NYSE · Industrials

XPO, Inc.

XPO · Trucking

$199.98

▼ -15.3 (-7.11%)

Data cached · refreshes every 10 min

Mr. Market is currently offering XPO, Inc. at $199.98.

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 12.0%

Operating Margin 8.9%

Net Income Margin 3.9%

Fin. Health D

Years to Pay Off Debt 12.9 yrs

Working Capital vs Long-Term Debt -$3.2B

Working Capital $75M

Valuation F

Margin of Safety 0.0%

Price-to-Book 12.62x

Cash Flow C

Free Cash Flow $329M

CapEx % of Net Income 207.9%

Owner Earnings $1.5B

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 $23.5B

Enterprise Value $29.1B

P/E (TTM) 68.72

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 12.0%

Operating Margin 8.9%

Net Margin 3.9%

Company Info

Sector Industrials

Industry Trucking

Employees 37000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering XPO, Inc. at $199.98.

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

At $199.98, the stock trades at a 552% premium to its Graham Number of $30.68. 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 XPO, Inc.

XPO, Inc., together with its subsidiaries, provides freight transportation services in the United States, North America, France, the United Kingdom, and rest of Europe. The company operates in two segments, North American Less-Than-Truckload (LTL) and European Transportation. The North American LTL segment provides shippers with geographic density and day-definite domestic and cross-border services to the U.S., Mexico, Canada, and the Caribbean. The European Transportation segment offers dedicated truckload, LTL, truck brokerage, managed transportation, last mile, freight forwarding, and warehousing and multimodal solutions to an extensive base of customers within the consumer, trade, and industrial markets. The company was formerly known as XPO Logistics, Inc. and changed its name to XPO, Inc. in December 2022. The company was founded in 1989 and is based in Greenwich, Connecticut.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	12.0% ▲	11.3%	9.9%	9.5%	N/A
Operating Margin %	8.9% ▲	8.7%	7.0%	6.3%	N/A
Net Income %	3.9% ▼	4.8%	2.4%	8.6%	N/A
Diluted EPS	2.64 ▼	3.23	1.60	5.76	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$8.2B	$7.7B	$7.5B	$6.3B	N/A
Total Debt	$4.1B ↓	$4.1B	$4.1B	$3.2B	N/A
Working Capital	$75M ▼	$85M	$3M	$123M	N/A
Years to Pay Debt	12.94	10.64	21.76	4.87	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$329M ▲	$19M	-$851M	$311M	N/A
Owner Earnings	$1.5B	$1.7B	$2.2B	$1.6B	N/A
CapEx % of Net Income	207.9%	203.9%	811.1%	78.2%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-21,684	-7,240	-33,800	-43,186
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,255,000	1,226,000	990,000	936,000
Total Unusual Items	-78,000	-40,000	-130,000	-151,000
Total Unusual Items Excluding Goodwill	-78,000	-40,000	-130,000	-151,000
Net Income From Continuing Operation Net Minority Interest	316,000	387,000	192,000	184,000
Reconciled Depreciation	521,000	490,000	432,000	392,000
Reconciled Cost Of Revenue	7,178,000	7,157,000	6,974,000	6,988,000
EBITDA	1,177,000	1,186,000	860,000	785,000
EBIT	656,000	696,000	428,000	393,000
Net Interest Income	-219,000	-223,000	-168,000	-135,000
Interest Expense	219,000	223,000	168,000	135,000
Normalized Income	372,316	419,760	288,200	291,814
Net Income From Continuing And Discontinued Operation	316,000	387,000	189,000	666,000
Total Expenses	7,428,000	7,371,000	7,201,000	7,229,000
Total Operating Income As Reported	656,000	660,000	438,000	377,000
Diluted Average Shares	119,000	120,000	118,000	116,000
Basic Average Shares	118,000	116,000	116,000	115,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	316,000	387,000	189,000	666,000
Net Income Common Stockholders	316,000	387,000	189,000	666,000
Net Income	316,000	387,000	189,000	666,000
Minority Interests			0	0	-5,000
Net Income Including Noncontrolling Interests	316,000	387,000	189,000	666,000
Net Income Discontinuous Operations	0	0	-3,000	482,000
