Revenue growth accelerated to 30% year-over-year in Q4, driven by a 33% expansion in the marketplace segment as digital transformation shifts custom manufacturing away from manual legacy processes. Marketplace gross margins expanded to 35.3%, a 10-point increase over four years, fueled by continuous training of AI algorithms with proprietary data from growing buyer and supplier interactions. Enterprise engagement deepened significantly, with revenue from accounts spending over $500,000 annually growin ...

Core Thesis - Xometry, Inc. is positioned as a transformative force in the manufacturing supply chain, leveraging AI to optimize operations and connect underutilized manufacturing capacity with customer demand [3][4][6] Company Overview - Xometry, Inc. operates an AI-powered online manufacturing marketplace both in the United States and internationally, trading at a modest multiple of 4.9x, which may not fully reflect its long-term potential [3] - Founded in 2013, Xometry has expanded from 3D printing into high-volume manufacturing across sectors such as aerospace, semiconductors, medical, and defense, establishing itself as a trusted partner for high-precision orders [4] Competitive Advantage - The company's competitive moat is driven by proprietary AI technology and the network effect from its growing supplier and customer base, optimizing pricing and order matching in real time [4] - Continuous software enhancements through platforms like Teamspace and Workcenter deepen client relationships and expand the range of problems Xometry can address [4] Strategic Acquisitions - The 2021 acquisition of Thomas, a leading industrial sourcing platform, has broadened Xometry's reach and positioned it to capture more value from a wider customer base [5] Financial Performance - Despite facing short-term challenges such as modest operating leverage and a complex balance sheet, Xometry has shown resilient revenue and margin growth, along with geographic expansion [5] Future Potential - If successful in simplifying supply chain complexities for various industries, Xometry could evolve into a "Singularity Scaler," potentially delivering significant returns as AI and network effects enhance its value [6] - The company's scalable platform and strong data-driven moat position it well for long-term exposure to the digitization and AI transformation of manufacturing [6]

LegalZoom's Return on Invested Capital (ROIC) is 6.34%, indicating challenges in generating returns that exceed its cost of capital.Xometry and other peers also struggle with capital efficiency, with Xometry showing a negative ROIC to WACC ratio.Clear Secure, Inc. (YOU) demonstrates superior capital utilization with a ROIC of 33.80% and a ROIC to WACC ratio of 3.72.LegalZoom.com, Inc. (NASDAQ:LZ) is a company that provides online legal solutions for small businesses and individuals. It offers services such ...

Core Viewpoint - Flowserve (FLS) reported quarterly earnings of $1.11 per share, exceeding the Zacks Consensus Estimate of $0.94 per share, and showing an increase from $0.70 per share a year ago [1] Earnings Performance - The earnings surprise for the quarter was +17.83%, with the company previously expected to earn $0.80 per share but actually earning $0.90 per share, resulting in a surprise of +12.5% [2] - Over the last four quarters, Flowserve has consistently surpassed consensus EPS estimates [2] Revenue Analysis - Flowserve posted revenues of $1.22 billion for the quarter, which was 2.97% below the Zacks Consensus Estimate, compared to $1.18 billion in revenues from the previous year [3] - The company has only exceeded consensus revenue estimates once in the last four quarters [3] Stock Performance - Flowserve shares have increased by approximately 15% since the beginning of the year, while the S&P 500 has gained 0.5% [4] Future Outlook - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [5] - The current consensus EPS estimate for the next quarter is $0.85 on revenues of $1.19 billion, and for the current fiscal year, it is $3.93 on revenues of $4.99 billion [8] Industry Context - The Manufacturing - General Industrial industry, to which Flowserve belongs, is currently ranked in the top 35% of over 250 Zacks industries, indicating a favorable outlook [9] - Research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [9]

