NasdaqGS:XONE

Stock Analysis Report

Executive Summary

The ExOne Company develops, manufactures, and markets three-dimensional (3D) printing machines, 3D printed and other products, materials, and services to industrial customers primarily in North America, Europe, and Asia.

Rewards

Trading at 65.3% below its fair value

Revenue is forecast to grow 16.6% per year

Earnings have grown 14.3% per year over the past 5 years

Risk Analysis

Currently unprofitable and not forecast to become profitable over the next 3 years

Has less than 1 year of cash runway



Snowflake Analysis

Mediocre balance sheet and slightly overvalued.


Similar Companies

Share Price & News

How has ExOne's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: XONE has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

5.3%

XONE

1.6%

US Machinery

1.8%

US Market


1 Year Return

-33.6%

XONE

11.4%

US Machinery

20.1%

US Market

Return vs Industry: XONE underperformed the US Machinery industry which returned 13.7% over the past year.

Return vs Market: XONE underperformed the US Market which returned 20.8% over the past year.


Shareholder returns

XONEIndustryMarket
7 Day5.3%1.6%1.8%
30 Day3.5%-2.0%1.4%
90 Day5.9%1.9%8.8%
1 Year-33.6%-33.6%13.4%11.4%22.7%20.1%
3 Year-28.3%-28.3%37.2%28.4%50.1%40.4%
5 Year-55.1%-55.1%62.9%43.6%72.9%53.9%

Price Volatility Vs. Market

How volatile is ExOne's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is ExOne undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: XONE ($7.32) is trading below our estimate of fair value ($21.1)

Significantly Below Fair Value: XONE is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: XONE is unprofitable, so we can't compare its PE Ratio to the Machinery industry average.

PE vs Market: XONE is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate XONE's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: XONE is overvalued based on its PB Ratio (2.4x) compared to the US Machinery industry average (2.2x).


Next Steps

Future Growth

How is ExOne forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

76.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: XONE is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: XONE is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: XONE is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: XONE's revenue (16.6% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: XONE's revenue (16.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if XONE's Return on Equity is forecast to be high in 3 years time


Next Steps

  • Explore growth companies in the Capital Goods industry.

Past Performance

How has ExOne performed over the past 5 years?

14.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: XONE is currently unprofitable.

Growing Profit Margin: XONE is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: XONE is unprofitable, but has reduced losses over the past 5 years at a rate of 14.3% per year.

Accelerating Growth: Unable to compare XONE's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: XONE is unprofitable, making it difficult to compare its past year earnings growth to the Machinery industry (1.5%).


Return on Equity

High ROE: XONE has a negative Return on Equity (-22.39%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is ExOne's financial position?


Financial Position Analysis

Short Term Liabilities: XONE's short term assets ($31.9M) exceed its short term liabilities ($19.1M).

Long Term Liabilities: XONE's short term assets ($31.9M) exceed its long term liabilities ($3.7M).


Debt to Equity History and Analysis

Debt Level: XONE's debt to equity ratio (6.9%) is considered satisfactory.

Reducing Debt: XONE's debt to equity ratio has increased from 1.6% to 6.9% over the past 5 years.


Balance Sheet

Inventory Level: XONE has a high level of physical assets or inventory.

Debt Coverage by Assets: XONE's debt is covered by short term assets (assets are 9.4x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: XONE has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if XONE has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


Next Steps

Dividend

What is ExOne's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.4%markettop25%3.7%industryaverage1.9%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate XONE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate XONE's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if XONE's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if XONE's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of XONE's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.2yrs

Average management tenure


CEO

John Hartner (56yo)

0.8yrs

Tenure

US$613,897

Compensation

Mr. John F. Hartner serves as Chief Executive Officer at The ExOne Company. He served as a Chief Operating Officer at The ExOne Company since November 2018. Mr. Hartner has led technology companies around  ...


CEO Compensation Analysis

Compensation vs Market: John's total compensation ($USD613.90K) is about average for companies of similar size in the US market ($USD518.52K).

Compensation vs Earnings: Insufficient data to compare John's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
John Hartner
Chief Executive Officer0.8yrsUS$613.90k0.13% $155.6k
Brian Smith
Senior Vice President of Corporate Development1.6yrsUS$405.08k0.36% $430.7k
Douglas Zemba
CFO, Chief Accounting Officer & Treasurer1.6yrsno data0.11% $132.3k
Rick Lucas
Chief Technology Officer7.7yrsUS$318.41k0.22% $269.5k
Robert Wood
Chief Information Officer & Director of Direct Business Development3.8yrsno datano data
Loretta Benec
General Counsel & Corporate Secretary2.3yrsno data0.0082% $9.8k
Nicole McEwen
Marketing Director0yrsno datano data
Jared Helfrich
Chief Commercial Officer0yrsno data0.011% $12.8k
Mark Cianci
Chief Commercial Officer3.2yrsUS$408.03kno data
Roland Ladewig
Managing Director of ExOne GmbH2.1yrsno datano data

2.2yrs

Average Tenure

53yo

Average Age

Experienced Management: XONE's management team is considered experienced (2.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Bonnie Wachtel
Independent Director7yrsUS$96.05k0.19% $226.9k
Lloyd Semple
Lead Independent Director7yrsUS$96.05k0.24% $284.0k
John Irvin
Director7.1yrsUS$91.05k1.35% $1.6m
William Strome
Independent Director4.8yrsUS$96.05k0.17% $208.6k
S. Rockwell
Chairman3.5yrsUS$259.54k25.85% $31.1m
Gregory Pashke
Independent Director3.8yrsUS$91.05k0.14% $170.2k
Roger Thiltgen
Independent Director1.5yrsUS$36.66k0.20% $237.9k

4.8yrs

Average Tenure

68yo

Average Age

Experienced Board: XONE's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: XONE insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

The ExOne Company's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: The ExOne Company
  • Ticker: XONE
  • Exchange: NasdaqGS
  • Founded: 2005
  • Industry: Industrial Machinery
  • Sector: Capital Goods
  • Market Cap: US$120.147m
  • Shares outstanding: 16.41m
  • Website: https://www.exone.com

Number of Employees


Location

  • The ExOne Company
  • 127 Industry Boulevard
  • North Huntingdon
  • Pennsylvania
  • 15642
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
XONENasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDFeb 2013
2EXDB (Deutsche Boerse AG)YesCommon StockDEEURFeb 2013
XONESWX (SIX Swiss Exchange)YesCommon StockCHCHFFeb 2013
0QY8LSE (London Stock Exchange)YesCommon StockGBUSDFeb 2013

Biography

The ExOne Company develops, manufactures, and markets three-dimensional (3D) printing machines, 3D printed and other products, materials, and services to industrial customers primarily in North America, Europe, and Asia. The company manufactures and sells 3D printing machines that serves direct and indirect applications, including components and tools to produce a component; and offers pre-production collaboration and print products for customers. It also supplies associated materials comprising consumables and replacement parts; and other services, such as training and technical support services. The company markets its products to industrial customers and other end-market through a network of ExOne adoption centers and production service centers under the ExOne brand name. The ExOne Company was founded in 2005 and is headquartered in North Huntingdon, Pennsylvania. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/15 01:09
End of Day Share Price2020/02/14 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.