Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE -104.1%. (1996–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $141M | $300M | $1.0B | $2.7B | $2.3B | $4.1B | $4.9B | $8.2B | $5.0B | $7.5B | $5.9B |
| Enterprise Value | $3.9B | $4.0B | $4.1B | $5.7B | $5.2B | $6.8B | $7.1B | $10.1B | $9.1B | $11.7B | $10.0B |
| P/E Ratio → | -0.13 | — | — | — | — | — | 27.61 | 12.71 | 13.82 | 41.06 | — |
| P/S Ratio | 0.02 | 0.04 | 0.17 | 0.40 | 0.32 | 0.59 | 0.70 | 0.90 | 0.51 | 0.73 | 0.55 |
| P/B Ratio | 0.20 | 0.45 | 0.80 | 0.99 | 0.64 | 0.93 | 0.84 | 1.41 | 0.95 | 1.36 | 1.16 |
| P/FCF | 0.87 | 1.16 | 2.24 | 4.21 | 22.33 | 7.39 | 10.34 | 6.45 | 4.74 | — | 6.69 |
| P/OCF | 0.40 | 0.86 | 2.05 | 3.98 | 14.33 | 6.59 | 8.95 | 6.14 | 4.36 | 219.97 | 5.78 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.57 | 0.65 | 0.82 | 0.73 | 0.97 | 1.01 | 1.11 | 0.93 | 1.14 | 0.93 |
| EV / EBITDA | — | 14.67 | 9.37 | 9.39 | 10.76 | 10.58 | 10.58 | 5.54 | 5.64 | 8.03 | 6.26 |
| EV / EBIT | — | — | — | 141.83 | — | — | 20.42 | 10.83 | 12.84 | 16.99 | 13.33 |
| EV / FCF | — | 15.58 | 8.69 | 8.74 | 50.86 | 12.20 | 14.90 | 7.95 | 8.68 | — | 11.34 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.1% | 27.1% | 31.5% | 33.6% | 32.6% | 34.1% | 34.8% | 40.3% | 39.9% | 39.6% | 39.6% |
| Operating Margin | -0.8% | -0.8% | 2.6% | 5.1% | 3.0% | 4.5% | 4.3% | 15.3% | 11.1% | 9.1% | 9.6% |
| Net Profit Margin | -14.7% | -14.7% | -21.2% | 0.0% | -4.5% | -6.5% | 2.7% | 7.1% | 3.7% | 1.9% | 5.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -104.1% | -104.1% | -64.8% | 0.0% | -8.0% | -8.9% | 3.3% | 11.6% | 6.7% | 3.7% | 8.5% |
| ROA | -11.3% | -11.3% | -14.4% | 0.0% | -2.6% | -3.3% | 1.3% | 4.3% | 2.3% | 1.1% | 2.9% |
| ROIC | -1.0% | -1.0% | 2.4% | 4.3% | 2.3% | 3.2% | 2.9% | 12.2% | 8.6% | 7.4% | 6.3% |
| ROCE | -0.9% | -0.9% | 2.5% | 4.6% | 2.3% | 2.8% | 2.5% | 11.9% | 8.8% | 7.0% | 6.2% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.31 | 6.31 | 2.75 | 1.25 | 1.11 | 1.02 | 0.82 | 0.80 | 1.00 | 1.00 | 1.25 |
| Debt / EBITDA | 15.44 | 15.44 | 8.29 | 5.73 | 8.21 | 7.01 | 7.16 | 2.55 | 3.23 | 3.78 | 3.96 |
| Net Debt / Equity | — | 5.55 | 2.31 | 1.06 | 0.81 | 0.61 | 0.37 | 0.33 | 0.79 | 0.77 | 0.81 |
| Net Debt / EBITDA | 13.58 | 13.58 | 6.96 | 4.87 | 6.04 | 4.17 | 3.24 | 1.04 | 2.56 | 2.90 | 2.57 |
| Debt / FCF | — | 14.42 | 6.45 | 4.53 | 28.53 | 4.81 | 4.56 | 1.50 | 3.95 | — | 4.65 |
| Interest Coverage | -0.97 | -0.97 | -9.22 | 0.59 | -2.57 | -3.92 | 3.68 | 8.87 | 6.23 | 5.79 | 4.14 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.12 | 1.12 | 1.12 | 1.14 | 1.23 | 1.66 | 2.33 | 1.79 | 1.44 | 1.91 | 1.50 |
| Quick Ratio | 0.80 | 0.80 | 0.86 | 0.91 | 0.99 | 1.42 | 1.99 | 1.59 | 1.19 | 1.57 | 1.32 |
| Cash Ratio | 0.16 | 0.16 | 0.22 | 0.19 | 0.31 | 0.65 | 1.06 | 0.80 | 0.33 | 0.47 | 0.48 |
| Asset Turnover | — | 0.72 | 0.74 | 0.69 | 0.62 | 0.53 | 0.48 | 0.60 | 0.66 | 0.64 | 0.59 |
| Inventory Turnover | 5.04 | 5.04 | 6.13 | 6.92 | 6.01 | 6.66 | 5.43 | 7.80 | 7.22 | 6.78 | 7.74 |
| Days Sales Outstanding | — | 88.57 | 86.48 | 94.14 | 104.67 | 101.91 | 108.79 | 101.94 | 96.80 | 100.59 | 34.19 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 52.0% | 23.7% | 13.5% | 6.0% | 7.6% | 5.0% | 4.7% | 3.0% | 5.4% | 3.7% | 5.2% |
| Payout Ratio | — | — | — | 16500.0% | — | — | 119.8% | 37.8% | 74.5% | 140.5% | 49.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 3.6% | 7.9% | 7.2% | 2.4% | — |
| FCF Yield | 100.0% | 86.4% | 44.6% | 23.7% | 4.5% | 13.5% | 9.7% | 15.5% | 21.1% | — | 14.9% |
| Buyback Yield | 0.0% | 0.0% | 0.8% | 19.9% | 5.0% | 21.4% | 6.1% | 7.3% | 14.1% | 0.2% | 0.0% |
| Total Shareholder Yield | 52.0% | 23.7% | 14.2% | 25.9% | 12.6% | 26.4% | 10.8% | 10.3% | 19.5% | 3.9% | 5.2% |
| Shares Outstanding | — | $126M | $124M | $149M | $156M | $183M | $211M | $222M | $252M | $257M | $256M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying XRX stock.
