XPEL, Inc. (XPEL) Balance Sheet
XPEL balance sheet, 2025
December 31, 2025 · U.S. dollars$391.2M assets = $106.0M liabilities + $285.2M equity
Both columns are drawn to the same scale: what XPEL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
XPEL financial health
Descriptive bands, not a rating. Fiscal 2025.
XPEL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $21.8M2016 | $391.2M2025 | +37.8%/yr | |
| Total liabilities | $11.5M2016 | $106.0M2025 | +28.0%/yr | |
| Shareholders’ equity | $10.3M2016 | $280.3M2025 | +44.4%/yr | |
| Cash & short-term investments | $1.9M2016 | $50.9M2025 | +44.4%/yr | |
| Total debt | $4.9M2016 | $22.9M2025 | +18.5%/yr | |
| Net cash (debt) | −$3.1M2016 | $28.0M2025 | +$31.1M | |
| Working capital | $5.4M2016 | $159.7M2025 | +$154.3M | |
| Book value per share | $0.402016 | $10.122025 | +43.2%/yr | |
| Current ratio | 1.572016 | 3.252025 | +1.68 | |
| Debt / equity | 0.482016 | 0.082025 | −0.40 | |
| Shares outstanding | 25.8M2016 | 27.7M2025 | +0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XPEL assets
XPEL liabilities and equity
XPEL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
XPEL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $50.9M | $22.1M | $11.6M | $8.1M | $9.6M | $29.0M | $11.5M | $4.0M | $3.5M | $1.9M |
| Cash & equivalents | $50.9M | $22.1M | $11.6M | $8.1M | $9.6M | $29.0M | $11.5M | $4.0M | $3.5M | $1.9M |
| Short-term investments | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Receivables | $50.4M | $30.0M | $24.8M | $14.7M | $13.8M | $9.9M | $7.2M | $5.6M | $5.4M | $4.8M |
| Inventory | $122.8M | $110.9M | $106.5M | $80.6M | $51.9M | $22.4M | $15.1M | $10.8M | $10.2M | $7.8M |
| Other current assets | $6.7M | $5.3M | $3.5M | $3.5M | $3.7M | $1.4M | $2.4M | $706,718 | $814,066 | $454,173 |
| Total current assets | $230.7M | $168.3M | $146.5M | $106.8M | $79.0M | $62.8M | $36.3M | $21.0M | $19.9M | $14.9M |
| Property, plant & equipment (net) | $37.4M | $37.2M | $32.4M | $29.5M | $22.8M | $10.7M | $9.1M | $3.4M | $2.2M | $1.4M |
| Goodwill & intangible assets | $108.9M | $78.7M | $72.4M | $56.1M | $58.4M | $9.9M | $6.2M | $6.1M | $6.6M | $5.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $14.2M | $1.4M | $782,000 | $972,000 | $791,000 | $486,472 | $0 | $0 | $378,014 | $135,363 |
| Total assets | $391.2M | $285.6M | $252.0M | $193.4M | $161.0M | $83.8M | $51.6M | $30.5M | $29.0M | $21.8M |
| Liabilities | ||||||||||
| Accounts payable | $37.8M | $26.3M | $24.2M | $16.7M | $25.2M | $13.0M | $7.4M | $3.9M | $6.5M | $5.9M |
| Short-term debt | $6.2M | $4.7M | $4.0M | $4.0M | $3.4M | $4.2M | $1.6M | $853,150 | $3.0M | $3.5M |
| Deferred revenue | $4.8M | $821,000 | $761,000 | $261,000 | $818,000 | $244,837 | $559,232 | $136,213 | — | — |
| Total current liabilities | $71.0M | $41.5M | $36.5M | $27.4M | $36.3M | $21.2M | $11.8M | $8.5M | $13.7M | $9.5M |
| Long-term debt | $0 | $229,000 | $19.3M | $26.0M | $25.0M | $3.6M | $307,280 | $968,240 | $1.0M | $1.4M |
| Lease obligations | $22.8M | $20.8M | $16.7M | $16.0M | $12.8M | $6.0M | $5.1M | $0 | $0 | $0 |
| Other long-term liabilities | $35.0M | $18.4M | $16.3M | $15.2M | $15.3M | $5.7M | $4.6M | $478,861 | $463,143 | $524,267 |
| Total liabilities | $106.0M | $60.2M | $72.1M | $68.6M | $76.6M | $30.5M | $16.7M | $9.9M | $15.2M | $11.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $27,613 | $27,613 | $27,613 | $9.2M | $6.6M |
| Retained earnings (deficit) | $265.3M | $214.1M | $168.6M | $115.8M | $74.4M | $42.9M | $24.6M | $10.6M | $3.6M | $2.4M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$135,000 | −$4.2M | −$1.2M | −$2.2M | −$590,000 | $66,215 | −$908,764 | −$1.2M | −$984,281 | −$833,725 |
