Xponential Fitness, Inc. (XPOF) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Hospitality & Leisure · as of Aug 12, 2026
Xponential Fitness, Inc. (XPOF)
A forensic read on Xponential Fitness, 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
Distress
Financial health
-6.5
Distress distance
Clean
Earnings quality
5
Forensic signals
-3.4
P / E (ttm)
$313M
Market cap
1.25%
Dividend yield
-20.7%
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 (red flags, auditor quality, say on pay, board independence). 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.
Xponential Fitness, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -6.5, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+11.2%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +38% over the last 3 years to FY2025 (+11.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~11.2% 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 ~27%.
6.7%
FY2025
Return on invested capital.Return on invested capital is 6.7% in the latest fiscal year and rising from 2% — slightly below its ~8% cost of capital — reinvestment is roughly a wash.
116% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 116% of revenue and 52% of free cash flow in FY2025 — about $0.37 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 15.4% a year and is falling.
$55M
FY2022–FY2025
Goodwill impairments.Took $55M of goodwill writedowns across 4 years (FY2023 ($7M), FY2024 ($38M), FY2025 ($7M)). Writedowns mean past acquisitions underperformed what was paid for them.
-95%
FY2024→FY2025
Dividend — cut.The payout was CUT ~95% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$11.1M
Revenue Growth YoY-20.7%
Net Margin-348.7%
Free Cash Flow$24.7M
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 Xponential Fitness, Inc.'s actual 10-K/10-Q/8-K filings?