Xerox Holdings Corporation (XRX) 10-Year Financial Performance & Capital Metrics

XRX • • Industrial / General

TechnologyIT ServicesIT Consulting & Professional ServicesSpecialized Digital Services

AboutXerox Holdings Corporation, a workplace technology company, designs, develops, and sells document management systems and solutions in the United States, Europe, Canada, and internationally. It offers workplace solutions, including desktop monochrome, and color and multifunction printers; digital printing presses and light production devices, and solutions; and digital services that leverage workflow automation, personalization and communication software, content management solutions, and digitization services. The company also provides graphic communications and production solutions; and IT services, end user computing devices, network infrastructure, communications technology, and a range of managed IT solutions, such as technology product support, professional engineering, and commercial robotic process automation. In addition, it provides FreeFlow a portfolio of software solutions for the automation and integration to the processing of print job comprises file preparation, final production, and electronic publishing; XMPie, a personalization and communication software that support the needs of omni-channel communications customers; DocuShare, a content management platform to capture, store, and share paper and digital content; and CareAR, an enterprise augmented reality business. Further, the company sells paper products and wide-format systems. The company sells its products and services directly to its customers through its direct sales force, as well as through independent agents, dealers, value-added resellers, systems integrators, and e-commerce marketplaces. Xerox Holdings Corporation was founded in 1906 and is headquartered in Norwalk, Connecticut.Show more

Revenue $6.22B -9.7%
EBITDA $433M -28.3%
Net Income -$1.32B -132200.0%
EPS (Diluted) -10.75 -12228.0%
Gross Margin 31.51% -6.2%
EBITDA Margin 6.96% -20.6%
Operating Margin 2.56% -50.1%
Net Margin -21.23% -146544.8%
ROE -64.82% -205872.7%
ROIC 2.38% -45.2%
Debt/Equity 2.75 +120.5%
Interest Coverage 1.34 -74.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 16.7% through buybacks
✓Trading at only 0.3x book value

✗Weaknesses

✗High debt to equity ratio of 2.8x
✗Weak momentum: RS Rating 9 (bottom 9%)
✗Sales declining 7.3% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-10.81%

