Recent News
On November 16, 2025 analysts raised the average one‑year price target for Xometry to $66.75, lifting the range of analyst estimates and signaling increased analyst optimism about the company’s near-term trajectory.
On November 19, 2025 Xometry presented at a major technology conference, emphasizing its AI‑driven marketplace strategy, international expansion, and enterprise integrations as primary growth drivers; management framed product launches and buyer-supplier network scale as the core drivers of continued revenue and gross‑profit expansion.
Technical Analysis
ADX sits at 13.57, indicating no established trend strength; that low ADX suggests momentum-based moves will govern price action rather than a durable trend, which moderates conviction behind any directional bias tied to valuation.
DI+ at 22.46 shows a dip & reversal (bullish) while DI‑ at 21.93 shows a peak & reversal (bullish); both directional indicators reading bullish together imply recent buying pressure, but the low ADX tempers confidence in a sustained trending move.
MACD reads 0.61 with a dip & reversal (bullish momentum), yet the MACD remains below its signal line at 0.82; momentum has accelerated upward but has not confirmed a signal‑line crossover, so momentum improvement supports further upside only if a crossover follows.
MRO registers 22.92 (positive), which indicates the market price sits above the model target and carries potential for mean reversion; this metric aligns with the current WMDST valuation that prices the stock as over‑valued, adding caution to the near‑term price bias.
RSI at 55 with a dip & reversal points to constructive but non‑extended internals; combined with price near the upper Bollinger band and price above the 20/50/200‑day averages, technicals favor bullish continuation while leaving room for pullbacks.
Price at $65.22 trades comfortably above the 200‑day average ($45.67) and near the 1‑sigma upper Bollinger band (~$65.63); the super trend lower at $60.20 provides a near‑term technical support reference. Elevated 42‑day beta (2.62) implies above‑average volatility for any directional moves.
Fundamental Analysis
Revenue momentum stands out: total revenue $180,715,000 with QoQ revenue growth of 45.76% and YoY revenue growth of 62.81%, demonstrating rapid top‑line expansion that underpins the company’s marketplace narrative and supports forward expectations. Gross profit $72,029,000 and gross margin 39.86% show healthy unit economics, though gross margin sits below the industry peer mean of 61.08% and industry peer median of 59.94%.
Operating performance remains negative: EBIT $‑10,336,000, EBITDA $‑5,336,000, operating margin ‑6.09% and EBIT margin ‑5.72%; EBIT margin declined QoQ by about 63.20% and fell YoY by about 9.77%, indicating that expense leverage lags revenue acceleration and that reported operating profitability requires continued improvement to match valuation multiples.
Earnings per share beat consensus: EPS actual $0.11 versus estimate $0.10, a 10% surprise, while forward EPS stands at $0.18949. GAAP net income remained negative at $‑11,597,000, and free cash flow remains slightly negative at $‑1,657,000 with a free cash flow yield near ‑0.07%, so profitability improvements currently disguise continuing cash conversion work.
Balance sheet and liquidity show strength: cash and short‑term investments $224,519,000, cash ratio 2.38, current ratio 3.62, and quick ratio 3.58 provide ample near‑term liquidity to fund growth investments. Receivables and inventory metrics show efficient turnover (inventory turnover 24.49 and receivables turnover ~1.95) and a short cash conversion cycle ~9.72 days.
Leverage and capitalization highlight elevated financial risk relative to peers: total debt $333,455,000 and net debt $306,098,000 produce debt to assets of 47.71% and debt to equity of 1.23, both above the industry peer mean figures; interest coverage remains negative. WMDST notes capital structure stresses that require monitoring as growth scales.
