Equity · Industrials
QXO, Inc. (QXO) perpetual futures
QXO, Inc. is a US-based distributor of roofing, waterproofing and complementary building products, aiming to become tech-enabled in building products distribution.
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Research data
Analysts, filings and peer context
Estimates
6Company events
6Peer comparison
Similar listed perpsRevenue mix
Latest annualAnalysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average price target | $20.14 |
| Target range (low – high) | $15 – $30 |
| Ratings counted | 19 |
Rating mix of 2026-11-01
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 4 | 15 | 0 | 0 | 0 |
| Oct 2026 | 4 | 15 | 0 | 0 | 0 |
| Sep 2026 | 4 | 14 | 0 | 0 | 0 |
| Aug 2026 | 4 | 14 | 0 | 0 | 0 |
| Jul 2026 | 3 | 13 | 0 | 0 | 0 |
| Jun 2026 | 2 | 11 | 0 | 0 | 0 |
| May 2026 | 2 | 12 | 0 | 0 | 0 |
| Apr 2026 | 4 | 13 | 1 | 0 | 0 |
| Mar 2026 | 3 | 13 | 1 | 0 | 0 |
| Feb 2026 | 3 | 13 | 0 | 0 | 0 |
| Jan 2026 | 3 | 13 | 0 | 0 | 0 |
| Dec 2025 | 3 | 13 | 0 | 0 | 0 |
Ownership
Institutional · 2026-Q3Reference market activity
QXO-PERPPrice performance
11Insider activity
FY2026 Q3Insider transactions
25QXO officer Kenneth J. West converted 218,531 restricted stock units into 218,531 common shares and had 99,256 shares withheld for taxes at $10.33, leaving 119,275 shares owned.
QXO CTO Valeri Liborski received an award of 89,928 restricted stock units on 2026-10-08, granted at $0.00 and not an open-market purchase; he held 89,928 units afterward.
QXO officer West Kenneth J received awards on 2026-09-15: 775,157 Restricted Stock Units and 75,857 Performance Stock Units, all granted at $0.00. No open-market purchases or sales were reported.
QXO, Inc. officer Kenneth J West filed a Form 3 initial statement of beneficial ownership dated 2026-09-01, reporting 0 shares of common stock held at $0.00. No transaction code applies to this filing.
QXO director Alec C. Covington was awarded 9,639 restricted stock units on July 15, 2026 at $0.00, leaving him with 9,639 units owned. This was a compensation grant, not an open-market purchase.
QXO officer Madeline Otero received an award of 32,637 restricted stock units on July 15, 2026, per a Form 4 filed July 17, 2026.
QXO interim CAO Madeline Otero filed an initial Form 3 reporting 0-share holdings across 6 restricted stock unit lots and 1 common stock lot, each at $0.00, with 4,484, 4,444, 3,394, 2,969, 1,980 and 768 RSUs and 868 common shares owned after.
QXO director Alec C. Covington was awarded 153,862 common shares on July 1, 2026 (A-Award grants, not open-market purchases), leaving him with 153,862 shares owned.
QXO director Alec C. Covington filed an initial Form 3 reporting no shares in the transaction detail (0 shares at $0.00).
QXO director Marlene M. Colucci exercised 12,111 restricted stock units (M) into the same number of common shares (zero net change), and received an A-Award of 9,274 restricted stock units at $0.00.
Director Allison Landry exercised an option (M-Exempt) for 12,111 common shares at $0.00, leaving 32,105 shares owned.
Filings
PendingTranscripts
Earnings callsFY2024 Q42025-02-27
Earnings calls
AI summary
mixedBeacon reported record fourth quarter net sales of over $2.4 billion, up 4.5%, with sales per day up about 3%, driven by acquisitions. Adjusted EBITDA was $223 million and operating cash flow nearly $360 million. Fourth quarter gross margin was 25.7%, unchanged year-over-year and at the high end of guidance. For full year 2024, sales grew more than 7% to nearly $9.8 billion and adjusted EBITDA exceeded $930 million. For 2025, the company expects mid-single-digit net sales growth, gross margin in line with prior year with price/cost neutral, adjusted EBITDA of $950 million to $1.03 billion, and operating cash flow of $500 million to $600 million. First quarter sales per day are expected down 3% to 5%, primarily due to harsh January and February weather. Management also addressed the unsolicited QXO tender offer, stating the Board unanimously determined it significantly undervalues the company and recommended shareholders not tender; no QXO questions were taken.
