Xometry (XMTR) has wrapped up FY 2025 with Q4 revenue of US$192.4 million and a basic EPS loss of US$0.17, alongside net income excluding extra items of a US$8.6 million loss. The company has seen revenue move from US$148.5 million in Q4 2024 to US$192.4 million in Q4 2025, while quarterly basic EPS shifted from a loss of US$0.20 to a loss of US$0.17. This sets up a results season in which investors will focus squarely on how quickly margins can tighten toward profitability.

See our full analysis for Xometry.

With the headline numbers on the table, the next step is to see how these results line up with the widely followed growth and profitability narratives around Xometry, and where those stories might need a reset.

Losses Narrow, But TTM Net Loss Still US$61.7 Million

• On a trailing 12 month basis, Xometry recorded total revenue of US$686.6 million and a net loss excluding extra items of US$61.7 million, with basic EPS at a loss of US$1.22.
• Consensus narrative points to expanding digital procurement and AI driven efficiencies as drivers for better margins over time, yet the TTM net loss of US$61.7 million and loss per share of US$1.22 show that, for now, the platform scale and margin gains that bulls expect are still being built out rather than already reflected in overall profitability.
  • Supporters highlight that analysts in the dataset expect earnings to grow at a very large rate of 106.99% per year, which contrasts with the current loss making base and requires a substantial shift in earnings quality from today’s numbers.
  • At the same time, TTM revenue of US$686.6 million against that earnings forecast frames the key question from the consensus view, which is whether current revenue levels and margins can move enough to reach the projected earnings range without a major reset to expectations.

With earnings still firmly in loss territory and a lot of improvement already built into forecasts, many investors will want to see how that story is laid out in detail before forming a view on the shares. 📊 Read the what the Community is saying about Xometry.

Premium P/S Multiple Versus Peers at 3.3x

• The stock is trading on a P/S ratio of 3.3x, compared with 1.3x for the wider US Trade Distributors industry and 1.4x for peers, while the current share price is US$44.44.
• Supporters of the bullish narrative argue that faster expected revenue growth of 15.1% per year and very large forecast earnings growth justify this higher multiple, yet the combination of a 3.3x P/S and current losses means investors are already paying more per dollar of sales than the industry average while still waiting for the profitability shift that the growth forecasts assume.
  • Analysts in the dataset see potential upside, with a single allowed reference price target of US$64.56 and the stock also trading below the indicated DCF fair value of about US$53.23, which together suggest that some models see room between today’s US$44.44 price and their valuation work.
  • Critics may focus on the fact that these upside signals sit alongside a premium P/S and ongoing TTM losses of US$61.7 million, so the bullish case leans heavily on those revenue and earnings forecasts becoming reality rather than on current profitability metrics.

If you want to see how bullish analysts connect today’s premium multiple to their long term growth assumptions and valuation work, 🐂 Xometry Bull Case

Path To Profitability Versus Five Year Loss Trend

• The risk and rewards data flags that Xometry remains unprofitable on a trailing 12 month view and that net losses have widened over the past five years at about 1.9% per year, even as forecasts indicate earnings growth of 106.99% per year and an expectation of profitability within three years.
• Analysts’ consensus view sees AI driven efficiency gains, international expansion and supply chain localization as supports for that move toward profitability, but the history of gradually widening losses and recent share price volatility over the past three months highlights the tension between the forecasted earnings ramp and the actual loss profile that investors are starting from today.
  • Supporters of the consensus narrative point to expected revenue growth of 15.1% per year, which is higher than the 10.3% benchmark noted for the US market, as evidence that the top line can carry future margin improvement.
  • Bears, on the other hand, can reasonably point back to the TTM net loss of US$61.7 million and the five year loss trend as a reminder that stronger revenue on its own has not yet translated into sustained profits, so the execution risk remains central to any thesis.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Xometry on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of optimism and concern feels familiar, it is a good time to look at the numbers yourself and move fast in forming your own stance. To balance the potential upside against the open questions, it is worth checking the full picture across 3 key rewards and 1 important warning sign.

Explore Alternatives

Xometry is still carrying a TTM net loss of US$61.7 million, a basic EPS loss of US$1.22, and trades on a premium 3.3x P/S multiple.

If you are uneasy about paying up for losses and premium sales multiples, check out our 51 high quality undervalued stocks that focus on companies with more grounded pricing today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.