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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 Q4 2025 Earnings: A Strong Finish to a Record Year

Xometry's Q4 2025 financial performance was impressive, with revenue growing 30% year-over-year to $192 million, driven by a 33% increase in marketplace growth. The company's gross margin expanded to 39.1%, with marketplace gross margin reaching 35.3%, an 80 basis point expansion. The earnings per share (EPS) came in at -$0.17, missing estimates of $0.12. The company's adjusted EBITDA was $8.4 million, a significant $7.3 million year-over-year increase, driven by strong revenue growth and operating efficiencies.

Publication Date: Feb -25

📋 Highlights
  • Q4 Revenue Growth:: Revenue surged 30% YoY to $192 million, driven by 33% marketplace growth and 40%+ growth in enterprise accounts ($500K+ spend).
  • Gross Margin Expansion:: Marketplace gross margin expanded 80 bps to 35.3%, with Q4 gross profit up 27% YoY to $75.2 million (39.1% margin).
  • Leadership Transition:: Randy Altschuler steps down as CEO, succeeded by Sanjeev Sahni (President), effective July 1, 2026, with a focus on product-led growth and global expansion.
  • Financial Strength:: 2025 adjusted EBITDA reached $18.5 million, with Q4 adjusted EBITDA up $7.3M YoY to $8.4 million; $219 million in cash and equivalents.
  • 2026 Guidance:: Projects 21%+ revenue growth, $187–$189 million in Q1 revenue (24–25% YoY), and $6.5–$7.5 million in Q1 adjusted EBITDA (vs. breakeven in 2025).

Leadership Transition and Strategic Focus

The company announced a leadership transition, with Randy Altschuler stepping down as CEO and becoming Executive Chair on July 1, 2026, and Sanjeev Singh Sahni taking over as CEO. Xometry is focused on product-led growth, expanding marketplace offerings, driving structural growth for enterprise accounts, and building out its global supplier network. As Sahni highlighted, the company will continue to drive growth initiatives, including expanding the marketplace offering and building out the global supplier network.

Valuation and Growth Prospects

Xometry's valuation metrics indicate a mixed picture, with a Price-to-Sales Ratio of 3.22 and an EV/EBITDA ratio of -65.72. The company's growth prospects are promising, with expected revenue growth of at least 21% in 2026. Analysts estimate revenue growth of 16.2% for the next year. As the company scales towards $1 billion in revenue, it aims to maintain at least 20% incremental adjusted EBITDA margins, a target that is consistent with its 2025 performance.

Operational Highlights and Future Plans

Xometry's AI-native marketplace delivered strong revenue and gross profit growth in 2025, driven by significant operating leverage. The company plans to drive automation with AI across operations and support, and balance future investments with a focus on operating leverage. With a growing pool of millions of buyers, Xometry is well-positioned to continue delivering growth and profitability. The company's target to be free cash flow positive on a sustainable basis once it hits a $225 million quarterly run rate is an encouraging sign for investors.

3. NewsRoom

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DNOW (NYSE:DNOW) versus Xometry (NASDAQ:XMTR) Critical Contrast

Apr -01

Source: defenseworld.net

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G2 Investment Partners Initiates a New Position in Xometry

Mar -18

Source: fool.com

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Xometry, Inc. $XMTR Shares Bought by Blair William & Co. IL

Mar -09

Source: defenseworld.net

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Xometry Deepens AI-Native Marketplace Advantage with New Enterprise Lead Time Intelligence and Personalized Pricing Models

Mar -03

Source: globenewswire.com

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Xometry: Growth Story Intact Despite Recent Share Price Weakness

Mar -03

Source: seekingalpha.com

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Xometry to Participate in Upcoming Investor Conferences

Feb -27

Source: globenewswire.com

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Thomas Announces Partnership with Maryland MEP to Support Smarter, More Resilient Manufacturing

Feb -26

Source: globenewswire.com

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Xometry, Inc. (XMTR) Q4 2025 Earnings Call Transcript

Feb -24

Source: seekingalpha.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

Stock-Card
Luxfer

A-Score: 5.4/10

Value: 5.8

Growth: 5.3

Quality: 5.6

Yield: 7.0

Momentum: 3.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Omega Flex

A-Score: 4.6/10

Value: 3.5

Growth: 3.2

Quality: 8.1

Yield: 6.0

Momentum: 0.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Broadwind

A-Score: 4.4/10

Value: 7.6

Growth: 5.0

Quality: 3.7

Yield: 0.0

Momentum: 9.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Xometry

A-Score: 4.4/10

Value: 6.4

Growth: 6.3

Quality: 2.8

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Helios Technologies

A-Score: 3.8/10

Value: 3.2

Growth: 4.0

Quality: 5.5

Yield: 1.0

Momentum: 6.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
American Superconductor

A-Score: 3.4/10

Value: 0.8

Growth: 7.2

Quality: 5.9

Yield: 0.0

Momentum: 5.5

Volatility: 1.0

1-Year Total Return ->

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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

43.7$

Current Price

43.7$

Potential

-0.00%

Expected Cash-Flows