8-K Announcements
6Apr 1, 2026·SEC
Mar 17, 2026·SEC
Feb 25, 2026·SEC
QXO, Inc. (QXO) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
QXO, Inc. (QXO) stock price & volume — 10-year historical chart
QXO, Inc. (QXO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
QXO, Inc. (QXO) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 25, 2026 | $0.02vs $0.02+1.9% | $2.2Bvs $2.2B+0.3% |
| Q4 2025 | Nov 6, 2025 | $0.14vs $0.12+16.7% | $2.7Bvs $2.2B+24.5% |
| Q3 2025 | Aug 14, 2025 | $0.11vs $0.04+175.0% | $1.9Bvs $2.8B-31.3% |
| Q2 2025 | May 8, 2025 | $0.03vs $0.05+40.0% | $14Mvs $13M+3.9% |
QXO, Inc. (QXO) competitors in Vertical industry SaaS applications — business model, growth, and fundamentals comparison
QXO, Inc. (QXO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
QXO, Inc. (QXO) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 34.85M | 36.1M | 38.5M | 41.22M | 41.7M | 44.99M | 54.52M | 56.87M | 6.84B |
| Revenue Growth % | 2.14% | 3.59% | 6.64% | 7.06% | 1.17% | 7.87% | 21.19% | 4.32% | 11930.66% |
| Cost of Goods Sold | 21.61M | 22.9M | 23.82M | 24.64M | 24.49M | 27.02M | 32.9M | 33.94M | 5.27B |
| COGS % of Revenue | 62% | 63.42% | 61.88% | 59.78% | 58.74% | 60.07% | 60.35% | 59.68% | 77.01% |
| Gross Profit | 13.25M▲ 0% | 13.21M▼ 0.3% | 14.68M▲ 11.2% | 16.58M▲ 12.9% | 17.21M▲ 3.8% | 17.96M▲ 4.4% | 21.61M▲ 20.3% | 22.93M▲ 6.1% | 1.57B▲ 6758.1% |
| Gross Margin % | 38% | 36.58% | 38.12% | 40.22% | 41.27% | 39.93% | 39.65% | 40.32% | 22.99% |
| Gross Profit Growth % | 9.99% | -0.3% | 11.15% | 12.95% | 3.79% | 4.37% | 20.34% | 6.1% | 6758.1% |
| Operating Expenses | 12.31M | 14.37M | 16.59M | 16.36M | 17.44M | 18.35M | 22.93M | 93.93M | 1.82B |
| OpEx % of Revenue | 35.31% | 39.79% | 43.08% | 39.68% | 41.82% | 40.78% | 42.05% | 165.16% | 26.57% |
| Selling, General & Admin | 12.31M | 14.37M | 15.63M | 15.65M | 16.56M | 17.4M | 19.11M | 92.94M | 1.39B |
| SG&A % of Revenue | 35.31% | 39.79% | 40.59% | 37.97% | 39.72% | 38.67% | 35.06% | 163.42% | 20.39% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 956.89K | 705.93K | 875.57K | 948.97K | 3.81M | 989K | 423.1M |
| Operating Income | 939.26K▲ 0% | -1.16M▼ 223.6% | -1.91M▼ 64.2% | 223.38K▲ 111.7% | -230.99K▼ 203.4% | -385.38K▼ 66.8% | -1.31M▼ 240.2% | -71M▼ 5315.7% | -245.2M▼ 245.4% |
| Operating Margin % | 2.7% | -3.22% | -4.95% | 0.54% | -0.55% | -0.86% | -2.4% | -124.84% | -3.58% |
| Operating Income Growth % | -25.89% | -223.62% | -64.25% | 111.71% | -203.4% | -66.84% | -240.18% | -5315.71% | -245.35% |
| EBITDA | 1.56M | -511.67K | -974.86K | 1.35M | 1.16M | 1.37M | -310K | -69.88M | 177.9M |
| EBITDA Margin % | 4.47% | -1.42% | -2.53% | 3.26% | 2.79% | 3.05% | -0.57% | -122.87% | 2.6% |
| EBITDA Growth % | -20.1% | -132.81% | -90.52% | 238.01% | -13.5% | 17.77% | -122.62% | -22441.29% | 354.59% |
| D&A (Non-Cash Add-back) | 620.3K | 649.43K | 932.2K | 1.12M | 1.39M | 1.76M | 1M | 1.12M | 423.1M |
