How many subsidiaries does XPEL, Inc. file with the SEC?

9, listed in its most recent exhibit 21. They are incorporated across 8 jurisdictions, led by Canada, Netherlands, Mexico. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is XPEL, Inc. financially healthy?

XPEL, Inc. scores 4 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the safe zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of XPEL, Inc.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (adding), GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

XPEL, Inc. (XPEL)

Nasdaq · Coating, Engraving & Allied Services

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

9 entities across 8 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-27 — see the exhibit.

Which other public companies file entities in the same places:

China2 Canada1 Netherlands1 Mexico1 Australia1 Germany1 India1 Italy1

Subsidiaries of XPEL, Inc. as disclosed in its SEC filing
Entity	Jurisdiction	Note
XPEL Canada Corp.	Canada
XPEL B.V.	Netherlands
XPEL de Mexico S. de R.L. de C.V.	Mexico
XPEL Australia Pty Ltd	Australia
XPEL Germany GmbH	Germany
XPEL India Pvt Ltd	India
XPEL Italia SRL	Italy
XPEL Protective Film Shanghai Ltd	China
XPEL New Materials Technology Shanghai Ltd	China

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 8

PASSReturn on assets positiveROA 13.4%
PASSOperating cash flow positiveOCF 67M
FAILReturn on assets improving15.9% → 13.4%
PASSCash flow exceeds earningsOCF 67M vs NI 51M
FAILLong-term debt ratio fallingno debt reported
FAILCurrent ratio improving4.05 → 3.25
FAILNo share dilution28M → 28M shares
PASSGross margin improving42.2% → 42.2%
FAILAsset turnover improving1.47× → 1.24×

Altman Z-score

10.81safe

Bankruptcy-risk screen combining working capital, retained earnings, operating income, market value against liabilities, and asset turnover. Above 2.99 is the safe zone; below 1.81 is distress.

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$158.9M	$18.3M	$16.7M	34.0%	27,612,597
FY2021	$259.3M	$31.6M	$11.5M	35.7%	27,612,729
FY2022	$324.0M	$41.4M	$4.1M	39.4%	27,616,000
FY2023	$396.3M	$52.8M	$31.0M	41.0%	27,634,000
FY2024	$420.4M	$45.5M	$41.1M	42.2%	27,643,000

Ownership flow

11 institutions tracked — 9 added, 2 reduced.

Institutional holders of XPEL, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
BlackRock, Inc.	Index	3,833,547	+134,294	$190.1M
CITADEL ADVISORS LLC	Hedge fund	82,214	+48,582	$4.1M
STATE STREET CORP	Index	971,187	+44,462	$48.2M
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	47,500	−37,100	$2.4M

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Shares repurchased

2026Q1: $2.9M
2025Q1: $0

Identity

CIK: 0001767258
LEI: 2138008JZ2J5CSJUDK88
SIC: 3470 · Coating, Engraving & Allied Services
Incorporated: NV
Headquarters: SAN ANTONIO, TX

Ownership

Institutional: 88.1%
Institutions: 297
Insiders: 9.4%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other coating, engraving & allied services companies

XPEL, Inc. files under SIC 3470 — all 3 coating, engraving & allied services companies compared on assets and F-score.

AZZ INCAZZ NORTHERN TECHNOLOGIES INTERNATIONAL CORPNTIC

Questions about XPEL, Inc.

How many subsidiaries does XPEL, Inc. file with the SEC?: 9, listed in its most recent exhibit 21. They are incorporated across 8 jurisdictions, led by Canada, Netherlands, Mexico. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is XPEL, Inc. financially healthy?: XPEL, Inc. scores 4 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the safe zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of XPEL, Inc.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (adding), GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.