XBP · XBP Global Holdings, Inc.
XBP Global Holdings, Inc. operates as a technology and services company in the United States, Europe, the Middle East, Africa, and internationally. The company operates through two segments, Applied Workflow Automation and Technology. The Applied Workflow Automation segment provides services powered by AI-enabled workflows for clients' systems. Its services include payment processing, data capture, analysis, decisioning, distribution, and transformation across industries and the public and private sectors primarily in the Americas and Europe, and Asia. This segment serves banks, payers and providers, and utilities, as well as government entities. The Technology segment focuses on the sale of software licenses; and provision of software maintenance and professional services, as well as hardware solutions and maintenance. It offers a suite of products with primary focus on workflows leveraging AI. This segment also offers industry specific platforms for the banking and healthcare industries. It also offers Finance and Accounting Solutions, such as XBP platform for exchange bills and payments, and request to pay solutions; enterprise information management; agentic AI-enabled robotic process automation; digital mailroom solutions; and digital mailroom solutions, including enterprise class, interdepartmental class, and case-management automation platforms. The company was formerly known as XBP Europe Holdings, Inc. and changed its name to XBP Global Holdings, Inc. in July 2025. XBP Global Holdings, Inc. is headquartered in Irving, Texas.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $3.48 |
| SO | 11.9M |
| Options | 0.0M |
| Warrants | 13.3M |
| FD SO | 25.1M |
| MC | $87.6M |
| Cash | $18.6M |
| Total debt | $382.3M |
| EV | $451.4M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.6x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 60.8% |
| Insiders | 30.1% |
| # Institutions | 33 |
| Analysts | 1 |
| Consensus | — |
| Avg target | $5.00 |
| Short % float | 0.7% |
| Days to cover | 1.66 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-14. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-18 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-31; the float denominator can be unreliable on tiny floats.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 191.31 | 197.13 | 206.97 | 152.41 |
| Revenue YoY % | 4.7% | 2.7% | (0.8%) | (34.7%) |
| Gross Profit | 41.16 | 45.23 | 46.91 | 33.08 |
| Gross Profit YoY % | 248.2% | 298.4% | 365.6% | 186.4% |
| Gross Margin % | 21.5% | 22.9% | 22.7% | 21.7% |
| Operating Expense | 44.88 | 60.32 | 76.32 | 325.25 |
| Operating Income | (3.72) | (15.08) | (29.42) | (292.17) |
| Operating Income YoY % | (131.0%) | (743.9%) | (3077.3%) | (11744.7%) |
| Operating Margin % | (1.9%) | (7.7%) | (14.2%) | (191.7%) |
| EBITDA | 11.55 | (0.23) | (12.33) | (283.02) |
| EBITDA Margin % | 6.0% | (0.1%) | (6.0%) | (185.7%) |
| Other Income / (Expense) | (14.74) | (13.12) | (14.23) | (10.30) |
| Pretax Income | (18.46) | (28.20) | (43.65) | (302.47) |
| Tax Provision | (1.76) | (1.44) | 1.64 | 3.37 |
| Net Income | (16.70) | (26.76) | (45.28) | (305.84) |
| Net Margin % | (8.7%) | (13.6%) | (21.9%) | (200.7%) |
| Diluted EPS | -$1.42 | -$2.28 | -$27.28 | -$2.60 |
