Xometry, Inc. (XMTR): A Bull Case Theory

We came across a bullish thesis on Xometry, Inc. on Shareholdersunite Essentials’s Substack by Shareholdersunite. In this article, we will summarize the bulls’ thesis on XMTR. Xometry, Inc.’s share was trading at $47.86 as of August 25^th. XMTR’s forward P/E was 136.99  according to Yahoo Finance.

Xometry, Inc. (Xometry) operates a global AI-powered online manufacturing marketplace complemented by cloud-based solutions like Workcenter and Teamspace, alongside Thomasnet®, North America’s largest industrial sourcing platform. Together, these platforms digitize manufacturing procurement by connecting buyers and suppliers while offering tools for workflow management, financial services, and digital marketing. The core marketplace leverages proprietary AI to provide instant pricing and lead times for custom-manufactured parts, while suppliers gain optimized job allocation, improved capacity utilization, and accelerated payments.

Thomasnet expands reach, linking buyers to over 500,000 manufacturers and service providers. The manufacturing sector remains highly fragmented, inefficient, and slow to digitize, creating significant demand for localized and resilient supply chains. With an estimated $275 billion addressable market and increasing ESG-driven emphasis on transparency and carbon reduction, Xometry is positioned at an inflection point for industry transformation.

The company benefits from network effects as its platform interactions continuously refine predictive algorithms, driving efficiency, scalability, and higher buyer engagement. Its strong retention is evident, with 97% of Q4 2024 marketplace revenue from existing accounts and significant growth in enterprise customers spending $50,000+ annually. Suppliers also benefit through access to recurring high-quality business, workflow optimization, and enhanced cash flow stability.

Xometry’s growth strategy includes expanding auto-quote categories, deepening enterprise adoption, scaling internationally across 18 localized platforms, and pursuing acquisitions to strengthen its offering. With 4,375 active suppliers, ~89% of revenue from its marketplace, and ~11% from supplier services, Xometry combines AI, data, and network scale to modernize a $275 billion industry, creating a compelling long-term growth opportunity.

Previously we covered a bullish thesis on Xometry, Inc. (XMTR) by Unconventional Value in February 2025, which highlighted its AI-driven marketplace, strong network effects, and expanding buyer-supplier base. The company’s stock price has appreciated approximately 36.6% since our coverage. This is because the thesis played out with continued platform expansion. The thesis still stands. Shareholdersunite shares a similar view but emphasizes Thomasnet and international growth.

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Disclosure: None.