The company's financial position is increasingly strained, characterized by a negative equity balance of $316.3 million and a compressed current ratio of 0.72 as of 2026Q1.
| Total Current Assets | 71.08M | 94.65M | 84.15M | 97.25M | 85.73M | 51.23M | 32.7M | 31.53M | 24.04M |
| Cash & Short-Term Investments | 21.47M | 33.67M | 16.68M | 27.76M | 31.99M | 21.32M | 11.3M | 9.34M | 11.21M |
| Cash Only | 21.47M | 33.67M | 16.68M | 27.76M | 31.99M | 21.32M | 11.3M | 9.34M | 11.21M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 38.3M | 35.9M | 31.93M | 32.95M | 27.07M | 13.99M | 5.2M | 10.78M | 4.43M |
| Days Sales Outstanding | 36.77 | 41.62 | 36.38 | 37.83 | 40.63 | 32.94 | 17.79 | 30.47 | 27.27 |
| Inventory | 2.5M | 2.22M | 10.02M | 14.72M | 10.86M | 6.93M | 6.16M | 4.77M | 4.53M |
| Days Inventory Outstanding | 27.05 | 10.56 | 61.47 | 54.5 | 48.25 | 46.56 | 54.56 | 31.45 | 56.37 |
| Other Current Assets | 0 | 22.85M | 25.53M | 16.16M | 15.81M | 3.71M | 9M | 4.53M | 2.94M |
| Total Non-Current Assets | 251.33M | 250.99M | 319.25M | 431.45M | 396.96M | 364.32M | 290.13M | 294.14M | 274.3M |
| Property, Plant & Equipment | 22.98M | 24.63M | 38.69M | 90.92M | 48.6M | 12.77M | 13.69M | 13.99M | 7.54M |
| Fixed Asset Turnover | 11.11x | 12.79x | 8.28x | 3.50x | 5.00x | 12.14x | 7.78x | 9.23x | 7.86x |
| Goodwill | 127.79M | 127.79M | 135.24M | 171.6M | 165.7M | 169.07M | 139.68M | 139.6M | 140.87M |
| Intangible Assets | 64.13M | 66.51M | 100.94M | 120.15M | 137.18M | 136.86M | 97.29M | 102.02M | 107.11M |
| Long-Term Investments | 0 | 0 | 0 | 802K | 0 | 3.04M | 0 | 0 | 0 |
| Other Non-Current Assets | 36.43M | 32.06M | 44.38M | 47.98M | 45.48M | 45.61M | 39.47M | 38.54M | 18.79M |
| Total Assets | 322.4M | 345.63M | 403.4M | 528.7M | 482.69M | 415.54M | 322.84M | 325.67M | 298.34M |
| Asset Turnover | 0.84x | 0.91x | 0.79x | 0.60x | 0.50x | 0.37x | 0.33x | 0.40x | 0.20x |
| Asset Growth % | -76.77% | -14.32% | -23.7% | 9.53% | 16.16% | 28.72% | -0.87% | 9.16% | - |
| Total Current Liabilities | 99.02M | 115.97M | 107.89M | 92.31M | 72.78M | 65.89M | 54.92M | 56.33M | 46.35M |
| Accounts Payable | 18.09M | 26.28M | 27.01M | 19.12M | 16.18M | 14.9M | 18.34M | 16.82M | 9.85M |
| Days Payables Outstanding | 126.33 | 124.95 | 165.76 | 70.76 | 71.88 | 100.17 | 162.39 | 110.95 | 122.64 |
| Short-Term Debt | 9.72M | 5.25M | 8.75M | 8.11M | 3.04M | 3.94M | 6.76M | 3.57M | 3.54M |
| Deferred Revenue (Current) | 64.53M | 19.32M | 25.91M | 34.67M | 32M | 22.75M | 0 | 0 | 0 |
| Other Current Liabilities | 48.26M | 13.68M | 11.53M | 16.5M | 10.09M | 20.05M | 21.43M | 27.32M | 25.28M |
| Current Ratio | 0.72x | 0.82x | 0.78x | 1.05x | 1.18x | 0.78x | 0.60x | 0.56x | 0.52x |
| Quick Ratio | 0.69x | 0.80x | 0.69x | 0.89x | 1.03x | 0.67x | 0.48x | 0.48x | 0.42x |
| Cash Conversion Cycle | -62.5 | -72.77 | -67.92 | 21.57 | 17 | -20.67 | -90.04 | -49.03 | -39 |
| Total Non-Current Liabilities | 595.35M | 601.61M | 606.33M | 524.52M | 617.98M | 560.12M | 263.17M | 242.66M | 189.8M |
| Long-Term Debt | 500M | 500.5M | 341.74M | 319.26M | 133.04M | 127.98M | 176M | 149.61M | 138.94M |
| Capital Lease Obligations | 64.7M | 14.24M | 23.86M | 70.14M | 30.58M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 276.89M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 14.12M | 17.3M | 134.79M | 17.82M | 344.89M | 59.56M | 87.17M | 93.05M | 50.86M |
| Total Liabilities | 694.38M | 717.59M | 714.21M | 616.83M | 690.75M | 626.01M | 318.09M | 298.99M | 236.15M |
| Total Debt | 522.82M | 524.69M | 379.62M | 406.62M | 170.44M | 131.93M | 182.77M | 153.18M | 142.48M |
| Net Debt | 501.35M | 491.02M | 362.95M | 378.86M | 138.45M | 110.61M | 171.47M | 143.84M | 131.27M |
| Debt / Equity | -1.41x | - | - | - | - | - | 38.49x | 5.74x | 2.29x |
| Debt / EBITDA | 6.60x | 5.73x | - | 7.85x | 5.95x | - | 11.83x | - | - |
| Net Debt / EBITDA | 6.33x | 5.36x | - | 7.32x | 4.83x | - | 11.10x | - | - |
| Interest Coverage | 1.29x | 1.62x | -1.14x | 1.39x | 2.28x | 0.11x | -0.04x | -1.30x | -5.78x |
| Total Equity | -371.97M | -371.95M | -310.81M | -88.13M | -208.06M | -210.47M | 4.75M | 26.68M | 62.19M |
| Equity Growth % | -63.08% | -19.67% | -252.66% | 57.64% | 1.14% | -4531.86% | -82.2% | -57.1% | - |
| Book Value per Share | -9.97 | -10.69 | -9.71 | -2.22 | -8.23 | -8.81 | 0.21 | 1.16 | 2.70 |
| Total Shareholders' Equity | -316.32M | -269.08M | -216.57M | -10.59M | -154.78M | -654.43M | 4.75M | 26.68M | 62.19M |
| Common Stock | 4K | 4K | 4K | 5K | 5K | 4K | 113.7M | 152.26M | 150.2M |
| Retained Earnings | -741.25M | -740.52M | -701.84M | -630.13M | -641.9M | -643.83M | -107.49M | -93.85M | -56.72M |
| Treasury Stock | -1.7M | -1.7M | -1.7M | -1.7M | -1.7M | 0 | 0 | 0 | 0 |
| Accumulated OCI | -17.02M | 0 | 0 | -15.43M | 0 | -276.89M | -1.46M | -31.73M | -31.3M |
| Minority Interest | -55.65M | -102.87M | -94.24M | -77.55M | -53.28M | 443.96M | 0 | 0 | 0 |
Negative equity and insolvency
As reported in recent financial filings, XPOF's equity position has deteriorated into a deep deficit, reaching negative $316.3 million in 2026Q1, which signals a fundamental weakening of the balance sheet as accumulated losses continue to outpace any potential capital recovery efforts or operational improvements.
The consistent decline in retained earnings, which stood at negative $741.2 million as of 2026Q1, suggests that the company's historical growth strategy has failed to generate sufficient returns to offset its capital structure costs. Investors should monitor whether this trajectory indicates a structural impairment of the business model rather than temporary cyclical pressures.
Based on the company's reported figures, total debt has remained elevated at $522.8 million in 2026Q1, creating a significant interest burden that appears to be the primary driver behind the company's inability to achieve positive net income despite its high-margin franchise royalty revenue streams.
The reliance on debt to fund aggressive brand acquisitions has left the company with a precarious capital structure that lacks the cushion to absorb operational volatility. This leverage profile suggests that any further contraction in system-wide sales could severely limit the company's ability to service its obligations without further dilutive financing.
According to quarterly balance sheet data, the current ratio has compressed to 0.72 in 2026Q1, indicating that XPOF's liquid assets are insufficient to cover its short-term liabilities, which warrants further investigation into the company's ability to manage near-term cash requirements during periods of operational stress.
The decline in cash reserves to $21.5 million, down from $45.9 million in 2025Q4, suggests that the company is operating with a razor-thin margin for error. This liquidity profile may force management to prioritize cash preservation over growth initiatives, potentially stalling the expansion of the studio pipeline.
As indicated in recent balance sheets, goodwill remains a substantial component of total assets at $127.8 million, which suggests that the carrying value of past acquisitions may be at risk of impairment if the underlying studio performance continues to face downward pressure from shifting consumer demand.
The reduction in net property, plant, and equipment to $23.0 million reflects a shift away from capital-intensive assets, yet the concentration of intangible assets leaves the balance sheet vulnerable to non-cash write-downs. Analysts should consider whether these intangible valuations accurately reflect the current market environment for boutique fitness brands.
Quick answers to the most common questions about buying XPOF stock.
As of 2025, Xponential Fitness, Inc. (XPOF) had total assets of $345.6M including $94.6M in current assets.
Xponential Fitness, Inc. (XPOF) carries total debt of $524.7M, offset by $33.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Xponential Fitness, Inc. (XPOF) has total shareholders' equity (book value) of $-269.1M ($-10.69 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Xponential Fitness, Inc. (XPOF) reported a current ratio of 0.82x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.