XWELL, Inc. (XWEL) 10-Year Financial Performance & Capital Metrics

XWEL • • Industrial / General

Consumer CyclicalPersonal ServicesPersonal Care & Wellness ServicesAirport Wellness & Spa

AboutXWELL Inc., a health and wellness services company, provides spa services at airports. It operates through XpresSpa, XpresTest, Treat, and HyperPointe brands. The company offers spa services, including massage, and nail and skin care, as well as spa and travel products; and retail products. It also operates wellness centers that provides COVID-19 screening and testing, and rapid testing services for other communicable diseases, such as influenza, COVID-19, RSV, Flu A&B, and seasonal flu vaccination services; and other medical diagnostic testing services. In addition, the company offers services through an integrated digital platform, and a relevant retail offering to the traveling public. As of December 31, 2021, it operated 52 spa and clinic locations in 24 airports in the United States, the Netherlands, and the United Arab Emirates. The company was formerly known as XpresSpa Group, Inc. and changed its name to XWELL Inc. in October 2022. XWELL Inc. is headquartered in New York, New York.Show more

Revenue $34M +12.6%
EBITDA -$16M +36.1%
Net Income -$17M +39.2%
EPS (Diluted) -3.66 +44.9%
Gross Margin 26.31% +115.2%
EBITDA Margin -46.52% +43.2%
Operating Margin -49.29% +47.4%
Net Margin -49.72% +46.0%
ROE -117.39% -45.8%
ROIC -66.67% -5.0%
Debt/Equity 1.39 +162.9%
Interest Coverage -93.34 -6.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.3x book value
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Weak momentum: RS Rating 5 (bottom 5%)
✗Sales declining 6.9% over 5 years
✗Shares diluted 10.4% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y37.29%

