Forensic Analysis · Durable-Goods Wholesale · as of Nov 10, 2026
Qxo, Inc. (QXO)
A forensic read on Qxo, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.1
Distress distance
Watch
Earnings quality
5
Forensic signals
-3.8%
ROE
11925.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Qxo, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.1, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3.2%
FY2025
Return on invested capital.Return on invested capital is -3.2% in the latest fiscal year. FY2025's operating profit carried a $101M restructuring charge that alone took about 1.3 points off that year's return, so the latest return is depressed by that charge.
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $17M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-15.6M to FY2025 $+10402.5M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
61d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 17 to 61 days FY2024→FY2025 (receivables +42311% vs revenue +11925%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 20 → 17 → 61 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 2% of revenue and 79% of free cash flow in FY2025 — about $0.24 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 200.5% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$6.84B
Revenue Growth YoY+11925.0%
Revenue CAGR (2yr)+1020.3%
Net Margin-4.1%
Free Cash Flow$183.2M
Return on Equity-3.8%
Debt / Equity0.31x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Qxo, Inc.'s actual 10-K/10-Q/8-K filings?