NYSE · Industrials

GXO Logistics, Inc.

GXO · Integrated Freight & Logistics

$46.27

▼ -9.95 (-17.7%)

Data cached · refreshes every 10 min

Mr. Market is currently offering GXO Logistics, Inc. at $46.27.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 11.6%

Operating Margin 3.2%

Net Income Margin 0.2%

Fin. Health F

Years to Pay Off Debt 182.9 yrs

Working Capital vs Long-Term Debt -$3.2B

Working Capital -$587M

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.78x

Cash Flow C

Free Cash Flow $110M

CapEx % of Net Income 1012.5%

Owner Earnings $813M

2/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $5.3B

Enterprise Value $11.5B

P/E (TTM) 165.25

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 11.6%

Operating Margin 3.2%

Net Margin 0.2%

Company Info

Sector Industrials

Industry Integrated Freight & Logistics

Employees 105000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering GXO Logistics, Inc. at $46.27.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

At $46.27, the stock trades at a 262% premium to its Graham Number of $12.78. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About GXO Logistics, Inc.

GXO Logistics, Inc., together with its subsidiaries, provides logistics services worldwide. It provides warehousing and distribution, order fulfilment, e-commerce, reverse logistics, and other supply chain services. As of December 31, 2025, it operated in 1,043 facilities. The company serves a range of customers in the e-commerce, omnichannel retail, technology and consumer electronics, food and beverage, industrial and manufacturing, consumer packaged goods, and other industries. GXO Logistics, Inc. was incorporated in 2021 and is headquartered in Greenwich, Connecticut.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	11.6% ▼	12.3%	14.1%	13.6%	N/A
Operating Margin %	3.2% ▼	3.2%	3.9%	3.7%	N/A
Net Income %	0.2% ▼	1.1%	2.3%	2.2%	N/A
Diluted EPS	0.28 ▼	1.12	1.92	1.67	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$12.3B	$11.3B	$9.5B	$9.2B	N/A
Total Debt	$5.9B ↑	$5.2B	$4.1B	$4.2B	N/A
Working Capital	-$587M ▼	-$548M	-$58M	-$104M	N/A
Years to Pay Debt	182.94	38.63	17.84	21.42	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$110M ▼	$190M	$284M	$200M	N/A
Owner Earnings	$813M	$908M	$864M	$868M	N/A
CapEx % of Net Income	1,012.5%	267.9%	119.7%	173.6%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-42,630	-8,904	-8,188	-22,506
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	897,000	823,000	746,000	715,000
Total Unusual Items	-203,000	-159,000	-66,000	-93,000
Total Unusual Items Excluding Goodwill	-203,000	-159,000	-66,000	-93,000
Net Income From Continuing Operation Net Minority Interest	32,000	134,000	229,000	197,000
Reconciled Depreciation	457,000	415,000	361,000	329,000
Reconciled Cost Of Revenue	11,647,000	10,268,000	8,396,000	7,772,000
EBITDA	694,000	664,000	680,000	622,000
EBIT	237,000	249,000	319,000	293,000
Net Interest Income	-133,000	-103,000	-53,000	-29,000
Interest Expense	133,000	103,000	53,000	29,000
Normalized Income	192,370	284,096	286,812	267,494
Net Income From Continuing And Discontinued Operation	32,000	134,000	229,000	197,000
Total Expenses	12,753,000	11,329,000	9,394,000	8,658,000
Total Operating Income As Reported	245,000	218,000	318,000	242,000
Diluted Average Shares	116,303	119,798	119,490	117,616
Basic Average Shares	115,677	119,413	118,908	117,050
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	32,000	134,000	229,000	197,000
Net Income Common Stockholders	32,000	134,000	229,000	197,000
Net Income	32,000	134,000	229,000	197,000
Minority Interests	-4,000	-4,000	-4,000	-3,000
Net Income Including Noncontrolling Interests	36,000	138,000	233,000	200,000
Net Income Continuous Operations	36,000	138,000	233,000	200,000
Tax Provision	68,000	8,000	33,000	64,000