5Y-6.92%

3Y-22.82%

TTM-12.74%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-7.58%

EPS CAGR

10Y-

5Y-

3Y-

TTM6.58%

ROCE

10Y Avg-56.44%

5Y Avg-49.59%

3Y Avg-57.87%

Latest-72.97%

Peer Comparison

Airport Wellness & Spa

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
XWELXWELL, Inc.	2.42M	0.42	-0.11	12.58%	-51.85%	-499.25%		1.39
EMSmart Share Global Limited	249.1M	1.15	-10.45	-35.97%	-8.16%	-9.04%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	22.69M	18.97M	48.82M	50.09M	48.52M	8.38M	73.73M	55.94M	30.11M	33.9M
Revenue Growth %	14.92%	-0.16%	1.57%	0.03%	-0.03%	-0.83%	7.79%	-0.24%	-0.46%	0.13%
Cost of Goods Sold+	19.35M	12.82M	39.34M	39.45M	37.85M	11.98M	41.38M	43.89M	26.43M	24.98M
COGS % of Revenue	0.85%	0.68%	0.81%	0.79%	0.78%	1.43%	0.56%	0.78%	0.88%	0.74%
Gross Profit+	3.33M	6.16M	9.48M	10.64M	10.66M	-3.6M	32.34M	12.05M	3.68M	8.92M
Gross Margin %	0.15%	0.32%	0.19%	0.21%	0.22%	-0.43%	0.44%	0.22%	0.12%	0.26%
Gross Profit Growth %	1.14%	0.85%	0.54%	0.12%	0%	-1.34%	9.99%	-0.63%	-0.69%	1.42%
Operating Expenses+	13.68M	28.57M	24.55M	25.74M	26.53M	36.51M	28.24M	43.21M	31.89M	25.63M
OpEx % of Revenue	0.6%	1.51%	0.5%	0.51%	0.55%	4.35%	0.38%	0.77%	1.06%	0.76%
Selling, General & Admin	10.07M	14.11M	16.58M	16.24M	14.32M	15.94M	24.2M	31.17M	20.91M	20.08M
SG&A % of Revenue	0.44%	0.74%	0.34%	0.32%	0.3%	1.9%	0.33%	0.56%	0.69%	0.59%
Research & Development	92K	681K	0	0	0	0	0	0	0	0
R&D % of Revenue	0%	0.04%	-	-	-	-	-	-	-	-
Other Operating Expenses	0	681K	-197K	498K	12.21M	20.57M	4.04M	12.04M	10.98M	5.54M
Operating Income+	-10.34M	-22.42M	-15.07M	-34.73M	-15.87M	-40.1M	4.11M	-31.16M	-28.21M	-16.71M
Operating Margin %	-0.46%	-1.18%	-0.31%	-0.69%	-0.33%	-4.78%	0.06%	-0.56%	-0.94%	-0.49%
Operating Income Growth %	0.91%	-1.17%	0.33%	-1.3%	0.54%	-1.53%	1.1%	-8.59%	0.09%	0.41%
EBITDA+	-6.83M	-21.1M	-8.23M	-25.23M	-8.43M	-32.88M	7.31M	-25.73M	-24.66M	-15.77M
EBITDA Margin %	-0.3%	-1.11%	-0.17%	-0.5%	-0.17%	-3.92%	0.1%	-0.46%	-0.82%	-0.47%
EBITDA Growth %	0.94%	-2.09%	0.61%	-2.07%	0.67%	-2.9%	1.22%	-4.52%	0.04%	0.36%
D&A (Non-Cash Add-back)	3.52M	1.32M	6.84M	9.5M	7.44M	7.22M	3.2M	5.43M	3.55M	938K
EBIT	-9.53M	-17.58M	-15.27M	-34.08M	-17.78M	-24.75M	4.94M	-24.55M	-19.3M	-12.1M
Net Interest Income+	-2.59M	-1.7M	-731K	-1.83M	-2.9M	-2.08M	0	-78K	127K	201K
Interest Income	0	0	0	0	0	1.83M	0	384K	448K	380K
Interest Expense	2.59M	1.7M	731K	1.83M	2.9M	1.83M	0	462K	321K	179K
Other Income/Expense	-1.78M	-1.57M	-1.28M	-1.18M	-4.8M	-52.12M	-1.16M	-1.41M	212K	266K
Pretax Income+	-12.12M	-24M	-16M	-35.91M	-20.68M	-92.22M	2.95M	-32.57M	-27.99M	-16.44M
Pretax Margin %	-0.53%	-1.27%	-0.33%	-0.72%	-0.43%	-11%	0.04%	-0.58%	-0.93%	-0.49%
Income Tax+	-866K	13.64M	111K	-278K	-146K	7K	56K	55K	35K	49K
Effective Tax Rate %	0.92%	1%	1.8%	1.04%	1.03%	0.98%	1.14%	1.01%	0.99%	1.03%
Net Income+	-11.16M	-24.01M	-28.84M	-37.2M	-21.22M	-90.49M	3.35M	-32.84M	-27.74M	-16.85M
Net Margin %	-0.49%	-1.27%	-0.59%	-0.74%	-0.44%	-10.79%	0.05%	-0.59%	-0.92%	-0.5%
Net Income Growth %	0.9%	-1.15%	-0.2%	-0.29%	0.43%	-3.26%	1.04%	-10.81%	0.16%	0.39%
Net Income (Continuing)	-11.26M	-19.28M	-16.11M	-35.63M	-20.53M	-92.23M	2.89M	-32.63M	-28.03M	-16.49M
Discontinued Operations	0	0	0	-814K	0	0	0	0	0	0
Minority Interest	0	4.64M	4.96M	4.03M	3.7M	2.56M	7.2M	8.02M	7.97M	8.53M
EPS (Diluted)+	-1310.43	-1899.36	-1552.88	-1535.68	-251.22	-41.39	0.60	-6.97	-6.64	-3.66
EPS Growth %	0.91%	-0.45%	0.18%	0.01%	0.84%	0.84%	1.01%	-12.62%	0.05%	0.45%
EPS (Basic)	-1310.43	-1899.36	-1552.88	-1535.68	-251.22	-41.39	0.60	-6.97	-6.64	-3.66
Diluted Shares Outstanding	8.51K	12.64K	18.57K	24.23K	81.72K	2.23M	5.25M	4.68M	4.18M	4.61M
Basic Shares Outstanding	8.51K	12.64K	18.57K	24.23K	81.72K	2.23M	5.22M	4.68M	4.18M	4.61M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	28.28M	23.54M	16.09M	5.76M	3.93M	91.78M	108.98M	47.33M	26.57M	15.34M
Cash & Short-Term Investments	24.95M	17.91M	6.37M	3.4M	2.18M	89.8M	105.51M	42.19M	23.05M	11.8M
Cash Only	24.95M	17.91M	6.37M	3.4M	2.18M	89.8M	105.51M	19.04M	8.44M	4.55M
Short-Term Investments	0	0	0	0	0	0	0	23.15M	14.61M	7.25M
Accounts Receivable	246K	449K	800K	0	0	0	615K	2.86M	1.67M	1.79M
Days Sales Outstanding	3.96	8.64	5.98	-	-	-	3.04	18.65	20.21	19.31
Inventory	379K	2.94M	1.16M	782K	647K	657K	1.76M	1.16M	900K	501K
Days Inventory Outstanding	7.15	83.8	10.75	7.24	6.24	20.01	15.55	9.65	12.43	7.32
Other Current Assets	1.95M	8.1M	6.55M	370K	118K	186K	48K	48K	55K	56K
Total Non-Current Assets+	22.25M	59.26M	49.15M	24.82M	24.79M	11.36M	18.29M	23.09M	12.43M	10.02M
Property, Plant & Equipment	-207K	16.47M	15.8M	11.79M	16.32M	7.2M	11M	11.94M	7.11M	5.22M
Fixed Asset Turnover	-	1.15x	3.09x	4.25x	2.97x	1.17x	6.71x	4.68x	4.23x	6.50x
Goodwill	4.86M	25.17M	19.63M	0	0	0	0	4.02M	1.37M	1.39M
Intangible Assets	16.48M	15.61M	11.55M	9.17M	6.78M	870K	3.73M	4.01M	1.35M	1.02M
Long-Term Investments	207K	1.57M	2.81M	2.48M	484K	1.77M	722K	104K	50K	85K
Other Non-Current Assets	916K	2.02M	2.17M	487K	1.21M	1.52M	3.56M	3.02M	2.54M	2.3M
Total Assets+	50.53M	82.81M	65.24M	30.58M	28.72M	103.13M	127.27M	70.43M	38.99M	25.35M
Asset Turnover	0.45x	0.23x	0.75x	1.64x	1.69x	0.08x	0.58x	0.79x	0.77x	1.34x
