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Building-products distribution company (roofing, building materials) being assembled through acquisitions led by founder Brad Jacobs.
Building-products distribution company (roofing, building materials) being assembled through acquisitions led by founder Brad Jacobs.
A vehicle that Brad Jacobs took over in 2024, when it was the small software company SilverSun Technologies, to roll up building-products distributors. Its main operating business is Beacon Roofing Supply, bought in 2025, which earns a distributor's margin selling roofing materials to contractors from a branch network.
Moat: narrow (scale, distribution). Aims to build scale through rapid consolidation of building-products distributors, echoing Jacobs' prior roll-up playbook (XPO, United Rentals).
Headquarters: Greenwich, Connecticut, USA · Founded: 2023 · Employees: 7,794
Size QXO (QXO) is a United States Industrials company (Wholesale Distributors) with a market value of $12.0B, the 694th largest of 3,117 United States companies the cockpit tracks. Shares closed at $11.56 on 6 Nov 2026.
Performance Over six months the shares fell 38.4%, against -4.4% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 408.2% over the last twelve months (peer median +4.3%); the operating margin is -1.4% (peer median 9.8%).
Valuation It trades at 29.2× forward earnings against a peer median of 17.8× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 52% a year for seven years (Req g). Recent delivered growth is +178%, so the hurdle is -126 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.3 points below its cost of capital (12.6% WACC).
Short interest Short interest is 13.0% of the free float (15 Oct 2026).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.90B | $6.84B | $56.9M | $54.5M | $45.0M |
| Revenue growth | — | +11,931% | +4% | +21% | — |
| Gross profit | $1.70B | $1.15B | $21.9M | $20.8M | $17.0M |
| EBITDA | $537M | $366M | -$69.9M | $2.80M | $1.37M |
| Net income | -$512M | -$279M | $28.0M | -$1.07M | -$282,219 |
| Free cash flow | $141M | $183M | $84.8M | $462,880 | $2.00M |
| Capital expenditure | $112M | $78.2M | $102,000 | $120,927 | $38,742 |
| Total debt | $7.04B | $3.91B | $577,000 | $2.62M | $2.40M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| QXO QXO | $12.0B | -38% | +408% | -1% | 29.2× | 52.0% |
| Builders FirstSource BLDR | $6.73B | -19% | -8% | 2% | 23.9× | 25.6% |
| SiteOne Landscape Supply SITE | $4.86B | -7% | +3% | 5% | 24.4× | 18.4% |
| Ferguson Enterprises FERG | $45.2B | -3% | +8% | 10% | 19.4× | 9.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | QXO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.0% | +3.3% | 9th highest of 21 |
| 6-month return | -38.4% | -4.4% | lowest of 21 |
| Distance from 52-week high | -58.1% | -17.5% | lowest of 21 |
| Revenue growth (TTM) | +408.2% | +4.3% | highest of 21 |
| Operating margin | -1.4% | 9.8% | 2nd lowest of 21 |
| Forward P/E | 29.2× | 17.8× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 52.0% | 9.7% | most demanding of 20 |
| Growth delivered (Del g) | +178.0% | +11.3% | highest of 20 |
| Hurdle (Req g minus delivered) | -126.0 pp | -1.3 pp | least demanding of 20 |
| ROIC minus cost of capital | -13.3 pp | +3.3 pp | lowest of 21 |
| EV / EBITDA | 30.3× | 12.6× | most expensive of 17 |
| Net debt / EBITDA | 2.4× | 2.1× | 9th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| QXO QXO | United States | $12.0B | -38% | +408% | -1% | 29.2× | 52.0% | +178.0% |
| Bunzl BNZL.L | United Kingdom | $12.0B | +22% | +2% | 7% | 15.3× | 2.3% | +3.2% |
| Rexel RXL.PA | France | $11.9B | -10% | +1% | 6% | 13.5× | 7.7% | +9.0% |
| SGH SGH.AX | Australia | $11.9B | +7% | -1% | 13% | 18.1× | 11.4% | +17.0% |
| Bollore BOL.PA | France | $11.8B | -28% | -83% | -7% | 36.9× | 37.0% | -29.4% |
| Diploma DPLM.L | United Kingdom | $12.6B | +4% | +13% | 22% | 27.5× | 23.9% | +23.1% |
| Toromont Industries TIH.TO | Canada | $10.7B | -15% | +16% | 15% | 20.2× | 7.6% | +8.4% |
| Applied Industrial Technologies AIT | United States | $10.3B | -8% | +8% | 11% | 23.0× | 8.6% | +8.9% |
| WESCO International WCC | United States | $14.2B | -18% | +14% | 6% | 14.1× | 10.4% | +13.8% |
| Zhejiang China Commodities City 600415.SS | China | $10.0B | -7% | +22% | 22% | 14.4× | n/a | n/a |
| Brenntag BNR.DE | Germany | $10.0B | 0% | -5% | 5% | 14.5× | 1.9% | +5.2% |
| Hotai Motor 2207.TW | Taiwan | $8.90B | +10% | +8% | 11% | 13.2× | 1.5% | +3.9% |
| Core & Main CNM | United States | $8.76B | -6% | -1% | 10% | 14.3× | 5.3% | +16.0% |
| Addtech ADDT-B.ST | Sweden | $8.66B | -2% | +4% | 13% | 30.7× | 19.3% | +14.9% |
| Finning International FTT.TO | Canada | $8.20B | -9% | 0% | 8% | 17.5× | 10.1% | +11.3% |
| Beijer Ref BEIJ-B.ST | Sweden | $8.09B | +27% | +4% | 10% | 28.0× | 14.0% | +21.4% |
| Rongsheng Petrochemical 002493.SZ | China | $17.9B | -14% | -11% | 8% | 12.2× | -4.4% | +22.1% |
| Reece REH.AX | Australia | $7.83B | +44% | +4% | 6% | 35.5× | 24.2% | +8.4% |
| MonotaRO 3064.T | Japan | $7.04B | +22% | +19% | 14% | 29.6× | 9.7% | +16.2% |
| Aluminum Corporation of China 601600.SS | China | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% | +5.3% |
| Imcd IMCD.AS | Netherlands | $6.80B | +7% | +3% | 8% | 18.2× | 10.9% | +11.5% |