Forensic Analysis · Professional & Commercial Services · as of Aug 11, 2026
Xometry, Inc. (XMTR)
A forensic read on Xometry, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
12.4
Distress distance
Clean
Earnings quality
5
Forensic signals
-155.2
P / E (ttm)
-22.4%
ROE
$5.2B
Market cap
0.00%
Dividend yield
25.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Xometry, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 12.4, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+68.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +68.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +32% against revenue +26%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 15% of net operating assets, diverging from the balance-sheet accrual read.
-6.0%
FY2025
Return on invested capital.Return on invested capital is -6.0% in the latest fiscal year and rising from -10% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 5% of revenue in FY2025. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 2.0% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
FCF ($24M)
FY2025
Shareholder returns.Returned $8M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($24M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $6M — 133% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
Key fundamentals
Latest Revenue$686.6M
Revenue Growth YoY+25.9%
Revenue CAGR (3yr)+21.7%
Net Margin-9.0%
Free Cash Flow-$24.1M
Return on Equity-22.4%
Debt / Equity1.22x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Xometry, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Xometry, Inc. (XMTR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
n/m (stock split)
FY2021–FY2024
Share count (stock split).Diluted share count changed +86% over the last 3 years to FY2024, but that includes a large one-time change around FY2022 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +23.1%/yr figure isn't a real buyback/dilution read here.