Liquidity remains a primary concern with only $21 million in cash against a $686 million annual revenue scale, despite a minor 2.2% free cash flow margin achieved in 2026Q1.
| Cash from Operations | 24.76M | 6.09M | -15.38M | -29.88M | -62.58M | -68.57M | -22.05M | -27.13M |
| Operating CF Margin % | - | 0.89% | -2.82% | -6.45% | -16.43% | -31.41% | -15.59% | -33.81% |
| Operating CF Growth % | 809% | 139.56% | 48.51% | 52.25% | 8.74% | -210.99% | 18.71% | - |
| Net Income | -51.94M | -61.75M | -50.4M | -67.47M | -76.01M | -61.38M | -31.09M | -30.99M |
| Depreciation & Amortization | 22.07M | 18.75M | 13.01M | 10.74M | 7.82M | 3.6M | 3.12M | 1.85M |
| Stock-Based Compensation | 29.02M | 36.36M | 29.32M | 22.12M | 19.17M | 7.39M | 1.01M | 544K |
| Deferred Taxes | 0 | -84K | -46K | -154K | -653K | -179K | 0 | 1.41M |
| Other Non-Cash Items | 34.21M | 36.98M | 8.18M | 18.49M | 16.58M | 5.65M | 2.94M | 906K |
| Working Capital Changes | -8.61M | -24.18M | -15.45M | -13.6M | -29.48M | -23.65M | 1.97M | -841K |
| Change in Receivables | -31.11M | -21.81M | -5.75M | -20.59M | -16.92M | -11.12M | -2.13M | -5.5M |
| Change in Inventory | 449K | 135K | -1.28M | -1.55M | 351K | 293K | -956K | -555K |
| Change in Payables | 8.97M | 0 | -8.71M | 6.74M | -215K | 5.21M | -2.35M | 2.81M |
| Cash from Investing | -22.29M | -16.64M | -20.18M | 16.81M | 15.14M | -212.75M | 6.67M | -2.35M |
| Capital Expenditures | -35.26M | -30.18M | -18.1M | -18.49M | -13.65M | -6.26M | -4.19M | -2.69M |
| CapEx % of Revenue | 4.76% | 4.4% | 3.32% | 3.99% | 3.58% | 2.87% | 2.96% | 3.36% |
| Acquisitions | 0 | 0 | 0 | -3.35M | 189K | -174.65M | 0 | -1.43M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 5.41M | 86K | 169K | 223K | 253.77M | 627K | 0 | 155K |
| Cash from Financing | 2.87M | 2.89M | 4.64M | 1.07M | 280.97M | 307.77M | 35.26M | 54.72M |
| Debt Issued (Net) | 25.85M | 34.01M | 0 | 0 | 287.5M | -16.15M | 3.99M | -664K |
| Equity Issued (Net) | -6.34M | -8.08M | 5.1M | 1.91M | 3.71M | 325.26M | 39.56M | 54.93M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -8.8M | 0 |
| Share Repurchases | -8.08M | -8.08M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -16.63M | -23.04M | -465K | -842K | -10.24M | -1.35M | 518K | 450K |
| Net Change in Cash | 5.54M | -7.24M | -31.19M | -12.24M | 233.17M | 26.39M | 19.75M | 25.24M |
| Free Cash Flow | -10.52M | -24.09M | -33.48M | -48.36M | -76.22M | -74.83M | -26.24M | -29.82M |
| FCF Margin % | -1.42% | -3.51% | -6.14% | -10.44% | -20.01% | -34.27% | -18.56% | -37.17% |
| FCF Growth % | 60.44% | 28.04% | 30.77% | 36.55% | -1.86% | -185.2% | 12% | - |
| FCF per Share | -0.20 | -0.47 | -0.68 | -1.01 | -1.62 | -1.60 | -0.59 | -0.67 |
| FCF Conversion (FCF/Net Income) | 0.20x | -0.10x | 0.31x | 0.44x | 0.79x | 1.12x | 0.71x | 0.88x |
| Interest Paid | 429K | 0 | 0 | 0 | 0 | 0 | 1.27M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and cash burn
Based on reported financial data, Xometry exhibits a persistent disconnect between GAAP net losses and operating cash flow, with the OCF/NI ratio fluctuating wildly, suggesting that reported earnings are heavily influenced by non-cash items rather than reflecting the underlying cash-generating capacity of the marketplace platform.
The significant variance between net income and operating cash flow suggests that the company's profitability metrics are obscured by substantial non-cash expenses. Investors should monitor whether the recent positive operating cash flow in 2026Q1 represents a sustainable shift toward cash-generative operations or merely a temporary benefit from working capital timing.
As reported in recent quarterly filings, Xometry's free cash flow trajectory remains highly inconsistent, oscillating between negative double-digit margins and a modest positive 2.2% in 2026Q1, which highlights the difficulty in achieving self-sustaining growth while maintaining the necessary infrastructure investments for a digital manufacturing marketplace.
The erratic nature of free cash flow suggests that the company's capital requirements are not yet fully decoupled from its revenue growth. This volatility implies that the business model may remain sensitive to operational scaling costs, making consistent cash generation a challenge for the near-term outlook.
According to the provided financial statements, Xometry's capital expenditures have trended upward, reaching 5.2% of revenue in 2026Q1, which indicates that the platform requires ongoing, non-trivial investment in technology and infrastructure to maintain its proprietary pricing engine and competitive edge in the custom manufacturing space.
The rising capital intensity suggests that the company is still in a heavy investment phase, likely prioritizing platform development over immediate cash preservation. This level of spending warrants further investigation into whether these investments are effectively driving the intended long-term efficiency gains or if they represent a permanent cost of doing business.
Based on the quarterly data, working capital changes have acted as a significant swing factor for cash flow, with a notable $5.1 million contribution in 2026Q1, suggesting that the company relies on timing differences in payables and receivables to manage its tight liquidity position.
The reliance on working capital fluctuations to bolster cash flow may indicate that the company is managing its cash conversion cycle aggressively to offset operational losses. Investors should monitor whether this reliance on working capital management is sustainable or if it masks underlying pressures on the company's cash position.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $10.7 million in 2025Q3, consistently masks the true economic cost of operations, effectively diluting shareholders while the company continues to navigate a period of negative GAAP earnings and constrained cash reserves.
The persistent use of stock-based compensation suggests that the company is utilizing equity to preserve cash, which may be a necessary strategy given the current liquidity constraints. However, this practice warrants further investigation into the long-term impact on shareholder dilution and the true cost of talent acquisition in a competitive tech-enabled industrial market.
Quick answers to the most common questions about buying XMTR stock.
Xometry, Inc. (XMTR) generated $6.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Xometry, Inc. (XMTR) reported negative free cash flow of $24.1M in 2025, indicating capital requirements exceeded cash from operations.
Xometry, Inc. (XMTR) spent $30.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Xometry, Inc. (XMTR) spent $8.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.