GXOGXO Logistics, Inc.

Transportation Services

Revenue: $13.2B; 13% YoY
Operating margin: 1.9%; 0.1% YoY
EBITDA: $702M; 11% YoY
Market cap: $5.8B
Employees: 154,000; $86K revenue each
Net debt / EBITDA: 2.4×; $1.7B net debt
AI in 10-K: 4.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
12× net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
46% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
30% of assets
Over 40% of assets
Shareholder dissentYes
64% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$86K · 8th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.5 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$304K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7.9B	$9.0B	$9.8B	$11.7B	$13.2B	13%
Operating income	$151M	$242M	$318M	$218M	$245M	12%
Net income	$161M	$200M	$233M	$138M	$36M	74%
Operating cash flow	$455M	$542M	$558M	$549M	$434M	21%
Capex	$250M	$342M	$274M	$359M	$324M	9.7%
Stock-based comp	$28M	$33M	$35M	$39M	$47M	21%
Buybacks	—	—	$0	$0	$200M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 12, 2022	Jacobs Private Equity, LLC	SC 13D/A	2.5%	Passive
Apr 14, 2022	Jacobs Private Equity, LLC	SC 13D/A	5.6%	Passive
Feb 11, 2022	Jacobs Private Equity, LLC	SC 13D	10.7%	Passive

Insider trading

Open-market buys, 12 mo: $304K · 1
Open-market sells, 12 mo: $0 · 0
Net: $304K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	83	212
FY2024	—	—	69	172
FY2023	—	—	97	127
FY2022	—	—	68	81
FY2021	—	—	144	114