XPEL XPEL, Inc.

Overview and Growth

XPEL, Inc. generated $476.20M of revenue in fiscal 2025, with net income of $51.23M and an operating cash inflow of $66.94M. At $476.20M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $420.40M in fiscal 2024, revenue recorded a 13.3% year-over-year increase. On a per-share basis, diluted EPS was $1.85, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 12.1% from $1.65 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The revenue-to-assets relationship was 1.24x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $201.02M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 42.2%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $62.65M of income after the reported operating expense base, before the remaining non-operating and tax effects. Relative to revenue, operating income represented 13.2%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $51.23M for the fiscal year. Net margin was 10.8%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $64.06M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 13.5%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $12.47M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 19.5%, without assuming a statutory-rate comparison. Return on period-end equity was 18.0%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 13.4%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

Total assets were $382.53M, supported by $97.34M of liabilities and $285.19M of shareholder equity. The near-term balance sheet paired $230.70M of current assets with $71.00M of current liabilities at the reporting date. Current assets covered current liabilities by 3.25x, leaving a positive buffer for near-term obligations. The company held $50.86M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 71.6%, excluding receivables and other current assets. The liabilities-to-assets relationship was 25.4%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 13.3%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 33.9% from $285.61M in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 26.5% from $225.46M in fiscal 2024, placing the current capital base higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $66.94M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 1.31x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $4.01M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 6.0%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $62.93M, leaving a positive amount after capital expenditures. The free-cash-flow margin was 13.2%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 16.5% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.