Key takeaways
- Record fourth quarter for net sales, adjusted EBITDA and cash flow, despite a sharp December slowdown mostly in residential roofing in North and West regions
- Sales per day rose about 3% year-over-year in Q4, with acquisitions contributing about 5%, organic volumes down 3% to 4% per day, and price contributing 1% to 2%
- Digital sales grew about 20% year-over-year and reached approximately 16% of total sales; private label sales grew about 7%
- Bottom quintile branch initiative added more than $7 million of EBITDA year-over-year in Q4 and $20 million for the full year, bringing the three-year total to $78 million versus a $75 million Ambition 2025 target
- Board unanimously determined QXO's unsolicited $124.25 per share tender offer significantly undervalues the company and recommended shareholders not tender
Financial highlights
- Q4 net sales over $2.4 billion, up 4.5%, or nearly 3% on a per-day basis adjusting for an additional day
- Q4 gross margin 25.7%, unchanged year-over-year and at the high end of expectations
- Q4 adjusted EBITDA $223 million; adjusted operating expense $434 million, up about $25 million year-over-year
- Q4 operating cash flow nearly $360 million, over 160% of adjusted EBITDA; full year 2024 operating cash flow nearly $420 million
Guidance
- Q1 2025 total sales per day expected down 3% to 5% year-over-year, primarily due to harsh January and February weather; Q1 gross margin expected in line with prior year quarter
- Full year 2025 net sales growth expected in the mid-single-digit percent range, including previously announced acquisitions
- Full year 2025 gross margin expected in line with prior year, with price/cost neutral; about $30 million of savings expected from Q3 2024 cost actions
- Full year 2025 adjusted EBITDA expected between $950 million and $1.03 billion; operating cash flow expected between $500 million and $600 million; 15 to 20 new greenfields planned
Q&A themes
- Sluggish start to 2025 from weather and the bridge to full-year growth, including organic price and volume assumptions
- SG&A and operating expense path, including digestion of acquisitions and greenfields toward the 17% target
- Nonresidential demand mix between new construction and repair and re-roof, plus commercial share-gain efforts
- Residential pricing and the April price increase, with price/cost expected neutral for the full year
Risks
- Harsh January and February weather drove a low-teens sales decline in January and a weak start to Q1, with Q1 sales per day guided down 3% to 5%
- Persisting headwinds expected through the first half, including higher interest rates, potential tariffs and rising input costs, and contracted labor availability concerns
- Residential re-roofing demand expected down in 2025 on lower storm demand, and the Architectural Billing Index below 50 indicates contraction in commercial new construction
FY2024 Q32024-10-31
Earnings calls
AI summary
mixedBeacon reported nearly $2.8 billion in Q3 net sales, up more than 7% (about 6% per day adjusting for an extra day), driven mainly by acquisitions contributing a little more than 5.5 points, with organic volumes down roughly 1% to 2% per day and price contributing 1% to 2%. Gross margin was 26.3%, up 30 basis points year-over-year and above guidance, with price-cost positive across all three lines of business; adjusted OpEx was $443 million and 16% of sales. The company took cost actions including about $11 million of restructuring charges, with an estimated annualized impact of roughly $45 million in reduced operating expenses. Management said full-year adjusted EBITDA is now expected in the lower half of the previously communicated $930 million to $970 million range, and outlined Q4 expectations of mid-single-digit daily sales growth and mid-25% gross margin. Julian Francis also announced plans for an Investor Day in the first half of 2025 to update longer-term goals.
Key takeaways
- Q3 daily sales grew nearly 6% year-over-year, driven primarily by acquisitions; organic volumes including greenfields fell approximately 1% to 2% per day while price contributed 1% to 2%.
- Gross margin of 26.3% was above prior guidance, with price-cost positive in all three lines of business; digital sales rose about 28% and private label (TRI-BUILT) sales rose 12% year-over-year.
- Beacon took action in Q3 to lower operating expenses, recording about $11 million of restructuring charges with an estimated annualized impact of roughly $45 million in reduced operating expenses, full savings realized in Q4 and beyond.
- Since the start of Ambition 2025, the company has acquired 24 companies adding 83 branches generating around $1 billion in annual revenue, and has opened 62 new branches since the beginning of 2022 versus an original goal of 40.
- Management estimates hurricane-related repair and reconstruction volumes at approximately 3 million squares, or about 2% of annual industry shipments, spread over the next six quarters.
Financial highlights
- Total net sales were nearly $2.8 billion, up more than 7%; adjusting for one additional day, net sales increased almost 6%.
- Gross margin was 26.3%, up 30 basis points year-over-year; total price-cost was up approximately 50 basis points.
