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XRX, Xerox Holdings Corporation

Technology Hardware consumer brand Distress / turnaroundRevenue in runoff

Xerox is a workplace technology company, building and integrating services-led, software-enabled, workplace solutions for enterprises large and small.

As customers seek to manage information and document workflows across digital and physical platforms, we deliver a seamless, secure, and sustainable experience.

Xerox serves customers globally in North America, Europe, Latin America, Brazil, Asia Pacific (APAC), the Middle East, Africa, and India.

Latest annual: FY2025 10-K

XRX · Xerox Holdings Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$7.0B

+12.9% YoY · 0% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $7.4B 5-yr avg $6.9B

Operating margin −6.7% 5-yr avg −7.6%

ROIC −9% 5-yr avg −9%

Owner-earnings margin 2% 5-yr avg 6%

Free cash flow margin 2% 5-yr avg 6%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Print and Other (89%) and IT Solutions (11%).
Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Revenue in runoff. Revenue has shrunk about 4% a year across the record while operations still generate cash.
What moves the needle: Operating margin has run around −0.4% through the cycle, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −2%, above 15% in 0 of 8 years). By owner earnings: roughly 8% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Print and Other is 89% of revenue, with IT Solutions the other meaningful segment at 11%.

Revenue by reportable segment, FY2025

Print and Other89%$6.3B
IT Solutions11%$750M

By geographyUnited States57%Europe28%Canada7%Latin America4%Other3%Other areas3%Asia Pacific2%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
										Income statement
$10.0B	$9.7B	$9.1B	$7.0B	$7.0B	$7.1B	$6.9B	$6.2B	$7.0B	$7.4B	RevenueRevenue
25%	25%	23%	26%	24%	25%	25%	25%	24%	23%	SG&A / revenueSG&A/rev
$525M	$549M	$822M	$252M	($472M)	($325M)	($28M)	($1.2B)	($488M)	($494M)	Operating incomeOp. inc.
5.3%	5.7%	9.1%	3.6%	−6.7%	−4.6%	−0.4%	−19.5%	−6.9%	−6.7%	Operating marginOp. mgn
$195M	$361M	$1.4B	$192M	($455M)	($322M)	$1M	($1.3B)	($1.0B)	($1.0B)	Net incomeNet inc.
—	41%	12%	25%	—	—	—	—	—	—	Effective tax rateTax rate
										Cash flow & returns
($267M)	$1.1B	$1.3B	$548M	$629M	$159M	$686M	$511M	$224M	$169M	Operating cash flowOp. cash
$527M	$526M	$430M	$368M	$327M	$270M	$251M	$274M	$331M	$371M	DepreciationDeprec.
($1.0B)	$196M	($500M)	($54M)	$703M	$136M	$380M	$1.5B	$877M	$800M	Working capital & otherWC & other
$69M	$55M	$41M	$44M	$29M	$36M	$29M	$27M	$37M	$44M	CapexCapex
0.7%	0.6%	0.5%	0.6%	0.4%	0.5%	0.4%	0.4%	0.5%	0.6%	Capex / revenueCapex/rev
($336M)	$1.1B	$1.3B	$504M	$600M	$123M	$657M	$484M	$187M	$125M	Owner earningsOwner earn.
−3.4%	11.2%	14.3%	7.2%	8.5%	1.7%	9.5%	7.8%	2.7%	1.7%	Owner earnings marginOE mgn
($336M)	$1.1B	$1.3B	$504M	$600M	$123M	$657M	$484M	$187M	$125M	Free cash flowFCF
−3.4%	11.2%	14.3%	7.2%	8.5%	1.7%	9.5%	7.8%	2.7%	1.7%	Free cash flow marginFCF mgn
$87M	$0	$42M	$203M	$53M	$93M	$7M	$161M	$674M	$675M	AcquisitionsAcquis.
$274M	$255M	$229M	$216M	$192M	$160M	$151M	$127M	$57M	$28M	Dividends paidDiv. paid
$0	$700M	$600M	$300M	$888M	$113M	$544M	$8M	$0	—	BuybacksBuybacks
—	4%	10%	3%	-5%	-4%	-0%	-25%	-9%	-9%	ROICROIC
4%	7%	24%	3%	-10%	-10%	0%	-123%	-232%	-349%	Return on equityROE