Asset Growth %	0.35%	0.64%	-0.21%	-0.53%	-0.06%	2.59%	0.23%	-0.45%	-0.45%	-0.35%
Total Current Liabilities+	9.21M	11.77M	12.5M	16.66M	16.22M	13.48M	19.83M	10.96M	9.33M	9.22M
Accounts Payable	4.28M	5.17M	3.36M	4.54M	7.07M	2.44M	5.54M	2.31M	1.1M	1.61M
Days Payables Outstanding	80.68	147.21	31.19	42.04	68.16	74.32	48.82	19.23	15.18	23.56
Short-Term Debt	3.11M	0	0	8.49M	0	3.3M	3.58M	0	0	0
Deferred Revenue (Current)	1000K	143K	0	1000K	279K	914K	549K	339K	861K	1000K
Other Current Liabilities	1.15M	4.46M	8.06M	2.5M	2.45M	287K	4.37M	3.14M	2.37M	3.52M
Current Ratio	3.07x	2.00x	1.29x	0.35x	0.24x	6.81x	5.50x	4.32x	2.85x	1.66x
Quick Ratio	3.03x	1.75x	1.20x	0.30x	0.20x	6.76x	5.41x	4.21x	2.75x	1.61x
Cash Conversion Cycle	-69.58	-54.77	-14.46	-	-	-	-30.22	9.08	17.46	3.07
Total Non-Current Liabilities+	802K	6.87M	6.9M	791K	15.04M	9.29M	7.5M	11.52M	8.69M	8.39M
Long-Term Debt	0	6.5M	6.5M	0	5.76M	2.35M	0	0	0	0
Capital Lease Obligations	0	0	0	0	5.83M	6.93M	7.5M	11.52M	8.69M	8.39M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	802K	365K	404K	791K	3.45M	0	0	0	0	0
Total Liabilities	10.02M	18.64M	19.4M	17.45M	31.26M	22.76M	27.33M	22.48M	18.02M	17.61M
Total Debt+	3.18M	6.5M	6.5M	8.49M	15.26M	15.38M	13.82M	14.11M	11.09M	10.77M
Net Debt	-21.77M	-11.41M	132K	5.08M	13.07M	-74.42M	-91.68M	-4.93M	2.66M	6.22M
Debt / Equity	0.08x	0.10x	0.14x	0.65x	-	0.19x	0.14x	0.29x	0.53x	1.39x
Debt / EBITDA	-	-	-	-	-	-	1.89x	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-12.55x	-	-	-
Interest Coverage	-3.99x	-13.20x	-20.62x	-19.01x	-5.47x	-21.89x	-	-67.45x	-87.87x	-93.34x
Total Equity+	40.52M	64.17M	45.84M	13.13M	-2.54M	80.37M	99.94M	47.95M	20.97M	7.74M
Equity Growth %	0.3%	0.58%	-0.29%	-0.71%	-1.19%	32.69%	0.24%	-0.52%	-0.56%	-0.63%
Book Value per Share	4758.75	5077.06	2468.18	542.16	-31.03	36.07	19.02	10.24	5.02	1.68
Total Shareholders' Equity	40.52M	59.53M	40.88M	9.11M	-6.24M	77.81M	92.73M	39.93M	13M	-788K
Common Stock	132K	183K	265K	352K	52K	941K	1.01M	832K	42K	53K
Retained Earnings	-196.86M	-220.87M	-249.71M	-286.91M	-308.14M	-398.62M	-395.27M	-428.11M	-455.85M	-472.71M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	-13K	-74K	-251K	-283K	-220K	-312K	-534K	-1.92M	-1.96M
Minority Interest	0	4.64M	4.96M	4.03M	3.7M	2.56M	7.2M	8.02M	7.97M	8.53M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-2.57M	-8.44M	-12.17M	-6.57M	-113K	-25.01M	14.56M	-24.19M	-16.07M	-11.01M
Operating CF Margin %	-0.11%	-0.44%	-0.25%	-0.13%	-0%	-2.98%	0.2%	-0.43%	-0.53%	-0.32%
Operating CF Growth %	0.91%	-2.28%	-0.44%	0.46%	0.98%	-220.35%	1.58%	-2.66%	0.34%	0.32%
Net Income	-11.26M	-24M	-16.11M	-35.63M	-20.53M	-92.23M	2.89M	-32.63M	-27.74M	-16.49M
Depreciation & Amortization	3.52M	1.84M	7.98M	9.5M	6.12M	7.22M	4.92M	7.27M	3.55M	2.27M
Stock-Based Compensation	5.06M	2.57M	2.18M	916K	335K	1.33M	2.86M	3.87M	2.32M	893K
Deferred Taxes	-866K	15.1M	-3.47M	19.23M	4.61M	0	0	0	0	0
Other Non-Cash Items	1.8M	-216K	26K	1.54M	4.81M	67.03M	2.26M	7.33M	7.72M	3.9M
Working Capital Changes	-826K	-3.74M	-2.77M	-2.12M	4.54M	-8.36M	1.63M	-9.94M	-1.92M	-1.58M
Change in Receivables	0	-132K	-636K	-1.83M	0	0	-1.12M	-1.83M	1.19M	-193K
Change in Inventory	-146K	16K	1.35M	377K	136K	-10K	-1.11M	592K	261K	399K
Change in Payables	378K	-2.91M	-3.11M	-604K	3.76M	-5.17M	6.69M	-3.25M	-488K	387K
Cash from Investing+	-104K	3.47M	-5.4M	-1.87M	-2.27M	-4.35M	-5.16M	-34.84M	5.65M	5.89M
Capital Expenditures	0	-641K	-4.71M	-3.12M	-2.27M	-3.97M	-4.28M	-6.84M	-1.91M	-1.78M
CapEx % of Revenue	-	0.03%	0.1%	0.06%	0.05%	0.47%	0.06%	0.12%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-248K	2M	-960K	335K	-178K	-380K	-3.31M	-34.84M	-468K	-9K
Cash from Financing+	11.6M	-2.06M	6.09M	5.64M	1.17M	117.22M	6.35M	-27.38M	8K	1.36M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-218K	-50K	-497K	1.29M	-1.71M	453K	-841K	69K	30K	4K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-2.57M	-9.08M	-16.88M	-9.68M	-2.39M	-29.36M	6.97M	-31.02M	-18.45M	-12.8M
FCF Margin %	-0.11%	-0.48%	-0.35%	-0.19%	-0.05%	-3.5%	0.09%	-0.55%	-0.61%	-0.38%
FCF Growth %	0.91%	-2.53%	-0.86%	0.43%	0.75%	-11.3%	1.24%	-5.45%	0.41%	0.31%
FCF per Share	-301.97	-718.57	-909.11	-399.64	-29.22	-13.18	1.33	-6.63	-4.42	-2.78
FCF Conversion (FCF/Net Income)	0.23x	0.35x	0.42x	0.18x	0.01x	0.28x	4.35x	0.74x	0.58x	0.65x
Interest Paid	0	0	0	0	735K	187K	11K	10K	0	0
Taxes Paid	0	0	0	0	124K	11K	0	55K	35K	59K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-31.12%	-45.86%	-52.43%	-126.17%	-400.47%	-232.51%	3.71%	-44.41%	-80.5%	-117.39%
Return on Invested Capital (ROIC)	-45.76%	-47.02%	-22.9%	-81.15%	-82.8%	-364.87%	43.37%	-91.17%	-63.48%	-66.67%
Gross Margin	14.7%	32.44%	19.42%	21.25%	21.97%	-42.91%	43.87%	21.54%	12.23%	26.31%
Net Margin	-49.18%	-126.52%	-59.07%	-74.27%	-43.75%	-1079.17%	4.54%	-58.7%	-92.14%	-49.72%
Debt / Equity	0.08x	0.10x	0.14x	0.65x	-	0.19x	0.14x	0.29x	0.53x	1.39x
Interest Coverage	-3.99x	-13.20x	-20.62x	-19.01x	-5.47x	-21.89x	-	-67.45x	-87.87x	-93.34x
FCF Conversion	0.23x	0.35x	0.42x	0.18x	0.01x	0.28x	4.35x	0.74x	0.58x	0.65x
Revenue Growth	1492.07%	-16.37%	157.32%	2.6%	-3.15%	-82.72%	779.3%	-24.13%	-46.18%	12.58%

