Xero Ltd (XRO)

XRO $70.86

20 minute delayed

Today ▲ 1.77%

1 year return ▼ -50.49%

Volume 598,744

Div yield —

PE ratio -447.35

52 week range

55.09 143.63

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Performance

Share price activity

Last (Price): 70.86
Change: ▲ 1.23 (1.77)
Bid / Ask: 70.86 - 70.87
Volume: 598,744
Turnover: 42,250,456
Open: 70.00
Day Range: 69.38 - 71.03
VWAP: 70.57
Prev Close: 69.63
Last Trade: 11/11 4:18pm

Key information

Sector: Technology
Shares Issued: 170,652,836
NTA/Share: -3.02
Last Dividend: —
Dividend Ex Date: —
Dividend Pay Date: —

Current (NZD) · FY2026

Revenue: 2,753.08
EBITDA: 789.62
Profit: 167.42
Earnings Per Share (EPS): -0.19
Dividend Per Share (DPS): —
Yield %: 0.00
Market Cap: 12,479.65
Price to Earnings Ratio (P/E): -447.35

Estimates (AUD) · FY2027

Revenue: 2,972.61
EBITDA: 727.98
Profit: 187.39
Earnings Per Share (EPS): 1.08
Dividend Per Share (DPS): 0.00

Quantitative rating

Undervalued

Economic Moat: Narrow
Financial Health: Moderate
Uncertainty: High

Morningstar Quantitative Rating as of 4 NOV 2026.

Quantitative Equity Rating Methodology – view here

Fair value estimate

Five-star price 74.81 Fair value 96.13 One-star price 123.52

Morningstar Quantitative Rating as of 4 NOV 2026.

Quantitative valuation

Buy Sell

Fair Value: 96.13
Price / Fair Value: 0.65
Valuation: Undervalued
Uncertainty: High

Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (74.81) to the one-star price (123.52).

Ratios
Currency (Price/reporting): AUD/NZD
Exchange Rate: 0.8153

Price - closing or last bid	70.86
Price - 12 month high	146.65
Price - 12 month low	55.09
Pricing date	4 NOV 2026
Volume - avg. trading volume for the last ten days	0.89
Market capitalization	12,479.65
12 Month High price date	5 NOV 2025
12 Month Low price date	1 OCT 2026
Volume - avg. trading volume for the last 3 months	0.95
Price - 1 Day % Change	12.55%
Price - 13 week price percent change	-3.98%
Price - 26 week price percent change	-14.54%
Price - 5 Day % Change	10.56%
Price - 52 week price percent change	-51.46%
Price - YTD price percent change	-37.85%
Price % Change Month To Date	22.49%

EPS excluding extraordinary items - most recent fiscal year	-0.190
EPS excluding extraordinary items - trailing 12 month	-0.190
EPS Normalized - most recent fiscal year	0.855
Revenue/share - most recent fiscal year	16.643
Revenue/share - trailing 12 month	16.643
Book value per share - most recent fiscal year	31.680
Book value per share - most recent half-year	31.680
Book value (tangible) per share - most recent fiscal year	-3.025
Book value (tangible) per share - most recent half-year	-3.025
Cash per share - most recent fiscal year	11.339
Cash per share - most recent half-year	11.339
Cash Flow per share - most recent fiscal year	5.641
Cash Flow per share - trailing 12 month	5.641
Dividend per share - most recent fiscal year	—
Dividends per share - trailing 12 month	0.000
EBITD per share - trailing 12 month	4.773
EPS Basic excluding extraordinary items - most recent fiscal year	1.020
EPS Basic excluding extraordinary items - trailing 12 month	1.020
EPS including extraordinary items - most recent fiscal year	1.020
EPS including extraordinary items - trailing 12 month	1.020
Free Cash Flow per share - trailing 12 month	3.131

