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Xerox Holdings

XRX on Nasdaq. Xerox sells workplace technology services and software to businesses and governments. Market value $397m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. 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

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
30.7%very high

For every $100 of what the whole company costs, it produced $30.67 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 30 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.

$2.93 a share, 146% above its 1-year low

Over the past year the price has ranged from $1.19 to $3.82.

Dividend: 3.9% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.6
0.1
0.6
0.5
0.1
0.1
2021202220232024202512 monthsto Jun '26
Revenue
$7.0bn$7.1bn$6.9bn$6.2bn$7.0bn
Operating margin
-3.8%-1.8%n/an/an/a
Debt to equity
0.810.861.072.669.06
Shares outstanding
0.16bn0.12bn0.12bn0.13bn0.13bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)2 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt9.06× equity
  • Revenue growth, five yearsSlow, 0.0% a year
  • Buying back its own sharesYes, 16% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.9 billion last quarter, up 22% on a year ago.
  • Profit: $13 million, after a loss of $106 million a year ago.
  • Spare cash over the past 12 months: $118 million, down from $302 million.
  • Debt is $3.7 billion more than cash, up from $3 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.5bn
December 2024$1.6bn
March 2025$1.5bn
June 2025$1.6bn
September 2025$2.0bn
December 2025$2.0bn
March 2026$1.8bn
June 2026$1.9bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$1.2bn
December 2024-$21m
March 2025-$90m
June 2025-$106m
September 2025-$760m
December 2025-$73m
March 2026-$105m
June 2026$13m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
17 March 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 231 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%; 1 of them is pushing for change.

  • DD Revocable Trust
    Passive investor
    11.3%
    Since 6 February 2026
    What they said

    On December 2, 2025, Darwin Deason passed away. Pursuant to the terms of the Will and applicable law, admitted to probate on February 2, 2026, all Issuer securities beneficially owned by Darwin Deason were transferred to the Trust. On February 6, 2026, the appropriate court…

    Read the filing
  • Douglas R. Deason
    Passive investor
    11.3%
    Since 6 February 2026
    What they said

    On December 2, 2025, Darwin Deason passed away. Pursuant to the terms of the Will and applicable law, admitted to probate on February 2, 2026, all Issuer securities beneficially owned by Darwin Deason were transferred to the Trust. On February 6, 2026, the appropriate court…

    Read the filing
  • DD REVOCABLE TRUST
    Passive investor
    9.1%
    Since 6 February 2026
    What they said

    Item 4 is hereby amended to add the following: On December 2, 2025, Darwin Deason passed away. Pursuant to the terms of the Last Will and Testament of Darwin Deason (the "Will") and applicable law, admitted to probate on February 2, 2026, the 15,283,657 Shares beneficially owned…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    8.3%−6.3 pts
    Since 30 September 2025
  • Frantisek Bostl
    Activist
    at least 7.3%+0.5 pts
    (filed with 1 related holder)
    Since 8 September 2026
    What they said

    The Reporting Persons have increased their investment based on their belief that the Common Stock is undervalued and represents an attractive investment opportunity. On September 7, 2026, the Reporting Persons issued an open letter (the "September Letter") to the Issuer's Board…

    Read the filing
  • at least 4.5%−3.2 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Sold down below 5%
    Since 31 December 2025
  • Pacer Advisors, Inc.
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

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: 9.1× its equity.
  • Sales have barely grown: 0.0% a year.

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
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What a finished deep dive looks like

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.