Xerox Holdings Corp XRX

Information TechnologyOffice EquipmentUnited States of America

Last close 1.47 USD on Nov 1, 2026, −36.0% year to date

Quant rating

Quant rating D Rank 298 of 389 in Information Technology

Growth B 70 of 389
Valuation A 20 of 389
Quality D 284 of 389
Revisions D 308 of 389
Momentum D 383 of 389

Wall Street consensus Hold (3.50)Average target 2.33 USD +59.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 194M
Enterprise value: 4.2B
52-week range: 1.20 – 3.78
3-year range: 1.20 – 19.61
Dividend yield: 6.83%
Beta (5 years): 2.68
Shares outstanding: 133M
Next earnings: Jan 28, 2027

About the company

Xerox Holdings Corporation is a workplace technology company building and integrating software and hardware for enterprises. Its segments include Print and Other and Xerox Financial Services (XFS). Its Print and Other segment includes the sale of document systems, supplies and technical services and managed services. It includes the delivery of managed services that involve a continuum of solutions and services that help its customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. It also includes digital and information technology services and software. Its product groupings range from Entry, Mid-Range and High-End. The XFS segment provides global leasing solutions and offers leasing for direct channel customer purchases of Xerox solutions through bundled lease agreements and lease financing to end-user customers who purchase Xerox solutions through its indirect channels.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,022	6,221	6,886	7,107	7,038	–
Revenue growth	12.9%	−9.7%	−3.1%	1.0%	0.2%	0.0%
EPS (basic, normalized)	−0.60	0.97	1.82	1.12	1.51	–
EPS growth	–	−46.7%	62.5%	−25.8%	–	–
Gross margin	27.1%	31.5%	33.6%	32.6%	34.4%	31.8%
Net margin	−14.9%	−21.5%	−0.2%	−4.7%	−6.7%	−9.6%
ROE	−105.6%	−65.4%	0.0%	−7.8%	−8.7%	−37.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	412
Current ratio	1.14x
Long-term debt (mil)	4,063
Net debt (mil)	4,038
Total equity (mil)	−469
Net debt / equity	−8.61x
Net debt / EBITDA	8.14x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	7,022	+12.9%	0.6x	496	−5.4%	8.5x	−0.60	−161.9%	−2.4x
2026	7,592	+8.1%	0.6x	772	+55.6%	5.5x	0.20	+133.5%	7.3x
2027	7,457	−1.8%	0.6x	767	−0.6%	5.5x	0.43	+116.3%	3.4x
2028	7,350	−1.4%	0.6x	844	+10.0%	5.0x	0.60	+38.6%	2.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,592	−0.1%	0.0%	+0.2%	0.20	0.0%	+113.8%	+873.1%
2027	7,457	−0.1%	−0.2%	−0.4%	0.43	0.0%	−6.9%	−49.6%
2028	7,350	−0.1%	−0.2%	+0.3%	0.60	−3.8%	−3.8%	−37.7%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,502	1,578	1,528	1,613	1,457	1,576	1,961	2,028	1,846	1,922
Sales mean (mil)	1,534	1,600	1,626	1,572	1,498	1,546	2,035	2,106	1,747	1,901
Surprise	−2.1%	−1.4%	−6.1%	+2.6%	−2.7%	+2.0%	−3.7%	−3.7%	+5.7%	+1.1%
EPS reported	0.06	0.29	0.25	0.36	−0.06	−0.64	0.20	−0.10	−0.43	0.38
EPS mean	0.35	0.43	0.51	0.53	−0.03	0.08	0.12	0.10	−0.27	−0.14
Surprise	−83.0%	−32.5%	−50.8%	−31.6%	−100.0%	−900.0%	+61.3%	−200.0%	−57.3%	−363.0%

Peer comparison Office Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
XRX Xerox Holdings Corp	194M	8.14x	−14.9%	−0.41x	7.3x	3.4x	5.5x	5.5x
7751 CANON INC.	40.1B	1.14x	7.2%	1.19x	12.3x	12.0x	10.3x	10.0x
7752 Ricoh Company, Ltd.	6.5B	0.94x	2.1%	0.87x	14.9x	15.2x	5.6x	5.7x
4902 KONICA MINOLTA, INC.	2.1B	2.61x	3.0%	0.60x	11.3x	11.1x	5.8x	5.6x
KODK Eastman Kodak Co	859M	–	−14.5%	1.23x	22.5x	11.2x	6.0x	4.9x
Mean		3.21x	−3.4%	0.70x	13.6x	10.6x	6.6x	6.4x
Median		1.88x	2.1%	0.87x	12.3x	11.2x	5.8x	5.6x

