Xpel, Inc. key statistics and ratios

In fiscal 2025, Xpel, Inc. had return on equity of 20.3%, an operating margin of 13.2%, debt equal to 0.0% of equity and a current ratio of 3.25. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Xpel, Inc.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	30.4%	33.5%	34.0%	35.7%	39.4%	41.0%	42.2%	42.2%	42.9%
Operating margin	10.7%	13.2%	14.7%	15.5%	16.6%	16.9%	14.1%	13.2%	13.5%
Net margin	7.9%	10.8%	11.5%	12.2%	12.8%	13.3%	10.8%	10.8%	10.8%
Free-cash-flow margin	4.3%	7.2%	10.5%	4.5%	1.3%	7.8%	9.8%	13.2%	−0.6%
Return on equity	41.9%	50.0%	41.3%	45.8%	39.6%	34.7%	22.4%	20.3%	18.7%
Return on assets	28.5%	34.0%	27.0%	25.8%	23.4%	23.7%	16.9%	15.3%	12.8%
Asset turnover	3.60	3.16	2.35	2.12	1.83	1.78	1.56	1.43	1.19
Current ratio	2.48	3.08	2.96	2.18	3.90	4.02	4.05	3.25	2.61
Debt to equity	8.8%	3.6%	17.0%	30.0%	20.9%	10.6%	0.1%	0.0%	14.6%
Interest cover (operating income ÷ interest)	70.1x	176.8x	93.9x	132.4x	38.3x	53.7x	59.4x	—	—
Effective tax rate	24.0%	17.4%	19.8%	20.0%	20.4%	20.0%	19.9%	19.5%	19.5%
R&D as % of revenue	0.2%	0.5%	0.1%	0.2%	0.1%	0.7%	0.7%	0.6%	—
Capital spending as % of revenue	1.8%	1.2%	1.1%	2.6%	2.4%	1.6%	1.6%	0.8%	15.1%
Free cash flow ÷ net income	54.7%	67.2%	91.3%	36.6%	10.0%	58.8%	90.4%	122.8%	−5.3%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	0.0%	0.0%	4.8%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Xpel, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	42.5%	40.6%	42.3%	42.9%	41.8%	41.9%	43.7%	44.1%
Operating margin	16.3%	11.5%	10.7%	15.5%	13.4%	12.7%	11.1%	16.2%
Net margin	13.2%	8.3%	8.3%	13.1%	10.3%	11.0%	8.8%	12.6%
Free-cash-flow margin	16.2%	4.4%	2.1%	21.6%	25.6%	1.3%	−2.0%	−24.0%
Current ratio	4.35	4.05	4.29	4.42	2.78	3.25	3.07	2.61
Debt to equity	0.1%	0.1%	0.1%	0.1%	0.0%	0.0%	—	14.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · June 30, 2026

What it owns · $473m

Short-term assets $227mLonger-term assets $246m

What it owes, and who funded it · $460m

Short-term liabilities $87mLonger-term liabilities $67mShareholders' equity $306m

Short-term assets cover short-term liabilities $227m of assets due within a year against $87m of liabilities due within a year.
Short-term assets cover long-term liabilities $227m short-term assets against $67m of longer-dated liabilities.
More cash than debt $41m of cash against $45m of debt.
Debt below 40% of shareholders' equity Debt is 15% of equity.
Debt burden no higher than five years ago Debt to equity moved from 1% to 15% over five years.
A year's operating cash flow covers at least 20% of debt $74m of operating cash flow against $45m of debt.
Operating profit covers interest at least five times over Operating income of $68m against $267,000 of interest.

From Xpel, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

74 /100

Strong moat

How hard Xpel's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 18.5% of total assets over 7 years.
Pricing power 12 / 20

Gross margin has been a median 39.2%, moving by 3.9 percentage points (standard deviation) across 8 years.
Durability 14 / 20

Operating margin has been a median 14.2%; its worst year was 10.8%.
Cash conversion 11 / 20

Free cash flow was positive in 6 of 8 years, at a median 7.5% of revenue.
Discipline 17 / 20

The diluted share count rose 0.2% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Xpel, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Xpel, Inc.