Latest Ratios: P/E Ratio -7.6x · EV/EBITDA 10.0x · ROE N/A. (2018–2025 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 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $174M | $286M | $430M | $512M | $580M | $488M | — | — | — |
| Enterprise Value | $665M | $777M | $793M | $891M | $718M | $599M | — | — | — |
| P/E Ratio → | -7.57 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.64 | 0.91 | 1.34 | 1.61 | 2.38 | 3.15 | — | — | — |
| P/B Ratio | — | — | — | — | — | — | — | — | — |
| P/FCF | — | 11.58 | 61.80 | 21.78 | 16.14 | 50.92 | — | — | — |
| P/OCF | 6.13 | 10.12 | 36.86 | 15.65 | 11.14 | 33.80 | — | — | — |
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 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.47 | 2.48 | 2.80 | 2.95 | 3.86 | — | — | — |
| EV / EBITDA | 10.01 | 8.49 | — | 17.20 | 25.09 | — | — | — | — |
| EV / EBIT | 8.35 | — | — | 16.52 | 24.18 | 228.40 | — | — | — |
| EV / FCF | — | 31.43 | 113.92 | 37.90 | 20.00 | 62.45 | — | — | — |
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 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.6% | 75.6% | 81.4% | 69.0% | 66.2% | 65.0% | 61.3% | 57.1% | 50.5% |
| Operating Margin | 25.3% | 25.3% | -16.7% | 11.0% | 5.5% | -19.9% | 7.3% | -16.3% | -61.1% |
| Net Profit Margin | -10.7% | -10.7% | -20.3% | -1.3% | 0.5% | -12.1% | -12.8% | -28.8% | -71.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | -86.8% | -83.6% | -68.3% |
| ROA | -9.0% | -9.0% | -13.9% | -0.8% | 0.3% | -5.1% | -4.2% | -11.9% | -14.2% |
| ROIC | 69.7% | 69.7% | -23.5% | 23.7% | — | -60.5% | 3.4% | -8.7% | -14.0% |
| ROCE | 30.3% | 30.3% | -14.7% | 8.2% | 3.5% | -10.0% | 2.9% | -8.1% | -14.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 38.49 | 5.74 | 2.29 |
| Debt / EBITDA | 5.73 | 5.73 | — | 7.85 | 5.95 | — | 11.83 | — | — |
| Net Debt / Equity | — | — | — | — | — | — | 36.11 | 5.39 | 2.11 |
| Net Debt / EBITDA | 5.36 | 5.36 | — | 7.32 | 4.83 | — | 11.10 | — | — |
| Debt / FCF | — | 19.85 | 52.12 | 16.12 | 3.85 | 11.53 | — | — | — |
| Interest Coverage | -0.06 | -0.06 | -1.14 | 1.39 | 2.28 | 0.11 | -0.04 | -1.30 | -5.78 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.82 | 0.82 | 0.78 | 1.05 | 1.18 | 0.78 | 0.60 | 0.56 | 0.52 |
| Quick Ratio | 0.80 | 0.80 | 0.69 | 0.89 | 1.03 | 0.67 | 0.48 | 0.48 | 0.42 |
| Cash Ratio | 0.29 | 0.29 | 0.15 | 0.30 | 0.44 | 0.32 | 0.21 | 0.17 | 0.24 |
| Asset Turnover | — | 0.91 | 0.79 | 0.60 | 0.50 | 0.37 | 0.33 | 0.40 | 0.20 |
| Inventory Turnover | 34.55 | 34.55 | 5.94 | 6.70 | 7.57 | 7.84 | 6.69 | 11.61 | 6.48 |
| Days Sales Outstanding | — | 41.62 | 36.38 | 37.83 | 40.63 | 32.94 | 17.79 | 30.47 | 27.27 |
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 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.5% | 2.0% | 1.3% | 1.4% | 2.8% | 2.2% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | 8.6% | 1.6% | 4.6% | 6.2% | 2.0% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 9.8% | 0.0% | 31.4% | — | — | — |
| Total Shareholder Yield | 3.5% | 2.0% | 1.3% | 11.2% | 2.8% | 33.6% | — | — | — |
| Shares Outstanding | — | $35M | $32M | $40M | $25M | $24M | $23M | $23M | $23M |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying XPOF stock.