5Y-7.26%

3Y-4.03%

TTM3.67%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM28.06%

EPS CAGR

10Y-

5Y-

3Y-

TTM28.62%

ROCE

10Y Avg5.26%

5Y Avg2.93%

3Y Avg3.1%

Latest2.45%

Peer Comparison

Specialized Digital Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GDYNGrid Dynamics Holdings, Inc.	794.62M	9.37	185.54	12.04%	3.42%	2.58%	2.32%	0.02
EPAMEPAM Systems, Inc.	11.89B	215.24	27.45	0.8%	7.01%	9.97%	4.43%	0.04
KDKyndryl Holdings, Inc.	6.18B	27.05	25.76	-6.2%	3.78%	42.57%	5.45%	2.97
GLOBGlobant S.A.	2.97B	67.48	18.14	15.26%	4.01%	4.45%	7.43%	0.20
CDWCDW Corporation	17.22B	132.29	16.60	-1.77%	4.76%	41.39%	6.7%	2.55
ASGNASGN Incorporated	2.14B	50.02	13.06	-7.88%	3.28%	7.13%	17.08%	0.62
MASK3 E Network Technology Group Ltd Class A Ordinary Shares	7.31M	0.32	2.31	172.95%	40.98%	76.44%	12.72%	0.15
XRXXerox Holdings Corporation	344.43M	2.69	-0.25	-9.66%	-14.79%	-164.48%	100%	2.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	18.05B	10.77B	10.27B	9.83B	9.07B	7.02B	7.04B	7.11B	6.89B	6.22B
Revenue Growth %	-0.08%	-0.4%	-0.05%	-0.04%	-0.08%	-0.23%	0%	0.01%	-0.03%	-0.1%
Cost of Goods Sold+	12.78B	6.51B	6.2B	5.9B	5.42B	4.58B	4.63B	4.79B	4.57B	4.26B
COGS % of Revenue	0.71%	0.6%	0.6%	0.6%	0.6%	0.65%	0.66%	0.67%	0.66%	0.68%
Gross Profit+	5.26B	4.26B	4.06B	3.93B	3.65B	2.44B	2.4B	2.32B	2.31B	1.96B
Gross Margin %	0.29%	0.4%	0.4%	0.4%	0.4%	0.35%	0.34%	0.33%	0.34%	0.32%
Gross Profit Growth %	-0.16%	-0.19%	-0.05%	-0.03%	-0.07%	-0.33%	-0.02%	-0.04%	-0%	-0.15%
Operating Expenses+	4.43B	3.23B	3.13B	2.83B	2.5B	2.14B	2.08B	2.11B	1.96B	1.8B
OpEx % of Revenue	0.25%	0.3%	0.3%	0.29%	0.28%	0.3%	0.3%	0.3%	0.28%	0.29%
Selling, General & Admin	3.56B	2.69B	2.63B	2.39B	2.08B	1.88B	1.72B	1.76B	1.7B	1.54B
SG&A % of Revenue	0.2%	0.25%	0.26%	0.24%	0.23%	0.27%	0.24%	0.25%	0.25%	0.25%
Research & Development	563M	476M	446M	397M	373M	258M	310M	304M	229M	191M
R&D % of Revenue	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%	0.03%
Other Operating Expenses	-233M	-200M	-141M	-268M	45M	0	55M	42M	36M	73M
Operating Income+	831M	1.03B	931M	1.09B	1.39B	300M	320M	212M	353M	159M
Operating Margin %	0.05%	0.1%	0.09%	0.11%	0.15%	0.04%	0.05%	0.03%	0.05%	0.03%
Operating Income Growth %	-0.47%	0.24%	-0.1%	0.17%	0.27%	-0.78%	0.07%	-0.34%	0.67%	-0.55%
EBITDA+	2.02B	1.59B	1.45B	1.62B	1.82B	672M	647M	482M	604M	433M
EBITDA Margin %	0.11%	0.15%	0.14%	0.17%	0.2%	0.1%	0.09%	0.07%	0.09%	0.07%
EBITDA Growth %	-0.32%	-0.21%	-0.09%	0.12%	0.12%	-0.63%	-0.04%	-0.26%	0.25%	-0.28%
D&A (Non-Cash Add-back)	1.19B	563M	523M	531M	435M	372M	327M	270M	251M	274M
EBIT	1.14B	749M	689M	710M	931M	346M	-376M	-234M	40M	-1.1B
Net Interest Income+	-210M	-176M	-111M	-99M	-89M	-80M	-92M	-80M	-52M	-105M
Interest Income	6M	5M	8M	15M	16M	14M	4M	11M	16M	14M
Interest Expense	216M	181M	119M	114M	105M	94M	96M	91M	68M	119M
Other Income/Expense	-222M	-580M	-361M	-496M	171M	-44M	-792M	-537M	-381M	-1.38B
Pretax Income+	412M	568M	570M	598M	822M	256M	-472M	-325M	-28M	-1.22B
Pretax Margin %	0.02%	0.05%	0.06%	0.06%	0.09%	0.04%	-0.07%	-0.05%	-0%	-0.2%
Income Tax+	-23M	-62M	481M	257M	179M	64M	-17M	-3M	-29M	105M
Effective Tax Rate %	1.18%	1.08%	0.34%	0.6%	0.78%	0.75%	0.96%	0.99%	-0.04%	1.09%
Net Income+	488M	616M	195M	361M	643M	192M	-455M	-322M	1M	-1.32B
Net Margin %	0.03%	0.06%	0.02%	0.04%	0.07%	0.03%	-0.06%	-0.05%	0%	-0.21%
Net Income Growth %	-0.5%	0.26%	-0.68%	0.85%	0.78%	-0.7%	-3.37%	0.29%	1%	-1322%
Net Income (Continuing)	840M	633M	89M	341M	651M	192M	-455M	-322M	1M	-1.32B
Discontinued Operations	0	-1.22B	3M	0	702M	0	0	0	0	0
Minority Interest	43M	38M	37M	34M	7M	4M	17M	20M	20M	14M
EPS (Diluted)+	1.58	-1.95	0.71	1.43	2.90	0.84	-2.56	-2.15	-0.09	-10.75
EPS Growth %	-0.53%	-2.23%	1.36%	1.01%	1.03%	-0.71%	-4.05%	0.16%	0.96%	-122.28%
EPS (Basic)	1.59	-1.95	0.71	1.45	2.90	0.85	-2.56	-2.15	-0.09	-10.75
Diluted Shares Outstanding	269.06M	256M	256.57M	251.66M	221.97M	211.44M	183.17M	156.01M	149.12M	124.21M
Basic Shares Outstanding	266.13M	253.39M	254.34M	248.71M	221.97M	208.98M	183.17M	156.01M	149.12M	124.21M
Dividend Payout Ratio	0.62%	0.5%	1.41%	0.75%	0.38%	1.2%	-	-	165%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	6.68B	6.99B	5.23B	4.7B	6.14B	5.78B	4.7B	4.11B	3.18B	2.94B
