Xerox Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The substance is used up, not merely stretched. As of March 31, 2026, $305 million of equity carried total assets of $9,902 million — a ratio of 3.1 percent, down from $449 million a quarter earlier. Against it stand $4,446 million of debt, roughly thirteen times the market capitalization, with non-financing interest expense more than doubling within a year to $84 million per quarter. The operating cash flow that produces the low valuation is not earning power: it came to $224 million in 2025, while $489 million alone came from the run-off of a lease book that is dissolving because new business is not replacing it — and in the first quarter of 2026, $144 million flowed out despite a further $66 million from that source. On top of that come three admissions by the company itself: a dividend cut of 90 percent within a year, a $537 million valuation allowance against deferred tax assets because the future profits needed to use them are no longer considered likely, and the pledge of its own trademarks for $450 million at SOFR plus 8.125 percentage points. That is red — not as a price forecast, but as a statement about how much the balance sheet can absorb. That the stock also looks cheap does not change the color: price is not a quality attribute.
What the thesis turns on
Assessment: Opportunities & Risks
Xerox sells printers, supplies and document services into a shrinking market and bought scale with Lexmark on July 1, 2025. The reported revenue jump of 12.9 percent to $7,022 million came entirely from those acquisitions; the legacy business fell 9.1 percentage points. The low valuation in the P/FCF screen has a single source: $489 million from the run-off of lease receivables, without which 2025 would show an outflow of $265 million. Against that stand $4,446 million of debt versus $305 million of equity, a dividend cut by 90 percent, $537 million of written-down deferred tax assets and a brand that has served as loan collateral since February 2026. Not investment advice.
Source of the cash flow
The $224 million of 2025 operating cash flow is entirely carried by the run-off of lease receivables: the statement of cash flows shows $489 million for that line (2024: $663 million, 2023: $614 million). Without it, the year would have ended at minus $265 million. In the first quarter of 2026, $144 million flowed out even though the book contributed a further $66 million.
Revenue trend
The reported 12.9 percent revenue increase to $7,022 million in 2025 came entirely from acquisitions: 15.5 percentage points from Lexmark, 6.5 points from ITsavvy and 0.7 points from currency. Legacy Xerox shrank 9.1 percentage points in the same year; on a pro forma basis with Lexmark in both years the group shrank 7.6 percent.
Balance sheet and leverage
As of March 31, 2026, total assets of $9,902 million were supported by only $305 million of equity, down from $449 million on December 31, 2025 — a ratio of 3.1 percent. Debt stood at $4,446 million, roughly thirteen times the market capitalization. Non-financing interest expense rose to $84 million in the first quarter of 2026, from $33 million a year earlier.
Financing routes
On February 17, 2026, Xerox contributed its own trademarks to a joint venture and received $450 million — at SOFR plus 8.125 percentage points, tied to an asset coverage ratio tested each quarter and a royalty of 2.0 percent of specified consolidated revenue. On February 12, 2026, it also distributed 77,271,234 warrants at $8.00 that may be exercised by tendering Xerox notes.
Cost transformation
The transformation is working on the cost side: more than $500 million of cumulative run-rate gross savings through the end of 2025, and segment profit rose from $22 million to $72 million in the first quarter of 2026. Cash grew from $512 million to $585 million in the same quarter. For a business in a shrinking market, that is a serious achievement.
Valuation
About $337 million of market capitalization (130,779,611 shares at $2.58 on July 24, 2026) equals 0.05 times annual revenue and 1.1 times book equity. Counting the debt, Xerox trades at an enterprise value of roughly $4.2 billion, or about six times trailing EBITDA — no longer a bargain. The mean analyst price target is $2.75.
Worth Noting
Xerox reached our research list through our in-house stock scanner, the P/FCF ranking. Measured on July 27, 2026: the English edition of the list counts 544 hits, while the German edition of the same screen counts 835; both had last been recomputed on July 26, 2026. With the market filter set to the United States the page displays 25 rows — and Xerox is not among them. The screening list places the stock at rank 30 with a ratio of 1.67; the last visible row of the scanner page carries a value of 1.4 that day. These lists are recomputed daily, so the placement is a dated snapshot.
The scanner collects every stock with positive free cash flow and a price-to-free-cash-flow ratio of no more than 10 and sorts them in ascending order. That is a sort of the universe, not a quality verdict. The value of 1.67 rests on free cash flow over the past four quarters; that this cash flow came entirely from the run-off of lease receivables in 2025 ($489 million against $224 million of operating cash flow) is something the metric cannot see by construction.
Takeover check: there is no tender offer, no take-private and no merger agreement on Xerox. Between the quarterly report of May 7, 2026 and the data cut-off of July 27, 2026, the SEC filings contain the annual meeting (8-K of May 27, 2026, Items 5.02 and 5.07), a retention award plan for executives (8-K of July 2, 2026, Item 5.02), insider filings (Form 4), sale notices (Form 144) and two amendments to a Schedule 13D (June 3 and July 13, 2026). No S-4, DEFM14A, SC 14D9 or SC TO-T has been filed.
Holding structure: the ticker XRX belongs to Xerox Holdings Corporation (CIK 0001770450, Commission File 001-39013). The operating Xerox Corporation (CIK 0000108772, Commission File 001-04471) is a co-registrant of the same combined reports and has had no listed common stock since 2019. Both are incorporated under the law of the State of New York, with headquarters in Norwalk, Connecticut. A second Nasdaq security sits on the same cover page: XRXDW, the warrants of February 12, 2026.
Prices are dated valuation anchors, not buy arguments: closing price $2.58 on July 24, 2026, 52-week high $6.55 (July 24, 2025), 52-week low $1.19 (April 13, 2026). Market capitalization cross-check: 130,779,611 shares (10-Q cover page, as of April 30, 2026) at $2.78 — the last price documented in an SEC filing, recorded in the Schedule 13D/A of July 13, 2026 for a purchase on July 10, 2026 — gives $363 million against $337 million from fundamental data. The deviation is below one fifth, so the figure is usable. The most recent periodic report is the quarterly report on Form 10-Q for March 31, 2026.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at XRX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.20 $ to 4.10 $ · Last price: 3.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Business Equipment & Supplies
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Xerox Corp XRX | 0.5 | – | 12.3 | 30.6 | – | 12.9 | 3.1 |
| Ennis Inc EBF | 0.5 | 13.4 | 7.1 | 30.8 | – | -0.6 | 24.2 |
| Acacia Research Corporation ACTG | 0.4 | – | 12.7 | 22.2 | -15.4 | 133.2 | 36.9 |
| Acco Brands Corporation ACCO | 0.4 | 5.8 | 6.7 | 32.8 | – | -8.5 | 15.6 |
| Median of companies shown | 0.5 | – | 9.7 | 30.7 | – | 6.2 | 19.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 10,771 | 1,032 | 616 | 2.41 | 1,018 | 5,017 | 18,145 |
| 2017 | 10,265 | 931 | 195 | 0.76 | 34 | 5,470 | 15,946 |
| 2018 | 9,830 | 1,092 | 361 | 1.43 | 1,140 | 5,219 | 14,874 |
| 2019 | 9,066 | 1,388 | 643 | 2.90 | 1,333 | 5,817 | 15,056 |
| 2020 | 7,022 | 300 | 192 | 0.91 | 548 | 5,806 | 14,741 |
| 2021 | 7,038 | 320 | -455 | -2.48 | 629 | 4,436 | 13,223 |
| 2022 | 7,107 | 212 | -322 | -2.06 | 159 | 3,557 | 11,543 |
| 2023 | 6,886 | -28 | -13 | -0.09 | 686 | 2,752 | 10,008 |
| 2024 | 6,221 | 159 | -1,321 | -10.64 | 511 | 1,290 | 8,365 |
| 2025 | 7,022 | -56 | -1,029 | -8.14 | 350 | 658 | 9,820 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.17 | – | 1,613 | -8.60 | -1.30 | 351 | 334 |
| 2025: Q1 | -0.75 | – | 1,457 | -3.00 | -6.20 | -89 | -109 |
| 2025: Q2 | -0.87 | -890.90 | 1,576 | -0.10 | -6.70 | -11 | -30 |
| 2025: Q3 | -5.99 | – | 1,961 | 28.30 | -38.80 | 159 | 131 |
| 2025: Q4 | -0.57 | – | 2,028 | 25.70 | -3.60 | 334 | 310 |
| 2026: Q1 | -0.81 | – | 1,846 | 26.70 | -5.70 | -144 | -165 |
| 2026: Q2 | 0.07 | 108.00 | 1,922 | 22.00 | 0.70 | 37 | 23 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 14 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- Above the 50- & 200-SMA
- High ADR (≥5%)
- Power Trend
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 3
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.14 | 0.03 – 0.24 | 7,600 | 122.7% | 2 |
| 12/31/2027 | 0.30 | 0.23 – 0.37 | 7,464 | 121.9% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $287.0M |
|---|---|
| Market cap | $464.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
For comparison: over the past five years free cash flow shrank by 11.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Xerox verkauft KI als Bestandteil seiner Dokumenten-Dienstleistungen: Capture & Content Services klassifiziert und extrahiert Daten ausdrücklich mit KI, RPA und maschinellem Lernen; KI zählt im Geschäftsbericht 2025 zu den benannten Investitionsfeldern des Leistungsangebots.
View the full file — quotes, sources, reviewed filings
„Using AI, RPA, and machine learning, we classify, extract, and process critical data from physical and digital documents."
