XPEL · Xpel, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $476.20M | $420.40M | $396.29M | $323.99M | $259.26M | $158.92M |
| Cost of Revenue | $275.18M | $243.04M | $233.88M | $196.48M | $166.59M | $104.90M |
| Gross Profit | $201.02M | $177.36M | $162.41M | $127.51M | $92.68M | $54.03M |
| R&D | $2.90M | $2.90M | $2.90M | $400.0K | $370.0K | $143.6K |
| SG&A | $87.23M | $75.40M | $63.65M | $48.21M | $34.29M | $20.91M |
| Total Operating Expenses | $138.37M | $118.21M | $95.44M | $73.58M | $52.56M | $30.66M |
| D&A | $6.26M | $5.82M | $4.53M | $3.43M | $1.89M | $1.27M |
| Operating Income | $62.65M | $59.15M | $66.97M | $53.94M | $40.12M | $23.37M |
| Interest Expense | $83.0K | $996.0K | $1.25M | $1.41M | $302.7K | $249.5K |
| Income Tax | $12.47M | $11.29M | $13.23M | $10.58M | $7.87M | $4.52M |
| Net Income | $51.23M | $45.49M | $52.80M | $41.38M | $31.57M | $18.28M |
| EPS - Basic | $1.85 | $1.65 | $1.91 | $1.50 | $0.66 | - |
| EPS - Diluted | $1.85 | $1.65 | $1.91 | $1.50 | $0.66 | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $50.86M | $22.09M | $11.61M | $8.06M | $9.64M | $29.03M |
| Accounts Receivable | $49.85M | $29.15M | $24.11M | $14.73M | $13.16M | $9.94M |
| Inventory | $122.75M | $110.90M | $106.51M | $80.58M | $51.94M | $22.36M |
| Accounts Payable | $37.77M | $26.32M | $24.23M | $16.69M | $25.17M | $12.99M |
| Current Assets | $230.70M | $168.34M | $146.45M | $106.82M | $79.03M | $62.78M |
| Total Assets | $382.53M | $285.61M | $252.04M | $193.36M | $161.01M | $83.84M |
| Current Liabilities | $71.00M | $41.52M | $36.47M | $27.40M | $36.27M | $21.20M |
| Long-term Debt | - | - | - | - | $458.2K | $6.48M |
| Total Liabilities | $97.34M | $60.15M | $72.05M | $68.64M | $76.55M | $30.46M |
| Stockholders' Equity | $280.28M | $225.46M | $179.99M | $124.72M | $84.46M | $53.38M |
| Retained Earnings | $265.34M | $214.11M | $168.62M | $115.82M | $74.44M | $42.88M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $66.94M | $47.82M | $37.38M | $12.06M | $18.27M | $18.47M |
| Investing Cash Flow | ($33.78M) | ($18.40M) | ($26.35M) | ($14.16M) | ($56.81M) | ($4.66M) |
| Financing Cash Flow | ($3.66M) | ($19.25M) | ($7.26M) | $602.0K | $19.24M | $3.51M |
| CapEx | $4.01M | $6.71M | $6.36M | $7.94M | $6.73M | $1.78M |
| Free Cash Flow | $62.93M | $41.11M | $31.03M | $4.12M | $11.54M | $16.68M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 42.2% | 42.2% | 41.0% | 39.4% | 35.7% | 34.0% |
| Operating margin | 13.2% | 14.1% | 16.9% | 16.6% | 15.5% | 14.7% |
| EBITDA margin | 14.5% | 15.5% | 18.0% | 17.7% | 16.2% | 15.5% |
| Net margin | 10.8% | 10.8% | 13.3% | 12.8% | 12.2% | 11.5% |
| Free cash flow margin | 13.2% | 9.8% | 7.8% | 1.3% | 4.5% | 10.5% |
| FCF / Net income | 1.23 | 0.90 | 0.59 | 0.10 | 0.37 | 0.91 |
| R&D / Revenue | 0.6% | 0.7% | 0.7% | 0.1% | 0.1% | 0.1% |
| SG&A / Revenue | 18.3% | 17.9% | 16.1% | 14.9% | 13.2% | 13.2% |
| Effective tax rate | 19.6% | 19.9% | 20.0% | 20.4% | 20.0% | 19.8% |
| Return on assets | 13.4% | 15.9% | 20.9% | 21.4% | 19.6% | 21.8% |
