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XMTR, Xometry Inc.
Xometry is an AI-native global online manufacturing marketplace with a suite of services that are rapidly digitizing the custom manufacturing industry.
Xometry's Artificial Intelligence ("AI") native marketplace that is digitizing how custom manufacturing is priced, sourced and fulfilled globally.
Xometry's marketplace enables the design-to-production workflow by providing the AI-driven execution layer that translates design intent into intelligent sourcing decisions and production outcomes at scale.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Operating margin has run around −20% through the cycle on a 38% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −10%, above 15% in 0 of 5 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →16% of revenue comes from outside the United States.
- United States84%$574M
- International16%$113M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2019–2025
realized figures from each filing · older years to the left| 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| $80M | $141M | $218M | $381M | $463M | $546M | $687M | $741M | RevenueRevenue |
| 18% | 24% | 26% | 38% | 38% | 40% | 39% | 39% | Gross marginGross mgn |
| 10% | 9% | 16% | 15% | 15% | 12% | 11% | 10% | SG&A / revenueSG&A/rev |
| 13% | 9% | 8% | 8% | 7% | 7% | 7% | 6% | R&D / revenueR&D/rev |
| ($31M) | ($29M) | ($59M) | ($77M) | ($74M) | ($56M) | ($46M) | ($35M) | Operating incomeOp. inc. |
| −38.1% | −20.7% | −26.9% | −20.2% | −15.9% | −10.3% | −6.6% | −4.8% | Operating marginOp. mgn |
| ($31M) | ($31M) | ($61M) | ($79M) | ($67M) | ($50M) | ($62M) | ($52M) | Net incomeNet inc. |
| Cash flow & returns | ||||||||
| ($27M) | ($22M) | ($69M) | ($63M) | ($30M) | ($15M) | $6M | $24M | Operating cash flowOp. cash |
| $2M | $3M | $4M | $8M | $11M | $13M | $19M | $19M | DepreciationDeprec. |
| $1M | $5M | ($18M) | ($11M) | $5M | ($7M) | $13M | $20M | Working capital & otherWC & other |
| $3M | $4M | $6M | $14M | $18M | $18M | $30M | $30M | CapexCapex |
| 3.4% | 3.0% | 2.9% | 3.6% | 4.0% | 3.3% | 4.4% | 4.1% | Capex / revenueCapex/rev |
| ($29M) | ($25M) | ($72M) | ($70M) | ($41M) | ($28M) | ($13M) | $5M | Owner earningsOwner earn. |
| −36.1% | −17.8% | −33.1% | −18.5% | −8.8% | −5.2% | −1.8% | 0.7% | Owner earnings marginOE mgn |
| ($30M) | ($26M) | ($75M) | ($76M) | ($48M) | ($33M) | ($24M) | ($6M) | Free cash flowFCF |
| −37.2% | −18.6% | −34.3% | −20.0% | −10.4% | −6.1% | −3.5% | −0.8% | Free cash flow marginFCF mgn |
| $1M | — | $175M | — | $3M | $0 | $0 | $0 | AcquisitionsAcquis. |
| — | — | — | — | $0 | $0 | $8M | — | BuybacksBuybacks |
| — | — | -14% | -10% | -10% | -8% | -6% | -6% | ROICROIC |
| — | — | -14% | -21% | -20% | -16% | -22% | -18% | Return on equityROE |
| — | — | −14% | −21% | −20% | −16% | −22% | −18% | Retained to equityRetained/eq |
| Balance sheet | ||||||||
| — | $60M | $117M | $319M | $269M | $240M | $219M | $224M | Cash & investmentsCash+inv |
| — | $15M | $32M | $49M | $70M | $74M | $97M | $120M | ReceivablesReceiv. |
| — | $2M | $2M | $2M | $3M | $4M | $4M | $4M | InventoryInvent. |
| — | $6M | $13M | $12M | $25M | — | — | $6M | Accounts payablePayables |