| EBIT | 939.26K | -1.16M | -1.88M | 236.65K | 90.37K | -385.38K | -1.29M | 50.87M | -245.2M |
| Net Interest Income | -31.7K | -41.68K | -39.81K | -13.62K | -46.8K | -89.02K | -55.67K | 121.81M | -47.7M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 121.87M | 0 |
| Interest Expense | 31.7K | 41.68K | 39.81K | 13.62K | 46.8K | 89.02K | 55.67K | 60K | 47.7M |
| Other Income/Expense | -31.7K | -41.68K | -15.81K | -347 | 274.56K | -89.02K | -56K | 121.81M | -91.9M |
| Pretax Income | 907.56K▲ 0% | -1.2M▼ 232.5% | -1.92M▼ 59.9% | 223.04K▲ 111.6% | 43.57K▼ 80.5% | -474.4K▼ 1188.8% | -1.37M▼ 188.2% | 50.81M▲ 3817.0% | -337.1M▼ 763.4% |
| Pretax Margin % | 2.6% | -3.33% | -4.99% | 0.54% | 0.1% | -1.05% | -2.51% | 89.34% | -4.93% |
| Income Tax | 1.39M | -281.21K | -455.01K | 47.39K | 178K | -192.18K | -297K | 22.84M | -57.7M |
| Effective Tax Rate % | 153.6% | 23.38% | 23.66% | 21.25% | 408.54% | 40.51% | 21.73% | 44.96% | 17.12% |
| Net Income | -486.47K▲ 0% | 262.43K▲ 153.9% | 6.79M▲ 2488.9% | 175.65K▼ 97.4% | -134.43K▼ 176.5% | -282.22K▼ 109.9% | -1.07M▼ 279.1% | 27.97M▲ 2713.9% | -279.4M▼ 1099.0% |
| Net Margin % | -1.4% | 0.73% | 17.65% | 0.43% | -0.32% | -0.63% | -1.96% | 49.18% | -4.08% |
| Net Income Growth % | -114.16% | 153.95% | 2488.95% | -97.41% | -176.54% | -109.93% | -279.14% | 2713.93% | -1098.96% |
| Net Income (Continuing) | -486.47K | -921.57K | -1.47M | 175.65K | -134.43K | -282.22K | -1.07M | 27.97M | -279.4M |
| Discontinued Operations | 0 | 1.18M | 11.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.87▲ 0% | 0.47▲ 154.0% | -2.64▼ 661.7% | 0.31▲ 111.7% | -0.21▼ 167.7% | -0.40▼ 90.5% | -1.63▼ 307.5% | -0.11▲ 93.3% | -0.63▼ 472.7% |
| EPS Growth % | -114.15% | 154.02% | -661.7% | 111.74% | -167.74% | -90.48% | -307.5% | 93.25% | -472.73% |
| EPS (Basic) | -0.87 | 0.47 | -2.61 | 0.31 | -0.21 | -0.40 | -1.63 | -0.11 | -0.63 |
| Diluted Shares Outstanding | 280.56M | 281.22M | 281.3M | 281.33M | 314.15M | 322.94M | 328.72M | 408M | 6.13M |
| Basic Shares Outstanding | 280.56M | 281.22M | 281.3M | 281.33M | 314.15M | 322.94M | 328.72M | 408M | 6.13M |
| Dividend Payout Ratio | - | - | 3.31% | 2306.41% | - | - | - | 62.21% | - |
QXO, Inc. (QXO) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 5.4M | 4.89M | 12.98M | 8.63M | 10.71M | 13.7M | 11.8M | 5.09B | 5.55B |
| Cash & Short-Term Investments | 2.24M | 1.9M | 8.66M | 6.6M | 6.81M | 8.01M | 6.14M | 5.07B | 2.36B |
| Cash Only | 2.24M | 1.9M | 8.66M | 6.6M | 6.81M | 8.01M | 6.14M | 5.07B | 2.36B |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.76M | 2.07M | 3.86M | 1.63M | 2.21M | 2.6M | 2.97M | 13.79M | 1.6B |
| Days Sales Outstanding | 28.95 | 20.9 | 36.62 | 14.45 | 19.35 | 21.1 | 19.88 | 88.48 | 85.55 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5B |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 103.71 |