Net Income Continuous Operations	316,000	387,000	192,000	184,000
Tax Provision	121,000	86,000	68,000	74,000
Pretax Income	437,000	473,000	260,000	258,000
Other Income Expense	-72,000	-3,000	-115,000	-96,000
Other Non Operating Income Expenses	6,000	37,000	15,000	55,000
Special Income Charges	-78,000	-40,000	-130,000	-151,000
Gain On Sale Of Ppe	17,000	40,000	5,000	60,000
Other Special Charges	-7,000		33,000	39,000	54,000
Impairment Of Capital Assets		0	0	64,000	0
Restructuring And Mergern Acquisition	102,000	80,000	102,000	108,000
Gain On Sale Of Security					2,000
Net Non Operating Interest Income Expense	-219,000	-223,000	-168,000	-135,000
Interest Expense Non Operating	219,000	223,000	168,000	135,000
Operating Income	729,000	701,000	543,000	489,000
Operating Expense	250,000	214,000	227,000	241,000
Other Taxes	83,000	80,000	60,000	58,000
Selling General And Administration	167,000	134,000	167,000	183,000
General And Administrative Expense	167,000	134,000	167,000	183,000
Insurance And Claims	167,000	134,000	167,000	183,000
Gross Profit	979,000	915,000	770,000	730,000
Cost Of Revenue	7,178,000	7,157,000	6,974,000	6,988,000
Total Revenue	8,157,000	8,072,000	7,744,000	7,718,000
Operating Revenue	8,157,000	8,072,000	7,744,000	7,718,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	117,384	117,174	115,973	115,000
Share Issued	117,384	117,174	115,973	115,000
Net Debt	3,003,000	3,141,000	2,992,000	2,072,000
Total Debt	4,090,000	4,117,000	4,113,000	3,245,000
Tangible Book Value	3,000	-221,000	-654,000	-867,000
Invested Capital	5,174,000	4,987,000	4,670,000	3,544,000
Working Capital	75,000	85,000	3,000	123,000
Net Tangible Assets	3,000	-221,000	-654,000	-867,000
Capital Lease Obligations	777,000	730,000	709,000	713,000
Common Stock Equity	1,861,000	1,600,000	1,266,000	1,012,000
Total Capitalization	5,114,000	4,925,000	4,601,000	3,485,000
Total Equity Gross Minority Interest	1,861,000	1,601,000	1,266,000	1,012,000
Stockholders Equity	1,861,000	1,600,000	1,266,000	1,012,000
Gains Losses Not Affecting Retained Earnings	-187,000	-246,000	-217,000	-222,000
Other Equity Adjustments	-187,000	-246,000	-217,000	-222,000
Retained Earnings	888,000	572,000	185,000	-4,000
Additional Paid In Capital	1,160,000	1,274,000	1,298,000	1,238,000
Total Liabilities Net Minority Interest	6,333,000	6,111,000	6,226,000	5,257,000
Total Non Current Liabilities Net Minority Interest	4,778,000	4,691,000	4,636,000	3,750,000
Other Non Current Liabilities	346,000	285,000	285,000	259,000
Liabilities Heldfor Sale Non Current					281,000
Employee Benefits	86,000	85,000	91,000	93,000
Non Current Deferred Liabilities	482,000	393,000	337,000	319,000
Non Current Deferred Taxes Liabilities	482,000	393,000	337,000	319,000
Long Term Debt And Capital Lease Obligation	3,864,000	3,928,000	3,923,000	3,079,000
Long Term Capital Lease Obligation	611,000	603,000	588,000	606,000
Long Term Debt	3,253,000	3,325,000	3,335,000	2,473,000
Current Liabilities	1,555,000	1,420,000	1,590,000	1,507,000
Other Current Liabilities	114,000	46,000	93,000	46,000
Current Debt And Capital Lease Obligation	226,000	189,000	190,000	166,000
Current Capital Lease Obligation	166,000	127,000	121,000	107,000
Current Debt	60,000	62,000	69,000	59,000
Other Current Borrowings	60,000	62,000	69,000	59,000
Payables And Accrued Expenses	1,215,000	1,185,000	1,307,000	1,295,000
Current Accrued Expenses	654,000	615,000	691,000	692,000
Payables	561,000	570,000	616,000	603,000
Total Tax Payable	106,000	93,000	84,000	82,000
Accounts Payable	455,000	477,000	532,000	521,000
Total Assets	8,194,000	7,712,000	7,492,000	6,269,000
Total Non Current Assets	6,564,000	6,206,000	5,899,000	4,639,000
Other Non Current Assets	265,000	254,000	196,000	209,000
Goodwill And Other Intangible Assets	1,858,000	1,821,000	1,920,000	1,879,000
Other Intangible Assets	311,000	360,000	422,000	407,000
Goodwill	1,547,000	1,461,000	1,498,000	1,472,000
Net PPE	4,441,000	4,131,000	3,783,000	2,551,000
Accumulated Depreciation	-2,360,000	-2,019,000	-1,853,000	-1,679,000