| — | $11M | $22M | $38M | $48M | $78M | $101M | $117M | Operating working capitalOper. WC |
| — | $78M | $163M | $387M | $356M | $328M | $335M | $364M | Current assetsCur. assets |
| — | $38M | $57M | $64M | $83M | $75M | $89M | $204M | Current liabilitiesCur. liab. |
| — | 2.0× | 2.9× | 6.0× | 4.3× | 4.4× | 3.8× | 1.8× | Current ratioCurr. ratio |
| $2M | $833K | $255M | $258M | $263M | $263M | $264M | $264M | GoodwillGoodwill |
| — | $89M | $503M | $734M | $707M | $680M | $704M | $740M | Total assetsAssets |
| — | — | — | $280M | $282M | $284M | $328M | $243M | Total debtDebt |
| — | — | — | ($40M) | $13M | $44M | $108M | $19M | Net debt / (cash)Net debt |
| — | -26.8× | -68.9× | -17.4× | -15.4× | — | — | -7.4× | Interest coverageInt. cov. |
| ($73M) | ($111M) | $424M | $371M | $329M | $314M | $276M | $282M | Shareholders’ equityEquity |
| 0.7% | 0.7% | 3.4% | 5.0% | 4.8% | 5.4% | 5.3% | 5.0% | Stock comp / revenueSBC/rev |
| $2M | $2M | — | — | — | — | — | $2M | Goodwill written downGW imp. |
| Per share | ||||||||
| 6.3M | 7.5M | 26.3M | 47.2M | 47.9M | 49.1M | — | 49.1M | Shares out (diluted)Shares |
| $12.64 | $18.87 | $8.30 | $8.08 | $9.67 | $11.11 | — | $15.09 | Revenue / shareRev/sh |
| $-4.88 | $-4.15 | $-2.33 | $-1.68 | $-1.41 | $-1.03 | — | $-1.06 | EPS (diluted)EPS |
| $-4.57 | $-3.36 | $-2.74 | $-1.49 | $-0.85 | $-0.58 | — | $0.10 | Owner earnings / shareOE/sh |
| $-4.70 | $-3.50 | $-2.84 | $-1.62 | $-1.01 | $-0.68 | — | $-0.12 | Free cash flow / shareFCF/sh |
| $0.42 | $0.56 | $0.24 | $0.29 | $0.39 | $0.37 | — | $0.61 | Cap. spending / shareCapex/sh |
| $-11.52 | $-14.85 | $16.13 | $7.86 | $6.87 | $6.41 | — | $5.75 | Book value / shareBVPS |
The diluted share count moved ×3.51 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.79 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
| 6-yr | 5-yr | |
|---|---|---|
| Revenue / share | −2.5%/yr (5-yr) | −2.5%/yr |
| Capital spending / share | −2.8%/yr (5-yr) | −2.8%/yr |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Marketplace+29.6%
“Marketplace revenue increased $143.7 million, or 30%, from $485.9 million for the year ended December 31, 2024 to $629.6 million for the year ended December 31, 2025. The increase in marketplace revenue was primarily due to increased buyer activity on the platform, particularly with respect to enterprise customers, for the year ended December 31, 2025, as compared to the prior year period.”
✓ figure matches the filed record - Services-4.4%
“Services revenue decreased $2.6 million, or 4%, from $59.6 million for the year ended December 31, 2024 to $57.0 million for the year ended December 31, 2025. The decrease in revenue was primarily due to reductions in Thomas advertising and marketing services and, to a lesser extent, reductions in Thomas non-core services, partly offset by growth in financial services.”
✓ figure matches the filed record
The record, charted
FY2019–2025Each measure over its full record; the current point and the worst year marked.
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned ($13M) of owner earnings, the operating cash left after the $19M it takes just to hold its position. It put $11M more into growth; free cash flow, after that spending, was ($24M).
