Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-23

Xometry (XMTR)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,991,752
Sanjeev Singh Sahni total, FY2025
Presidenthighest-paid officer; CEO Randolph Altschuler: $4,869,599
CEO (Randolph Altschuler) pay percentile vs peers
CEO-to-median pay ratio
98.4%
Say-on-pay support, latest vote
Companies that benchmark against XMTR
3 companies name XMTR as a compensation peer

Each company listed discloses XMTR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named XMTR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Sanjeev Singh Sahni$456,462$0$4,125,127$0$409,445$0$718$4,991,752
President
Randolph Altschuler486,36603,745,1060623,068015,0594,869,599
Co-Founder and Chief Executive Officer
James Miln438,28101,872,5520365,906012,1482,688,887
Chief Financial Officer
Subir Dutt409,37501,417,3600537,15505,5002,369,390
Chief Sales Officer
Vaidyanathan Raghavan317,69201,693,3420241,42406,8222,259,280
Chief Technology Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Sanjeev Singh Sahni$4,991,752
Randolph Altschuler4,869,5993,828,0211,384,063+1,041,578
James Miln2,688,8873,232,565−543,678
Subir Dutt2,369,3901,692,580+676,810
Vaidyanathan Raghavan2,259,280

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Subir DuttPSU2025-03-116,82719,50629,259$449,418
Subir DuttRSU2025-03-1119,506
Subir DuttPSU2025-07-162,6177,47811,217259,262
Vaidyanathan RaghavanRSU2025-02-2723,075623,487
Vaidyanathan RaghavanPSU2025-03-117,96522,75734,136524,321
Randolph AltschulerPSU2025-03-1128,44681,274121,9111,872,553
Randolph AltschulerRSU2025-03-1181,274
Subir DuttRSU2025-07-167,478
Sanjeev Singh SahniRSU2025-01-2358,2001,921,182
Sanjeev Singh SahniRSU2025-01-2335,5661,174,034
Sanjeev Singh SahniPSU2025-03-1115,64544,70167,0521,029,911
James MilnRSU2025-03-1140,637
James MilnPSU2025-03-1114,22340,63760,956936,276
Vaidyanathan RaghavanRSU2025-02-2720,190545,534
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Subir Dutt$0$708,680$0100.0%
Vaidyanathan Raghavan1,169,021524,321031.0%
Randolph Altschuler01,872,5530100.0%
Sanjeev Singh Sahni3,095,2161,029,911025.0%
James Miln0936,2760100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

05

Incentive-plan design — the Compensation Discussion & Analysis

The executive compensation program aims to motivate, attract, and retain highly qualified executives by paying them competitively, while creating a fair and balanced program that rewards performance and aligns executive interests with stockholders. The program emphasizes pay for performance, tying a significant portion of compensation to future share performance and financial/operational achievements.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1670,965,6121,155,51536,88298.4%Passed
20252025-06-1868,132,4942,035,69450,04697.1%Passed
20242024-06-1888,118,0872,481,91534,35797.26%Passed
20232023-06-2090,394,715173,214116,14599.81%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1698.4%a
20252025-06-1897.1%b
20242024-06-1897.26%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Randolph AltschulerEmployee director$0
09

Board fee structure and ownership guideline

Annual cash retainer$45,000
Annual equity retainer$175,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 8,500
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$0
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$0

