XPEL on Nasdaq
XPEL, Inc.
We are a supplier of protective films, coatings and related services primarily to the automobile aftermarket, new car dealerships and automobile original equipment manufacturers, or OEMs.1
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Last updated Oct 19, 2026.
Overview
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- TickerXPEL on Nasdaq1
- IndustryCoating, Engraving & Allied Services1
- HeadquartersSan Antonio, Texas1
- Incorporated inNV2
- Business address711 Broadway St., Suite 320, San Antonio, Tx 782152
- Filer categoryLarge accelerated filer2
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We are a supplier of protective films, coatings and related services primarily to the automobile aftermarket, new car dealerships and automobile original equipment manufacturers, or OEMs. The majority of our revenue is derived from the sale of our automotive products and related services while the remainder of our revenue is derived from non-automotive products including architectural window film and marine and flat surface protection films.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
42.2%Gross margin4
13.2%Operating margin4
10.8%Net margin4
13.3%Revenue growth, 20254
18.3%Return on equity4
$62.9MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Product Revenue, Paint Protection Film brought in 52% of the revenue XPEL, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Product Revenue, Paint Protection Film | $229.9M | $226.7M | $249.4M |
| Product Revenue, Window Film | $68.0M | $77.7M | $94.5M |
| Service Revenue, Installation Labor | $58.5M | $74.5M | $87.0M |
| Service Revenue, Cutbank Credits | $17.6M | $17.0M | $16.5M |
| Product Revenue, Other | $13.6M | $14.5M | $15.9M |
| Service Revenue, Software | $6.5M | $8.1M | $8.7M |
| Service Revenue, Other | $2.3M | $2.0M | $4.0M |
Regions
United States brought in 56% of the revenue XPEL, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $224.8M | $240.6M | $265.8M |
| EU, UK, And Africa | $48.8M | $54.0M | $64.1M |
| Canada | $43.5M | $52.1M | $49.5M |
| China | $41.6M | $24.1M | $39.9M |
| India And Middle East | $16.8M | $21.1M | $25.0M |
| Asia, Other | $11.9M | $16.8M | $20.9M |
| Latin America | $8.8M | $11.7M | $11.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue58¢$275.2M
- Research and development1¢$2.9M
- Other costs28¢$134.4M
- Income tax3¢$12.5M
- Profit11¢$51.2M
Out of $476.2M in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Capital spending6¢$4.0M
- Share buybacks4¢$3.0M
- Kept or used elsewhere90¢$59.9M
Out of $66.9M of cash from operations.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue | $476.2M | $420.4M | $396.3M |
| Total cost of sales | $275.2M | $243.0M | $233.9M |
| Gross Margin | $201.0M | $177.4M | $162.4M |
| Sales and marketing | $51.1M | $42.8M | $31.8M |
| General and administrative | $87.2M | $75.4M | $63.7M |
| Total operating expenses | $138.4M | $118.2M | $95.4M |
| Operating Income | $62.6M | $59.1M | $67.0M |
| Interest expense | $83.0K | $996.0K | $1.2M |
| Foreign currency exchange (gain)/loss | -$1.5M | $1.4M | -$307.0K |
| Income before income taxes | $64.1M | $56.8M | $66.0M |
| Income tax expense | $12.5M | $11.3M | $13.2M |
| Net Income | $51.6M | $45.5M | $52.8M |
| Net income attributed to non-controlling interest | $363.0K | $0 | $0 |
| Net income attributable to stockholders of the Company | $51.2M | $45.5M | $52.8M |
| Basic (in dollars per share) | $1.85 | $1.65 | $1.91 |
| Diluted (in dollars per share) | $1.85 | $1.65 | $1.91 |
| Basic (in shares) | 27.7M shares | 27.6M shares | 27.6M shares |
| Diluted (in shares) | 27.7M shares | 27.6M shares | 27.6M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $50.9M | $22.1M | ||
| Accounts receivable, net | $49.8M | $29.1M | ||
| Inventory, net | $122.8M | $110.9M | ||
| Prepaid expenses and other current assets | $6.7M | $5.3M | ||
| Income tax receivable | $581.0K | $893.0K | ||
| Total current assets | $230.7M | $168.3M | ||
| Property and equipment, net | $15.8M | $17.7M | ||
| Right-of-use lease assets | $21.6M | $19.5M | ||
| Intangible assets, net | $49.6M | $34.6M | ||
| Other non-current assets | $5.6M | $1.4M | ||
| Goodwill | $59.3M | $44.1M | $37.5M | |
| Total assets | $382.5M | $285.6M | ||
| Current portion of notes payable | $59.0K | $63.0K | ||
| Current portion of lease liabilities | $6.1M | $4.7M | ||
| Accounts payable and accrued liabilities | $54.3M | $36.1M | ||
| Other short-term liabilities | $10.6M | $651.0K | ||
| Total current liabilities | $71.0M | $41.5M | ||
| Deferred tax liability, net | $120.0K | $469.0K | ||
| Other long-term liabilities | $9.5M | $1.8M | ||
| Non-current portion of lease liabilities | $16.7M | $16.1M | ||
| Non-current portion of notes payable | $0 | $229.0K | ||
| Total liabilities | $97.3M | $60.2M | ||
| Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding | $0 | $0 | ||
| Common stock, $0.001 par value; 100,000,000 shares authorized; 27,682,807 and 27,651,773 issued, respectively | $28.0K | $28.0K | ||
| Additional paid-in-capital | $18.0M | $15.6M | ||
| Accumulated other comprehensive loss | -$135.0K | -$4.2M | ||
| Retained earnings | $265.3M | $214.1M | ||
| Treasury stock, 78,624 shares at cost | -$3.0M | $0 | ||
| Stockholders equity | $280.3M | $225.5M | ||
| Non-controlling interest | $4.9M | $0 | ||
| Total stockholders equity | $285.2M | $225.5M | $180.0M | $124.7M |
| Total liabilities and stockholders equity | $382.5M | $285.6M | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock shares authorized (in shares) | 100.0M shares | 100.0M shares | ||
| Common stock shares issued (in shares) | 27.7M shares | 27.7M shares | ||
| Common stock shares outstanding (in shares) | 27.6M shares | 27.7M shares | ||
| Treasury stock (in shares) | 78.6K shares | 0 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $50.9M | $22.1M | ||
| Accounts receivable, net | $49.8M | $29.1M | ||
| Inventory, net | $122.8M | $110.9M | ||
| Prepaid expenses and other current assets | $6.7M | $5.3M | ||
| Income tax receivable | $581.0K | $893.0K | ||
| Total current assets | $230.7M | $168.3M | ||
| Property and equipment, net | $15.8M | $17.7M | ||
| Right-of-use lease assets | $21.6M | $19.5M | ||
| Intangible assets, net | $49.6M | $34.6M | ||
| Other non-current assets | $5.6M | $1.4M | ||
| Goodwill | $59.3M | $44.1M | $37.5M | |
| Total assets | $382.5M | $285.6M | ||
| Current portion of notes payable | $59.0K | $63.0K | ||
| Current portion of lease liabilities | $6.1M | $4.7M | ||
| Accounts payable and accrued liabilities | $54.3M | $36.1M | ||
| Other short-term liabilities | $10.6M | $651.0K | ||
| Total current liabilities | $71.0M | $41.5M | ||
| Deferred tax liability, net | $120.0K | $469.0K | ||
| Other long-term liabilities | $9.5M | $1.8M | ||
| Non-current portion of lease liabilities | $16.7M | $16.1M | ||
| Non-current portion of notes payable | $0 | $229.0K | ||
| Total liabilities | $97.3M | $60.2M | ||
| Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding | $0 | $0 | ||
| Common stock, $0.001 par value; 100,000,000 shares authorized; 27,682,807 and 27,651,773 issued, respectively | $28.0K | $28.0K | ||
| Additional paid-in-capital | $18.0M | $15.6M | ||
| Accumulated other comprehensive loss | -$135.0K | -$4.2M | ||
| Retained earnings | $265.3M | $214.1M | ||
| Treasury stock, 78,624 shares at cost | -$3.0M | $0 | ||
| Stockholders equity | $280.3M | $225.5M | ||
| Non-controlling interest | $4.9M | $0 | ||
| Total stockholders equity | $285.2M | $225.5M | $180.0M | $124.7M |
| Total liabilities and stockholders equity | $382.5M | $285.6M | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock shares authorized (in shares) | 100.0M shares | 100.0M shares | ||
