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1. Company Snapshot

1.a. Company Description

Xometry, Inc.operates a marketplace that enables buyers to source manufactured parts and assemblies in the United States and internationally.It provides CNC machining, milling, and turning services; sheet, laser, waterjet, and plasma cutting services; and sheet metal forming services.


The company also offers 3D printing services, such as carbon digital light synthesis, fused deposition modeling, HP multi jet fusion, PolyJet, selective laser sintering, stereolithography, metal 3D printing service, direct metal laser sintering, and metal binder jetting; and injection molding services, including plastic injection, over, insert, and prototype molding, as well as bridge and production tooling.In addition, it provides other services comprising urethane and die casting, vapor smoothing, finishing, rapid prototyping, high- volume production, and assembly services.The company offers its products under the Allied Machine & Engineering, Brubaker, HTC, OSG, Kyocera, Mitsubishi Materials, SOWA, Viking Drill & Tool, Dauphin, and Sandvik brands.


It serves aerospace and defense, automotive, consumer products, product designers, education, electronic and semiconductors, energy, hardware startups, industrial, medical and dental, robotics, and supply chain and purchasing industries.The company was formerly known as NextLine Manufacturing Corp.and changed its name to Xometry, Inc.


in June 2015.Xometry, Inc.was incorporated in 2013 and is headquartered in Derwood, Maryland.

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1.b. Last Insights on XMTR

Xometry's recent performance has been impacted by the lack of recent earnings release, which typically provides insight into the company's financial health. However, the announcement of its first quarter 2025 financial results on May 6, 2025, suggests that the company is preparing to share its latest financial performance. The company's marketplace has generated nearly $1 billion in revenue for America's small- and medium manufacturers from January 1, 2020, to March 31, 2025, indicating a significant contribution to the US economy. Additionally, Xometry's acquisition of Thomasnet has bolstered its position, driving above-peer growth through diversified manufacturing services beyond 3-D printing.

1.c. Company Highlights

2. Xometry's Q3 2025 Earnings: A Strong Beat on Revenue and Margin Expansion

Xometry reported a record Q3 2025 with revenue growth accelerating to 28% year-over-year to $181 million, driven by strong marketplace growth of 31% year-over-year. The company's marketplace gross margin expanded by 210 basis points year-over-year to 35.7%, driving 40% growth in marketplace gross profit. Adjusted EBITDA was $6.1 million, a significant improvement from a loss of $0.6 million in Q3 2024. The company's actual EPS came in at $0.11, in line with estimates. The strong financial performance was driven by the company's expanding networks of buyers and suppliers, deepening enterprise engagement, and investments in AI capabilities.

Publication Date: Nov -21

📋 Highlights
  • Record Q3 Revenue Growth: Revenue surged to $181 million, up 28% YoY, driven by 31% YoY marketplace growth.
  • EBITDA Turnaround: Adjusted EBITDA improved to $6.1 million (vs -$0.6M in Q3 2024), a $6.8 million year-over-year gain.
  • Marketplace Gross Margin Expansion: Gross margin hit 35.7% (up 210 bps YoY), driving 40% YoY gross profit growth.
  • AI-Driven Product Launches: Auto-quote for injection molding in the US and EU, plus AI-enhanced design tools, boosted accuracy and efficiency.
  • International Growth Momentum: EU revenue grew 23% YoY, reflecting progress in fragmented global markets.

Revenue Growth Acceleration

The company's revenue growth acceleration was driven by strong marketplace growth, with revenue increasing 31% year-over-year to $167 million. Supplier services revenue was $14.1 million. The company's active buyer growth was 21% year-over-year, with broad-based strength across enterprise accounts. As James Miln noted, "We're pleased with the performance in the EU, with 23% year-over-year growth," highlighting the company's successful international expansion.

Margin Expansion and Operating Efficiencies

Xometry's marketplace gross margin expanded to 35.7%, a record level, driven by AI price prediction accuracy and machine learning. The company's adjusted EBITDA margin improved significantly year-over-year, driven by strong growth in revenue, gross profit, and operating efficiencies. The company's guidance for Q4 2025 expects revenue growth to continue, with revenue expected to be in the range of $182 million to $184 million, or 23% to 24% growth year-over-year.

Valuation and Growth Prospects

With a P/S Ratio of 4.29 and an EV/EBITDA ratio of -67.02, the market is pricing in significant growth prospects for Xometry. Analysts estimate next year's revenue growth at 20.2%, which is slightly lower than the company's historical growth rate. Given the company's strong track record of margin expansion and operating efficiencies, it is likely that Xometry will continue to deliver strong financial performance. The company's ROE of -21.6% and ROIC of -7.94% indicate that the company is still in a growth phase, investing heavily in its business.

3. NewsRoom

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Xometry Recognized as One of North America's Fastest-Growing Companies on the 2025 Deloitte Technology Fast 500™ List

Nov -19

Source: globenewswire.com

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Mario Cibelli's Strategic Moves: A Closer Look at Remitly Global Inc's Impact

Nov -14

Source: gurufocus.com

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Xometry: Growth Set To Continue Accelerating (Downgrade)

Nov -05

Source: seekingalpha.com

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Xometry, Inc. (XMTR) Q3 2025 Earnings Call Transcript

Nov -04

Source: seekingalpha.com

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Xometry (XMTR) Q3 Earnings Match Estimates

Nov -04

Source: zacks.com

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Xometry Reports Record Third Quarter 2025 Results

Nov -04

Source: globenewswire.com

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Xometry to Participate in Upcoming Investor Conferences

Oct -28

Source: globenewswire.com

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Xometry Introduces Auto-Quote Capability for Injection Molding Services, Expanding Its Digital Manufacturing Platform

Oct -23

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.88%)

6. Segments

Artificial Intelligence-Enabled Digital Manufacturing Marketplace

Expected Growth: 14.88%

Xometry's AI-enabled digital manufacturing marketplace growth is driven by increasing demand for on-demand production, reduced lead times, and cost savings. The platform's ability to connect customers with a network of vetted manufacturers, leveraging AI-powered matching and pricing algorithms, fuels growth. Additionally, the rise of Industry 4.0 and adoption of digital technologies in manufacturing contribute to the 14.88% growth.

7. Detailed Products

CNC Machining

Xometry's CNC machining service offers custom parts with tight tolerances and complex geometries, using a range of materials including aluminum, steel, and titanium.

3D Printing

Xometry's 3D printing service offers rapid prototyping and production of complex parts with various materials, including plastics, metals, and ceramics.

Sheet Metal Fabrication

Xometry's sheet metal fabrication service offers custom parts with complex geometries, using a range of materials including aluminum, steel, and stainless steel.

Urethane Casting

Xometry's urethane casting service offers rapid prototyping and production of soft-touch parts, overmolds, and gaskets.

Injection Molding

Xometry's injection molding service offers high-volume production of custom plastic parts with complex geometries.

Finishing Services

Xometry's finishing services include anodizing, plating, painting, and other surface treatments to enhance the appearance and durability of custom parts.

Assembly and Kitting

Xometry's assembly and kitting service offers custom assembly of complex products, including electromechanical assemblies and kitting of components.

8. Xometry, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Xometry's platform provides a unique combination of on-demand manufacturing and logistics services, making it difficult for customers to find substitutes.

Bargaining Power Of Customers

While customers have some bargaining power due to the availability of alternative manufacturing services, Xometry's focus on high-volume production and customized manufacturing solutions limits their negotiating power.

Bargaining Power Of Suppliers

Xometry's supplier network is diverse and fragmented, reducing the bargaining power of individual suppliers. The company's technology platform also enables it to efficiently manage its supplier relationships.

Threat Of New Entrants

While the threat of new entrants is moderate due to the complexity and capital intensity of the on-demand manufacturing industry, Xometry's established network of suppliers and proprietary technology platform create barriers to entry.

Intensity Of Rivalry

The on-demand manufacturing industry is highly competitive, with several established players competing for market share. Xometry's focus on high-volume production and customized manufacturing solutions helps it differentiate itself, but the company still faces intense competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 46.70%
Debt Cost 3.95%
Equity Weight 53.30%
Equity Cost 7.17%
WACC 5.66%
Leverage 87.63%

11. Quality Control: Xometry, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Luxfer

A-Score: 6.1/10

Value: 6.7

Growth: 5.4

Quality: 5.8

Yield: 7.0

Momentum: 6.0

Volatility: 5.7

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Omega Flex

A-Score: 4.7/10

Value: 4.4

Growth: 3.2

Quality: 8.2

Yield: 6.0

Momentum: 0.5

Volatility: 5.7

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Xometry

A-Score: 4.6/10

Value: 6.6

Growth: 6.3

Quality: 2.9

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

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American Superconductor

A-Score: 4.1/10

Value: 0.2

Growth: 7.2

Quality: 6.1

Yield: 0.0

Momentum: 9.5

Volatility: 1.3

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Broadwind

A-Score: 3.9/10

Value: 8.2

Growth: 5.0

Quality: 3.6

Yield: 0.0

Momentum: 5.0

Volatility: 1.7

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Helios Technologies

A-Score: 3.8/10

Value: 3.0

Growth: 4.0

Quality: 5.8

Yield: 1.0

Momentum: 6.0

Volatility: 3.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

59.79$

Current Price

59.79$

Potential

-0.00%

Expected Cash-Flows