Xometry (XMTR) AI Stock Analysis

• Market Cap: $2.03B
• Dividend Yield: N/A
• Average Volume (3M): 1.33M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.21
• Revenue Growth: 22.40%
• EPS Growth: -18.99%
• Country: US
• Employees: 1,088
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 0.16
• Shares Outstanding: 50,349,113
• 10 Day Avg. Volume: 996,654
• 30 Day Avg. Volume: 1,330,895
• PEG Ratio: -2.65
• Price to Book (P/B): 10.96
• Price to Sales (P/S): 4.40
• P/FCF Ratio: -125.42
• Enterprise Value/Market Cap: 1.14
• Enterprise Value/Revenue: 3.37
• Enterprise Value/Gross Profit: 8.60
• Enterprise Value/Ebitda: -61.85
• 1Y Price Target: $58.75
• Price Target Upside: 47.10% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.76
• Revenue Forecast (FY): $814.75M

• Rating: 50 Neutral
• Price Target: $36.00 ▼(-9.86% Downside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is held back primarily by weak financial performance (ongoing net losses, rising leverage, and negative free cash flow) and bearish technicals (price well below key moving averages with negative MACD). Offsetting these is a relatively strong earnings-call outlook with accelerating growth and improving adjusted EBITDA expectations, while valuation is difficult to support on earnings given the negative P/E and no dividend.

Positive Factors

Marketplace margin improvement

Sustained marketplace gross margin expansion reflects improving unit economics from better pricing, supplier mix and scale. Higher gross margins support durable operating leverage as revenue grows, improving the path to sustained adjusted EBITDA and eventual net profitability over the medium term.

Enterprise customer momentum

Growing high-spend enterprise clients create a more predictable, stickier revenue base with higher lifetime value and cross-sell potential. This structural shift reduces reliance on transactional demand, raises average order sizes, and bolsters long-term revenue stability and margin profile.

Product and supplier-network expansion

A larger supplier pool and continuous product innovation (AI DFM, auto quotes, Teamspace) strengthen two-sided network effects, improve fulfillment reliability and reduce lead times. These structural advantages raise switching costs and enhance long-term marketplace competitiveness.

Negative Factors

Persistent net losses

Despite revenue growth and margin gains, ongoing operating and net losses indicate the company has not yet converted unit economics into consistent GAAP profitability. Continued losses constrain retained earnings, limit return on equity, and require sustained improvement to ensure long-term financial self-sufficiency.

Negative free cash flow

Negative free cash flow after investments means the business depends on external capital to fund growth and platform investment. This reduces financial flexibility, increases dilution or borrowing risk, and delays the point at which internal cash generation can fully fund strategic initiatives.

Rising leverage

Increasing leverage for a still-loss-making company raises interest and refinancing risk, reducing resilience to macro shocks. Higher debt burdens limit strategic optionality and make sustained investment or opportunistic M&A more costly until earnings and cash flow sufficiently strengthen.

Xometry Business Overview & Revenue Model

Company Description

Xometry, Inc. operates a marketplace that enables buyers to source manufactured parts and assemblies in the United States and internationally. It provides CNC machining, milling, and turning services; sheet, laser, waterjet, and plasma cutting services; and sheet metal forming services. The company also offers 3D printing services, such as carbon digital light synthesis, fused deposition modeling, HP multi jet fusion, PolyJet, selective laser sintering, stereolithography, metal 3D printing service, direct metal laser sintering, and metal binder jetting; and injection molding services, including plastic injection, over, insert, and prototype molding, as well as bridge and production tooling. In addition, it provides other services comprising urethane and die casting, vapor smoothing, finishing, rapid prototyping, high- volume production, and assembly services. The company offers its products under the Allied Machine & Engineering, Brubaker, HTC, OSG, Kyocera, Mitsubishi Materials, SOWA, Viking Drill & Tool, Dauphin, and Sandvik brands. It serves aerospace and defense, automotive, consumer products, product designers, education, electronic and semiconductors, energy, hardware startups, industrial, medical and dental, robotics, and supply chain and purchasing 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 Derwood, Maryland.

How the Company Makes Money

Xometry generates revenue primarily through its marketplace model: customers submit part specifications, Xometry provides pricing/lead time and manages order fulfillment by routing jobs to manufacturing partners in its supplier network. The company earns revenue from the customer purchase price for the manufactured parts and related services, while paying suppliers for production; the difference (after considering direct costs) represents its marketplace economics. In addition, Xometry earns revenue from supplier-facing products and services, including subscription and/or usage-based tools (commonly marketed under its supplier solutions), which can include quoting/ordering software, job distribution access, and other workflow or business services that help suppliers acquire demand and operate on the platform. The company also has generated revenue from financial services and other value-added services offered to participants in its ecosystem (for example, programs designed to support suppliers’ cash flow or transaction processing); if specific program terms or contribution levels are not publicly detailed in a given period, those details are null. Significant factors influencing earnings include transaction volume and mix across manufacturing processes, take rate/margin on marketplace orders, growth and engagement of the supplier network, customer acquisition/retention, and efficiency gains from its software-driven pricing and matching capabilities. Partnerships and integrations with manufacturing suppliers and software/workflow ecosystems can support demand generation and supplier adoption, but specific material partnership revenue contributions are null unless explicitly disclosed.