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($62M) | ($50M) | ($67M) | ($79M) | ($61M) |
| Depreciation & amortizationnon-cash charge added back | +$19M | +$13M | +$11M | +$8M | +$4M |
| Stock-based compensationreal costnon-cash, but a real cost | +$36M | +$29M | +$22M | +$19M | +$7M |
| Working capital & othertiming of cash in and out, other non-cash items | +$13M | −$7M | +$5M | −$11M | −$18M |
| Cash from operations | $6M | ($15M) | ($30M) | ($63M) | ($69M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$19M | −$13M | −$11M | −$8M | −$4M |
| Owner earnings | ($13M) | ($28M) | ($41M) | ($70M) | ($72M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$11M | −$5M | −$8M | −$6M | −$3M |
| Free cash flow | ($24M) | ($33M) | ($48M) | ($76M) | ($75M) |
| Owner-earnings marginowner earnings ÷ revenue | -2% | -5% | -9% | -18% | -33% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $19M, roughly its depreciation, the rate its assets wear out). The other $11M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $36M), owner earnings is nearer ($49M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- Can it pay its interest? -9.5×Does not cover its interestOperating income ($46M) ÷ interest expense $5M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net debt against an operating lossCash $15M + ST investments $204M − debt $328M
What this means
Netting $219M of cash and short-term investments against $328M of debt leaves $108M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 52 + DIO 3 − DPO 22 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Below average through the cycle5-yr median, range -14%–-6%; -6% latest = NOPAT ($36M) ÷ invested capital $588MIndustry peers: median 9%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran -6% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cash through the cycle7-yr median margin, range -36%–-2%; latest ($13M) = operating cash $6M − maintenance capex $19MIndustry peers: median 8%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -2% of revenue this year, a -18% median across 7 years. It chose to put $11M more into growth, so free cash flow this year was ($24M) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $36M of SBC) leaves ($49M).
- Loss, but cash-generativeNet income ($62M) · cash from operations $6M
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? 1.61×ExpandingCapex $30M ÷ depreciation $19M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $687M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 3.76×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt NearDebt ≤ working capital · $328M vs $246M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (7-yr record) · 7 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-1.22/share (latest year $-1.26), the averaged base the calculator's gate runs on, and book value is $5.62/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2019–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 0 of 7
What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 4 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin −29% → −11% (3-yr avg ends)
What this means
Through the cycle the operating margin widened — about −29% early to −11% lately, median −20% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2019 · −38.1% op. margin
What this means
Operations went underwater in 2019, understand why before trusting the good years.
Does AI threaten the moat?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
Its FY2025 10-K names artificial intelligence as a competitive threat.
“As we add to our supplier base, our AI-driven pricing becomes more competitive, and therefore more attractive to buyers, leading to higher revenue and improved margins.”
The product is the kind capable AI most directly contests: when a substitute can be built cheaply, the incumbent's pricing power is the first thing at risk. The record cannot say whether the moat outlasts that; past durability is a starting point, not a promise.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$224M
- Receivables$120M
- Inventory$4M
- Other current assets$17M
- Accounts payable$6M
- Other current liabilities$198M
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 7-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
$3M written down across 2 years (2019, 2020): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 7-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | Mr. Altschuler | $3.3M | $15.9M | ($72M) |
| 2022 | Mr. Altschuler | $3.8M | $1.2M | ($70M) |
| 2023 | Mr. Altschuler | $1.4M | $1.7M | ($41M) |
| 2024 | Mr. Altschuler | $3.8M | $7.4M | ($28M) |
| 2025 | Mr. Altschuler | $4.9M | $13.8M | ($13M) |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership6.4%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$36M
The slice of the business handed to employees in shares this year, 5% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Commercial Services & Supplies
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| ANDGAndersen Group Inc. | $839M | — | 17.7% | — | 20% |
| PAYOPayoneer | $813M | — | 1.2% | 27% | 13% |
| ACVAACV Auctions Inc. | $760M | — | -19.5% | -19% | 3% |
| XMTRXometry Inc. | $687M | 38% | -20.2% | -10% | -18% |
| FLYWFlywire | $623M | — | -6.6% | -9% | 8% |
| IMXIInternational Money Express Inc. | $608M | — | 14.5% | 40% | 6% |
| LQDTLiquidity Services Inc. | $477M | — | 6.4% | 37% | 12% |
| PHRPhreesia Inc. | $468M | — | -17.3% | -36% | -7% |
| Group median | — | — | -2.7% | -9% | 7% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Xometry Inc. has delivered.
Xometry Inc.’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
—
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Free cash flow ($6M) on 49M shares outstanding (a weighted basic average, the only count this filer tags); net debt $19M. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($30M) runs well above depreciation ($19M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $6M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Manual order: ← XMAX its page in the Manual XNCR →
Industry order: ← WU the Commercial Services & Supplies chapter YELP →