Xponential Fitness, Inc. key statistics and ratios

In fiscal 2025, Xponential Fitness, Inc. had an operating margin of 6.3% and a current ratio of 0.82. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Xponential Fitness, Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	80.9%	—	—	—	—
Operating margin	−16.3%	7.3%	−19.9%	5.5%	11.0%	−16.7%	6.3%	6.2%
Net margin	−28.8%	−12.8%	−12.1%	0.5%	−1.3%	−21.1%	−12.3%	−14.8%
Free-cash-flow margin	−4.4%	−2.4%	7.0%	17.7%	8.0%	2.2%	7.9%	−2.8%
Return on equity	−139.2%	−86.8%	—	—	—	—	—	—
Return on assets	—	−4.2%	−5.1%	0.3%	−0.8%	−14.5%	−10.3%	−13.0%
Asset turnover	—	0.33	0.42	0.54	0.63	0.69	0.84	0.88
Current ratio	—	0.60	0.78	1.18	0.95	0.78	0.82	0.75
Debt to equity	—	>999%	—	—	—	—	—	—
Interest cover (operating income ÷ interest)	n/m	0.4x	n/m	1.0x	0.9x	n/m	0.4x	0.3x
Effective tax rate	—	—	—	30.7%	—	—	—	—
SG&A as % of revenue	62.3%	57.1%	60.6%	51.9%	53.1%	55.2%	48.3%	50.1%
Capital spending as % of revenue	5.6%	1.8%	2.3%	3.7%	2.3%	1.5%	1.1%	0.8%
Free cash flow ÷ net income	—	—	—	>999%	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	0.0%	0.0%	199.3%	0.0%	0.0%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Xponential Fitness, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	−8.2%	−62.4%	12.6%	19.5%	4.5%	−9.9%	21.5%	14.4%
Net margin	−15.1%	−52.3%	−2.5%	1.3%	−6.2%	−39.6%	−1.2%	−6.3%
Free-cash-flow margin	4.2%	1.1%	7.0%	1.3%	10.4%	12.3%	−36.5%	−6.5%
Current ratio	1.02	0.78	0.81	0.91	1.06	0.82	0.76	0.75
SG&A as % of revenue	57.3%	68.6%	59.2%	31.6%	31.3%	69.6%	49.5%	48.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 5 checks passed · June 30, 2026

What it owns · $310m

Short-term assets $69mLonger-term assets $240m

What it owes, and who funded it · $686m

Short-term liabilities $93mLonger-term liabilities $593mShareholders' equity $-321m

Short-term assets cover short-term liabilities $69m of assets due within a year against $93m of liabilities due within a year.
Short-term assets cover long-term liabilities $69m short-term assets against $593m of longer-dated liabilities.
More cash than debt $25m of cash against $505m of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$6m of operating cash flow against $505m of debt.
Operating profit covers interest at least five times over Operating income of $18m against $54m of interest.

From Xponential Fitness, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

11 /100

Weak moat

How hard Xponential Fitness's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median -5.3% of total assets over 6 years.
Durability 0 / 20

Operating margin has been a median 2.3%; its worst year was -10.7%.
Cash conversion 10 / 20

Free cash flow was positive in 5 of 6 years, at a median 2.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (16 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: PRSU vs XPOF HERE vs XPOF OSW vs XPOF

More: Leisure Facilities stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Xponential Fitness, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Xponential Fitness, Inc.