XPEL
XPEL Nasdaq Automotive Parts & Equipment Financials FY2018–FY2025
XPEL's revenue rose 13.3% to $476 million in fiscal 2025. Its operating margin was 13.2%, down from 14.1% a year earlier. Free cash flow was $63 million, up 53.1%. It paid out $3 million in dividends and buybacks, 5% of free cash flow. The diluted share count rose 0.1%.
Revenue
Total sales reported in the income statement.
$476M
13.3%
vs prior year
Operating margin
Operating income as a share of revenue.
13.2%
0.9 pts
Net income
Profit after all expenses, interest and tax.
$51.2M
12.5%
Free cash flow
Cash from operations minus capital spending.
$62.9M
53.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
23.0%
2.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.2B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
21.9x
On $1.97 EPS (TTM)
What XPEL does
No business description yet.
- Legal name
- XPEL, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001767258-26-000014
0001767258
Revenue and margins
XPEL had $476M of revenue in fiscal 2025, up 13.3% on the year before.
FY18
Revenue $110M
FY19
Revenue $130M
FY20
Revenue $159M
FY21
Revenue $259M
FY22
Revenue $324M
FY23
Revenue $396M
FY24
Revenue $420M
FY25
Revenue $476M
Q3 '23
Revenue $103M
Q4 '23
Revenue $106M
Q1 '24
Revenue $90.1M
Q2 '24
Revenue $110M
Q3 '24
Revenue $113M
Q4 '24
Revenue $108M
Q1 '25
Revenue $104M
Q2 '25
Revenue $125M
Q3 '25
Revenue $125M
Q4 '25
Revenue $122M
Q1 '26
Revenue $117M
Q2 '26
Revenue $143M
FY18
Gross 30.4%
Operating 10.7%
Net 7.9%
FCF 4.3%
FY19
Gross 33.5%
Operating 13.2%
Net 10.8%
FCF 7.2%
FY20
Gross 34.0%
Operating 14.7%
Net 11.5%
FCF 10.5%
FY21
Gross 35.8%
Operating 15.5%
Net 12.2%
FCF 4.5%
FY22
Gross 39.4%
Operating 16.7%
Net 12.8%
FCF 1.3%
FY23
Gross 41.0%
Operating 16.9%
Net 13.3%
FCF 7.8%
FY24
Gross 42.2%
Operating 14.1%
Net 10.8%
FCF 9.8%
FY25
Gross 42.2%
Operating 13.2%
Net 10.8%
FCF 13.2%
Gross
Operating
Net
FCF
Q3 '23
Gross 40.5%
Operating 17.2%
Net 13.3%
FCF 9.4%
Q4 '23
Gross 38.8%
Operating 13.5%
Net 11.3%
FCF −2.6%
Q1 '24
Gross 42.0%
Operating 10.2%
Net 7.4%
FCF −7.7%
Q2 '24
Gross 43.6%
Operating 17.5%
Net 13.7%
FCF 22.8%
Q3 '24
Gross 42.5%
Operating 16.3%
Net 13.2%
FCF 16.2%
Q4 '24
Gross 40.6%
Operating 11.5%
Net 8.3%
FCF 4.4%
Q1 '25
Gross 42.3%
Operating 10.7%
Net 8.3%
FCF 2.1%
Q2 '25
Gross 42.9%
Operating 15.5%
Net 13.1%
FCF 21.6%
Q3 '25
Gross 41.8%
Operating 13.4%
Net 10.3%
FCF 25.7%
Q4 '25
Gross 41.9%
Operating 12.7%
Net 11.0%
FCF 1.3%
Q1 '26
Gross 43.7%
Operating 11.1%
Net 8.8%
FCF −2.0%
Q2 '26
Gross 44.1%
Operating 16.2%
Net 12.6%
FCF −24.0%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2018 to 2025, diluted EPS grew 28.5% a year. Loss periods are shown in red.