Cash & Short-Term Investments	1.37B	2.22B	1.29B	1.08B	2.74B	2.63B	1.84B	1.04B	519M	576M
Cash Only	1.37B	2.22B	1.29B	1.08B	2.74B	2.63B	1.84B	1.04B	519M	576M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	2.56B	1.01B	2.83B	2.61B	2.53B	2.09B	1.97B	2.04B	1.78B	1.47B
Days Sales Outstanding	51.8	34.19	100.59	96.8	101.94	108.79	101.91	104.67	94.14	86.48
Inventory	942M	841M	915M	818M	694M	843M	696M	797M	661M	695M
Days Inventory Outstanding	26.9	47.15	53.83	50.58	46.77	67.17	54.81	60.74	52.77	59.53
Other Current Assets	1.8B	2.92B	123M	148M	145M	168M	138M	166M	159M	134M
Total Non-Current Assets+	18.12B	11.15B	10.72B	10.18B	8.91B	8.96B	8.52B	7.44B	6.83B	5.43B
Property, Plant & Equipment	1.49B	1.14B	1.08B	941M	1.11B	1.01B	875M	770M	703M	675M
Fixed Asset Turnover	12.10x	9.49x	9.48x	10.45x	8.17x	6.93x	8.04x	9.23x	9.80x	9.22x
Goodwill	8.82B	3.79B	3.93B	3.87B	3.9B	4.07B	3.29B	2.82B	2.75B	1.94B
Intangible Assets	1.76B	290M	268M	220M	321M	355M	331M	303M	245M	296M
Long-Term Investments	1.39B	1.39B	1.4B	1.4B	2.18B	47M	53M	59M	1.69B	89M
Other Non-Current Assets	3.94B	2.15B	3B	3.01B	795M	2.96B	3.46B	2.9B	700M	1.82B
Total Assets+	24.8B	18.14B	15.95B	14.87B	15.05B	14.74B	13.22B	11.54B	10.01B	8.37B
Asset Turnover	0.73x	0.59x	0.64x	0.66x	0.60x	0.48x	0.53x	0.62x	0.69x	0.74x
Asset Growth %	-0.1%	-0.27%	-0.12%	-0.07%	0.01%	-0.02%	-0.1%	-0.13%	-0.13%	-0.16%
Total Current Liabilities+	5.23B	4.65B	2.74B	3.25B	3.44B	2.48B	2.83B	3.33B	2.78B	2.62B
Accounts Payable	1.34B	1.13B	1.11B	1.07B	1.05B	983M	1.07B	1.33B	1.04B	1.02B
Days Payables Outstanding	38.32	63.13	65.19	66.35	70.96	78.32	84.18	101.44	83.35	87.63
Short-Term Debt	962M	1.01B	282M	961M	1.14B	394M	650M	860M	567M	585M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	2.29B	1.82B	730M	661M	730M	608M	457M	643M	357M	238M
Current Ratio	1.28x	1.50x	1.91x	1.44x	1.79x	2.33x	1.66x	1.23x	1.14x	1.12x
Quick Ratio	1.10x	1.32x	1.57x	1.19x	1.59x	1.99x	1.42x	0.99x	0.91x	0.86x
Cash Conversion Cycle	40.38	18.21	89.24	81.03	77.75	97.64	72.53	63.97	63.56	58.39
Total Non-Current Liabilities+	10.1B	8.44B	7.7B	6.37B	5.8B	6.45B	5.94B	4.64B	4.46B	4.44B
Long-Term Debt	6.32B	5.3B	5.24B	4.27B	3.23B	4.05B	3.6B	2.87B	2.71B	2.81B
Capital Lease Obligations	0	0	0	-1.78B	265M	257M	209M	161M	141M	143M
Deferred Tax Liabilities	60M	42M	42M	51M	37M	35M	108M	95M	95M	85M
Other Non-Current Liabilities	4.35B	3.13B	2.42B	269M	2.27B	2.11B	2.03B	1.51B	1.51B	1.4B
Total Liabilities	15.32B	13.09B	10.44B	9.62B	9.24B	8.93B	8.77B	7.97B	7.24B	7.06B
Total Debt+	7.37B	6.32B	5.52B	5.23B	4.64B	4.79B	4.54B	3.96B	3.46B	3.59B
Net Debt	6B	4.09B	4.22B	4.15B	1.9B	2.16B	2.7B	2.91B	2.94B	3.01B
Debt / Equity	0.78x	1.25x	1.00x	1.00x	0.80x	0.82x	1.02x	1.11x	1.25x	2.75x
Debt / EBITDA	3.65x	3.96x	3.79x	3.22x	2.54x	7.12x	7.01x	8.21x	5.73x	8.29x
Net Debt / EBITDA	2.97x	2.57x	2.91x	2.55x	1.04x	3.22x	4.17x	6.04x	4.87x	6.96x
Interest Coverage	3.85x	5.70x	7.82x	9.58x	13.22x	3.19x	3.33x	2.33x	5.19x	1.34x
Total Equity+	9.48B	5.05B	5.51B	5.25B	5.81B	5.81B	4.45B	3.58B	2.77B	1.3B
Equity Growth %	-0.14%	-0.47%	0.09%	-0.05%	0.11%	0%	-0.23%	-0.2%	-0.23%	-0.53%
Book Value per Share	35.23	19.75	21.46	20.87	26.17	27.48	24.31	22.93	18.59	10.50
Total Shareholders' Equity	9.44B	5.02B	5.47B	5.22B	5.8B	5.81B	4.44B	3.56B	2.75B	1.29B
Common Stock	1.01B	1.01B	255M	232M	215M	198M	168M	156M	123M	124M
Retained Earnings	9.7B	5.65B	4.86B	5.07B	6.31B	6.28B	5.63B	5.14B	4.98B	3.51B
Treasury Stock	0	0	0	-55M	-76M	0	-177M	0	0	0
Accumulated OCI	-4.64B	-4.96B	-3.75B	-3.56B	-3.65B	-3.33B	-2.99B	-3.54B	-3.68B	-3.7B
Minority Interest	43M	38M	37M	34M	7M	4M	17M	20M	20M	14M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.61B	1.02B	34M	1.14B	1.33B	548M	629M	159M	686M	511M
Operating CF Margin %	0.09%	0.09%	0%	0.12%	0.15%	0.08%	0.09%	0.02%	0.1%	0.08%
Operating CF Growth %	-0.22%	-0.37%	-0.97%	32.53%	0.17%	-0.59%	0.15%	-0.75%	3.31%	-0.26%
Net Income	506M	627M	204M	374M	651M	192M	-455M	-322M	1M	-1.32B
Depreciation & Amortization	1.19B	563M	527M	526M	430M	368M	327M	270M	251M	274M
Stock-Based Compensation	46M	50M	52M	57M	50M	42M	54M	75M	54M	52M
Deferred Taxes	32M	-9M	399M	135M	124M	34M	-89M	-27M	-68M	90M
Other Non-Cash Items	83M	382M	-906M	-47M	25M	82M	476M	308M	196M	1.14B
Working Capital Changes	-246M	-595M	-242M	95M	53M	-170M	316M	-145M	252M	278M
Change in Receivables	103M	-25M	-367M	196M	111M	552M	61M	-189M	609M	734M
Change in Inventory	-101M	7M	-69M	35M	109M	-134M	88M	-143M	123M	-122M
Change in Payables	-141M	-356M	-291M	-18M	-47M	-123M	118M	278M	-290M	-48M
Cash from Investing+	508M	-292M	-31M	-29M	2.15B	-246M	-85M	-78M	-5M	-198M
Capital Expenditures	-342M	-138M	-105M	-90M	-65M	-74M	-68M	-57M	-37M	-44M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	121M	-124M	141M	2M	2.23B	1M	-8M	-15M	-4M	-28M
Cash from Financing+	-2.07B	584M	-985M	-1.3B	-1.83B	-416M	-1.31B	-822M	-1.2B	-271M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-326M	-331M	-291M	-269M	-243M	-230M	-206M	-174M	-165M	-141M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-44M	-10M	128M	-25M	-41M	-19M	-8M	-6M	-15M	-37M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.27B	880M	-71M	1.05B	1.27B	474M	561M	102M	649M	467M
FCF Margin %	0.07%	0.08%	-0.01%	0.11%	0.14%	0.07%	0.08%	0.01%	0.09%	0.08%
FCF Growth %	-0.21%	-0.31%	-1.08%	15.79%	0.21%	-0.63%	0.18%	-0.82%	5.36%	-0.28%
FCF per Share	4.72	3.44	-0.28	4.17	5.71	2.24	3.06	0.65	4.35	3.76
FCF Conversion (FCF/Net Income)	3.30x	1.65x	0.17x	3.16x	2.07x	2.85x	-1.38x	-0.49x	686.00x	-0.39x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.75%	8.48%	3.69%	6.71%	11.63%	3.31%	-8.87%	-8.02%	0.03%	-64.82%
Return on Invested Capital (ROIC)	3.79%	6.29%	7.4%	8.56%	12.17%	2.87%	3.17%	2.33%	4.34%	2.38%
Gross Margin	29.17%	39.56%	39.56%	39.95%	40.26%	34.76%	34.14%	32.62%	33.6%	31.51%
Net Margin	2.7%	5.72%	1.9%	3.67%	7.09%	2.73%	-6.46%	-4.53%	0.01%	-21.23%
Debt / Equity	0.78x	1.25x	1.00x	1.00x	0.80x	0.82x	1.02x	1.11x	1.25x	2.75x
Interest Coverage	3.85x	5.70x	7.82x	9.58x	13.22x	3.19x	3.33x	2.33x	5.19x	1.34x
FCF Conversion	3.30x	1.65x	0.17x	3.16x	2.07x	2.85x	-1.38x	-0.49x	686.00x	-0.39x
Revenue Growth	-7.65%	-40.31%	-4.7%	-4.24%	-7.77%	-22.55%	0.23%	0.98%	-3.11%	-9.66%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	-	3.23B	2.45B	2.58B	2.8B	2.72B	2.38B
Product Growth	-	-	-	-	-	-24.11%	5.43%	8.44%	-2.86%	-12.57%
Service Arrangements	-	-	-	2.43B	2.52B	2.01B	1.99B	1.95B	1.98B	1.85B
Service Arrangements Growth	-	-	-	-	3.75%	-19.98%	-1.14%	-1.91%	1.59%	-6.60%
Maintenance	-	-	-	2.47B	2.37B	1.8B	1.79B	1.73B	1.63B	1.52B
Maintenance Growth	-	-	-	-	-3.93%	-23.99%	-0.89%	-3.19%	-5.72%	-7.05%
Manufactured Product, Other	-	-	-	2.2B	2.06B	1.56B	1.58B	1.62B	1.66B	1.38B
Manufactured Product, Other Growth	-	-	-	-	-6.27%	-24.15%	1.09%	2.72%	1.91%	-16.74%
Supplies, Paper And Other Sales	-	-	-	1.77B	1.17B	885M	1B	1.18B	1.06B	1B
Supplies, Paper And Other Sales Growth	-	-	-	-	-34.26%	-24.03%	13.11%	17.48%	-9.44%	-6.10%
Rental And Other	-	-	-	695M	706M	530M	457M	417M	360M	323M
Rental And Other Growth	-	-	-	-	1.58%	-24.93%	-13.77%	-8.75%	-13.67%	-10.28%
Financial Service	-	-	-	268M	244M	226M	221M	207M	191M	151M
Financial Service Growth	-	-	-	-	-8.96%	-7.38%	-2.21%	-6.33%	-7.73%	-20.94%
Service	-	-	-	-	5.59B	-	-	-	-	-
Service Growth	-	-	-	-	-	-	-	-	-	-
Document Technology	7.37B	6.71B	-	-	-	-	-	-	-	-
Document Technology Growth	-	-8.91%	-	-	-	-	-	-	-	-
Services	116M	3.5B	-	-	-	-	-	-	-	-
Services Growth	-	2921.55%	-	-	-	-	-	-	-	-
Others	543M	557M	-	-	-	-	-	-	-	-
Others Growth	-	2.58%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	12.56B	6.4B	6.06B	5.78B	5.43B	4.19B	3.98B	4.01B	3.83B	3.44B
UNITED STATES Growth	-	-49.01%	-5.29%	-4.72%	-6.04%	-22.90%	-4.87%	0.80%	-4.68%	-10.17%
Europe	3.78B	2.86B	2.7B	2.63B	2.33B	1.88B	2.02B	1.94B	1.95B	1.84B
Europe Growth	-	-24.37%	-5.73%	-2.67%	-11.39%	-19.05%	7.43%	-4.35%	0.83%	-5.54%
CANADA	-	-	-	569M	518M	393M	398M	545M	554M	487M
CANADA Growth	-	-	-	-	-8.96%	-24.13%	1.27%	36.93%	1.65%	-12.09%
Other Geographical Markets	-	-	-	858M	793M	560M	635M	-	555M	454M
Other Geographical Markets Growth	-	-	-	-	-7.58%	-29.38%	13.39%	-	-	-18.20%
Geographical, other countries	1.71B	1.51B	1.5B	-	1.31B	560M	635M	613M	-	-
Geographical, other countries Growth	-	-11.61%	-0.20%	-	-	-57.28%	13.39%	-3.46%	-	-

