XRXXerox Holdings Corp

Computer Peripheral Equipment, NEC · $193M market cap · 22,900 employees

3.9×

More likely than average to be taken private

Top 2% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

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

TSR below peersYes
5 of 5 years
3+ of last 5 years
Low revenue per employeeYes
$307K · 24th pct
Bottom quartile of its SIC industry
Recurring revenueYes
7 of 10
10-K business scored 7+ of 10 for recurring revenue
Active 13DYes
1 filing
Active-intent 13D in 18 months

11 other checks

High CEO pay despite TSRNo
$13M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
25% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support
Quiet on AINo
1.6 per 10K words · 47th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$193M market cap
Market cap $500M–$5B
AI-rollup shapedNo
2 of 10
10-K business scored 5+ of 10 as an AI-rollup target
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Filed	Form	Acquirer	Price	Premium
Mar 10, 2020	PREM14A	HP Inc.	$17.00	50%

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY
Revenue	$7.0B	$7.1B	$6.9B	$6.2B	$7.0B	13%
Net income	−$455M	−$322M	$1M	−$1.3B	−$1.0B	22%
Operating cash flow	$629M	$159M	$686M	$511M	$224M	56%
Capex	$29M	$36M	$29M	$27M	$37M	37%
Stock-based comp	$54M	$75M	$54M	$52M	$45M	13%
Buybacks	$888M	$113M	$544M	$8M	$0	100%
Dividends	$192M	$160M	$151M	$127M	$57M	55%

Filed	Filer	Form	Stake	Intent
Sep 8, 2026	STARTEEPO SICAV a.s.	SCHEDULE 13D/A	13.9%	Passive
Jul 13, 2026	STARTEEPO Invest, investicni fond s promennym zakladnim kapitalem, a.s.	SCHEDULE 13D/A	12.4%	Active
Jun 3, 2026	STARTEEPO Invest, investicni fond s promennym zakladnim kapitalem, a.s.	SCHEDULE 13D/A	5.0%	Passive
May 14, 2026	STARTEEPO Invest, investicni fond s promennym zakladnim kapitalem, a.s.	SCHEDULE 13D	9.1%	Passive
Apr 8, 2026	DD Revocable Trust	SCHEDULE 13D	11.3%	Passive
Apr 8, 2026	DEASON DOUGLAS R	SCHEDULE 13D	11.3%	Passive
Feb 13, 2026	DEASON DARWIN	SCHEDULE 13D/A	9.1%	Passive
Oct 2, 2023	DEASON DARWIN	SC 13D/A	11.8%	Active
Sep 29, 2023	ICAHN CARL C	SC 13D/A	0.0%	Passive
Apr 25, 2022	ICAHN CARL C	SC 13D/A	21.9%	Passive

No open-market trades in the last 12 months.

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$13M	−$1K	14	197
FY2024	$14M	−$376K	47	155
FY2023	—	$14M	94	113
FY2022	—	—	70	79
FY2021	$12M	$6M	102	117