Latest Ratios: P/E Ratio -0.4x · EV/EBITDA 15.2x · 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 | $456M | $300M | $1.0B | $2.7B | $2.3B | $4.1B | $4.9B | $8.2B | $5.0B | $7.5B | $5.9B |
| Enterprise Value | $4.2B | $4.0B | $4.1B | $5.7B | $5.2B | $6.8B | $7.1B | $10.1B | $9.1B | $11.7B | $10.0B |
| P/E Ratio → | -0.42 | — | — | — | — | — | 27.61 | 12.71 | 13.82 | 41.06 | — |
| P/S Ratio | 0.07 | 0.04 | 0.17 | 0.40 | 0.32 | 0.59 | 0.70 | 0.90 | 0.51 | 0.73 | 0.55 |
| P/B Ratio | 0.66 | 0.45 | 0.80 | 0.99 | 0.64 | 0.93 | 0.84 | 1.41 | 0.95 | 1.36 | 1.16 |
| P/FCF | 1.76 | 1.16 | 2.24 | 4.21 | 22.33 | 7.39 | 10.34 | 6.45 | 4.74 | — | 6.69 |
| P/OCF | 1.30 | 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 | 15.24 | 14.67 | 9.37 | 9.39 | 10.76 | 10.58 | 10.51 | 5.53 | 5.62 | 8.05 | 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 | 7.12 | 2.54 | 3.22 | 3.79 | 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 | 3.22 | 1.04 | 2.55 | 2.91 | 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 | 16.1% | 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 | 56.7% | 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 | 16.1% | 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 -0.4x. The historical average is 21.4x.
Xerox Holdings Corporation's current EV/EBITDA is 15.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.6x.
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 -0.4x. Compare with industry peers and growth rates for a complete picture.
Xerox Holdings Corporation's current dividend yield is 16.09%.
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
Sustainable margin structure unclear
Metrics are mathematically derived from official filings.
Market Pricing Transformation, Not Growth
Xerox's forward P/E of 24.03 contrasts with a negative TTM P/E, suggesting the market is pricing a recovery, while the 16.2% dividend yield and 1.75x P/FCF indicate severe skepticism about the durability of recent cash generation. The valuation appears highly distorted by non-operating items.
The wide gap between the negative trailing P/E and the positive forward multiple implies the market expects a significant earnings swing, likely from the anomalous gross margin in 2026Q2. However, the extremely low P/S of 0.06 and P/B of 0.65 signal the market values the company primarily on its liquidation value or declining asset base, not its growth prospects. The high dividend yield, based on the provided figures, acts more as a capital return mechanism than a sign of confidence, raising questions about its sustainability if cash flows remain volatile.
Gross Margin Anomaly Masks Underlying Weakness
Xerox's reported gross margin of 112.8% in 2026Q2 is a severe distortion, likely driven by a significant non-recurring accounting adjustment, as it stands in stark contrast to the ~27% operating margin trend seen in prior quarters. Underlying operational profitability remains thin.
The 112.8% gross margin is not sustainable and appears to be a one-time event that inflates the overall profitability picture. Excluding this, the operating margin has compressed to just 1.6% in the latest quarter from over 4% a year ago, indicating that SG&A expenses are consuming almost all gross profit. The net margin of 0.7% is also heavily distorted by non-operating items, as seen in the wild swings from -38.8% in 2025Q3 to positive 1.1% in 2024Q2, making it an unreliable indicator of true earning power.
Capital Returns Near Zero, Equity Base Eroding
Xerox's ROE and ROA have been negative or near zero for 8 of the last 10 quarters, with ROIC hovering at or below 1%, indicating a severe inability to generate returns on its invested capital base. The collapse in equity further amplifies the negative ROE readings.
The consistently low and often negative ROE is primarily driven by a combination of net losses and a rapidly shrinking equity base, which has fallen from $2.6B to $544M. This makes the metric volatile and less meaningful for assessing operational efficiency. The ROIC remaining near zero despite revenue acceleration suggests that any growth is not translating into incremental profits, as the capital invested is not generating a material return above the cost of capital, signaling potential value destruction.
Leverage Surges as Interest Coverage Weakens
Xerox's debt-to-equity ratio has ballooned to 7.62 in 2026Q2 from 1.34 two years prior, while interest coverage has deteriorated to just 0.45x, indicating that operating earnings are insufficient to cover interest expenses, which may signal refinancing or covenant risk.
The dramatic rise in D/E is a function of both increasing debt and collapsing equity, a highly concerning trend that severely limits financial flexibility. Interest coverage falling below 1.0x in multiple recent quarters, including 0.45x in the latest period, suggests the company is not generating enough core operating profit to service its debt burden comfortably. This level of leverage, combined with weak coverage, implies that the company's capital structure is under significant strain, and any operational misstep could quickly escalate credit risk.
The Trap of the Distorted Gross Margin
The most commonly misapplied ratio for Xerox currently is the gross margin, as its 112.8% reading in 2026Q2 is an extreme anomaly that obscures the true, much weaker, underlying profitability of the core business.
Investors may mistakenly interpret the triple-digit gross margin as evidence of a dramatic business model shift or pricing power. In reality, this figure is likely the result of a large, non-recurring accounting adjustment, such as a major contract write-up or reversal of prior provisions, and is not indicative of sustainable operational performance. The correct analytical approach is to look through this distortion and focus on the operating margin, which remains persistently thin, to assess the company's true ability to generate profit from its core operations.