| Minority interest | $4.9M | $0 | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $280.3M | $225.5M | $180.0M | $124.7M | $84.5M | $53.4M | $35.1M | $20.6M | $14.0M | $10.3M |
| Key figures | ||||||||||
| Total debt | $22.9M | $21.1M | $36.1M | $42.1M | $38.3M | $12.1M | $5.9M | $1.8M | $4.1M | $4.9M |
| Net cash (debt) | $28.0M | $1.0M | −$24.5M | −$34.0M | −$28.6M | $16.9M | $5.6M | $2.1M | −$584,023 | −$3.1M |
| Working capital | $159.7M | $126.8M | $110.0M | $79.4M | $42.8M | $41.6M | $24.5M | $12.5M | $6.2M | $5.4M |
| Tangible book value | $171.4M | $146.8M | $107.6M | $68.7M | $26.1M | $43.5M | $28.8M | $14.5M | $7.4M | $4.9M |
| Book value per share | $10.12 | $8.16 | $6.51 | $4.52 | $3.06 | $1.93 | $1.27 | $0.75 | $0.51 | $0.40 |
| Shares outstanding | 27.7M | 27.6M | 27.6M | 27.6M | 27.6M | 27.6M | 27.6M | 27.6M | 27.3M | 25.8M |
| Current ratio | 3.25 | 4.05 | 4.02 | 3.90 | 2.18 | 2.96 | 3.08 | 2.48 | 1.45 | 1.57 |
| Quick ratio | 1.43 | 1.26 | 1.00 | 0.83 | 0.65 | 1.84 | 1.59 | 1.12 | 0.65 | 0.70 |
| Debt / equity | 0.08 | 0.09 | 0.20 | 0.34 | 0.45 | 0.23 | 0.17 | 0.09 | 0.29 | 0.48 |
| Equity / assets | 71.6% | 78.9% | 71.4% | 64.5% | 52.5% | 63.7% | 67.9% | 67.5% | 48.1% | 47.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $40.7M | $45.1M | $50.9M | $64.5M | $49.6M | $23.5M | $22.1M | $21.0M | $15.0M | $8.6M | $11.6M | $10.4M |
| Cash & equivalents | $40.7M | $45.1M | $50.9M | $64.5M | $49.6M | $23.5M | $22.1M | $21.0M | $15.0M | $8.6M | $11.6M | $10.4M |
| Receivables | $53.6M | $53.5M | $50.4M | $36.9M | $38.1M | $33.4M | $30.0M | $29.8M | $30.7M | $28.6M | $24.8M | $24.1M |
| Inventory | $128.0M | $131.6M | $122.8M | $128.7M | $104.1M | $115.3M | $110.9M | $101.6M | $97.6M | $110.2M | $106.5M | $92.5M |
| Other current assets | $4.6M | $7.0M | $6.7M | $4.4M | $5.5M | $6.1M | $5.3M | $6.3M | $4.6M | $5.6M | $3.5M | $11.1M |
| Total current assets | $226.9M | $237.2M | $230.7M | $234.5M | $197.3M | $178.3M | $168.3M | $158.7M | $147.9M | $152.9M | $146.5M | $138.0M |
| Property, plant & equipment (net) | $121.9M | $43.8M | $37.4M | $37.7M | $37.0M | $36.5M | $37.2M | $36.2M | $36.5M | $33.1M | $32.4M | $29.7M |
| Goodwill & intangible assets | $115.0M | $105.8M | $108.9M | $108.6M | $79.0M | $78.2M | $78.7M | $76.9M | $76.3M | $71.6M | $72.4M | $58.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $8.8M | $7.6M | $14.2M | $6.9M | $4.7M | $1.8M | $1.4M | $1.1M | $1.1M | $863,000 | $782,000 | $971,000 |
| Total assets | $472.6M | $394.4M | $391.2M | $387.7M | $318.1M | $294.8M | $285.6M | $273.0M | $261.8M | $258.5M | $252.0M | $226.8M |
| Liabilities | ||||||||||||
| Accounts payable | $37.9M | $43.2M | $37.8M | $35.9M | $26.4M | $24.6M | $26.3M | $21.9M | $17.6M | $20.3M | $24.2M | $30.4M |
| Short-term debt | $6.7M | $5.7M | $6.2M | $6.6M | $5.5M | $5.1M | $4.7M | $4.9M | $4.8M | $4.0M | $4.0M | $3.6M |
| Deferred revenue | $9.1M | $8.5M | $4.8M | — | $2.1M | $1.4M | $821,000 | $724,000 | $985,000 | $337,000 | $761,000 | $5.6M |
| Total current liabilities | $86.9M | $77.2M | $71.0M | $84.3M | $44.6M | $41.6M | $41.5M | $36.5M | $31.0M | $31.8M | $36.5M | $46.5M |
| Long-term debt | $43.5M | $0 | $0 | $116,000 | $137,000 | $151,000 | $229,000 | $260,000 | $11.3M | $24.3M | $19.3M | $0 |
| Lease obligations | $18.8M | $20.8M | $22.8M | $23.2M | $21.6M | $20.9M | $20.8M | $20.0M | $20.1M | $16.8M | $16.7M | $15.2M |
| Other long-term liabilities | $23.7M | $24.6M | $35.0M | $29.4M | $17.7M | $17.6M | $18.4M | $17.5M | $17.6M | $16.0M | $16.3M | $13.7M |
| Total liabilities | $154.1M | $101.9M | $106.0M | $113.8M | $62.4M | $59.4M | $60.2M | $54.3M | $59.9M | $72.1M | $72.1M | $60.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 | $28,000 |
| Retained earnings (deficit) | $293.7M | $275.7M | $265.3M | $251.9M | $239.0M | $222.7M | $214.1M | $205.2M | $190.3M | $175.3M | $168.6M | $156.7M |
| Accumulated other comprehensive income | −$1.5M | −$944,000 | −$135,000 | −$843,000 | −$362,000 | −$3.4M | −$4.2M | −$1.2M | −$2.4M | −$2.1M | −$1.2M | −$2.2M |
| Minority interest | $12.4M | $5.1M | $4.9M | $4.6M | −$82,000 | — | — | — | — | — | — | — |
| Total shareholders' equity | $306.1M | $287.5M | $280.3M | $269.3M | $255.7M | $235.5M | $225.5M | $218.7M | $201.9M | $186.4M | $180.0M | $166.6M |
| Key figures | ||||||||||||
| Total debt | $63.5M | $20.8M | $22.9M | $23.4M | $21.8M | $21.1M | $21.1M | $20.4M | $31.4M | $41.1M | $36.1M | $15.2M |
| Net cash (debt) | −$22.9M | $24.3M | $28.0M | $41.1M | $27.8M | $2.4M | $1.0M | $635,000 | −$16.4M | −$32.5M | −$24.5M | −$4.8M |
| Working capital | $140.0M | $160.0M | $159.7M | $150.2M | $152.7M | $136.7M | $126.8M | $122.2M | $116.9M | $121.1M | $110.0M | $91.5M |
| Tangible book value | $191.1M | $181.7M | $171.4M | $160.7M | $176.7M | $157.2M | $146.8M | $141.8M | $125.6M | $114.8M | $107.6M | $108.5M |
| Book value per share | $11.07 | $10.39 | $10.12 | $9.72 | $9.24 | $8.51 | $8.15 | $7.91 | $7.31 | $6.75 | $6.51 | $6.02 |
| Shares outstanding | 27.6M | 27.7M | 27.7M | 27.7M | 27.7M | 27.7M | 27.7M | 27.6M | 27.6M | 27.6M | 27.6M | 27.6M |
| Current ratio | 2.61 | 3.07 | 3.25 | 2.78 | 4.42 | 4.29 | 4.05 | 4.35 | 4.77 | 4.81 | 4.02 | 2.97 |
| Quick ratio | 1.08 | 1.28 | 1.43 | 1.20 | 1.97 | 1.37 | 1.26 | 1.39 | 1.47 | 1.17 | 1.00 | 0.74 |
| Debt / equity | 0.21 | 0.07 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.16 | 0.22 | 0.20 | 0.09 |
| Equity / assets | 64.8% | 72.9% | 71.6% | 69.5% | 80.4% | 79.9% | 78.9% | 80.1% | 77.1% | 72.1% | 71.4% | 73.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
XPEL financial position
At the end of fiscal 2025 (December 31, 2025), XPEL had total assets of $391.2 million (up 37.0% from a year earlier), total liabilities of $106.0 million and shareholders' equity of $280.3 million. It held $50.9 million in cash and short-term investments against $22.9 million of debt, a net cash position of $28.0 million. Its current ratio was 3.25. In the latest quarter (ended June 30, 2026) total assets were $472.6 million and equity $306.1 million.
Related: XPEL income statement, XPEL cash flow statement, XPEL key metrics. See the XPEL stock overview for the latest quote and news.
XPEL balance sheet FAQ
What are XPEL's total assets?
XPEL reported total assets of $391.2 million at the end of fiscal 2025 (December 31, 2025), compared with $285.6 million a year earlier.
How much debt does XPEL have?
XPEL had $22.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.08.
How much cash does XPEL have?
XPEL held $50.9 million in cash and short-term investments at the end of fiscal 2025; with $22.9 million of debt that is net cash of $28.0 million.
What is XPEL's book value?
XPEL's shareholders' equity (book value) was $280.3 million at the end of fiscal 2025, or $10.12 per share.
What is XPEL's current ratio?
XPEL had current assets of $230.7 million and current liabilities of $71.0 million, a current ratio of 3.25 (it can cover its short-term obligations).
How much goodwill does XPEL have?
XPEL carried $108.9 million of goodwill and intangible assets, 27.8% of total assets, at the end of fiscal 2025.