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Xometry names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Xometry.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Upwork Inc.2025Hayden Brown$625,000$15,153,165$0$1,289,438$17,094,702
2Intapp, Inc.2025John Hall500,99013,872,85514,917,881
3Braze, Inc.2026William Magnuson580,00012,776,5160868,78214,230,598
4Payoneer Global Inc.2025John Caplan535,00010,539,9250011,707,037
5PubMatic, Inc.2025Rajeev Goel622,0004,533,6023,259,374655,6809,070,656
6Zuora, Inc.2024Tien Tzuo500,0007,950,0000337,5008,787,500
7ACV Auctions Inc.2025George Chamoun482,5177,400,133007,887,018
8Proto Labs, Inc.2025Suresh Krishna473,8465,612,685600,017489,3727,186,997
9Shutterstock, Inc.2024Paul Hennessy700,0005,871,6700583,8007,176,468
10Zeta Global Holdings Corp.2025David Steinberg750,0001,869,57701,500,0006,083,236
11Transcat, Inc.2026Lee Rudow737,0004,613,9320494,1155,862,200
12Cars.com Inc.2025Tobias Hartmann20,5485,000,005005,020,553
13Xometry2025Randolph Altschuler486,3663,745,1060623,0684,869,599
14E2open Parent Holdings, Inc.2025Andrew Appel650,00000356,3632,520,013
15Sprinklr, Inc.2026Rory Read675,00000985,5001,664,700
163D Systems Corporation2025Jeffrey Graves849,800629,750001,487,950
17Box, Inc.2026Aaron Levie162,0000094,912257,076
Stratasys Ltd.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Xometrynot disclosedRSU 50 · PSU 50not disclosedMeridian Compensation Partners, LLC
3D Systems Corporationnot disclosedPSU 50 · RSU 50Yes — Absolute TSR (aTSR)Meridian Compensation Partners, LLC
ACV Auctions Inc.not disclosedRSU 61 · PSU 39Yes — relative total shareholder return (rTSR) vs Russell 2000Compensia
Box, Inc.105.5%RSU 50 · PSU 50not disclosedCompensia
Braze, Inc.150%RSU 70 · PSU 30NoCompensia
Cars.com Inc.80.4%PSU 50 · RSU 50NoKorn Ferry (Jan–Jul 2025); Compensia Inc. (Aug 2025 onward)
E2open Parent Holdings, Inc.43.86%RSU 50 · PSU 50NoFW Cook
Intapp, Inc.106.6%not disclosedNoAlpine Rewards, LLC
Payoneer Global Inc.not disclosedRSU 75 · PSU 25NoCompensia
Proto Labs, Inc.99%PSU 50 · RSU 25 · Options 25Yes — Three-year cumulative TSR performance relative to the Russell 2000 Growth IndexPearl Meyer
PubMatic, Inc.97.6%RSU 75 · Options 25not disclosedFrederic W. Cook & Co., Inc.
Shutterstock, Inc.not disclosednot disclosednot disclosedPearl Meyer
Sprinklr, Inc.146.7%RSU 75 · PSU 25Yes — Relative Total Stockholder Return (rTSR)Compensia
Stratasys Ltd.not disclosednot disclosednot disclosednot disclosed
Transcat, Inc.67%PSU 50 · RSU 50NoFrederic W. Cook & Company, Inc.
Upwork Inc.179.4%PSU 60 · RSU 40Yes — Relative TSR CAGRSemler Brossy Consulting Group LLC
Zeta Global Holdings Corp.200%not disclosedNoFW Cook
Zuora, Inc.67.5%not disclosedNoCompensia

