Xponential Fitness
XPOF on NYSE. Xponential Fitness sells boutique workout studio franchises to people who run them. Market value $218m.
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 Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-4.80 of spare cash in the past 12 months. A savings account pays about $4.
You pay 37.2 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 69 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$4.83 a share, 35% above its 1-year low
Over the past year the price has ranged from $3.57 to $9.25.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $8 million in the past 12 months, $25 million in the year to December 2025.
| Revenue | |||||
| Revenue | $3m | $12m | $13m | $14m | $11m |
| Operating margin | |||||
| Operating margin | -1124.4% | 108.8% | 261.3% | -383.3% | 178.9% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.03bn | 0.04bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 41.8% a year
- Buying back its own sharesNo, 55% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3 million last quarter, about the same as a year ago.
- A loss of $4 million, after a profit of $969,000 a year ago.
- It keeps 169 cents of each $1 of sales as operating profit, after losing 278 cents a year earlier.
- Over the past 12 months it spent $8 million more cash than it brought in. A year earlier it had $11 million spare.
- 20% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $497 million more than cash, up from $339 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $4m |
| December 2024 | $3m |
| March 2025 | $3m |
| June 2025 | $3m |
| September 2025 | $2m |
| December 2025 | $3m |
| March 2026 | $2m |
| June 2026 | $3m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$12m |
| December 2024 | Not reported |
| March 2025 | -$2m |
| June 2025 | $969,000 |
| September 2025 | -$5m |
| December 2025 | -$33m |
| March 2026 | -$725,000 |
| June 2026 | -$4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 4 March 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 118 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Voss CapitalTravis Cocke | $47m | 2.4% | Added |
Largest holders overall
- Voss Capital$47mAdded
- Shay Capital$19mAdded
- BlackRock$17mAdded
- D. E. Shaw$14mAdded
- Fund 1 Investments$13mNew
- Kanen Wealth Management$12mAdded
- MSD Partners, L.P.$11m
- Vanguard Capital Management$10mAdded
- Hudson Bay Capital Management LP$9m
- Grizzlyrock Capital$8mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
10 investors own more than 5%; 1 of them is pushing for change.
- Anthony Geislerat least 19.0%(filed with 2 related holders)Since 30 July 2025
- Cocke Travis W.Passive investorat least 18.1%+4.2 pts(filed with 3 related holders)Since 31 December 2025
- at least 16.2%−2.0 pts(filed with 4 related holders)Since 8 May 2026
- Fund 1 Investments, LLCPassive investor9.9%0.0 ptsSince 28 September 2026
What they said
Item 4 is hereby amended to add the following: As described in further detail in Item 6 below, the Reporting Person and the Issuer entered into a letter agreement (the "Agreement"), which reflects the Board's approval of the acquisition of additional Shares for purposes of…
Read the filing - BlackRock, Inc.Passive investor5.8%+1.0 ptsSince 30 June 2026
- Shay Capital LLCPassive investorat least 5.2%(filed with 1 related holder)Since 22 May 2026
- MSD Partners, L.P.Passive investorat least 4.7%−5.3 pts(filed with 13 related holders)Since 31 December 2025
- D. E. Shaw & Co., L.L.C.Passive investorat least 4.2%−4.7 pts(filed with 4 related holders)Since 31 December 2025
- Ameriprise Financial, Inc.Passive investorat least 3.9%(filed with 2 related holders)Since 30 June 2025
- Nut Tree Capital Management, LPPassive investorat least 3.2%(filed with 2 related holders)Since 30 June 2025
- Redwood Capital Management, LLCPassive investorSold down below 5%Since 31 December 2025
- D. E. Shaw Adviser, L.L.C.Passive investorSold down below 5%Since 11 September 2025
- MSD Investment Corp.Passive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
Anthony Geisler | at least 19.0% (filed with 2 related holders) | 30 July 2025 | |
Cocke Travis W. Passive investor | at least 18.1%+4.2 pts (filed with 3 related holders) | 31 December 2025 | |
at least 16.2%−2.0 pts (filed with 4 related holders) | 8 May 2026 | ||
Fund 1 Investments, LLC Passive investor | 9.9%0.0 pts | 28 September 2026 | What they saidItem 4 is hereby amended to add the following: As described in further detail in Item 6 below, the Reporting Person and the Issuer entered into a letter agreement (the "Agreement"), which reflects the Board's approval of the acquisition of additional Shares for purposes of… Read the filing |
BlackRock, Inc. Passive investor | 5.8%+1.0 pts | 30 June 2026 | |
Shay Capital LLC Passive investor | at least 5.2% (filed with 1 related holder) | 22 May 2026 | |
MSD Partners, L.P. Passive investor | at least 4.7%−5.3 pts (filed with 13 related holders) | 31 December 2025 | |
D. E. Shaw & Co., L.L.C. Passive investor | at least 4.2%−4.7 pts (filed with 4 related holders) | 31 December 2025 | |
Ameriprise Financial, Inc. Passive investor | at least 3.9% (filed with 2 related holders) | 30 June 2025 | |
Nut Tree Capital Management, LP Passive investor | at least 3.2% (filed with 2 related holders) | 30 June 2025 | |
Redwood Capital Management, LLC Passive investor | Sold down below 5% | 31 December 2025 | |
D. E. Shaw Adviser, L.L.C. Passive investor | Sold down below 5% | 11 September 2025 | |
MSD Investment Corp. Passive investor | Sold down below 5% | 31 March 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 owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 37.2× operating profit.
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.