XMax Inc.

XMAX
Country: United StatesPrice: $5.90Market Cap: $382.8M

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

4

BUY / PASS

Neutral / negative

1 / 11

NEUTRAL / FAIL

Median fair value

$0.86

-85.4% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Buffett, Lynch +1 more object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #2152 (Top 69.5%)PASSFAILFAILFAILFAILFAILPASSFAILPASSBUYFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/A-586.0%N/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Annual history · FY 2025

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-15

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-06-30 · TTM ended 2026-06-30 vs 2025-06-30 · TTM ended 2026-06-30

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-15

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-15

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-15

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-06-30

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-15

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-15

Score computed: 2026-11-14

TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-15

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-14

Score computed: 2026-11-14

TTM ended 2026-06-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Graham, Buffett, Lynch +1 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.01, IC: -28.0x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities28.80
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-28.0x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0003; #310/4210 (top 7.4%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✓ 1✗ 27▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Net income / market capitalization+7.79%; #1039/6340 (top 16.4%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio4.4x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-0.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-0.5%, ROC=-71.3%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share4.4x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-2.8%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=4.4x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low1093% of trailing low ($0.54)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Positive book equity / market capitalization+0.2777; #3797/6449 (top 58.9%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share4.36x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-80.9%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.0419; #4626/5247 (top 88.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-30.99%; #4456/6202 (top 71.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy$-5.5M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-1.4M
    ✗LynchPositive and growing
    Operating Cash Flow$-0.4M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-1.25%, ROA=-9.62%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive3/14 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency4/16 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability13% pass✓ 11✗ 24▾

    14 of 16 flag XMAX's profitability — Graham, Buffett, Lynch +11 more

    Net income / market capitalization+7.79%; #1039/6340 (top 16.4%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)8/17 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)8/17 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-418.0%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-11.5% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-5.5M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE28.1%
    ✓Lynch> 15%
    EBIT / Enterprise Value-0.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-0.5%, ROC=-71.3%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-9.62%
    ✗PiotroskiROA > 0
    ROA Change YoY-56.08% -> -9.62% (delta: +46.46%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-1.25%, ROA=-9.62%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY43.9% -> 25.0%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue231.3%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity28.1%
    ✓Dreman> 12%
    Margin of SafetyP/B=4.4x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-582.1% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency8/16 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-20.5%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity28.1%
    ✓Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-57.9% (2023) -> -11.5% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 37.6% -> 25.0%, operating margin -57.9% -> -11.5%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets+3.03%; #3206/3702 (top 86.6%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+28.06%; #498/5226 (top 9.5%)
    ✓AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.4951; #4928/5884 (top 83.8%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR-5.3% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years2/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth25% pass✓ 5✗ 8▾

    6 of 8 flag XMAX's growth — Graham, Lynch, Dreman +3 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 22.6% vs Rev: 63.5%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency8/16 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-12.6%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency4/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 37.6% -> 25.0%, operating margin -57.9% -> -11.5%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR8.1%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR-5.3% over 5 years
    ✗Neff7%-20% annualized
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag XMAX's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio28.80
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-30.7%
    ✗Buffett> 10%
    ROIC - WACC-40.7%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-71.3%
    ✗Greenblatt> 25%
    Current Ratio Change YoY1.36 -> 4.92
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.98x -> 0.47x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities28.80
    ✓Dreman> 1.5
    Return on Invested Capital-2.4%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-119.4%; FY2025: ROIC=-5.4%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/3 years above 12% (latest -5.4%)
    ✗SleepROIC > 12% in a majority of years
  • Verdicts25% pass✓ 4✗ 12▾

    Split decision: 11 FAIL · 3 PASS · 1 BUY · 1 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)✗GreenblattRank #2152✓PiotroskiPASS (F-Score 4)✗DremanFAIL (4/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)✓AsnessBUY (Rank #412/2370 (Top 17.4%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Consumer Goods
SIC Sector: Furniture Manufacturing
Size: Small Cap($382.8M)
Revenue: $16.7M+72.6% YoY
Net Income: $3.4M+38.5% YoY

Financial Snapshot

Operating Margin-11.5%
Return on Equity-12.2%
Debt / Equity0.01
Current Ratio4.92
EPS (Diluted)$-0.17
Shares Retired−183.3%