| Other Current Assets | 0 | 484.24K | 0 | 0 | 0 | 3.09M | 2.68M | 7.29M | 83.7M |
| Total Non-Current Assets | 5.01M | 6.86M | 5.98M | 7.27M | 7.29M | 7.74M | 8.7M | 8.68M | 10.34B |
| Property, Plant & Equipment | 567.53K | 688.12K | 1.41M | 1.9M | 1.6M | 1.04M | 1.02M | 704K | 1.38B |
| Fixed Asset Turnover | 61.41x | 52.47x | 27.28x | 21.73x | 26.03x | 43.26x | 53.19x | 80.79x | 4.96x |
| Goodwill | 401K | 885K | 891K | 1.01M | 1.01M | 1.14M | 1.14M | 1.16M | 5.11B |
| Intangible Assets | 2.64M | 2.92M | 2.61M | 3.13M | 3.49M | 4.27M | 4.92M | 4.02M | 3.82B |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 36.31K | 1.08M | 192.16K | 198.73K | 190.81K | 187.55K | 171K | 192K | 32.4M |
| Total Assets | 10.41M▲ 0% | 11.74M▲ 12.8% | 18.95M▲ 61.4% | 15.9M▼ 16.1% | 18M▲ 13.2% | 21.44M▲ 19.1% | 20.5M▼ 4.4% | 5.1B▲ 24775.6% | 15.89B▲ 211.6% |
| Asset Turnover | 3.35x | 3.07x | 2.03x | 2.59x | 2.32x | 2.10x | 2.66x | 0.01x | 0.43x |
| Asset Growth % | -2.32% | 12.79% | 61.38% | -16.1% | 13.19% | 19.11% | -4.4% | 24775.64% | 211.62% |
| Total Current Liabilities | 5.85M | 6.23M | 8.66M | 6.73M | 7.39M | 10.75M | 11.52M | 45.1M | 1.55B |
| Accounts Payable | 2.09M | 2.03M | 2.21M | 1.88M | 2.04M | 3.27M | 4.56M | 6.19M | 819M |
| Days Payables Outstanding | 35.38 | 32.33 | 33.87 | 27.78 | 30.37 | 44.2 | 50.62 | 66.61 | 56.73 |
| Short-Term Debt | 257.85K | 426.35K | 408.9K | 545K | 402K | 783.48K | 702K | 0 | 156.7M |
| Deferred Revenue (Current) | 2.15M | 1.39M | 2.01M | 2.04M | 2.48M | 3.76M | 3.16M | 2.9M | 0 |
| Other Current Liabilities | 63.38K | 622.46K | 0 | 0 | 0 | 0 | 0 | 0 | 574.3M |
| Current Ratio | 0.92x | 0.78x | 1.50x | 1.28x | 1.45x | 1.27x | 1.02x | 112.85x | 3.58x |
| Quick Ratio | 0.92x | 0.78x | 1.50x | 1.28x | 1.45x | 1.27x | 1.02x | 112.85x | 2.61x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | 132.53 |
| Total Non-Current Liabilities | 339.5K | 1.18M | 1.4M | 1.89M | 1.25M | 1.13M | 1.5M | 261K | 4.63B |
| Long-Term Debt | 228.63K | 1.07M | 781.55K | 937.34K | 566.93K | 671.01K | 994K | 0 | 3.62B |
| Capital Lease Obligations | 68.61K | 108.51K | 617.8K | 954.79K | 685.46K | 461.67K | 506K | 261K | 700.5M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 847.2M |
| Other Non-Current Liabilities | 42.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -536.3M |
| Total Liabilities | 6.19M | 7.41M | 10.06M | 8.62M | 8.64M | 11.89M | 13.02M | 45.36M | 6.18B |
| Total Debt | 649.53K | 1.69M | 2.23M | 3.04M | 2.29M | 2.4M | 2.62M | 577K | 4.48B |
| Net Debt | -1.59M | -210.15K | -6.43M | -3.56M | -4.53M | -5.61M | -3.52M | -5.07B | 2.11B |
| Debt / Equity | 0.15x | 0.39x | 0.25x | 0.42x | 0.24x | 0.25x | 0.35x | 0.00x | 0.46x |
| Debt / EBITDA | 0.42x | - | - | 2.26x | 1.97x | 1.75x | - | - | 25.16x |
| Net Debt / EBITDA | -1.02x | - | - | -2.64x | -3.89x | -4.09x | - | - | 11.89x |
| Interest Coverage | 29.63x | -27.86x | -47.90x | 16.41x | -4.94x | -4.33x | -23.55x | -1183.33x | -5.14x |
