XPEL, Inc.

Rank #120Op. Leverage

XPEL · Nasdaq · Consumer Cyclical

XPEL, Inc. (XPEL) — Rank #120 by gross profitability (GP/assets 0.43) · ROE 16.7% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001767258 · all metrics point-in-time as of the filing date.

About

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.

Industry: Auto Parts
Sector: Consumer Cyclical
State: NV
Filer Category: Large accelerated filer
Fiscal Year End: December 31
Website: xpel.com

Price History

XPEL-38.5% · -9.3% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$1.28B

P/E (annual)

25.1

P/S (annual)

2.7

P/B

4.2

P/OCF (annual)

19.1

Shareholder Yield

-0.1%

Employees

1,337

Industry

Auto Parts

Exchange

Nasdaq

Signal Flags

3 green1 red

Revenue growth acceleratingGrowth rate increasing year over year

Deferred revenue growingRevenue and deferred revenue both growing — retention signal

Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass

GP / assets

0.43

Return on equity

16.7%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

0.48

Current ratio

2.61×

Net cash

-$4.13M

Cash Flow

3/3 pass

Positive FCF

PASS

Cash-backed earnings

PASS

Accruals healthy

PASS

SBC / revenue

0.6%

Growth

2/2 pass

Revenue growth

13.3%

Piotroski F-Score

N/A

Share dilution

0.1%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

8.0%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 0.1% — per-share value needs a total required return of 8.1% once share-count change is priced in.

vs. own 6-year median revenue growth: 22.3%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

3.7%

r = 10% (base)

8.0%

r = 12%

11.7%

Net debt / market cap: 0.3%

Note: current FCF margin is 1.5σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $62.9M3Y mean FCF: $45M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

23.0xCheap

20.3xmed 27.3x63.7x

P / S

Price / revenue per share

2.5xFair

2.2xmed 3.1x11.0x

P / B

Price / book value per share

4.2xCheap

4.1xmed 10.7x32.9x

P / GP

Price / gross profit per share

5.9xCheap

5.2xmed 8.6x32.5x

P / FCF

Price / free cash flow per share

18.7xCheap

18.7xmed 52.6x447.7x

Earnings bubble check

Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.

FCF margin13.2% now vs 1.3%–13.2% 10yr range

1.5σ above average

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.43

Primary signal (Novy-Marx).

1st of 15 SIC 34 peers

Return on equity

16.7%

Gross margin

42.2%

4th of 15 SIC 34 peers

Revenue growth (YoY)

13.3%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2022	2023	2024	2025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

13.7%

Revenue CAGR (5Y)

24.5%

Earnings CAGR (3Y)

7.4%

FCF CAGR (3Y)

148.1%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.48

4th of 15 SIC 34 peers (best = lowest)

Current ratio

2.61×

8th of 15 SIC 34 peers

Quick ratio

1.08×

Net cash

-$4.13M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$62.93M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.23

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.6%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

2020-2023

2024

2025

20202025

Hypergrowth

Value

Op. Leverage

View full financial statements →