| Basic EPS | -$1.42 | -$2.28 | -$27.28 | -$2.60 |
| Diluted Avg Shares | 11.8 | 11.8 | — | 117.5 |
| Basic Avg Shares | 11.8 | 11.8 | — | 117.5 |
| LTM | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | |
|---|---|---|---|---|---|
| Total Revenue | 747.82 | 872.69 | — | — | — |
| Revenue YoY % | (14.3%) | — | — | — | — |
| Gross Profit | 166.38 | 38.26 | 39.87 | 43.70 | — |
| Gross Profit YoY % | 334.9% | (4.0%) | (8.8%) | — | — |
| Gross Margin % | 22.2% | 4.4% | — | — | — |
| SG&A | — | — | — | 2.60 | 2.44 |
| R&D | — | 0.60 | 0.90 | 1.10 | — |
| Operating Expense | 506.77 | 34.79 | 38.75 | 45.66 | — |
| Operating Income | (340.38) | 3.47 | 1.12 | (1.95) | (2.74) |
| Operating Income YoY % | (9903.7%) | 210.8% | 157.3% | 28.7% | — |
| Operating Margin % | (45.5%) | 0.4% | — | — | — |
| EBITDA | (284.04) | 6.63 | 4.06 | 2.44 | — |
| EBITDA Margin % | (38.0%) | 0.8% | — | — | — |
| Interest Expense | — | — | — | 1.05 | — |
| Other Income / (Expense) | (52.38) | (12.93) | (11.56) | (2.36) | 1.03 |
| Pretax Income | (392.77) | (9.46) | (10.44) | (5.37) | (1.71) |
| Tax Provision | 1.82 | 2.91 | 0.61 | 2.56 | — |
| Net Income | (394.59) | (12.37) | (11.05) | (7.93) | (1.71) |
| Net Margin % | (52.8%) | (1.4%) | — | — | — |
| Diluted EPS | -$33.58 | -$0.41 | -$0.49 | -$0.36 | — |
| Basic EPS | -$33.58 | -$0.41 | -$0.49 | -$0.36 | — |
| Diluted Avg Shares | 11.8 | 30.2 | 22.5 | 21.8 | — |
| Basic Avg Shares | 11.8 | 30.2 | 22.5 | 21.8 | — |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 18.58 | 28.46 | 37.11 | 34.53 |
| Receivables | 129.42 | 130.25 | 130.28 | 136.59 |
| Inventory | 11.20 | 11.38 | 11.37 | 11.68 |
| Other Current Assets | 37.58 | 52.31 | 60.99 | 59.18 |
| Total Current Assets | 196.78 | 222.41 | 239.75 | 241.98 |
| Net PPE | 72.50 | 78.06 | 82.96 | 88.53 |
| Operating Lease ROU | 26.39 | 27.86 | 30.34 | 31.30 |
| Goodwill | 189.88 | 189.88 | 189.88 | 189.88 |
| Intangible Assets | 325.63 | 335.23 | 344.08 | 352.69 |
| Other Assets | 16.59 | 18.01 | 15.09 | 43.55 |
| Total Assets | 827.77 | 871.44 | 902.10 | 947.93 |
| Accounts Payable | 64.49 | 69.78 | 55.70 | 67.63 |
| Current Debt | 25.27 | 32.26 | 34.33 | 34.86 |
| Current Lease Liabilities | 10.10 | 9.59 | 9.81 | 10.21 |
| Other Current Liabilities | 208.07 | 219.05 | 222.19 | 217.66 |
| Total Current Liabilities | 307.94 | 330.68 | 322.04 | 330.36 |
| Long-term Debt | 347.64 | 348.95 | 353.27 | 346.60 |
| Long-term Lease Liabilities | 18.37 | 20.22 | 22.53 | 23.20 |
| Other Liabilities | 107.36 | 109.03 | 116.92 | 117.27 |
| Total Liabilities | 781.30 | 808.88 | 814.76 | 817.43 |
| Retained Earnings | (394.59) | (377.88) | (351.12) | (305.84) |
| Total Equity | 46.46 | 62.56 | 87.34 | 130.50 |
| LTM | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 18.58 | 12.10 | 6.54 | 7.47 | 0.03 |
| Receivables | 129.42 | 19.81 | 30.24 | 35.98 | — |
| Inventory | 11.20 | 3.82 | 4.04 | 4.53 | — |
| Other Current Assets | 37.58 | 5.61 | 9.05 | 22.04 | — |
| Total Current Assets | 196.78 | 41.34 | 49.87 | 70.02 | 0.22 |
| Net PPE | 72.50 | 11.27 | 12.81 | 14.62 | — |
| Operating Lease ROU | 26.39 | 4.80 | 5.21 | 5.85 | — |
| Goodwill | 189.88 | 21.67 | 22.82 | 21.98 | 23.95 |
| Intangible Assets | 325.63 | 1.12 | 1.50 | 1.53 | — |
| Other Assets | 16.59 | 7.84 | 10.53 | 8.85 | 226.64 |
| Total Assets | 827.77 | 88.05 | 102.74 | 122.84 | 250.81 |
| Accounts Payable | 64.49 | 12.55 | 13.28 | 16.86 | — |
| Current Debt | 25.27 | 4.96 | 3.86 | 4.97 | — |
| Current Lease Liabilities | 10.10 | 1.73 | 1.56 | 1.80 | — |
| Other Current Liabilities | 208.07 | 49.52 | 63.37 | 78.26 | 2.85 |
| Total Current Liabilities | 307.94 | 68.77 | 82.07 | 101.89 | 2.85 |
| Long-term Debt | 347.64 | 23.97 | 12.76 | 14.45 | — |
| Long-term Lease Liabilities | 18.37 | 3.27 | 3.79 | 3.96 | — |
| Other Liabilities | 107.36 | 13.39 | 16.69 | 29.47 | 7.31 |
| Total Liabilities | 781.30 | 109.39 | 115.31 | 149.77 | 10.16 |
| Mezzanine Equity | — | — | — | 31.17 | 250.00 |
| Retained Earnings | (394.59) | (23.70) | (11.34) | (12.31) | (9.50) |
| Total Equity | 46.46 | (21.35) | (12.57) | (58.10) | (9.35) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (16.70) | (26.76) | (45.28) | (305.84) |
| D&A | 15.27 | 14.85 | 17.08 | 9.14 |
| Stock-Based Comp | 0.53 | 0.48 | 0.63 | 0.26 |
| Δ Working Cap & Other | (9.24) | 6.38 | 31.94 | 310.30 |
| Operating Cash Flow | (10.14) | (5.04) | 4.37 | 13.87 |
| CapEx | (1.33) | (1.09) | (2.41) | (3.40) |
| Other Investing | — | — | (0.66) | — |
| Investing Cash Flow | (1.78) | (1.56) | (3.07) | (3.27) |
| Other Financing | (13.31) | (8.45) | 3.13 | 9.98 |
| Financing Cash Flow | (13.31) | (8.45) | 3.13 | 9.98 |
| Effect of FX on Cash | 0.08 | (0.51) | 0.00 | (0.23) |
| Free Cash Flow | (11.47) | (6.13) | 1.96 | 10.47 |
| LTM | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | |
|---|---|---|---|---|---|
| Net Income | (394.59) | (12.37) | (11.05) | (7.93) | (1.71) |
| D&A | 56.34 | 3.16 | 2.94 | 4.39 | — |
| Stock-Based Comp | 1.90 | 1.61 | — | 0.05 | 0.15 |
| Δ Working Cap & Other | 339.39 | 2.37 | 6.57 | 13.38 | — |
| Operating Cash Flow | 3.05 | (5.23) | (1.53) | 9.89 | — |
| CapEx | (8.22) | (1.26) | (2.33) | (6.37) | — |
| Other Investing | (1.45) | — | — | — | (250.00) |
| Investing Cash Flow | (9.67) | (1.71) | (2.67) | (6.37) | (250.00) |
| Other Financing | (8.65) | 12.45 | — | (1.33) | 250.00 |
| Financing Cash Flow | (8.65) | 12.45 | (0.30) | (1.33) | 250.00 |
| Effect of FX on Cash | (0.66) | (0.31) | 3.94 | 2.37 | — |
| Free Cash Flow | (5.17) | (6.49) | (3.87) | 3.52 | — |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.64 | 0.67 | 0.74 | 0.73 |
| Quick Ratio | 0.60 | 0.64 | 0.71 | 0.70 |
| Debt / Equity | 8.03 | 6.09 | 4.44 | 2.92 |
| EBITDA Margin % | 6.0% | (0.1%) | (6.0%) | (185.7%) |
| Working Capital | (111.16) | (108.27) | (82.30) | (88.38) |
| Net Debt | 354.33 | 352.74 | 350.49 | 346.93 |
| ROE % | (36.0%) | (42.8%) | (51.8%) | (234.4%) |
| ROA % | (2.0%) | (3.1%) | (5.0%) | (32.3%) |
| LTM | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | |
|---|---|---|---|---|---|
| Current Ratio | 0.64 | 0.60 | 0.61 | 0.69 | 0.08 |
| Quick Ratio | 0.60 | 0.55 | 0.56 | 0.64 | — |
| Debt / Equity | 8.03 | -1.36 | -1.32 | -0.33 | — |
| EBITDA Margin % | (38.0%) | 0.8% | — | — | — |
| Working Capital | (111.16) | (27.43) | (32.20) | (31.88) | (2.63) |
| Net Debt | 354.33 | 16.82 | 10.09 | 11.94 | — |
| ROE % | (849.2%) | 57.9% | 87.9% | 13.6% | 18.3% |
| ROA % | (47.7%) | (14.0%) | (10.8%) | (6.5%) | (0.7%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-09-17 | CHADHA PAR | Director | 2026-09-15 | P | 204,946 | $2.83 | $579,997 |
