XPEL, Inc. (XPEL) FY2025 10-K Annual Report
XPEL, Inc. (XPEL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
XPEL, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: Supplier of automotive protective films, coatings, and related services with focus on paint protection and window films
- • Expanded manufacturing and supply chain investments to lower costs and improve quality, shifting from historical "asset-light" model in 2025
- • Completed five international acquisitions (India, Thailand, Japan, China) in 2025 to enhance global footprint and direct sales in top car markets
- • Employees increased to approximately 1,337 as of December 31, 2025, with 729 in the US and 608 internationally
- • Emphasis on proprietary SAAS Design Access Platform with 90,000+ vehicle patterns facilitating film customization and installer efficiency
Management Discussion & Analysis
- • Revenue $476.2M, up 13.3% YoY; product revenue $359.9M (+12.9%), service revenue $116.3M (+14.6%)
- • Gross margin stable at 42.2% total; product margin 37.8% vs 37.3%, service margin down to 56.0% vs 57.4%
- • Best segment: window film revenue +21.7% to $94.5M; worst segment: cutbank credits declined 2.9% to $16.5M
- • Operating cash flow $66.9M (+40% YoY); investing cash flow outflow $33.8M due to acquisitions; financing cash flow used $3.7M
- • Management expects sufficient liquidity from $50.9M cash, $128.3M credit availability; risks include lease and contingent liabilities payments
Risk Factors
- • PRC regulatory risk: compliance with complex China M&A rules including Security Review Rules restricting foreign acquisitions, possibly delaying expansion efforts
- • Geopolitical risk: exposure to China operations with substantial government control and potential political interference affecting business and financials
- • Supply chain risk: reliance on limited or sole-source suppliers for key raw materials risking shortages, cost increases, and production delays
- • Competitive risk: increased regulatory scrutiny on dealerships by FTC and state authorities potentially limiting accessory sales channels
- • Key-person risk: dependence on CEO Ryan Pape and CFO Barry Wood, with neither under employment agreement, risking operational disruption if lost
XPEL, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$476M
▲ +13.3% YoY
Net Income
$51M
▲ +12.6% YoY
Gross Margin
42.2%
▲ +2bp YoY
Operating Margin
13.2%
▼ -91bp YoY
Net Margin
10.8%
▼ -6bp YoY
ROE
18.3%
▼ -190bp YoY
Total Assets
$383M
▲ +33.9% YoY
EPS (Diluted)
$1.85
▲ +12.1% YoY
Operating Cash Flow
$67M
▲ +40.0% YoY
Source: XBRL data from XPEL, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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