XPEL, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data XPEL, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	110	130	159	259	324	396	420	476
Cost of revenue	76.5	86.4	105	167	196	234	243	275
Gross profit	33.4	43.5	54	92.7	128	162	177	201
Research and development	0.22	0.6	0.1	0.4	0.4	2.9	2.9	2.9
Selling and marketing	6.8	7.58	9.75	18.3	25.4	31.8	42.8	51.1
General and administrative	14.8	18.8	20.9	34.3	48.2	63.7	75.4	87.2
Operating expenses	21.6	26.4	30.7	52.6	73.6	95.4	118	138
Operating income	11.8	17.1	23.4	40.1	53.9	67	59.1	62.6
Interest expense	0.17	0.1	0.25	0.3	1.41	1.25	1	0.08
Pre-tax income	11.5	17	22.8	39.4	52	66	56.8	64.1
Income tax	2.76	2.96	4.52	7.87	10.6	13.2	11.3	12.5
Net income to minority interests	0.01	0.02	0	0		0	0	0.36
Net income	8.71	14	18.3	31.6	41.4	52.8	45.5	51.2
EBITDA	12.5	18	24.6	42	57.4	71.5	65	68.9
EPS, basic	0.32	0.51	0.66	1.14	1.50	1.91	1.65	1.85
EPS, diluted	0.32	0.51	0.66	1.14	1.50	1.91	1.65	1.85
Shares, basic (weighted)	27.6	27.6	27.6	27.6	27.6	27.6	27.6	27.7
Shares, diluted (weighted)	27.6	27.6	27.6	27.6	27.6	27.6	27.6	27.7

Balance sheet

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.97	11.5	29	9.64	8.06	11.6	22.1	50.9
Receivables	5.55	7.15	9.94	13.2	14.7	24.1	29.1	49.8
Inventory	10.8	15.1	22.4	51.9	80.6	107	111	123
Other current assets	0.71	2.39	1.44	3.67	3.46	3.53	5.31	6.65
Total current assets	21	36.3	62.8	79	107	146	168	231
Property, plant and equipment	3.38	4.01	4.71	9.9	14.2	17	17.7	15.8
Lease right-of-use assets		5.08	5.97	12.9	15.3	15.5	19.5	21.6
Goodwill	2.32	2.41	4.47	25.7	26.8	37.5	44.1	59.3
Intangible assets	3.8	3.82	5.42	32.7	29.3	34.9	34.6	49.6
Other non-current assets	0	0	0.49	0.79	0.97	0.78	1.35	5.57
Total assets	30.5	51.6	83.8	161	193	252	286	383
Accounts payable	3.91	7.44	13	25.2	16.7	24.2	26.3	37.8
Accrued liabilities	1.19	1.37	2.27	3.39	3.6	4.3	5.33	7.81
Deferred revenue	0.14	0.56	0.25	0.82	0.26	0.76	0.82	4.8
Short-term debt								0.06
Total current liabilities	8.48	11.8	21.2	36.3	27.4	36.5	41.5	71
Long-term debt	0.97	0.31	3.57	0.08	0	0.32	0.23	0
Lease liabilities		4.01	4.33	9.83	12.1	12.7	16.1	16.7
Other non-current liabilities		0	0.73	2.63	1.07	0.89	1.81	9.51
Total liabilities	9.93	16.7	30.5	76.6	68.6	72.1	60.2	97.3
Total debt		0.81	6.48	0.46				0
Paid-in capital	11.3	11.3	10.4	10.6	11.1	12.5	15.6	18
Retained earnings	10.6	24.6	42.9	74.4	116	169	214	265
Treasury stock							0	-3
Other comprehensive income	-1.19	-0.91	0.07	-0.59	-2.2	-1.21	-4.24	-0.14
Shareholders' equity	20.8	35.1	53.4	84.5	125	180	225	280
Minority interests	-0.19	-0.17	0				0	4.9
Total equity	20.6	34.9	53.4	84.5	125	180	225	285
Total liabilities and equity	30.5	51.6	83.8	161	193	252	286	383
Shares outstanding	27.6	27.6	27.6	27.6	27.6	27.6	27.7	27.6