Xometry Financial Statement Overview

Summary

Revenue is growing and gross margin is stable (~39% TTM), but the company remains unprofitable (EBIT margin ~-9.1%, net margin ~-9.8%). Leverage has increased (debt-to-equity ~1.23) and free cash flow is still negative (~-$24.1M TTM) despite slightly positive operating cash flow (~$6.1M TTM).

Income Statement

Revenue continues to expand, with TTM (Trailing-Twelve-Months) growth of 6.8% and a multi-year increase in sales. Gross margin has stabilized around ~39% (TTM), showing decent unit economics. However, profitability remains a key issue: TTM operating losses persist (EBIT margin around -9.1%) and net losses continue (net margin around -9.8%), indicating the business has not yet scaled to consistent earnings.

Balance Sheet

The balance sheet shows meaningful leverage for a still-loss-making company. Total debt rose to ~$339M in TTM (Trailing-Twelve-Months), pushing debt-to-equity to ~1.23 (up from ~0.94 in 2024), which reduces financial flexibility. Equity remains positive (~$276M), but returns on equity are materially negative in recent periods, reflecting ongoing losses and limiting balance-sheet strength despite a solid asset base (~$704M).

Cash Flow

Cash generation is improving but not yet sustainably positive. TTM (Trailing-Twelve-Months) operating cash flow turned slightly positive (~$6.1M) versus negative in prior years, a clear step in the right direction. Still, free cash flow remains negative (about -$24.1M TTM), implying the company is not self-funding after investment needs, and cash flow support for earnings is not yet strong given continued net losses.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	686.63M	545.53M	463.41M	380.92M	218.34M
Gross Profit	268.77M	215.62M	178.26M	145.99M	57.14M
EBITDA	-37.50M	-28.20M	-52.30M	-66.77M	-56.93M
Net Income	-61.75M	-50.40M	-67.47M	-79.06M	-61.38M
Balance Sheet
Total Assets	703.72M	680.13M	707.39M	734.11M	502.59M
Cash, Cash Equivalents and Short-Term Investments	219.14M	239.84M	268.78M	319.43M	116.73M
Total Debt	349.26M	295.14M	299.52M	302.32M	22.47M
Total Liabilities	426.98M	364.53M	376.97M	362.31M	77.10M
Stockholders Equity	275.60M	314.45M	329.30M	370.71M	424.45M
Cash Flow
Free Cash Flow	-24.09M	-33.48M	-48.36M	-76.22M	-74.83M
Operating Cash Flow	6.09M	-15.38M	-29.88M	-62.58M	-68.57M
Investing Cash Flow	-16.64M	-20.18M	16.81M	15.14M	-212.75M
Financing Cash Flow	2.89M	4.64M	1.07M	280.97M	307.77M

Xometry Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 39.94
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XMTR, the sentiment is Negative. The current price of 39.94 is below the 20-day moving average (MA) of 42.93, below the 50-day MA of 54.44, and below the 200-day MA of 49.69, indicating a bearish trend. The MACD of -4.70 indicates Negative momentum. The RSI at 38.82 is Neutral, neither overbought nor oversold. The STOCH value of 41.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for XMTR.

Xometry Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ITT	78 Outperform	$15.72B	28.23	16.15%	0.79%	8.01%	2.67%
SPXC	76 Outperform	$9.32B	30.59	13.29%	―	12.60%	24.02%
PNR	68 Neutral	$14.12B	25.61	17.48%	0.96%	0.83%	-1.32%
FLS	66 Neutral	$9.09B	26.05	15.81%	1.17%	3.19%	69.89%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
GNRC	60 Neutral	$11.69B	50.02	6.19%	―	5.52%	9.03%
XMTR	50 Neutral	$2.03B	-48.93	-21.90%	―	22.40%	-18.99%

Xometry Corporate Events

Xometry Announces CEO Succession and Board Leadership Changes

Xometry announced on February 24, 2026, that its board approved a leadership transition effective July 1, 2026, elevating President Sanjeev Singh Sahni to chief executive officer and adding him to the board as a Class I director, while expanding the board from six to seven members to accommodate his appointment. The company also detailed that current CEO Randolph Altschuler will step down from that role on July 1, 2026, to become executive chair for an indefinite term, and that current board chair Fabio Rosati will shift to lead independent director, moves that collectively reshape governance while keeping key leaders in influential positions.

These changes signal a planned succession that preserves continuity in Xometry’s strategic direction by retaining Altschuler as executive chair and promoting an internal leader to CEO. The revised board structure, including the enlarged board and a defined lead independent director role, may strengthen oversight and balance executive influence, with implications for investors focused on governance stability and long-term execution.

The most recent analyst rating on (XMTR) stock is a Hold with a $64.00 price target. To see the full list of analyst forecasts on Xometry stock, see the XMTR Stock Forecast page.