Frequently Asked Questions

Growth & Financials

Xerox Holdings Corporation (XRX) reported $6.61B in revenue for fiscal year 2024. This represents a 70% decrease from $21.99B in 2011.

Xerox Holdings Corporation (XRX) saw revenue decline by 9.7% over the past year.

Xerox Holdings Corporation (XRX) reported a net loss of $977.0M for fiscal year 2024.

Dividend & Returns

Yes, Xerox Holdings Corporation (XRX) pays a dividend with a yield of 42.20%. This makes it attractive for income-focused investors.

Xerox Holdings Corporation (XRX) has a return on equity (ROE) of -64.8%. Negative ROE indicates the company is unprofitable.

Xerox Holdings Corporation (XRX) generated $326.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Xerox Holdings Corporation (XRX) 10-Year Financial Performance & Capital Metrics

XRX • • Industrial / General

TechnologyIT ServicesIT Consulting & Professional ServicesSpecialized Digital Services

Revenue $6.22B -9.7%
EBITDA $433M -28.3%
Net Income -$1.32B -132200.0%
EPS (Diluted) -10.75 -12228.0%
Gross Margin 31.51% -6.2%
EBITDA Margin 6.96% -20.6%
Operating Margin 2.56% -50.1%
Net Margin -21.23% -146544.8%
ROE -64.82% -205872.7%
ROIC 2.38% -45.2%
Debt/Equity 2.75 +120.5%
Interest Coverage 1.34 -74.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 16.7% through buybacks
✓Trading at only 0.3x book value

✗Weaknesses

✗High debt to equity ratio of 2.8x
✗Weak momentum: RS Rating 9 (bottom 9%)
✗Sales declining 7.3% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-10.81%

5Y-7.26%

3Y-4.03%

TTM3.67%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM28.06%

EPS CAGR

10Y-

5Y-

3Y-

TTM28.62%

ROCE

10Y Avg5.26%

5Y Avg2.93%

3Y Avg3.1%

Latest2.45%

Peer Comparison

Specialized Digital Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GDYNGrid Dynamics Holdings, Inc.	794.62M	9.37	185.54	12.04%	3.42%	2.58%	2.32%	0.02
EPAMEPAM Systems, Inc.	11.89B	215.24	27.45	0.8%	7.01%	9.97%	4.43%	0.04
KDKyndryl Holdings, Inc.	6.18B	27.05	25.76	-6.2%	3.78%	42.57%	5.45%	2.97
GLOBGlobant S.A.	2.97B	67.48	18.14	15.26%	4.01%	4.45%	7.43%	0.20
CDWCDW Corporation	17.22B	132.29	16.60	-1.77%	4.76%	41.39%	6.7%	2.55
ASGNASGN Incorporated	2.14B	50.02	13.06	-7.88%	3.28%	7.13%	17.08%	0.62
MASK3 E Network Technology Group Ltd Class A Ordinary Shares	7.31M	0.32	2.31	172.95%	40.98%	76.44%	12.72%	0.15
XRXXerox Holdings Corporation	344.43M	2.69	-0.25	-9.66%	-14.79%	-164.48%	100%	2.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	18.05B	10.77B	10.27B	9.83B	9.07B	7.02B	7.04B	7.11B	6.89B	6.22B
Revenue Growth %	-0.08%	-0.4%	-0.05%	-0.04%	-0.08%	-0.23%	0%	0.01%	-0.03%	-0.1%
Cost of Goods Sold+	12.78B	6.51B	6.2B	5.9B	5.42B	4.58B	4.63B	4.79B	4.57B	4.26B
COGS % of Revenue	0.71%	0.6%	0.6%	0.6%	0.6%	0.65%	0.66%	0.67%	0.66%	0.68%
Gross Profit+	5.26B	4.26B	4.06B	3.93B	3.65B	2.44B	2.4B	2.32B	2.31B	1.96B
Gross Margin %	0.29%	0.4%	0.4%	0.4%	0.4%	0.35%	0.34%	0.33%	0.34%	0.32%
Gross Profit Growth %	-0.16%	-0.19%	-0.05%	-0.03%	-0.07%	-0.33%	-0.02%	-0.04%	-0%	-0.15%
Operating Expenses+	4.43B	3.23B	3.13B	2.83B	2.5B	2.14B	2.08B	2.11B	1.96B	1.8B
OpEx % of Revenue	0.25%	0.3%	0.3%	0.29%	0.28%	0.3%	0.3%	0.3%	0.28%	0.29%
Selling, General & Admin	3.56B	2.69B	2.63B	2.39B	2.08B	1.88B	1.72B	1.76B	1.7B	1.54B
SG&A % of Revenue	0.2%	0.25%	0.26%	0.24%	0.23%	0.27%	0.24%	0.25%	0.25%	0.25%
Research & Development	563M	476M	446M	397M	373M	258M	310M	304M	229M	191M
R&D % of Revenue	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%	0.03%
Other Operating Expenses	-233M	-200M	-141M	-268M	45M	0	55M	42M	36M	73M
Operating Income+	831M	1.03B	931M	1.09B	1.39B	300M	320M	212M	353M	159M
Operating Margin %	0.05%	0.1%	0.09%	0.11%	0.15%	0.04%	0.05%	0.03%	0.05%	0.03%
Operating Income Growth %	-0.47%	0.24%	-0.1%	0.17%	0.27%	-0.78%	0.07%	-0.34%	0.67%	-0.55%
EBITDA+	2.02B	1.59B	1.45B	1.62B	1.82B	672M	647M	482M	604M	433M
EBITDA Margin %	0.11%	0.15%	0.14%	0.17%	0.2%	0.1%	0.09%	0.07%	0.09%	0.07%
EBITDA Growth %	-0.32%	-0.21%	-0.09%	0.12%	0.12%	-0.63%	-0.04%	-0.26%	0.25%	-0.28%
D&A (Non-Cash Add-back)	1.19B	563M	523M	531M	435M	372M	327M	270M	251M	274M
EBIT	1.14B	749M	689M	710M	931M	346M	-376M	-234M	40M	-1.1B
Net Interest Income+	-210M	-176M	-111M	-99M	-89M	-80M	-92M	-80M	-52M	-105M
Interest Income	6M	5M	8M	15M	16M	14M	4M	11M	16M	14M
Interest Expense	216M	181M	119M	114M	105M	94M	96M	91M	68M	119M
Other Income/Expense	-222M	-580M	-361M	-496M	171M	-44M	-792M	-537M	-381M	-1.38B
Pretax Income+	412M	568M	570M	598M	822M	256M	-472M	-325M	-28M	-1.22B
Pretax Margin %	0.02%	0.05%	0.06%	0.06%	0.09%	0.04%	-0.07%	-0.05%	-0%	-0.2%
Income Tax+	-23M	-62M	481M	257M	179M	64M	-17M	-3M	-29M	105M
Effective Tax Rate %	1.18%	1.08%	0.34%	0.6%	0.78%	0.75%	0.96%	0.99%	-0.04%	1.09%
Net Income+	488M	616M	195M	361M	643M	192M	-455M	-322M	1M	-1.32B
Net Margin %	0.03%	0.06%	0.02%	0.04%	0.07%	0.03%	-0.06%	-0.05%	0%	-0.21%
Net Income Growth %	-0.5%	0.26%	-0.68%	0.85%	0.78%	-0.7%	-3.37%	0.29%	1%	-1322%
Net Income (Continuing)	840M	633M	89M	341M	651M	192M	-455M	-322M	1M	-1.32B
Discontinued Operations	0	-1.22B	3M	0	702M	0	0	0	0	0
Minority Interest	43M	38M	37M	34M	7M	4M	17M	20M	20M	14M
EPS (Diluted)+	1.58	-1.95	0.71	1.43	2.90	0.84	-2.56	-2.15	-0.09	-10.75
EPS Growth %	-0.53%	-2.23%	1.36%	1.01%	1.03%	-0.71%	-4.05%	0.16%	0.96%	-122.28%
EPS (Basic)	1.59	-1.95	0.71	1.45	2.90	0.85	-2.56	-2.15	-0.09	-10.75
Diluted Shares Outstanding	269.06M	256M	256.57M	251.66M	221.97M	211.44M	183.17M	156.01M	149.12M	124.21M
Basic Shares Outstanding	266.13M	253.39M	254.34M	248.71M	221.97M	208.98M	183.17M	156.01M	149.12M	124.21M
Dividend Payout Ratio	0.62%	0.5%	1.41%	0.75%	0.38%	1.2%	-	-	165%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	6.68B	6.99B	5.23B	4.7B	6.14B	5.78B	4.7B	4.11B	3.18B	2.94B
Cash & Short-Term Investments	1.37B	2.22B	1.29B	1.08B	2.74B	2.63B	1.84B	1.04B	519M	576M
Cash Only	1.37B	2.22B	1.29B	1.08B	2.74B	2.63B	1.84B	1.04B	519M	576M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	2.56B	1.01B	2.83B	2.61B	2.53B	2.09B	1.97B	2.04B	1.78B	1.47B