| Return on equity | 18.3% | 20.2% | 29.3% | 33.2% | 37.4% | 34.2% |
| Return on invested capital | - | - | - | - | 37.8% | 31.3% |
| Liquidity | ||||||
| Current ratio | 3.25 | 4.05 | 4.02 | 3.90 | 2.18 | 2.96 |
| Quick ratio | 1.52 | 1.38 | 1.10 | 0.96 | 0.75 | 1.91 |
| Cash ratio | 0.72 | 0.53 | 0.32 | 0.29 | 0.27 | 1.37 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | 0.01 | 0.12 |
| Debt / Assets | - | - | - | - | 0.00 | 0.08 |
| Debt / EBITDA | - | - | - | - | 0.01 | 0.26 |
| Interest coverage | 754.8x | 59.4x | 53.7x | 38.3x | 132.5x | 93.7x |
| Equity multiplier | 1.36 | 1.27 | 1.40 | 1.55 | 1.91 | 1.57 |
| Liabilities / Assets | 0.25 | 0.21 | 0.29 | 0.35 | 0.48 | 0.36 |
| Efficiency | ||||||
| Asset turnover | 1.24 | 1.47 | 1.57 | 1.68 | 1.61 | 1.90 |
| Inventory turnover | 2.24 | 2.19 | 2.20 | 2.44 | 3.21 | 4.69 |
| Days sales outstanding | 38d | 25d | 22d | 17d | 19d | 23d |
| Days inventory outstanding | 163d | 167d | 166d | 150d | 114d | 78d |
| Days payable outstanding | 50d | 40d | 38d | 31d | 55d | 45d |
| Cash conversion cycle | 151d | 152d | 151d | 135d | 77d | 55d |
| Valuation | ||||||
| P / E | 27.0x | 24.2x | 28.2x | 40.0x | 103.5x | - |
| P / B | 4.9x | 4.9x | 8.3x | 13.3x | 22.3x | - |
| P / S | 2.9x | 2.6x | 3.8x | 5.1x | 7.3x | - |
| EV / EBITDA | 19.3x | 16.7x | 20.6x | 28.8x | 44.7x | - |
| Growth | ||||||
| Revenue growth (YoY) | 13.3% | 6.1% | 22.3% | 25.0% | 63.1% | 44.6% |
| Revenue CAGR (3y) | 13.7% | 17.5% | 35.6% | 43.4% | - | - |
| Revenue CAGR (5y) | 24.5% | 30.8% | - | - | - | - |
| Gross profit growth (YoY) | 13.3% | 9.2% | 27.4% | 37.6% | 71.5% | 24.2% |
| Operating income growth (YoY) | 5.9% | -11.7% | 24.2% | 34.5% | 71.7% | 97.9% |
| Net income growth (YoY) | 12.6% | -13.8% | 27.6% | 31.1% | 72.7% | 109.8% |
| EPS growth (YoY) | 12.1% | -13.6% | 27.3% | 127.3% | - | - |
| EPS CAGR (3y) | 7.2% | 35.7% | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 53.1% | 32.5% | 652.9% | -64.3% | -30.8% | 219.2% |
| FCF CAGR (5y) | 30.4% | 51.1% | - | - | - | - |
| Book value growth (YoY) | 24.3% | 25.3% | 44.3% | 47.7% | 58.2% | 52.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$476.20M totalReportable Segment$476.20M · 100.0%
Product / service
$952.40M totalProduct$359.86M · 37.8%
Product Revenue Paint Protection Film$249.40M · 26.2%
Service$116.34M · 12.2%
Product Revenue Window Film$94.54M · 9.9%
Service Revenue Installation Labor$87.05M · 9.1%
Service Revenue Cutbank Credits$16.53M · 1.7%
Product Revenue Other$15.91M · 1.7%
Service Revenue Software$8.73M · 0.9%
Service Revenue Other$4.04M · 0.4%
Geographic
$852.32M totalNorth America$315.30M · 37.0%
US$265.76M · 31.2%
EUUKAnd Africa$64.09M · 7.5%
Asia Pacific$60.82M · 7.1%
CA$49.55M · 5.8%
CN$39.92M · 4.7%
India And Middle East$24.98M · 2.9%
Asia Other$20.89M · 2.5%
Latin America$11.00M · 1.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
3.85
Safe
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Coating, Engraving & Allied Services
Comparing XPEL against the 3 most active filers in the same SIC group.