RXO
RXO on NYSE. RXO connects companies that need freight moved with independent truck drivers. Market value $4.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-1.61 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 0 cents a year. Above 10 is good.
Quality score: 50 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$28.65 a share, 175% above its 1-year low
Over the past year the price has ranged from $10.43 to $29.90.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $76 million in the past 12 months, a shortfall of $8 million in the year to December 2025.
| Revenue | ||||
| Revenue | $4.8bn | $3.9bn | $4.5bn | $5.7bn |
| Operating margin | ||||
| Operating margin | 2.6% | 1.0% | -1.2% | -1.4% |
| Debt to equity | ||||
| Debt to equity | 0.78 | 0.60 | 0.23 | 0.26 |
| Shares outstanding | ||||
| Shares outstanding | 0.12bn | 0.16bn | 0.16bn | 0.16bn |
Health checks
- Free cash flow positive2 of 4 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)Yes
- Debt0.26× equity
- Revenue growth, five yearsSlow, 6.2% a year
- Buying back its own sharesNo, 41% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.8 billion last quarter, up 25% on a year ago.
- A loss of $9 million, compared with a loss of $9 million a year ago.
- It loses 1 cents on each $1 of sales, compared with 1 cents a year earlier.
- Over the past 12 months it spent $76 million more cash than it brought in, compared with $45 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $480 million more than cash, up from $385 million a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.0bn |
| December 2024 | $1.7bn |
| March 2025 | $1.4bn |
| June 2025 | $1.4bn |
| September 2025 | $1.4bn |
| December 2025 | $1.5bn |
| March 2026 | $1.4bn |
| June 2026 | $1.8bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$243m |
| December 2024 | -$25m |
| March 2025 | -$31m |
| June 2025 | -$9m |
| September 2025 | -$14m |
| December 2025 | -$46m |
| March 2026 | -$36m |
| June 2026 | -$9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
7 long-term investors we follow own it, up from 5 last quarter. 304 funds in all.
- Orbis Investment ManagementOrbis team (Allan Gray lineage)
- Value
- $1.0bn
- Share of fund
- 3.5%
- Southeastern Asset Management (Longleaf)Mason Hawkins
- Value
- $1m
- Share of fund
- <0.1%
- Barrow HanleyBarrow Hanley team
- Value
- $8,332
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $1.0bn | 3.5% | |
| Boston PartnersBoston Partners team | $61m | <0.1% | Cut |
| Mawer Investment ManagementMawer team | $18m | 0.1% | New |
| Royce & AssociatesChuck Royce | $16m | 0.1% | Added |
| Southeastern Asset Management (Longleaf)Mason Hawkins | $1m | <0.1% | |
| Polen CapitalDan Davidowitz | $1m | <0.1% | New |
| Barrow HanleyBarrow Hanley team | $8,332 | <0.1% |
Largest holders overall
- Orbis Investment Management$1.0bn
- MFN Partners Management, LP$776m
- BlackRock$693mAdded
- Vanguard Portfolio Management$256mAdded
- Vanguard Capital Management$205m
- State Street$184m
- Hood River Capital Management$179mAdded
- Finepoint Capital LP$148mCut
- Geode Capital Management$118mAdded
- Douglas Lane & Associates$92mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- Orbis Investment Management LimitedPassive investorat least 21.1%+1.0 pts(filed with 2 related holders)Since 31 March 2026
- MFN Partners, LPPassive investorat least 19.3%+0.1 pts(filed with 4 related holders)Since 4 October 2026
What they said
The Reporting Persons filed an initial Schedule 13G on February 10, 2023, which was amended on February 12, 2024; August 14, 2024; November 13, 2024 and February 12, 2025 (together, the "Schedule 13G"), with respect to the Issuer. All of the Common Stock of the Issuer reported…
Read the filing - BlackRock, Inc.Passive investor14.0%Since 31 December 2024
- Vanguard Portfolio ManagementPassive investor5.5%Since 31 March 2026
- Wellington Management Company LLPPassive investor5.4%Since 31 March 2025
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- Finepoint Capital LPPassive investorat least 3.2%−2.5 pts(filed with 1 related holder)Since 30 June 2026
- Wellington Management Group LLPPassive investorat least 2.9%−2.8 pts(filed with 2 related holders)Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Orbis Investment Management Limited Passive investor | at least 21.1%+1.0 pts (filed with 2 related holders) | 31 March 2026 | |
MFN Partners, LP Passive investor | at least 19.3%+0.1 pts (filed with 4 related holders) | 4 October 2026 | What they saidThe Reporting Persons filed an initial Schedule 13G on February 10, 2023, which was amended on February 12, 2024; August 14, 2024; November 13, 2024 and February 12, 2025 (together, the "Schedule 13G"), with respect to the Issuer. All of the Common Stock of the Issuer reported… Read the filing |
BlackRock, Inc. Passive investor | 14.0% | 31 December 2024 | |
Vanguard Portfolio Management Passive investor | 5.5% | 31 March 2026 | |
Wellington Management Company LLP Passive investor | 5.4% | 31 March 2025 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
Finepoint Capital LP Passive investor | at least 3.2%−2.5 pts (filed with 1 related holder) | 30 June 2026 | |
Wellington Management Group LLP Passive investor | at least 2.9%−2.8 pts (filed with 2 related holders) | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $589,388 of shares on the open market. 1 sold $385,779.
- Cooper Troy A.DirectorBought
- Date
- 20 November 2025
- Shares
- 8,317
- Price
- $10.61
- Value
- $88,243
- Kingshott AdrianDirectorBought
- Date
- 17 November 2025
- Shares
- 9,350
- Price
- $10.75
- Value
- $100,513
- Kerr Jason S.Chief Accounting OfficerSold
- Date
- 10 November 2025
- Shares
- 33,343
- Price
- $11.57
- Value
- $385,779
- Wilkerson Andrew M.Chief Executive Officer, DirectorBought
- Date
- 10 November 2025
- Shares
- 11,625
- Price
- $12.85
- Value
- $149,422
- Szlosek Thomas ADirectorBought
- Date
- 7 November 2025
- Shares
- 20,308
- Price
- $12.37
- Value
- $251,210
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 20 November 2025 | Cooper Troy A. Director | Bought | 8,317 | $10.61 | $88,243 |
| 17 November 2025 | Kingshott Adrian Director | Bought | 9,350 | $10.75 | $100,513 |
| 10 November 2025 | Kerr Jason S. Chief Accounting Officer | Sold | 33,343 | $11.57 | $385,779 |
| 10 November 2025 | Wilkerson Andrew M. Chief Executive Officer, Director | Bought | 11,625 | $12.85 | $149,422 |
| 7 November 2025 | Szlosek Thomas A Director | Bought | 20,308 | $12.37 | $251,210 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Not checked yet. We haven’t read RXO’s annual report.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.