Standard Motor Products vs XPEL
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The short version
- Standard Motor Products is the larger business, with $1.8B of revenue in fiscal 2025 against $476M for XPEL, about 3.8 times as much.
- Standard Motor Products grew revenue faster (22.4%, against 13.3%).
- XPEL kept more of each dollar of sales as operating profit (13.2% operating margin, against 7.6%).
- XPEL turned more of its sales into free cash flow (13.2% FCF margin, against 1.0%).
- XPEL earned a higher return on the capital invested in it (23.0%, against 8.3%).
- Investors pay more for each dollar of XPEL’s earnings: a P/E of 21.9x against 16.6x for Standard Motor Products.
| Latest fiscal year | SMP · FY25 | XPEL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $853M | $1.2B |
| Revenue | $1.8B | $476M |
| Free cash flow | $18.7M | $62.9M |
| Net income | $41.3M | $51.2M |
| Growth | ||
| Revenue growth | 22.4% | 13.3% |
| 5-year growth | 9.7% | 24.6% |
| Share count change | 1.1% | 0.1% |
| Profitability | ||
| Gross margin | 31.2% | 42.2% |
| Operating margin | 7.6% | 13.2% |
| Net margin | 2.3% | 10.8% |
| FCF margin | 1.0% | 13.2% |
| Return on capital | 8.3% | 23.0% |
| Return on equity | 6.4% | 20.3% |
| Balance sheet | ||
| Net debt | $547M | −$50.8M |
| Net debt / EBITDA | 3.0x | −0.7x |
| Dividends and buybacks | $27.3M | $3.0M |
| Valuation & quality | ||
| P/E | 16.6x | 21.9x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
SMP $1.1B
XPEL —
FY17
SMP $1.1B
XPEL —
FY18
SMP $1.1B
XPEL $110M
FY19
SMP $1.1B
XPEL $130M
FY20
SMP $1.1B
XPEL $159M
FY21
SMP $1.3B
XPEL $259M
FY22
SMP $1.4B
XPEL $324M
FY23
SMP $1.4B
XPEL $396M
FY24
SMP $1.5B
XPEL $420M
FY25
SMP $1.8B
XPEL $476M
SMP
XPEL
Operating margin
FY16
SMP 9.3%
XPEL —
FY17
SMP 8.7%
XPEL —
FY18
SMP 7.4%
XPEL 10.7%
FY19
SMP 8.3%
XPEL 13.2%
FY20
SMP 9.7%
XPEL 14.7%
FY21
SMP 9.9%
XPEL 15.5%
FY22
SMP 7.6%
XPEL 16.7%
FY23
SMP 6.8%
XPEL 16.9%
FY24
SMP 5.5%
XPEL 14.1%
FY25
SMP 7.6%
XPEL 13.2%
SMP
XPEL
Free cash flow
FY16
SMP $76.9M
XPEL —
FY17
SMP $40.2M
XPEL —
FY18
SMP $50.1M
XPEL $4.8M
FY19
SMP $60.7M
XPEL $9.4M
FY20
SMP $80.1M
XPEL $16.7M
FY21
SMP $59.7M
XPEL $11.5M
FY22
SMP −$53.5M
XPEL $4.1M
FY23
SMP $116M
XPEL $31.0M
FY24
SMP $32.7M
XPEL $41.1M
FY25
SMP $18.7M
XPEL $62.9M
SMP
XPEL
Return on capital
FY16
SMP 15.7%
XPEL —
FY17
SMP 11.4%
XPEL —
FY18
SMP 13.5%
XPEL —
FY19
SMP 14.1%
XPEL 66.1%
FY20
SMP 14.9%
XPEL 68.1%
FY21
SMP 15.6%
XPEL 60.5%
FY22
SMP 9.9%
XPEL 44.7%
FY23
SMP 8.9%
XPEL 37.5%
FY24
SMP 6.2%
XPEL 25.5%
FY25
SMP 8.3%
XPEL 23.0%
SMP
XPEL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.