Xponential Fitness, Inc. — Earnings Quality Grade F
XPOF · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 21 days, change -8 days YoY
AR growth -28.7% vs revenue growth -1.7%
Revenue -1.7%, CFFO 142.5%. Cash follows revenue
Expense Quality
Inventory -77.8% vs COGS -2.5%. Normal
CapEx growth -20.6% vs revenue -1.7%. Normal
SG&A/Gross Profit = 72.5%, exceeds 70%
Gross margin 66.6%, change +0.3pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -0.68
Accruals ratio = -18.0%. Low accruals
Cash $0.0B covers only 6% of debt $0.5B
Balance Sheet Health
Goodwill+Intangibles $0.2B = -72% of equity. Manageable
Debt/EBITDA = 59.2x (>4x). Interest coverage = 0.9x (<2x). Financial stress
Other assets grew 65.4% vs revenue -1.7%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -18% YoY. Normal
Manipulation Score
M-Score = -3.79 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25