Revenue by Segment

	2022	2023	2024
Services	18.88M	27.05M	30.66M
Services Growth	-	43.27%	13.33%
Products	1.93M	2.77M	3.24M
Products Growth	-	43.32%	17.03%
Patient services revenue	32.78M	250K	-
Patient services revenue Growth	-	-99.24%	-
Other	6K	40K	-
Other Growth	-	566.67%	-

Revenue by Geography

	2022	2023	2024
United States	52.25M	24.94M	27.81M
United States Growth	-	-52.26%	11.50%
Non-US	-	-	6.08M
Non-US Growth	-	-	-
All other countries	3.69M	5.17M	-
All other countries Growth	-	40.01%	-

Frequently Asked Questions

Growth & Financials

XWELL, Inc. (XWEL) reported $29.5M in revenue for fiscal year 2024. This represents a 4012% increase from $0.7M in 2011.

XWELL, Inc. (XWEL) grew revenue by 12.6% over the past year. This is steady growth.

XWELL, Inc. (XWEL) reported a net loss of $15.3M for fiscal year 2024.

Dividend & Returns

XWELL, Inc. (XWEL) has a return on equity (ROE) of -117.4%. Negative ROE indicates the company is unprofitable.

XWELL, Inc. (XWEL) had negative free cash flow of $15.1M in fiscal year 2024, likely due to heavy capital investments.

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XWELL, Inc. (XWEL) 10-Year Financial Performance & Capital Metrics

XWEL • • Industrial / General

Consumer CyclicalPersonal ServicesPersonal Care & Wellness ServicesAirport Wellness & Spa

Revenue $34M +12.6%
EBITDA -$16M +36.1%
Net Income -$17M +39.2%
EPS (Diluted) -3.66 +44.9%
Gross Margin 26.31% +115.2%
EBITDA Margin -46.52% +43.2%
Operating Margin -49.29% +47.4%
Net Margin -49.72% +46.0%
ROE -117.39% -45.8%
ROIC -66.67% -5.0%
Debt/Equity 1.39 +162.9%
Interest Coverage -93.34 -6.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.3x book value
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Weak momentum: RS Rating 5 (bottom 5%)
✗Sales declining 6.9% over 5 years
✗Shares diluted 10.4% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y37.29%