Days Sales Outstanding	51.8	34.19	100.59	96.8	101.94	108.79	101.91	104.67	94.14	86.48
Inventory	942M	841M	915M	818M	694M	843M	696M	797M	661M	695M
Days Inventory Outstanding	26.9	47.15	53.83	50.58	46.77	67.17	54.81	60.74	52.77	59.53
Other Current Assets	1.8B	2.92B	123M	148M	145M	168M	138M	166M	159M	134M
Total Non-Current Assets+	18.12B	11.15B	10.72B	10.18B	8.91B	8.96B	8.52B	7.44B	6.83B	5.43B
Property, Plant & Equipment	1.49B	1.14B	1.08B	941M	1.11B	1.01B	875M	770M	703M	675M
Fixed Asset Turnover	12.10x	9.49x	9.48x	10.45x	8.17x	6.93x	8.04x	9.23x	9.80x	9.22x
Goodwill	8.82B	3.79B	3.93B	3.87B	3.9B	4.07B	3.29B	2.82B	2.75B	1.94B
Intangible Assets	1.76B	290M	268M	220M	321M	355M	331M	303M	245M	296M
Long-Term Investments	1.39B	1.39B	1.4B	1.4B	2.18B	47M	53M	59M	1.69B	89M
Other Non-Current Assets	3.94B	2.15B	3B	3.01B	795M	2.96B	3.46B	2.9B	700M	1.82B
Total Assets+	24.8B	18.14B	15.95B	14.87B	15.05B	14.74B	13.22B	11.54B	10.01B	8.37B
Asset Turnover	0.73x	0.59x	0.64x	0.66x	0.60x	0.48x	0.53x	0.62x	0.69x	0.74x
Asset Growth %	-0.1%	-0.27%	-0.12%	-0.07%	0.01%	-0.02%	-0.1%	-0.13%	-0.13%	-0.16%
Total Current Liabilities+	5.23B	4.65B	2.74B	3.25B	3.44B	2.48B	2.83B	3.33B	2.78B	2.62B
Accounts Payable	1.34B	1.13B	1.11B	1.07B	1.05B	983M	1.07B	1.33B	1.04B	1.02B
Days Payables Outstanding	38.32	63.13	65.19	66.35	70.96	78.32	84.18	101.44	83.35	87.63
Short-Term Debt	962M	1.01B	282M	961M	1.14B	394M	650M	860M	567M	585M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	2.29B	1.82B	730M	661M	730M	608M	457M	643M	357M	238M
Current Ratio	1.28x	1.50x	1.91x	1.44x	1.79x	2.33x	1.66x	1.23x	1.14x	1.12x
Quick Ratio	1.10x	1.32x	1.57x	1.19x	1.59x	1.99x	1.42x	0.99x	0.91x	0.86x
Cash Conversion Cycle	40.38	18.21	89.24	81.03	77.75	97.64	72.53	63.97	63.56	58.39
Total Non-Current Liabilities+	10.1B	8.44B	7.7B	6.37B	5.8B	6.45B	5.94B	4.64B	4.46B	4.44B
Long-Term Debt	6.32B	5.3B	5.24B	4.27B	3.23B	4.05B	3.6B	2.87B	2.71B	2.81B
Capital Lease Obligations	0	0	0	-1.78B	265M	257M	209M	161M	141M	143M
Deferred Tax Liabilities	60M	42M	42M	51M	37M	35M	108M	95M	95M	85M
Other Non-Current Liabilities	4.35B	3.13B	2.42B	269M	2.27B	2.11B	2.03B	1.51B	1.51B	1.4B
Total Liabilities	15.32B	13.09B	10.44B	9.62B	9.24B	8.93B	8.77B	7.97B	7.24B	7.06B
Total Debt+	7.37B	6.32B	5.52B	5.23B	4.64B	4.79B	4.54B	3.96B	3.46B	3.59B
Net Debt	6B	4.09B	4.22B	4.15B	1.9B	2.16B	2.7B	2.91B	2.94B	3.01B
Debt / Equity	0.78x	1.25x	1.00x	1.00x	0.80x	0.82x	1.02x	1.11x	1.25x	2.75x
Debt / EBITDA	3.65x	3.96x	3.79x	3.22x	2.54x	7.12x	7.01x	8.21x	5.73x	8.29x
Net Debt / EBITDA	2.97x	2.57x	2.91x	2.55x	1.04x	3.22x	4.17x	6.04x	4.87x	6.96x
Interest Coverage	3.85x	5.70x	7.82x	9.58x	13.22x	3.19x	3.33x	2.33x	5.19x	1.34x
Total Equity+	9.48B	5.05B	5.51B	5.25B	5.81B	5.81B	4.45B	3.58B	2.77B	1.3B
Equity Growth %	-0.14%	-0.47%	0.09%	-0.05%	0.11%	0%	-0.23%	-0.2%	-0.23%	-0.53%
Book Value per Share	35.23	19.75	21.46	20.87	26.17	27.48	24.31	22.93	18.59	10.50
Total Shareholders' Equity	9.44B	5.02B	5.47B	5.22B	5.8B	5.81B	4.44B	3.56B	2.75B	1.29B
Common Stock	1.01B	1.01B	255M	232M	215M	198M	168M	156M	123M	124M
Retained Earnings	9.7B	5.65B	4.86B	5.07B	6.31B	6.28B	5.63B	5.14B	4.98B	3.51B
Treasury Stock	0	0	0	-55M	-76M	0	-177M	0	0	0
Accumulated OCI	-4.64B	-4.96B	-3.75B	-3.56B	-3.65B	-3.33B	-2.99B	-3.54B	-3.68B	-3.7B
Minority Interest	43M	38M	37M	34M	7M	4M	17M	20M	20M	14M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.61B	1.02B	34M	1.14B	1.33B	548M	629M	159M	686M	511M
Operating CF Margin %	0.09%	0.09%	0%	0.12%	0.15%	0.08%	0.09%	0.02%	0.1%	0.08%
Operating CF Growth %	-0.22%	-0.37%	-0.97%	32.53%	0.17%	-0.59%	0.15%	-0.75%	3.31%	-0.26%
Net Income	506M	627M	204M	374M	651M	192M	-455M	-322M	1M	-1.32B
Depreciation & Amortization	1.19B	563M	527M	526M	430M	368M	327M	270M	251M	274M
Stock-Based Compensation	46M	50M	52M	57M	50M	42M	54M	75M	54M	52M
Deferred Taxes	32M	-9M	399M	135M	124M	34M	-89M	-27M	-68M	90M
Other Non-Cash Items	83M	382M	-906M	-47M	25M	82M	476M	308M	196M	1.14B
Working Capital Changes	-246M	-595M	-242M	95M	53M	-170M	316M	-145M	252M	278M
Change in Receivables	103M	-25M	-367M	196M	111M	552M	61M	-189M	609M	734M
Change in Inventory	-101M	7M	-69M	35M	109M	-134M	88M	-143M	123M	-122M
Change in Payables	-141M	-356M	-291M	-18M	-47M	-123M	118M	278M	-290M	-48M
Cash from Investing+	508M	-292M	-31M	-29M	2.15B	-246M	-85M	-78M	-5M	-198M
Capital Expenditures	-342M	-138M	-105M	-90M	-65M	-74M	-68M	-57M	-37M	-44M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	121M	-124M	141M	2M	2.23B	1M	-8M	-15M	-4M	-28M
Cash from Financing+	-2.07B	584M	-985M	-1.3B	-1.83B	-416M	-1.31B	-822M	-1.2B	-271M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-326M	-331M	-291M	-269M	-243M	-230M	-206M	-174M	-165M	-141M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-44M	-10M	128M	-25M	-41M	-19M	-8M	-6M	-15M	-37M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.27B	880M	-71M	1.05B	1.27B	474M	561M	102M	649M	467M
FCF Margin %	0.07%	0.08%	-0.01%	0.11%	0.14%	0.07%	0.08%	0.01%	0.09%	0.08%
FCF Growth %	-0.21%	-0.31%	-1.08%	15.79%	0.21%	-0.63%	0.18%	-0.82%	5.36%	-0.28%
FCF per Share	4.72	3.44	-0.28	4.17	5.71	2.24	3.06	0.65	4.35	3.76
FCF Conversion (FCF/Net Income)	3.30x	1.65x	0.17x	3.16x	2.07x	2.85x	-1.38x	-0.49x	686.00x	-0.39x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.75%	8.48%	3.69%	6.71%	11.63%	3.31%	-8.87%	-8.02%	0.03%	-64.82%
Return on Invested Capital (ROIC)	3.79%	6.29%	7.4%	8.56%	12.17%	2.87%	3.17%	2.33%	4.34%	2.38%
Gross Margin	29.17%	39.56%	39.56%	39.95%	40.26%	34.76%	34.14%	32.62%	33.6%	31.51%
Net Margin	2.7%	5.72%	1.9%	3.67%	7.09%	2.73%	-6.46%	-4.53%	0.01%	-21.23%
Debt / Equity	0.78x	1.25x	1.00x	1.00x	0.80x	0.82x	1.02x	1.11x	1.25x	2.75x
Interest Coverage	3.85x	5.70x	7.82x	9.58x	13.22x	3.19x	3.33x	2.33x	5.19x	1.34x
FCF Conversion	3.30x	1.65x	0.17x	3.16x	2.07x	2.85x	-1.38x	-0.49x	686.00x	-0.39x
Revenue Growth	-7.65%	-40.31%	-4.7%	-4.24%	-7.77%	-22.55%	0.23%	0.98%	-3.11%	-9.66%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	-	3.23B	2.45B	2.58B	2.8B	2.72B	2.38B
Product Growth	-	-	-	-	-	-24.11%	5.43%	8.44%	-2.86%	-12.57%
Service Arrangements	-	-	-	2.43B	2.52B	2.01B	1.99B	1.95B	1.98B	1.85B
Service Arrangements Growth	-	-	-	-	3.75%	-19.98%	-1.14%	-1.91%	1.59%	-6.60%
Maintenance	-	-	-	2.47B	2.37B	1.8B	1.79B	1.73B	1.63B	1.52B
Maintenance Growth	-	-	-	-	-3.93%	-23.99%	-0.89%	-3.19%	-5.72%	-7.05%
Manufactured Product, Other	-	-	-	2.2B	2.06B	1.56B	1.58B	1.62B	1.66B	1.38B
Manufactured Product, Other Growth	-	-	-	-	-6.27%	-24.15%	1.09%	2.72%	1.91%	-16.74%
Supplies, Paper And Other Sales	-	-	-	1.77B	1.17B	885M	1B	1.18B	1.06B	1B
Supplies, Paper And Other Sales Growth	-	-	-	-	-34.26%	-24.03%	13.11%	17.48%	-9.44%	-6.10%
Rental And Other	-	-	-	695M	706M	530M	457M	417M	360M	323M
Rental And Other Growth	-	-	-	-	1.58%	-24.93%	-13.77%	-8.75%	-13.67%	-10.28%
Financial Service	-	-	-	268M	244M	226M	221M	207M	191M	151M
Financial Service Growth	-	-	-	-	-8.96%	-7.38%	-2.21%	-6.33%	-7.73%	-20.94%
Service	-	-	-	-	5.59B	-	-	-	-	-
Service Growth	-	-	-	-	-	-	-	-	-	-
Document Technology	7.37B	6.71B	-	-	-	-	-	-	-	-
Document Technology Growth	-	-8.91%	-	-	-	-	-	-	-	-
Services	116M	3.5B	-	-	-	-	-	-	-	-
Services Growth	-	2921.55%	-	-	-	-	-	-	-	-
Others	543M	557M	-	-	-	-	-	-	-	-
Others Growth	-	2.58%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	12.56B	6.4B	6.06B	5.78B	5.43B	4.19B	3.98B	4.01B	3.83B	3.44B
UNITED STATES Growth	-	-49.01%	-5.29%	-4.72%	-6.04%	-22.90%	-4.87%	0.80%	-4.68%	-10.17%
Europe	3.78B	2.86B	2.7B	2.63B	2.33B	1.88B	2.02B	1.94B	1.95B	1.84B
Europe Growth	-	-24.37%	-5.73%	-2.67%	-11.39%	-19.05%	7.43%	-4.35%	0.83%	-5.54%
CANADA	-	-	-	569M	518M	393M	398M	545M	554M	487M
CANADA Growth	-	-	-	-	-8.96%	-24.13%	1.27%	36.93%	1.65%	-12.09%
Other Geographical Markets	-	-	-	858M	793M	560M	635M	-	555M	454M
Other Geographical Markets Growth	-	-	-	-	-7.58%	-29.38%	13.39%	-	-	-18.20%
Geographical, other countries	1.71B	1.51B	1.5B	-	1.31B	560M	635M	613M	-	-
Geographical, other countries Growth	-	-11.61%	-0.20%	-	-	-57.28%	13.39%	-3.46%	-	-

Frequently Asked Questions

Growth & Financials

Xerox Holdings Corporation (XRX) reported $6.61B in revenue for fiscal year 2024. This represents a 70% decrease from $21.99B in 2011.

Xerox Holdings Corporation (XRX) saw revenue decline by 9.7% over the past year.

Xerox Holdings Corporation (XRX) reported a net loss of $977.0M for fiscal year 2024.

Dividend & Returns

Yes, Xerox Holdings Corporation (XRX) pays a dividend with a yield of 42.20%. This makes it attractive for income-focused investors.

Xerox Holdings Corporation (XRX) has a return on equity (ROE) of -64.8%. Negative ROE indicates the company is unprofitable.

Xerox Holdings Corporation (XRX) generated $326.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.