TakeoverPE & activists

XPOFXponential Fitness, Inc.

Services-Miscellaneous Amusement & Recreation · $177M market cap · 340 employees

12×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    —
    Cash flow under 80% of net income
  • Dilutive SBCNo
    4% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Low revenue per employeeNo
    $926K · 60th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    1.4 per 10K words · 44th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    15.6× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $177M market cap
    Market cap $500M–$5B
  • AI-rollup shapedNo
    3 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    $964K net
    Net sales over $10M in 12 months

Key numbers

Revenue
$315MFY2021: $155MFY2022: $243MFY2023: $318MFY2024: $320MFY2025: $315M
1.7% YoY
Operating margin
6.3%FY2021: -19.9%FY2022: 5.5%FY2023: 11.0%FY2024: -16.7%FY2025: 6.3%
138% YoY
EBITDA
$32MFY2021: −$21MFY2022: $29MFY2023: $52MFY2024: −$36MFY2025: $32M
189% YoY
Net debt / EBITDA
15.6×
$497M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$155M$243M$318M$320M$315M 1.7% FY2021: $155MFY2022: $243MFY2023: $318MFY2024: $320MFY2025: $315M
Operating income−$31M$13M$35M−$54M$20M 137% FY2021: −$31MFY2022: $13MFY2023: $35MFY2024: −$54MFY2025: $20M
Net income−$19M$1M−$4M−$68M−$39M 43% FY2021: −$19MFY2022: $1MFY2023: −$4MFY2024: −$68MFY2025: −$39M
Operating cash flow$14M$52M$33M$12M$28M 143% FY2021: $14MFY2022: $52MFY2023: $33MFY2024: $12MFY2025: $28M
Capex$4M$9M$7M$5M$4M 24% FY2021: $4MFY2022: $9MFY2023: $7MFY2024: $5MFY2025: $4M
Stock-based comp$10M$29M$18M$15M$13M 17% FY2021: $10MFY2022: $29MFY2023: $18MFY2024: $15MFY2025: $13M
Buybacks$0$0$50M$0$0FY2021: $0FY2022: $0FY2023: $50MFY2024: $0FY2025: $0

13D filers

FiledFilerFormStakeIntent
Oct 30, 2026Fund 1 Investments, LLCSCHEDULE 13D/A9.9%Active
Oct 20, 2026Fund 1 Investments, LLCSCHEDULE 13D/A9.9%Active
Oct 7, 2026Fund 1 Investments, LLCSCHEDULE 13D/A9.9%Active
Sep 30, 2026Fund 1 Investments, LLCSCHEDULE 13D/A9.9%Active
Aug 25, 2026Fund 1 Investments, LLCSCHEDULE 13D9.9%Active
May 13, 2026Voss Capital, LPSCHEDULE 13D/A16.2%Active
Mar 4, 2026Voss Capital, LPSCHEDULE 13D18.2%Active
Aug 1, 2025Geisler AnthonySCHEDULE 13D/A0.8%Active
Nov 22, 2024Grabowski MarkSC 13D/A24.3%Passive
Nov 19, 2024Geisler AnthonySC 13D/A5.0%Active

Insider trading

+$964Knet buying by insiders, open market, last 12 months
Bought $964K · 21 tradesSold $0 · 0 trades

Pay vs performance

No pay-versus-performance disclosure yet.