# Xometry (XMTR.US)

Canonical: https://gigainvestors.com/s/XMTR

Analysis as of: 2026-10-16T07:33:16.747Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $99.54 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 8

- Operating margin variation: 0.59×

Chart: Operating margin; fiscal year observations.

- FY2019: -0.38×

- FY2020: -0.21×

- FY2021: -0.27×

- FY2022: -0.20×

- FY2023: -0.16×

- FY2024: -0.10×

- FY2025: -0.07×

- LTM to Jun 2026: -0.04×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -33.4%

- ROIC, second-lowest year: -61.4%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 38.4%

- Recent gross margin (lower of latest and 3-year median): 38.7%

- Years with nonpositive capital: 2

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: -18.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 0.0%

- FY2020: 0.0%

- FY2021: -61.4%

- FY2022: -63.7%

- FY2023: -59.8%

- FY2024: -41.4%

- FY2025: -25.3%

- LTM to Jun 2026: -15.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$320M

- Net income, five-year total: -$320M

- Return on incremental invested capital: -14.0%

- Working capital / revenue, annual change: -0.0 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$61M

- FY2022: -$79M

- FY2023: -$67M

- FY2024: -$50M

- FY2025: -$62M

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.0% vs -41.4%

- Per-share earnings: -4.15 to -1.22 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 46.6%

- Diluted shares, 5-year annual growth: 46.6%

- Per-share value change: $2.93

- Per-share value, starting three-year median: -$4.15

- Per-share value, ending three-year median: -$1.22

- Average buyback yield: 0.3%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 0.0%

- ROIC, last three-year median: -41.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$4.88

- FY2020: -$4.15

- FY2021: -$2.33

- FY2022: -$1.68

- FY2023: -$1.41

- FY2024: -$1.03

- FY2025: -$1.22

### accounting: fail

- restructuring or one-time charges in at least three of five years

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -9.6%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 597.5%

- Earnings backed by cash: Yes

- Accounting red flags: 2

- Goodwill and intangibles / equity: 1.06×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -5.0%

- FY2020: -10.2%

- FY2021: 1.4%

- FY2022: -2.2%

- FY2023: -5.3%

- FY2024: -5.1%

- FY2025: -9.6%

## Holders

- [Henry Ellenbogen](https://gigainvestors.com/DCP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 584% since Oct 2023 · "Xometry Q2 2025 slides: Marketplace growth accelerates, Adj. EBITDA turns positive" (investing.com, Aug 2025) · sales +17.6%

Story as of 2026-10-16T09:59:54.176Z; price observation 2026-10-15.

- 2025-08-05: Xometry raises 2025 revenue growth outlook to 20%, signals continued AI-driven margin expansion ([seekingalpha.com](https://seekingalpha.com/news/4479009-xometry-raises-2025-revenue-growth-outlook-to-20-percent-signals-continued-ai-driven-margin?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +17.6%; source https://www.sec.gov/Archives/edgar/data/1657573/000119312526066959/xmtr-20251231.htm; observed 2026-02-24.

- FY2019: $80M 

- FY2020: $141M 

- FY2021: $218M 

- FY2022: $381M 

- FY2023: $463M 

- FY2024: $546M 

- FY2025: $687M 

- FY2026: $808M 

### Gross margin · FY2026

gross margin 38.7%; source https://www.sec.gov/Archives/edgar/data/1657573/000119312526066959/xmtr-20251231.htm; observed 2026-02-24.

- FY2019: 18.4% 

- FY2020: 23.5% 

- FY2021: 26.2% 

- FY2022: 38.3% 

- FY2023: 38.5% 

- FY2024: 39.5% 

- FY2025: 39.1% 

- FY2026: 38.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in industrial distribution; annual sales are USD 686.6 million.

- Source: https://www.sec.gov/Archives/edgar/data/1657573/000119312526066959/xmtr-20251231.htm (filed 2026-02-24); FY2025: revenue 686631000; grossProfit 268773000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); XMTR.US: Xometry, Inc. operates an artificial intelligence (AI) powered online manufacturing marketplace in the United States and internationally. The company's marketplace uses AI to assist buyers to source custom-manufactured parts and assemblies and attain instant pricing and lead times. It operates Xometry marketplace, an AI powered online marketplace that connects buyers with suppliers of manufacturing services; Xometry instant quoting engine, which prices transactions based on volume, manufacturing process, material, and location; and Thomasnet, an industrial sourcing platform that features an online directory of industrial suppliers, products, and services, as well as digital marketing services and insights to manufacturers and industrial services providers. The company also provides cloud-based systems, such as Workcenter, a financial service product that facilitates payments and a cloud-based manufacturing execution system; and Teamspace, a cloud-based solution within the Xometry platform that enables customers to collaborate with other users on projects and custom part orders. In addition, it offers computer numerical control ("CNC") machining, injection molding, 3D printing, sheet forming and cutting, die casting, urethane casting, tube cutting, and tube bending, as well as finishing, rapid prototyping, and production services. It serves the aerospace, industrial, medical devices, automotive, consumer goods, defense, government, energy, education, and robotics industries. The company was formerly known as NextLine Manufacturing Corp. and changed its name to Xometry, Inc. in June 2015. Xometry, Inc. was incorporated in 2013 and is headquartered in North Bethesda, Maryland.

### Why customers stay

Margins ranged from 38.5% to 39.5% during 2023–25; it lost 33.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 39.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1657573/000119312526066959/xmtr-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 39.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 8-year return on capital observations [[2019,0],[2020,0],[2021,-0.6138946783013997],[2022,-0.6373090486704828],[2023,-0.5984375257392307],[2024,-0.41429474726342136],[2025,-0.2533619875706374],[2026,-0.15625071136634072]]; median -0.33382836741702937. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 7 years; bought back USD 8.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2019,8801000],[2020,8801000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1657573/000119312526066959/xmtr-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 8080000 USD.

### What the price says

The price is 7.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Closing price 99.54 USD; reporting-to-trading FX 1; FY2025 annual sales per share 13.51314703324832; price multiple 7.366159766861677. FY2025 cash earnings/share -1.215321429915316. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-06: $87.39 per share

- 2021-07: $79.17 per share

- 2021-08: $72.67 per share

- 2021-09: $57.67 per share

- 2021-10: $54.00 per share

- 2021-11: $49.71 per share

- 2021-12: $51.25 per share

- 2022-01: $51.60 per share

- 2022-02: $48.91 per share

- 2022-03: $36.75 per share

- 2022-04: $32.82 per share

- 2022-05: $34.01 per share

- 2022-06: $33.93 per share

- 2022-07: $38.00 per share

- 2022-08: $49.01 per share

- 2022-09: $56.79 per share

- 2022-10: $60.06 per share

- 2022-11: $42.23 per share

- 2022-12: $32.23 per share

- 2023-01: $35.02 per share

- 2023-02: $30.41 per share

- 2023-03: $14.97 per share

- 2023-04: $13.89 per share

- 2023-05: $18.30 per share

- 2023-06: $21.18 per share

- 2023-07: $20.76 per share

- 2023-08: $19.05 per share

- 2023-09: $16.98 per share

- 2023-10: $14.55 per share

- 2023-11: $24.48 per share

- 2023-12: $35.91 per share

- 2024-01: $32.18 per share

- 2024-02: $19.56 per share

- 2024-03: $16.89 per share

- 2024-04: $17.87 per share

- 2024-05: $15.34 per share

- 2024-06: $11.56 per share

- 2024-07: $14.63 per share

- 2024-08: $19.64 per share

- 2024-09: $18.37 per share

- 2024-10: $19.68 per share

- 2024-11: $31.05 per share

- 2024-12: $42.66 per share

- 2025-01: $33.21 per share

- 2025-02: $27.32 per share

- 2025-03: $24.92 per share

- 2025-04: $25.64 per share

- 2025-05: $33.15 per share

- 2025-06: $33.79 per share

- 2025-07: $32.34 per share

- 2025-08: $49.48 per share

- 2025-09: $54.47 per share

- 2025-10: $48.69 per share

- 2025-11: $58.47 per share

- 2025-12: $59.47 per share

- 2026-01: $57.13 per share

- 2026-02: $41.02 per share

- 2026-03: $40.84 per share

- 2026-04: $51.27 per share

- 2026-05: $95.29 per share

- 2026-06: $96.52 per share

- 2026-07: $85.72 per share

- 2026-08: $92.69 per share

- 2026-09: $102.85 per share

- 2026-10: $99.54 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1657573/000119312526066959/xmtr-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.