−1%	2%	20%	−0%	−15%	−14%	−6%	−135%	−245%	−359%	Retained to equityRetained/eq
										Balance sheet
—	$1.1B	$2.7B	$2.6B	$1.8B	$1.0B	$519M	$576M	$512M	$585M	Cash & investmentsCash+inv
—	$1.3B	$1.2B	$883M	$818M	$857M	$850M	$796M	$1.1B	$1.2B	ReceivablesReceiv.
—	$829M	$694M	$843M	$696M	$797M	$661M	$695M	$1.0B	$1.0B	InventoryInvent.
—	$1.1B	$1.1B	$983M	$1.1B	$1.3B	$1.0B	$1.0B	$1.5B	$1.5B	Accounts payablePayables
—	$1.0B	$877M	$743M	$445M	$323M	$467M	$468M	$640M	$713M	Operating working capitalOper. WC
—	$4.7B	$6.1B	$5.8B	$4.7B	$4.1B	$3.2B	$2.9B	$3.6B	$3.8B	Current assetsCur. assets
—	$3.3B	$3.4B	$2.5B	$2.8B	$3.3B	$2.8B	$2.6B	$3.2B	$3.2B	Current liabilitiesCur. liab.
—	1.4×	1.8×	2.3×	1.7×	1.2×	1.1×	1.1×	1.1×	1.2×	Current ratioCurr. ratio
$3.9B	$3.9B	$3.9B	$4.1B	$3.3B	$2.8B	$2.7B	$1.9B	$2.2B	$2.2B	GoodwillGoodwill
—	$14.9B	$15.0B	$14.7B	$13.2B	$11.5B	$10.0B	$8.4B	$9.8B	$9.9B	Total assetsAssets
—	$4.3B	$4.3B	$4.4B	$4.2B	$3.7B	$3.3B	$3.4B	$4.2B	$4.4B	Total debtDebt
—	$3.2B	$1.5B	$1.8B	$2.4B	$2.7B	$2.8B	$2.8B	$3.7B	$3.9B	Net debt / (cash)Net debt
2.1×	2.3×	3.5×	1.2×	-2.3×	-1.6×	-0.1×	-5.4×	-1.5×	-1.3×	Interest coverageInt. cov.
$5.3B	$5.0B	$5.6B	$5.6B	$4.4B	$3.3B	$2.5B	$1.1B	$444M	$299M	Shareholders’ equityEquity
0.5%	0.6%	0.6%	0.6%	0.8%	1.1%	0.8%	0.8%	0.6%	0.6%	Stock comp / revenueSBC/rev
—	—	—	—	$781M	$412M	—	$1.1B	—	—	Goodwill written downGW imp.
										Per share
257M	252M	222M	209M	183M	156M	149M	124M	126M	129M	Shares out (diluted)Shares
$38.94	$38.39	$40.84	$33.60	$38.42	$45.56	$46.18	$50.08	$55.52	$57.46	Revenue / shareRev/sh
$0.76	$1.43	$6.10	$0.92	$-2.48	$-2.06	$0.01	$-10.64	$-8.14	$-8.09	EPS (diluted)EPS
$-1.31	$4.31	$5.82	$2.41	$3.28	$0.79	$4.41	$3.90	$1.48	$0.97	Owner earnings / shareOE/sh
$-1.31	$4.31	$5.82	$2.41	$3.28	$0.79	$4.41	$3.90	$1.48	$0.97	Free cash flow / shareFCF/sh
$1.07	$1.01	$1.03	$1.03	$1.05	$1.03	$1.01	$1.02	$0.45	$0.22	Dividends / shareDiv/sh
$0.27	$0.22	$0.18	$0.21	$0.16	$0.23	$0.19	$0.22	$0.29	$0.34	Cap. spending / shareCapex/sh
$20.63	$19.89	$25.17	$26.76	$24.22	$21.43	$17.02	$8.66	$3.51	$2.32	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+4.5%/yr	+10.6%/yr
Owner earnings / share	—	−9.3%/yr
Dividends / share	−10.2%/yr	−15.3%/yr
Capital spending / share	+1.1%/yr	+6.8%/yr
Book value / share	−19.9%/yr	−33.4%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Revenue+12.9%
“Total revenue for full year 2025 of $7.0 billion increased 12.9% reflecting a 15.5-percentage point benefit and 6.5-percentage point benefit from the Lexmark Acquisition and ITsavvy, respectively, as well as a 0.7-percentage point benefit from currency.”
✓ figure matches the filed record
Print and Other+7.0%
“Print and Other segment revenue results included the following: Equipment Sales Revenue •For the year ended December 31, 2025, equipment sales revenue increased 8.0% as compared to 2024, and included an 16.5-percentage point benefit from the Lexmark Acquisition, and a 0.9-percentage point benefit from currency. The increase at constant currency1 reflects higher installations driven by the inclusion of Lexmark.”
✓ figure matches the filed record
IT Solutions+110.1%
“IT Solutions segment revenue included the following: IT Products Revenue: •For the year ended December 31, 2025 IT products revenue increased 125.4% as compared to 2024, primarily due to ITsavvy.”
✓ direction matches the filed record