5Y-6.92%

3Y-22.82%

TTM-12.74%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-7.58%

EPS CAGR

10Y-

5Y-

3Y-

TTM6.58%

ROCE

10Y Avg-56.44%

5Y Avg-49.59%

3Y Avg-57.87%

Latest-72.97%

Peer Comparison

Airport Wellness & Spa

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
XWELXWELL, Inc.	2.42M	0.42	-0.11	12.58%	-51.85%	-499.25%		1.39
EMSmart Share Global Limited	249.1M	1.15	-10.45	-35.97%	-8.16%	-9.04%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	22.69M	18.97M	48.82M	50.09M	48.52M	8.38M	73.73M	55.94M	30.11M	33.9M
Revenue Growth %	14.92%	-0.16%	1.57%	0.03%	-0.03%	-0.83%	7.79%	-0.24%	-0.46%	0.13%
Cost of Goods Sold+	19.35M	12.82M	39.34M	39.45M	37.85M	11.98M	41.38M	43.89M	26.43M	24.98M
COGS % of Revenue	0.85%	0.68%	0.81%	0.79%	0.78%	1.43%	0.56%	0.78%	0.88%	0.74%
Gross Profit+	3.33M	6.16M	9.48M	10.64M	10.66M	-3.6M	32.34M	12.05M	3.68M	8.92M
Gross Margin %	0.15%	0.32%	0.19%	0.21%	0.22%	-0.43%	0.44%	0.22%	0.12%	0.26%
Gross Profit Growth %	1.14%	0.85%	0.54%	0.12%	0%	-1.34%	9.99%	-0.63%	-0.69%	1.42%
Operating Expenses+	13.68M	28.57M	24.55M	25.74M	26.53M	36.51M	28.24M	43.21M	31.89M	25.63M
OpEx % of Revenue	0.6%	1.51%	0.5%	0.51%	0.55%	4.35%	0.38%	0.77%	1.06%	0.76%
Selling, General & Admin	10.07M	14.11M	16.58M	16.24M	14.32M	15.94M	24.2M	31.17M	20.91M	20.08M
SG&A % of Revenue	0.44%	0.74%	0.34%	0.32%	0.3%	1.9%	0.33%	0.56%	0.69%	0.59%
Research & Development	92K	681K	0	0	0	0	0	0	0	0
R&D % of Revenue	0%	0.04%	-	-	-	-	-	-	-	-
Other Operating Expenses	0	681K	-197K	498K	12.21M	20.57M	4.04M	12.04M	10.98M	5.54M
Operating Income+	-10.34M	-22.42M	-15.07M	-34.73M	-15.87M	-40.1M	4.11M	-31.16M	-28.21M	-16.71M
Operating Margin %	-0.46%	-1.18%	-0.31%	-0.69%	-0.33%	-4.78%	0.06%	-0.56%	-0.94%	-0.49%
Operating Income Growth %	0.91%	-1.17%	0.33%	-1.3%	0.54%	-1.53%	1.1%	-8.59%	0.09%	0.41%
EBITDA+	-6.83M	-21.1M	-8.23M	-25.23M	-8.43M	-32.88M	7.31M	-25.73M	-24.66M	-15.77M
EBITDA Margin %	-0.3%	-1.11%	-0.17%	-0.5%	-0.17%	-3.92%	0.1%	-0.46%	-0.82%	-0.47%
EBITDA Growth %	0.94%	-2.09%	0.61%	-2.07%	0.67%	-2.9%	1.22%	-4.52%	0.04%	0.36%
D&A (Non-Cash Add-back)	3.52M	1.32M	6.84M	9.5M	7.44M	7.22M	3.2M	5.43M	3.55M	938K
EBIT	-9.53M	-17.58M	-15.27M	-34.08M	-17.78M	-24.75M	4.94M	-24.55M	-19.3M	-12.1M
Net Interest Income+	-2.59M	-1.7M	-731K	-1.83M	-2.9M	-2.08M	0	-78K	127K	201K
Interest Income	0	0	0	0	0	1.83M	0	384K	448K	380K
Interest Expense	2.59M	1.7M	731K	1.83M	2.9M	1.83M	0	462K	321K	179K
Other Income/Expense	-1.78M	-1.57M	-1.28M	-1.18M	-4.8M	-52.12M	-1.16M	-1.41M	212K	266K
Pretax Income+	-12.12M	-24M	-16M	-35.91M	-20.68M	-92.22M	2.95M	-32.57M	-27.99M	-16.44M
Pretax Margin %	-0.53%	-1.27%	-0.33%	-0.72%	-0.43%	-11%	0.04%	-0.58%	-0.93%	-0.49%
Income Tax+	-866K	13.64M	111K	-278K	-146K	7K	56K	55K	35K	49K
Effective Tax Rate %	0.92%	1%	1.8%	1.04%	1.03%	0.98%	1.14%	1.01%	0.99%	1.03%
Net Income+	-11.16M	-24.01M	-28.84M	-37.2M	-21.22M	-90.49M	3.35M	-32.84M	-27.74M	-16.85M
Net Margin %	-0.49%	-1.27%	-0.59%	-0.74%	-0.44%	-10.79%	0.05%	-0.59%	-0.92%	-0.5%
Net Income Growth %	0.9%	-1.15%	-0.2%	-0.29%	0.43%	-3.26%	1.04%	-10.81%	0.16%	0.39%
Net Income (Continuing)	-11.26M	-19.28M	-16.11M	-35.63M	-20.53M	-92.23M	2.89M	-32.63M	-28.03M	-16.49M
Discontinued Operations	0	0	0	-814K	0	0	0	0	0	0
Minority Interest	0	4.64M	4.96M	4.03M	3.7M	2.56M	7.2M	8.02M	7.97M	8.53M
EPS (Diluted)+	-1310.43	-1899.36	-1552.88	-1535.68	-251.22	-41.39	0.60	-6.97	-6.64	-3.66
