At a glance
Xpel Inc is worth $1.21B, about 24 times its fiscal 2025 earnings. Revenue grew 13.3% to $476.2M in fiscal 2025, with 10.8% kept as profit; over 5 years it has grown 24.5% a year. It pays no dividend; it spent $3.0M buying back its shares over FY2021–FY2025. The stock returned +18.8% over the past year with dividends reinvested and −10.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.3% in the 2020 crash (S&P 500: 33.7%) and 42.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 3 months after the lows.
The business in plain English
XPEL sells protective films and coatings, mostly for cars, plus the labor to install them. Its flagship product is paint protection film, a clear or colored self-adhesive layer applied over a car's paint to protect it. In the year ended December 31, 2025, it made up about 52.4% of XPEL's $476.2 million in revenue. Window film added 19.9%, largely automotive tint sold as XPEL PRIME, and installation labor 18.3%. Smaller lines include windshield film, ceramic coating and VISION film for building windows.
About 51% of revenue came through independent installers. XPEL supports them with training, sales leads and its Design Access Platform, subscription software holding more than 90,000 vehicle patterns used to cut film to fit each panel. It also sells to new car dealerships, carmakers (known as OEMs) and third-party distributors abroad, which brought in about 16% of revenue at generally lower margins. It runs 34 company-owned installation centers around the world.
The United States supplied about 55.8% of 2025 revenue, followed by Europe, the UK and Africa (13.5%), Canada (10.4%) and China (8.4%). XPEL has expanded abroad by buying distributors in India, Thailand, Japan and China, and completed five acquisitions in 2025. It has mostly relied on outside manufacturers for its products but plans to invest in its own manufacturing to cut costs and control quality.
Price history
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XPEL +18.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Paint protection film | $249.4M | 52.4% |
| Window film | $94.5M | 19.9% |
| Installation labor | $87.0M | 18.3% |
| Cutbank credits | $16.5M | 3.5% |
| Other | $15.9M | 3.3% |
| Software | $8.7M | 1.8% |
| Other | $4.0M | 0.8% |
By geography
| United States | $265.8M | 55.8% |
| EU, UK, and Africa | $64.1M | 13.5% |
| Canada | $49.5M | 10.4% |
| China | $39.9M | 8.4% |
| India and Middle East | $25.0M | 5.2% |
| Asia Other | $20.9M | 4.4% |
| Latin America | $11.0M | 2.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $143.1M, up 14.7% from a year earlier, and net income was $18.0M (+10.7%).
- For fiscal 2025, revenue was $476.2M (+13.3% year over year; +24.5% a year from FY2020 to FY2025) with a 10.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +24.5% good |
|---|---|
| Operating margin | 13.2% watch |
| Free cash flow margin | 13.2% good |
| Return on equity (FY2025) | 18.3% good |
| Return on assets (FY2025) | 13.4% good |
| Net cash (cash minus debt) | $-4.1M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $158.9M | $18.3M | $16.7M |
| FY2021 | $259.3M | $31.6M | $11.5M |
| FY2022 | $324.0M | $41.4M | $4.1M |
| FY2023 | $396.3M | $52.8M | $31.0M |
| FY2024 | $420.4M | $45.5M | $41.1M |
| FY2025 | $476.2M | $51.2M | $62.9M |
Valuation snapshot
| Market value | $1.21B |
|---|---|
| P/E ratio | 23.7 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Xpel’s market value went from $404.5M at the end of 2019 to $1.21B on Oct 28, 2026, about 3.0 times as much; since the end of 2025 it is down 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.21B | -12.4% |
| 2025 | $1.38B | +25.1% |
| 2024 | $1.10B | -25.8% |
| 2023 | $1.49B | -10.3% |
| 2022 | $1.66B | -12.0% |
| 2021 | $1.89B | +32.4% |
| 2020 | $1.42B | +251.9% |
| 2019 | $404.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| XPEL price data to Oct 28, 2026 | -12.1% | +18.8% | -3.5% | -10.3% | +43.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -12.1% |
| 2025 | +25.0% |
| 2024 | -25.8% |
| 2023 | -10.3% |
| 2022 | -12.0% |
| 2021 | +32.4% |
| 2020 | +251.9% |
| 2019 | +140.1% |
| 2018 | +335.8% |
| 2017 | 0.0% |
| 2016 | +38.8% |
| 2015 | -67.0% |
| 2014 | +138.1% |
| 2013 | +457.4% |
| 2012 | +170.6% |
| 2011 | +277.8% |
| 2010 | -50.0% |
| 2009 | -64.0% |
| 2008 | -93.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 97.9% over that stretch · deepest drop along the way 98.6%, back to its old high 66.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.9% over that stretch · deepest drop along the way 43.3%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.6% over that stretch · deepest drop along the way 42.6%, back to its old high 3.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (24 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Wasatch Advisors LP | 12.4% | Sep 30, 2026 |
| ALTA FOX CAPITAL MANAGEMENT, LLC | 7% | Nov 20, 2025 |
ETFs with the most weight in XPEL
| DEEP Acquirers Small and Micro Deep Value ETF | 0.89% |
| IFRA iShares U.S. Infrastructure ETF | 0.49% |
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 0.41% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.27% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.12% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.11% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.11% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.11% |
What could go wrong
- Heavy reliance on outside film suppliers. XPEL relies on contract manufacturers for most of its products, and some key inputs come from single suppliers. A disruption, quality problem or jump in resin or freight costs could cut sales or squeeze margins.