Shareholder Return

Fiscal 2025

Issued 183.3% of shares last year.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, operating cash flow, depreciation amortization, interest expense, capex.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: interest expense, operating cash flow, depreciation amortization, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-04-15
FY 2024
Sources
  • 10-K · 2025-03-31
FY 2023
Sources
  • 10-K · 2024-04-15
FY 2022
Sources
  • 10-K · 2023-04-17
FY 2021
Sources
  • 10-K · 2022-04-08
Market Cap$382.8Mcurrent------$116.9Mest.$4.5Mest.$3.9Mest.$6.6Mest.$54.6Mest.
Revenue$12.7M↓25%$6.4M↓34%$2.7M↑7%$1.8M↓32%$16.7M↑73%$9.7M↓13%$11.1M↓13%$12.7M↑2%$12.6M
Operating Income-$4.1M↓123%-$1.3M↓172%-$1.2M↓520%-$534.9K↓177%-$1.9M↑64%-$5.4M↑16%-$6.4M↑60%-$16.2M↓320%-$3.9M
Net Income$22.0M↑878%-$9.0M↓697%$32.4M↑11286%$191.5K↑157%-$3.4M↑39%-$5.6M↑28%-$7.7M↑55%-$17.1M↑14%-$20.0M
EPS (Diluted)--$-0.14↓133%$0.53↑2750%$0.00↑100%$-0.17↑89%$-1.48↑70%$-4.96↑60%$-12.34↓277%$-3.27
Gross Margin28.2%↑10%13.9%↑38%39.8%↓21%49.5%↑8%25.0%↓43%43.9%↑17%37.6%↑162%-61.1%↓239%44.0%
Operating Margin-32.5%↓198%-20.8%↓314%-44.5%↓479%-30.0%↓309%-11.5%↑79%-55.4%↑4%-57.9%↑55%-127.3%↓314%-30.7%
ROE21.2%↑202%———-12.2%↑93%-178.1%↑89%-1556.0%↓502%-258.7%↓204%-85.1%
Total Debt$25.1K↓94%$25.1K↓94%$30.3K↓93%$420.7K↑101%$417.9K↓2%$425.6K----$0
Shareholders' Equity$103.9M↑665%$103.9M↑665%$106.3M↑1524%$40.4M↑496%$28.0M↑795%$3.1M↑529%$496.4K↓92%$6.6M↓72%$23.4M
Current Ratio12.13↑336%12.13↑336%28.80↑1162%12.96↑446%4.92↑262%1.36↑34%1.02↓80%4.99↓65%14.09
Debt / Equity0.00↓99%0.00↓99%0.00↓100%0.01↓66%0.01↓89%0.14——0.00
Operating Cash Flow-$5.1M↓113%-$2.5M↓32%-$3.6M↓4043%-$641.7K↓99%-$445.8K↑68%-$1.4M↑12%-$1.6M↑71%-$5.4M↓12%-$4.8M
Free Cash Flow---$2.6M-------$1.4M---$5.4M↓10%-$4.9M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Consumer Goods

XMAX vs Peers — Financial Grading

Revenue$16.7MBottom 25%
Net Income$3.4MBottom 25%
ROE-12.2%Bottom 25%
D/E0.01Top 25%
Op. Margin-11.5%Bottom 25%
Curr. Ratio4.92Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
UNILEVER PLCUL$142.6B$66.21$59.3B$11.1B61.0%1.6817.9%0.792/94/94/71/3F-Score 86/11
ECOLAB INC.ECL$86.7B$309.27$16.1B$2.1B21.2%0.8417.0%1.083/95/93/71/3F-Score 65/11
COLGATE PALMOLIVE COCL$79.2B$99.67$20.4B$2.1B3948.1%147.8916.2%0.832/95/93/71/3F-Score 53/11
ESTEE LAUDER COMPANIES INCEL$40.5B$111.75$14.3B$1.1B-29.3%1.89-5.5%1.302/94/92/70/3F-Score 61/11
CHURCH & DWIGHT CO INC /DE/CHD$26.7B$113.00$6.2B$736.8M18.4%0.5517.4%1.073/97/93/71/3F-Score 74/11
CANON INCCAJPY$25.2B$30.28——————3/91/91/71/3F-Score 75/11
SOMNIGROUP INTERNATIONAL INC.SGI$14.0B$60.76$7.5B$384.1M12.4%1.5110.1%0.831/95/92/71/3F-Score 52/11
INTERPARFUMS INCIPAR$4.3B$133.37$1.5B$168.4M19.1%0.2018.2%2.994/95/96/71/3F-Score 57/11