Forensic Analysis · Amusement & Recreation · as of Nov 11, 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.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
2
Forensic signals
-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 (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.
Xponential Fitness, Inc. earns a C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
6.5%
FY2025
Return on invested capital.Return on invested capital is 6.5% in the latest fiscal year, against 6.8% in FY2023, having run between -12.3% and 6.8% across FY2023–FY2025 with no direction held. After-tax operating profit was $28M in FY2023 and $16M in FY2025, with operating income at 261.3% of revenue in FY2023, -383.3% in FY2024 and 178.9% in FY2025. The capital base behind it came down -40% across FY2023–FY2025, from $404M to $243M, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $17M asset write-down, a $14M restructuring charge and a $7M goodwill write-off that took about 7.3 points off that year's return, and FY2025's carried a $33M asset write-down, a $11M restructuring charge and a $7M goodwill write-off that took about 16.5 points off the latest; so, net of each other, the two charges take about 9.2 points off the -0.3-point change across FY2023–FY2025. FY2024's operating profit carried a $63M asset write-down, a $38M goodwill write-off and a $30M restructuring charge that alone took about 29.8 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
$52M
FY2023–FY2025
Goodwill impairments.Took $52M of goodwill writedowns across 3 years (FY2023 ($7M), FY2024 ($38M), FY2025 ($7M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$11.1M
Revenue Growth YoY-20.7%
Revenue CAGR (2yr)-8.9%
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?