Xerox Holdings Corporation's current P/E ratio is -0.1x. The historical average is 21.4x.
Xerox Holdings Corporation's return on equity (ROE) is -104.1%. The historical average is 1.7%.
Based on historical data, Xerox Holdings Corporation is trading at a P/E of -0.1x. Compare with industry peers and growth rates for a complete picture.
Xerox Holdings Corporation's current dividend yield is 51.98%.
Xerox Holdings Corporation has 27.1% gross margin and -0.8% operating margin.
Xerox Holdings Corporation's Debt/EBITDA ratio is 15.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative equity and refinancing exposure
Metrics are mathematically derived from official filings.
Distressed Multiples Signal Equity Doubt
Based on reported figures, XRX trades at a P/B of 0.20 and EV/EBITDA of 14.10, a combination that suggests the market prices the equity as a residual claim against a heavily levered enterprise rather than as a growth or value franchise.
The 0.20 P/B reflects the collapse of book equity to negative $469.0 million, so the multiple is not meaningfully comparable to a conventional book-value anchor. The EV/EBITDA of 14.10 against a forward multiple of 9.47 implies the market expects EBITDA to recover, yet the negative trailing P/E and near-zero P/S indicate investors are discounting the earnings base heavily. Investors should monitor whether forward EBITDA estimates hold, since the valuation is highly sensitive to any further impairment or debt-driven equity dilution.
Gross Strength Lost Below the Line
Reported gross margins near 26% to 29% in recent quarters contrast with operating margins swinging between -6.9% and +2.2%, suggesting that SG&A and non-operating charges absorb most of the gross profit generated by the business.
Gross margin has stayed in a broadly stable band, which points to a pricing and cost structure that still produces gross profit, but the spread to operating margin is wide and inconsistent. Net margin of -54.3% in 2026Q3 versus an operating margin of -47.6% indicates large below-the-line items driving the bottom line. Operating margin, not net margin, is the more relevant gauge of underlying earning power here, though even it has not shown a durable positive trend.
Returns Decay Under Shrinking Equity Base
ROIC has oscillated between roughly -17.5% and +1.0% over ten quarters while ROE turned sharply negative to -22.3% in 2026Q3, suggesting returns on invested capital are not compounding and the equity denominator is distorting ROE readings.
With ROIC rarely exceeding 1%, the business is not generating returns meaningfully above its cost of capital on a reported basis. ROE becomes unreliable as shareholders' equity approaches and crosses zero, so ROIC and asset-level returns are the more informative measures. Investors should monitor whether any sustained improvement in operating margin can lift ROIC into positive, persistent territory.
Debt Burden Outpaces Earnings Coverage
Debt-to-equity has risen from about 1.3x in 2024Q2 to a negative equity position, while interest coverage has been negative or volatile in most recent quarters, suggesting debt service depends increasingly on operating cash flow rather than earnings.
Based on reported figures, the D/E trajectory reflects equity erosion more than debt reduction, meaning leverage has risen in relative terms. Interest coverage readings are distorted by operating losses and in several quarters are not meaningful, which itself warrants caution. The position may leave the company more exposed to refinancing conditions, though the provided data does not disclose maturity schedules or covenant terms, so this remains an inference to investigate further.
Thin Current Buffer Across Cycles
Current ratio has held between 1.09 and 1.49 with quick ratio near 0.77 to 1.13 across the period, suggesting short-term obligations are covered only narrowly and rely on continued receivable and inventory conversion.
The quick ratio falling below 1.0 in most recent quarters indicates that a meaningful portion of current assets is tied up in inventory or receivables that must convert to cash to meet near-term liabilities. Under a severe operating shock, the margin for error appears limited given cash of roughly $412.0 million against substantial total liabilities. The data does not allow a full stress test, so the conclusion is that the buffer appears modest and warrants close monitoring.
Misapplied Ratio: Book Value Multiples
Price-to-book at 0.20 is the ratio most likely to be misread for XRX, since negative tangible equity and goodwill impairment make a low P/B look like a bargain when it may instead reflect a structurally impaired capital base.
A low P/B is typically read as a value signal, but for XRX the denominator has been eroded by accumulated losses and goodwill reduction from roughly $2.7 billion to $1.3 billion, so book value may overstate recoverable value. A more informative approach is to evaluate free cash flow to enterprise value and net debt relative to sustainable EBITDA, which captures the debt claim senior to equity. This is an analytical inference from reported figures rather than a confirmed conclusion about asset recoverability.