P/E excluding extraordinary items, most recent fiscal year	—
P/E Normalized, most recent fiscal year	93.28
Price to sales - most recent fiscal year	4.79
Price to Tangible Book - most fiscal year	—
Price to Free Cash Flow per Share - most recent fiscal year	25.47
Price to Cash Flow per share - trailing 12 month	14.14
Price to Book - most recent fiscal year	2.68
P/E excluding extraordinary items high, trailing 12 months	108.93
P/E excluding extraordinary items low, trailing 12 months	46.65
Net Debt, LFI	-3,452.36
Net Debt, LFY	190.85
Dividend Yield - 5 Year Average	—
Dividend Yield - indicated annual dividend divided by closing price	—
Current Dividend Yield - Common Stock Primary Issue, LTM	0.00%

Free Cash Flow - most recent fiscal year	517.92
LT debt/equity - most recent fiscal year	15.41%
Payout ratio - most recent fiscal year	—
Total debt/total equity - most recent fiscal year	39.33%
LT debt/equity - most recent half-year	1.88%
Total debt/total equity - most recent half-year	29.52%
Free Cash Flow - trailing 12 month	517.92
Payout ratio - trailing 12 month	—

Revenue - most recent fiscal year	2,753.08
Revenue - trailing 12 month	2,753.08
EBITD - most recent fiscal year	789.62
EBITD - trailing 12 month	789.62
Earnings before taxes - most recent fiscal year	339.74
Earnings before taxes - trailing 12 month	339.74
Net Income available to common - most recent fiscal year	167.42
Net Income available to common - trailing 12 months	167.42
Earnings before taxes Normalized - most recent fiscal year	579.82
Net Income Available to Common, Normalized - most recent fiscal year	—
Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM	0.85

Net Profit Margin % - 1st historical fiscal year	6.08%
Net Profit Margin % - trailing 12 month	6.08%
Operating margin - 1st historical fiscal year	13.23%
Operating margin - trailing 12 month	13.23%
Pretax margin - trailing 12 month	12.34%
Pretax margin - 1st historical fiscal year	12.34%
Operating Margin - 5 year average	10.60%
Pretax Margin - 5 year average	7.94%
Free Operating Cash Flow/Revenue, 5 Year Average	18.16%
Free Operating Cash Flow/Revenue, TTM	18.81%
Net Profit Margin - 5 year average	3.63%

Return on average assets - most recent fiscal year	2.45%
Return on average assets - trailing 12 month	2.45%
Return on average equity - most recent fiscal year	4.13%
Return on average equity - trailing 12 month	4.13%
Return on average assets - 5 year average	1.84%
Return on average equity - 5 year average	3.44%
Net Income/employee - most recent fiscal year	—
Revenue/employee - most recent fiscal year	—

Revenue growth rate, 5 year	26.53%
EPS growth rate, 5 year	—
Growth rate% - dividend, 3 year	—
Revenue/share (5 yr growth)	24.07%
Growth rate% - Revenue, 3 year	25.29%
Growth rate% - EPS, 3 year	—
Book value per share growth rate, 5 year	44.20%
Capital Spending growth rate, 5 year	22.53%
Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR	32.79%

Financial forecast (AUD, millions except per share)

	Actuals	Estimates
	2026	2027	2028	2029

Financials (NZD, millions)

Period end:	MAR 22	MAR 23	MAR 24	MAR 25	MAR 26
Fiscal year:	2022	2023	2024	2025	2026
Period length:	12 months	12 months	12 months	12 months	12 months

Announcements

DATE	TIME	HEADING	PAGES
		Price sensitive XRO

Opinion

06/11/2026 09:28

Xero Ltd (ASX: XRO) $70.86

XRO shouldn’t be tarred with the same brush as the AI Trade, especially as it’s been a major casualty of the AI Disruption concerns that have rolled through many ASX and global stocks. We did a deep-dive into XRO back in September here, and our feelings haven’t changed much: XRO has been at the forefront of the sensationally named SaaSpocalypse, but Xero has delivered consistent revenue growth over the past decade, while its share price has followed a far more volatile path, heavily influenced by changing bond yields and AI concerns.

23/10/2026 09:20

Xero Ltd (ASX: XRO) $63.70

Xero has endured an awful 12-months and obviously MM wishes we’d jettisoned it months ago but we have to review things from today, and it's gaining strength and looks on track to retest its August highs - a simple slight valuation rerating will get it there after dropping ~70% in recent times. Encouragingly, US rival Intuit surged almost 6% overnight despite general weakness in US tech.