| 2026-09-17 | Avramovic Dejan | Officer (Chief Financial Officer) | 2026-09-15 | P | 8,833 | $2.83 | $24,997 |
| 2026-09-17 | Jonovic Andrej | Director, Officer (Chief Executive Officer) | 2026-09-15 | P | 31,500 | $2.83 | $89,145 |
| 2026-09-17 | Avenue Global Opportunities Master Fund LP | 10% Owner | 2026-09-15 | P | 72,394 | $2.83 | $204,875 |
| 2026-09-17 | Avenue RP Opportunities Fund, L.P. | 10% Owner | 2026-09-15 | P | 325,319 | $2.83 | $920,653 |
| 2026-09-17 | Avenue RP Opportunities Fund, L.P. | 10% Owner | 2026-09-15 | P | 202,287 | $2.83 | $572,472 |
| 2026-05-19 | Klein Randal T | Director | 2026-05-19 | P | 25,000 | $2.44 | $61,100 |
| 2026-05-04 | Jonovic Andrej | Director, Officer (Chief Executive Officer) | 2026-04-30 | A | 50,000 | — | $0 |
| 2026-05-04 | Robu Vitalie | Officer (President) | 2026-04-30 | F | (9,187) | $2.90 | -$26,642 |
| 2026-05-04 | Robu Vitalie | Officer (President) | 2026-04-30 | A | 12,500 | — | $0 |
| 2026-05-04 | Avramovic Dejan | Officer (Chief Financial Officer) | 2026-04-30 | A | 32,500 | — | $0 |
| 2026-05-04 | Robu Vitalie | Officer (President) | 2026-02-13 | F | (6,424) | $7.73 | -$49,658 |
| 2026-05-04 | Avramovic Dejan | Officer (Chief Financial Officer) | 2026-02-13 | F | (3,006) | $7.73 | -$23,236 |
| 2025-10-06 | LUTNICK HOWARD W | 10% Owner | 2025-10-06 | S | (6,064,404) | — | $-0 |
| 2025-10-06 | LUTNICK HOWARD W | 10% Owner | 2025-10-06 | S | (385,000) | — | $-0 |
| 2025-09-26 | Srivastava Sanjay | Director | 2025-09-24 | A | 40,323 | — | $0 |
| 2025-09-26 | CHADHA PAR | Director | 2025-09-24 | A | 53,763 | — | $0 |
| 2025-09-11 | CHADHA PAR | Director | 2025-09-09 | A | 205,858 | — | $0 |
| 2025-09-11 | Reynolds James | Director | 2025-09-09 | A | 205,858 | — | $0 |
| 2025-09-11 | Paolillo Regina | Director | 2025-09-09 | A | 205,858 | — | $0 |
| 2025-09-11 | Srivastava Sanjay | Director | 2025-09-09 | A | 205,858 | — | $0 |
| 2025-09-11 | Pryor Robert | Director | 2025-09-09 | A | 205,858 | — | $0 |
| 2025-08-26 | Reynolds James | Director | 2025-08-25 | A | 50,000 | $0.60 | $29,900 |
| 2025-08-19 | Jonovic Andrej | Director, Officer (Chief Executive Officer) | 2025-08-18 | A | 50,000 | $0.64 | $31,845 |
| 2025-08-19 | CHADHA PAR | Director, Officer (Chairman), 10% Owner | 2025-08-18 | A | 100,000 | $0.60 | $60,280 |
| 2025-08-19 | Klein Randal T | Director | 2025-08-18 | P | 150,000 | $0.54 | $80,325 |
| 2025-07-31 | CHADHA PAR | Director, Officer (Executive Chairman), 10% Owner | 2025-07-29 | A | 22,111,036 | — | $0 |
| 2025-07-31 | CHADHA PAR | Director, Officer (Executive Chairman), 10% Owner | 2025-07-29 | A | 1,228,288 | — | $0 |
| 2025-07-31 | CHADHA PAR | Director, Officer (Executive Chairman), 10% Owner | 2025-07-29 | A | 6,632,418 | — | $0 |
| 2025-02-18 | Avramovic Dejan | Officer (Chief Financial Officer) | 2025-02-13 | A | 251,340 | — | $0 |
| 2025-02-18 | Akins Martin P. | Director | 2025-02-13 | A | 119,436 | — | $0 |
| 2025-02-18 | Robu Vitalie | Officer (President) | 2025-02-13 | A | 410,080 | — | $0 |
| 2025-02-18 | Jonovic Andrej | Director, Officer (Chief Executive Officer) | 2025-02-13 | A | 695,430 | — | $0 |
| 2025-02-18 | Clark Coley | Director | 2025-02-13 | A | 119,436 | — | $0 |
| 2025-02-18 | Reynolds James | Director | 2025-02-13 | A | 119,436 | — | $0 |