FY18
Net income $8.7M
FY19
Net income $14.0M
FY20
Net income $18.3M
FY21
Net income $31.6M
FY22
Net income $41.4M
FY23
Net income $52.8M
FY24
Net income $45.5M
FY25
Net income $51.2M
Q3 '23
Net income $13.7M
Q4 '23
Net income $12.0M
Q1 '24
Net income $6.7M
Q2 '24
Net income $15.0M
Q3 '24
Net income $14.9M
Q4 '24
Net income $8.9M
Q1 '25
Net income $8.6M
Q2 '25
Net income $16.3M
Q3 '25
Net income $12.9M
Q4 '25
Net income $13.4M
Q1 '26
Net income $10.3M
Q2 '26
Net income $18.0M
FY18
Diluted EPS $0.32
FY19
Diluted EPS $0.51
FY20
Diluted EPS $0.66
FY21
Diluted EPS $1.14
FY22
Diluted EPS $1.50
FY23
Diluted EPS $1.91
FY24
Diluted EPS $1.65
FY25
Diluted EPS $1.85
Q3 '23
Diluted EPS $0.49
Q4 '23
Diluted EPS $0.43
Q1 '24
Diluted EPS $0.24
Q2 '24
Diluted EPS $0.54
Q3 '24
Diluted EPS $0.54
Q4 '24
Diluted EPS $0.33
Q1 '25
Diluted EPS $0.31
Q2 '25
Diluted EPS $0.59
Q3 '25
Diluted EPS $0.47
Q4 '25
Diluted EPS $0.48
Q1 '26
Diluted EPS $0.37
Q2 '26
Diluted EPS $0.65
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity —
Return on assets —
FY19
Return on capital 66.1%
Return on equity 50.0%
Return on assets 34.0%
FY20
Return on capital 68.1%
Return on equity 41.3%
Return on assets 27.0%
FY21
Return on capital 60.5%
Return on equity 45.8%
Return on assets 25.8%
FY22
Return on capital 44.7%
Return on equity 39.6%
Return on assets 23.4%
FY23
Return on capital 37.5%
Return on equity 34.7%
Return on assets 23.7%
FY24
Return on capital 25.5%
Return on equity 22.4%
Return on assets 16.9%
FY25
Return on capital 23.0%
Return on equity 20.3%
Return on assets 15.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $62.9M in fiscal 2025, 13.2% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow $4.8M
FY19
Free cash flow $9.4M
FY20
Free cash flow $16.7M
FY21
Free cash flow $11.5M
FY22
Free cash flow $4.1M
FY23
Free cash flow $31.0M
FY24
Free cash flow $41.1M
FY25
Free cash flow $62.9M
Q3 '23
Free cash flow $9.7M
Q4 '23
Free cash flow −$2.7M
Q1 '24
Free cash flow −$7.0M
Q2 '24
Free cash flow $25.1M
Q3 '24
Free cash flow $18.3M
Q4 '24
Free cash flow $4.7M
Q1 '25
Free cash flow $2.2M
Q2 '25
Free cash flow $27.0M
Q3 '25
Free cash flow $32.2M
Q4 '25
Free cash flow $1.6M
Q1 '26
Free cash flow −$2.3M
Q2 '26
Free cash flow −$34.3M
FY18
Cash from operations $6.8M
Capital spending $2.0M
FY19
Cash from operations $11.0M
Capital spending $1.6M
FY20
Cash from operations $18.5M
Capital spending $1.8M
FY21
Cash from operations $18.3M
Capital spending $6.7M
FY22
Cash from operations $12.1M
Capital spending $7.9M
FY23
Cash from operations $37.4M
Capital spending $6.4M
FY24
Cash from operations $47.8M
Capital spending $6.7M
FY25
Cash from operations $66.9M
Capital spending $4.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations $11.1M
Capital spending $1.4M
Q4 '23
Cash from operations −$1.1M
Capital spending $1.6M
Q1 '24
Cash from operations −$5.0M
Capital spending $2.0M
Q2 '24
Cash from operations $26.9M
Capital spending $1.8M
Q3 '24
Cash from operations $19.6M
Capital spending $1.3M
Q4 '24
Cash from operations $6.3M
Capital spending $1.6M
Q1 '25
Cash from operations $3.2M
Capital spending $1.0M
Q2 '25
Cash from operations $27.9M
Capital spending $0.9M
Q3 '25
Cash from operations $33.2M
Capital spending $1.0M
Q4 '25
Cash from operations $2.7M
Capital spending $1.1M
Q1 '26
Cash from operations $7.4M
Capital spending $9.7M
Q2 '26
Cash from operations $30.8M
Capital spending $65.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
XPEL returned $3.0M to shareholders in fiscal 2025, 5% of free cash flow. The diluted share count rose 0.1%.
FY18
Dividends $0.0M
Buybacks $0.0M
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.0M
FY25
Dividends $0.0M
Buybacks $3.0M
Dividends
Buybacks
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $0.0M
Buybacks $0.0M
Q1 '24
Dividends $0.0M
Buybacks $0.0M
Q2 '24
Dividends $0.0M
Buybacks $0.0M
Q3 '24
Dividends $0.0M
Buybacks $0.0M
Q4 '24
Dividends $0.0M
Buybacks $0.0M
Q1 '25
Dividends $0.0M
Buybacks $0.0M
Q2 '25
Dividends $0.0M
Buybacks $0.0M
Q3 '25
Dividends $0.0M
Buybacks $0.0M
Q4 '25
Dividends $0.0M
Buybacks $0.0M
Q1 '26
Dividends $0.0M
Buybacks $2.9M
Q2 '26
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
FY18
Diluted shares 0.03B
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Value XPEL yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $50.8M and divides by 27.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 21.9x · peers 57.6x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably XPEL can carry it.