- Moving into its own manufacturing is untested. XPEL plans to invest in its own manufacturing and supply chain. The 10-K warns this changes its capital needs and that the company may lack the experience or staff to run these assets well.
- Tied to new car sales and dealerships. XPEL's products go mainly on new cars, often sold through dealerships. A slump in auto sales, a shift away from dealerships, or tighter rules on dealer selling practices could cut demand.
- Depends on independent installers. About 51% of 2025 revenue came through independent installers in a highly competitive market. If rivals win them over or those relationships break down, sales could suffer.
- China brings regulatory and currency risks. After buying its China distributor, XPEL faces significant Chinese government oversight, swings in the yuan, and limits on moving cash out of China. China was about 8.4% of 2025 revenue.
- Tariffs and currency swings. New tariffs or trade rules could raise costs for imported film and supplies that XPEL may be unable to pass on. A stronger dollar can also shrink the value of foreign sales.
Recent events
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
- Quarterly results released
- Quarterly results released
- Change to shareholder rights; Bylaws or fiscal year changed
For income and retirement investors
XPEL does not pay a dividend. Its 10-K says it has never paid cash dividends and has no plans to, so the stock produces no income. An investor who needs cash from it would have to sell shares. Buybacks have been small: about $3.0 million in fiscal 2025, after none in 2023 or 2024. The share count barely moved, falling 0.2% between August 2021 and August 2026. XPEL has focused on growth instead, completing five acquisitions in 2025.
The share price has swung widely. It fell 98.6% during the 2008 financial crisis and took 66.5 months, until August 2014, to recover. It dropped 43.3% in the 2020 COVID crash but recovered in about 2.1 months. In the 2022 stock market slump it fell 42.6% and recovered in about 3.4 months. Its deepest decline in the three years to October 28, 2026, was 61.5%. Single stocks like XPEL carry more risk than diversified funds.
Questions investors ask
How does XPEL make money?
XPEL makes most of its money selling paint protection film, a clear or colored self-adhesive film applied over a car's paint. Paint protection film made up about 52.4% of XPEL's $476.2 million in revenue for the year ended December 31, 2025. Window film added about 19.9% and installation labor about 18.3%. XPEL also charges installers and other customers a monthly fee for its Design Access Platform pattern software, though software was only about 1.8% of revenue.
Does XPEL pay a dividend?
No. XPEL has never paid a cash dividend, and its 10-K says it has no plans to start. Owning the stock produces no income, so any return comes from changes in the share price. Buybacks have also been limited: XPEL repurchased about $3.0 million of stock in fiscal 2025 after none in 2023 and 2024. For investors who rely on portfolio income, dividend-paying stocks or income funds are worth comparing.
Is XPEL still growing?
Yes, though more slowly than its five-year average. Revenue rose 13.3% to $476.2 million in fiscal 2025, compared with average growth of about 24.5% a year since fiscal 2020. In the quarter ended June 30, 2026, revenue was $143.1 million, up 14.7% from a year earlier, and net income rose 10.7% to $18.0 million. Earnings have been less steady: diluted earnings per share fell from $1.91 in 2023 to $1.65 in 2024, then rose to $1.85 in 2025.
How has XPEL stock performed?
Unevenly, with big swings. As of October 28, 2026, the share price was up 18.8% over one year but down 12.1% for 2026 to that date. Over five years it fell about 42% in total, or 10.3% a year, while over ten years it rose about 43.6% a year. Its deepest drop in the three years to that date was 61.5%. The stock traded at about 23.7 times fiscal 2025 earnings. That figure is its price-to-earnings (P/E) ratio.
Does XPEL have a lot of debt?
No. Its debt is modest relative to its size. As of June 30, 2026, XPEL had $44.8 million of total debt and $40.7 million of cash and investments, so debt exceeded cash by about $4.1 million. Shareholders' equity was $306.1 million. In May 2026 it reported completing an acquisition and taking on a new financial obligation. The 10-K warns that its variable-rate borrowing could cost more if interest rates rise. It also says the company may take on substantially more debt.