Industry Overview - 3D Printing, also known as additive manufacturing, has revolutionized product design and production since its introduction in the 1980s, allowing for unmatched precision, customization, and efficiency [1] - The technology has evolved from a prototyping technique to a scalable manufacturing solution, minimizing waste and enabling complex designs that traditional methods cannot achieve [2] Adoption and Benefits - Companies are increasingly adopting 3D Printing for rapid prototyping and on-demand production due to its cost-effectiveness, customization, precision, and sustainability compared to traditional manufacturing [3] - Localized production shortens supply chains and reduces transportation costs, while on-demand manufacturing eliminates the need for large inventories, which is particularly beneficial for industries with seasonal demand [3] Key Sectors - Adoption of 3D Printing is accelerating in key sectors such as healthcare, aerospace, automotive, and consumer goods, with applications ranging from lightweight aircraft components to patient-specific medical devices [4] Market Leadership - North America leads the 3D Printing market with over 35% share, driven by strong R&D investment, government initiatives, and advanced manufacturing infrastructure, while the Asia-Pacific region is rapidly expanding its adoption [5] Investment Opportunities - The 3D Printing sector presents compelling growth opportunities for investors, supported by an expanding addressable market and a strong innovation pipeline [5] - High-potential stocks in the 3D Printing space include NVIDIA (NVDA), AMETEK (AME), and Carpenter Technology (CRS) [6] Company Innovations - NVIDIA has significantly influenced the 3D Printing industry through its advanced AI and GPU technologies, enhancing efficiency and accuracy in manufacturing [7] - Notable collaborations include NVIDIA's partnership with HP's 3D Printing division, which utilizes NVIDIA's AI tool to optimize production processes [8] - NVIDIA is also backing startups like Freeform, which aims to create an AI-native, autonomous metal 3D printing factory [9] AMETEK's Capabilities - AMETEK is a leading producer of high-performance metal powders for additive manufacturing, offering a range of alloys tailored for various processes [13] - The company recently acquired Faro Technologies for $920 million, enhancing its precision scanning capabilities [15] ATI's Additive Manufacturing - ATI provides a full range of capabilities in the additive supply chain, including expertise in Electron Beam Melting and Direct Metal Laser Melting [16] - The company has commissioned a state-of-the-art facility for additive manufacturing, integrating design, printing, and inspection capabilities [18] Carpenter Technology's Additive Business - Carpenter Technology has built its additive capabilities through strategic acquisitions and operates an Emerging Technology Center for atomizing specialty alloys into metal powder [19] - The Carpenter Additive business is recognized for its versatile production of spherical, gas-atomized metal powders tailored for additive manufacturing [20]

Core Viewpoint - Wipro Limited (NYSE:WIT) has been downgraded by Morgan Stanley due to concerns over its growth trajectory, with a revised price target of INR242 from INR270, indicating a need for significant improvement in quarterly growth rates to enhance performance [1] Group 1: Financial Performance - Wipro Limited reported a 1.4% sequential growth in IT services revenue, reaching $2.64 billion in its third-quarter FY25 results, alongside improved operating margins of 17.6%, highlighting efficiency and cost management [3] - Morgan Stanley has lowered its organic revenue growth estimates for Wipro Limited by 2.4%, adjusting the forecast from 4.2% YoY to 1.8% YoY in constant currency terms for FY27, based on a gradual ramp-up of contracts over the next two quarters [2] Group 2: Company Overview - Wipro Limited is an Indian IT, consulting, and business process services company, founded in 1945, operating through two segments: IT Services and IT Products [4]

Core Insights - Xometry is a leading digital manufacturing marketplace that connects buyers with a vetted network of suppliers, enhancing sourcing and production efficiency for custom parts globally [1][2] - The company reported record third-quarter revenue of $180.7 million, reflecting a 28% year-over-year increase, driven by a 31% growth in marketplace revenue [7] - Xometry's gross margin expanded to 35.7%, and adjusted EBITDA improved by $6.8 million year-over-year to $6.1 million, indicating stronger operating leverage [7] Company Performance - Xometry ended the quarter with $225 million in cash and marketable securities, raising full-year guidance, which signals confidence in sustained growth and margin expansion [7] - The stock has outperformed the broader market, rising significantly above the S&P 500's approximately 18% gain over the past year, attributed to accelerating marketplace scale and improving profitability [6] Insider Activity - Sanjeev Sahni, President of Xometry, executed a direct sale of 26,190 shares for $1.71 million, which accounted for 29.32% of his Class A direct holdings at the time [4][6] - This sale was part of a planned liquidity event under a Rule 10b5-1 plan, linked to tax withholding obligations from RSU vesting, and Sahni retains a meaningful equity stake valued at approximately $4 million [6][8]

Group 1: Fund Performance - Liberty Park Fund returned 1.13% net of fees in Q3 2025, significantly underperforming the Russell 2000's return of 12.40% [1] - The fund's long positions grew by 14.42%, contributing 12.38% on a weight-adjusted basis, while shorts increased by 18.60%, detracting 10.85% on a weight-adjusted basis [1] - The average gross exposure was 142.48%, and the average net exposure was 33.61% [1] Group 2: Xometry, Inc. Overview - Xometry, Inc. (NASDAQ:XMTR) is an AI-powered online marketplace for custom-manufactured parts, with a one-month return of 1.85% and a 52-week gain of 42.85% [2] - As of December 31, 2025, Xometry, Inc. stock closed at $59.47 per share, with a market capitalization of $3.048 billion [2] Group 3: Xometry, Inc. Financial Performance - Xometry, Inc. reported a revenue growth of 28% year-over-year in Q3 2025, reaching $181 million, driven by strong marketplace growth [3] - The company continues to experience over 40% growth in its enterprise business, and the fund remains positive on its long-term potential [3] - Xometry, Inc. was held by 32 hedge fund portfolios at the end of Q3 2025, an increase from 22 in the previous quarter [3]