Mit KI, robotergestützter Prozessautomatisierung und maschinellem Lernen klassifizieren, extrahieren und verarbeiten wir geschäftskritische Daten aus physischen und digitalen Dokumenten.
10-K · 2026-03-17 · View SEC filing
„Xerox has long defined the modern work experience and continues to do so with investments in IT infrastructure, artificial intelligence (AI), Internet of Things (IoT), intelligent document processing (IDP), robotic process automation (RPA) and other technologies that enable Xerox to deliver essential products and services to address the productivity challenges of a hybrid workplace and distributed workforce."
Xerox hat die moderne Arbeitswelt lange geprägt und tut das weiter mit Investitionen in IT-Infrastruktur, künstliche Intelligenz (KI), das Internet der Dinge (IoT), intelligente Dokumentenverarbeitung (IDP), robotergestützte Prozessautomatisierung (RPA) und andere Technologien, die Xerox in die Lage versetzen, wesentliche Produkte und Dienstleistungen für die Produktivitätsherausforderungen eines hybriden Arbeitsplatzes und einer verteilten Belegschaft zu liefern.
10-K · 2026-03-17 · View SEC filing
„AI technologies offer numerous potential benefits, such as creating or increasing operational efficiencies, and we expect the use of AI and generative AI by us, third parties on our behalf, and other market actors, including our competitors, to increase."
KI-Technologien bieten zahlreiche mögliche Vorteile, etwa das Schaffen oder Steigern betrieblicher Effizienz, und wir erwarten, dass die Nutzung von KI und generativer KI durch uns, durch Dritte in unserem Auftrag und durch andere Marktteilnehmer einschließlich unserer Wettbewerber zunimmt.
10-K · 2026-03-17 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-K 2026-03-17 · 8-K 2026-02-17 · 10-Q 2025-11-10 · 10-Q 2025-08-07 · 10-K 2025-02-24
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -0.4%
- More than 10% revenue growth is expected for the coming year -1.6%
- Share count grows by less than 3% a year -6.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 16.6%
- Gross margin at 40% or higher and without meaningful erosion 27.1%
- Goodwill from acquisitions does not grow faster than revenue 22.3%
- Net debt below twice EBITDA 41.0 x EBITDA
- Operating cash flow covers the profits of the last three years 3,910 m
- Return on capital at 15% or higher, or up versus two years ago -0.9%
- Insiders hold at least 10% or are net buyers 15.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -4.6%
- Exp. sales growth 3Y > 5% 3.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 3.1%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% -0.8%
- Expected return > 10% 60.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Gueden Jacques-Edouard | See Remarks | Other | 7,451 | 3.43 | 25,557 |
| Sep 11, 2026 | Gueden Jacques-Edouard | See Remarks | Other | 13,305 | – | – |
| Sep 11, 2026 | Twomey William | See Remarks | Other | 2,083 | 3.43 | 7,145 |
| Sep 11, 2026 | Twomey William | See Remarks | Other | 4,839 | – | – |
| Sep 11, 2026 | Pastor Louis | See Remarks | Other | 6,160 | 3.43 | 21,129 |
| Sep 11, 2026 | Pastor Louis | See Remarks | Other | 19,655 | – | – |
| Sep 11, 2026 | Colon Flor | See Remarks | Other | 4,361 | 3.43 | 14,958 |
| Sep 11, 2026 | Colon Flor | See Remarks | Other | 12,096 | – | – |
The company
About the Company
Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in North America, Latin America, Europe, the Middle East, Africa, India, and internationally. It operates in two segments, Print…
- Employees
- 23,000
- Headquarters
- Norwalk, CT
- Address
- 401 Merritt 7, 06851-1056 Norwalk, United States
- Phone
- 203 849 5216
- Website
- xerox.com
- IPO Date
- 01/03/1977
- ISIN
- US98421M1062
- Stock Split
- 1:4 on 06/15/2017
- Stock Split
- 1518:1000 on 01/03/2017
- Stock Split
- 2:1 on 02/24/1999
Management
| Name | Title | Birth Year |
|---|---|---|
| Louis J. Pastor J.D. | CEO & Director | 1985 |
| Charles Butler | Executive VP & CFO | 1975 |
| Flor de Maria Caicedo Colon | Executive VP, Chief Legal Officer & Corporate Secretary | 1964 |
| Jacques-Edouard Gueden | Chief Revenue Officer | 1965 |
| William Twomey | VP & Chief Accounting Officer | 1976 |
| Ann Pettrone | Director of Corporate Finance & Investor Relations Officer | – |
| Munu Gandhi | President of IT Solutions & CTO | – |
| Gregory R. Stein | Vice President of Investor Relations | – |
| Kim Kleps | Chief People Officer | – |
| Billy Spears | Chief Product Development & Delivery Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/30/2026 Xerox Holdings Corp (XRX): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.