XPEL
XPELNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $40.03 Prior regular-session close from the quote source.
- $39.21–$41.01 Regular-session low and high so far today.
- 318.9K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $36.99–$55.91 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own XPEL if its brand, installer/dealer channel, and protective-film ecosystem keep turning vehicle-protection demand into profitable, cash-generative growth rather than a commoditized materials sale.
XPEL price history
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Investment thesis
What must happen next
XPEL’s aftermarket, new-car-dealer, and OEM access keeps protective films and coatings attached to vehicle purchases and ownership upgrades faster than the underlying vehicle market.StrengtheningMateriality: High
GAAP annual revenue increased from $323.993 million in FY2022 to $476.200 million in FY2025. If channel pull holds, revenue growth can continue without XPEL needing to buy demand through heavy discounting; if it breaks, the company becomes more exposed to cyclical auto retail volumes.
Watch: Major dealer groups shift protection-package attachment to lower-cost private-label films instead of XPEL.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $323.993 million in FY2022 to $476.200 million in FY2025.
Open source ↗XPEL’s value proposition remains differentiated enough that growth does not require sacrificing product-level pricing and mix economics.StrengtheningMateriality: High
GAAP annual gross profit rose from $127.512 million in FY2022 to $201.019 million in FY2025. Sustained gross economics are the clearest sign that XPEL is selling a premium system, not just commodity film; deterioration would reduce the value of every incremental dollar of sales.
Watch: 3M, Eastman, Avery Dennison, or other film suppliers initiate sustained pricing pressure in paint-protection film and window film.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit rose from $127.512 million in FY2022 to $201.019 million in FY2025.
Open source ↗XPEL’s channel expansion, service infrastructure, and employee base must scale efficiently enough that gross-profit gains are not absorbed by operating expense growth.HoldingMateriality: Medium
GAAP annual operating income increased from $59.147 million in FY2024 to $62.649 million in FY2025. Revenue growth only compounds per-share value if the support costs needed to win installers, dealers, and OEMs do not structurally reset margins lower.
Watch: XPEL must add sales, training, installation support, or distribution headcount faster than revenue to defend its channel.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income increased from $59.147 million in FY2024 to $62.649 million in FY2025.
Open source ↗XPEL’s business model remains cash-generative enough to fund inventory, channel expansion, and selective growth investments internally.StrengtheningMateriality: Medium
GAAP annual operating cash flow increased from $12.057 million in FY2022 to $66.938 million in FY2025. Strong cash conversion gives owners reinvestment optionality and lowers dependence on debt or equity issuance; weak conversion would make growth more fragile.
Watch: Dealer or OEM customers demand longer payment terms, stretching receivables before revenue weakness appears.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow increased from $12.057 million in FY2022 to $66.938 million in FY2025.
Open source ↗XPEL’s balance sheet gives it room to withstand cyclical auto weakness or fund channel investments without forcing dilutive or defensive financing.StrengtheningMateriality: Medium
Cash increased from $22.087 million at FY2024 year-end to $50.864 million at FY2025 year-end. A resilient balance sheet lets the company keep supporting installers and dealers during downturns; leverage stress would turn a cyclical pause into a strategic setback.
Watch: Management pursues debt-funded acquisitions that materially increase fixed obligations.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash increased from $22.087 million at FY2024 year-end to $50.864 million at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
XPEL’s aftermarket, new-car-dealer, and OEM access keeps protective films and coatings attached to vehicle purchases and ownership upgrades faster than the underlying vehicle market. If channel pull holds, revenue growth can continue without XPEL needing to buy demand through heavy discounting; if it breaks, the company becomes more exposed to cyclical auto retail volumes.
XPEL’s value proposition remains differentiated enough that growth does not require sacrificing product-level pricing and mix economics. Sustained gross economics are the clearest sign that XPEL is selling a premium system, not just commodity film; deterioration would reduce the value of every incremental dollar of sales.
XPEL’s channel expansion, service infrastructure, and employee base must scale efficiently enough that gross-profit gains are not absorbed by operating expense growth. Revenue growth only compounds per-share value if the support costs needed to win installers, dealers, and OEMs do not structurally reset margins lower.
XPEL’s business model remains cash-generative enough to fund inventory, channel expansion, and selective growth investments internally. Strong cash conversion gives owners reinvestment optionality and lowers dependence on debt or equity issuance; weak conversion would make growth more fragile.
XPEL’s balance sheet gives it room to withstand cyclical auto weakness or fund channel investments without forcing dilutive or defensive financing. A resilient balance sheet lets the company keep supporting installers and dealers during downturns; leverage stress would turn a cyclical pause into a strategic setback.
All standing thesis claims
Original report summary
its brand, installer/dealer channel, and protective-film ecosystem keep turning vehicle-protection demand into profitable, cash-generative growth rather than a commoditized materials sale.
Bull case and bear case
Bull case and bear case for XPEL
Where the evidence on XPEL stands: Holding on the latest evidence (Oct 21, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
XPEL’s aftermarket, new-car-dealer, and OEM access keeps protective films and coatings attached to vehicle purchases and ownership upgrades faster than the underlying vehicle market.
XPEL’s value proposition remains differentiated enough that growth does not require sacrificing product-level pricing and mix economics.
XPEL’s channel expansion, service infrastructure, and employee base must scale efficiently enough that gross-profit gains are not absorbed by operating expense growth.
XPEL’s business model remains cash-generative enough to fund inventory, channel expansion, and selective growth investments internally.
XPEL’s balance sheet gives it room to withstand cyclical auto weakness or fund channel investments without forcing dilutive or defensive financing.
Bear case: what would count against it
Major dealer groups shift protection-package attachment to lower-cost private-label films instead of XPEL.
3M, Eastman, Avery Dennison, or other film suppliers initiate sustained pricing pressure in paint-protection film and window film.
XPEL must add sales, training, installation support, or distribution headcount faster than revenue to defend its channel.
Thesis-Break Engine
Thesis-break watch · XPEL
Loading the break-condition record for XPEL.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
XPEL filed an SEC 8-K on 2026-08-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
XPEL filed an SEC 8-K on 2026-07-31: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedCompleted an acquisition or disposition of assets.
XPEL filed an SEC 8-K on 2026-05-20: Completed an acquisition or disposition of assets. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Major dealer groups shift protection-package attachment to lower-cost private-label films instead of XPEL.
- 3M, Eastman, Avery Dennison, or other film suppliers initiate sustained pricing pressure in paint-protection film and window film.
- XPEL must add sales, training, installation support, or distribution headcount faster than revenue to defend its channel.
- Dealer or OEM customers demand longer payment terms, stretching receivables before revenue weakness appears.
- Management pursues debt-funded acquisitions that materially increase fixed obligations.
XPEL news
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Financial statements
XPEL income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
XPEL: quick answers
- What is XPEL's short interest?
- As of October 30, 2026, 2.7M XPEL shares were sold short, 9.76% of its shares outstanding, up 1.1% from the count before. At the stock's average daily volume that is 15 days to cover. FINRA publishes the count twice a month. XPEL short interest history
- Have members of Congress traded XPEL?
- 2 trades in XPEL have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed XPEL trade
- Which well-known investors own XPEL?
- 1 of the 37 well-known funds tracked here reported XPEL shares in their latest 13F filing. By share of the fund's portfolio: Markel Group (Tom Gayner), 0.0%. Fund portfolios
XPEL in well-known investors’ portfolios
1 of 37 funds reported XPEL shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Tom GaynerMarkel Group | 0.01% | $922K | New | Q3 2026 |