 | -$13m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
None of the long-term investors we follow own it. 211 funds in all.
Largest holders overall
- BlackRock$41mAdded
- State Street$40mAdded
- AIGH Capital Management$22mNew
- Vanguard Capital Management$21mAdded
- TWO Sigma Investments, LP$20mAdded
- D. E. Shaw$13mAdded
- Marshall Wace, LLP$12mAdded
- Geode Capital Management$11mAdded
- Needham Investment Management$11mNew
- Goldman Sachs Group$10mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- STATE STREET CORPORATIONPassive investorat least 7.2%(filed with 1 related holder)Since 30 June 2025
- BlackRock, Inc.Passive investor6.6%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 31 December 2025
- BANK OF NOVA SCOTIAPassive investorSold down below 5%Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
STATE STREET CORPORATION Passive investor | at least 7.2% (filed with 1 related holder) | 30 June 2025 | |
BlackRock, Inc. Passive investor | 6.6% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 31 December 2025 | |
BANK OF NOVA SCOTIA Passive investor | Sold down below 5% | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $635,465.
- Nordstrom Phyllis BEVP, CFO and CAOSold
- Date
- 17 September 2026
- Shares
- 30,000
- Price
- $3.58
- Value
- $107,400
- GRAVES JEFFREY APresident and CEO, DirectorSold
- Date
- 17 September 2026
- Shares
- 42,686
- Price
- $3.55
- Value
- $151,535
- GRAVES JEFFREY APresident and CEO, DirectorSold
- Date
- 20 August 2026
- Shares
- 115,500
- Price
- $3.26
- Value
- $376,530
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 September 2026 | Nordstrom Phyllis B EVP, CFO and CAO | Sold | 30,000 | $3.58 | $107,400 |
| 17 September 2026 | GRAVES JEFFREY A President and CEO, Director | Sold | 42,686 | $3.55 | $151,535 |
| 20 August 2026 | GRAVES JEFFREY A President and CEO, Director | Sold | 115,500 | $3.26 | $376,530 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in 3D Systems’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Mar 2026, plus the 10-Q filed 3 Aug 2026 and 7 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on this evaluation, management has concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weaknesses discussed in our 2025 Annual Report on Form 10-K.”
Show the full paragraph
As of June 30, 2026, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) pursuant to Rules 13a-15 and 15d-15 under the Exchange Act. Based on this evaluation, management has concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weaknesses discussed in our 2025 Annual Report on Form 10-K.
From the 10-Q filed 3 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 7.0% a year.
- Its accounts show patterns that sometimes come before companies have to correct past results (Beneish score).
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.