Latest Ratios: P/E Ratio 76.8x · EV/EBITDA 22.6x · ROE 18.3%. (2001–2025 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 | $23.8B | $16.2B | $15.7B | $10.3B | $3.9B | $5.2B | $4.2B | $2.9B | $2.7B | $4.0B | $1.8B |
| Enterprise Value | $28.2B | $20.6B | $19.6B | $14.0B | $6.6B | $9.3B | $9.8B | $10.1B | $6.4B | $8.2B | $6.3B |
| P/E Ratio → | 76.81 | 51.48 | 40.60 | 54.74 | 5.78 | 15.60 | 52.86 | 7.72 | 6.85 | 12.93 | 28.15 |
| P/S Ratio | 2.92 | 1.98 | 1.95 | 1.33 | 0.50 | 0.73 | 0.68 | 0.27 | 0.15 | 0.26 | 0.13 |
| P/B Ratio | 12.97 | 8.69 | 9.84 | 8.16 | 3.82 | 4.61 | 1.48 | 1.01 | 0.67 | 1.01 | 0.60 |
| P/FCF | 72.37 | 49.16 | 1049.20 | — | 12.42 | 11.60 | 6.61 | 15.38 | 4.83 | 13.73 | 12.90 |
| P/OCF | 24.15 | 16.40 | 19.57 | 15.15 | 4.64 | 7.27 | 4.75 | 3.69 | 2.42 | 5.07 | 2.93 |
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 | — | 2.52 | 2.43 | 1.81 | 0.86 | 1.29 | 1.60 | 0.94 | 0.37 | 0.53 | 0.43 |
| EV / EBITDA | 22.56 | 16.45 | 17.05 | 16.13 | 8.64 | 13.33 | 20.72 | 9.78 | 4.53 | 6.59 | 5.72 |
| EV / EBIT | 38.68 | 28.21 | 28.17 | 32.80 | 16.91 | 29.22 | 68.36 | 17.67 | 8.21 | 15.00 | 13.52 |
| EV / FCF | — | 62.51 | 1307.27 | — | 21.37 | 20.56 | 15.48 | 52.92 | 11.67 | 27.73 | 44.55 |
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 | 12.0% | 12.0% | 11.3% | 9.9% | 9.5% | 7.3% | 15.1% | 15.6% | 14.7% | 14.6% | 14.5% |
| Operating Margin | 8.9% | 8.9% | 8.2% | 5.7% | 4.9% | 4.3% | 1.6% | 5.3% | 4.1% | 3.8% | 3.2% |
| Net Profit Margin | 3.9% | 3.9% | 4.8% | 2.4% | 8.6% | 4.7% | 1.8% | 3.9% | 2.4% | 2.2% | 0.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.3% | 18.3% | 27.0% | 16.6% | 62.0% | 16.9% | 3.8% | 12.2% | 10.6% | 9.6% | 2.3% |
| ROA | 4.0% | 4.0% | 5.1% | 2.7% | 8.9% | 2.7% | 0.7% | 3.2% | 3.4% | 2.8% | 0.6% |
| ROIC | 9.3% | 9.3% | 9.5% | 7.5% | 6.3% | 3.4% | 0.8% | 4.7% | 6.7% | 5.6% | 4.4% |
| ROCE | 11.3% | 11.3% | 10.8% | 8.2% | 6.9% | 3.6% | 0.9% | 5.7% | 7.6% | 6.3% | 4.9% |
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 | 2.53 | 2.53 | 2.57 | 3.25 | 3.21 | 3.76 | 2.59 | 2.59 | 1.08 | 1.13 | 1.60 |
| Debt / EBITDA | 3.76 | 3.76 | 3.58 | 4.73 | 4.22 | 6.13 | 15.51 | 7.31 | 3.01 | 3.65 | 4.40 |
| Net Debt / Equity | — | 2.36 | 2.42 | 2.92 | 2.75 | 3.56 | 1.98 | 2.46 | 0.95 | 1.03 | 1.48 |
| Net Debt / EBITDA | 3.51 | 3.51 | 3.37 | 4.25 | 3.62 | 5.80 | 11.87 | 6.94 | 2.65 | 3.33 | 4.06 |
| Debt / FCF | — | 13.35 | 258.07 | — | 8.95 | 8.95 | 8.86 | 37.54 | 6.84 | 13.99 | 31.65 |
| Interest Coverage | 3.33 | 3.33 | 3.12 | 2.55 | 2.91 | 1.51 | 0.47 | 2.12 | 3.61 | 1.92 | 1.30 |
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 | 1.05 | 1.05 | 1.06 | 1.00 | 1.08 | 1.05 | 1.04 | 1.03 | 1.11 | 1.20 | 1.13 |
| Quick Ratio | 1.05 | 1.05 | 1.06 | 1.00 | 1.08 | 1.05 | 1.04 | 1.03 | 1.11 | 1.20 | 1.13 |
| Cash Ratio | 0.20 | 0.20 | 0.17 | 0.26 | 0.31 | 0.09 | 0.34 | 0.12 | 0.15 | 0.13 | 0.14 |
| Asset Turnover | — | 1.00 | 1.05 | 1.03 | 1.23 | 0.83 | 0.38 | 0.76 | 1.41 | 1.22 | 1.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 46.31 | 44.18 | 45.86 | 45.12 | 46.02 | 99.42 | 85.43 | 54.84 | 64.67 | 57.76 |
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 | — | — | — | — | — | — | — | 0.3% | 0.3% | 0.0% | 0.1% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 0.1% | 2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 1.9% | 2.5% | 1.8% | 17.3% | 6.4% | 1.9% | 12.9% | 14.6% | 7.7% | 3.6% |
| FCF Yield | 1.4% | 2.0% | 0.1% | — | 8.1% | 8.6% | 15.1% | 6.5% | 20.7% | 7.3% | 7.8% |
| Buyback Yield | 0.5% | 0.8% | 0.8% | 0.2% | 0.7% | 0.0% | 2.7% | 46.1% | 20.1% | 0.0% | 0.6% |
| Total Shareholder Yield | 0.5% | 0.8% | 0.8% | 0.2% | 0.7% | 0.0% | 2.7% | 46.4% | 20.4% | 0.0% | 0.7% |
| Shares Outstanding | — | $119M | $120M | $118M | $116M | $114M | $102M | $106M | $135M | $128M | $123M |
Cyclical industrial demand sensitivity
