Latest Ratios: P/E Ratio -4.7x · EV/EBITDA 8.2x · ROE N/A. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $258M | $286M | $430M | $512M | $580M | $488M | — | — | — |
| Enterprise Value | $749M | $777M | $793M | $891M | $718M | $599M | — | — | — |
| P/E Ratio → | -4.70 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.82 | 0.91 | 1.34 | 1.61 | 2.38 | 3.15 | — | — | — |
| P/B Ratio | — | — | — | — | — | — | — | — | — |
| P/FCF | 10.42 | 11.58 | 61.80 | 21.78 | 16.14 | 50.92 | — | — | — |
| P/OCF | 9.10 | 10.12 | 36.86 | 15.65 | 11.14 | 33.80 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.47 | 2.48 | 2.80 | 2.95 | 3.86 | — | — | — |
| EV / EBITDA | 8.18 | 8.49 | — | 17.20 | 25.09 | — | — | — | — |
| EV / EBIT | 9.41 | 9.77 | — | 16.52 | 24.18 | 228.40 | — | — | — |
| EV / FCF | — | 31.43 | 113.92 | 37.90 | 20.00 | 62.45 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.6% | 75.6% | 81.4% | 69.0% | 66.2% | 65.0% | 61.3% | 57.1% | 50.5% |
| Operating Margin | 25.3% | 25.3% | -16.7% | 11.0% | 5.5% | -19.9% | 7.3% | -16.3% | -61.1% |
| Net Profit Margin | -10.7% | -10.7% | -20.3% | -1.3% | 0.5% | -12.1% | -12.8% | -28.8% | -71.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | -86.8% | -83.6% | -68.3% |
| ROA | -9.0% | -9.0% | -13.9% | -0.8% | 0.3% | -5.1% | -4.2% | -11.9% | -14.2% |
| ROIC | 69.7% | 69.7% | -23.5% | 23.7% | — | -60.5% | 3.4% | -8.7% | -14.0% |
| ROCE | 30.3% | 30.3% | -14.7% | 8.2% | 3.5% | -10.0% | 2.9% | -8.1% | -14.4% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 38.49 | 5.74 | 2.29 |
| Debt / EBITDA | 5.73 | 5.73 | — | 7.85 | 5.95 | — | 11.83 | — | — |
| Net Debt / Equity | — | — | — | — | — | — | 36.11 | 5.39 | 2.11 |
| Net Debt / EBITDA | 5.36 | 5.36 | — | 7.32 | 4.83 | — | 11.10 | — | — |
| Debt / FCF | — | 19.85 | 52.12 | 16.12 | 3.85 | 11.53 | — | — | — |
| Interest Coverage | 1.62 | 1.62 | -1.14 | 1.39 | 2.28 | 0.11 | -0.04 | -1.30 | -5.78 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.82 | 0.82 | 0.78 | 1.05 | 1.18 | 0.78 | 0.60 | 0.56 | 0.52 |
| Quick Ratio | 0.80 | 0.80 | 0.69 | 0.89 | 1.03 | 0.67 | 0.48 | 0.48 | 0.42 |
| Cash Ratio | 0.29 | 0.29 | 0.15 | 0.30 | 0.44 | 0.32 | 0.21 | 0.17 | 0.24 |
| Asset Turnover | — | 0.91 | 0.79 | 0.60 | 0.50 | 0.37 | 0.33 | 0.40 | 0.20 |
| Inventory Turnover | 34.55 | 34.55 | 5.94 | 6.70 | 7.57 | 7.84 | 6.69 | 11.61 | 6.48 |
| Days Sales Outstanding | — | 41.62 | 36.38 | 37.83 | 40.63 | 32.94 | 17.79 | 30.47 | 27.27 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.4% | 2.0% | 1.3% | 1.4% | 2.8% | 2.2% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 9.6% | 8.6% | 1.6% | 4.6% | 6.2% | 2.0% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 9.8% | 0.0% | 31.4% | — | — | — |
| Total Shareholder Yield | 2.4% | 2.0% | 1.3% | 11.2% | 2.8% | 33.6% | — | — | — |
| Shares Outstanding | — | $35M | $32M | $40M | $25M | $24M | $23M | $23M | $23M |
Franchisee credit health deterioration
According to recent market data, XPOF trades at a forward P/E of 15.13, which appears to discount the company's historical growth trajectory and suggests that investors are pricing in significant execution risk regarding the conversion of the current license backlog into sustainable, recurring royalty-generating studio locations.
The current P/S multiple of 0.84 indicates a substantial contraction in valuation compared to historical peaks, likely driven by the shift toward negative revenue growth. This valuation level suggests that the market is no longer rewarding the platform-as-a-service model with a premium, instead focusing on the potential for long-term earnings dilution.
As reported in financial statements, XPOF's ROIC has experienced significant volatility, dropping from a peak of 21.8% in 2025Q2 to 9.1% in 2026Q1, which indicates that the company's ability to generate returns on its invested capital is deteriorating as operational headwinds mount across the franchise network.
The sharp decline in ROIC suggests that the capital-intensive nature of acquiring and integrating new fitness brands is failing to yield the expected synergistic returns. Investors should monitor whether this trend reflects structural brand fatigue or merely the temporary impact of high interest expenses on the company's capital base.
Based on quarterly filings, the company's cash conversion cycle has shifted from a positive 14 days in 2024Q1 to a negative 153 days in 2026Q1, revealing that XPOF is increasingly reliant on extended payment terms with suppliers to manage its liquidity position amidst slowing studio expansion.
The dramatic shift in the CCC suggests that the company is leveraging its DPO to preserve cash, which may indicate underlying stress in its ability to fund operations through organic royalty growth. This reliance on supplier credit warrants further investigation into the sustainability of current working capital management practices.
As indicated by recent SEC filings, XPOF's interest coverage ratio has compressed to 1.03 in 2026Q1, a level that leaves virtually no margin for error and suggests that the company's debt service obligations are consuming nearly all of its operating profit during this period of contraction.
The elevated D/EBITDA ratio of 30.33 highlights a precarious leverage profile that limits the company's ability to pivot its strategy or invest in brand revitalization. This high debt burden appears to be the primary factor preventing the translation of strong gross margins into positive net income for shareholders.
Market participants frequently misapply standard franchise royalty multiples to XPOF, failing to account for the company's unique exposure to franchisee credit health and the lumpy nature of equipment sales, which obscures the true recurring revenue quality of the underlying boutique fitness platform model.
Analysts should prioritize FCF-based valuation metrics over simple P/E or EV/EBITDA multiples, as the latter often ignore the significant non-cash adjustments and interest burdens that currently mask the company's true earning power. Relying on traditional franchise benchmarks may lead to an overestimation of the company's resilience to cyclical downturns.
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Quick answers to the most common questions about buying XPOF stock.
Xponential Fitness, Inc.'s current P/E ratio is -4.7x. This places it at the 50th percentile of its historical range.
Xponential Fitness, Inc.'s current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.9x.
Based on historical data, Xponential Fitness, Inc. is trading at a P/E of -4.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Xponential Fitness, Inc.'s current dividend yield is 2.37%.
Xponential Fitness, Inc. has 75.6% gross margin and 25.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Xponential Fitness, Inc.'s Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.