Pretax Income	104,000	146,000	266,000	264,000
Other Income Expense	-188,000	-131,000	-65,000	-42,000
Other Non Operating Income Expenses	15,000	28,000	1,000	51,000
Special Income Charges	-180,000	-162,000	-66,000	-93,000
Gain On Sale Of Business	-34,000	-2,000	-7,000
Other Special Charges	65,000	59,000
Restructuring And Mergern Acquisition	81,000	101,000	59,000	93,000
Gain On Sale Of Security	-23,000	3,000	-9,000	14,000
Net Non Operating Interest Income Expense	-133,000	-103,000	-53,000	-29,000
Interest Expense Non Operating	133,000	103,000	53,000	29,000
Operating Income	425,000	380,000	384,000	335,000
Operating Expense	1,106,000	1,061,000	998,000	886,000
Depreciation Amortization Depletion Income Statement					335,000
Depreciation And Amortization In Income Statement					335,000
Selling General And Administration	1,106,000	1,061,000	998,000	886,000
Gross Profit	1,531,000	1,441,000	1,382,000	1,221,000
Cost Of Revenue	11,647,000	10,268,000	8,396,000	7,772,000
Total Revenue	13,178,000	11,709,000	9,778,000	8,993,000
Operating Revenue	13,178,000	11,709,000	9,778,000	8,993,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	5,356
Ordinary Shares Number	114,512	119,496	119,057	118,728
Share Issued	119,868	119,496	119,057	118,728
Net Debt	2,211,000	2,218,000	1,179,000	1,311,000
Total Debt	5,854,000	5,176,000	4,086,000	4,219,000
Tangible Book Value	-1,707,000	-1,532,000	-546,000	-653,000
Invested Capital	6,048,000	5,634,000	4,559,000	4,451,000
Working Capital	-587,000	-548,000	-58,000	-104,000
Net Tangible Assets	-1,707,000	-1,532,000	-546,000	-653,000
Capital Lease Obligations	2,789,000	2,545,000	2,439,000	2,413,000
Common Stock Equity	2,983,000	3,003,000	2,912,000	2,645,000
Total Capitalization	5,602,000	5,524,000	4,532,000	4,384,000
Total Equity Gross Minority Interest	3,015,000	3,035,000	2,946,000	2,678,000
Minority Interest	32,000	32,000	34,000	33,000
Stockholders Equity	2,983,000	3,003,000	2,912,000	2,645,000
Gains Losses Not Affecting Retained Earnings	-201,000	-313,000	-239,000	-254,000
Other Equity Adjustments	-201,000	-313,000	-239,000	-254,000
Treasury Stock	202,000	0
Retained Earnings	718,000	686,000	552,000	323,000
Additional Paid In Capital	2,667,000	2,629,000	2,598,000	2,575,000
Capital Stock	1,000	1,000	1,000	1,000
Common Stock	1,000	1,000	1,000	1,000
Total Liabilities Net Minority Interest	9,247,000	8,231,000	6,561,000	6,541,000
Total Non Current Liabilities Net Minority Interest	5,372,000	5,042,000	3,935,000	4,009,000
Other Non Current Liabilities	709,000	623,000	473,000	417,000
Long Term Debt And Capital Lease Obligation	4,663,000	4,419,000	3,462,000	3,592,000
Long Term Capital Lease Obligation	2,044,000	1,898,000	1,842,000	1,853,000
Long Term Debt	2,619,000	2,521,000	1,620,000	1,739,000
Current Liabilities	3,875,000	3,189,000	2,626,000	2,532,000
Other Current Liabilities	434,000	385,000	327,000	193,000
Current Debt And Capital Lease Obligation	1,191,000	757,000	624,000	627,000
Current Capital Lease Obligation	745,000	647,000	597,000	560,000
Current Debt	446,000	110,000	27,000	67,000
Other Current Borrowings	446,000	110,000	27,000	67,000
Payables And Accrued Expenses	2,250,000	2,047,000	1,675,000	1,712,000
Current Accrued Expenses	1,238,000	1,058,000	830,000	860,000
Interest Payable	22,000	20,000	9,000
Payables	1,012,000	989,000	845,000	852,000
Total Tax Payable	254,000	213,000	136,000	135,000
Accounts Payable	758,000	776,000	709,000	717,000
Total Assets	12,262,000	11,266,000	9,507,000	9,219,000
Total Non Current Assets	8,974,000	8,625,000	6,939,000	6,791,000
Other Non Current Assets	570,000	601,000	327,000	306,000
Goodwill And Other Intangible Assets	4,690,000	4,535,000	3,458,000	3,298,000
Other Intangible Assets	909,000	986,000	567,000	570,000
Goodwill	3,781,000	3,549,000	2,891,000	2,728,000
Net PPE	3,714,000	3,489,000	3,154,000	3,187,000
