Xometry (XMTR)
NASDAQ:XMTR
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Xometry
(NASDAQ:XMTR)
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Rating:54Neutral
Price Target:
$50.00
▲(1.21% Upside)
Action:ReiteratedDate:04/18/26
XMTR scores as a middle-of-the-road opportunity: financials remain the main constraint due to continued net losses, negative free cash flow, and rising leverage, despite improving operating cash flow and steady gross margins. Offsetting this, the latest earnings call and guidance signal accelerating marketplace momentum and improving adjusted EBITDA. Technically, near-term momentum is positive, but the longer-term trend remains mixed, and valuation is held back by a loss-making profile and no dividend yield provided.
Positive Factors
Marketplace margin expansion
Margin expansion to ~35% and a multi-year rise from ~25% reflects structurally improving unit economics across Xometry’s marketplace. Sustained higher gross profit per order from better pricing, supplier matching and automation supports durable operating leverage, enabling scalable profitability as revenue grows.
Negative Factors
Ongoing net losses and negative free cash flow
Despite revenue growth and steady gross margins, Xometry continues to report operating and net losses and material negative FCF. Persistent cash burn necessitates external capital or dilution, constrains reinvestment flexibility, and delays the company's ability to become self‑funding and resilient to economic shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Marketplace margin expansion
Margin expansion to ~35% and a multi-year rise from ~25% reflects structurally improving unit economics across Xometry’s marketplace. Sustained higher gross profit per order from better pricing, supplier matching and automation supports durable operating leverage, enabling scalable profitability as revenue grows.
Read all positive factors
Xometry (XMTR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.38B
Dividend YieldN/A
Average Volume (3M)781.71K
Price to Earnings (P/E)―
Beta (1Y)2.17
Revenue Growth22.40%
EPS Growth-18.99%
CountryUS
Employees1,088
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)0.16
Shares Outstanding50,349,113
10 Day Avg. Volume598,481
30 Day Avg. Volume781,706
Financial Highlights & Ratios
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 Cap1.18
Enterprise Value/Revenue4.11
Enterprise Value/Gross Profit10.50
Enterprise Value/Ebitda-75.48
Forecast
1Y Price Target
$58.75Price Target Upside18.93% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.72
Revenue Forecast (FY)$833.12M
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 ser...
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 compan...
Xometry Key Performance Indicators (KPIs)
Any
Active Buyers
Measures the number of customers actively purchasing, reflecting the company's ability to attract and maintain a strong customer base, which is crucial for sustained revenue growth.
Measures the number of customers actively purchasing, reflecting the company's ability to attract and maintain a strong customer base, which is crucial for sustained revenue growth.
Data provided by:
The Fly
The FlyXometry Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call communicates a strongly positive operational and financial trajectory: accelerating revenue growth, expanding marketplace margins, growing enterprise penetration, multiple product launches and improved adjusted EBITDA and cash generation. Management provided constructive guidance and highlighted continued investment in product, AI and global supply networks. Near-term cautions include international profitability that remains negative (though improving), a transitional drag on services monetization (Thomas ad/search), conservative near-term guidance given macro uncertainty, and a meaningful stock‑based compensation charge in Q1. Overall the positives—record results, margin expansion, enterprise momentum, product roadmap and a healthy balance sheet—outweigh the listed challenges.Positive Updates
Record Revenue Growth and Profitability
Q4 revenue grew 30% year-over-year to more than $192M; full-year 2025 revenue growth accelerated to 26% (an 800 bps acceleration). Xometry delivered full-year adjusted EBITDA of $18.5M (vs. an adjusted EBITDA loss of $9.7M in 2024). Q4 adjusted EBITDA was $8.4M, an improvement of $7.3M year-over-year.
Negative Updates
International Segment Still Loss-Making
Q4 international adjusted EBITDA was a loss of $2.4M (improved $0.5M year-over-year), indicating the international business has yet to reach profitability and requires continued operating leverage and investment.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue Growth and Profitability
Q4 revenue grew 30% year-over-year to more than $192M; full-year 2025 revenue growth accelerated to 26% (an 800 bps acceleration). Xometry delivered full-year adjusted EBITDA of $18.5M (vs. an adjusted EBITDA loss of $9.7M in 2024). Q4 adjusted EBITDA was $8.4M, an improvement of $7.3M year-over-year.
Read all positive updates
Company Guidance
Xometry guided Q1 2026 revenue of $187–189 million (up ~24%–25% YoY) with marketplace growth of ~27%–28% YoY and services revenue largely flat quarter‑over‑quarter; Q1 adjusted EBITDA is expected at $6.5–7.5 million (vs. roughly breakeven in Q1 2025) and stock‑based compensation (including payroll taxes) of about $11 million (~6% of revenue). For full‑year 2026 the company expects at least 21% revenue growth (with at least 20% growth in Q2–Q4), marketplace gross margin to be higher than in 2025, services revenue approximately flat with modest second‑half growth, and incremental adjusted EBITDA margins of at least 20% for the year.Xometry Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
41
Neutral
Cash Flow
44
Neutral
| 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
Positive
49.40
Price Trends
46.30
Positive
53.77
Negative
50.58
Negative
Market Momentum
0.46
Negative
63.13
Neutral
84.25
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XMTR, the sentiment is Positive. The current price of 49.4 is above the 20-day moving average (MA) of 42.19, above the 50-day MA of 46.30, and below the 200-day MA of 50.58, indicating a neutral trend. The MACD of 0.46 indicates Negative momentum. The RSI at 63.13 is Neutral, neither overbought nor oversold. The STOCH value of 84.25 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XMTR.
Xometry Risk Analysis
Xometry disclosed 64 risk factors in its most recent earnings report. Xometry reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Xometry Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $18.56B | 28.23 | 16.15% | 0.79% | 8.01% | 2.67% | |
76 Outperform | $11.04B | 30.59 | 13.29% | ― | 12.60% | 24.02% | |
72 Outperform | $10.07B | 26.05 | 15.81% | 1.17% | 3.19% | 69.89% | |
68 Neutral | $14.28B | 26.14 | 17.48% | 0.96% | 0.83% | -1.32% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $11.99B | 50.02 | 6.19% | ― | 5.52% | 9.03% | |
54 Neutral | $2.38B | -48.93 | -21.90% | ― | 22.40% | -18.99% |
* Industrials Sector Average
XMTR
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122.72%
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Xometry Corporate Events
Business Operations and StrategyExecutive/Board Changes
Xometry Announces CEO Succession and Board Leadership Changes
Positive
Feb 24, 2026
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 t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.