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

126Mpeak FY2017

ROIC

−9%low FY2024

Net debt ÷ owner earnings

20.0×peak FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$187Mowner earningsvs.($1.0B)net incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2018FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $1.0B loss into $187M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($1.0B)	($1.3B)	$1M	($322M)	($455M)
Depreciation & amortizationnon-cash charge added back	+$331M	+$274M	+$251M	+$270M	+$327M
Stock-based compensationreal costnon-cash, but a real cost	+$45M	+$52M	+$54M	+$75M	+$54M
Working capital & othertiming of cash in and out, other non-cash items	+$877M	+$1.5B	+$380M	+$136M	+$703M
Cash from operations	$224M	$511M	$686M	$159M	$629M
Capital expenditurecash put back in to keep running and to grow	−$37M	−$27M	−$29M	−$36M	−$29M
Owner earnings	$187M	$484M	$657M	$123M	$600M
Owner-earnings marginowner earnings ÷ revenue	3%	8%	10%	2%	9%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $45M), owner earnings is nearer $142M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -1.5×

Does not cover its interest

Operating income ($488M) ÷ interest expense $334M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $3.7B

Net debt against an operating loss

Cash $512M − debt $4.2B

What this means
Netting $512M of cash and short-term investments against $4.2B of debt leaves $3.7B owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -4%

Below average through the cycle

8-yr median, range -25%–10%; -9% latest = NOPAT ($386M) ÷ invested capital $4.2B

Industry peers: median 31%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran -9% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 8%

Solid through the cycle

9-yr median margin, range -3%–14%; latest $187M = operating cash $224M − maintenance capex $37M

Industry peers: median 20%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 3% of revenue this year, a 8% median across 9 years. Treating stock comp as the real expense it is (less $45M of SBC) leaves $142M.
Are earnings backed by cash? $224M

Loss, but cash-generative

Net income ($1.0B) · cash from operations $224M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? 30%

Reinvests most of it

Dividends + buybacks $57M ÷ Owner Earnings $187M

What this means
Of $187M Owner Earnings, $57M (30%) went back to shareholders, $57M dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.11×

Harvesting

Capex $37M ÷ depreciation $331M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $7.0B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.11×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $4.2B vs $346M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (9-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (9)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −223%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-5.99/share (latest year $-7.87), the averaged base the calculator's gate runs on, and book value is $3.40/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 9

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 8 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 7% → −9% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin slipped — about 7% early to −9% lately, median −0% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −1%/yr

What this means
Owner earnings shrank about 1% a year over the record.
Worst year 2024 · −19.5% op. margin

What this means
Operations went underwater in 2024, understand why before trusting the good years.
Dividend record paid

What this means
Paid a dividend in 9 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“AI technologies offer numerous potential benefits, such as creating or increasing operational efficiencies, and we expect the use of AI and generative AI by us, third parties on our behalf, and other market actors, including our competitors, to increase.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$3.8B

Cash & short-term investments$585M
Receivables$1.2B
Inventory$1.0B
Other current assets$934M

Current liabilities$3.2B

Debt due within a year$165M
Accounts payable$1.5B
Other current liabilities$1.5B

Current ratio1.18×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.85×stricter: inventory excluded

Cash ratio0.18×strictest: cash alone against what's due

Working capital$578Mthe cushion left after near-term bills

Debt due this year vs. cash$165M due · $585M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+26.7%the freshest read on whether the business is still growing

Current ratio, recent quarters1.5× → 1.2×

Deeper floors

Tangible book value($2.8B)equity stripped of goodwill & intangibles

Net current asset value($5.6B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$4.8B$327M of it operating leases

Deferred revenue$109Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'27$25M

'28$775M

'29$531M

'30$569M

Bars scaled to the largest single year.

