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XPO Inc XPO

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Stock XNYS Rating as of
$113.12 +0.05 (0.04%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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XPO Earnings: Yellow Share Gains Still Providing a Nice Boost, and Productivity Solid

Matthew Young

XPO’s first-quarter consolidated top line rose 6%, with a big boost from second-half 2023 less-than-truckload freight diversions from bankrupt peer Yellow. Revenue was largely in line with our expected run rate, as we've been baking in continued healthy volume and pricing gains despite the soft underlying LTL demand backdrop. April year-over-year tonnage growth (around 3%) is also trending in line with our forecast. XPO's flagship LTL revenue rose a robust 9% (similar to last quarter), while European trucking segment revenue grew 1% on pricing.

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Price vs Fair Value

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XPO is trading at a 690% premium.
Price
$113.00
Fair Value
$97.00
Uncertainty
High
1-Star Price
$997.80
5-Star Price
$83.30
Economic Moat
Kvp
Capital Allocation
Mnpchwtfd

Bulls Say, Bears Say

Bulls

Share gains from bankrupt LTL peer Yellow have provided a material boost to XPO's tonnage and network density.

Bears

Underlying demand across the broader trucking industry is facing near-term headwinds from sluggish industrial end markets and muted retail sector inventory restocking.

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Trading Information

Previous Close Price
$113.07
Day Range
$112.81–114.34
52-Week Range
$45.28–130.53
Bid/Ask
$113.00 / $113.17
Market Cap
$13.16 Bil
Volume/Avg
249,845 / 1.4 Mil

Key Statistics

Price/Earnings (Normalized)
35.33
Price/Sales
1.70
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Following the spinoff of its contract logistics division (GXO) in 2021 and freight brokerage operations (RXO) in 2022, XPO is moving closer to becoming a pure-play asset-based less-than-truckload carrier. On a pro forma basis for the November RXO spinoff, We estimate LTL shipping now makes up 60% of total revenue, with XPO's European truckload and LTL operations making up 40%. That said, XPO's LTL segment EBITDA mix is much higher than 60%. We believe XPO intends to divest its European trucking division once it finds the right buyer.
Sector
Industrials
Industry
Trucking
Stock Style Box
Mid Core
Total Number of Employees
39,000
Website
https://www.xpo.com

Competitors

Valuation

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Metric
XPO
ODFL
SAIA
Price/Earnings (Normalized)
 35.3332.2529.92
Price/Book Value
 9.789.055.40
Price/Sales
 1.706.833.72
Price/Cash Flow
 15.6624.4519.24
Price/Earnings
XPO
ODFL
SAIA

Financial Strength

Metric
XPO
ODFL
SAIA
Quick Ratio
 0.812.151.06
Current Ratio
 0.942.291.23
Interest Coverage
 2.795,446.68201.59
Quick Ratio
XPO
ODFL
SAIA

Profitability

Metric
XPO
ODFL
SAIA
Return on Assets (Normalized)
 5.52%23.37%14.88%
Return on Equity (Normalized)
 31.66%30.38%20.04%
Return on Invested Capital (Normalized)
 10.75%29.46%18.32%
Return on Assets
XPO
ODFL
SAIA
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Trucking Industry Comparables

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Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
ODFL
Old Dominion Freight Line Inc Ordinary SharesPqhsctctfHzhwcp$39.8 Bil
TFII
TFI International Inc—Wwdxw$11.4 Bil
SAIA
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KNX
Knight-Swift Transportation Holdings Inc Class AWfwwjndfkWhbm$7.9 Bil
SNDR
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YATRY
Yamato Holdings Co Ltd ADR—Tctm$3.9 Bil
ARCB
ArcBest CorpMnhyvclwgKjmtc$2.7 Bil
RXO
RXO Inc—Txrdnh$2.4 Bil
WERN
Werner Enterprises IncZfrwzmjLlpw$2.3 Bil

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