Recent News
In December 2025 Xometry added eight new auto-quotable 3D-printing materials to its Instant Quoting Engine and expanded instant quoting for injection molding; the company also rolled out finer control for CNC subprocess selection and looser tolerance options to lower part costs. A January 2026 company release summarized these product and platform enhancements as part of broader marketplace updates supporting complex manufacturing demands.
Technical Analysis
ADX at 16.37 signals no established trend; this lowers conviction for sustained directional moves and raises the likelihood of short, volatile episodes that can amplify valuation re-rating for an over-valued stock.
DI+ registers 22.33 with a peak-and-reversal pattern, while DI- sits at 26.71 with a dip-and-reversal pattern; both directional indicators therefore signal recent bearish directional changes and point toward increased downside pressure relative to current valuation levels.
MACD stands at -0.31 with a peak-and-reversal profile and the signal line at 0.28; MACD negative and below its signal line constitutes bearish momentum, reducing the probability that short-term technical strength will support the present valuation.
MRO reads 16.09 with a peak-and-reversal profile; MRO positive at this magnitude indicates price above target and suggests contraction risk, which reinforces downside bias for a security WMDST values as over-valued.
RSI at 51.06 with a peak-and-reversal profile stays near neutral but reflects a loss of recent upside momentum; coupled with MACD and DI signals, this favors mean-reversion toward lower price levels rather than fresh appreciation that would justify stretched multiples.
Price sits at $55.42 below the 20-day average ($62.15), the 50-day average ($62.09) and the 12-day EMA ($61.58, peak & reversal), indicating short-term price weakness against recent averages and implying technical pressure on the current valuation. Bollinger lower bands (1x = $56.54) sit just above the close, reinforcing proximity to the lower volatility band despite mixed momentum readings. Elevated 42‑day beta (3.56) implies outsized short-term volatility relative to the broader market, increasing execution risk for any re-rating event.
Fundamental Analysis
Revenue shows strong top-line momentum: YoY revenue growth 62.81% and QoQ revenue growth 45.76%, supporting the expansion narrative and the recent product additions. Gross margin equals 39.86% and changed only marginally YoY (+1.17 percentage points), indicating core unit economics retain structural strength even while investment continues.
Profitability remains negative. EBIT equals -$10,336,000, with an EBIT margin of -5.72%. QoQ EBIT margin contracted by 63.20% and YoY by 9.77 percentage points. The EBIT margin compares to industry peer mean of 22.53%, industry peer median of 18.18%, and an industry peer range from -31.20% to 34.34%, placing Xometry below the peer mean and median and nearer the lower end of the industry peer range.
Net income equals -$11,597,000 and operating margin stands at -6.09% (YoY change -3.90 percentage points). Free cash flow sits at -$1,657,000 with free cash flow yield of -0.07% and free cash growth that turned negative; operating cash flow totaled $5,792,000 but failed to offset negative investing outflows (capital expenditures $-7,449,000). Cash and short-term investments equal $224,519,000, providing liquidity cushion against near-term cash needs while net debt equals $306,098,000 and total debt $333,455,000, keeping leverage elevated versus equity ($271,964,000) and producing a debt-to-equity ratio of 1.226 (122.6%).
Market multiple profile shows stretched valuations: P/E about 433.48 and forward P/E ~645.29; price-to-sales 13.47 and enterprise-value-to-revenue ~14.07. Price-to-book sits near 8.95 while PEG and forward PEG appear elevated (PEGratio 19.51; forwardPEG 29.04). WMDST values the stock as over-valued, reflecting these multiples versus earnings and cash-flow metrics despite robust revenue growth.
Earnings summary: reported EPS $0.11 vs. estimate $0.10, an EPS surprise of 10%. Forward EPS equals $0.18949, implying a forward EPS profile that still leaves multiples stretched relative to operating performance and cash generation.
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 % |
|