EPS Growth %	0.91%	-0.45%	0.18%	0.01%	0.84%	0.84%	1.01%	-12.62%	0.05%	0.45%
EPS (Basic)	-1310.43	-1899.36	-1552.88	-1535.68	-251.22	-41.39	0.60	-6.97	-6.64	-3.66
Diluted Shares Outstanding	8.51K	12.64K	18.57K	24.23K	81.72K	2.23M	5.25M	4.68M	4.18M	4.61M
Basic Shares Outstanding	8.51K	12.64K	18.57K	24.23K	81.72K	2.23M	5.22M	4.68M	4.18M	4.61M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	28.28M	23.54M	16.09M	5.76M	3.93M	91.78M	108.98M	47.33M	26.57M	15.34M
Cash & Short-Term Investments	24.95M	17.91M	6.37M	3.4M	2.18M	89.8M	105.51M	42.19M	23.05M	11.8M
Cash Only	24.95M	17.91M	6.37M	3.4M	2.18M	89.8M	105.51M	19.04M	8.44M	4.55M
Short-Term Investments	0	0	0	0	0	0	0	23.15M	14.61M	7.25M
Accounts Receivable	246K	449K	800K	0	0	0	615K	2.86M	1.67M	1.79M
Days Sales Outstanding	3.96	8.64	5.98	-	-	-	3.04	18.65	20.21	19.31
Inventory	379K	2.94M	1.16M	782K	647K	657K	1.76M	1.16M	900K	501K
Days Inventory Outstanding	7.15	83.8	10.75	7.24	6.24	20.01	15.55	9.65	12.43	7.32
Other Current Assets	1.95M	8.1M	6.55M	370K	118K	186K	48K	48K	55K	56K
Total Non-Current Assets+	22.25M	59.26M	49.15M	24.82M	24.79M	11.36M	18.29M	23.09M	12.43M	10.02M
Property, Plant & Equipment	-207K	16.47M	15.8M	11.79M	16.32M	7.2M	11M	11.94M	7.11M	5.22M
Fixed Asset Turnover	-	1.15x	3.09x	4.25x	2.97x	1.17x	6.71x	4.68x	4.23x	6.50x
Goodwill	4.86M	25.17M	19.63M	0	0	0	0	4.02M	1.37M	1.39M
Intangible Assets	16.48M	15.61M	11.55M	9.17M	6.78M	870K	3.73M	4.01M	1.35M	1.02M
Long-Term Investments	207K	1.57M	2.81M	2.48M	484K	1.77M	722K	104K	50K	85K
Other Non-Current Assets	916K	2.02M	2.17M	487K	1.21M	1.52M	3.56M	3.02M	2.54M	2.3M
Total Assets+	50.53M	82.81M	65.24M	30.58M	28.72M	103.13M	127.27M	70.43M	38.99M	25.35M
Asset Turnover	0.45x	0.23x	0.75x	1.64x	1.69x	0.08x	0.58x	0.79x	0.77x	1.34x
Asset Growth %	0.35%	0.64%	-0.21%	-0.53%	-0.06%	2.59%	0.23%	-0.45%	-0.45%	-0.35%
Total Current Liabilities+	9.21M	11.77M	12.5M	16.66M	16.22M	13.48M	19.83M	10.96M	9.33M	9.22M
Accounts Payable	4.28M	5.17M	3.36M	4.54M	7.07M	2.44M	5.54M	2.31M	1.1M	1.61M
Days Payables Outstanding	80.68	147.21	31.19	42.04	68.16	74.32	48.82	19.23	15.18	23.56
Short-Term Debt	3.11M	0	0	8.49M	0	3.3M	3.58M	0	0	0
Deferred Revenue (Current)	1000K	143K	0	1000K	279K	914K	549K	339K	861K	1000K
Other Current Liabilities	1.15M	4.46M	8.06M	2.5M	2.45M	287K	4.37M	3.14M	2.37M	3.52M
Current Ratio	3.07x	2.00x	1.29x	0.35x	0.24x	6.81x	5.50x	4.32x	2.85x	1.66x
Quick Ratio	3.03x	1.75x	1.20x	0.30x	0.20x	6.76x	5.41x	4.21x	2.75x	1.61x
Cash Conversion Cycle	-69.58	-54.77	-14.46	-	-	-	-30.22	9.08	17.46	3.07
Total Non-Current Liabilities+	802K	6.87M	6.9M	791K	15.04M	9.29M	7.5M	11.52M	8.69M	8.39M
Long-Term Debt	0	6.5M	6.5M	0	5.76M	2.35M	0	0	0	0
Capital Lease Obligations	0	0	0	0	5.83M	6.93M	7.5M	11.52M	8.69M	8.39M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	802K	365K	404K	791K	3.45M	0	0	0	0	0
Total Liabilities	10.02M	18.64M	19.4M	17.45M	31.26M	22.76M	27.33M	22.48M	18.02M	17.61M
Total Debt+	3.18M	6.5M	6.5M	8.49M	15.26M	15.38M	13.82M	14.11M	11.09M	10.77M
Net Debt	-21.77M	-11.41M	132K	5.08M	13.07M	-74.42M	-91.68M	-4.93M	2.66M	6.22M
Debt / Equity	0.08x	0.10x	0.14x	0.65x	-	0.19x	0.14x	0.29x	0.53x	1.39x
Debt / EBITDA	-	-	-	-	-	-	1.89x	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-12.55x	-	-	-
Interest Coverage	-3.99x	-13.20x	-20.62x	-19.01x	-5.47x	-21.89x	-	-67.45x	-87.87x	-93.34x
Total Equity+	40.52M	64.17M	45.84M	13.13M	-2.54M	80.37M	99.94M	47.95M	20.97M	7.74M
