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XPEL

XPEL, Inc.

XPEL

XPEL, Inc. • NASDAQ
$46.48 ▼ -0.77% (-0.36)
Market Cap $1.29 B
52w High $47.87
52w Low $24.25
Dividend Yield 0%
P/E 27.34
Volume 134.74K
Outstanding Shares 27.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $125.415M ▲ $35.673M ▲ $12.94M ▼ 10.318% ▼ $0.47 ▼ $19.944M ▼
Q2-2025 $124.713M ▲ $34.219M ▲ $16.29M ▲ 13.062% ▲ $0.59 ▲ $23.432M ▲
Q1-2025 $103.805M ▼ $32.776M ▲ $8.586M ▼ 8.271% ▼ $0.31 ▼ $14.411M ▲
Q4-2024 $107.527M ▼ $31.358M ▲ $8.898M ▼ 8.275% ▼ $0.32 ▼ $14.25M ▼
Q3-2024 $112.852M $29.529M $14.892M 13.196% $0.54 $21.698M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $64.497M ▲ $387.695M ▲ $113.841M ▲ $269.279M ▲
Q2-2025 $49.591M ▲ $318.071M ▲ $62.413M ▲ $255.74M ▲
Q1-2025 $23.541M ▲ $294.822M ▲ $59.368M ▼ $235.454M ▲
Q4-2024 $22.087M ▲ $285.607M ▲ $60.152M ▲ $225.455M ▲
Q3-2024 $20.986M $273.041M $54.314M $218.727M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.135M ▼ $33.154M ▲ $-17.883M ▼ $-166K ▼ $14.906M ▼ $31.918M ▲
Q2-2025 $16.208M ▲ $27.889M ▲ $-1.347M ▲ $-89K ▲ $26.05M ▲ $26.671M ▲
Q1-2025 $8.586M ▼ $3.228M ▼ $-1.556M ▲ $-170K ▼ $1.454M ▲ $2.225M ▼
Q4-2024 $8.898M ▼ $6.327M ▼ $-5.418M ▼ $-34K ▲ $1.101M ▼ $4.699M ▼
Q3-2024 $14.892M $19.559M $-2.389M $-11.101M $6.002M $19.143M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Product
Product
 $0 ▲$0 ▲$0 ▲$90.00M ▲
Product Revenue Other
Product Revenue Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Product Revenue Paint Protection Film
Product Revenue Paint Protection Film
 $60.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲
Product Revenue Window Film
Product Revenue Window Film
 $20.00M ▲$20.00M ▲$20.00M ▲$30.00M ▲
Service
Service
 $0 ▲$0 ▲$0 ▲$30.00M ▲
Service Revenue Cutbank Credits
Service Revenue Cutbank Credits
 $0 ▲$0 ▲$0 ▲$0 ▲
Service Revenue Installation Labor
Service Revenue Installation Labor
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Service Revenue Software
Service Revenue Software
 $0 ▲$0 ▲$0 ▲$0 ▲
Service Revenue Training
Service Revenue Training
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement XPEL shows a clear growth story: sales have climbed steadily over the last five years, and profits have risen along with them. The business is consistently profitable with solid gross and operating margins for a niche manufacturer-distributor. That said, recent earnings per share dipped slightly even as revenue grew, suggesting some pressure from higher costs, investments in growth, or mix shifts. Overall, it looks like a healthy, expanding company, but one that is now dealing with the normal challenges of scaling rather than the explosive early-stage jump in profitability.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully over time. Total assets and shareholders’ equity have grown every year, showing that XPEL has been building its business on an expanding capital base. Debt is present but appears modest relative to the size of the company and its equity, indicating a generally conservative use of borrowing. Cash levels are not large but seem adequate given positive cash generation, implying the company is relying more on ongoing cash flow and equity strength than on heavy leverage.

Cash Flow

Cash Flow XPEL generates positive cash from its core operations, and that cash flow has improved as the business has grown. After funding a steady but not overly heavy level of investment in equipment and facilities, the company has consistently produced positive free cash flow. This pattern suggests a business that can both invest for growth and still have cash left over, though the margin for error is not enormous and continued discipline in spending will matter if growth slows or the environment becomes tougher.

Competitive Edge

Competitive Edge XPEL appears to have a strong and defensible position in its niche. Its network of trained, certified installers, its well-known brand among auto enthusiasts and premium buyers, and its close relationships with dealers act as meaningful barriers to entry. The proprietary pattern-cutting software and extensive design library create high switching costs for installers, tying them tightly into XPEL’s ecosystem. Larger chemical or film manufacturers may have more resources, but XPEL’s focus, ecosystem, and brand loyalty give it an edge in the segments it targets.

Innovation and R&D

Innovation and R&D The company’s growth story is closely tied to ongoing innovation in both materials and software. Self-healing paint protection films, advanced ceramic coatings, and high-performance window films show strong product development capabilities. The DAP software platform, and the planned next-generation version, deepen the company’s moat by embedding XPEL into the daily workflow of installers. Future initiatives like windshield films, colored protection films, and expanded OEM and international partnerships signal that management is actively looking for new growth avenues rather than relying solely on its legacy products.

Summary

XPEL looks like a focused growth company that has successfully built a profitable, cash-generative niche around automotive and architectural protection films. Financial performance over the last five years shows steady expansion in revenue, profits, assets, and equity, supported by positive free cash flow and moderate leverage. Strategically, its installer network, proprietary software, and strong brand give it a meaningful competitive moat. The main watchpoints are how well it manages cost pressures as it scales, how effectively it executes on new products and geographies, and whether competitors respond more aggressively to its success.

NEWS

November 5, 2025 · 8:30 AM UTC

XPEL Reports Revenue Growth of 11.1% to $125.4 million in Third Quarter 2025; Announces Strategic Investments in Manufacturing and Supply Chain

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November 3, 2025 · 3:00 PM UTC

XPEL Debuts COLOR PPF, Ultra-Exclusive Pagani Imola Roadster & Live Demos at SEMA 2025

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October 22, 2025 · 8:30 AM UTC

XPEL, Inc. to Host Conference Call to Discuss Third Quarter 2025 Results

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September 11, 2025 · 8:30 AM UTC

XPEL Expands International Footprint with Acquisition of Chinese Distributor

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September 2, 2025 · 9:00 AM UTC

XPEL Launches COLOR Paint Protection Film, Offering Vehicle Owners 16 Premium Colors with Industry-Leading Protection

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