Accumulated Depreciation	-2,126,000	-1,732,000	-1,545,000	-1,297,000
Gross PPE	5,840,000	5,221,000	4,699,000	4,484,000
Other Properties	3,842,000	3,442,000	3,226,000	3,185,000
Machinery Furniture Equipment	1,409,000	1,264,000	1,033,000	935,000
Buildings And Improvements				364,000	326,000
Land And Improvements				0	7,000
Properties	589,000	515,000	440,000	364,000
Current Assets	3,288,000	2,641,000	2,568,000	2,428,000
Other Current Assets	406,000	429,000	347,000	286,000
Receivables	2,028,000	1,799,000	1,753,000	1,647,000
Accounts Receivable	2,028,000	1,799,000	1,753,000	1,647,000
Allowance For Doubtful Accounts Receivable	-15,000	-15,000	-11,000	-12,000
Gross Accounts Receivable	2,043,000	1,814,000	1,764,000	1,659,000
Cash Cash Equivalents And Short Term Investments	854,000	413,000	468,000	495,000
Cash And Cash Equivalents	854,000	413,000	468,000	495,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	110,000	190,000	284,000	200,000
Repurchase Of Capital Stock	-200,000	0	0
Repayment Of Debt	-255,000	-453,000	-169,000	-115,000
Issuance Of Debt	577,000	1,096,000	0	917,000
Capital Expenditure	-324,000	-359,000	-274,000	-342,000
Interest Paid Supplemental Data	128,000	97,000	57,000	34,000
Income Tax Paid Supplemental Data	59,000	43,000	84,000	111,000
End Cash Position	857,000	485,000	470,000	495,000
Beginning Cash Position	485,000	470,000	495,000	333,000
Effect Of Exchange Rate Changes	23,000	-13,000	13,000	-18,000
Changes In Cash	349,000	28,000	-38,000	180,000
Financing Cash Flow	111,000	636,000	-186,000	787,000
Cash Flow From Continuing Financing Activities	111,000	636,000	-186,000	787,000
Net Other Financing Charges	-11,000	-7,000	-17,000	-15,000
Net Common Stock Issuance	-200,000	0	0
Common Stock Payments	-200,000	0	0
Net Issuance Payments Of Debt	322,000	643,000	-169,000	802,000
Net Long Term Debt Issuance	322,000	643,000	-169,000	802,000
Long Term Debt Payments	-255,000	-453,000	-169,000	-115,000
Long Term Debt Issuance	577,000	1,096,000	0	917,000
Investing Cash Flow	-196,000	-1,157,000	-410,000	-1,149,000
Cash Flow From Continuing Investing Activities	-196,000	-1,157,000	-410,000	-1,149,000
Net Other Investing Changes	3,000		-2,000	8,000
Net Investment Purchase And Sale	-24,000	4,000	-3,000	21,000
Sale Of Investment		4,000		21,000	0
Purchase Of Investment	-24,000		-3,000
Net Business Purchase And Sale	0	-863,000	-149,000	-876,000
Sale Of Business					32,000
Purchase Of Business	0	-863,000	-149,000	-876,000
Net PPE Purchase And Sale	149,000	61,000	18,000	40,000
Sale Of PPE	149,000	61,000	18,000	40,000
Capital Expenditure Reported	-324,000	-359,000	-274,000	-342,000
Operating Cash Flow	434,000	549,000	558,000	542,000
Cash Flow From Continuing Operating Activities	434,000	549,000	558,000	542,000
Change In Working Capital	-112,000	-6,000	-53,000	4,000
Change In Other Current Assets	21,000	-54,000	28,000	24,000
Change In Payables And Accrued Expense	-45,000	-70,000	-64,000	51,000
Change In Accrued Expense	16,000	-93,000	-61,000	6,000
Change In Payable	-61,000	23,000	-3,000	45,000
Change In Account Payable	-61,000	23,000	-3,000	45,000
Change In Receivables	-88,000	118,000	-17,000	-71,000
Changes In Account Receivables	-88,000	118,000	-17,000	-71,000
Other Non Cash Items	10,000	1,000	23,000	-17,000
Stock Based Compensation	47,000	39,000	35,000	33,000
Asset Impairment Charge	25,000	0	0
Deferred Tax	-29,000	-38,000	-41,000	-7,000
Deferred Income Tax	-29,000	-38,000	-41,000	-7,000
Depreciation Amortization Depletion	457,000	415,000	361,000	329,000
Depreciation And Amortization	457,000	415,000	361,000	329,000
Amortization Cash Flow	119,000	108,000	71,000	68,000
Amortization Of Intangibles	119,000	108,000	71,000	68,000
Depreciation	338,000	307,000	290,000	261,000
Net Income From Continuing Operations	36,000	138,000	233,000	200,000