Technical analysis

1M−54.7%
3M−46.3%
1Y−57.1%
3Y−85.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Xerox Holdings Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,022	6,221	6,886	7,107	7,038	7,022
Cost of revenue	5,121	4,261	4,572	4,789	4,615	4,396
Gross profit	1,901	1,960	2,314	2,318	2,423	2,626
Selling, general & administrative expenses	1,654	1,537	1,696	1,760	1,705	1,735
Research & development	230	191	229	304	309	311
Depreciation/amortization	83.0	73.0	43.0	42.0	55.0	56.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	92.0	1,169	281	463	815	225
Other operating expenses	0	0	0	0	0	0
Operating income	−158	−1,010	65.0	−251	−461	299
Net interest income (expense)	−246	−120	−80.0	−93.0	−99.0	−83.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−84.0	−86.0	−13.0	16.0	85.0	36.0
Net income before taxes	−488	−1,216	−28.0	−328	−475	252
Provision for taxes	541	105	−29.0	−3.0	−17.0	64.0
Minority interest	–	–	–	0	0	0
Equity in affiliates	–	–	0	3.0	3.0	4.0
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−1,029	−1,321	1.0	−322	−455	192
Extraordinary items	–	–	–	–	0	0
Net income	−1,029	−1,321	1.0	−322	−455	192
EBIT, normalized	−66.0	159	346	212	354	524
EBITDA, normalized	265	433	597	482	681	892
Basic EPS, normalized	−0.60	0.97	1.82	1.12	1.51	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Xerox Holdings Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	512	576	519	1,045	1,840	2,625
Receivables	1,769	1,474	1,776	2,038	1,965	2,093
Total inventory	1,016	695	661	797	696	843
Prepaid expenses	112	39.0	29.0	32.0	30.0	31.0
Other current assets	159	151	192	195	170	191
Total current assets	3,568	2,935	3,177	4,107	4,701	5,783
Property, plant & equipment	1,000	675	703	770	875	1,013
Goodwill	2,222	1,937	2,747	2,820	3,287	4,071
Intangibles	1,067	296	245	303	331	355
Long-term investments	108	102	80.0	74.0	71.0	65.0
Note receivable	900	1,134	1,619	1,949	1,942	1,991
Other long-term assets	958	1,286	1,437	1,520	2,016	1,463
Total assets	9,823	8,365	10,008	11,543	13,223	14,741
Liabilities
Accounts payable	1,498	1,023	1,044	1,331	1,069	983
Payable/accrued	–	–	–	–	–	–
Accrued expenses	514	441	563	408	397	482
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	236	600	567	866	652	396
Other current liabilities	974	555	605	725	711	617
Total current liabilities	3,222	2,619	2,779	3,330	2,829	2,478
Long-term debt	4,019	2,852	2,710	2,876	3,601	4,057
Minority interest	15.0	14.0	20.0	20.0	17.0	4.0
Other liabilities	1,909	1,590	1,747	1,760	2,126	2,396
Total liabilities	9,165	7,075	7,256	7,986	8,573	8,935
Shareholders' equity
Preferred stock	214	214	214	214	214	214
Common stock	128	124	123	156	168	198
Additional paid-in capital	1,183	1,137	1,114	1,588	1,802	2,445
Retained earnings (accumulated deficit)	2,444	3,514	4,977	5,136	5,631	6,281
Treasury stock	–	–	–	0	−177	0
Other equity	−3,311	−3,699	−3,676	−3,537	−2,988	−3,332
Total equity	658	1,290	2,752	3,557	4,650	5,806
Total liabilities & shareholders' equity	9,823	8,365	10,008	11,543	13,223	14,741

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Xerox Holdings Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−1,029	−1,321	1.0	−322	−455	192
Depreciation, depletion & amortization	331	274	251	270	327	368
Deferred taxes	502	90.0	−68.0	−27.0	−89.0	34.0
Non-cash items	95.0	1,203	237	370	651	84.0
Changes in working capital	325	265	265	−132	195	−130
Cash from operations	224	511	686	159	629	548
Investing activities
Capital expenditures	−91.0	−44.0	−37.0	−57.0	−68.0	−74.0
Other investing cash flows	−607	−154	32.0	−21.0	−17.0	−172
Cash from investing	−698	−198	−5.0	−78.0	−85.0	−246
Financing activities
Financing cash flow items	−29.0	−37.0	−15.0	−6.0	16.0	−19.0
Cash dividends paid	−71.0	−141	−165	−174	−230	−230
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	504	−93.0	−1,022	−642	−1,096	−167
Cash from financing	404	−271	−1,202	−822	−1,310	−416
Foreign exchange effects	4.0	−28.0	−1.0	−29.0	−16.0	10.0
Net change in cash	−66.0	14.0	−522	−770	−782	−104
Free cash flow	133	467	649	102	561	474

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.