olivLaw · US equity research
Xometry, Inc. XMTR
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Xometry is an AI-native global online marketplace that connects buyers of custom-manufactured parts with suppliers of production capacity, complemented by industrial advertising (Thomasnet), financial services and shop-management software. It matters now because supply chains are becoming more local and resilient; in the second quarter of 2026 revenue reached 229 million USD, and the company reported 41% growth year-over-year.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Xometry, Inc. (XMTR) stock was 113.52 USD (+2.00% on the day), with market capitalisation 5.2 bn USD, beta 1.99, 52-week range 36.10–113.52 USD. Latest reported quarter (Q3 2026): revenue of 252.4 m USD (+39.7% YoY), net income of 1.9 m USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.1
- strong (55–70)
- Bollinger (20, 2)
- 82.42 – 114.86
- in the upper half of the band · %B 0.96 · band width 32.9%
- SMA 50 / 200
- 97.42 / 76.63
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.54 / -0.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.4% | −2.0% | +7.4 pp | — |
| 3 months | +22.9% | −2.2% | +25.1 pp | — |
| 6 months | +101.3% | +4.3% | +97.0 pp | — |
| Year to date | +90.9% | +10.6% | +80.3 pp | — |
| 1 year | +81.3% | +10.5% | +70.8 pp | −6.1% |
| 3 years | +574.1% | +73.7% | +500.4 pp | −6.4% |
| 5 years | +138.0% | +61.7% | +76.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 148.5 m | 151.0 m | 162.5 m | 180.7 m | 192.4 m | 205.1 m | 229.3 m | 252.4 m |
| Cost of revenue | 89.5 m | 94.6 m | 97.4 m | 108.7 m | 117.2 m | 126.7 m | 142.1 m | 153.8 m |
| Gross profit | 59.0 m | 56.3 m | 65.2 m | 72.0 m | 75.2 m | 78.5 m | 87.2 m | 98.7 m |
| Research & development | 10.4 m | 11.2 m | 11.0 m | 12.5 m | 12.1 m | 11.4 m | 13.0 m | 16.1 m |
| Operating income | -11.5 m | -15.4 m | -10.3 m | -11.1 m | -8.8 m | -5.2 m | -5.5 m | 57.0 k |
| Depreciation & amortisation | 3.4 m | 4.2 m | 4.5 m | 5.0 m | 5.0 m | 4.9 m | 5.8 m | 6.2 m |
| Interest expense | 1.2 m | 1.2 m | 1.2 m | 1.3 m | 1.3 m | 1.3 m | 1.3 m | 1.3 m |
| Pre-tax income | -9.9 m | -15.1 m | -26.4 m | -11.6 m | -8.0 m | -5.0 m | -5.0 m | 2.6 m |
| Income tax | -41.0 k | 0 | -8.0 k | -17.0 k | 614.0 k | 248.0 k | 354.0 k | 704.0 k |
| Net income | -9.9 m | -15.1 m | -26.4 m | -11.6 m | -8.6 m | -5.3 m | -5.3 m | 1.9 m |
| Operating cash flow | 9.1 m | -3.7 m | -427.0 k ≈ | 5.8 m ≈ | 4.4 m | 14.6 m | 2.9 m ≈ | 7.9 m ≈ |
| Capex | 4.5 m | 5.5 m | 7.0 m ≈ | 7.4 m ≈ | 10.3 m | — | — | — |
| Share repurchases | 0 | — | — | 0 ≈ | 0 | — | — | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 80.2 m | 141.4 m | 218.3 m | 380.9 m | 463.4 m | 545.5 m | 686.6 m |
| Revenue YoY | unavailable | +76.3% | +54.4% | — | +21.7% | +17.7% | +25.9% |
| Net income | -31.0 m | -31.1 m | -61.4 m | -79.1 m | -67.5 m | -50.4 m | -61.7 m |
| Net income YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -5.32 | -2.33 | -1.68 | -1.41 | -1.03 | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable |
| net % | -38.6% | -22.0% | -28.1% | -20.8% | -14.6% | -9.2% | -9.0% |
| Free cash flow | -29.8 m | -26.2 m | -74.8 m | -76.2 m | -48.4 m | -33.5 m | -24.1 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 15.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 276.7 m USD
- Total assets
- 703.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.76x
- ROE
- -20.8%
- ROA
- -8.9%
- FCF margin
- -3.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 141.4 m | 218.3 m | 380.9 m | 463.4 m | 545.5 m | 686.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 108.1 m | 161.2 m | 234.9 m | 285.1 m | 329.9 m | 417.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 33.3 m | 57.1 m | 146.0 m | 178.3 m | 215.6 m | 268.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 12.2 m | 17.8 m | 31.0 m | 34.5 m | 39.3 m | 46.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | -29.2 m | -58.7 m | -77.1 m | -73.6 m | -56.1 m | -45.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 3.1 m | 3.6 m | 7.8 m | 10.7 m | 13.0 m | 18.8 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | -26.1 m ≈ | -55.1 m ≈ | -69.3 m ≈ | -62.8 m ≈ | -43.1 m ≈ | -26.8 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 1.1 m | 852.0 k | 4.4 m | 4.8 m | 4.8 m | 4.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -31.1 m | -61.4 m | -79.0 m | -67.8 m | -50.4 m | -61.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | — | — | 36.0 k | -353.0 k | -21.0 k | 589.0 k | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -31.1 m | -61.4 m | -79.1 m | -67.5 m | -50.4 m | -61.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -5.32 | -2.33 | -1.68 | -1.41 | -1.03 | — | SEC (XBRL)· 25 Feb 2025verified |
