Forensic Analysis · General / Diversified · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
3.1
Altman Z-score
Watch
Earnings quality
6
Forensic signals
-5.2%
ROE
$12.9B
Market cap
1.32%
Dividend yield
QXO, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 3.1, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+200.6%Accruals ratio. Net operating assets grew +200.6% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -10% of net operating assets.
61d DSOReceivables vs revenue. Days sales outstanding moved from 17 to 61 days FY2024→FY2025 (receivables +42311% vs revenue +11925%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-2%Return on invested capital. Return on invested capital is -2% and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+3921.2%/yrShare-count dilution. Diluted share count changed +11764% over the last 3 years to FY2025 (+3921.2%/yr). The count is GROWING — existing holders are being diluted. That's ~3921.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~11764%.
2% of revStock-based comp load. Stock-based compensation ran 2% of revenue and 79% of free cash flow in FY2025 — about $0.24 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
stoppedShareholder 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; understand why before reading it as neutral.
Key fundamentals
Net Margin-4.1%
Debt / Equity0.31x
Free Cash Flow$183.2M
Latest Revenue$6.84B
Return on Equity-2.9%
Revenue Growth YoY+11925.0%
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🔒Peer comparison + filing-change monitoring & alerts
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.