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Specialty business services · Industrials · Fiscal year ends Dec 31
Xometry reported revenue of $687M in the fiscal year ended Dec 2025, up 25.9% from the year before. Operating income was −$46M, an operating margin of −6.6%, and net income was −$62M. Operating cash flow of $6M less capital expenditure of $30M left free cash flow of −$24M.
Ranks among the 21 specialty business services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 218 | 381 | 463 | 546 | 687 |
| Cost of revenue | 161 | 235 | 285 | 330 | 418 |
| Gross profit | 57.1 | 146 | 178 | 216 | 269 |
| Research & development | 17.8 | 31.0 | 34.5 | 39.3 | 46.8 |
| Selling, general & admin | 74.4 | 143 | 165 | 173 | 195 |
| Operating income | −58.7 | −77.1 | −73.6 | −56.1 | −45.5 |
| Interest expense | 0.9 | 4.4 | 4.8 | 4.8 | 4.9 |
| Pre-tax income | −61.4 | −79.0 | −67.8 | −50.4 | −61.2 |
| Income tax | – | 0.0 | −0.4 | −0.0 | 0.6 |
| Net income | −61.4 | −79.1 | −67.5 | −50.4 | −61.7 |
| Diluted EPS | −2.33 | −1.68 | −1.41 | −1.03 | – |
| Diluted shares | 26.3 | 47.2 | 47.9 | 49.1 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 86.3 | 65.7 | 53.4 | 22.2 | 15.0 |
| Receivables | 32.4 | 49.3 | 70.1 | 74.0 | 97.4 |
| Inventory | 2.0 | 1.6 | 2.9 | 3.9 | 3.9 |
| Current assets | 163 | 387 | 356 | 328 | 335 |
| Net PP&E | 10.3 | 19.1 | 35.6 | 44.8 | 60.6 |
| Goodwill | 255 | 258 | 263 | 263 | 264 |
| Total assets | 503 | 734 | 707 | 680 | 704 |
| Payables | 12.7 | 12.4 | 24.7 | – | – |
| Deferred revenue | 7.9 | 8.7 | 7.4 | 7.9 | 10.3 |
| Current liabilities | 57.0 | 64.0 | 83.2 | 74.8 | 88.9 |
| Total liabilities | 77.1 | 362 | 377 | 365 | 427 |
| Shareholders' equity | 424 | 371 | 329 | 314 | 276 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −68.6 | −62.6 | −29.9 | −15.4 | 6.1 |
| Capital expenditure | 6.3 | 13.7 | 18.5 | 18.1 | 30.2 |
| Free cash flow | −74.8 | −76.2 | −48.4 | −33.5 | −24.1 |
| Depreciation & amortisation | 3.6 | 7.8 | 10.7 | 13.0 | 18.8 |
| Stock-based compensation | 7.4 | 19.2 | 22.1 | 29.3 | 36.4 |
| Acquisitions | 175 | – | 3.3 | 0.0 | 0.0 |
| Share buybacks | – | – | 0.0 | 0.0 | 8.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 74.5% | 21.7% | 17.7% | 25.9% |
| Gross margin | 26.2% | 38.3% | 38.5% | 39.5% | 39.1% |
| Operating margin | −26.9% | −20.2% | −15.9% | −10.3% | −6.6% |
| Net margin | −28.1% | −20.8% | −14.6% | −9.2% | −9.0% |
| Return on equityBlank when equity is negative | −14.5% | −21.3% | −20.5% | −16.0% | −22.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −13.2% | −11.5% | −11.8% | −9.3% | −7.4% |
| Free cash flow margin | −34.3% | −20.0% | −10.4% | −6.1% | −3.5% |
| Cash conversion (CFO ÷ net income) | 1.12x | 0.79x | 0.44x | 0.31x | −0.10x |
| Receivable days | 54 | 47 | 55 | 49 | 52 |
| Inventory days | 5 | 2 | 4 | 4 | 3 |
| Payable days | 29 | 19 | 32 | – | – |
| Interest cover | −68.9x | −17.4x | −15.4x | −11.8x | −9.28x |
| Current ratio | 2.87x | 6.05x | 4.28x | 4.38x | 3.76x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.