According to current market data, XPO trades at a forward P/E of 40.91, which suggests that investors are pricing in significant margin expansion potential rather than current earnings, a valuation premium that appears aggressive when compared to the more stable, established profitability profiles of industry peers like ODFL.
The elevated P/E multiple indicates that the market is discounting future operational improvements rather than historical performance. This valuation warrants caution, as it implies a high hurdle for management to meet in terms of closing the operating ratio gap with best-in-class competitors.
Based on reported financial statements, XPO's ROIC has remained stagnant between 2.0% and 2.8% over the last ten quarters, a level that significantly trails the double-digit returns generated by premium LTL carriers, suggesting that the company's asset-heavy model is not yet compounding capital at an attractive rate.
The persistent gap in ROIC compared to peers like ODFL highlights the structural challenge of integrating legacy assets while attempting to optimize network density. Investors should monitor whether the current capital expenditure cycle eventually translates into higher returns or if the asset base remains underutilized relative to its cost.
As reported in recent quarterly filings, XPO's asset turnover ratio has hovered near 0.26, a metric that reflects the high capital intensity of its terminal network and suggests that the company has yet to achieve the throughput efficiency necessary to drive superior returns on its physical infrastructure.
The stability of the asset turnover ratio indicates that revenue growth is currently tracking closely with the expansion of the physical footprint. This suggests that the company is still in a phase of capacity building rather than sweating existing assets to drive incremental margin expansion.
Based on the latest quarterly figures, XPO maintains a current ratio of 0.99, which indicates that current liabilities are nearly equal to current assets, suggesting a limited liquidity buffer that may leave the company vulnerable to sudden operational shocks or unexpected spikes in working capital requirements.
This narrow liquidity position warrants close monitoring, as it leaves little room for error in a cyclical industry prone to sudden volume declines. The lack of a significant cushion suggests that the company must maintain precise control over its cash conversion cycle to avoid potential financing stress.
Investors frequently misapply the P/E ratio to XPO, as the metric is heavily distorted by significant non-cash depreciation charges inherent in an asset-heavy LTL model, which obscures the company's true cash-generating capacity and its ability to fund ongoing terminal network modernization through internal operations.
A more appropriate metric for this business model is EV/EBITDA or a focus on free cash flow yield, which better accounts for the capital-intensive nature of the fleet and terminal infrastructure. Relying on P/E risks misinterpreting the company's financial health by focusing on accounting earnings that do not reflect the cash reality of the business.
Includes 30+ ratios · 25 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XPO stock.
XPO Logistics, Inc.'s current P/E ratio is 76.8x. The historical average is 19.2x. This places it at the 100th percentile of its historical range.
XPO Logistics, Inc.'s current EV/EBITDA is 22.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
XPO Logistics, Inc.'s return on equity (ROE) is 18.3%. The historical average is 4.8%.
Based on historical data, XPO Logistics, Inc. is trading at a P/E of 76.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
XPO Logistics, Inc. has 12.0% gross margin and 8.9% operating margin.
XPO Logistics, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.