Due in the next 12 months$25Mthe first rung: what must be repaid or rolled over within the year

Within two years$800Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$775Min 2028the lumpiest maturity, where a refinancing, if needed, is largest

Due over the next five years$1.9Bthe near slice; the balance sheet carries $4.2B of debt in all

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$585M

One year of owner earnings (FY2025)$187M

Together, against $25M due next year30.9×

Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $772M against the $25M due in the twelve months after the Dec 31, 2025 schedule: 31 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.

How the cash was used, 2017–2025

Over the record, the business generated $5.0B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$367M · 7%
Dividends$1.7B · 33%
Buybacks$3.2B · 64%

Returned to owners$4.8B
105% of the owner earnings the business produced over the span, $1.7B as dividends and $3.2B as buybacks.
Source of funding−$218M
Reinvestment and shareholder returns ran $218M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Average price paid for buybacks—
Buybacks ran $3.2B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−49.7%
The diluted count fell from 257M to 129M, so the buybacks outran the stock issued to staff.
Dividend record$0.45/sh
Paid in 9 of the years on record, the per-share dividend shrinking about 10% a year. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 9-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$3.1B32% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth

Cash spent acquiring$1.3Bover 9 years buying other businesses, against $367M of capital spent building

$2.3B written down across 3 years (2021, 2022, 2024): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	John Visentin	$12.4M	$5.9M	$600M
2022	—	$11.2M	$5.2M	$123M
2022	—	$8.6M	$4.7M	$123M
2023	—	$12.8M	—	$657M
2024	—	$14.3M	−$376k	$484M
2025	—	$12.6M	−$1,401	$187M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.

Stock-based compensation$45M
The slice of the business handed to employees in shares this year, 1% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Xerox Holdings Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.

1 of the 3 tests turned up something to look into; the other 2 came back clean.

Look hereAre "one-time" charges a yearly habit?8 of 9 years
Management took an impairment or write-down in 8 of the last 9 years, $2.4B in all. A charge taken almost every year is not one-time; it is the business — past deals coming due, and an admission the assets were worth less than what was paid. Munger's rule: when the "one-time" keeps happening, it is the business. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Pension & retirement as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Technology Hardware

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
PANWPalo Alto Networks Inc.	$9.2B	72%	-4.0%	-10%	38%
STXSeagate Technology Holdings PLC	$9.1B	28%	13.2%	29%	11%
ANETArista Networks Inc.	$9.0B	64%	32.4%	33%	33%
SNDKSandisk Corporation	$7.4B	16%	-18.7%	-11%	-7%
XRXXerox Holdings Corporation	$7.0B	—	-0.4%	-2%	8%
NTAPNetApp Inc.	$6.9B	67%	18.8%	70%	20%
FTNTFortinet Inc.	$6.8B	77%	20.5%	—	36%
LOGILogitech International S.A.	$4.8B	71%	11.9%	63%	12%
Group median	—	—	12.5%	29%	16%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Xerox Holdings Corporation has delivered.

Today’s price $

Through the cycle, Xerox Holdings Corporation earns about $546M on its 7.8% median owner-earnings margin. This year’s 2.7% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($546M) Net of stock comp (−$42M) Steady-state · maintenance capex ($132M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−2%/yr

Owner-earnings growth · ’17→’25−1%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $125M on 131M shares outstanding, per the 10-Q cover, as of 2026-04-30; net debt $3.9B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($44M) runs well above depreciation ($371M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $132M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh XRX against another business →

Cite: Owner Scorecard, "Xerox Holdings Corporation (XRX), the owner's record," https://ownerscorecard.com/c/XRX, data as of 2026-07-09.

Manual order: ← XRN its page in the Manual XYL →

Industry order: ← WDC the Technology Hardware chapter YIBO →