XPO, Inc.
$192.81
+4.22 (+2.24%) · delayed · Nov 13, 2026
Five-year price
52w $124.82 to $232.05
- Market cap
- $22.5B
- Enterprise value
- $25.4B
- P/E
- 73.0×
- 77.4× on 3y avg EPS
- EV / EBIT
- 38.7×
- FCF yield
- 1.5%
- ROIC
- 9.9%
- Debt / equity
- 1.75
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 8.9%
- ●ROE > 15% (5y avg)5y avg ROE 30.3%
- ●Stable operating marginsMargin volatility 1.6% (σ, 5y)
- ○Earnings convert to cashFCF / net income -35% (5y avg)
- ●Growing revenueRevenue CAGR 5y 5.7%
- ○Shrinking share countDiluted shares 29.3% over 5y
Value
0
- ○P/E below 15P/E 73.0
- ○EV/EBIT below 12EV/EBIT 38.7
- ○FCF yield above 6%FCF yield 1.5%
- ○Price below Graham NumberGraham Number $30.80
- ○P/B below 3P/B 12.1
Safety
0
- ○Debt / equity below 0.5D/E 1.75
- ○Debt payable in < 4 yrs of earningsNet debt $2.9B
- ○Interest coverage > 8xCoverage 3.0x
- ○Current ratio > 1.5Current ratio 1.05
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
29
- ●Adequate size (revenue > $2B)Revenue $8.2B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.05
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 27%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 77.4
- ○P/E × P/B ≤ 22.5Product 934.7
Valuation lab
What do you have to believe?
At $192.81, the market is pricing in about 23.7% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $2.9B · 117M shares · 5y revenue CAGR 5.7%
Intrinsic value
$32.72
Price
$192.81
Premium paid
489%
What the price implies
The market is paying for 23.7% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 14,619 | 15,381 | 17,279 | 10,681 | 6,168 | 7,202 | 7,718 | 7,744 | 8,072 | 8,157 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 464 | 582 | 704 | 561 | 97 | 312 | 377 | 438 | 660 | 656 |
| Operating margin | 3.2% | 3.8% | 4.1% | 5.3% | 1.6% | 4.3% | 4.9% | 5.7% | 8.2% | 8.0% |
| Pre-tax income | 107 | 261 | 566 | 301 | (164) | 107 | 258 | 260 | 473 | 437 |
| Income tax | 22 | (99) | 122 | 60 | (54) | 11 | 74 | 68 | 86 | 121 |
| Net income | 69 | 340 | 422 | 419 | 110 | 336 | 666 | 189 | 387 | 316 |
| EPS (diluted) | 0.53 | 2.45 | 2.88 | 3.57 | 0.87 | 2.93 | 5.76 | 1.60 | 3.23 | 2.64 |
| Diluted shares | 123 | 128 | 135 | 106 | 92 | 114 | 116 | 118 | 120 | 119 |
Who owns it
Superinvestors
Filings wire