XPO, Inc.

Transportation Services

XPOStrained5 of 10 basics passed

$183.47

+0.84%

Market cap $21.5B

$183.47

+0.84%

Market cap $21.5B

Following the spinoff of its contract logistics division (GXO) in 2021 and freight brokerage operations (RXO) in 2022, XPO is moving closer to becoming a pure-play asset-based less-than-truckload carrier.

It is a $21.5B industrial company. Revenue grew 7.1% over the last year, it keeps 5¢ of every dollar of sales as profit, and its net debt equals ~5.0 years of free cash flow. It trades at 53.5× earnings — in the most expensive third of its own history.

Website: xpo.com
Location: Greenwich, CT
Employees: 38 000
Sector: Industrials

Share price · 3 years

$78.21 → $183.47+134.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $8.57B
Profit: keeps 5¢ of every $1 sold; $404M
Free cash flow: cash left after running the business; $588M
Net debt: debt minus cash on hand; $2.94B
P/E: years of profit in the price; 53.5
EPS: earnings per share, TTM; $3.39
Shares: down 3% since 2016 — buybacks; 119.0M
Volatility: beta vs the market — under 1 swings less; 1.93

Revenue, last 10 years

52-week range

Low $123.66$183.47High $228.37

Today's price is 57% of the way from the year's low to its high.

P/E vs its history5y

53.2×median 42.8×

Higher than 69% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

53.2×

32%

P/S

2.5×

20%

EV/EBITDA

32.3×

21%

P/B

10.9×

18%

FCF yield

2.7%

57%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

-$2.21Mnet selling

Purchases$0

Sales$2.21M

Insiders trading, last 14d0 buy · 2 sell

Standing in Industrials

Size$21.5Btop 46%
Revenue growth+2%top 59%
Net margin5%top 82%
Return on equity22%top 40%
P/E53.5×top 91%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong quality; Valuation, Growth, Profitability, Health and Moat lag behind.

Valuation42

P/E vs own history69th pct · 5/25
FCF yield2.7% · 5/25
P/S2.5x · 20/25
EV/EBITDA19.2x · 12/25

Growth40

Revenue CAGR-10.7% · 0/25
Net income CAGR-1.5% · 0/25
EPS CAGR ~5Y19.7% · 20/25
Fwd implied growth17.2% · 20/25

Profitability43

ROIC6.6% · 5/25
ROE21.6% · 20/25
Net margin4.7% · 6/25
Operating margin8.7% · 12/25

Health27

Altman Zn/a · 0/25
Current ratio1.01 · 12/25
Interest coverage3.0x · 10/25
Net cash / debtD/A 36% · 5/25

Quality90

Piotroski F6/9 · 15/25
Beneish M-2.82 · 25/25
FCF conversion146% · 25/25
Margin stabilityσ 2.3% · 25/25

Moat30

ROIC >12% years0/10 yrs · 0/25
Median gross margin17.9% · 0/25
FCF-positive years9/10 yrs · 18/25
Worst-year net marginworst 0.5% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2024Acquisition
The acquisition was finalized in January 2024
2023Acquisition
XPO received approval from a Delaware bankruptcy court to acquire 28 service centers of Yellow…
FY2022Financial
Best year on record
$666M net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $10B
$14.6B in first reported year
2016Acquisition
XPO sold its truckload division (acquired from Con-Way) to TransForce for $558 million in cash
2011Acquisition
It was acquired by Brad Jacobs and renamed to XPO Logistics in September 2011

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$37 551 today — price return only

$8.2B revenue in FY2025

Revenue up 7.1% year over year

Profitable 10 years in a row

38 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (60.1%)

Watch-outs

Net debt equals ~5.0 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

5 of 10 checks passed

Revenue growing — the company sells more than a year ago+7.1% YoY
Profitable — makes more than it spends$404M TTM
Profit growing — earnings are higher than last year-22.7% YoY
Generates cash — cash left after running and investing$588M TTM
Debt under control — could handle its obligations~5.0y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$21.5B market cap
Not printing shares — share count not ballooning — you keep your slice+16.7% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 22/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 53.5

Peer comparisonXPO, Inc. vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
XPO this company	$21.5B	53.5	+7.1%	4.7%	Strained
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: XPO vs LRCX · XPO vs CAT · XPO vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 15Hold 7Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $8.57B · net income $404M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$8.57B

YoY 7.1%

Net income (TTM)

$404M

Margin 4.7%

Gross margin

60.1%

Operating margin

8.7%

P/E ratio

53.5

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	16.3	12.8	7.7	7.7	8.1	8.2
Gross profit	8.4	0.9	1.1	1.2	1.4	1.5
Operating income (EBIT)	0.4	0.4	0.4	0.4	0.7	0.7
Net income	0.1	0.3	0.7	0.2	0.4	0.3
EPS (diluted)	1.08	2.95	5.74	1.60	3.23	2.66

Cash flowFree cash flow $588M · operating cash flow $1.09B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$588M

Margin 6.9%

Operating cash flow (TTM)

$1.09B

FCF margin

6.9%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.9	0.7	0.8	0.7	0.8	1.0
Capital expenditure	-0.5	-0.3	-0.5	-1.5	-0.8	-0.7
Free cash flow	0.4	0.3	0.3	-0.8	0.0	0.3
FCF margin	2.2%	2.7%	3.9%	-10.8%	0.2%	4.0%

Balance sheetAssets $8.19B · net debt $2.94B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $8.19B of assets is financed

77%

23%

Liabilities $6.33B — borrowed moneyEquity $1.86B — owners' stake

Cash vs debt

Total debt $3.25B − cash $310M = net debt $2.94B

Cash on hand covers 10% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

3.0x

EBIT ÷ interest expense

ROE

21.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	2.1	0.3	0.5	0.4	0.2	0.3
Total assets	16.2	8.7	6.3	7.5	7.7	8.2
Total liabilities	13.5	7.6	5.3	6.2	6.1	6.3
Total debt	5.4	3.5	2.5	3.3	3.3	3.3
Equity	2.7	1.1	1.0	1.3	1.6	1.9
Net debt	3.3	3.3	2.0	2.9	3.1	2.9

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of XPO on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $183.47 · market cap $21.5B.