Xerox Holdings Corporation
XRX Industrials Business Equipment & Supplies
Xerox Holdings Corporation’s revenue for fiscal 2025 (year ended December 2025) was $7.0 billion, up 12.9% from fiscal 2024. In the quarter to June 2026, revenue grew 22.0%, EPS grew 108.1%, free cash flow grew 136.7% and total debt rose 7.13%, each against the same quarter a year earlier.
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Xerox Holdings Corporation (XRX) Altman Z-score
Xerox Holdings Corporation's Altman Z-score for fiscal 2025 is 1.13, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.13 | (0.43) |
| FY2024 | 1.56 | (0.23) |
| FY2023 | 1.79 | 0.22 |
| FY2022 | 1.56 | (0.12) |
| FY2021 | 1.68 | (0.09) |
| FY2020 | 1.77 | (0.43) |
| FY2019 | 2.20 | 0.42 |
| FY2018 | 1.78 | (0.12) |
| FY2017 | 1.90 | 0.28 |
| FY2016 | 1.62 | 0.14 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.04 | — | 0.04 | |
| Retained earnings / total assets | 0.25 | — | 0.35 | |
| EBIT / total assets | 0.00 | — | 0.01 | |
| Market value of equity / total liabilities | 0.03 | — | 0.02 | |
| Sales / total assets | 0.71 | — | 0.71 | |
| Altman Z-score | Distress zone | 1.13 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.13 | ||
Z and Z″ put Xerox Holdings Corporation in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| EBF Ennis, Inc. compare | 9.4× |
| ACTG Acacia Research Corporation compare | 1.7× |
| XRX Xerox Holdings Corporation | 1.1× |
| ACCO Acco Brands Corporation compare | 0.7× |
| EHGO Eshallgo Inc. compare | −0.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets