Xponential Fitness, Inc. (XPOF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-258.9%

-$7.87

vs $4.96 price

Levered DCF

-$0.96

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-2.38

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-5.6×	-5.93×	-19.83×	-26.36×	-7.66×	-20.76×	-7.61×	-6.62×
P/B	-1.06×	-1.99×	-38.65×	-3.75×	-0.75×	59.31×	10.56×	4.53×
P/S	0.91×	1.34×	1.29×	2.38×	3.15×	2.64×	2.18×	4.75×
EV / EBITDA	87.68×	-22.62×	11.13×	15.95×	46.82×	65.91×	-29.35×	-12.65×
Gross margin	75.6%	81.4%	69.0%	66.2%	65.0%	61.3%	57.1%	50.5%
Operating margin	25.3%	-16.7%	11.0%	5.5%	-19.9%	7.3%	-16.3%	-61.1%
Net margin	-10.7%	-20.3%	-1.3%	0.5%	-12.1%	-12.8%	-28.8%	-71.7%
Current ratio	0.82×	0.78×	1.05×	1.18×	0.78×	0.6×	0.56×	0.52×
Debt / equity	-1.95×	-1.75×	-38.41×	-1.1×	-0.2×	38.49×	5.74×	2.29×
Interest coverage	1.62×	-1.16×	0.9×	1.02×	-1.25×	0.36×	-1.31×	-5.79×
Dividend yield	2.0%	1.3%	1.7%	2.8%	4.0%	26.0%	0.0%	0.0%
Payout ratio	-16.9%	-8.9%	-177.3%	1337.4%	-104.1%	-536.7%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.6%	30.0%	37.8%	-0.8%	2.9%	-287.2%	-139.2%	-68.3%
Return on invested capital	33.2%	-17.3%	7.7%	2.2%	-8.7%	2.8%	-7.7%	-14.2%
Return on assets	-9.8%	-16.1%	-0.8%	0.3%	-4.5%	-4.2%	-11.4%	-14.2%
Free cash flow yield	8.6%	1.6%	5.7%	6.2%	2.0%	-1.3%	-2.1%	-2.7%
Earnings yield	-11.8%	-15.1%	-1.0%	0.2%	-3.9%	-4.8%	-13.2%	-15.1%
Enterprise value	$777.5M	$793.3M	$788M	$718.5M	$599.1M	$453.1M	$425.5M	$412.9M
Net debt / EBITDA	55.38×	-10.35×	5.35×	3.07×	8.64×	24.94×	-9.92×	-4.02×
Cash conversion cycle (days)	-73	-68	22	17	-21	-90	-49	-39