XPEL, Inc. (XPEL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-29.5%

$31.64

vs $44.85 price

Levered DCF

$62.13

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.59

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.98×	24.21×	28.19×	40.04×	59.89×	78.12×	28.73×	19.06×
P/B	4.92×	4.9×	8.26×	13.3×	22.32×	26.67×	11.54×	8.1×
P/S	2.9×	2.63×	3.75×	5.12×	7.27×	8.96×	3.11×	1.53×
EV / EBITDA	17.47×	15.88×	19.67×	27.65×	43.37×	55.64×	21.28×	12.76×
Gross margin	42.2%	42.2%	41.0%	39.4%	35.7%	34.0%	33.5%	30.4%
Operating margin	13.2%	14.1%	16.9%	16.6%	15.5%	14.7%	13.2%	10.7%
Net margin	10.8%	10.8%	13.3%	12.8%	12.2%	11.5%	10.8%	7.9%
Current ratio	3.25×	4.05×	4.02×	3.9×	2.18×	2.96×	3.08×	2.48×
Debt / equity	0.08×	0.09×	0.2×	0.34×	0.45×	0.23×	0.17×	0.09×
Interest coverage	754.81×	59.38×	53.66×	38.25×	132.4×	93.86×	176.8×	70.11×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.3%	20.2%	29.3%	33.2%	37.4%	34.2%	39.9%	41.9%
Return on invested capital	15.5%	19.0%	24.4%	25.3%	25.1%	28.0%	34.1%	39.1%
Return on assets	13.1%	15.9%	20.9%	21.4%	19.6%	21.8%	27.1%	28.5%
Free cash flow yield	4.6%	3.7%	2.0%	0.2%	0.6%	1.1%	2.2%	2.6%
Earnings yield	3.7%	4.1%	3.5%	2.5%	1.7%	1.3%	3.5%	5.2%
Enterprise value	$1.4B	$1.1B	$1.5B	$1.7B	$1.9B	$1.4B	$398.9M	$166.3M
Net debt / EBITDA	-0.36×	-0.01×	0.32×	0.56×	0.65×	-0.67×	-0.3×	-0.17×
Cash conversion cycle (days)	151	153	151	135	78	55	53	51