Xpel (XPEL) FY2024 results: revenue $420 million, up 6.1% on the year

Xpel, Inc. (XPEL) reported revenue of $420 million for fiscal 2024, the year ended 31 December 2024, up 6.1% on the year before. Net income was $45 million, down 13.8%, and diluted earnings per share $1.65. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue

$420 million

+6.1% on the year

FY2018FY2024

Operating margin

14.1%

16.9% a year earlier

FY2018FY2024

Net income

$45 million

-13.8% on the year

FY2018FY2024

Diluted EPS

$1.65

-13.6% on the year

FY2018FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	420	396	324	+6.1%
Cost of revenue	243	234	196	+3.9%
Gross profit	177	162	128	+9.2%
Gross margin	42.2%	41.0%	39.4%
Research and development	2.9	2.9	0.4	0.0%
Operating income	59.1	67.0	53.9	-11.7%
Operating margin	14.1%	16.9%	16.6%
Interest expense	1.0	1.2	1.4	-20.2%
Pre-tax income	56.8	66.0	52.0	-14.0%
Income tax	11.3	13.2	10.6	-14.7%
Effective tax rate	19.9%	20.0%	20.4%
Net income	45.5	52.8	41.4	-13.8%
Net margin	10.8%	13.3%	12.8%
Diluted EPS	$1.65	$1.91	$1.50	-13.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	47.8	37.4	12.1	+27.9%
Capital expenditure	6.7	6.4	7.9	+5.6%
Free cash flow	41.1	31.0	4.1	+32.5%
Free cash flow margin	9.8%	7.8%	1.3%
Cash from investing	-18.4	-26.4	-14.2
Cash from financing	-19.3	-7.3	0.6
Depreciation and amortisation	11.7	9.6	7.8	+21.9%
Share-based compensation	3.2	1.6	0.5	+94.9%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	28m	28m	28m	+0.0%
Shares outstanding at period end	28m	28m	28m	+0.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	225	180	125	+25.3%
Non-controlling interest	0.0	n/a	n/a
Debt	0.2	19.4	26.1	-98.8%
Operating lease liabilities	16.1	12.7	12.1	+26.8%
Other liabilities	43.8	40.0	30.4	+9.6%
Total liabilities and equity	286	252	193	+13.3%
Fixed assets	17.7	17.0	14.2	+4.4%
Goodwill	44.1	37.5	26.8	+17.8%
Intangible assets	34.6	34.9	29.3	-1.0%
Cash and equivalents	22.1	11.6	8.1	+90.3%
Receivables	29.1	24.1	14.7	+20.9%
Inventory	111	107	80.6	+4.1%
Other assets	27.0	20.5	19.7	+32.2%
Total assets	286	252	193	+13.3%

10-K for the year ended 31 December 2024, filed 28 February 2025: the filing.