Equity Growth %	0.3%	0.58%	-0.29%	-0.71%	-1.19%	32.69%	0.24%	-0.52%	-0.56%	-0.63%
Book Value per Share	4758.75	5077.06	2468.18	542.16	-31.03	36.07	19.02	10.24	5.02	1.68
Total Shareholders' Equity	40.52M	59.53M	40.88M	9.11M	-6.24M	77.81M	92.73M	39.93M	13M	-788K
Common Stock	132K	183K	265K	352K	52K	941K	1.01M	832K	42K	53K
Retained Earnings	-196.86M	-220.87M	-249.71M	-286.91M	-308.14M	-398.62M	-395.27M	-428.11M	-455.85M	-472.71M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	-13K	-74K	-251K	-283K	-220K	-312K	-534K	-1.92M	-1.96M
Minority Interest	0	4.64M	4.96M	4.03M	3.7M	2.56M	7.2M	8.02M	7.97M	8.53M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-2.57M	-8.44M	-12.17M	-6.57M	-113K	-25.01M	14.56M	-24.19M	-16.07M	-11.01M
Operating CF Margin %	-0.11%	-0.44%	-0.25%	-0.13%	-0%	-2.98%	0.2%	-0.43%	-0.53%	-0.32%
Operating CF Growth %	0.91%	-2.28%	-0.44%	0.46%	0.98%	-220.35%	1.58%	-2.66%	0.34%	0.32%
Net Income	-11.26M	-24M	-16.11M	-35.63M	-20.53M	-92.23M	2.89M	-32.63M	-27.74M	-16.49M
Depreciation & Amortization	3.52M	1.84M	7.98M	9.5M	6.12M	7.22M	4.92M	7.27M	3.55M	2.27M
Stock-Based Compensation	5.06M	2.57M	2.18M	916K	335K	1.33M	2.86M	3.87M	2.32M	893K
Deferred Taxes	-866K	15.1M	-3.47M	19.23M	4.61M	0	0	0	0	0
Other Non-Cash Items	1.8M	-216K	26K	1.54M	4.81M	67.03M	2.26M	7.33M	7.72M	3.9M
Working Capital Changes	-826K	-3.74M	-2.77M	-2.12M	4.54M	-8.36M	1.63M	-9.94M	-1.92M	-1.58M
Change in Receivables	0	-132K	-636K	-1.83M	0	0	-1.12M	-1.83M	1.19M	-193K
Change in Inventory	-146K	16K	1.35M	377K	136K	-10K	-1.11M	592K	261K	399K
Change in Payables	378K	-2.91M	-3.11M	-604K	3.76M	-5.17M	6.69M	-3.25M	-488K	387K
Cash from Investing+	-104K	3.47M	-5.4M	-1.87M	-2.27M	-4.35M	-5.16M	-34.84M	5.65M	5.89M
Capital Expenditures	0	-641K	-4.71M	-3.12M	-2.27M	-3.97M	-4.28M	-6.84M	-1.91M	-1.78M
CapEx % of Revenue	-	0.03%	0.1%	0.06%	0.05%	0.47%	0.06%	0.12%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-248K	2M	-960K	335K	-178K	-380K	-3.31M	-34.84M	-468K	-9K
Cash from Financing+	11.6M	-2.06M	6.09M	5.64M	1.17M	117.22M	6.35M	-27.38M	8K	1.36M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-218K	-50K	-497K	1.29M	-1.71M	453K	-841K	69K	30K	4K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-2.57M	-9.08M	-16.88M	-9.68M	-2.39M	-29.36M	6.97M	-31.02M	-18.45M	-12.8M
FCF Margin %	-0.11%	-0.48%	-0.35%	-0.19%	-0.05%	-3.5%	0.09%	-0.55%	-0.61%	-0.38%
FCF Growth %	0.91%	-2.53%	-0.86%	0.43%	0.75%	-11.3%	1.24%	-5.45%	0.41%	0.31%
FCF per Share	-301.97	-718.57	-909.11	-399.64	-29.22	-13.18	1.33	-6.63	-4.42	-2.78
FCF Conversion (FCF/Net Income)	0.23x	0.35x	0.42x	0.18x	0.01x	0.28x	4.35x	0.74x	0.58x	0.65x
Interest Paid	0	0	0	0	735K	187K	11K	10K	0	0
Taxes Paid	0	0	0	0	124K	11K	0	55K	35K	59K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-31.12%	-45.86%	-52.43%	-126.17%	-400.47%	-232.51%	3.71%	-44.41%	-80.5%	-117.39%
Return on Invested Capital (ROIC)	-45.76%	-47.02%	-22.9%	-81.15%	-82.8%	-364.87%	43.37%	-91.17%	-63.48%	-66.67%
Gross Margin	14.7%	32.44%	19.42%	21.25%	21.97%	-42.91%	43.87%	21.54%	12.23%	26.31%
Net Margin	-49.18%	-126.52%	-59.07%	-74.27%	-43.75%	-1079.17%	4.54%	-58.7%	-92.14%	-49.72%
Debt / Equity	0.08x	0.10x	0.14x	0.65x	-	0.19x	0.14x	0.29x	0.53x	1.39x
Interest Coverage	-3.99x	-13.20x	-20.62x	-19.01x	-5.47x	-21.89x	-	-67.45x	-87.87x	-93.34x
FCF Conversion	0.23x	0.35x	0.42x	0.18x	0.01x	0.28x	4.35x	0.74x	0.58x	0.65x
Revenue Growth	1492.07%	-16.37%	157.32%	2.6%	-3.15%	-82.72%	779.3%	-24.13%	-46.18%	12.58%

