olivLaw · US equity research
XPEL, Inc. XPEL
Coating, Engraving & Allied Services · SIC 3470 · Vertical: Fabricated metal products (SIC 34xx)
XPEL supplies protective films and coatings, mainly to the automotive aftermarket, new car dealerships and automakers. The company reported revenue growth of 14.7% in the second quarter of 2026, alongside large manufacturing investments that drove cash outflows from investing activities.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, XPEL, Inc. (XPEL) stock was 40.06 USD (−4.91% on the day), with market capitalisation 1.1 bn USD, P/E 20.3 on diluted EPS of 1.97 USD over the last 12 months, beta 1.16, 52-week range 36.16–54.95 USD. Latest reported quarter (Q2 2026): revenue of 143.1 m USD (+14.7% YoY), net income of 18.0 m USD (+10.7% YoY), diluted EPS 0.65 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)
- 33.8
- weak (30–45)
- Bollinger (20, 2)
- 41.15 – 46.50
- below the lower band · %B -0.20 · band width 12.2%
- SMA 50 / 200
- 45.44 / 45.98
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.77 / -0.54
- MACD below 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 | −11.3% | −1.1% | −10.2 pp | — |
| 3 months | −16.0% | −0.5% | −15.5 pp | — |
| 6 months | −8.9% | +4.4% | −13.3 pp | — |
| Year to date | −19.7% | +12.3% | −32.1 pp | — |
| 1 year | +13.5% | +13.5% | −0.1 pp | +11.3% |
| 3 years | −19.6% | +76.4% | −96.0 pp | +45.6% |
| 5 years | −46.6% | +63.7% | −110.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 112.9 m | 107.5 m | 103.8 m | 124.7 m | 125.4 m | 122.3 m | 117.4 m | 143.1 m |
| Cost of revenue | 64.9 m | 63.8 m | 59.9 m | 71.2 m | 73.0 m | 71.1 m | 66.1 m | 79.9 m |
| Gross profit | 47.9 m | 43.7 m | 43.9 m | 53.5 m | 52.4 m | 51.2 m | 51.2 m | 63.1 m |
| Operating income | 18.4 m | 12.3 m | 11.1 m | 19.3 m | 16.8 m | 15.5 m | 13.0 m | 23.2 m |
| Interest expense | 97.0 k | 34.0 k | 75.0 k | 7.0 k | 1.0 k | 0 | 4.0 k | 262.0 k |
| Pre-tax income | 18.6 m | 11.2 m | 11.3 m | 20.3 m | 16.6 m | 15.8 m | 13.3 m | 23.4 m |
| Income tax | 3.7 m | 2.3 m | 2.7 m | 4.1 m | 3.5 m | 2.2 m | 2.8 m | 5.1 m |
| Net income | 14.9 m | 8.9 m | 8.6 m | 16.3 m | 12.9 m | 13.4 m | 10.3 m | 18.0 m |
| Diluted EPS | 0.54 | 0.32 ≈ | 0.31 | 0.59 | 0.47 | 0.48 ≈ | 0.37 | 0.65 |
| Operating cash flow | 19.6 m ≈ | 6.3 m | 3.2 m | 27.9 m ≈ | 33.2 m ≈ | 2.7 m | 7.4 m | 30.8 m ≈ |
| Capex | 1.3 m ≈ | 1.6 m | 1.0 m | 943.0 k ≈ | 988.0 k ≈ | 1.1 m | 9.7 m | 65.1 m ≈ |
| Share repurchases | — | — | 0 | 0 ≈ | — | — | 2.9 m | 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.
Today's P/E sits at the 9 percentile of its own 22-quarter history (min 17.2, median 34.2, max 77.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 109.9 m | 129.9 m | 158.9 m | 259.3 m | 324.0 m | 396.3 m | 420.4 m | 476.2 m |
| Revenue YoY | unavailable | +18.2% | +22.3% | +63.1% | +25.0% | +22.3% | +6.1% | +13.3% |
| Net income | 8.7 m | 14.0 m | 18.3 m | 31.6 m | 41.4 m | 52.8 m | 45.5 m | 51.2 m |
| Net income YoY | unavailable | +60.4% | +30.8% | +72.7% | +31.1% | +27.6% | −13.8% | +12.6% |
| Diluted EPS | unavailable | 0.51 | 0.66 | 1.14 | 1.50 | 1.91 | 1.65 | 1.85 |
| Diluted EPS YoY | unavailable | unavailable | +29.4% | +72.7% | +31.6% | +27.3% | −13.6% | +12.1% |
| net % | 7.9% | 10.8% | 11.5% | 12.2% | 12.8% | 13.3% | 10.8% | 10.8% |
| Free cash flow | 4.8 m | 9.4 m | 16.7 m | 11.5 m | 4.1 m | 31.0 m | 41.1 m | 62.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 50.9 m USD
- Financial debt
- 59.0 k USD
- Net debt
- -50.8 m USD
- Equity
- 285.2 m USD
- Total assets
- 382.5 m USD
- Debt / equity
- 0.00x
- Current ratio
- 3.25x
- ROE
- 20.1%
- ROA
- 15.3%
- FCF margin
- 13.2%
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 | 158.9 m | 259.3 m | 324.0 m | 396.3 m | 420.4 m | 476.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 104.9 m | 166.6 m | 196.5 m | 233.9 m | 243.0 m | 275.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 54.0 m | 92.7 m | 127.5 m | 162.4 m | 177.4 m | 201.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 100.0 k | 400.0 k | 400.0 k | 2.9 m | 2.9 m | 2.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 23.4 m | 40.1 m | 53.9 m | 67.0 m | 59.1 m | 62.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Interest expense | 249.0 k | 303.0 k | 1.4 m | 1.2 m | 996.0 k | 83.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 22.8 m | 39.4 m | 52.0 m | 66.0 m | 56.8 m | 64.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 4.5 m | 7.9 m | 10.6 m | 13.2 m | 11.3 m | 12.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 18.3 m | 31.6 m | 41.4 m | 52.8 m | 45.5 m | 51.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 0.66 | 1.14 | 1.50 | 1.91 | 1.65 | 1.85 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 27.6 m | 27.6 m | 27.6 m | 27.6 m | 27.6 m | 27.7 m | SEC (XBRL)· 27 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 29.0 m | 9.6 m | 8.1 m | 11.6 m | 22.1 m | 50.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 9.9 m | 13.2 m | 14.7 m | 24.1 m | 29.1 m | 49.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 22.4 m | 51.9 m | 80.6 m | 106.5 m | 110.9 m | 122.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 62.8 m | 79.0 m | 106.8 m | 146.5 m | 168.3 m | 230.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 4.7 m | 9.9 m | 14.2 m | 17.0 m | 17.7 m | 15.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 4.5 m | 25.7 m | 26.8 m | 37.5 m | 44.1 m | 59.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 5.4 m | 32.7 m | 29.3 m | 34.9 m | 34.6 m | 49.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 83.8 m | 161.0 m | 193.4 m | 252.0 m | 285.6 m | 382.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 16.8 m | 32.9 m | 23.0 m | 32.4 m | 36.1 m | 54.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | — | — | — | — | — | 59.0 k | SEC (XBRL)· 07 Aug 2026verified |
| Long-term debt | 6.5 m | 458.2 k | — | — | — | 0 | SEC (XBRL)· 07 Aug 2026verified |
| Current liabilities | 21.2 m | 36.3 m | 27.4 m | 36.5 m | 41.5 m | 71.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 30.5 m | 76.6 m | 68.6 m | 72.1 m | 60.2 m | 97.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 53.4 m | 84.5 m | 124.7 m | 180.0 m | 225.5 m | 285.2 m | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 18.5 m | 18.3 m | 12.1 m | 37.4 m | 47.8 m | 66.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 1.8 m | 6.7 m | 7.9 m | 6.4 m | 6.7 m | 4.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 16.7 m ≈ | 11.5 m ≈ | 4.1 m ≈ | 31.0 m ≈ | 41.1 m ≈ | 62.9 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -4.7 m | -56.8 m | -14.2 m | -26.4 m | -18.4 m | -33.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 3.5 m | 19.2 m | 602.0 k | -7.3 m | -19.3 m | -3.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 3.0 m | SEC (XBRL)· 27 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
Risk
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns8
- Growth74
- Balance sheet100
- Valuation37
- Quality50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 35.29 – 57.80 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E35.29 – 57.80 (Mid 44.26)24 companies used · median multiple 22.4x · quartiles 17.9x – 29.3xACA, ACU, AZZ, BALL, CIX, CXT, EML, HLIO, LCUT, MAS, MTRN, NPK, OFLX, PH, PKOH, PRLB, RECT, SNA, SSD, SWBI, TRS, VMI, WTS, ZJK
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.1% | 65 (vs peers) | 14% |
| Net margin · Quality | 10.8% | 74 (vs peers) | 8% |
| FCF conversion · Quality | -5.3% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 13.7% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 7.2% | 48 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 256.4x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 20.3x | 67 (vs peers) | 14% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.3% | 0 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.5% | 8 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth74/100 · 2/2 factors with a value
- Quality50/100 · 3/3 factors with a value
- Returns· partial8/100 · 1/2 factors with a value
- Valuation37/100 · 2/3 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
XPEL, INC. (XPEL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 476.2 m USD in 2025; YoY growth 13.3%; net margin 10.8%; ROE 19.5%.
The estimated value range is 35.29–57.80 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 44.26 USD, the price of 40.06 USD leaves a potential of 10.5% (value / price − 1) and a margin of safety of 9.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 10.8%
- Revenue CAGR 3Y: 13.7%
- Interest coverage: 256.4x
- Current ratio: 2.6x
What contradicts it
- FCF conversion: -5.3%
- FCF yield: -0.3%
- Shareholder yield (distributions): 0.5%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Fabricated metal products (SIC 34xx) · same major group (2-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 | |
|---|---|---|---|---|---|---|
| PHParker-Hannifin Corporation | 114.7 bn | 32.0 | 25.1% | 17.0% | +8.3% | +6% / +110% |
| AXONAxon Enterprise, Inc. | 34.5 bn | 175.8 | 6.2% | 6.2% | +33.5% | −21% / +85% |
| SNASnap-on Inc | 19.0 bn | 19.2 | 17.0% | 19.2% | unavailable | +8% / +34% |
| BALLBall Corporation | 17.5 bn | 33.9 | 9.6% | 3.5% | +11.6% | +36% / +22% |
| MASMasco Corporation | 16.7 bn | 18.8 | — | 12.1% | −3.4% | +34% / +43% |
| SSDSimpson Manufacturing Co., Inc. | 8.1 bn | 21.7 | 18.7% | 15.6% | +4.5% | +19% / +19% |
| VMIValmont Industries, Inc. | 7.6 bn | 15.1 | 30.8% | 12.1% | +0.7% | −4% / +81% |
| ACAArcosa, Inc. | 7.3 bn | 14.9 | 17.9% | 17.9% | +12.2% | +46% / +116% |
| MTRNMaterion Corporation | 3.7 bn | 36.3 | 10.5% | 4.6% | +6.0% | +45% / +57% |
| AZZAZZ Inc. | 3.7 bn | 22.0 | 12.3% | 9.6% | +4.6% | +16% / +149% |
| CXTCrane Nxt, Co. | 3.4 bn | 26.3 | 10.5% | 7.1% | +11.4% | +5% / +15% |
| AMBPArdagh Metal Packaging S.A. | 2.8 bn | — | — | 0.2% | +12.0% | +27% / +18% |
| HLIOHelios Technologies, Inc. | 2.0 bn | 28.0 | 7.7% | 8.0% | unavailable | +11% / +57% |
| PRLBProto Labs, Inc. | 1.5 bn | 44.2 | 5.1% | 6.0% | +6.4% | +24% / +74% |
| TRSTrimas Corporation | 1.4 bn | 1.6 | 83.9% | 136.2% | +2.4% | +11% / +48% |
| XPELXpel, Inc. | 1.1 bn | 20.3 | 19.5% | 10.8% | +13.3% | +13% / −20% |
| SMRNUSCALE POWER Corp | 1.0 bn | — | -30.2% | -3,888.7% | −15.0% | −78% / +58% |
| NPKNational Presto Industries Inc | 1.0 bn | 23.5 | 10.9% | 7.9% | +29.7% | +50% / +88% |
| RGRSturm, Ruger & Company, Inc. | 790.9 m | 49.0 | 5.7% | 2.7% | +1.9% | +64% / +13% |
| SWBISmith & Wesson Brands, Inc. | 643.0 m | 26.3 | 6.6% | 4.4% | +10.4% | +65% / +4% |
| PKOHPark-Ohio Holdings Corp | 573.9 m | 21.0 | 7.0% | 1.6% | −3.4% | +85% / +74% |
| BWBabcock & Wilcox Enterprises, Inc | 461.8 m | — | — | -2.2% | +1.1% | −50% / +118% |
| CIXCompx International Inc | 451.8 m | 22.8 | 16.3% | 14.0% | +8.5% | +63% / +56% |
| MECMayville Engineering Company, Inc. | 332.8 m | — | -5.0% | -2.3% | −6.0% | −23% / +3% |
| IMSRTerrestrial Energy Inc. | 271.7 m | — | -36.8% | — | unavailable | −73% / unavailable |
1- and 3-year price returns: for XPEL 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 | 26.01 Total return -35% · Per year -35% | 45.80 Total return 14% · Per year 14% | 68.73 Total return 72% · Per year 72% |
| 3 years | 30.13 Total return -25% · Per year -9% | 59.20 Total return 48% · Per year 14% | 96.83 Total return 142% · Per year 34% |
| 5 years | 34.89 Total return -13% · Per year -3% | 76.53 Total return 91% · Per year 14% | 136.43 Total return 241% · Per year 28% |
- Exit P/E± 14.80
- Net margin± 10.36
- Annual revenue growth± 7.82
- Annual dilution± 0.87
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 07 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
XPEL supplies protective films and coatings, mainly to the automotive aftermarket, new car dealerships and automakers. The company reported revenue growth of 14.7% in the second quarter of 2026, alongside large manufacturing investments that drove cash outflows from investing activities 13.
SWOT
Strengths
- The company runs an integrated model of products, proprietary software and services, supported by a network of trained installers that sustains its gross margin 13.
- Revenue growth has been consistent, and gross margin rose in the second quarter of 2026 3.
- The company holds a diversified customer base across channels and regions, reducing reliance on any single segment 1.
Weaknesses
- The company relies heavily on third-party suppliers and contract manufacturers, exposing costs and quality to disruption 1.
- Margins in the distributor channel are lower than in other channels, and installation labor carries lower margins 1.
- Capital spending has risen sharply, consuming cash in the second quarter of 2026 3.
Opportunities
Risks
- Dependence on third-party suppliershigh
A disruption at suppliers or an inability to source from alternate providers could affect deliveries and costs 1.
- Execution of manufacturing investmentshigh
Investments in manufacturing assets and the supply chain could bring unanticipated operational and environmental risks 12.
- Exposure to Chinamedium
Chinese government regulation and fluctuations in the RMB could generate currency losses and operational changes 1.
- Dependence on the automotive industrymedium
A decline in vehicle sales and production could reduce demand for the company's products 2.
- Dealership sales regulationlow
Changes in rules on selling accessories could affect product offerings in showrooms 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Large manufacturing investments consumed considerable cash in the second quarter of 2026, which could reduce financial flexibility 3.
- The company depends on the automotive industry, and a slowdown in vehicle sales could quickly reduce demand 2.
- Competition from Asian producers could pressure margins, particularly in standard product segments 1.
What to watch
- Delivery against third quarter revenue outlookQ3 2026
- Cash consumed by San Antonio and China manufacturing investmentsQ3 2026
- Pace of revenue growth in China and Asia Pacific2027
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 07 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
The distribution model combines independent installers, new car dealerships, third-party distributors, 34 company-owned installation centers, OEMs and online sales, the latter being negligible 1. The company pursues global expansion through distributor acquisitions, including in China 1. Its strategy also includes moving from an asset-light model toward investment in its own manufacturing and supply chain 1.
In the first six months of 2026, revenue reached $260.4 million, and the company invested in manufacturing facilities in San Antonio and China 23. Moving to in-house production could lower costs and improve quality control, but it also brings execution risks 1.
Segments
Paint protection film
This flagship product is the largest revenue line, representing 52.4% of consolidated revenue in 2025 1.
Automotive and architectural window film
Automotive window film accounted for 16.6% of revenue in 2025 1, while the VISION architectural line extends the company into non-automotive uses such as solar and safety films 1.
Installation services and software
Installation services represented 18.3% of revenue in 2025, and the DAP software, with over 90000 vehicle applications, supports installer efficiency 1.
Trends
- Dealership adoption of protective filmtailwind
New car dealerships have become an important channel, exposing the product to buyers of new vehicles, and this has supported growth 1.
- Expansion in China and Asiamixed
The acquisition of the China distributor and investment in local facilities open new markets, but also increase exposure to Chinese regulation 12.
- Tariffs and international tradeheadwind
Tariffs could reduce vehicle demand and accessory purchases, and could disrupt supply chains 1.
- Investment in in-house manufacturingmixed
Moving from an asset-light model to owned factories could lower costs and improve quality if execution succeeds 13.
Competitive position
The company competes mainly with other manufacturers and distributors of automotive protective film. Its principal named competitor is Eastman Chemical Company, through the LLumar and Suntek brands, alongside numerous suppliers in Korea and China and several smaller companies 1.
XPEL differentiates itself through the services accompanying its products, including the DAP software, marketing and lead generation for installers 1. It also competes for shelf space within new car dealerships 1.
- Eastman Chemical CompanyEMN
Principal competitor through the LLumar and Suntek brands in surface and paint protection film 1.
- Suppliers in Korea
Numerous film suppliers cited as principal competitors in surface protection 1.
- Suppliers in China
Local film producers competing on price and volume in the automotive market 1.
- Other smaller companies
A group of smaller competitors cited in the protective film category 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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report31 Jul 2026Departure or appointment of officers
- Current report15 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report20 May 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report29 Apr 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / XPEL, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / XPEL, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / XPEL, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.