Cash flow statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	8.72	14	18.3	31.6	41.4	52.8	45.5	51.6
Depreciation and amortization	0.74	0.92	1.27	1.89	3.43	4.53	5.82	6.26
Stock-based compensation		0	0	0.17	0.52	1.64	3.2	2.75
Deferred income tax	-0.09	0.02	-0.27	1	-0.48	-0.92	-2.75	-0.31
Change in receivables	-0.26	-1.77	-2.43	-0.43	-2.63	-7	-5.6	-20.4
Change in inventory	0.01	-4.25	-6.76	-26.9	-28.6	-24.8	-4.79	11.5
Change in payables	-3.64	3.88	6.36	12	-7.9	6.48	2.66	11.3
Cash from operations	6.8	11	18.5	18.3	12.1	37.4	47.8	66.9
Capital expenditures	-2.03	-1.57	-1.78	-6.73	-7.94	-6.36	-6.71	-4.01
Acquisitions	-0.83	-0.13	-2.57	-49.2	-4.67	-18.7	-9.86	-26.2
Cash from investing	-3.09	-2.3	-4.66	-56.8	-14.2	-26.4	-18.4	-33.8
Share buybacks						0	0	-3
Cash from financing	-3.1	-1.14	3.51	19.2	0.6	-7.26	-19.3	-3.66
Exchange rate effect	-0.13	0.01	0.21	-0.08	-0.09	-0.22	0.31	-0.73
Net change in cash	0.47	7.53	17.5	-19.4	-1.59	3.55	10.5	28.8
Free cash flow	4.77	9.4	16.7	11.5	4.12	31	41.1	62.9
Interest paid	0.09	0.02	0.18	0.21	1.31	1.24	1.03	0.09
Income taxes paid	2.51	4.08	4.46	7.76	9.9	15.3	13.6	12.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $43.48 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	42.9%	Gross profit / revenue.
Operating margin	13.5%	Operating income / revenue.
EBITDA margin	14.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.6%	Pre-tax income / revenue.
Net margin	10.8%	Net income / revenue.
FCF margin	-0.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.6%	Cash from operations / revenue.
Effective tax rate	19.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.6%	Net income / average total assets.
Return on invested capital (ROIC)	17.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	15.1%	Capital expenditures / revenue.
D&A / revenue	1.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	30.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	22.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	22.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	12.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	7.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	22.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	40.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	77.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	29.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	53.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	148.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	30.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	24.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	31.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	39.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	33.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	35.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.61x	Current assets / current liabilities.
Quick ratio	1.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.2%	Total debt / total assets.
Liabilities / assets	32.6%	Total liabilities / total assets.
Net debt	$2.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	256x	Operating income / interest expense.
Working capital	$140.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	24.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$191.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.07x	Revenue / average total assets.
Fixed asset turnover	4.86x	Revenue / average property, plant and equipment.
Inventory turnover	2.27x	Cost of revenue / average inventory.
Days inventory	161 days	365 x average inventory / cost of revenue.
Receivables turnover	9.48x	Revenue / average receivables.
Days sales outstanding	39 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	152 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-5.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	103.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.98	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$18.38	Revenue / diluted weighted shares.
FCF per share	-$0.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.68	Cash from operations / diluted weighted shares.
Book value per share	$11.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.93	Tangible book value / shares outstanding.
Cash per share	$1.48	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.20B	Share price x shares outstanding.
Enterprise value	$1.20B	Market cap + total debt - cash - short-term investments.
P/E	21.9x	Market cap / net income. Only when net income is positive.
P/S	2.36x	Market cap / revenue.
P/B	3.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.27x	Market cap / tangible book value, when positive.
P/OCF	16.2x	Market cap / cash from operations, when positive.
EV/Sales	2.36x	Enterprise value / revenue.
EV/EBIT	17.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.2%	Free cash flow / market cap.
Earnings yield	4.6%	Net income / market cap (the inverse of P/E).
PEG	3.02x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was XPEL, Inc.'s revenue in fiscal 2025?

XPEL, Inc. reported revenue of $476.2M for fiscal 2025, 13.3% higher than the year before.

Was XPEL, Inc. profitable in fiscal 2025?

Yes. Net income was $51.2M, a net margin of 10.8%.

How much free cash flow did XPEL, Inc. generate in fiscal 2025?

Cash from operations of $66.9M minus capital expenditures of $4.0M left free cash flow of $62.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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