XPEL, Inc. XPEL
We are a supplier of protective films, coatings and related services primarily to the automobile aftermarket, new car dealerships and automobile original equipment manufacturers, or OEMs. The majority of our revenue is derived from the sale of our automotive products and related services while the remainder of our revenue is derived from non-automotive products including architectural window film and marine and flat surface protection films.
The Company began as a software company designing vehicle patterns used to produce cut-to-fit protective film for headlights and painted surfaces of automobiles. In 2007, we began selling automotive paint protection film products to complement our software business. As paint protection film technology improved and became more durable, awareness and adoption of paint protection film continued to increase, driving significant industry growth over the last several years. Initial adoption of paint protection film came primarily from luxury car enthusiasts in the United States and Canada. These enthusiasts were primarily served by a growing automotive aftermarket of independent installers of automotive paint protection and window films. Internationally, nascent demand began to build as awareness and adoption in the United States and Canada continued to increase. Over the last few years, new car dealership interest in the product increased due to their exposure to the aftermarket installer network, while OEM interest in the product increased through their exposure to the new car dealerships who were selling the product.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $476.2M | $420.4M | $396.3M | $324.0M | $259.3M | $158.9M | $129.9M | $109.9M | — |
| Cost of revenue | $275.2M | $243.0M | $233.9M | $196.5M | $166.6M | $104.9M | $86.4M | $76.5M | — |
| Gross profit | $201.0M | $177.4M | $162.4M | $127.5M | $92.7M | $54.0M | $43.5M | $33.4M | — |
| R&D | $2.9M | $2.9M | $2.9M | $400.0K | $400.0K | $100.0K | $602.4K | $223.9K | — |
| SG&A | $87.2M | $75.4M | $63.7M | $48.2M | $34.3M | $20.9M | $18.8M | $14.8M | — |
| Total operating expenses | $138.4M | $118.2M | $95.4M | $73.6M | $52.6M | $30.7M | $26.4M | $21.6M | — |
| Operating income | $62.6M | $59.1M | $67.0M | $53.9M | $40.1M | $23.4M | $17.1M | $11.8M | — |
| Interest expense | $83.0K | $996.0K | $1.2M | $1.4M | $303.0K | $249.0K | $96.6K | $168.4K | — |
| Pre-tax income | $64.1M | $56.8M | $66.0M | $52.0M | $39.4M | $22.8M | $17.0M | $11.5M | — |
| Income tax | $12.5M | $11.3M | $13.2M | $10.6M | $7.9M | $4.5M | $3.0M | $2.8M | — |
| Net income | $51.2M | $45.5M | $52.8M | $41.4M | $31.6M | $18.3M | $14.0M | $8.7M | — |
| EPS, basic | 1.85 | 1.65 | 1.91 | 1.50 | 1.14 | 0.66 | 0.51 | — | — |
| EPS, diluted | 1.85 | 1.65 | 1.91 | 1.50 | 1.14 | 0.66 | 0.51 | 0.32 | — |
| Shares, diluted (wtd. avg.) | 27.7M | 27.6M | 27.6M | 27.6M | 27.6M | 27.6M | 27.6M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $50.9M | $22.1M | $11.6M | $8.1M | $9.6M | $29.0M | $11.5M | $4.0M | $3.5M |
| Receivables | $49.8M | $29.1M | $24.1M | $14.7M | $13.2M | $9.9M | $7.2M | $5.6M | — |
| Inventory | $122.8M | $110.9M | $106.5M | $80.6M | $51.9M | $22.4M | $15.1M | $10.8M | — |
| Total current assets | $230.7M | $168.3M | $146.5M | $106.8M | $79.0M | $62.8M | $36.3M | $21.0M | — |
| Property, plant and equipment | $15.8M | $17.7M | $17.0M | $14.2M | $9.9M | $4.7M | $4.0M | $3.4M | — |
| Goodwill | $59.3M | $44.1M | $37.5M | $26.8M | $25.7M | $4.5M | $2.4M | $2.3M | $1.9M |
| Other intangibles | $49.6M | $34.6M | $34.9M | $29.3M | $32.7M | $5.4M | $3.8M | $3.8M | — |
| Total assets | $382.5M | $285.6M | $252.0M | $193.4M | $161.0M | $83.8M | $51.6M | $30.5M | — |
| Accounts payable | $54.3M | $36.1M | $32.4M | $23.0M | $32.9M | $16.8M | $10.2M | $6.3M | — |
| Total current liabilities | $71.0M | $41.5M | $36.5M | $27.4M | $36.3M | $21.2M | $11.8M | $8.5M | — |
| Long-term debt | — | — | — | — | $458.2K | $6.5M | $806.9K | — | — |
| Total liabilities | $97.3M | $60.2M | $72.1M | $68.6M | $76.6M | $30.5M | $16.7M | $9.9M | — |
| Retained earnings | $265.3M | $214.1M | $168.6M | $115.8M | $74.4M | $42.9M | $24.6M | $10.6M | — |
| Total equity | $280.3M | $225.5M | $180.0M | $124.7M | $84.5M | $53.4M | $34.9M | $20.6M | $12.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $66.9M | $47.8M | $37.4M | $12.1M | $18.3M | $18.5M | $11.0M | $6.8M | — |
| Depreciation and amortisation | $6.3M | $5.8M | $4.5M | $3.4M | $1.9M | $1.3M | $915.9K | $736.0K | — |
| Stock-based compensation | $2.8M | $3.2M | $1.6M | $522.0K | $169.0K | $0 | $0 | — | — |
| Capital expenditure | $4.0M | $6.7M | $6.4M | $7.9M | $6.7M | $1.8M | $1.6M | $2.0M | — |
| Investing cash flow | -$33.8M | -$18.4M | -$26.4M | -$14.2M | -$56.8M | -$4.7M | -$2.3M | -$3.1M | — |
| Financing cash flow | -$3.7M | -$19.3M | -$7.3M | $602.0K | $19.2M | $3.5M | -$1.1M | -$3.1M | — |
| Buybacks | $3.0M | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001767258-26-000020.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $109.9M | $129.9M | $158.9M | $259.3M | $324.0M | $396.3M | $420.4M | $476.2M |
| Gross profit | — | $33.4M | $43.5M | $54.0M | $92.7M | $127.5M | $162.4M | $177.4M | $201.0M |
| Net income | — | $8.7M | $14.0M | $18.3M | $31.6M | $41.4M | $52.8M | $45.5M | $51.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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| AZZ | AZZ INC | $3.98B | 12.6x | 4.6% |
| NTIC | NORTHERN TECHNOLOGIES INTERNATIONAL CORP | $73.2M | — | -1.0% |