Xpel Inc (XPEL)
Gross profit margin
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Gross profit | US$ in thousands | 162,414 | 127,512 | 92,677 | 54,025 | 43,506 |
| Revenue | US$ in thousands | 395,365 | 322,029 | 258,624 | 158,362 | 129,807 |
| Gross profit margin | 41.08% | 39.60% | 35.83% | 34.11% | 33.52% |
December 31, 2023 calculation
Gross profit margin = Gross profit ÷ Revenue
= $162,414K ÷ $395,365K
= 41.08%
The gross profit margin of XPEL Inc has shown a consistent upward trend over the past five years, indicating an improvement in the company's profitability in relation to its cost of goods sold. The margin increased from 33.48% in 2019 to 40.98% in 2023. This suggests that XPEL Inc has been able to effectively control its production costs and/or command higher prices for its products. The steady improvement in gross profit margin reflects positively on the company's operational efficiency and pricing strategy, potentially contributing to stronger financial performance and shareholder value.