Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 8, 2026
Xpel, Inc. (XPEL)
A forensic read on Xpel, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality compounder
Forensic grade
Safe
Financial health
18.7
Distress distance
Clean
Earnings quality
3
Forensic signals
24.8
P / E (ttm)
18.3%
ROE
$1.4B
Market cap
13.3%
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.
Xpel, Inc. earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 18.7, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+14.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +14.2% 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 faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +71% against revenue +13% and inventory up +11% against +13% in cost of sales. This is the sixth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 7% of net operating assets, diverging from the balance-sheet accrual read.
+0.1%/yr
FY2022–FY2025
Share count.Diluted share count changed +0% over the last 3 years to FY2025 (+0.1%/yr). Roughly flat — buybacks ($3M) are about offsetting stock comp ($3M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$35,884
FY2019–FY2019
Goodwill impairments.Took $35,884 of goodwill writedowns across 1 year (FY2019 ($35,884)) — about 0% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$476.2M
Revenue Growth YoY+13.3%
Revenue CAGR (3yr)+13.7%
Net Margin10.8%
Free Cash Flow$62.9M
Return on Equity18.3%
Debt / Equity0.00x
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 Xpel, Inc.'s actual 10-K/10-Q/8-K filings?