XPOXPO, Inc.

Transportation Services

Revenue: $8.2B; 1.1% YoY
Operating margin: 8.0%; 1.6% YoY
EBITDA: $1.1B; 2.8% YoY
Market cap: $22.2B
Employees: 37,000; $220K revenue each
Net debt / EBITDA: -0.1×; −$147M net debt
AI in 10-K: 2.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 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
312% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
13% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$220K · 17th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.8 per 10K words · 67th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$22.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7.2B	$7.7B	$7.7B	$8.1B	$8.2B	1.1%
Operating income	$312M	$377M	$438M	$660M	$656M	0.6%
Net income	$336M	$666M	$189M	$387M	$316M	18%
Operating cash flow	$656M	$824M	$694M	$808M	$986M	22%
Capex	$269M	$521M	$1.5B	$789M	$657M	17%
Stock-based comp	$31M	$77M	$78M	$87M	$77M	11%
Buybacks	—	—	$0	$0	$125M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 12, 2022	Jacobs Private Equity, LLC	SC 13D/A	1.1%	Passive
Apr 14, 2022	Jacobs Private Equity, LLC	SC 13D/A	5.6%	Passive
Feb 11, 2022	Jacobs Private Equity, LLC	SC 13D/A	10.7%	Passive
Jul 2, 2021	Jacobs Private Equity, LLC	SC 13D/A	13.5%	Passive
Dec 31, 2020	Jacobs Private Equity, LLC	SC 13D/A	21.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 14
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	317	136
FY2024	—	—	306	128
FY2023	—	—	204	122
FY2022	—	—	78	97
FY2021	—	—	114	134