| Total Equity | 4.23M▲ 0% | 4.33M▲ 2.5% | 8.89M▲ 105.2% | 7.28M▼ 18.2% | 9.36M▲ 28.5% | 9.55M▲ 2.1% | 7.47M▼ 21.8% | 5.05B▲ 67533.5% | 9.71B▲ 92.1% |
| Equity Growth % | -14.96% | 2.53% | 105.22% | -18.15% | 28.53% | 2.09% | -21.79% | 67533.5% | 92.1% |
| Book Value per Share | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 12.38 | 1583.49 |
| Total Shareholders' Equity | 4.23M | 4.33M | 8.89M | 7.28M | 9.36M | 9.55M | 7.47M | 5.05B | 9.71B |
| Common Stock | 46 | 46 | 46 | 46 | 52 | 53 | 53 | 4K | 0 |
| Retained Earnings | -7.69M | -7.43M | -635.58K | -459.94K | -594.37K | -876.59K | -1.95M | -6.23M | -394.5M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.3M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
QXO, Inc. (QXO) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 2.31M | 1.29M | -397.4K | 1.73M | 226.03K | 2.04M | 584K | 84.88M | 261.4M |
| Operating CF Margin % | 6.62% | 3.59% | -1.03% | 4.19% | 0.54% | 4.53% | 1.07% | 149.25% | 3.82% |
| Operating CF Growth % | 28.69% | -43.93% | -130.7% | 535.1% | -86.93% | 801.81% | -71.35% | 14434.76% | 207.95% |
| Net Income | -486.47K | -921.57K | -1.47M | 175.65K | -134.43K | -282.22K | -1.07M | 27.97M | -90.2M |
| Depreciation & Amortization | 620.3K | 649.43K | 932.2K | 1.12M | 1.39M | 1.76M | 1M | 1.12M | 423.1M |
| Stock-Based Compensation | 101.69K | 73.31K | 16.91K | 10.19K | 441.31K | 180.26K | 41K | 34.51M | 144.5M |
| Deferred Taxes | 1.05M | -281.21K | -455.01K | -164.6K | 48.13K | -115.11K | -338K | -1.16M | -60.6M |
| Other Non-Cash Items | 44.15K | 1.66M | 882.04K | -2.27K | -366.05K | 160K | 241K | 313K | -31M |
| Working Capital Changes | 977.26K | 117.56K | -305.68K | 588.13K | -1.16M | 339.63K | 709K | 22.13M | -124.4M |
| Change in Receivables | 120.99K | 232.64K | -622.5K | 1.11M | -534.07K | -549.05K | 103K | 183K | -38M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 287.8M |
| Change in Payables | 272.23K | -66.08K | 182.4K | -335.5K | 162.91K | 1.23M | 1.29M | 1.63M | -326.4M |
| Cash from Investing | -815.51K | -1.06M | 8.03M | 839.81K | -510.46K | -188.74K | -400K | -102K | -10.63B |
| Capital Expenditures | -755.51K | -397.82K | -70.67K | -124.78K | -114.76K | -38.74K | -121K | -102K | -78.2M |
| CapEx % of Revenue | 2.17% | 1.1% | 0.18% | 0.3% | 0.28% | 0.09% | 0.22% | 0.18% | 1.14% |
| Acquisitions | 0 | -300K | 8.31M | -185.41K | -395.7K | 0 | 0 | 0 | -10.56B |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -60K | -365.72K | -209.41K | 1.15M | 0 | -150K | -279K | 0 | 4.4M |
| Cash from Financing | -879.02K | -565.51K | -870.17K | -4.63M | 503.13K | -655.13K | -2.05M | 4.98B | 7.66B |
| Debt Issued (Net) | -413.92K | -478.76K | -622.58K | -580.74K | -596.07K | -655.13K | -999K | -1.87M | 2.96B |
| Equity Issued (Net) | 0 | -3.66K | 0 | 0 | 1000K | 0 | 0 | 1000K | 1000K |