Xponential Fitness, Inc.'s current P/E ratio is -7.6x. This places it at the 50th percentile of its historical range.
Xponential Fitness, Inc.'s current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.9x.
Based on historical data, Xponential Fitness, Inc. is trading at a P/E of -7.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Xponential Fitness, Inc.'s current dividend yield is 3.52%.
Xponential Fitness, Inc. has 75.6% gross margin and 25.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Xponential Fitness, Inc.'s Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative equity with weak liquidity
Metrics are mathematically derived from official filings.
Low Sales Multiple Reflects Shrinking Revenue Base
Based on the supplied multiples, XPOF trades at 0.55 times sales and 7.26 times trailing EBITDA, a discount that may reflect the reported 13.4% year-over-year revenue decline to $66.0M in 2026Q2.
The 0.55 price-to-sales ratio sits low against the 8.71 forward EV/EBITDA, which implies the market expects earnings recovery from a depressed base rather than sustained top-line growth. The trailing P/E of -3.16 is not meaningful given losses, so the forward P/E of 20.24 carries more weight, though it depends on margin durability that the contracting revenue line does not yet support. Investors should monitor whether the EV/EBITDA discount narrows as operating margin of 14.4% persists alongside falling sales.
Margin Recovery Against Persistent Net Losses
As reported in the ratio data, XPOF's gross margin rose to 85.2% and operating margin to 14.4% in 2026Q2, yet the net margin remained at -6.3%, indicating a persistent gap below the operating line.
The expansion in gross margin from 64.1% in 2024Q2 suggests a shift in revenue mix or cost structure, but the net margin has stayed negative across most recent quarters, pointing to significant non-operating drag such as interest or impairment charges. Operating margin is volatile, moving from -62.2% to 14.4% within six quarters, so it may not represent stable earning power. Adjusted earnings quality warrants further investigation before treating the operating margin as a durable base.
ROIC Decaying From Prior Peak
Based on reported ratios, XPOF's ROIC fell from 21.8% in 2025Q2 to 9.1% in 2026Q1, and ROA has been negative in the two most recent quarters, indicating eroding returns on invested capital.
The decline in ROIC coincides with a shrinking asset base, with total assets falling from $508.4M in 2024Q1 to $309.8M in 2026Q2, so the drop is partly a function of a smaller denominator rather than purely weaker operations. ROE is not meaningful given negative equity of -$376.1M, which makes return-on-equity comparisons unreliable. The trend suggests returns are decaying, and investors should monitor whether ROIC stabilizes once revenue contraction ends.
Debt Reclassification Obscures True Leverage
As reported in the balance sheet, total debt dropped to $26.1M in 2026Q2 from $522.8M in 2026Q1, while interest coverage swung to 0.68 times, leaving leverage trends difficult to interpret from the supplied data.
The abrupt reduction in reported debt suggests a reclassification or restructuring event, but the supplied data does not explain its cause, so reported leverage may not reflect the economic burden. Interest coverage below 1.0 times in the latest quarter indicates operating earnings did not cover interest expense, a level that warrants further investigation. Refinancing and covenant risk cannot be assessed from the provided figures alone.
Current Ratio Below One Limits Buffer
According to reported financial statements, XPOF's current ratio was 0.75 and quick ratio 0.71 in 2026Q2, with cash of $25.0M against a total liability base of $685.9M, leaving a thin buffer.
A current ratio below one, sustained across recent quarters, suggests current obligations exceed current assets, with the quick ratio close to the current ratio implying limited dependence on inventory. Cash of $25.0M is small relative to total liabilities, so the position appears vulnerable under stress. Investors should monitor operating cash burn, which reached -$25.7M in 2026Q2, as it may erode the remaining liquidity cushion.
Margin Gains May Not Survive Revenue Decline
The strongest challenge to the margin-recovery narrative is that operating margin improvement coincides with a 13.4% revenue contraction and -40.1% free cash flow margin, so reported gains may not be durable.
The price-to-sales multiple of 0.55 is often read as cheap, but it is most commonly misapplied here because XPOF's revenue base is contracting and negative equity distorts enterprise value, so a low sales multiple may signal impairment rather than undervaluation. Operating margin of 14.4% sits against a net margin of -6.3% and negative free cash flow, which suggests the operating line overstates cash earning power. Investors should prioritize free cash flow margin and revenue trajectory over the sales multiple until the top line stabilizes.