Start here if you're new
what it is
Xometry runs an online marketplace that helps companies buy custom-made parts from manufacturers.
how it gets paid
Last year Xometry made $687M in revenue. AI manufacturing marketplace was the main engine at $0.45B, or 65% of sales.
why it's growing
Revenue grew 25.9% last year. Marketplace revenue hit $178M, up 33%, and gross profit reached $75.2M.
what just happened
Xometry posted $192M in Q4 revenue, up 30%, while gross margin held at 39.1%.
At a glance
B balance sheet — gets the job done, barely
-$1.03 fy2024 eps est
$546M fy2024 rev est
6.6% operating margin
1.5 beta
xvary composite: 47/100 — below average
What they do
Xometry runs an online marketplace that helps companies buy custom-made parts from manufacturers.
You can tap over 500,000 North American manufacturers and industrial service providers through Thomasnet. That is a giant sourcing web, not a directory. Leaving means rebuilding quotes, suppliers, and lead times (how long parts take to arrive) one by one.
How they make money
$687M
annual revenue · their business grew +25.9% last year
AI manufacturing marketplace
$0.45B
+33.0%
Thomasnet sourcing platform
$0.10B
+18.0%
Workcenter
$0.05B
+24.0%
Teamspace
$0.04B
+30.0%
Advertising, marketing and financial services
$0.05B
+15.0%
The products that matter
core transaction marketplace
AI Manufacturing Marketplace
$178M in Q4 marketplace revenue
this is the engine that grew 33% from a year ago. If you own the stock for scale, this is the part doing the lifting.
33% growth
automated quoting layer
Instant Quoting Engine
20,000+ suppliers connected
the software reads 3D models and routes jobs across more than 20,000 suppliers. That scale is the argument for speed, better matching, and more buyer choice.
network scale
software and service add-ons
Services & Software
$14M and flat
this business produced $14M and did not grow. If you were looking for the higher-margin mix shift, the current numbers say it has not arrived yet.
still small
Key numbers
25.9%
revenue growth
That is the gap between a slow software stock and one the market still forgives for losses.
$687M
annual revenue
That is the size of the business, and it is still not profitable.
6.6%
op margin
For every $100 sold, $6.60 disappears at the operating line.
$331M
debt
That is 15% of capital, so the balance sheet is not giving you a cushion.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $331M (15% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for XMTR right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Xometry posted $192M in Q4 revenue, up 30%, while gross margin held at 39.1%.
Marketplace revenue hit $178M, up 33%, and gross profit reached $75.2M. The company kept growth moving while the loss machine stayed in the picture.
$192M
revenue
-$0.23
eps
39.1%
gross margin
gross margin
39.1% gross margin is the number that matters because it shows how much cash is left before overhead chews through it.
source: company earnings report, 2026
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What could go wrong
the #1 risk is revenue growth failing to turn into operating leverage.
med
persistent unprofitability
Xometry lost $61.7M on $687M of revenue in 2025. A 39.1% gross margin sounds respectable until you see that it still did not cover the rest of the cost structure.
If losses do not narrow as revenue rises, the market stops treating this like an operating-leverage story and starts treating it like a permanently lower-margin marketplace.
med
premium multiple, limited room for error
The stock trades at 3.13x sales versus a 1.30x industry average. That spread is the market paying in advance for better economics than the peer group currently shows.
If growth slips below the 21% target or gross margin stalls near 39.1%, multiple compression can hit before the business model improves.
med
supplier-network execution
A network of 20,000+ suppliers is the bull case and the operational headache in the same sentence. Quality misses, delays, tariff friction, or price volatility all show up at the buyer level fast.
If buyers stop trusting the quote, the lead time, or the fulfillment quality, the network loses value on both sides at once.
A $2B company with $687M of revenue and a $61.7M loss still has room to prove the model. Investor patience is part of the financing until profitability gets closer.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Estimated report date is may 5, 2026. The key number is not just revenue growth — it is whether losses begin narrowing against the 21% full-year target.
margin
gross margin above 39.1%
Gross margin sits at 39.1%. If that number stays flat while revenue climbs, scale is not helping where you need it most.
growth
21% guidance versus actual prints
Management gave you a clean hurdle. If quarterly growth starts landing below that pace, the stock loses its main defense.
execution
supplier network durability
With 20,000+ suppliers, the network is the thesis and the operating risk. Watch for signs of weaker fulfillment quality, pricing pressure, or slower delivery.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for XMTR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$65
current price
n/a
target midpoint · n/a from current
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