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Xerox Holdings Corp key statistics and ratios

In fiscal 2025, Xerox Holdings Corp had return on equity of -135.4%, a net margin of -14.7%, debt equal to 978.4% of equity and a current ratio of 1.11. 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.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin————5.3%3.9%————
Net margin2.0%3.7%14.9%2.7%−6.5%−4.5%0.0%−21.2%−14.7%−11.9%
Free-cash-flow margin−3.4%11.2%14.3%7.2%8.5%1.7%9.5%7.8%2.7%2.1%
Return on equity3.7%7.0%25.5%3.4%−9.1%−8.3%0.0%−73.1%−135.4%—
Return on assets—2.4%9.0%1.3%−3.3%−2.6%0.0%−14.4%−11.3%−9.5%
Asset turnover—0.650.610.470.500.570.640.680.770.79
Current ratio—1.451.792.331.661.231.141.121.111.18
Debt to equity0.0%105.5%77.2%79.9%96.1%111.9%130.5%320.7%978.4%>999%
Effective tax rate89.1%45.0%21.8%25.4%——————
SG&A as % of revenue25.2%24.6%23.0%26.4%24.4%24.8%24.6%24.7%23.6%22.8%
Capital spending as % of revenue0.7%0.6%0.5%0.6%0.4%0.5%0.4%0.4%0.5%0.7%
Free cash flow ÷ net income−172.3%300.6%95.5%262.5%——>999%———
Dividends ÷ net income149.2%74.5%18.0%119.8%——>999%———
Dividends and buybacks ÷ free cash flow—89.3%65.2%105.2%182.3%233.3%107.9%30.8%38.0%17.8%

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

1 of 6 checks passed · June 30, 2026
What it owns · $9.7bn
Short-term assets $3.7bnLonger-term assets $6.0bn
What it owes, and who funded it · $9.5bn
Short-term liabilities $3.1bnLonger-term liabilities $6.0bnShareholders' equity $323m
  • Short-term assets cover short-term liabilities $3.7bn of assets due within a year against $3.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.7bn short-term assets against $6.0bn of longer-dated liabilities.
  • More cash than debt $495m of cash against $4.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 1307% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 81% to 1307% over five years.
  • A year's operating cash flow covers at least 20% of debt $217m of operating cash flow against $4.2bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Xerox Holdings Corp'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

49 /100

Moderate moat

How hard Xerox Holdings's competitive advantage looks for rivals to wear away, judged from 8 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 -2.4% of total assets over 7 years.

  • Durability 10 / 20

    Net margin has been a median -2.6%; its worst year was -23.0%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 8 of 8 years, at a median 6.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 35.1% over five years; stock-based pay has been a median 0.7% 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 (54 before it).

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

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Figures from Xerox Holdings Corp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Xerox Holdings Corp.