Xometry Just Landed Siemens as a Partner and Raised Its Growth Outlook to 28%

Key Stats for Xometry Stock

• 52-Week Range: $30.63 – $106.08
• Current Price: $86.31
• Street Mean Target: $96.25
• Market Cap: ~$4.86B
• YTD Return: +37.5%
• Q1 2026 Revenue: $205M (+36% YoY)
• Q1 2026 Adj. EBITDA: $10.5M
• FY2026 Revenue Growth Guidance: 27-28%

Most investors have never heard of Xometry (XMTR), but if you have ever needed a custom-machined part, a 3D-printed prototype, or a sheet-metal fabrication run, there is a good chance you have used its platform without knowing it.

The company operates the world’s largest AI-powered marketplace for custom manufacturing, matching industrial buyers with a network of around 5,000 suppliers globally.

Revenue grew 36% in Q1 2026, the business just turned adjusted EBITDA positive for the first time, and Siemens bought $50 million of Xometry stock as part of a strategic partnership embedding the platform into its global engineering ecosystem.

The stock is up 37% year to date, which raises a fair question about how much runway remains.

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AI Pricing Is Expanding Margins While the Buyer Base Grows

Xometry, Inc. works like this: a product engineer at a manufacturer needs 500 custom aluminum brackets machined and delivered in two weeks.

Instead of calling around to fabricators, they upload a CAD file to Xometry’s platform, which uses AI to instantly generate a price, assess manufacturability, and route the job to the best-suited supplier in its network.

The buyer gets speed and transparency, the supplier gets a steady stream of jobs without sales overhead, and Xometry takes a cut of every transaction. It is a two-sided marketplace model applied to a manufacturing industry that has historically operated through relationships and phone calls.

Blended gross margins have held steadily in the 38 to 40% range since 2022, which understates what is happening underneath.

The marketplace segment carries a 34.7% gross margin, expanding via AI-driven pricing and selection tools, while the services segment runs at 87%, and the two blend toward the middle.

Marketplace gross profit grew 53% year over year in Q1 2026, substantially faster than revenue, which is the clearest sign that unit economics are improving as the platform scales.

Advertising spend as a percentage of marketplace revenue fell to 3.9% in Q1, down 60 basis points year over year, meaning Xometry is growing its buyer base more efficiently than it ever has.

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The Loss Narrowing Tells the Profitability Story

Operating losses peaked at $73.9 million in 2022 as Xometry invested heavily in building the marketplace and acquiring Thomas, an industrial advertising and sourcing platform.

Since then, the trajectory has been consistently improving: -$63.2M in 2023, -$55.9M in 2024, -$44.2M in 2025. Q1 2026 delivered adjusted EBITDA of $10.5 million, positive, up $10.4 million year over year, marking the clearest evidence yet that operating leverage is real.

Management targets incremental adjusted EBITDA margins of at least 20% as the company scales toward $1 billion in revenue, a milestone well within the current planning horizon on a 27-28% growth trajectory.

The Siemens partnership adds a meaningful new dimension to that outlook. Siemens embedded Xometry’s AI-native pricing and manufacturability intelligence directly into Xcelerator, its global engineering software platform used by engineers across commercial markets worldwide.

Access to that installed base, combined with Siemens’ Supplyframe sourcing network, significantly expands Xometry’s addressable buyer pool without requiring proportional increases in sales and marketing spend.

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5 Buys, 3 Holds, and a Mean Target That Has Nearly Caught Up to the Stock

Eight analysts cover the stock, with 5 Buys, 1 Outperform, and 3 Holds. The mean target sits at around $96, implying roughly 11% upside from the current price near $86.

A year ago, that mean was around $35. Analysts have been raising estimates to chase the stock higher throughout the year, and with the target-to-price ratio now at around 111%, consensus has nearly caught up to where the stock already trades.

The high target of $126 reflects what the most optimistic analysts see if the Siemens partnership and international expansion accelerate growth beyond current expectations.

Should You Invest in Xometry?

Xometry is a genuinely differentiated business in a large, underdigitized market.

Custom manufacturing is a several-hundred-billion-dollar global industry that has barely been touched by software, and Xometry’s AI platform, supplier network, and Siemens partnership give it a moat that would be difficult for a new entrant to replicate quickly.

After a 37% YTD run, the stock is not obviously cheap, with the street mean target only about 11% above the current price. Investors getting in here are paying for execution on the Siemens partnership, continued margin expansion, and international growth that contributed 42% year over year in Q1.

All three are plausible, but none are guaranteed at the current valuation.

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Disclaimer:

Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!