| Dividends Paid | -359.01K | 0 | -225.04K | -4.05M | -3.08M | 0 | -1.05M | -49.65M | -104.8M |
| Share Repurchases | 0 | -3.66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -106.08K | -83.09K | -22.55K | 0 | 0 | 0 | 0 | -45K | -20.5M |
| Net Change in Cash | 614.3K▲ 0% | -334.49K▼ 154.5% | 6.76M▲ 2120.3% | -2.06M▼ 130.5% | 218.7K▲ 110.6% | 1.19M▲ 446.2% | -1.87M▼ 256.2% | 5.07B▲ 271582.4% | -2.71B▼ 153.4% |
| Free Cash Flow | 1.55M▲ 0% | 896.74K▼ 42.3% | -549.8K▼ 161.3% | 1.6M▲ 391.8% | 111.27K▼ 93.1% | 2M▲ 1697.1% | 463K▼ 76.8% | 84.78M▲ 18211.2% | 183.2M▲ 116.1% |
| FCF Margin % | 4.46% | 2.48% | -1.43% | 3.89% | 0.27% | 4.45% | 0.85% | 149.07% | 2.68% |
| FCF Growth % | 19.72% | -42.27% | -161.31% | 391.8% | -93.06% | 1697.07% | -76.85% | 18211.23% | 116.09% |
| FCF per Share | 0.01 | 0.00 | -0.00 | 0.01 | 0.00 | 0.01 | 0.00 | 0.21 | 29.89 |
| FCF Conversion (FCF/Net Income) | -4.75x | 4.93x | -0.06x | 9.84x | -1.68x | -7.22x | -0.55x | 3.03x | -0.94x |
| Interest Paid | 30.95K | 43.34K | 39.81K | 36.91K | 45.12K | 40.19K | 57K | 63K | 0 |
| Taxes Paid | 335.4K | 217.21K | 1.91M | 41.96K | 381K | 94.14K | 301K | 0 | 0 |
QXO, Inc. (QXO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 105.29% | -10.58% | 6.13% | 102.72% | 2.17% | -1.62% | -2.99% | -12.57% | 1.11% | -3.79% |
| Return on Invested Capital (ROIC) | 30.98% | 20.3% | -25.74% | -43.39% | 5.41% | -4.05% | -6.59% | -24.92% | - | -3.12% |
| Gross Margin | 35.29% | 38% | 36.58% | 38.12% | 40.22% | 41.27% | 39.93% | 39.65% | 40.32% | 22.99% |
| Net Margin | 10.07% | -1.4% | 0.73% | 17.65% | 0.43% | -0.32% | -0.63% | -1.96% | 49.18% | -4.08% |
| Debt / Equity | 0.19x | 0.15x | 0.39x | 0.25x | 0.42x | 0.24x | 0.25x | 0.35x | 0.00x | 0.46x |
| Interest Coverage | 19.59x | 29.63x | -27.86x | -47.90x | 16.41x | -4.94x | -4.33x | -23.55x | -1183.33x | -5.14x |
| FCF Conversion | 0.52x | -4.75x | 4.93x | -0.06x | 9.84x | -1.68x | -7.22x | -0.55x | 3.03x | -0.94x |
| Revenue Growth | 23.44% | 2.14% | 3.59% | 6.64% | 7.06% | 1.17% | 7.87% | 21.19% | 4.32% | 11930.66% |
QXO, Inc. (QXO) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 1, 2026·SEC
Mar 17, 2026·SEC
Feb 25, 2026·SEC
QXO, Inc. (QXO) stock FAQ — growth, dividends, profitability & financials explained
QXO, Inc. (QXO) reported $6.84B in revenue for fiscal year 2025. This represents a 401607% increase from $1.7M in 2004.
QXO, Inc. (QXO) grew revenue by 11930.7% over the past year. This is strong growth.
QXO, Inc. (QXO) reported a net loss of $279.4M for fiscal year 2025.
Yes, QXO, Inc. (QXO) pays a dividend with a yield of 90.69%. This makes it attractive for income-focused investors.
QXO, Inc. (QXO) has a return on equity (ROE) of -3.8%. Negative ROE indicates the company is unprofitable.
QXO, Inc. (QXO) generated $183.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
QXO, Inc. (QXO) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates