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XPEL, Inc. manufactures, installs, sells, and distributes protective films, coatings and related services. It offers automotive and surface paint protection, windshield protection, and automotive and architectural window films, as well as proprietary DAP software. The company also provides pre-cut film products, merchandise and apparel, ceramic coatings, installation, and tools and accessories; and training services to customers for the installation of its products. In addition, the company offers paint protection kits, car wash products, after-care products, and installation tools through its website. The company sells and distributes its products through independent installers, new car dealerships, third-party distributors, automobile original equipment manufacturers, and company-owned installation centers, as well as through franchisees and online channels. The company operates in the United States, Canada, China, the Asia Pacific, European Union, the United Kingdom, Africa, India, the Middle East, Latin America, and internationally. XPEL, Inc. was founded in 1997 and is headquartered in San Antonio, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $476M | $77M | $51M | $61M | 18.3% | 13.3% | 12.6% |
| 2024 | $420M | $69M | $45M | $39M | 20.2% | 6.1% | -13.8% |
| 2023 | $396M | $77M | $53M | $30M | 29.3% | 22.3% | 27.6% |
| 2022 | $324M | $61M | $41M | $3M | 33.2% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 323.99 | 396.29 | 420.40 | 476.20 |
| Operating Revenue | - | 323.99 | 396.29 | 420.40 | 476.20 |
| Cost Of Revenue | - | 196.48 | 233.88 | 243.04 | 275.18 |
| Gross Profit | - | 127.51 | 162.41 | 177.36 | 201.02 |
| Operating Expense | - | 73.58 | 95.44 | 118.21 | 138.37 |
| Selling General And Administration | - | 73.58 | 95.44 | 118.21 | 138.37 |
| Total Expenses | - | 270.06 | 329.32 | 361.25 | 413.55 |
| Operating Income | - | 53.94 | 66.97 | 59.15 | 62.65 |
| Total Operating Income As Reported | - | 53.94 | 66.97 | 59.15 | 62.65 |
| EBITDA | - | 61.21 | 76.87 | 69.47 | 77.40 |
| Normalized EBITDA | - | 61.77 | 76.56 | 70.84 | 75.90 |
| EBIT | - | 53.38 | 67.28 | 57.77 | 64.14 |
| Interest Expense | - | 1.41 | 1.25 | 1 | 0.08 |
| Net Interest Income | - | -1.41 | -1.25 | -1 | -0.08 |
| Other Income Expense | - | -0.56 | 0.31 | -1.37 | 1.50 |
| Interest Expense Non Operating | - | 1.41 | 1.25 | 1 | 0.08 |
| Net Non Operating Interest Income Expense | - | -1.41 | -1.25 | -1 | -0.08 |
| Pretax Income | - | 51.96 | 66.03 | 56.78 | 64.06 |
| Tax Provision | - | 10.58 | 13.23 | 11.29 | 12.47 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.11 | 0.06 | -0.27 | 0.29 |
| Net Income Continuous Operations | - | 41.38 | 52.80 | 45.49 | 51.59 |
| Net Income From Continuing And Discontinued Operation | - | 41.38 | 52.80 | 45.49 | 51.23 |
| Net Income From Continuing Operation Net Minority Interest | - | 41.38 | 52.80 | 45.49 | 51.23 |
| Net Income | - | 41.38 | 52.80 | 45.49 | 51.23 |
| Net Income Common Stockholders | - | 41.38 | 52.80 | 45.49 | 51.23 |
| Net Income Including Noncontrolling Interests | - | 41.38 | 52.80 | 45.49 | 51.59 |
| Normalized Income | - | 41.83 | 52.55 | 46.59 | 50.02 |
| Diluted NI Availto Com Stockholders | - | 41.38 | 52.80 | 45.49 | 51.23 |
| Basic Average Shares | - | 27.61 | 27.62 | 27.64 | 27.66 |
| Diluted Average Shares | - | 27.62 | 27.63 | 27.64 | 27.68 |
| Reconciled Depreciation | - | 7.83 | 9.59 | 11.70 | 13.25 |
| Reconciled Cost Of Revenue | - | 196.48 | 233.88 | 243.04 | 275.18 |
| Total Unusual Items | - | -0.56 | 0.31 | -1.37 | 1.50 |
| Total Unusual Items Excluding Goodwill | - | -0.56 | 0.31 | -1.37 | 1.50 |
| Minority Interests | 0 | - | 0 | 0 | -0.36 |
| Gain On Sale Of Security | - | -0.56 | 0.31 | -1.37 | 1.50 |
| General And Administrative Expense | - | 48.21 | 63.65 | 75.40 | 87.23 |
| Other Gand A | - | 48.21 | 63.65 | 75.40 | 87.23 |
| Selling And Marketing Expense | - | 25.37 | 31.79 | 42.82 | 51.14 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| XPEL, Inc.this co. | XPEL | $1.3B | 24.75↑ premium | 4.52 | 18.3% | 16.02 |
| Hyliion Holdings Corp. | HYLN | $1.4B | -23.76 | 7.08 | -29.8% | -22.68 |
| G-III Apparel Group, Ltd. | GIII | $1.4B | 20.07 | 0.77 | 3.8% | 8.77 |
| Dream Finders Homes, Inc. | DFH | $1.3B | 6.05 | 0.92 | 15.2% | 8.99 |
| Wolverine World Wide, Inc. | WWW | $1.3B | 13.63 |
| - |
| - |
| - |
| - |
| 3.20 |
| 23.5% |
| 10.33 |
| The Wendy's Company | WEN | $1.3B | 7.79 | 10.95 | 140.6% | 9.78 |
| National Vision Holdings, Inc. | EYE | $1.2B | 41.95 | 1.43 | 3.4% | 11.96 |
| O-I Glass, Inc. | OI | $1.2B | -9.54 | 0.95 | -10.0% | 7.10 |
| Pursuit Attractions and Hospitality, Inc. | PRSU | $1.2B | 53.32 | 2.08 | 3.9% | 12.49 |
| Peer Median | - | 10.71 | 1.75 | 3.9% | 9.38 | |