Forensic Analysis · General / Diversified · as of Jun 28, 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
-7.4
Altman Z-score
Clean
Earnings quality
5
Forensic signals
75.6%
ROE
$347M
Market cap
1.13%
Dividend yield
Xponential Fitness, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -7.4, 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
+12.5%/yrShare-count dilution.Diluted share count changed +38% over the last 3 years to FY2025 (+12.5%/yr). The count is GROWING — existing holders are being diluted. That's ~12.5% 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 ~38%.
116% of revStock-based comp load.Stock-based compensation ran 116% of revenue and 52% of free cash flow in FY2025 — about $0.37 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 — $50M 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.
7%Return on invested capital.Return on invested capital is 7% and rising from 2% — around its ~9% cost of capital, so growth is roughly value-neutral — watch the trend.
$55MGoodwill impairments.Took $55M of goodwill writedowns across 4 year(s) (FY2023 ($7M), FY2024 ($38M), FY2025 ($7M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-348.7%
Free Cash Flow$24.7M
Latest Revenue$11.1M
Revenue Growth YoY-20.7%
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 Xponential Fitness, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about XPOF'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