FY18
Cash $4.0M
Debt $1.8M
FY19
Cash $11.5M
Debt $0.8M
FY20
Cash $29.0M
Debt $6.5M
FY21
Cash $9.6M
Debt $0.5M
FY22
Cash $8.1M
Debt $0.1M
FY23
Cash $11.6M
Debt $0.4M
FY24
Cash $22.1M
Debt $0.3M
FY25
Cash $50.9M
Debt $0.1M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $9.6M | $8.1M | $11.6M | $22.1M | $50.9M |
| Debt incl. finance leases | $0.5M | $0.1M | $0.4M | $0.3M | $0.1M |
| Net debt / EBITDA | −0.2x | −0.1x | −0.2x | −0.3x | −0.7x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | 132.4x | 38.3x | 53.7x | 59.4x | 754.8x |
| Current ratio | 2.2x | 3.9x | 4.0x | 4.1x | 3.3x |
| Quick ratio | 0.8x | 1.0x | 1.1x | 1.4x | 1.5x |
| Total assets | $161M | $193M | $252M | $286M | $383M |
| Total liabilities | $76.6M | $68.6M | $72.1M | $60.2M | $97.3M |
| Shareholders' equity | $84.5M | $125M | $180M | $226M | $280M |
| Net debt (− = net cash) | −$9.1M | −$8.0M | −$11.2M | −$21.8M | −$50.8M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 6 / 9 | 6 / 9 | 5 / 9 |
| Accruals ratio | 6.9% | −0.9% | −4.7% |
| Altman Z'' | 9.45 | 10.68 | 9.18 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| XPEL XPEL | $1.2B | 13.3% | 13.2% | 13.2% | 23.0% | 21.9x | 5 | |
| Fox Factory FOXF | $637M | 5.3% | −35.6% | 1.8% | −29.3% | — | 4 | Compare → |
| Gentherm THRM | $878M | 2.9% | 5.5% | 4.1% | 5.8% | 98.6x | 6 | Compare → |
| Standard Motor Products SMP | $853M | 22.4% | 7.6% | 1.0% | 8.3% | 16.6x | 7 | Compare → |
| Mobileye MBLY | $5.3B | 14.5% | −23.2% | 27.6% | — | — | — | Compare → |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $110M | $130M | $159M | $259M | $324M | $396M | $420M | $476M |
| Gross profit | $33.4M | $43.5M | $54.0M | $92.7M | $128M | $162M | $177M | $201M |
| Research and development | $0.2M | $0.6M | $0.1M | $0.4M | $0.4M | $2.9M | $2.9M | $2.9M |
| Operating income | $11.8M | $17.1M | $23.4M | $40.1M | $53.9M | $67.0M | $59.1M | $62.6M |
| Interest expense | $0.2M | $0.1M | $0.2M | $0.3M | $1.4M | $1.2M | $1.0M | $0.1M |
| Pretax income | $11.5M | $17.0M | $22.8M | $39.4M | $52.0M | $66.0M | $56.8M | $64.1M |
| Income tax | $2.8M | $3.0M | $4.5M | $7.9M | $10.6M | $13.2M | $11.3M | $12.5M |
| Net income | $8.7M | $14.0M | $18.3M | $31.6M | $41.4M | $52.8M | $45.5M | $51.2M |
| Diluted EPS | $0.32 | $0.51 | $0.66 | $1.14 | $1.50 | $1.91 | $1.65 | $1.85 |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | ||||||||
| Cash from operations | $6.8M | $11.0M | $18.5M | $18.3M | $12.1M | $37.4M | $47.8M | $66.9M |
| Capital expenditure | $2.0M | $1.6M | $1.8M | $6.7M | $7.9M | $6.4M | $6.7M | $4.0M |
| Free cash flow | $4.8M | $9.4M | $16.7M | $11.5M | $4.1M | $31.0M | $41.1M | $62.9M |
| Depreciation and amortization | $1.4M | $1.7M | $2.2M | $4.4M | $7.8M | $9.6M | $11.7M | $13.3M |
| Stock-based compensation | — | $0.0M | $0.0M | $0.2M | $0.5M | $1.6M | $3.2M | $2.8M |
| Acquisitions | $0.8M | $0.1M | $2.6M | $49.2M | $4.7M | $18.7M | $9.9M | $26.2M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $3.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $3.0M |
| Balance sheet | ||||||||
| Cash and short-term investments | $4.0M | $11.5M | $29.0M | $9.6M | $8.1M | $11.6M | $22.1M | $50.9M |
| Total debt | $1.8M | $0.8M | $6.5M | $0.5M | $0.1M | $0.4M | $0.3M | $0.1M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $21.0M | $36.3M | $62.8M | $79.0M | $107M | $147M | $168M | $231M |
| Current liabilities | $8.5M | $11.8M | $21.2M | $36.3M | $27.4M | $36.5M | $41.5M | $71.0M |
| Inventory | $10.8M | $15.1M | $22.4M | $51.9M | $80.6M | $107M | $111M | $123M |
| Property and equipment, net | $3.4M | $4.0M | $4.7M | $9.9M | $14.2M | $17.0M | $17.7M | $15.8M |
| Total assets | $30.5M | $51.6M | $83.8M | $161M | $193M | $252M | $286M | $383M |
| Total liabilities | $9.9M | $16.7M | $30.5M | $76.6M | $68.6M | $72.1M | $60.2M | $97.3M |
| Shareholders' equity | $20.8M | $35.1M | $53.4M | $84.5M | $125M | $180M | $226M | $280M |
| Margins | ||||||||
| Gross margin | 30.4% | 33.5% | 34.0% | 35.8% | 39.4% | 41.0% | 42.2% | 42.2% |
| Operating margin | 10.7% | 13.2% | 14.7% | 15.5% | 16.7% | 16.9% | 14.1% | 13.2% |
| EBITDA margin | 12.0% | 14.5% | 16.1% | 17.2% | 19.1% | 19.3% | 16.9% | 15.9% |
| Net margin | 7.9% | 10.8% | 11.5% | 12.2% | 12.8% | 13.3% | 10.8% | 10.8% |
| FCF margin | 4.3% | 7.2% | 10.5% | 4.5% | 1.3% | 7.8% | 9.8% | 13.2% |
| Returns | ||||||||
| Return on capital | — | 66.1% | 68.1% | 60.5% | 44.7% | 37.5% | 25.5% | 23.0% |
| Return on capital employed | — | 55.2% | 45.6% | 42.8% | 37.1% | 35.1% | 25.7% | 22.6% |
| Return on equity | — | 50.0% | 41.3% | 45.8% | 39.6% | 34.7% | 22.4% | 20.3% |
| Return on assets | — | 34.0% | 27.0% | 25.8% | 23.4% | 23.7% | 16.9% | 15.3% |
| Growth | ||||||||
| Revenue growth | — | 18.2% | 22.3% | 63.1% | 25.0% | 22.3% | 6.1% | 13.3% |
| Net income growth | — | 60.4% | 30.8% | 72.7% | 31.1% | 27.6% | −13.9% | 12.6% |
| EPS growth | — | 59.4% | 29.4% | 72.7% | 31.6% | 27.3% | −13.6% | 12.1% |
| FCF growth | — | 97.1% | 77.6% | −30.8% | −64.3% | 652.9% | 32.5% | 53.1% |
| Share count change | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% |
| Financial health | ||||||||
| Net debt / EBITDA | −0.2x | −0.6x | −0.9x | −0.2x | −0.1x | −0.2x | −0.3x | −0.7x |
| Debt / equity | 0.1x | 0.0x | 0.1x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | 70.1x | 176.8x | 93.9x | 132.4x | 38.3x | 53.7x | 59.4x | 754.8x |
| Current ratio | 2.5x | 3.1x | 3.0x | 2.2x | 3.9x | 4.0x | 4.1x | 3.3x |
| Quick ratio | 1.2x | 1.8x | 1.9x | 0.8x | 1.0x | 1.1x | 1.4x | 1.5x |
| Capital allocation | ||||||||
| Capex / revenue | 1.9% | 1.2% | 1.1% | 2.6% | 2.5% | 1.6% | 1.6% | 0.8% |
| Stock comp / revenue | — | 0.0% | 0.0% | 0.1% | 0.2% | 0.4% | 0.8% | 0.6% |
| Payouts / FCF | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.8% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | 4.0 | 7.0 | 5.0 | 6.0 | 6.0 | 5.0 |
| Altman Z'' | 8.6 | 9.1 | 8.6 | 6.1 | 8.4 | 9.5 | 10.7 | 9.2 |
| Accruals ratio | — | 7.3% | −0.3% | 10.9% | 16.6% | 6.9% | −0.9% | −4.7% |
Source: SEC EDGAR XBRL filings (CIK 0001767258). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.