Latest Ratios: P/E Ratio -33.7x · EV/EBITDA 37.8x · ROE -6.3%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $2.1B | $3.2B | $2.8B | $2.0B | — | — |
| Enterprise Value | $4.1B | $3.0B | $3.8B | $3.3B | $2.5B | — | — |
| P/E Ratio → | -33.69 | — | — | 694.33 | 21.77 | — | — |
| P/S Ratio | 0.57 | 0.37 | 0.70 | 0.71 | 0.42 | — | — |
| P/B Ratio | 2.17 | 1.38 | 1.97 | 4.68 | 3.41 | — | — |
| P/FCF | — | — | — | 111.14 | 7.91 | — | — |
| P/OCF | 64.29 | 41.75 | — | 31.22 | 6.46 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.52 | 0.84 | 0.85 | 0.53 | — | — |
| EV / EBITDA | 37.81 | 27.27 | 122.89 | 31.43 | 12.06 | — | — |
| EV / EBIT | — | — | 126.98 | 49.72 | 11.46 | — | — |
| EV / FCF | — | — | — | 133.26 | 9.96 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 17.7% | 17.7% | 17.2% | 18.5% | 17.9% | 15.7% | 16.1% |
| Operating Margin | -0.1% | -0.1% | -1.2% | 1.0% | 2.6% | 4.1% | 1.8% |
| Net Profit Margin | -1.7% | -1.7% | -6.4% | 0.1% | 1.9% | 3.2% | 1.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -6.3% | -6.3% | -26.3% | 0.7% | 11.1% | 14.0% | 4.0% |
| ROA | -3.0% | -3.0% | -11.1% | 0.2% | 4.5% | 7.6% | 2.3% |
| ROIC | -0.2% | -0.2% | -2.5% | 2.6% | 7.8% | 12.1% | 4.0% |
| ROCE | -0.3% | -0.3% | -3.2% | 3.3% | 10.0% | 15.4% | 4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.56 | 0.56 | 0.41 | 0.94 | 1.05 | 0.21 | 0.11 |
| Debt / EBITDA | 7.90 | 7.90 | 21.42 | 5.26 | 2.95 | 0.84 | 0.85 |
| Net Debt / Equity | — | 0.55 | 0.39 | 0.93 | 0.88 | 0.19 | 0.04 |
| Net Debt / EBITDA | 7.73 | 7.73 | 20.29 | 5.22 | 2.48 | 0.73 | 0.34 |
| Debt / FCF | — | — | — | 22.12 | 2.05 | 1.72 | — |
| Interest Coverage | -2.29 | -2.29 | 1.00 | 2.09 | 55.00 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.27 | 1.27 | 1.26 | 1.17 | 1.25 | 1.33 | 1.37 |
| Quick Ratio | 1.27 | 1.27 | 1.26 | 1.17 | 1.25 | 1.33 | 1.37 |
| Cash Ratio | 0.02 | 0.02 | 0.03 | 0.01 | 0.12 | 0.04 | 0.11 |
| Asset Turnover | — | 1.75 | 1.33 | 2.15 | 2.36 | 2.27 | 1.80 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 79.59 | 98.43 | 69.06 | 68.49 | 78.62 | 83.94 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 0.1% | 4.6% | — | — |
| FCF Yield | — | — | — | 0.9% | 12.6% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | — | — |
| Shares Outstanding | — | $168M | $133M | $119M | $116M | $116M | $116M |
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying RXO stock.
RXO, Inc.'s current P/E ratio is -33.7x. The historical average is 21.8x.
RXO, Inc.'s current EV/EBITDA is 37.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.6x.
RXO, Inc.'s return on equity (ROE) is -6.3%. The historical average is -0.5%.
Based on historical data, RXO, Inc. is trading at a P/E of -33.7x. Compare with industry peers and growth rates for a complete picture.
RXO, Inc. has 17.7% gross margin and -0.1% operating margin.
RXO, Inc.'s Debt/EBITDA ratio is 7.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Thin liquidity and negative margins
Metrics are mathematically derived from official filings.
Gross Margin Ceiling Caps Earnings Power
RXO's gross margin improved to 16.0% in 2026Q1 from 15.6% in 2024Q4, but remains below the 17.5% seen in mid-2024, indicating limited pricing power in a capacity-rich market.
The gross margin recovery is modest and still below prior peaks, suggesting that the buy-sell spread remains under pressure despite volume growth. Operating margin swung to a positive 0.1% in 2026Q2, but this is near breakeven and does not yet reflect sustainable profitability. The negative net margin of -0.5% in 2026Q2 underscores that the company is still not generating bottom-line earnings, and the improvement is fragile.
ROIC Stagnant Near Zero
ROIC has hovered between -1.0% and 0.6% over the past ten quarters, with 2026Q2 at 0.0%, indicating that the company is not generating returns above its cost of capital, per reported figures.
The near-zero ROIC suggests that the capital deployed, including the Coyote acquisition, is not yet yielding positive economic returns. ROE remains negative at -0.6% in 2026Q2, reflecting the retained earnings deficit and cumulative losses. This implies that the company is destroying value at the operating level, and any recovery in returns will depend on margin expansion rather than asset efficiency, which is already low at 0.53 asset turnover.
Working Capital Cycle Stretched
DSO rose to 68 days in 2026Q2 from 65 days in 2024Q4, while DPO data is unavailable, suggesting that RXO's cash conversion cycle may be lengthening, per reported quarterly data.
The increase in DSO indicates that RXO is taking longer to collect from shippers, which could strain liquidity given the thin cash balance of $18 million. The lack of DPO data limits a full assessment of the cash conversion cycle, but the trend in DSO alone suggests that working capital efficiency is deteriorating. This is particularly concerning in a low-margin environment where cash generation is already weak.
Debt Load Grows Amid Losses
RXO's D/E ratio climbed to 0.48 in 2026Q2 from 0.41 in 2024Q4, with total debt of $728M, while interest coverage remains near zero, per reported balance sheet data.
The rising leverage is driven by acquisition-related debt, and the interest coverage ratio of 0.11 in 2026Q2 indicates that operating income is barely sufficient to cover interest expenses. This leaves little room for error if margins do not improve, and the company may face refinancing risk if credit conditions tighten. The D/EBITDA of 9.10 is elevated, suggesting that debt levels are high relative to current earnings, though this metric is distorted by the low EBITDA base.
Thin Cash Buffer Raises Risk
RXO's current ratio of 1.27 in 2026Q2 is stable, but the cash balance of $18 million is minimal relative to $1.8B quarterly revenue, leaving little cushion for shocks, per reported figures.
The current ratio appears adequate, but the quick ratio is identical at 1.27, indicating that inventory is not a significant factor, which is typical for a brokerage. However, the low cash position means that RXO is highly dependent on its revolving credit facilities for daily operations, and any disruption in access to credit could be problematic. The negative operating cash flow in 2026Q2 further underscores the fragility of the liquidity position.
Misapplied P/E on Cyclical Broker
The most commonly misapplied ratio for RXO is the P/E, which is negative and meaningless given the company's net losses; instead, EV/EBITDA or price-to-net-revenue should be used, per reported data.
The trailing P/E of -37.61 and forward P/E of 410.93 are not informative because RXO is not profitable, and the forward multiple implies an unrealistic earnings recovery. EV/EBITDA of 41.31 is more relevant but still high, reflecting the market's pricing of future growth potential. Investors should focus on gross profit (net revenue) as the true top-line measure, as headline revenue includes pass-through costs, and monitor the SG&A-to-gross-profit ratio for operational leverage.