Gross PPE	6,801,000	6,150,000	5,636,000	4,230,000
Other Properties	777,000	727,000	708,000	719,000
Machinery Furniture Equipment	1,054,000	924,000	859,000	793,000
Buildings And Improvements	1,017,000	874,000	733,000	406,000
Land And Improvements	920,000	879,000	860,000	258,000
Current Assets	1,630,000	1,505,000	1,593,000	1,630,000
Other Current Assets	285,000	282,000	208,000	199,000
Assets Held For Sale Current			0	17,000	1,332,000
Receivables	1,035,000	977,000	973,000	954,000
Accounts Receivable	1,035,000	977,000	973,000	954,000
Allowance For Doubtful Accounts Receivable	-40,000	-50,000	-45,000	-43,000
Gross Accounts Receivable	1,075,000	1,027,000	1,018,000	997,000
Cash Cash Equivalents And Short Term Investments	310,000	246,000	412,000	460,000
Cash And Cash Equivalents	310,000	246,000	412,000	460,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	329,000	19,000	-851,000	311,000
Repurchase Of Capital Stock	-125,000	0	0	0
Repayment Of Debt	-188,000	-82,000	-2,188,000	-1,404,000
Issuance Of Debt	23,000	0	2,996,000	275,000
Issuance Of Capital Stock			0	0	384,000
Capital Expenditure	-657,000	-789,000	-1,533,000	-521,000
Interest Paid Supplemental Data	229,000	223,000	185,000	145,000
Income Tax Paid Supplemental Data		90,000	34,000	87,000	78,000
End Cash Position	330,000	298,000	419,000	470,000
Beginning Cash Position	298,000	419,000	470,000	273,000
Effect Of Exchange Rate Changes	-1,000	0	5,000	-18,000
Changes In Cash	33,000	-121,000	-56,000	215,000
Financing Cash Flow	-339,000	-226,000	761,000	-862,000
Cash From Discontinued Financing Activities	0	0	0	-1,000
Cash Flow From Continuing Financing Activities	-339,000	-226,000	761,000	-861,000
Net Other Financing Charges	-49,000	-135,000	-47,000	288,000
Net Common Stock Issuance	-125,000	0	0	0
Common Stock Payments	-125,000	0	0
Common Stock Issuance			0	0	384,000
Net Issuance Payments Of Debt	-165,000	-91,000	808,000	-1,149,000
Net Short Term Debt Issuance	23,000	-9,000	34,000	-20,000
Short Term Debt Payments					-200,000
Short Term Debt Issuance	23,000		34,000		0
Net Long Term Debt Issuance	-188,000	-82,000	774,000	-1,129,000
Long Term Debt Payments	-188,000	-82,000	-2,188,000	-1,404,000
Long Term Debt Issuance	0	0	2,962,000	275,000
Investing Cash Flow	-616,000	-702,000	-1,499,000	245,000
Cash From Discontinued Investing Activities	0	0	3,000	649,000
Cash Flow From Continuing Investing Activities	-616,000	-702,000	-1,502,000	-404,000
Net Other Investing Changes					-3,000
Net Investment Purchase And Sale	0	12,000	2,000	29,000
Sale Of Investment	0	12,000	2,000	29,000
Net PPE Purchase And Sale	-616,000	-714,000	-1,504,000	-433,000
Sale Of PPE	41,000	75,000	29,000	88,000
Purchase Of PPE	-657,000	-789,000	-1,533,000	-521,000
Operating Cash Flow	986,000	808,000	682,000	832,000
Cash From Discontinued Operating Activities	0	0	-12,000	8,000
Cash Flow From Continuing Operating Activities	986,000	808,000	694,000	824,000
Change In Working Capital	-45,000	-194,000	-99,000	1,000
Change In Other Current Assets	-38,000	-106,000	-9,000	-3,000
Change In Payables And Accrued Expense	40,000	-41,000	-44,000	104,000
Change In Accrued Expense	62,000	-33,000	4,000	42,000
Change In Payable	-22,000	-8,000	-48,000	62,000
Change In Account Payable	-22,000	-8,000	-48,000	62,000
Change In Receivables	-47,000	-47,000	-46,000	-100,000
Changes In Account Receivables	-47,000	-47,000	-46,000	-100,000
Other Non Cash Items	35,000	21,000	68,000	86,000
Stock Based Compensation	77,000	87,000	78,000	77,000
Asset Impairment Charge		0	0	64,000	0
Deferred Tax	99,000	57,000	31,000	80,000
Deferred Income Tax	99,000	57,000	31,000	80,000
Depreciation Amortization Depletion	521,000	490,000	432,000	392,000
Depreciation And Amortization	521,000	490,000	432,000	392,000
Depreciation			432,000	392,000	385,000
Operating Gains Losses	-17,000	-40,000	-5,000	-60,000
Gain Loss On Investment Securities					1,000
Gain Loss On Sale Of PPE	-17,000	-40,000	-5,000	-60,000
Net Income From Continuing Operations	316,000	387,000	189,000	184,000