| Weighted average diluted shares | 7.5 m | 26.3 m | 47.2 m | 47.9 m | 49.1 m | — | SEC (XBRL)· 25 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 59.9 m | 86.3 m | 65.7 m | 53.4 m | 22.2 m | 15.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 14.6 m | 32.4 m | 49.3 m | 70.1 m | 74.0 m | 97.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 2.3 m | 2.0 m | 1.6 m | 2.9 m | 3.9 m | 3.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 77.7 m | 163.4 m | 387.2 m | 356.2 m | 327.5 m | 334.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 6.1 m | 10.3 m | 19.1 m | 35.6 m | 44.8 m | 60.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 833.0 k | 254.7 m | 258.0 m | 262.9 m | 262.7 m | 263.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.7 m | 41.7 m | 39.4 m | 35.8 m | 32.1 m | 28.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 89.0 m | 502.6 m | 734.1 m | 707.4 m | 680.1 m | 703.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 5.6 m | 12.7 m | 12.4 m | 24.7 m | — | — | SEC (XBRL)· 29 Feb 2024verified |
| Short-term debt | 15.8 m | — | — | — | — | — | SEC (XBRL)· 13 Aug 2021verified |
| Current liabilities | 38.4 m | 57.0 m | 64.0 m | 83.2 m | 74.8 m | 88.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 39.5 m | 77.1 m | 362.3 m | 377.0 m | 364.5 m | 427.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | -111.2 m | 425.5 m | 371.8 m | 330.4 m | 315.6 m | 276.7 m | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -22.0 m | -68.6 m | -62.6 m | -29.9 m | -15.4 m | 6.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 4.2 m | 6.3 m | 13.7 m | 18.5 m | 18.1 m | 30.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | -26.2 m ≈ | -74.8 m ≈ | -76.2 m ≈ | -48.4 m ≈ | -33.5 m ≈ | -24.1 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | 6.7 m | -212.7 m | -238.6 m | 16.8 m | -20.2 m | -16.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 35.3 m | 307.8 m | 281.0 m | 1.1 m | 4.6 m | 2.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 8.1 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.2 bn USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -2.0% | 28 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 21.7% | 100 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.9x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.0% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial28/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
XOMETRY, INC. (XMTR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 686.6 m USD in 2025; YoY growth 25.9%; net margin -2.0%; ROE -3.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 21.7%
- Current ratio: 3.1x
What contradicts it
- Net margin: -2.0%
- Interest coverage: -3.9x
- FCF yield: -0.0%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc | 136.0 bn | 14.6 | 38.4% | 17.3% | +18.3% | −24% / +18% |
| MELIMercadoLibre, Inc. | 84.3 bn | 45.2 | 27.5% | 5.3% | +39.1% | −20% / +3% |
| EBAYeBay Inc. | 52.1 bn | 25.8 | 46.6% | 16.9% | +7.9% | +43% / +189% |
| PYPLPayPal Holdings, Inc. | 48.4 bn | 11.1 | 23.8% | 13.8% | +4.3% | −7% / +1% |
| MSCIMsci Inc. | 45.7 bn | 33.9 | — | 40.3% | +9.7% | +13% / +23% |
| FISVFiserv, Inc. | 31.1 bn | 11.2 | 10.7% | 13.4% | +3.6% | −5% / −55% |
| CPAYCorpay, Inc | 26.7 bn | 24.7 | 30.5% | 22.7% | +13.9% | +37% / +69% |
| GPNGlobal Payments Inc. | 25.9 bn | — | -4.1% | -9.1% | −0.4% | +29% / −16% |
| BRBroadridge Financial Solutions, Inc. | 20.8 bn | 20.3 | 40.2% | 13.9% | +8.5% | −19% / −5% |
| FISFidelity National Information Services, Inc. | 20.1 bn | 6.0 | 22.3% | 27.6% | +5.4% | −41% / −34% |
| RBARB Global, Inc | 17.3 bn | 39.1 | 8.8% | 10.0% | +7.2% | −5% / +46% |
| FICOFair Isaac Corp | 15.6 bn | 20.9 | — | 34.1% | +15.9% | −60% / −33% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| AKAMAkamai Technologies, Inc | 12.3 bn | 30.9 | 8.9% | 9.5% | +5.4% | −4% / −26% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| XMTRXometry, Inc. | 5.2 bn | — | -3.9% | -2.0% | +25.9% | +81% / +574% |
