QXO, Inc.
QXO Industrials Industrial Distribution
QXO, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.8 billion, up 11,925.0% from fiscal 2024. In the quarter to June 2026, revenue grew 70.3%, EPS grew 6.67%, free cash flow fell 27.6% and total debt rose 82.0%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
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QXO, Inc. (QXO) Beneish M-score
QXO, Inc.'s Beneish M-score for fiscal 2025 is 247.71; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 247.71 | 250.95 |
| FY2024 | −3.24 | (0.71) |
| FY2023 | −2.53 | 0.42 |
| FY2022 | −2.95 | (0.52) |
| FY2021 | −2.43 | 0.64 |
| FY2020 | −3.07 | (0.59) |
| FY2019 | −2.47 | 0.35 |
| FY2018 | −2.83 | 1.10 |
| FY2017 | −3.93 | (2.48) |
| FY2016 | −1.44 | 0.19 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 4.94 | — | 4.54 | |
| Gross margin index | 1.77 | — | 0.93 | |
| Asset quality index | 373.19 | — | 150.77 | |
| Sales growth index | 120.25 | — | 107.26 | |
| Depreciation index | 1.91 | — | 0.22 | |
| SG&A index | 0.12 | — | −0.02 | |
| Total accruals to total assets | (0.03) | — | −0.16 | |
| Leverage index | 33.62 | — | −10.99 | |
| Beneish M-score | Flagged by the model | 247.71 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MSM MSC Industrial Direct Company, Inc. compare | −2.7× |
| XMTR Xometry, Inc. compare | −2.7× |
| CNM Core & Main, Inc. compare | −2.6× |
| WSO.B Watsco, Inc. compare | −2.5× |
| WSO Watsco, Inc. compare | −2.5× |
| AIT Applied Industrial Technologies, Inc. compare | −2.4× |
| POOL Pool Corporation compare | −2.4× |
| WCC WESCO International, Inc. compare | −2.2× |
| QXO QXO, Inc. | 248× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI