Owner Scorecard


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XMTR, Xometry Inc.

Commercial Services & Supplies diversified UnprofitableDistress / turnaround

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.

Latest annual: FY2025 10-K
XMTR · Xometry Inc.
I

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025
$687M
+25.9% YoY · 37% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $741M 5-yr avg $459M
Gross margin 39% 5-yr avg 36%
Operating margin −4.8% 5-yr avg −16.0%
ROIC −6% 5-yr avg −10%
Owner-earnings margin 1% 5-yr avg −13%
Free cash flow margin −1% 5-yr avg −15%

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.

Revenue by geography, FY2025
  • 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.

II

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left
2019’192020’202021’212022’222023’232024’242025’25TTMTTMMar 2026
Income statement
$80M$141M$218M$381M$463M$546M$687M$741MRevenueRevenue
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$24MOperating cash flowOp. cash
$2M$3M$4M$8M$11M$13M$19M$19MDepreciationDeprec.
$1M$5M($18M)($11M)$5M($7M)$13M$20MWorking capital & otherWC & other
$3M$4M$6M$14M$18M$18M$30M$30MCapexCapex
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)$5MOwner 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$0AcquisitionsAcquis.
$0$0$8MBuybacksBuybacks
-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$224MCash & investmentsCash+inv
$15M$32M$49M$70M$74M$97M$120MReceivablesReceiv.
$2M$2M$2M$3M$4M$4M$4MInventoryInvent.
$6M$13M$12M$25M$6MAccounts payablePayables
$11M$22M$38M$48M$78M$101M$117MOperating working capitalOper. WC
$78M$163M$387M$356M$328M$335M$364MCurrent assetsCur. assets
$38M$57M$64M$83M$75M$89M$204MCurrent 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$264MGoodwillGoodwill
$89M$503M$734M$707M$680M$704M$740MTotal assetsAssets
$280M$282M$284M$328M$243MTotal debtDebt
($40M)$13M$44M$108M$19MNet debt / (cash)Net debt
-26.8×-68.9×-17.4×-15.4×-7.4×Interest coverageInt. cov.
($73M)($111M)$424M$371M$329M$314M$276M$282MShareholders’ equityEquity
0.7%0.7%3.4%5.0%4.8%5.4%5.3%5.0%Stock comp / revenueSBC/rev
$2M$2M$2MGoodwill written downGW imp.
Per share
6.3M7.5M26.3M47.2M47.9M49.1M49.1MShares out (diluted)Shares
$12.64$18.87$8.30$8.08$9.67$11.11$15.09Revenue / shareRev/sh
$-4.88$-4.15$-2.33$-1.68$-1.41$-1.03$-1.06EPS (diluted)EPS
$-4.57$-3.36$-2.74$-1.49$-0.85$-0.58$0.10Owner earnings / shareOE/sh
$-4.70$-3.50$-2.84$-1.62$-1.01$-0.68$-0.12Free cash flow / shareFCF/sh
$0.42$0.56$0.24$0.29$0.39$0.37$0.61Cap. spending / shareCapex/sh
$-11.52$-14.85$16.13$7.86$6.87$6.41$5.75Book 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.

Per-share growththe realized rate an owner's share compounded
6-yr5-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

FY2019–2025

Each measure over its full record; the current point and the worst year marked.

Share count
49Mpeak FY2024
ROIC
−6%low FY2021
Gross margin
39%low FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($13M)owner earningsvs.($62M)net incomelow FY2021

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).

FY2025FY2024FY2023FY2022FY2021
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.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

  • Does not cover its interest
    Operating 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 loss
    Cash $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.

  • Tight
    DSO 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 cycle
    5-yr median, range -14%–-6%; -6% latest = NOPAT ($36M) ÷ invested capital $588M
    Industry 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 cycle
    7-yr median margin, range -36%–-2%; latest ($13M) = operating cash $6M − maintenance capex $19M
    Industry 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-generative
    Net 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×
    Expanding
    Capex $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 Miss
    Revenue ≥ $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 Pass
    Current 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 Near
    Debt ≤ 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 Miss
    A 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 Miss
    Uninterrupted 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 contestability

The 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.

In its own filing Named as a competitive risk

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, 2026

Can 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.

Current assets$364M
  • Cash & short-term investments$224M
  • Receivables$120M
  • Inventory$4M
  • Other current assets$17M
Current liabilities$204M
  • Accounts payable$6M
  • Other current liabilities$198M
Current ratio1.78×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.76×stricter: inventory excluded
Cash ratio1.10×strictest: cash alone against what's due
Working capital$160Mthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago+35.9%the freshest read on whether the business is still growing
Current ratio, recent quarters4.6× → 1.8×
Deeper floors
Tangible book value($9M)equity stripped of goodwill & intangibles
Net current asset value($93M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$12M$12M of it operating leases
Deferred revenue$12Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Acquisitions & goodwill

from the balance sheet & the 7-year cash-flow record

Goodwill 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.

Goodwill & intangibles$292M42% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity96%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$179Mover 7 years buying other businesses, against $94M of capital spent building

$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 yearChief executivePay, as filed“Actually paid”Owner earnings
2021Mr. Altschuler$3.3M$15.9M($72M)
2022Mr. Altschuler$3.8M$1.2M($70M)
2023Mr. Altschuler$1.4M$1.7M($41M)
2024Mr. Altschuler$3.8M$7.4M($28M)
2025Mr. 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.

CompanyRevenueGross marginOp. marginROICOwner earn. margin
ANDGAndersen Group Inc.$839M17.7%20%
PAYOPayoneer$813M1.2%27%13%
ACVAACV Auctions Inc.$760M-19.5%-19%3%
XMTRXometry Inc.$687M38%-20.2%-10%-18%
FLYWFlywire$623M-6.6%-9%8%
IMXIInternational Money Express Inc.$608M14.5%40%6%
LQDTLiquidity Services Inc.$477M6.4%37%12%
PHRPhreesia Inc.$468M-17.3%-36%-7%
Group median-2.7%-9%7%
IV

The price

What a price has to assume.

What the price implies

reverse-DCF

Type 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.

$
Base

The assumptions

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.

Implied by the price
Owner-earnings growth, delivered
Owner-earnings yield
P/E (3-yr earnings ’23–’25)
P/B
Graham’s price gate

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.

Against a high-grade bond: Graham’s yardstick bond yield%

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.

Cite: Owner Scorecard, "Xometry Inc. (XMTR), the owner's record," https://ownerscorecard.com/c/XMTR, data as of 2026-07-09.

Manual order: ← XMAX its page in the Manual XNCR →

Industry order: ← WU the Commercial Services & Supplies chapter YELP →