Xerox Corp (XRX)
🔔 Watch stock
symbol.quality_heading
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
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.
symbol.quality_note
In our in-house P/FCF ranking, Xerox sits at rank 30 of the U.S. selection — five rows below the visible window. A ratio of 1.67 looks like a bargain. The 2025 annual report shows where it comes from: of $224 million in operating cash flow, $489 million came from the run-off of the company's own lease receivables. Strip that out and the year ends in the red. We read along to see what the company pledged in the first quarter of 2026 — and who now holds the Xerox brand.
Read the analysis
Stock Watch
This analysis is as of July 27, 2026. Stock Watch will tell you what's changed at XRX since then.
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Appears in These Scanners
This stock currently matches 13 of our scanner strategies — each hit links to the scanner.
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
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 3.00 $ — 56% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Sells AIXerox 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.
„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.
„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.
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
Analysts & Price Target
The price target sits 7.7% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 5
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.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.24 | 0.24 – 0.24 | 7,600 | 140.4% | 1 |
| 12/31/2027 | 0.23 | 0.23 – 0.23 | 7,474 | -3.4% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.17 | – | 1,613 | -8.60 | -1.30 | 351 | 334 |
| 2025: Q1 | -0.72 | – | 1,457 | -3.00 | -6.20 | -89 | -109 |
| 2025: Q2 | -0.84 | -687.80 | 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 |
- 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.
Annual Figures
| 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 |
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.
Assessment: Opportunities & Risks
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.
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.
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.
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.
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.
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.
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.
- 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.
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 | 22,900 |
|---|---|
| Headquarters | Norwalk, CT |
| Address | 401 Merritt 7, 06851-1056 Norwalk, United States |
| Phone | 203 849 5216 |
| Website | xerox.com |
| IPO Date | 3. Jan 1977 |
| ISIN | US98421M1062 |
| Stock Split | 1:4 on 06/15/2017 |
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.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.