Xometry, Inc.
XMTR Industrials Industrial Distribution
Xometry, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $686.6 million, up 25.9% from fiscal 2024. In the quarter to June 2026, revenue grew 41.1%, EPS grew 80.8%, free cash flow fell 41.5% and total debt fell 25.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Xometry, Inc. (XMTR) Beneish M-score
Xometry, Inc.'s Beneish M-score for fiscal 2025 is −2.69; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.69 | (0.04) |
| FY2024 | −2.65 | (0.28) |
| FY2023 | −2.37 | 0.72 |
| FY2022 | −3.09 | (5.91) |
| FY2021 | 2.82 | 7.44 |
| FY2020 | −4.62 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.96 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 1.26 | — | 1.12 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 0.89 | — | −0.15 | |
| Total accruals to total assets | (0.10) | — | −0.45 | |
| Leverage index | 1.12 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.69 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MSM MSC Industrial Direct Company, Inc. compare | −2.7× |
| SITE SiteOne Landscape Supply, Inc. compare | −2.7× |
| XMTR Xometry, Inc. | −2.7× |
| CNM Core & Main, Inc. compare | −2.6× |
| AIT Applied Industrial Technologies, Inc. compare | −2.4× |
| POOL Pool Corporation compare | −2.4× |
| DXPE DXP Enterprises, Inc. compare | −2.4× |
| DNOW DNOW Inc. compare | −1.6× |
| QXO QXO, Inc. compare | 248× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI