XMax Inc. (XMAX) intrinsic value & 10-year financials
XMax Inc. (XMAX) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 17.3% a year to $16.7M, with an average return on invested capital of -61.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $8.10
- Market cap
- $167.5M
- Revenue (FY2025)
- $16.7M
- Revenue growth (10-yr CAGR)
- -17.3%
- ROIC (10-yr avg)
- -61.7%
- Free cash flow (FY2025)
- —
XMAX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $16.7M | -$3.4M | -$0.17 | — | -11.5% | -13.2% |
| FY2024 | $9.7M | -$5.6M | -$1.48 | -$1.4M | -55.4% | -209.4% |
| FY2023 | $11.1M | -$7.7M | -$4.96 | — | -57.9% | -149.3% |
| FY2022 | $12.7M | -$17.1M | -$12.34 | -$5.4M | -127.3% | -120.4% |
| FY2021 | $12.6M | -$20.0M | — | -$4.9M | -157.7% | -73.8% |
| FY2020 | $11.4M | -$26.1M | -$4.54 | -$2.4M | -231.8% | -54.2% |
| FY2019 | $22.0M | -$8.6M | -$1.52 | $14.9M | -26.4% | -8.6% |
| FY2018 | $88.6M | $5.3M | $0.19 | -$6.9M | 5.6% | 6.7% |
| FY2017 | $106.5M | $3.8M | $0.14 | -$1.3M | 6.4% | 6.0% |
| FY2016 | $92.6M | -$1.1M | -$0.04 | -$6.4M | -0.8% | -0.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
XMax Inc. is facing top-line stagnation, with revenue contracting over the decade.
XMax Inc. has historically struggled to out-earn its cost of capital, averaging just -41.0% ROIC.
Over the decade, XMax Inc. shows that management has aggressively returned capital to shareholders by retiring 18.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, XMax Inc. is modeled at -17.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-4.28 per share.