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XBP Global Holdings

XBP
26
Software - Infrastructure · Technology
Price
$2.91
+0.11 (+3.93%)
Market Cap
$34.2M
Exchange
NASDAQ Capital Market
Winston Score
26
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Weak
Valuation
Good

Share count rising — dilution

+269.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.2M (2021) → 11.8M (2025)

Winston Score History

The full picture

XBP Europe Holdings, Inc. (ticker: XBP) is a business process and document management company. It helps organizations handle large volumes of paper and digital documents — things like invoices, statements, and mail — by processing, printing, and delivering them. Its main customers are businesses and government agencies in Europe that need to manage high amounts of paperwork efficiently.

The company earns revenue by charging clients fees for outsourced document processing services, which can include physical mail handling as well as digital transformation work. XBP operates primarily across European markets and is a relatively small company with a market cap near zero, reflecting its early-stage public status after a SPAC merger. Its main competitive challenge is that the traditional print and mail industry is shrinking as more businesses move to fully digital communications, so the company must successfully pivot toward digital document services to sustain long-term growth.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+382.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+26.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

62.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~5 months

$19M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

XBP Global Holdings grew revenue 383% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
21.5%
Thin — 21.5% gross margin
Profit after running costs
Operating Margin
-1.9%
Losing money on operations — -1.9%
Return on the money invested
ROCE
-4.2%
Weak — -4.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+132.2%
Fast-growing sales (+132.2% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
-15%
Weak — only -15% of profit becomes cash
Spare cash per sale
FCF Margin
-21.3%
Burning cash (-21.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
8.41
Heavy debt load (8.41)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
0.0x
Attractive valuation — P/E 0.0

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-0.9
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.
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