Xponential Fitness, Inc.
XPOF · Communications · $226.2M mkt cap · FY2025 filings · No moat ·
Doesn't clear the bar
The five investor questions
2021–2025: revenue 155079000.00 to 314879000.00, increasing; diluted EPS -2.85 to -1.47, increasing.
Not enough years of gross-margin data to score pricing power.
Median ROIC 3.5%, above the 12% hurdle in 20% of years.
Net debt/EBITDA 14.4x, interest coverage 0x.
Owner earnings trend unclear, share count growing (dilution).
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
Price vs. owner-earnings value range
- Owner earnings (normalized)
- —
- Value range / share
- —
- Conservative high estimate / share
- —
- Recent price
- $6.50
- Price vs. high estimate
- No price data
Conservative range under moat-index@2.0.0: low end 11.1×, high end capped at 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
8 years of fundamentals
The business, in plain English
Across the filed record, revenue grew from $129.1M (FY2019) to $314.9M (FY2025) — about 16.0% a year compounded over 6 years.
It earned 8.2% on invested capital in FY2025, with a median of 3.5% across 5 filed years. The Returns on Capital filter above scores it 7/100.
The balance sheet carried $505.8M of total debt in FY2025. Balance-Sheet Safety scores it 0/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in XPOF’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How Xponential Fitness, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored XPOF on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, XPOF did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Communications context
#114 of 135 scored Communications companies, ranked by Moat Score.
Nearest peers by Moat Score
- #112WNLV Winvest Group Ltd.24.2 out of 100, No moatNo moat
- #113FWONA LIBERTY MEDIA CORPORATION24.1 out of 100, No moatNo moat
- #115CLUS CLUSTER GROUP HOLDINGS LIMITED CO.23.8 out of 100, No moatNo moat
- #116KTEL KonaTel, Inc.23.6 out of 100, No moatNo moat
Compare XPOF with its nearest peers →All Communications companies on the Index →
Common questions about XPOF
- Does Xponential Fitness, Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Xponential Fitness, Inc. (XPOF) 24.0 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 65, pricing power not measurable from the filings, returns on capital 7, balance-sheet safety 0, capital discipline 24.
- How has XPOF's Moat Score changed over time?
- The record logs 8 readings since Jul 17, 2026; the latest reads 24.0 out of 100 (no moat). No tier changes on record yet. (A methodology upgrade on Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.