Industry Overview - 3D Printing, also known as additive manufacturing, has transformed product design and production since its introduction in the 1980s, offering precision, customization, and efficiency [1] - The technology has evolved from a prototyping technique to a comprehensive manufacturing solution across various sectors, including healthcare, aerospace, automotive, and consumer goods [2][4] - Additive manufacturing reduces waste, allows for complex designs, and supports on-demand production, which is particularly advantageous for industries with fluctuating demand [3] Market Dynamics - North America holds over 35% of the 3D Printing market share, driven by strong R&D investments and advanced manufacturing infrastructure, while the Asia-Pacific region, led by China and India, is rapidly advancing in this field [5] - The adoption of 3D Printing is accelerating due to its cost-effectiveness, customization capabilities, and sustainability compared to traditional manufacturing methods [3] Key Players - Proto Labs is recognized as a leader in rapid prototyping and on-demand production, operating over 120 additive manufacturing machines and producing more than 250,000 parts monthly [7] - AMETEK specializes in high-performance metal powders for additive manufacturing, with a diverse range of alloys tailored for various processes [12][13] - ATI Additive Manufacturing offers comprehensive capabilities across the additive supply chain, focusing on both Electron Beam Melting and Direct Metal Laser Melting technologies [15][16] Recent Developments - Proto Labs has expanded its manufacturing capacity in response to rising demand for metal 3D-printed parts and introduced advanced technologies like Axtra3D Hybrid PhotoSynthesis [9][8] - AMETEK's acquisition of Faro Technologies for $920 million enhances its 3D metrology portfolio, complementing previous acquisitions to strengthen its precision scanning capabilities [14] - ATI has launched a state-of-the-art facility for additive manufacturing, integrating design, printing, and inspection processes to serve high-performance markets [17]

Core Insights - U.S. stocks experienced a decline, with the Nasdaq Composite dropping over 350 points on Tuesday [1] - Henry Schein Inc reported third-quarter results that exceeded estimates, leading to a significant increase in its share price [1] Company Performance - Henry Schein Inc (NASDAQ:HSIC) posted adjusted EPS of $1.38, surpassing market expectations of $1.28, and quarterly sales of $3.339 billion compared to the anticipated $3.276 billion, resulting in a 9.5% increase in share price to $70.77 [1] - Tactile Systems Technology, Inc. (NASDAQ:TCMD) saw a 47.6% rise in shares to $23.35 after reporting third-quarter EPS and sales above expectations and raising FY2025 sales guidance [4] - Hertz Global Holdings Inc (NASDAQ:HTZ) surged 40.7% to $6.95 following better-than-expected quarterly earnings [4] - Kforce Inc. (NYSE:KFRC) gained 35.6% to $33.23 after reporting better-than-expected third-quarter financial results [4] - iHeartMedia Inc (NASDAQ:IHRT) surged 28% to $3.72 [4] - Terns Pharmaceuticals Inc (NASDAQ:TERN) increased by 23.5% to $17.33 after announcing data from the CARDINAL trial of TERN-701 for presentation at a major conference [4] - Paymentus Holdings Inc (NYSE:PAY) rose 21.6% to $34.78 after reporting better-than-expected fourth-quarter results and raising FY25 sales guidance [4] - Xometry Inc (NASDAQ:XMTR) increased by 20.6% to $58.60 after reporting better-than-expected third-quarter results and issuing FY25 sales guidance above estimates [4] - Sanmina Corp (NASDAQ:SANM) gained 17.2% to $164.52 after reporting better-than-expected fourth-quarter results and issuing first-quarter guidance above estimates [4] - Inspire Medical Systems Inc (NYSE:INSP) surged 16.1% to $85.86 after reporting better-than-expected third-quarter results and raising FY25 GAAP EPS guidance [4] - Wingstop Inc (NASDAQ:WING) increased by 15.3% to $246.80 after reporting better-than-expected quarterly EPS results [4] - SGHC Ltd (NYSE:SGHC) rose 13.3% to $11.96 after reporting better-than-expected quarterly results and raising FY25 sales guidance [4] - Upwork Inc (NASDAQ:UPWK) gained 12.2% to $17.55 following positive quarterly earnings [4] - Waters Corp (NYSE:WAT) increased by 7.7% to $372.23 after reporting better-than-expected third-quarter results and raising FY25 guidance [4] - Expeditors International of Washington Inc (NYSE:EXPD) gained 7.6% to $131.81 following better-than-expected earnings [4] - Liquidia Corp (NASDAQ:LQDA) rose 7.4% to $27.08 after Needham raised its price target from $36 to $52 [4] - Fabrinet (NYSE:FN) increased by 7.2% to $474.79 following positive earnings [4]