Valuation context: P/E about 433.48 and forward P/E ~645.29 reflect market expectations for rapid earnings acceleration; price‑to‑book 8.95 sits above the industry peer high of 8.08, while EV/Revenue and EV/EBITDA metrics reflect elevated multiples. The current valuation as determined by WMDST: over‑valued. Analysts’ one‑year price target mean sits near $98.62 with a high of $149.17 and low of $35.06, implying a wide range of expectations that rest on execution of margin expansion and sustained revenue growth.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-04 |
| NEXT REPORT DATE: | 2026-02-03 |
| CASH FLOW | Begin Period Cash Flow | $ 16.8 M |
| Operating Cash Flow | $ 5.8 M | |
| Capital Expenditures | $ -7.45 M | |
| Change In Working Capital | $ -1.03 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 4.1 M | |
| End Period Cash Flow | $ 20.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 180.7 M | |
| Forward Revenue | $ -37.67 M | |
| COSTS | ||
| Cost Of Revenue | $ 108.7 M | |
| Depreciation | $ 5.0 M | |
| Depreciation and Amortization | $ 5.0 M | |
| Research and Development | $ 12.5 M | |
| Total Operating Expenses | $ 191.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 72.0 M | |
| EBITDA | $ -5.34 M | |
| EBIT | $ -10.34 M | |
| Operating Income | $ -11.01 M | |
| Interest Income | $ 2.1 M | |
| Interest Expense | $ 1.3 M | |
| Net Interest Income | $ 861.0 K | |
| Income Before Tax | $ -11.61 M | |
| Tax Provision | $ -17.00 K | |
| Tax Rate | 0.146 % | |
| Net Income | $ -11.60 M | |
| Net Income From Continuing Operations | $ -11.60 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.10 | |
| EPS Actual | $ 0.11 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 10.0 % | |
| Forward EPS | $ 0.19 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 698.9 M | |
| Intangible Assets | $ 293.2 M | |
| Net Tangible Assets | $ -21.26 M | |
| Total Current Assets | $ 341.1 M | |
| Cash and Short-Term Investments | $ 224.5 M | |
| Cash | $ 20.8 M | |
| Net Receivables | $ 98.9 M | |
| Inventory | $ 4.2 M | |
| Long-Term Investments | $ 459.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 46.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 94.1 M | |
| Net Debt | $ 306.1 M | |
| Total Debt | $ 333.5 M | |
| Total Liabilities | $ 425.8 M | |
| EQUITY | ||
| Total Equity | $ 272.0 M | |
| Retained Earnings | $ -423.38 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.33 | |
| Shares Outstanding | 51.033 M | |
| Revenue Per-Share | $ 3.54 | |
| VALUATION | Market Capitalization | $ 2.4 B |
| Enterprise Value | $ 2.5 B | |
| Enterprise Multiple | -476.451 | |
| Enterprise Multiple QoQ | 373.45 % | |
| Enterprise Multiple YoY | 293.955 % | |
| Enterprise Multiple IPRWA | high: 233.502 median: 89.291 mean: 75.918 low: -157.273 XMTR: -476.451 |
|
| EV/R | 14.068 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.57 | |
| Asset To Liability | 1.641 | |
| Debt To Capital | 0.551 | |
| Debt To Assets | 0.477 | |
| Debt To Assets QoQ | -2.123 % | |
| Debt To Assets YoY | 2336.823 % | |
| Debt To Assets IPRWA | high: 0.973 XMTR: 0.477 mean: 0.255 median: 0.154 low: 0.01 |
|
| Debt To Equity | 1.226 | |
| Debt To Equity QoQ | -1.01 % | |
| Debt To Equity YoY | 2811.66 % | |
| Debt To Equity IPRWA | high: 2.365 XMTR: 1.226 mean: 0.559 median: 0.24 low: 0.011 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 8.948 | |
| Price To Book QoQ | 22.142 % | |
| Price To Book YoY | 207.095 % | |
| Price To Book IPRWA | XMTR: 8.948 high: 8.082 median: 6.089 mean: 5.136 low: -5.143 |
|
| Price To Earnings (P/E) | 433.485 | |
| Price To Earnings QoQ | 21.229 % | |
| Price To Earnings YoY | -53.327 % | |
| Price To Earnings IPRWA | XMTR: 433.485 high: 195.274 mean: 136.682 median: 120.234 low: -155.476 |
|
| PE/G Ratio | 19.507 | |
| Price To Sales (P/S) | 13.465 | |
| Price To Sales QoQ | 10.497 % | |
| Price To Sales YoY | 107.741 % | |
| Price To Sales IPRWA | high: 22.61 median: 14.113 XMTR: 13.465 mean: 12.006 low: 0.544 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 645.291 | |
| Forward PE/G | 29.038 | |
| Forward P/S | -174.856 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -5.286 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.261 | |
| Asset Turnover Ratio QoQ | 10.476 % | |
| Asset Turnover Ratio YoY | 24.858 % | |
| Asset Turnover Ratio IPRWA | high: 0.477 XMTR: 0.261 mean: 0.145 median: 0.105 low: 0.015 |
|
