Latest Ratios: P/E Ratio -84.0x · EV/EBITDA N/A · ROE -20.9%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.5B | $3.0B | $2.1B | $1.7B | $1.5B | $2.4B | — | — |
| Enterprise Value | $5.8B | $3.4B | $2.4B | $2.0B | $1.8B | $2.3B | — | — |
| P/E Ratio → | -84.04 | — | — | — | — | — | — | — |
| P/S Ratio | 8.03 | 4.40 | 3.84 | 3.71 | 3.99 | 10.96 | — | — |
| P/B Ratio | 18.83 | 10.92 | 6.63 | 5.21 | 4.09 | 5.62 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | 905.86 | 496.52 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.89 | 4.34 | 4.24 | 4.61 | 10.66 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.1% | 39.1% | 39.5% | 38.5% | 38.3% | 26.2% | 23.5% | 18.4% |
| Operating Margin | -6.6% | -6.6% | -10.3% | -15.9% | -20.2% | -26.9% | -20.7% | -38.1% |
| Net Profit Margin | -9.0% | -9.0% | -9.2% | -14.6% | -20.8% | -28.1% | -22.0% | -38.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -20.9% | -20.9% | -15.6% | -19.2% | -19.8% | -39.1% | — | — |
| ROA | -8.9% | -8.9% | -7.3% | -9.4% | -12.8% | -20.8% | -37.4% | -40.0% |
| ROIC | -5.7% | -5.7% | -7.2% | -9.3% | -11.9% | -42.2% | — | — |
| ROCE | -7.5% | -7.5% | -9.1% | -11.4% | -13.8% | -23.7% | -52.1% | -49.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.26 | 1.26 | 0.94 | 0.91 | 0.81 | 0.05 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 1.21 | 0.86 | 0.74 | 0.64 | -0.15 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -11.46 | -11.46 | -9.61 | -13.18 | -16.88 | -71.04 | -27.54 | -127.61 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.76 | 3.76 | 4.38 | 4.28 | 6.05 | 2.87 | 2.02 | 4.13 |
| Quick Ratio | 3.72 | 3.72 | 4.33 | 4.25 | 6.02 | 2.83 | 1.96 | 4.04 |
| Cash Ratio | 2.46 | 2.46 | 3.21 | 3.23 | 4.99 | 2.05 | 1.56 | 3.22 |
| Asset Turnover | — | 0.98 | 0.80 | 0.66 | 0.52 | 0.43 | 1.59 | 1.04 |
| Inventory Turnover | 106.68 | 106.68 | 84.27 | 98.84 | 149.54 | 79.29 | 47.13 | 49.84 |
| Days Sales Outstanding | — | 51.76 | 49.49 | 55.22 | 47.22 | 54.21 | 37.62 | 56.44 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $51M | $49M | $48M | $47M | $47M | $44M | $44M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XMTR stock.
Xometry, Inc.'s current P/E ratio is -84.0x. This places it at the 50th percentile of its historical range.
Xometry, Inc.'s return on equity (ROE) is -20.9%. The historical average is -22.9%.
Based on historical data, Xometry, Inc. is trading at a P/E of -84.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Xometry, Inc. has 39.1% gross margin and -6.6% operating margin.
Key Metrics
Top Statement Risk
SBC dilution and path to profitability
Metrics are mathematically derived from official filings.
Margin Expansion Narrows Losses
Operating margin improved from -14.6% in 2024Q1 to -2.4% in 2026Q2, per income statement data, while gross margin held near 38-40%, indicating early operating leverage.
The steady gross margin around 38-40% suggests pricing power in the marketplace, but the real story is the dramatic narrowing of operating losses. As revenue grows faster than fixed costs, operating margin has improved by over 1200 basis points in two years, approaching breakeven. However, net margin in 2025Q2 was -16.3%, far worse than operating margin, likely due to non-operating charges, so investors should focus on operating margin as the cleaner measure of underlying profitability.
Working Capital Efficiency Improves
Cash conversion cycle compressed from 43 days in 2024Q3 to 9 days in 2026Q2, per reported figures, as DPO rose from 9 to 43 days, indicating stronger supplier leverage.
The dramatic improvement in CCC is driven almost entirely by extending payables, with DPO jumping from 9 days in 2024Q3 to 43 days in 2026Q2. This suggests Xometry is gaining negotiating power with suppliers as it scales, though it also means the company is relying more on supplier financing. Asset turnover remains low at 0.26, reflecting the heavy cash and goodwill on the balance sheet, but the working capital efficiency gains are a positive sign for cash generation.
Leverage Retreats After Equity Raise
Debt-to-equity fell from 1.26 in 2025Q4 to 0.57 in 2026Q2, per balance sheet data, as a $313M equity raise bolstered the equity base, though total debt remains at $339.8M.
The spike in D/E to 1.26 in 2025Q4 was likely due to convertible debt issuance, but the subsequent equity raise dramatically improved the leverage profile. However, with cash of only $21.8M against $339.8M of debt, the company's net debt position is substantial. Interest coverage is negative because the company is still loss-making, but the equity raise provides a cushion. Investors should monitor whether the company can generate positive operating income to service this debt without further dilution.
Liquidity Buffer Thin Despite Ratio
Current ratio improved to 3.21 in 2026Q2, but cash of $21.8M is minimal relative to total debt of $339.8M, per balance sheet data, suggesting a tight liquidity position.
The current ratio of 3.21 appears healthy, but it is inflated by the large equity raise and the fact that most assets are non-cash. With only $21.8M in cash, the company has limited immediate liquidity to cover its debt obligations if cash flow deteriorates. The quick ratio of 3.20 indicates that inventory is not a major liquidity concern, but the reliance on external financing to maintain liquidity is a risk. Under a severe stress scenario, the company would likely need to draw on its credit facilities or raise additional capital.
Returns Improving from Deep Negative
ROIC improved from -2.3% in 2024Q1 to -0.5% in 2026Q2, per reported figures, as losses narrowed, but returns remain deeply negative, indicating value destruction.
While ROIC is still negative, the trend is encouraging: the improvement from -2.3% to -0.5% reflects both margin expansion and a larger capital base from the equity raise. However, the company is still not earning its cost of capital, and the low asset turnover of 0.26 suggests that the capital invested in goodwill and cash is not yet generating sufficient returns. The path to positive ROIC depends on sustaining revenue growth and achieving operating profitability, which is not yet visible in the data.
P/S Misleads on Marketplace Model
Price-to-sales of 7.08 appears rich, but for a marketplace like Xometry, EV/GMV or EV/transactions may better capture value, as revenue includes pass-through supplier costs.
The P/S ratio of 7.08 is often used to value Xometry, but it can be misleading because the company's revenue includes the full value of parts sold through its marketplace, not just the commission or take rate. A more appropriate metric would be EV/GMV or EV/take-rate revenue, which would better reflect the company's true earning power. Additionally, the forward P/E of 131.85 implies that the market expects significant earnings growth, but the company's history of losses and SBC dilution suggests that this multiple may be overly optimistic. Investors should adjust for SBC and focus on cash-based metrics like EV/EBITDA, which is currently unavailable due to negative EBITDA.