XPEL, Inc.
$37.85
+0.23 (+0.61%) · delayed · Nov 13, 2026
Five-year price
52w $36.99 to $55.91
- Market cap
- $1.0B
- Enterprise value
- $991M
- P/E
- 20.5×
- 21.0× on 3y avg EPS
- EV / EBIT
- 15.8×
- FCF yield
- 6.0%
- ROIC
- 22.0%
- Debt / equity
- —
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ●ROIC > 12% (5y avg)5y avg ROIC 31.3%
- ●ROE > 15% (5y avg)5y avg ROE 27.7%
- ●Stable operating marginsMargin volatility 1.4% (σ, 5y)
- ○Earnings convert to cashFCF / net income 64% (5y avg)
- ●Growing revenueRevenue CAGR 5y 24.5%
- ○Shrinking share countDiluted shares 0.3% over 5y
Value
20
- ○P/E below 15P/E 20.5
- ○EV/EBIT below 12EV/EBIT 15.8
- ●FCF yield above 6%FCF yield 6.0%
- ○Price below Graham NumberGraham Number $20.59
- ○P/B below 3P/B 3.7
Safety
100
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-0.1B
- ●Interest coverage > 8xCoverage 754.8x
- ●Current ratio > 1.5Current ratio 3.25
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
43
- ○Adequate size (revenue > $2B)Revenue $0.5B
- ●Strong condition (current ratio ≥ 2)Current ratio 3.25
- ●Earnings stability (no loss, 10y)8 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 263%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 21.0
- ○P/E × P/B ≤ 22.5Product 78.0
Valuation lab
What do you have to believe?
At $37.85, the market is pricing in about 2.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$51M · 28M shares · 5y revenue CAGR 24.5%
Intrinsic value
$136.47
Price
$37.85
Margin of safety
72%
What the price implies
The market is paying for 2.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 110 | 130 | 159 | 259 | 324 | 396 | 420 | 476 |
| Gross profit | 33 | 44 | 54 | 93 | 128 | 162 | 177 | 201 |
| Operating income | 12 | 17 | 23 | 40 | 54 | 67 | 59 | 63 |
| Operating margin | 10.7% | 13.2% | 14.7% | 15.5% | 16.6% | 16.9% | 14.1% | 13.2% |
| Pre-tax income | 11 | 17 | 23 | 39 | 52 | 66 | 57 | 64 |
| Income tax | 3 | 3 | 5 | 8 | 11 | 13 | 11 | 12 |
| Net income | 9 | 14 | 18 | 32 | 41 | 53 | 45 | 51 |
| EPS (diluted) | 0.32 | 0.51 | 0.66 | 1.14 | 1.50 | 1.91 | 1.65 | 1.85 |
| Diluted shares | — | 28 | 28 | 28 | 28 | 28 | 28 | 28 |
Who owns it