Latest Ratios: P/E Ratio -0.3x · EV/EBITDA 14.9x · ROE -104.1%. (1996–2025 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 | $349M | $300M | $1.0B | $2.7B | $2.3B | $4.1B | $4.9B | $8.2B | $5.0B | $7.5B | $5.9B |
| Enterprise Value | $4.1B | $4.0B | $4.1B | $5.7B | $5.2B | $6.8B | $7.1B | $10.1B | $9.1B | $11.7B | $10.0B |
| P/E Ratio → | -0.32 | — | — | — | — | — | 27.61 | 12.71 | 13.82 | 41.06 | — |
| P/S Ratio | 0.05 | 0.04 | 0.17 | 0.40 | 0.32 | 0.59 | 0.70 | 0.90 | 0.51 | 0.73 | 0.55 |
| P/B Ratio | 0.50 | 0.45 | 0.80 | 0.99 | 0.64 | 0.93 | 0.84 | 1.41 | 0.95 | 1.36 | 1.16 |
| P/FCF | 1.35 | 1.16 | 2.24 | 4.21 | 22.33 | 7.39 | 10.34 | 6.45 | 4.74 | — | 6.69 |
| P/OCF | 1.00 | 0.86 | 2.05 | 3.98 | 14.33 | 6.59 | 8.95 | 6.14 | 4.36 | 219.97 | 5.78 |
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 | — | 0.57 | 0.65 | 0.82 | 0.73 | 0.97 | 1.01 | 1.11 | 0.93 | 1.14 | 0.93 |
| EV / EBITDA | 14.85 | 14.67 | 9.37 | 9.39 | 10.76 | 10.58 | 10.51 | 5.53 | 5.62 | 8.05 | 6.26 |
| EV / EBIT | — | — | — | 141.83 | — | — | 20.42 | 10.83 | 12.84 | 16.99 | 13.33 |
| EV / FCF | — | 15.58 | 8.69 | 8.74 | 50.86 | 12.20 | 14.90 | 7.95 | 8.68 | — | 11.34 |
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 | 27.1% | 27.1% | 31.5% | 33.6% | 32.6% | 34.1% | 34.8% | 40.3% | 39.9% | 39.6% | 39.6% |
| Operating Margin | -0.8% | -0.8% | 2.6% | 5.1% | 3.0% | 4.5% | 4.3% | 15.3% | 11.1% | 9.1% | 9.6% |
| Net Profit Margin | -14.7% | -14.7% | -21.2% | 0.0% | -4.5% | -6.5% | 2.7% | 7.1% | 3.7% | 1.9% | 5.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -104.1% | -104.1% | -64.8% | 0.0% | -8.0% | -8.9% | 3.3% | 11.6% | 6.7% | 3.7% | 8.5% |
| ROA | -11.3% | -11.3% | -14.4% | 0.0% | -2.6% | -3.3% | 1.3% | 4.3% | 2.3% | 1.1% | 2.9% |
| ROIC | -1.0% | -1.0% | 2.4% | 4.3% | 2.3% | 3.2% | 2.9% | 12.2% | 8.6% | 7.4% | 6.3% |
| ROCE | -0.9% | -0.9% | 2.5% | 4.6% | 2.3% | 2.8% | 2.5% | 11.9% | 8.8% | 7.0% | 6.2% |
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 | 6.31 | 6.31 | 2.75 | 1.25 | 1.11 | 1.02 | 0.82 | 0.80 | 1.00 | 1.00 | 1.25 |
| Debt / EBITDA | 15.44 | 15.44 | 8.29 | 5.73 | 8.21 | 7.01 | 7.12 | 2.54 | 3.22 | 3.79 | 3.96 |
| Net Debt / Equity | — | 5.55 | 2.31 | 1.06 | 0.81 | 0.61 | 0.37 | 0.33 | 0.79 | 0.77 | 0.81 |
| Net Debt / EBITDA | 13.58 | 13.58 | 6.96 | 4.87 | 6.04 | 4.17 | 3.22 | 1.04 | 2.55 | 2.91 | 2.57 |
| Debt / FCF | — | 14.42 | 6.45 | 4.53 | 28.53 | 4.81 | 4.56 | 1.50 | 3.95 | — | 4.65 |
| Interest Coverage | -0.97 | -0.97 | -9.22 | 0.59 | -2.57 | -3.92 | 3.68 | 8.87 | 6.23 | 5.79 | 4.14 |
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 | 1.12 | 1.12 | 1.12 | 1.14 | 1.23 | 1.66 | 2.33 | 1.79 | 1.44 | 1.91 | 1.50 |
| Quick Ratio | 0.80 | 0.80 | 0.86 | 0.91 | 0.99 | 1.42 | 1.99 | 1.59 | 1.19 | 1.57 | 1.32 |
| Cash Ratio | 0.16 | 0.16 | 0.22 | 0.19 | 0.31 | 0.65 | 1.06 | 0.80 | 0.33 | 0.47 | 0.48 |
| Asset Turnover | — | 0.72 | 0.74 | 0.69 | 0.62 | 0.53 | 0.48 | 0.60 | 0.66 | 0.64 | 0.59 |
| Inventory Turnover | 5.04 | 5.04 | 6.13 | 6.92 | 6.01 | 6.66 | 5.43 | 7.80 | 7.22 | 6.78 | 7.74 |
| Days Sales Outstanding | — | 88.57 | 86.48 | 94.14 | 104.67 | 101.91 | 108.79 | 101.94 | 96.80 | 100.59 | 34.19 |
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 | 21.0% | 23.7% | 13.5% | 6.0% | 7.6% | 5.0% | 4.7% | 3.0% | 5.4% | 3.7% | 5.2% |
| Payout Ratio | — | — | — | 16500.0% | — | — | 119.8% | 37.8% | 74.5% | 140.5% | 49.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 3.6% | 7.9% | 7.2% | 2.4% | — |
| FCF Yield | 74.2% | 86.4% | 44.6% | 23.7% | 4.5% | 13.5% | 9.7% | 15.5% | 21.1% | — | 14.9% |
| Buyback Yield | 0.0% | 0.0% | 0.8% | 19.9% | 5.0% | 21.4% | 6.1% | 7.3% | 14.1% | 0.2% | 0.0% |
| Total Shareholder Yield | 21.0% | 23.7% | 14.2% | 25.9% | 12.6% | 26.4% | 10.8% | 10.3% | 19.5% | 3.9% | 5.2% |
| Shares Outstanding | — | $126M | $124M | $149M | $156M | $183M | $211M | $222M | $252M | $257M | $256M |
Rapid Equity Erosion
According to current market data, Xerox trades at a P/S ratio of 0.06 and a P/FCF of 1.67, suggesting that investors are pricing in significant terminal risk rather than growth, as the 17.0% dividend yield appears to be a desperate attempt to retain capital in a declining business.
The extremely low valuation multiples indicate that the market has largely abandoned the prospect of a successful digital pivot, viewing the company as a value trap. Investors should monitor whether these depressed levels represent a deep-value opportunity or a rational response to the persistent erosion of the core printing business.
Based on reported figures, ROIC has struggled to maintain positive territory, hovering near 0.4% in 2026Q1, which indicates that the company is failing to generate returns above its cost of capital as it attempts to navigate a transition away from its legacy hardware-centric business model.
The inability to consistently generate positive ROIC suggests that the capital deployed into recent digital acquisitions and restructuring initiatives is not yet yielding the expected operational efficiencies. This trend warrants further investigation into whether the company's asset base is fundamentally impaired or if the current strategy is simply misaligned with market realities.
As reported in recent financial statements, the cash conversion cycle has fluctuated significantly, reaching 38 days in 2026Q1, which highlights the company's ongoing struggle to optimize its inventory and receivables management while facing a shrinking customer base and increasing pressure on its captive financing arm.
The variability in the CCC suggests that Xerox is relying on aggressive working capital management to bridge operational gaps, which is not a sustainable long-term strategy. The high DPO relative to DSO indicates that the company may be stretching supplier terms to preserve cash, a practice that could eventually jeopardize its supply chain stability.
Based on the provided balance sheet data, the debt-to-equity ratio has surged to 14.11 as of 2026Q1, a dramatic increase from 1.25 in 2023Q4, signaling that the company's reliance on debt has intensified significantly as its equity cushion has simultaneously evaporated due to persistent operational losses.
The current leverage profile appears increasingly unsustainable, particularly given the weak interest coverage ratio of 0.30. Investors should monitor the company's ability to refinance its debt obligations, as the combination of high leverage and negative operating margins leaves little room for error in a volatile macroeconomic environment.
The P/E ratio is the most commonly misapplied metric for Xerox, as the company's frequent restructuring charges and non-operating impairments render GAAP earnings meaningless, leading analysts to overlook the more critical, yet often ignored, metric of tangible book value and its rapid rate of depletion.
Relying on P/E multiples in a turnaround scenario with negative net margins obscures the underlying solvency risks. Instead, analysts should focus on the company's free cash flow generation and the health of its captive finance portfolio, which are more accurate indicators of the firm's ability to survive its current transformation.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying XRX stock.
Xerox Holdings Corporation's current P/E ratio is -0.3x. The historical average is 21.4x.
Xerox Holdings Corporation's current EV/EBITDA is 14.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.6x.
Xerox Holdings Corporation's return on equity (ROE) is -104.1%. The historical average is 1.7%.
Based on historical data, Xerox Holdings Corporation is trading at a P/E of -0.3x. Compare with industry peers and growth rates for a complete picture.
Xerox Holdings Corporation's current dividend yield is 21.03%.
Xerox Holdings Corporation has 27.1% gross margin and -0.8% operating margin.
Xerox Holdings Corporation's Debt/EBITDA ratio is 15.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.