| FLYWFlywire Corporation | 2.7 bn | 83.8 | 4.2% | 4.8% | +26.6% | +56% / −6% |
| PAYOPayoneer Global Inc. | 2.4 bn | 49.1 | 7.1% | 4.6% | +7.7% | +24% / +38% |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| NUTXNutex Health Inc. | 1.4 bn | 8.1 | 57.2% | 21.2% | +82.4% | +78% / +620% |
| CASSCass Information Systems, Inc. | 704.7 m | 19.8 | 15.1% | 18.5% | +5.3% | +31% / +33% |
| PRTHPriority Technology Holdings, Inc. | 652.9 m | 11.6 | — | 5.6% | +8.3% | +35% / +164% |
| IMXIInternational Money Express, Inc. | 251.1 m | 13.3 | 11.9% | 3.4% | −7.7% | −45% / −60% |
1- and 3-year price returns: for XMTR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Xometry is an AI-native global online marketplace that connects buyers of custom-manufactured parts with suppliers of production capacity, complemented by industrial advertising (Thomasnet), financial services and shop-management software. It matters now because supply chains are becoming more local and resilient; in the second quarter of 2026 revenue reached 229 million USD 2, and the company reported 41% growth year-over-year 2.
SWOT
Strengths
- The platform has a learning loop built on proprietary data from quotes, orders and supplier performance 1. Revenue growth has accelerated for several consecutive quarters 2. The balance sheet was strengthened through an equity offering 2.
- The supplier network is broad and diverse, with many processes available under one roof 1. The asset-light model supports cash conversion 1.
- High-margin services complement the marketplace and deepen supplier relationships 12.
Weaknesses
- The company has reported net losses in the past and acknowledges it may not achieve sustained profitability 1. The net loss attributable to common stockholders remains a point of attention 2.
- Services revenue, especially from Thomasnet, has stalled or declined in recent quarters 12. The company says it is investing to restore growth in this line 1.
- Marketplace gross margin sits below the services margin and may be pressured by competitive pricing 21.
Opportunities
- The addressable market is described as very large and fragmented, particularly outside markets already covered 1. International expansion and small tuck-in acquisitions could add categories and geographies 1.
- Enterprise customers with recurring spend could grow as the platform embeds into their workflows, if ERP integrations expand 1.
- New AI-based pricing and sourcing models could open new product categories on the marketplace 2.
Threats
- Competition is intensifying and customers have direct sourcing alternatives 1. If those alternatives become more attractive, platform volume could decline 1.
- Macroeconomic uncertainty and trade policy changes could reduce customer spending on technology and manufacturing 12.
- Cybersecurity incidents, disputes between buyers and suppliers or reliance on third-party cloud and payment providers could disrupt operations 1.
Risks
- Liability for part qualitymedium
The company provides quality assurance to buyers even when a third-party supplier makes the part, which can create liability exposure 1.
- Reliance on suppliers and third partiesmedium
The company depends on third parties to fulfil orders, process payments and run cloud infrastructure 1. Disruptions at these partners could affect operations 1.
- Competition and alternativesmedium
Competition is described as increasing, and buyers can bypass the platform through direct contact or in-house production 1.
- Trade policy and regulationlow
Changes in trade policy, tariffs and data privacy rules could affect costs and international operations 1.
Investment thesis
What would need to be true (bull case)
- If marketplace growth stays rapid and operating margins keep improving, the company could convert growth into sustained profitability 2. Its proprietary data and supplier network could strengthen its market position 1.
- Full-year 2026 growth guidance was raised and active buyer numbers have risen consistently 2. If the trend continues, scale could support new product categories 2.
- A very large and fragmented addressable market could offer long-term room for growth, particularly in international markets 1.
What would break the thesis
- The company has not yet demonstrated durable profitability, and net losses persist in recent reporting 12. If the acceleration in growth slows, pressure on results could return 1.