| Common stock shares issued (in shares) | 27.7M shares | 27.7M shares | ||
| Common stock shares outstanding (in shares) | 27.6M shares | 27.7M shares | ||
| Treasury stock (in shares) | 78.6K shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net Income | $51.6M | $45.5M | $52.8M |
| Depreciation of property, plant and equipment | $6.3M | $5.8M | $4.5M |
| Amortization of intangible assets | $7.0M | $5.9M | $5.1M |
| Gain on sale of property and equipment | -$13.0K | -$49.0K | -$13.0K |
| Stock compensation | $2.8M | $3.2M | $1.6M |
| Provision for credit losses | $922.0K | $390.0K | $243.0K |
| Deferred income tax | -$299.0K | -$2.7M | -$921.0K |
| Accounts receivable, net | -$20.4M | -$5.6M | -$7.0M |
| Inventory, net | $11.5M | -$4.8M | -$24.8M |
| Prepaid expenses and other current assets | -$3.9M | -$2.2M | $604.0K |
| Income taxes receivable and payable | $249.0K | -$267.0K | -$1.2M |
| Accounts payable and accrued liabilities | $11.3M | $2.7M | $6.5M |
| Net cash provided by operating activities | $66.9M | $47.8M | $37.4M |
| Purchases of property, plant and equipment | -$4.0M | -$6.7M | -$6.4M |
| Proceeds from sale of property and equipment | $48.0K | $40.0K | $29.0K |
| Acquisition of businesses, net of cash acquired | -$26.2M | -$9.9M | -$18.7M |
| Purchases of long term investments | -$2.1M | $0 | $0 |
| Development of intangible assets | -$1.6M | -$1.9M | -$1.3M |
| Net cash used in investing activities | -$33.8M | -$18.4M | -$26.4M |
| Net payments on revolving line of credit | $0 | -$19.0M | -$7.0M |
| Restricted stock withholding taxes paid in lieu of issued shares | -$254.0K | -$193.0K | -$167.0K |
| Repayments of notes payable | -$243.0K | -$60.0K | -$92.0K |
| Payments of deferred acquisition consideration | -$161.0K | $0 | $0 |
| Purchases of treasury shares | -$3.0M | $0 | $0 |
| Net cash used in financing activities | -$3.7M | -$19.3M | -$7.3M |
| Net change in cash and cash equivalents | $29.5M | $10.2M | $3.8M |
| Foreign exchange impact on cash and cash equivalents | -$726.0K | $311.0K | -$219.0K |
| Increase in cash and cash equivalents during the period | $28.8M | $10.5M | $3.6M |
| Non-cash acquisition consideration | $24.1M | $1.6M | $0 |
| Non-cash lease financing | $6.6M | $8.7M | $4.2M |
| Issuance of Common Stock for vested restricted stock units | $1.2M | $1.1M | $1.0M |
| Non-cash minority interest contribution | $4.5M | $0 | $0 |
| Cash paid for income taxes | $12.5M | $13.6M | $15.3M |
| Cash paid for interest | $89.0K | $1.0M | $1.2M |
No quarter-by-quarter statement was filed.
Leadership
Who has led XPEL, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
20202025
- Chief executive officerRyan Pape Jul 30, 2019 to now13
- PresidentRyan Pape Jul 30, 2019 to now13
- Chief financial officerBarry Wood Jul 30, 2019 to now14
Board members and other officers (9)
- SVP, Gen. Counsel, & SecretaryBabatunde Awodiran May 3, 2023 to Jun 20, 202415
- Sr. VP of Sales and ProductsMathieu Moreau Jun 9, 2021 to Nov 1, 202316
- Board memberJohn F. North Aug 29, 2023 to now17
- Board memberStacy L. Bogart Apr 1, 2022 to now18
- Board memberRichard K. Crumly Jul 29, 2019 to now19
- Board memberJohn Constantine Jul 30, 2019 to Jul 15, 202120
- Board memberMike Klonne Jul 30, 2019 to now21
- Board memberRyan Pape Jul 30, 2019 to now13
- General counselBrooks Meltzer Jun 2, 2020 to Sep 9, 202222
Timeline
- Jul 30, 2019New chief executive Ryan Pape becomes CEO13
Filings
382 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 54 major events, 237 insider forms, 29 large holders, 42 other. The latest 20:
- Oct 9, 2026SCHEDULE 13G/A EDGAR
- Oct 5, 20264 EDGAR
- Oct 5, 20264 EDGAR
- Sep 11, 20264 EDGAR
- Sep 11, 20264 EDGAR
- Sep 3, 2026SCHEDULE 13G/A EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 5, 20268-K EDGAR
- Jul 31, 20264 EDGAR
- Jul 31, 20268-K EDGAR
- Jun 23, 20264 EDGAR
- Jun 23, 20264 EDGAR
- Jun 18, 20264 EDGAR
- Jun 18, 20264 EDGAR
- Jun 18, 20264 EDGAR
- Jun 18, 20264 EDGAR
- Jun 15, 2026S-8 POS EDGAR
- Jun 15, 20268-K EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
The 382 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
199 open-market trades by officers, directors and large owners since October 2021: 2 buys and 197 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 16, 2025 | Klonne MikeDirector | Sale | 5,000 | $37.46 | $187.3K | Form 4 |
| Dec 2, 2024 | Pape RyanPresident and CEO | Sale | 13,544 | $45.20 | $612.2K | Form 4 |
| Nov 25, 2024 | Pape RyanPresident and CEO | Sale | 20,000 | $46.35 | $926.9K | Form 4 |
| Nov 25, 2024 | Wood BarrySenior Vice President/CFO | Sale | 1,870 | $45.98 | $86.0K | Form 4 |
| Nov 19, 2024 | Pape RyanPresident and CEO | Sale | 20,000 | $42.64 | $852.8K | Form 4 |
| Nov 19, 2024 | Klonne MikeDirector | Sale | 5,000 | $43.00 | $215.0K | Form 4 |
| May 8, 2024 | North John FDirector | Buy | 3,000 | $32.17 | $96.5K | Form 4 |
| Sep 11, 2023 | Pape RyanPresident and CEO | Sale | 1,000 | $75.78 | $75.8K | Form 4 |
| Sep 5, 2023 | Pape RyanPresident and CEO | Sale | 8,000 | $77.43 | $619.4K | Form 4 |
| Aug 28, 2023 | Pape RyanPresident and CEO | Sale | 8,000 | $83.53 | $668.3K | Form 4 |
| Aug 25, 2023 | Moreau MathieuSenior VP, Sales and Product | Sale | 5,000 | $82.73 | $413.6K | Form 4 |
| Aug 24, 2023 | Moreau MathieuSenior VP, Sales and Product | Sale | 5,000 | $84.74 | $423.7K | Form 4 |
| Aug 23, 2023 | Wood BarrySenior Vice President/CFO | Sale | 562 | $85.89 | $48.3K | Form 4 |
| Aug 23, 2023 | Moreau MathieuSenior VP, Sales and Product | Sale | 5,000 | $84.88 | $424.4K | Form 4 |
| Aug 22, 2023 | Moreau MathieuSenior VP, Sales and Product | Sale | 5,000 | $83.24 | $416.2K | Form 4 |
| Aug 21, 2023 | Pape RyanPresident and CEO | Sale | 8,000 | $83.03 | $664.3K | Form 4 |
| Aug 21, 2023 | Moreau MathieuSenior VP, Sales and Product | Sale | 5,000 | $82.98 | $414.9K | Form 4 |
| Aug 18, 2023 | Moreau MathieuSenior VP, Sales and Product | Sale | 5,000 | $82.51 | $412.6K | Form 4 |
| Aug 17, 2023 | Moreau MathieuSenior VP, Sales and Product | Sale | 5,000 | $82.91 | $414.6K | Form 4 |
| Aug 16, 2023 | Moreau MathieuSenior VP, Sales and Product | Sale | 5,000 | $83.94 | $419.7K | Form 4 |
All 199 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- WASATCH ADVISORS LPSCHEDULE 13G/A, 9 filings Feb 11, 2022 to Oct 9, 202623
- VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Feb 13, 2024 to Sep 3, 202624
- Alta Fox Opportunities Fund, LPSCHEDULE 13G/A, 2 filings Nov 24, 2025 to May 15, 202625
- BlackRockSC 13G/A, 2 filings Oct 23, 2024 to Nov 8, 202426
- Richard K. CrumlySC 13G/A, 3 filings Feb 14, 2022 to Feb 14, 202427
- Jason HirschmanSC 13G/A, 3 filings Jan 31, 2022 to Jan 30, 202428
- Neuberger BermanSC 13G/A, 3 filings Feb 11, 2022 to Dec 8, 202329
- Mark AdamsSC 13G/A, 2 filings Feb 14, 2022 to Feb 10, 202330
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARXPEL, Inc. filings on SEC EDGAR
- 2SEC EDGARXPEL, Inc. filings on SEC EDGAR
- 3
- 4SEC EDGARXPEL, Inc. 10-K for fiscal 2025
- 5SEC EDGARXPEL, Inc. 10-K for fiscal 2019
- 6SEC EDGARXPEL, Inc. 10-K for fiscal 2020
- 7SEC EDGARXPEL, Inc. 10-K for fiscal 2021
- 8SEC EDGARXPEL, Inc. 10-K for fiscal 2022
- 9SEC EDGARXPEL, Inc. 10-Q for fiscal 2026
- 10SEC EDGARXPEL, Inc. 10-Q for fiscal 2026
- 11SEC EDGARXPEL, Inc. 10-K for fiscal 2019
- 12SEC EDGARXPEL, Inc. 10-K for fiscal 2019
- 13SEC EDGARRyan Pape, Chief executive officer
- 14SEC EDGARBarry Wood, Chief financial officer
- 15
- 16
- 17SEC EDGARJohn F. North, Board member
- 18SEC EDGARStacy L. Bogart, Board member
- 19SEC EDGARRichard K. Crumly, Board member
- 20SEC EDGARJohn Constantine, Board member
- 21SEC EDGARMike Klonne, Board member
- 22SEC EDGARBrooks Meltzer, General counsel
- 23
- 24
- 25
- 26SEC EDGARBlackRock SC 13G/A on XPEL, Inc.
- 27
- 28
- 29
- 30SEC EDGARMark Adams SC 13G/A on XPEL, Inc.