Fox Factory vs XPEL
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KIRA’s take AI analyst
I put Fox Factory and XPEL side by side, using each one’s latest annual report. Here is what stands out:
- Fox Factory is the larger business, with $1.5B of revenue in fiscal 2025 against $476M for XPEL, about 3.1 times as much.
- XPEL grew revenue faster (13.3%, against 5.3%).
- XPEL kept more of each dollar of sales as operating profit (13.2% operating margin, against −35.6%).
- XPEL turned more of its sales into free cash flow (13.2% FCF margin, against 1.8%).
- XPEL earned a higher return on the capital invested in it (23.0%, against −29.3%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Fox Factory
FOXF
0/10
XPEL
XPEL
10/10
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | FOXF FY25 | XPEL FY25 |
|---|---|---|
| Size | ||
| Market cap | $637M | $1.2B |
| Revenue | $1.5B | $476M |
| Free cash flow | $27.0M | $62.9M |
| Net income | −$545M | $51.2M |
| Growth | ||
| Revenue growth | 5.3% | 13.3% |
| 5-year growth | 10.5% | 24.6% |
| Share count change | 0.2% | 0.1% |
| Profitability | ||
| Gross margin | 30.2% | 42.2% |
| Operating margin | −35.6% | 13.2% |
| Net margin | −37.1% | 10.8% |
| FCF margin | 1.8% | 13.2% |
| Return on capital | −29.3% | 23.0% |
| Return on equity | −58.2% | 20.3% |
| Balance sheet | ||
| Net debt | $466M | −$50.8M |
| Net debt / EBITDA | — | −0.7x |
| Dividends and buybacks | $0.0M | $3.0M |
| Valuation & quality | ||
| P/E | — | 21.9x |
| Piotroski F-score | 4 | 5 |
Ten years
Revenue
FY16
FOXF $403M
XPEL —
FY17
FOXF $476M
XPEL —
FY18
FOXF $619M
XPEL $110M
FY19
FOXF $751M
XPEL $130M
FY20
FOXF $891M
XPEL $159M
FY21
FOXF $1.3B
XPEL $259M
FY22
FOXF $1.6B
XPEL $324M
FY23
FOXF $1.5B
XPEL $396M
FY24
FOXF $1.4B
XPEL $420M
FY25
FOXF $1.5B
XPEL $476M
FOXF
XPEL
Operating margin
FY16
FOXF 11.3%
XPEL —
FY17
FOXF 14.1%
XPEL —
FY18
FOXF 15.3%
XPEL 10.7%
FY19
FOXF 15.0%
XPEL 13.2%
FY20
FOXF 12.8%
XPEL 14.7%
FY21
FOXF 15.2%
XPEL 15.5%
FY22
FOXF 15.4%
XPEL 16.7%
FY23
FOXF 10.9%
XPEL 16.9%
FY24
FOXF 4.1%
XPEL 14.1%
FY25
FOXF −35.6%
XPEL 13.2%
FOXF
XPEL
Free cash flow
FY16
FOXF $26.8M
XPEL —
FY17
FOXF $31.3M
XPEL —
FY18
FOXF $35.2M
XPEL $4.8M
FY19
FOXF $21.3M
XPEL $9.4M
FY20
FOXF $25.8M
XPEL $16.7M
FY21
FOXF $8.3M
XPEL $11.5M
FY22
FOXF $143M
XPEL $4.1M
FY23
FOXF $132M
XPEL $31.0M
FY24
FOXF $87.8M
XPEL $41.1M
FY25
FOXF $27.0M
XPEL $62.9M
FOXF
XPEL
Return on capital
FY16
FOXF 18.5%
XPEL —
FY17
FOXF 18.8%
XPEL —
FY18
FOXF 28.9%
XPEL —
FY19
FOXF —
XPEL 66.1%
FY20
FOXF —
XPEL 68.1%
FY21
FOXF 17.5%
XPEL 60.5%
FY22
FOXF 20.9%
XPEL 44.7%
FY23
FOXF 11.2%
XPEL 37.5%
FY24
FOXF 3.6%
XPEL 25.5%
FY25
FOXF −29.3%
XPEL 23.0%
FOXF
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.