| Receivables Turnover | 1.946 | |
| Receivables Turnover Ratio QoQ | 3.182 % | |
| Receivables Turnover Ratio YoY | 2.705 % | |
| Receivables Turnover Ratio IPRWA | high: 4.54 XMTR: 1.946 median: 1.611 mean: 1.546 low: 0.816 |
|
| Inventory Turnover | 24.493 | |
| Inventory Turnover Ratio QoQ | 8.992 % | |
| Inventory Turnover Ratio YoY | -9.143 % | |
| Inventory Turnover Ratio IPRWA | XMTR: 24.493 high: 3.901 mean: 1.791 median: 0.805 low: 0.107 |
|
| Days Sales Outstanding (DSO) | 46.9 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 9.718 | |
| Cash Conversion Cycle Days QoQ | 19.679 % | |
| Cash Conversion Cycle Days YoY | -77.03 % | |
| Cash Conversion Cycle Days IPRWA | high: 140.744 median: 25.754 mean: 25.574 XMTR: 9.718 low: -59.548 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.732 | |
| CapEx To Revenue | -0.041 | |
| CapEx To Depreciation | -1.49 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 598.9 M | |
| Net Invested Capital | $ 598.9 M | |
| Invested Capital | $ 598.9 M | |
| Net Tangible Assets | $ -21.26 M | |
| Net Working Capital | $ 247.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.385 | |
| Current Ratio | 3.623 | |
| Current Ratio QoQ | -7.33 % | |
| Current Ratio YoY | -21.141 % | |
| Current Ratio IPRWA | high: 8.632 XMTR: 3.623 mean: 1.072 median: 0.738 low: 0.428 |
|
| Quick Ratio | 3.578 | |
| Quick Ratio QoQ | -7.172 % | |
| Quick Ratio YoY | -21.276 % | |
| Quick Ratio IPRWA | high: 16.179 XMTR: 3.578 mean: 3.503 median: 2.584 low: 2.059 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -62.492 | |
| Cost Of Debt | 0.382 % | |
| Interest Coverage Ratio | -8.088 | |
| Interest Coverage Ratio QoQ | -62.16 % | |
| Interest Coverage Ratio YoY | 6.881 % | |
| Interest Coverage Ratio IPRWA | high: 27.361 median: 12.24 mean: 8.947 XMTR: -8.088 low: -17.094 |
|
| Operating Cash Flow Ratio | -0.148 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 41.34 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.723 % | |
| Revenue Growth | 11.177 % | |
| Revenue Growth QoQ | 45.762 % | |
| Revenue Growth YoY | 62.811 % | |
| Revenue Growth IPRWA | high: 21.396 % XMTR: 11.177 % mean: 0.687 % median: -0.168 % low: -13.715 % |
|
| Earnings Growth | 22.222 % | |
| Earnings Growth QoQ | -93.651 % | |
| Earnings Growth YoY | -107.407 % | |
| Earnings Growth IPRWA | high: 95.714 % XMTR: 22.222 % mean: -0.653 % median: -2.299 % low: -96.296 % |
|
| MARGINS | ||
| Gross Margin | 39.858 % | |
| Gross Margin QoQ | -0.596 % | |
| Gross Margin YoY | 1.17 % | |
| Gross Margin IPRWA | high: 89.116 % mean: 61.08 % median: 59.941 % XMTR: 39.858 % low: 8.097 % |
|
| EBIT Margin | -5.72 % | |
| EBIT Margin QoQ | -63.196 % | |
| EBIT Margin YoY | -9.765 % | |
| EBIT Margin IPRWA | high: 34.343 % mean: 22.53 % median: 18.179 % XMTR: -5.72 % low: -31.204 % |
|
| Return On Sales (ROS) | -6.092 % | |
| Return On Sales QoQ | -3.76 % | |
| Return On Sales YoY | -3.897 % | |
| Return On Sales IPRWA | high: 33.558 % mean: 22.596 % median: 18.196 % XMTR: -6.092 % low: -43.421 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -1.66 M | |
| Free Cash Flow Yield | -0.068 % | |
| Free Cash Flow Yield QoQ | -81.769 % | |
| Free Cash Flow Yield YoY | -92.601 % | |
| Free Cash Flow Yield IPRWA | high: 10.49 % mean: 1.025 % median: 0.734 % XMTR: -0.068 % low: -6.965 % |
|
| Free Cash Growth | -77.578 % | |
| Free Cash Growth QoQ | 296.069 % | |
| Free Cash Growth YoY | 107.04 % | |
| Free Cash Growth IPRWA | high: 388.604 % mean: 18.098 % median: -7.033 % XMTR: -77.578 % low: -210.38 % |
|
| Free Cash To Net Income | 0.143 | |
| Cash Flow Margin | -7.723 % | |
| Cash Flow To Earnings | 1.204 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -1.674 % | |
| Return On Assets QoQ | -56.395 % | |
| Return On Assets YoY | 11.377 % | |
| Return On Assets IPRWA | high: 8.084 % median: 2.362 % mean: 1.715 % XMTR: -1.674 % low: -8.842 % |
|
| Return On Capital Employed (ROCE) | -1.709 % | |
| Return On Equity (ROE) | -0.043 | |
| Return On Equity QoQ | -56.383 % | |
| Return On Equity YoY | 31.808 % | |
| Return On Equity IPRWA | high: 0.129 median: 0.036 mean: 0.032 XMTR: -0.043 low: -0.196 |
|
| DuPont ROE | -4.276 % | |
| Return On Invested Capital (ROIC) | -1.723 % | |
| Return On Invested Capital QoQ | -59.286 % | |
| Return On Invested Capital YoY | -153.609 % | |
| Return On Invested Capital IPRWA | high: 10.237 % median: 3.446 % mean: 2.751 % XMTR: -1.723 % low: -6.684 % |
|