Latest Ratios: P/E Ratio -45.1x · EV/EBITDA 48.0x · ROE -6.3%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $4.4B | $2.1B | $3.2B | $2.8B | $2.0B | — | — |
| Enterprise Value | $5.2B | $3.0B | $3.8B | $3.3B | $2.5B | — | — |
| P/E Ratio → | -45.07 | — | — | 694.33 | 21.77 | — | — |
| P/S Ratio | 0.76 | 0.37 | 0.70 | 0.71 | 0.42 | — | — |
| P/B Ratio | 2.91 | 1.38 | 1.97 | 4.68 | 3.41 | — | — |
| P/FCF | — | — | — | 111.14 | 7.91 | — | — |
| P/OCF | 85.98 | 41.75 | — | 31.22 | 6.46 | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.52 | 0.84 | 0.85 | 0.53 | — | — |
| EV / EBITDA | 47.97 | 27.27 | 122.89 | 31.43 | 12.06 | — | — |
| EV / EBIT | — | — | 126.98 | 49.72 | 20.50 | — | — |
| EV / FCF | — | — | — | 133.26 | 9.96 | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 17.7% | 17.7% | 17.2% | 18.5% | 17.9% | 15.7% | 16.1% |
| Operating Margin | -0.1% | -0.1% | -1.2% | 1.0% | 2.6% | 4.1% | 1.8% |
| Net Profit Margin | -1.7% | -1.7% | -6.4% | 0.1% | 1.9% | 3.2% | 1.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -6.3% | -6.3% | -26.3% | 0.7% | 11.1% | 14.0% | 4.0% |
| ROA | -3.0% | -3.0% | -11.1% | 0.2% | 4.5% | 7.6% | 2.3% |
| ROIC | -0.2% | -0.2% | -2.5% | 2.6% | 7.8% | 12.1% | 4.0% |
| ROCE | -0.3% | -0.3% | -3.2% | 3.3% | 10.0% | 15.4% | 4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.56 | 0.56 | 0.41 | 0.94 | 1.05 | 0.21 | 0.11 |
| Debt / EBITDA | 7.90 | 7.90 | 21.42 | 5.26 | 2.95 | 0.84 | 0.85 |
| Net Debt / Equity | — | 0.55 | 0.39 | 0.93 | 0.88 | 0.19 | 0.04 |
| Net Debt / EBITDA | 7.73 | 7.73 | 20.29 | 5.22 | 2.48 | 0.73 | 0.34 |
| Debt / FCF | — | — | — | 22.12 | 2.05 | 1.72 | — |
| Interest Coverage | -0.20 | -0.20 | 1.00 | 2.09 | 30.75 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.27 | 1.27 | 1.26 | 1.17 | 1.25 | 1.33 | 1.37 |
| Quick Ratio | 1.27 | 1.27 | 1.26 | 1.17 | 1.25 | 1.33 | 1.37 |
| Cash Ratio | 0.02 | 0.02 | 0.03 | 0.01 | 0.12 | 0.04 | 0.11 |
| Asset Turnover | — | 1.75 | 1.33 | 2.15 | 2.36 | 2.27 | 1.80 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 79.59 | 98.43 | 69.06 | 68.49 | 78.62 | 83.94 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 0.1% | 4.6% | — | — |
| FCF Yield | — | — | — | 0.9% | 12.6% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | — | — |
| Shares Outstanding | — | $168M | $133M | $119M | $116M | $116M | $116M |
Liquidity and integration risk
According to current market data, RXO trades at a forward P/E of 579.49, which suggests that investors are pricing the firm on a recovery of earnings rather than current fundamental performance, as indicated by the negative TTM P/E of -45.97 reported in recent financial filings.
The extreme valuation multiples indicate that the market is currently valuing RXO as a high-beta recovery play rather than a mature, profitable entity. Investors should monitor whether the forward earnings estimates are achievable, as the current pricing implies a significant expansion in margins that has yet to materialize in the company's operating results.
Based on reported figures, RXO's ROIC has struggled to remain positive, fluctuating between -1.0% and 0.9% over the last ten quarters, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital in the current freight environment.
The inability to sustain positive ROIC suggests that the company's aggressive acquisition strategy, including the Coyote Logistics integration, has yet to yield the expected synergies. This trend warrants further investigation into whether the firm's capital allocation strategy is creating long-term shareholder value or merely expanding the asset base without improving underlying profitability.
As reported in recent financial statements, RXO's DSO has remained elevated, averaging over 70 days, which highlights the inherent difficulty in managing cash conversion cycles within a fragmented brokerage model where payment terms with shippers and carriers are often misaligned during periods of market volatility.
The persistent length of the DSO suggests that the company may be using its balance sheet to provide credit to shippers, which adds significant pressure to its already thin liquidity position. Investors should monitor whether the company can tighten these cycles, as any further extension in receivables could exacerbate the firm's reliance on external financing.
Based on the company's reported figures, the D/E ratio has shown significant volatility, peaking at 1.04 in 2024Q2, which indicates that the firm's reliance on debt to fund inorganic growth has left it with a more leveraged profile than its asset-light business model might otherwise suggest.
The erratic interest coverage ratios, which have dipped into negative territory multiple times, suggest that debt service could become a material risk if freight volumes do not recover as anticipated. The company's reliance on revolving credit facilities to manage daily operations appears to be a structural necessity rather than a temporary measure.
As noted in industry research, the P/S ratio is frequently misapplied to RXO because it fails to account for the pass-through nature of purchased transportation costs, which can artificially inflate top-line revenue figures without providing a meaningful indication of the company's actual earning power or gross profit margins.
Analysts should prioritize Net Revenue or Gross Profit multiples over P/S to better understand the company's true scale and margin potential. Relying on P/S obscures the impact of fuel surcharges and carrier costs, potentially leading to an overestimation of the firm's competitive position in the brokerage market.
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Quick answers to the most common questions about buying RXO stock.
RXO, Inc.'s current P/E ratio is -45.1x. The historical average is 21.8x.
RXO, Inc.'s current EV/EBITDA is 48.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.6x.
RXO, Inc.'s return on equity (ROE) is -6.3%. The historical average is -0.5%.
Based on historical data, RXO, Inc. is trading at a P/E of -45.1x. Compare with industry peers and growth rates for a complete picture.
RXO, Inc. has 17.7% gross margin and -0.1% operating margin.
RXO, Inc.'s Debt/EBITDA ratio is 7.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.