- Services, including Thomasnet advertising, have not resumed growth, which could limit revenue diversification 12.
- Competition and direct customer alternatives could pressure prices and volumes, especially if acquisition costs rise 1.
What to watch
- Quarterly results and delivery against the third-quarter 2026 guidanceQ3 2026
- Trend in services revenue and Thomasnet advertisingQ3 2026
- Marketplace gross margin trend and adjusted EBITDA profitability2026
- Active buyer and active supplier counts in the annual disclosurenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Xometry was founded in 2013 with the mission to make the world's manufacturing capacity accessible to all 1. Its core is a marketplace that handles custom part requests through an instant quoting engine, providing pricing, lead times and manufacturability feedback within the purchase flow 1. The company describes this as an AI-native platform digitizing how custom manufacturing is priced, sourced and fulfilled globally 1.
Beyond the marketplace, Xometry offers services that link manufacturers to the platform: advertising and marketing through the Thomasnet industrial sourcing platform, financial services for faster payments and Workcenter, a cloud manufacturing execution system 1. These services deepen supplier relationships and, per the annual report, form a smaller part of revenue 1. Marketplace revenue represents the majority of sales 1.
The business model is described as asset-light, with capital expenditure predominantly capitalized software costs 1. In 2025 the company reduced its workforce by about 5% to align resources 1. The balance sheet remains solid, which supports selective tuck-in acquisitions if they prove useful 12.
Segments
Manufacturing marketplace
This generates the majority of revenue. In the second quarter of 2026 marketplace revenue was 215 million USD, up 45% 2. Marketplace gross margin was 34.7% in that quarter 2.
Services (Thomasnet, financial services, Workcenter)
Services include digital advertising on Thomasnet, financial products and shop-management software 1. Services revenue edged down in the second quarter of 2026 but carried a high gross margin 2. The company says it is investing to restore growth in Thomasnet advertising 1.
Market context
The company estimates its addressable marketplace at roughly 275 billion USD, based on processes such as CNC machining, injection molding, 3D printing and die casting 1. The industry is described as fragmented, with many small and medium manufacturers, and Thomasnet adds industrial sourcing across more than 80,000 categories 1. Services made up about 8% of revenue in 2025 1.
Demand for custom-made parts is supported by the need for local, compliant supply chains, reshoring and the digitization of procurement 1. International revenue grew in 2025 and remains a minority of the marketplace, with expansion in Europe, China and Turkey 1.
Trends
- AI-driven manufacturing digitizationtailwind
The company argues AI is becoming foundational to how manufacturing work is sourced and priced 1. If its pricing models prove more precise, it could gain share from manual procurement processes 2.
- Reshoring and resilient supply chainsmixed
Geopolitical tension and changes in trade policy have raised demand for local and compliant production 1. If tariff policies tighten, costs and sourcing routes could become harder for customers 1.
- Macroeconomic uncertaintyheadwind
Companies may cut technology and manufacturing spending in periods of economic uncertainty, which could weigh on marketplace demand 12. The company notes macro effects may appear in results only in later periods 1.
- Sustainability pressuremixed
Companies and investors increasingly focus on emissions in supply chains, and local production may shorten transport routes 1. The commercial impact is uncertain and depends on customer requirements 1.
Competitive position
The company says it faces significant competition and expects it to increase in many aspects of its business 1. Buyers can find suppliers directly, through other platforms or through in-house manufacturing 1. Thomasnet also competes for the attention of industrial buyers and suppliers 1.
The advantages cited are network effects, proprietary pricing data and platform extensibility 1. If competitors quickly adopt similar quoting and sourcing tools, that edge could narrow 1.
- Industrial sourcing and manufacturing marketplaces (competitive category)
The company mentions other channels through which buyers and suppliers find each other, including online platforms and marketplaces 1.
- Suppliers dealing directly with customers
Buyers can contact suppliers directly without an intermediary, a constant alternative to the marketplace 1.
- Customers' in-house manufacturing
Customers may use their own manufacturing processes, which reduces the volume reaching the platform 1.
- Other industrial marketing and advertising platforms
Thomasnet services compete with other online visibility channels for industrial suppliers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Is Xometry Stock Still a Buy After a 144% Six-Month Run?Yahoo Finance — News · 19 Sept 2026 · EN
The latest news item in our archive is from 19 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report (amendment)31 Jul 2026Departure or appointment of officers
- Current report (amendment)18 Jun 2026Departure or appointment of officers
- Current report18 Jun 2026Shareholder vote
- Current report02 Jun 2026Other events · Financial statements and exhibits
- Current report21 May 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report08 May 2026Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Xometry, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Xometry, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Xometry, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.