One-glance verdict
Within fair range
$2.21 our estimate vs market $3.48
Wall Street consensus: $5.00 (126.6% higher than our fair-value estimate)
58% above our estimate
Fundamentals snapshot
XBP Global Holdings, Inc.
XBP · NCM · Technology · Software - Infrastructure
Current price
$3.48
52-week range
$2.00 - $13.00
Market cap
$41.35M
Balance sheet
Distressed
0.03x Concerning
Net debt $392.20M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 108.1% last year.
- Reward Returns 11938.5% on equity, ahead of 75% of its peers.
- Risk Net debt grew 1201.4% over 3 years.
- Risk Operating margin compressed from -2.3% to -2.4% over 3 years.
What this company does
XBP Global Holdings, Inc.
XBP Global sells smart software and services that act like digital assistants for big companies, handling tasks like bill payments and data analysis. The company makes money by charging for these ongoing services and by selling licenses (permission to use their software) to customers like banks and government offices. This is important because many large organizations are looking for ways to use technology to become more efficient and reduce costs in their daily operations.
How the company got here
XBP Global started as a smaller European company focused on bills and payments, which is what 'XBP' stands for: 'exchange for bills and payments.' It became a much larger, global company in July 2025 after acquiring the business process automation division of a company called Exela Technologies. Before that, in late 2023, the original European business became a publicly traded company through a merger with a special purpose acquisition company (a 'blank-check' company created to buy another business and take it public). This series of events transformed it from a regional operation into a global provider of automation services.
What it actually does
XBP Global helps other large companies and government agencies automate their repetitive, essential tasks, especially those involving documents and payments. Think of it as a service that takes over a company's mailroom, digitizes all the paper, and automatically routes it, or a system that processes thousands of customer payments without manual data entry. They use their own technology, including artificial intelligence (AI), to create smarter and faster ways for their clients to handle these complex but necessary day-to-day operations. This helps clients in industries like banking, healthcare, and insurance to speed up processes and reduce manual work.
Applied Workflow Automation
This is the company's largest business, generating most of its revenue (the total money earned from sales). In this segment, XBP Global runs and manages essential, high-volume tasks for its clients using its AI-powered systems. For example, a bank might hire XBP to handle all of its payment processing, or a healthcare provider might use them to digitize and manage patient records. The client pays XBP for managing these workflows, often based on the number of transactions (individual operations, like processing a single bill) they handle.
Technology
This part of the company focuses on selling the tools of automation directly to clients. This includes selling software licenses (permission to use their programs), providing maintenance and support for that software, and offering professional services to help clients set up these systems. While this is the smaller of the two businesses, it generally has higher gross margins (the percentage of profit made on each sale after accounting for the direct costs of producing the service or product). This segment provides the underlying technology platforms that power both their own services and their clients' operations.
What management is betting on now
Management's main focus is on using artificial intelligence to make the company more efficient and profitable. They call this their "AI-first" strategy, aiming to automate more tasks internally to improve their own margins (the portion of sales that turns into profit). The company is also exploring what it calls "strategic alternatives," which could mean selling off parts of the business that aren't central to its main goals to become a leaner, more focused organization. A key part of this vision is "hyper-automation," a push to create intelligent, end-to-end systems where AI agents (automated software programs) handle most of the work, with humans stepping in only for key decisions and oversight.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-6.18M
FY2024 Q4
$5.79M
FY2025 Q1
$-1.90M
FY2025 Q2
$-3.99M
FY2025 Q3
$-157.14M
FY2025 Q4
$1.96M
FY2026 Q1
$-6.13M
FY2026 Q2
$-11.47M
Revenue
$191.31M
Net income
$-16.70M
Diluted EPS
-1.42
Operating cash flow
$-10.14M
Free cash flow
$-11.47M
Fetching…
Sources
Revenue
$197.13M
Net income
$-26.76M
Diluted EPS
-2.28
Operating cash flow
$-5.04M
Free cash flow
$-6.13M
Fetching…
Sources
Revenue
$206.97M
Net income
$-45.28M
Diluted EPS
-27.28
Operating cash flow
$4.37M
Free cash flow
$1.96M
Fetching…
Sources
Revenue
$56.68M
Net income
$1.48B
Diluted EPS
—
Operating cash flow
$-155.93M
Free cash flow
$-157.14M
Fetching…
Sources
Revenue
$182.71M
Net income
$-6.89M
Diluted EPS
-0.19
Operating cash flow
$-3.08M
Free cash flow
$-3.99M
Fetching…
Sources
Revenue
$191.98M
Net income
$-4.35M
Diluted EPS
-0.14
Operating cash flow
$-929.00K
Free cash flow
$-1.90M
Fetching…
Sources
Revenue
$872.69M
Net income
$-2.67M
Diluted EPS
0.73
Operating cash flow
$5.93M
Free cash flow
$5.79M
Fetching…
Sources
Revenue
$233.43M
Net income
$-2.77M
Diluted EPS
-0.09
Operating cash flow
$-5.61M
Free cash flow
$-6.18M
Fetching…
Sources
Is it cheap or expensive?
Fair value $2.21 vs current price $3.48
Wall Street consensus is the average analyst price target: $5.00 (126.6% higher than our fair-value estimate).
Our most-likely fair value is $2.21 a share — about 36.6% away from today's price of $3.48, so the stock currently looks fairly priced.
Is it drowning in debt?
Distressed
Net debt $392.2M. Interest coverage 0.0x.
Net debt
$392.20M
Interest coverage
0.03x
XBP Global Holdings, Inc.'s profit covers its interest bill about 0.0 times over. which is stronger than most peers shown here and 5 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
XBP
BASELINE
XBP Global Holdings, Inc.
Total debt $410.78M Interest coverage 0.03x This is the baseline the peer rows are being compared against.
Total debt $1.13B Interest coverage 0.06x +93% vs XBP Carries about 1.9x more debt cushion than XBP.
Total debt $851.00M Interest coverage -1.21x -100% vs XBP This peer has almost no interest-payment cushion compared with XBP.
Total debt $398.56M Interest coverage -0.80x -100% vs XBP This peer has almost no interest-payment cushion compared with XBP.
Total debt $4.61M Interest coverage -45.30x -100% vs XBP This peer has almost no interest-payment cushion compared with XBP.
Total debt $346.04K Interest coverage -13.05x -100% vs XBP This peer has almost no interest-payment cushion compared with XBP.
What you should know
The case for and against XBP
3 Rewards
2 Risks
Rewards
-
Revenue grew 108.1% last year.
-
Returns 11938.5% on equity, ahead of 75% of its peers.
-
Free cash flow was positive in 2/10 years.
Risks
-
Net debt grew 1201.4% over 3 years.
-
Operating margin compressed from -2.3% to -2.4% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
1.60x
P/B
0.88x
P/S
0.05x
EV/EBITDA
12.34x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
22.2%
Operating margin
-2.4%
Net margin
134.9%
ROE
11,938.5%
ROA
-3.3%
Health
Liquidity and balance-sheet strength
Debt / equity
8.84x
Current ratio
0.64x
Quick ratio
0.48x
Total debt
$410.78M
Total cash
$18.58M
Growth
How the business has been compounding
Revenue TTM
$747.82M
Revenue 5Y CAGR
—
EPS TTM
-4.27
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$3.05M
Free CF TTM
$13.81M
FCF margin
1.8%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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