Revenue by Segment

	2022	2023	2024
Services	18.88M	27.05M	30.66M
Services Growth	-	43.27%	13.33%
Products	1.93M	2.77M	3.24M
Products Growth	-	43.32%	17.03%
Patient services revenue	32.78M	250K	-
Patient services revenue Growth	-	-99.24%	-
Other	6K	40K	-
Other Growth	-	566.67%	-

Revenue by Geography

	2022	2023	2024
United States	52.25M	24.94M	27.81M
United States Growth	-	-52.26%	11.50%
Non-US	-	-	6.08M
Non-US Growth	-	-	-
All other countries	3.69M	5.17M	-
All other countries Growth	-	40.01%	-

Frequently Asked Questions

Growth & Financials

XWELL, Inc. (XWEL) reported $29.5M in revenue for fiscal year 2024. This represents a 4012% increase from $0.7M in 2011.

XWELL, Inc. (XWEL) grew revenue by 12.6% over the past year. This is steady growth.

XWELL, Inc. (XWEL) reported a net loss of $15.3M for fiscal year 2024.

Dividend & Returns

XWELL, Inc. (XWEL) has a return on equity (ROE) of -117.4%. Negative ROE indicates the company is unprofitable.

XWELL, Inc. (XWEL) had negative free cash flow of $15.1M in fiscal year 2024, likely due to heavy capital investments.