Xometry, Inc. (XMTR)

Price$93.58Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares look overvalued because today's price already assumes years of exceptional profitable growth.

About 57.0 million shares outstanding imply an equity value near $5.2 billion. Xometry held roughly $517 million of cash and marketable securities against $336 million of convertible-note principal, leaving modest net cash. Management expects 2026 revenue growth of 33%-34%, implying roughly $913-$920 million of sales, but adjusted operating profit before interest, taxes and selected charges is guided to only $60-$62 million. That leaves the business valued near 5.5 times projected sales and more than 80 times projected adjusted operating profit.

Big pictureRevenue growth is accelerating and losses are shrinking, but durable free cash flow has not arrived.

Revenue expanded from $141 million in 2020 to $687 million in 2025, including 26% growth during 2025, yet the company still recorded a $45.5 million operating loss and $61.7 million net loss that year. Operating cash flow finally turned slightly positive at $6.1 million, but capital spending of $30.2 million meant cash left after running and investing in the business remained negative. First-half 2026 improved sharply: revenue rose 39% to $434 million and the net loss narrowed to $10.6 million.

Business strengthMarketplace growth and a newly fortified balance sheet are strengths, but shareholders absorbed substantial dilution.

Second-quarter marketplace revenue rose 45% to $215 million, active buyers increased 20% to 89,557, and accounts spending at least $50,000 annually grew 23% to 2,039. Liquidity is now excellent, with about $517 million of cash and marketable securities. Much of that cushion came from shareholders, however: Xometry issued about 3.04 million shares in June for roughly $248 million net and another 1.05 million shares to Siemens for $50 million. Total shares outstanding increased roughly 11% during the first half, while stock compensation remained significant.

What could change the storySustained thirty-percent growth with widening profits could justify today's premium, while slower growth would expose it.

The bull case is unusually strong operating momentum: management raised full-year revenue growth guidance to 33%-34% and expects adjusted operating profit before interest, taxes and selected charges of $60-$62 million, versus $18.5 million in 2025. The bear case is that marketplace growth normalizes before margins mature. Third-quarter revenue guidance implies 30%-31% growth, already slower than the second quarter's 41%. For today's valuation to become attractive, Xometry likely needs several years of rapid growth, materially higher cash margins and far less reliance on new share issuance.

AI: News

Record second-quarter growthRecord marketplace growth and higher annual guidance strengthened the case that Xometry is gaining manufacturing share.

On August 4, Xometry reported record second-quarter revenue of $229 million, up 41%, while marketplace revenue grew 45%. Adjusted operating profit before interest, taxes and selected charges reached $14.1 million, up from $3.9 million a year earlier. Management raised expected full-year revenue growth to 33%-34% and maintained a $60-$62 million adjusted-profit outlook. Shares closed about 5.3% higher that day, consistent with a positive investor response, though trading movements cannot establish the release as the sole cause.

Large equity offeringXometry raised substantial growth capital in June, strengthening liquidity while meaningfully diluting existing shareholders.

On June 2, Xometry priced 2.65 million new shares and later sold another 397,058 through the underwriters' option, ultimately receiving about $248 million net. The offering followed a separate roughly $50 million Siemens investment involving about 1.05 million shares. The stock fell approximately 10.8% on June 2. The timing strongly suggests the discounted financing and resulting dilution influenced the move, although broader trading factors may also have contributed.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2019

2020

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2022

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2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$686.6M	$545.5M	$463.4M	$380.9M	$218.3M	$141.4M	$80.2M
Gross profit	$268.8M	$215.6M	$178.3M	$146.0M	$57.1M	$33.3M	$14.7M
Gross margin	39.14%	39.53%	38.47%	38.33%	26.17%	23.54%	18.37%
Research & development	$46.8M	$39.3M	$34.5M	$31.0M	$17.8M	$12.2M	$10.6M
Operating expenses	$314.3M	$271.8M	$251.8M	$223.1M	$115.8M	$62.5M	$45.3M
Operating income	−$45.5M	−$56.1M	−$73.6M	−$77.1M	−$58.7M	−$29.2M	−$30.5M
Operating margin	−6.63%	−10.29%	−15.88%	−20.24%	−26.88%	−20.66%	−38.08%
EBITDA	−$26.8M	−$43.1M	−$62.8M	−$69.3M	−$55.1M	−$26.1M	−$28.7M
EBITDA margin	−3.90%	−7.91%	−13.56%	−18.19%	−25.23%	−18.45%	−35.78%
Net income	−$61.7M	−$50.4M	−$67.5M	−$79.1M	−$61.4M	−$31.1M	−$31.0M
Net profit margin	−8.99%	−9.24%	−14.56%	−20.75%	−28.11%	−21.98%	−38.63%
Basic EPSper basic share	-$1.22	-$1.03	-$1.41	-$1.68	-$2.33	-$5.32	-$4.88
Diluted EPSper diluted share	-$1.22	-$1.03	-$1.41	-$1.68	-$2.33	-$5.32	-$4.88

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

11.94%of listed shares

PRIMECAP MANAGEMENT CO/CA/6.64M shares · Jun 30, 2026

View holders

Top 20 reported holders of XMTR
Holder	% owned
PRIMECAP MANAGEMENT CO/CA/	11.94%6.64M shares
FMR LLC	7.05%3.92M shares
BlackRock, Inc.	6.91%3.84M shares
Altschuler Randolph	≈4.52%2.51M shares
EVENTIDE ASSET MANAGEMENT, LLC	3.87%2.15M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.69%2.05M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.66%2.04M shares
Hood River Capital Management LLC	3.58%1.99M shares
Driehaus Capital Management LLC	3.18%1.77M shares
FIRST TRUST ADVISORS LP	3.14%1.74M shares
FULLER & THALER ASSET MANAGEMENT, INC.	2.57%1.43M shares
WELLINGTON MANAGEMENT GROUP LLP	2.38%1.32M shares
GEODE CAPITAL MANAGEMENT, LLC	2.20%1.22M shares
STATE STREET CORP	1.99%1.1M shares
SIEMENS AG	1.89%1.05M shares
BAILLIE GIFFORD & CO	1.83%1.02M shares
Durable Capital Partners LP	1.83%1.01M shares
GILDER GAGNON HOWE & CO LLC	1.54%857.15K shares
AMERIPRISE FINANCIAL INC	1.53%847.51K shares
Stephens Investment Management Group LLC	1.44%799.18K shares

Percentages use 55.56M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$4.05M disclosed value

Sells (SEC code S)174$19.87M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 3, 2026Form 4	Biewald Lukas AlexanderDirector	BuyClass A Common Stock	47.1K	$85.00	$4.00M	55.1K
Jun 1, 2026Form 4 · 10b5-1	Miln JamesChief Financial Officer	SellClass A Common Stock	66	$99.56	$6.6K	183.0K
Jun 1, 2026Form 4 · 10b5-1	Miln JamesChief Financial Officer	SellClass A Common Stock	340	$98.55	$33.5K	183.1K
Jun 1, 2026Form 4 · 10b5-1	Miln JamesChief Financial Officer	SellClass A Common Stock	366	$97.88	$35.8K	183.4K
Jun 1, 2026Form 4 · 10b5-1	Miln JamesChief Financial Officer	SellClass A Common Stock	208	$96.84	$20.1K	183.8K