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Sanjeev Singh SahniDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation”. As printed: 4,991,752. Filing ↗machine: r10 · c29 · span 1052996–1053005
2Section 01, Randolph AltschulerDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation”. As printed: 4,869,599. Filing ↗machine: r5 · c29 · span 999122–999131
3Section 01, James MilnDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation”. As printed: 2,688,887. Filing ↗machine: r8 · c29 · span 1031394–1031403
4Section 01, Subir DuttDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation”. As printed: 2,369,390. Filing ↗machine: r12 · c29 · span 1072205–1072214
5Section 01, Vaidyanathan RaghavanDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation”. As printed: 2,259,280. Filing ↗machine: r14 · c29 · span 1093516–1093525
6Section 03, Subir Dutt PSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1316045–1316052
7Section 03, Subir Dutt RSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
8Section 03, Subir Dutt PSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1338809–1338816
9Section 03, Vaidyanathan Raghavan RSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1372952–1372959
10Section 03, Vaidyanathan Raghavan PSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1395734–1395741
11Section 03, Randolph Altschuler PSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1214129–1214138
12Section 03, Randolph Altschuler RSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
13Section 03, Subir Dutt RSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
14Section 03, Sanjeev Singh Sahni RSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1281863–1281872
15Section 03, Sanjeev Singh Sahni RSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1270788–1270797
16Section 03, Sanjeev Singh Sahni PSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1293560–1293569
17Section 03, James Miln RSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
18Section 03, James Miln PSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1236614–1236621
19Section 03, Vaidyanathan Raghavan RSUDEF 14A2026-04-290001193125-26-191498Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1384036–1384043
20Section 08, Randolph AltschulerDEF 14A2026-04-290001193125-26-191498Section “Director Compensation”. As printed: 0. Filing ↗
21Section 06, 2026 voteForm 8-K2026-06-180001193125-26-275887Item 5.07 · say-on-pay result. As reported: 98.4% (votes for as printed: 70,965,612). Filing ↗
22Section 06, 2025 voteForm 8-K2025-06-200000950170-25-088495Item 5.07 · say-on-pay result. As reported: 97.1% (votes for as printed: 68,132,494). Filing ↗
23Section 06, 2024 voteForm 8-K2024-06-200000950170-24-075566Item 5.07 · say-on-pay result. As reported: 97.26% (votes for as printed: 88,118,087). Filing ↗
24Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
25Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
26Section 09b board cost (computed)ComputedcomputedCash 0 + equity 0 + all other 0 = 0, summed across the director compensation table rows.machine: formula: Σ = 0
27Upwork Inc., Section 10b CEO totalDEF 14A2026-04-230001627475-26-000026CEO total compensation as printed in Upwork Inc.'s own proxy. As printed: 17,094,702. Filing ↗machine: r2 · c6 · span 2036869–2036879
28Intapp, Inc., Section 10b CEO totalDEF 14A2025-10-070001140361-25-037489CEO total compensation as printed in Intapp, Inc.'s own proxy. As printed: 14,917,881. Filing ↗machine: r2 · c18 · span 476251–476262
29Braze, Inc., Section 10b CEO totalDEF 14A2026-05-180001140361-26-021908CEO total compensation as printed in Braze, Inc.'s own proxy. As printed: 14,230,598. Filing ↗machine: r2 · c18 · span 550603–550613
30Payoneer Global Inc., Section 10b CEO totalDEF 14A2026-04-270001104659-26-049462CEO total compensation as printed in Payoneer Global Inc.'s own proxy. As printed: 11,707,037. Filing ↗machine: t49 · r2 · c49 · span 591288–591298
31PubMatic, Inc., Section 10b CEO totalDEF 14A2026-04-150001140361-26-014825CEO total compensation as printed in PubMatic, Inc.'s own proxy. As printed: 9,070,656. Filing ↗machine: r5 · c22 · span 802324–802333
32Zuora, Inc., Section 10b CEO totalDEF 14A2024-05-160001423774-24-000146CEO total compensation as printed in Zuora, Inc.'s own proxy. As printed: 8,787,500. Filing ↗machine: r2 · c42 · span 699493–699502
33ACV Auctions Inc., Section 10b CEO totalDEF 14A2026-04-160001193125-26-158987CEO total compensation as printed in ACV Auctions Inc.'s own proxy. As printed: 7,887,018. Filing ↗machine: r3 · c39 · span 826307–826316
