Forensic Analysis · General / Diversified · as of Jun 27, 2026
RXO, Inc. (RXO)
A forensic read on RXO, 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
Distress
Financial health
0.9
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-6.8%
ROE
$4.5B
Market cap
RXO, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 0.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3%Return on invested capital.Return on invested capital is -3% and slipping from 9% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+15.2%/yrShare-count dilution.Diluted share count changed +45% over the last 3 years to FY2025 (+15.2%/yr). The count is GROWING — existing holders are being diluted. That's ~15.2% 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 ~45%.
stoppedShareholder returns — halted.Capital returns have STOPPED — $2M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash; understand why before reading it as neutral.
$12MGoodwill impairments.Took $12M of goodwill writedowns across 1 year(s) (FY2025 ($12M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-1.7%
Debt / Equity0.26x
Free Cash Flow$-8.0M
Latest Revenue$5.74B
Return on Equity-6.5%
Revenue Growth YoY+26.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on RXO, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RXO's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown