Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 28, 2026
Xerox Holdings Corp (XRX)
A forensic read on Xerox Holdings Corp 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
Grey Zone
Financial health
2.1
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-135.3%
ROE
$433M
Market cap
8.13%
Dividend yield
Xerox Holdings Corp earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 2.1, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
58d DSOReceivables vs revenue.Days sales outstanding moved from 47 to 58 days FY2024→FY2025 (receivables +41% vs revenue +13%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-3%Return on invested capital.Return on invested capital is -3% and slipping from 6% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 24% of free cash flow in FY2025. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$2.3BGoodwill impairments.Took $2.3B of goodwill writedowns across 3 year(s) (FY2021 ($781M), FY2022 ($412M), FY2024 ($1.1B)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
-55%Dividend — cut.The payout was CUT ~55% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-14.7%
Free Cash Flow$187.0M
Latest Revenue$7.02B
Revenue Growth YoY+12.9%
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 Xerox Holdings Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about XRX'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