XPELNasdaqCoating, Engraving & Allied ServicesUS GAAP · USD

XPEL, Inc.

XPEL, Inc. develops and sells automotive protective products and related installation services through a global network of independent installers, dealerships, distributors, company-owned installation centers, and OEM-related channels. Its core offering centers on paint protection film, window film, ceramic coating, installation software, and training support for vehicle appearance and protection applications.

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Revenue476m USD
+13.3 %y/y
Operating profit (EBIT)62.6m USD
+5.9 %y/y
EBIT margin13.2%
−0.9 ppy/y
Net income51.2m USD
+12.6 %y/y
Free cash flow62.9m USD
+53.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0100200300400500m USD2020: 159 m USD2020: EBIT 23 m USD20202021: 259 m USD2021: EBIT 40 m USD20212022: 324 m USD2022: EBIT 54 m USD20222023: 396 m USD2023: EBIT 67 m USD20232024: 420 m USD2024: EBIT 59 m USD20242025: 476 m USD2025: EBIT 63 m USD202547663
RevenueOperating profit (EBIT)
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Business

Share of revenue
Protective films70 %

Paint protection film and related surface-protection films for vehicles.

Window film and tint10 %

Automotive window tint products, including advanced ceramic and nano-particle offerings.

Software and support services15 %

DAP software access, technical support, training, and marketing support for installers and dealers.

Installation services and labor3 %

Labor revenue from company-owned installation centers and related service work.

Other products2 %

Ceramic coating, plotters, chemicals, and installation tools and accessories.

Products

Reported · share of revenue
52.4%19.9%18.3%FY2025100 %
  • Product Revenue Paint Protection Film52.4 %
  • Product Revenue Window Film19.9 %
  • Service Revenue Installation Labor18.3 %
  • Service Revenue Cutbank Credits3.5 %
  • Product Revenue Other3.3 %
  • Other2.6 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

XPEL sells primarily to independent aftermarket installers, who use its films, software, and training to install protection products on customer vehicles. It also serves new car dealerships, distributors, OEM-related customers, and retail consumers through company-owned installation centers and online channels. The business depends on both repeat installer relationships and end-market demand for vehicle appearance, protection, and customization.

Independent aftermarket installers

Buy protective film, DAP software, training, and support to install XPEL products efficiently.

New car dealerships

Buy installed protection products and support services for vehicle retail and add-on sales.

Third-party distributors

Buy and resell XPEL products in local markets or to downstream installers.

Company-owned installation center customers

Buy installation labor and related products directly at company-operated locations.

OEM and franchise channels

Buy products and services for branded or localized distribution and installation programs.

Strategy

XPEL’s strategy is built around expanding its distribution network while deepening the value it provides to installers and dealers through software, training, marketing, and technical support. The company is also adding company-owned installation centers and selected acquisitions to extend its reach, while investing in product innovation and supply-chain capabilities to support future growth.

Broaden global distribution channelsShort term

The business depends on broad market access and installer relationships to place products efficiently.

Increase product and service differentiationMedium term

Software, training, and lead generation help reduce commoditization versus film-only competitors.

Invest in innovation and supply-chain controlMedium term

New film technologies and better manufacturing control can improve product quality and resilience.

Geography

Q1/2026

XPEL generates most of its revenue in North America, with the United States as the largest market and Canada as the second-largest. It also has meaningful exposure to Europe, China, Asia Pacific, India and the Middle East, and Latin America, supported by company-owned installation centers and third-party distribution. The company operates installation centers in the United States, Canada, Europe, Asia-Pacific, and Latin America, which broadens its local market access and service footprint.

North America41 %
United States36 %
Asia Pacific9.8 %
China6.6 %
Canada4.8 %
Latin America1.7 %

Share of the revenue the company reports by geography.

Risks

XPEL is exposed to supplier concentration, raw-material and freight volatility, and execution risk as it expands manufacturing and supply-chain assets. It also depends heavily on the automotive aftermarket and vehicle sales cycle, while international operations add regulatory, trade, and cybersecurity complexity. Competition is intense, especially from other film manufacturers and lower-cost suppliers in Asia.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Supplier concentration and supply disruption1Automotive market cyclicality2Trade and tariff exposure3China and PRC regulatory exposure4Cybersecurity and data privacy5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Supplier concentration and supply disruptionImpact: HighLikelihood: Medium

    Key inputs come from a limited number of suppliers, including single-source arrangements.

    ExposureRaw materialsComponentsFinished goods supply
  2. Automotive market cyclicalityImpact: HighLikelihood: Medium

    Demand for protective film and installation services depends on vehicle sales and aftermarket activity.

    ExposureAftermarket installersDealershipsRetail installation centers
  3. Trade and tariff exposureImpact: MediumLikelihood: Medium

    International sourcing and shipping can be affected by tariffs, customs delays, and trade restrictions.

    Exposure: Global sourcing and cross-border distribution

  4. China and PRC regulatory exposureImpact: MediumLikelihood: Medium

    The company notes additional oversight and compliance requirements tied to China operations.

    Exposure: China acquisition and local operations

  5. Cybersecurity and data privacyImpact: MediumLikelihood: Medium

    DAP software, website support, and customer data create information-security obligations.

    ExposureSoftware accessTechnical supportOnline channels
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Accounting

Judgemental items
Revenue recognition by channel

Product sales, software access, installation labor, and training are recognized differently and affect quarterly comparability.

Impact: Mix shifts can change reported revenue timing and gross margin

Business combination accounting

Acquisitions require purchase-price allocation to goodwill and intangibles using valuation assumptions.

Impact: Future impairment risk and amortization expense

Inventory valuation and reserves

Protective films, tint, and accessories can become obsolete or require reserve adjustments.

Impact: Gross profit and working capital

Goodwill and intangible impairment

Acquired installation centers and businesses may require impairment testing if performance weakens.

Impact: Potential non-cash charges to earnings

Capitalized software development costs

DAP and related software investments may be capitalized and later amortized or impaired.

Impact: Operating expense timing and asset values

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Last updated: 24/09/2026