XCF Global
SAFX on Nasdaq. XCF Global makes sustainable aviation fuel from waste and sells it to airlines. Market value $123m.
Figures from the annual report for the year ended 31 December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$0.33 a share, 176% above its 1-year low
Over the past year the price has ranged from $0.12 to $1.32.
Price from Friday’s close (2 October).
Five years of cash, in billions
| Revenue | |
| Revenue | $0 |
| Operating margin | |
| Operating margin | n/a |
| Debt to equity | |
| Debt to equity | 6.82 |
| Shares outstanding | |
| Shares outstanding | 0.41bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- Debt6.82× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $690,881 last quarter, down 89% on a year ago.
- A loss of $14 million, after a profit of $110 million a year ago.
- 164% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| March 2025 | Not reported |
| June 2025 | $7m |
| September 2025 | $10m |
| December 2025 | $5m |
| March 2026 | $348,688 |
| June 2026 | $690,881 |
| Quarter to | Amount |
|---|---|
| March 2025 | -$7m |
| June 2025 | $110m |
| September 2025 | -$13m |
| December 2025 | -$16m |
| March 2026 | -$18m |
| June 2026 | -$14m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 16 November 2026
Who owns it
None of the long-term investors we follow own it. 54 funds in all.
Largest holders overall
- Vanguard Capital Management$2mAdded
- Geode Capital Management$330,389Cut
- UBS Group AG$327,427Cut
- State Street$297,261Cut
- BlackRock$206,531Cut
- Morgan Stanley$175,020Added
- LPL Financial$155,556New
- Jane Street Group$146,567Cut
- Goldman Sachs Group$138,583Cut
- J. Derek Lewis & Associates$110,350Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Majique LadnierStrategic holderat least 36.2%(filed with 1 related holder)Since 6 October 2025
What they said
EEME is the 100% shareholder of Southern Energy Renewables Inc., a Louisiana corporation ("Southern Energy"). XCF has agreed to purchase Southern Energy from EEME in exchange for a number of shares equal to 35% of XCF's fully diluted stock as of the date of closing of the…
Read the filing - SOULE RANDYPassive investorat least 21.8%−4.4 pts(filed with 1 related holder)Since 15 May 2026
What they said
Other than as set forth above, the Reporting Persons do not intend to take any of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D at this time; however, they reserve the right to do so. The Reporting Persons may purchase and sell common stock of…
Read the filing - GL Part SPV II, LLCPassive investor6.7%Since 6 June 2025
What they said
GL II has the right to acquire warrants to purchase up to $99,000,000 of additional shares of XCF Class A Common Stock until December 31, 2026. The price for each warrant is set forth in the Warrant Purchase Agreement entered into between GL II and XCF on July 16, 2026. Each…
Read the filing - Brown Stone Capital LtdPassive investorat least 4.7%−1.9 pts(filed with 1 related holder)Since 30 September 2026
- Polar Asset Management Partners Inc.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Majique Ladnier Strategic holder | at least 36.2% (filed with 1 related holder) | 6 October 2025 | What they saidEEME is the 100% shareholder of Southern Energy Renewables Inc., a Louisiana corporation ("Southern Energy"). XCF has agreed to purchase Southern Energy from EEME in exchange for a number of shares equal to 35% of XCF's fully diluted stock as of the date of closing of the… Read the filing |
SOULE RANDY Passive investor | at least 21.8%−4.4 pts (filed with 1 related holder) | 15 May 2026 | What they saidOther than as set forth above, the Reporting Persons do not intend to take any of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D at this time; however, they reserve the right to do so. The Reporting Persons may purchase and sell common stock of… Read the filing |
GL Part SPV II, LLC Passive investor | 6.7% | 6 June 2025 | What they saidGL II has the right to acquire warrants to purchase up to $99,000,000 of additional shares of XCF Class A Common Stock until December 31, 2026. The price for each warrant is set forth in the Warrant Purchase Agreement entered into between GL II and XCF on July 16, 2026. Each… Read the filing |
Brown Stone Capital Ltd Passive investor | at least 4.7%−1.9 pts (filed with 1 related holder) | 30 September 2026 | |
Polar Asset Management Partners Inc. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It carries a lot of debt: 6.8× its equity.
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
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.