34Proto Labs, Inc., Section 10b CEO totalDEF 14A2026-04-080001443669-26-000017CEO total compensation as printed in Proto Labs, Inc.'s own proxy. As printed: 7,186,997. Filing ↗machine: r2 · c24 · span 624985–624994
35Shutterstock, Inc., Section 10b CEO totalDEF 14A2025-11-200001549346-25-000053CEO total compensation as printed in Shutterstock, Inc.'s own proxy. As printed: 7,176,468. Filing ↗machine: r5 · c24 · span 495547–495556
36Zeta Global Holdings Corp., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177408CEO total compensation as printed in Zeta Global Holdings Corp.'s own proxy. As printed: 6,083,236. Filing ↗machine: r2 · c7 · span 409554–409563
37Transcat, Inc., Section 10b CEO totalDEF 14A2026-07-230001140361-26-029371CEO total compensation as printed in Transcat, Inc.'s own proxy. As printed: 5,862,200. Filing ↗machine: r2 · c18 · span 633269–633278
38Cars.com Inc., Section 10b CEO totalDEF 14A2026-04-170001140361-26-015383CEO total compensation as printed in Cars.com Inc.'s own proxy. As printed: 5,020,553. Filing ↗machine: t136 · r12 · c13 · span 937383–937392
39Xometry (subject), Section 10b CEO totalDEF 14A2026-04-290001193125-26-191498CEO total compensation as printed in Xometry's own proxy. As printed: 4,869,599. Filing ↗machine: r5 · c29 · span 999122–999131
40E2open Parent Holdings, Inc., Section 10b CEO totalDEF 14A2025-06-180001193125-25-142713CEO total compensation as printed in E2open Parent Holdings, Inc.'s own proxy. As printed: 2,520,013. Filing ↗machine: r3 · c17 · span 606192–606201
41Sprinklr, Inc., Section 10b CEO totalDEF 14A2026-05-010001140361-26-018552CEO total compensation as printed in Sprinklr, Inc.'s own proxy. As printed: 1,664,700. Filing ↗machine: r2 · c21 · span 559209–559218
423D Systems Corporation, Section 10b CEO totalDEF 14A2026-04-080001193125-26-146294CEO total compensation as printed in 3D Systems Corporation's own proxy. As printed: 1,487,950. Filing ↗machine: r3 · c23 · span 1032332–1032341
43Box, Inc., Section 10b CEO totalDEF 14A2026-05-130001140361-26-021041CEO total compensation as printed in Box, Inc.'s own proxy. As printed: 257,076. Filing ↗machine: t245 · r2 · c22 · span 1212030–1212037
44Section 10a, Cars.com Inc. reciprocityDEF 14A0001140361-26-015383Cars.com Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
45Section 10a, Intapp, Inc. reciprocityDEF 14A0001140361-25-037489Intapp, Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
46Section 10a, Proto Labs, Inc. reciprocityDEF 14A0001443669-26-000017Proto Labs, Inc. names Xometry in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Zuora, Inc. reciprocityDEF 14A0001423774-24-000146Zuora, Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
48Section 10a, Transcat, Inc. reciprocityDEF 14A0001140361-26-029371Transcat, Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
49Section 10a, Zeta Global Holdings Corp. reciprocityDEF 14A0001193125-26-177408Zeta Global Holdings Corp.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
50Section 10a, Braze, Inc. reciprocityDEF 14A0001140361-26-021908Braze, Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
51Section 10a, 3D Systems Corporation reciprocityDEF 14A0001193125-26-1462943D Systems Corporation names Xometry in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Upwork Inc. reciprocityDEF 14A0001627475-26-000026Upwork Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
53Section 10a, Payoneer Global Inc. reciprocityDEF 14A0001104659-26-049462Payoneer Global Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
54Section 10a, Box, Inc. reciprocityDEF 14A0001140361-26-021041Box, Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
55Section 10a, ACV Auctions Inc. reciprocityDEF 14A0001193125-26-158987ACV Auctions Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
56Section 10a, Shutterstock, Inc. reciprocityDEF 14A0001549346-25-000053Shutterstock, Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
57Section 10a, E2open Parent Holdings, Inc. reciprocityDEF 14A0001193125-25-142713E2open Parent Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
58Section 10a, PubMatic, Inc. reciprocityDEF 14A0001140361-26-014825PubMatic, Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗
59Section 10a, Sprinklr, Inc. reciprocityDEF 14A0001140361-26-018552Sprinklr, Inc.'s most recent proxy was read; its disclosed peer group does not include Xometry. Filing ↗