These metrics estimate what XPO, 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

$30.68

Margin of Safety

Market Cap ÷ Company Value

2.75

P/B Ratio

12.62

Warren's Owner Earnings

$1.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/7 — Speculative Investor

✅ Adequate Size

$8.2B

vs > $1.5B revenue

❌ Strong Financial Condition

1.05x

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

-54.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

68.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

12.62x P/B (P/E×P/B: 867.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-40.06

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

$68.99

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

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	207.9%	203.9%	811.1%	78.2%	N/A
Repurchase of Capital Stock	-$125M	$0M	$0M	$0M	N/A
Free Cash Flow	$329M ▲	$19M ▲	-$851M ▼	$311M •	N/A •
Warren's Owner Earnings	$1.5B	$1.7B	$2.2B	$1.6B	N/A

Peers & Industry

No auto-detected peers for Trucking. You can manually compare XPO 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

1.99%

Low — management has little skin in the game

Return on Equity (ROE)

17.0%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

3.9%

Fair — average asset utilization

Share Buybacks (Latest Year)

$125M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-0.7% YoY

Debt is declining — management is deleveraging

Leadership Team

Mario Harik

CEO & Chairman of the Board

Age 44

Pay: $2,124,784

0.672% of net income

Kyle Wismans

Chief Financial Officer

Age 41

Pay: $1,114,099

0.353% of net income

David Bates

Chief Operating Officer

Age 60

Pay: $5,102,965

1.615% of net income

Anthony Hoereth

Senior Vice President of Sales

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	9.92%	11,644,620
MFN Partners Management, LP	9.73%	11,425,369
Capital Research Global Investors	9.50%	11,157,329
Vanguard Group Inc	8.96%	10,525,258
Capital World Investors	8.92%	10,473,404
Invesco Ltd.	5.31%	6,237,886
Durable Capital Partners Lp	3.36%	3,949,100
Orbis Allan Gray Ltd	3.11%	3,652,589

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.67

High volatility — moves more than the market

Short Interest

5.4% of float

Moderate short interest

Debt-to-Equity

2.21x

High leverage — significant financial risk

Current Ratio

0.99x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $106.65 Current: $199.98 High: $231.46

Currently at 75% of 52-week range

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