- Adjusted operating expense was $443 million, up approximately $48 million year-over-year, and 16% of sales, up 70 basis points.
- Operating cash flow in the quarter was nearly $250 million, aided by a $117 million sequential reduction in net inventory; net debt leverage was approximately 3.1 times.
Guidance
- Q4 total sales per day expected up mid-single-digits year-over-year; Q4 gross margin expected in the mid-25% range.
- Full-year adjusted EBITDA now expected in the lower half of the previously communicated $930 million to $970 million range.
- Full-year sales per day growth now expected mid- to high-single-digits versus prior expectation of high-single-digits; full-year gross margin in the mid-25% range and adjusted OpEx to sales in the low- to mid-17% range.
- 2024 capital expenditures expected at approximately $125 million and greenfield openings expected around 20 branches.
Q&A themes
- Hurricane impact: Florida weakness all year, timing of reconstruction demand (December at earliest, more likely next year), product availability and redirection of inventory to affected regions.
- Non-residential market: repair and reroof outpacing new construction, strength in hospitals and schools, with new construction expected to stay muted under higher rates.
- OpEx actions and productivity: headcount reductions including corporate functions, target of managing the business toward about 17% adjusted OpEx to sales, and expected synergy realization from acquisitions and branch maturation in 2025.
- Waterproofing and private label: waterproofing grown from mid-$100 million of sales at end-2022 to a $700 million-plus run rate; TRI-BUILT growth balanced between existing categories and new SKUs such as commercial insulation.
Risks
- Overall activity came in lower than anticipated in Q3, with new housing starts and existing home sales expected to remain subdued and Florida described as a particularly weak market.
- Net debt leverage of approximately 3.1 times was slightly above the targeted 2 to 3 times range, though the company expects Q4 cash generation to bring it within range.
- Hurricane demand is uncertain in timing, with volumes spread over roughly six quarters and little expected benefit this year; product availability is expected to remain tight into 2025.
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.No articles from Reuters, WSJ, Bloomberg or FT for this company in our feed.
Company data
Company intelligence
Updated: Nov 12, 2026, 09:23 AM UTC
Company data
Company intelligence
Company profile
- Sector
- Industrials
- Industry
- Industrial - Distribution
- Chief executive
- Bradley S. Jacobs
- Employees
- 7,794
- IPO date
- Apr 17, 2012
- Country
- US
- Exchange
- New York Stock Exchange
Rating factors
- Return on equityi
- 1
- Return on assetsi
- 1
- Debt to equityi
- 2
- Price to earningsi
- 1
- Price to booki
- 4
Company press releases
Market cap history
M&A filings
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.02% | 33M |
| VB | 0.15% | 23.4M |
| VBK | 0.35% | 13M |
| VXF | 0.15% | 11.7M |
| CNEQ | 2.67% | 5.4M |
| IWR | 0.1% | 4.1M |
| FSMAX | 0.15% | 4.1M |
| IWR*.MX | 0.08% | 4M |
| DFAS | 0.14% | 3.4M |
| FSMDX | 0.09% | 3.2M |
| SCHM | 0.29% | 3.2M |
| NIZ | 0.08% | 2.5M |
Analyst track record
How the analysts covering QXO have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 77 | 120 |
| Analysts | 17 | 20 |
| Buy / hold / sell | 77 / 0 / 0 | 120 / 0 / 0 |
| Upgrades / downgrades / initiations | 0 / 0 / 7 | 0 / 0 / 21 |
| Price targets hit / missed | 0 / 58 (0%) | 0 / 90 (0%) |
| Avg. return after a rating (TipRanks) | -48.0% | -50.8% |
| Best / worst call | -7.9% / -72.4% | -7.9% / -72.4% |
After buy calls on this stock: not enough measured cases yet
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 10, 2026 | Sam ReidWells FargoNov 10, 2026 | BuyMaintained | $15.00 | |
| Nov 5, 2026 | Anthony PettinariCitiNov 5, 2026 | BuyMaintained | $22.00↗ | article ↗ |
| Oct 20, 2026 | Christine YaoMorgan StanleyOct 20, 2026 | BuyReiterated | $35.00↗ | article ↗ |
| Oct 20, 2026 | David MantheyRobert W. BairdOct 20, 2026 | BuyMaintained | $20.00↗ | article ↗ |
| Oct 16, 2026 | Sam ReidWells FargoOct 16, 2026 | BuyMaintained | $15.00↗ | article ↗ |
TipRanks data · computed Nov 12, 2026 · 77 ratings
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