Detailed financial statements for Xometry, Inc. (XMTR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Xometry, Inc. manages a global digital marketplace designed to streamline the sourcing of custom manufactured components and assemblies. The company's extensive service portfolio encompasses both traditional and cutting-edge manufacturing processes. These include precision CNC machining, covering milling and turning operations; various sheet metal fabrication techniques such as laser, waterjet, and plasma cutting, in addition to sheet metal forming.
Analysis Summary
Xometry, Inc. reported revenue of $686.6M in the most recent fiscal year, growing at a 5-year CAGR of 37.2%.
Trailing-twelve-month margins: gross margin 38.7%, operating margin -3.8%, net margin -3.8%.
At the current price of $107.70, XMTR has negative trailing earnings (P/E not meaningful) and an ROE of -8.65%. Market capitalisation stands at $5.8B.
Balance sheet quality for XMTR: current ratio of 3.8, net debt of $130.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $80.2M | $141.4M | $218.3M | $380.9M | $463.4M | $545.5M | $686.6M |
| Cost of Revenue | $65.5M | $108.1M | $161.2M | $234.9M | $285.1M | $329.9M | $417.9M |
| Gross Profit | $14.7M | $33.3M | $57.1M | $146.0M | $178.3M | $215.6M | $268.8M |
| Research & Development | $10.6M | $12.2M | $17.8M | $31.0M | $34.5M | $39.3M | $46.8M |
| Selling, General & Admin | $22.6M | $34.6M | $74.4M | $142.6M | $164.6M | $173.4M | $195.0M |
| Operating Expenses | $45.3M | $62.5M | $115.8M | $223.1M | $251.8M | $271.8M | $314.3M |
| Operating Income | -$30.5M | -$29.2M | -$58.7M | -$77.1M | -$73.6M | -$56.1M | -$45.5M |
| EBITDA | -$28.9M | -$26.9M | -$56.9M | -$66.8M | -$52.3M | -$28.2M | -$37.5M |
| Interest Expense | $241,000 | $1.1M | $852,000 | $4.4M | $4.8M | $4.8M | $4.9M |
| Pre-tax Income | -$31.0M | -$31.1M | -$61.4M | -$79.0M | -$67.8M | -$50.4M | -$61.2M |
| Income Tax | 0 | 0 | 0 | $36,000 | -$353,000 | -$21,000 | $589,000 |
| Net Income | -$31.0M | -$31.1M | -$61.4M | -$79.1M | -$67.5M | -$50.4M | -$61.8M |
| EPS | $-0.70 | $-0.90 | $-1.31 | $-1.61 | $-1.41 | $-1.03 | $-1.22 |
| EPS (Diluted) | $-0.70 | $-0.90 | $-1.31 | $-1.61 | $-1.41 | $-1.03 | $-1.22 |
| Shares Outstanding (Diluted) | $44.3M | $44.3M | $46.7M | $47.2M | $47.9M | $49.1M | $50.8M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $40.1M | $59.9M | $86.3M | $65.7M | $53.4M | $22.2M | $15.0M |
| Short-term Investments | $10.9M | 0 | $30.5M | $253.8M | $215.4M | $217.6M | $204.1M |
| Receivables | $12.4M | $14.6M | $32.4M | $49.3M | $70.1M | $74.0M | $97.4M |
| Inventory | $1.3M | $2.3M | $2.0M | $1.6M | $2.9M | $3.9M | $3.9M |
| Total Current Assets | $65.4M | $77.7M | $163.4M | $387.2M | $356.2M | $327.5M | $334.6M |
| Property, Plant & Equipment | $6.9M | $7.9M | $37.8M | $45.0M | $47.9M | $53.3M | $71.8M |
| Goodwill | $2.2M | $833,000 | $254.7M | $258.0M | $262.9M | $262.7M | $263.8M |
| Intangible Assets | $2.6M | $1.8M | $41.7M | $39.4M | $35.8M | $32.1M | $28.6M |
| Total Assets | $77.4M | $89.0M | $502.6M | $734.1M | $707.4M | $680.1M | $703.7M |
| Accounts Payable | $7.9M | $5.6M | $12.7M | $12.4M | $43.9M | $35.0M | $44.6M |
| Short-term Debt | 0 | $15.8M | 0 | 0 | 0 | 0 | $2.1M |
| Total Current Liabilities | $15.9M | $38.4M | $57.0M | $64.0M | $83.2M | $74.8M | $88.9M |
| Long-term Debt | $11.4M | 0 | 0 | $279.9M | $281.8M | $283.6M | $337.4M |
| Total Liabilities | $150.5M | $200.2M | $77.1M | $362.3M | $377.0M | $364.5M | $427.0M |
| Retained Earnings | -$77.6M | -$112.0M | -$173.3M | -$252.4M | -$319.9M | -$370.3M | -$432.0M |
| Total Equity | -$73.1M | -$111.2M | $424.4M | $370.7M | $329.3M | $314.5M | $275.6M |
| Total Debt | $14.6M | $17.9M | $22.5M | $302.3M | $299.5M | $295.1M | $349.3M |
| Net Debt | -$36.4M | -$42.0M | -$94.3M | -$17.1M | $30.7M | $55.3M | $130.1M |
| Working Capital | $49.6M | $39.3M | $106.4M | $323.2M | $273.0M | $252.8M | $245.7M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$31.0M | -$31.1M | -$61.4M | -$76.0M | -$67.5M | -$50.4M | -$61.7M |
| Depreciation & Amortization | $1.8M | $3.1M | $3.6M | $7.8M | $10.7M | $13.0M | $18.8M |
| Stock-based Compensation | $544,000 | $1.0M | $7.4M | $19.2M | $22.1M | $29.3M | $36.4M |
| Change in Working Capital | -$841,000 | $2.0M | -$23.6M | -$29.5M | -$13.6M | -$15.5M | -$13.6M |
| Operating Cash Flow | -$27.1M | -$22.0M | -$68.6M | -$62.6M | -$29.9M | -$15.4M | $6.1M |
| Capital Expenditure | -$2.7M | -$4.2M | -$6.3M | -$13.7M | -$18.5M | -$18.1M | -$30.2M |
| Acquisitions | -$1.4M | 0 | -$174.6M | $189,000 | -$3.3M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$8.1M |
| Dividends Paid | 0 | -$8.8M | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$29.8M | -$26.2M | -$74.8M | -$76.2M | -$48.4M | -$33.5M | -$24.1M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +76.3% | +54.4% | +74.5% | +21.7% | +17.7% | +25.9% | |
| Net Income Growth (YoY) | -0.3% | -97.5% | -28.8% | +14.7% | +25.3% | -22.5% | |
| EPS Growth (YoY) | -28.5% | -46.2% | -22.4% | +12.4% | +27.0% | -18.4% | |
| Shares Change (YoY) | +0.0% | +5.3% | +1.0% | +1.6% | +2.4% | +3.5% | |
| FCF Growth (YoY) | +12.0% | -185.2% | -1.9% | +36.6% | +30.8% | +28.0% | |
| Gross Margin | 18.4% | 23.5% | 26.2% | 38.3% | 38.5% | 39.5% | 39.1% |
| Operating Margin | -38.1% | -20.7% | -26.9% | -20.2% | -15.9% | -10.3% | -6.6% |
| EBITDA Margin | -36.0% | -19.0% | -26.1% | -17.5% | -11.3% | -5.2% | -5.5% |
| Net Margin | -38.6% | -22.0% | -28.1% | -20.8% | -14.6% | -9.2% | -9.0% |
| FCF Margin | -37.2% | -18.6% | -34.3% | -20.0% | -10.4% | -6.1% | -3.5% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | 0.5% | 0.0% | -1.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.67 | $-0.59 | $-1.60 | $-1.62 | $-1.01 | $-0.68 | $-0.47 |
| Dividends Per Share | $0.00 | $0.20 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $44.3M | $44.3M | $46.7M | $47.2M | $47.9M | $49.1M | $50.8M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | -8.65% |
| Return on Invested Capital | -3.27% |
| Return on Assets | -2.91% |
| Gross Margin | 38.75% |
| Operating Margin | -3.79% |
| Net Margin | -3.82% |
Financial Health
| Debt / Equity | 0.57 |
| Current Ratio | 3.21 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 4.57 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -124.84 | -97.15 | -38.97 | -20.02 | -25.47 | -41.42 | -48.75 |
| P/B | -53.01 | -34.83 | 5.64 | 4.10 | 5.23 | 6.66 | 10.96 |
| P/S | 48.30 | 27.40 | 10.96 | 3.99 | 3.71 | 3.84 | 4.40 |
| Gross Margin | 18.4% | 23.5% | 26.2% | 38.3% | 38.5% | 39.5% | 39.1% |
| Operating Margin | -38.1% | -20.7% | -26.9% | -20.2% | -15.9% | -10.3% | -6.6% |
| Net Margin | -38.6% | -22.0% | -28.1% | -20.8% | -14.6% | -9.2% | -9.0% |
Related companies: AMSC · ATS · ENVX · EPAC · HI · NNE · PCT
Explore sector: Industrials · Industrial - Distribution
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