These metrics estimate what GXO Logistics, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$12.78

Margin of Safety

Market Cap ÷ Company Value

1.86

P/B Ratio

1.78

Warren's Owner Earnings

$813M

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/7 — Speculative Investor

✅ Adequate Size

$13.2B

vs > $1.5B revenue

❌ Strong Financial Condition

0.85x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Earnings Growth

-83.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

165.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.78x P/B (P/E×P/B: 294.9)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-51.80

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$41.05

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	1,012.5%	267.9%	119.7%	173.6%	N/A
Repurchase of Capital Stock	-$200M	$0M	$0M	N/A	N/A
Free Cash Flow	$110M ▼	$190M ▼	$284M ▲	$200M •	N/A •
Warren's Owner Earnings	$813M	$908M	$864M	$868M	N/A

Peers & Industry

No auto-detected peers for Integrated Freight & Logistics. You can manually compare GXO against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.98%

Low — management has little skin in the game

Return on Equity (ROE)

1.1%

Weak — poor returns on equity

Return on Assets (ROA)

0.3%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$200M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+13.1% YoY

Debt is growing — management is leveraging up

Leadership Team

Patrick Kelleher

Chief Executive Officer

Age 56

Pay: $1,121,739

3.505% of net income

Mark Suchinski

Chief Financial Officer

Age 58

Bart Beeks

Chief Operating Officer

Top Institutional Holders

Institution	% Owned	Shares
Orbis Allan Gray Ltd	11.67%	13,424,844
Vanguard Group Inc	9.38%	10,794,416
Blackrock Inc.	8.71%	10,020,227
ClearBridge Investments, LLC	4.12%	4,740,919
Dimensional Fund Advisors LP	3.91%	4,495,476
River Road Asset Management, LLC	3.08%	3,541,141
State Street Corporation	3.05%	3,507,444
Focus Partners Wealth	3.00%	3,450,768

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.68

High volatility — moves more than the market

Short Interest

5.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.94x

Moderate leverage

Current Ratio