02/09/2026 09:42

Xero Ltd (ASX: XRO) $83.28

XRO has been at the forefront of the “AI Disruption Trade” or “SaaSpocalypse”, whichever you prefer, with the stock falling almost 70% from its 2025 high. The company didn’t help things buying Melio for US$2.5bn in late 2025, by far its largest acquisition, effectively right at the top of tech valuations. In hindsight, we liked the acquisition of the US SMB bill-pay/payments platform, to combine accounting and payments and materially accelerate Xero’s US growth, just not the price XRO paid.

14/07/2026 09:51

Xero Ltd (ASX: XRO) $70.24

On Monday, Xero shares came under pressure after CEO Sukhinder Singh Cassidy sold her remaining shares on-market for ~$2.2 million at $74 per share, leaving her (currently) with no directly held ordinary shares. The company said the disposal was undertaken to manage personal tax obligations, and Cassidy continues to hold a substantial economic interest through 171,381 restricted stock units (RSUs) and more than 1.0 million unlisted options. However, the sale caught our eye because it follows $5.4 million of share sales between late May and early June.

29/06/2026 09:25

Shawn’s Trade Idea: Xero Ltd (ASX: XRO) $69.05

XRO has been by far the most actively traded stock in our trading ideas section, with four attempts yielding a net small profit - not too bad with the stock having fallen 67% in the last 12-months. However, ideally we like to buy stocks/markets in an uptrend that are correcting but XRO has tempted us on occasion, looking for a sharp bounce. Again, we’re targeting a bounce, in line with earlier discussions towards the software stocks outperforming the AI Trade in the coming weeks.

22/06/2026 09:00

Chart of the Week: Megaport (ASX: MP1) v Xero Ltd (ASX: XRO)

With Xero and WiseTech likely to make fresh 2026 lows this week we again have to face the music and consider whether we’ve backed the wrong horse. We’ve already seen the “AI Disruption Trade” proved fallible with stocks like Megaport (+78%) and Technology One (+7%) outperforming the ASX as the market looks to dissect which businesses will be beneficiaries of AI and which will be painfully disrupted.

02/06/2026 09:41

Xero (ASX: XRO) $80.95

Xero (XRO) has faced similar AI-related scrutiny to many software names, with investors increasingly questioning how generative AI will reshape the economics of cloud accounting software. Despite delivering a solid FY26 result, covered here, the stock struggled as investors focused on the negatives, including Melio-related noise and rising AI-related competitive risk.

01/06/2026 09:03

Shawn’s Trade Idea: Buy Xero Ltd (ASX: XRO) ~$76

In line with the “risk on” attitude washing through US markets, aka the meme stocks, and the strong ~6% gain by rival Intuit Inc (NADSAQ: INTU) on Friday night we believe the risk/reward towards battered local software names, like Xero looks attractive.

14/05/2026 16:55

Xero (XRO) $73.68

XRO -9.04%: reported FY26 results this morning that on the face of it, were solid, and a shade above consensus, but as the day wore on, the sellers got stuck in, looking beyond the headline earnings beat, focussing on profit quality, FY27 reinvestment, Melio-related noise and rising AI-related competitive risk.

16/04/2026 11:10

Xero Ltd (ASX:XRO) $80

Xero has charged out of the blocks this morning as US software stocks continue to shrug off AI Disruption fears.

Action

Updated 06/11/2026 09:49

XRO

Updated 06/11/2026 09:49

MM is long and bullish towards XRO

Read the opinion

Updated 23/10/2026 09:36

XRO

Updated 23/10/2026 09:36

MM is long and bullish toward XRO around $64

Read the opinion

Updated 02/09/2026 09:51

XRO

Updated 02/09/2026 09:51

MM is bullish towards XRO below $80

Read the opinion

Updated 14/07/2026 10:05

XRO

Updated 14/07/2026 10:05

MM remains patiently long XRO

Read the opinion

Updated 29/06/2026 16:44

XRO

Updated 29/06/2026 16:44

Trade Idea: Buy Xero (XRO) at $72 with stops at $66, around 8% risk

Read the opinion

Updated 22/06/2026 08:58

XRO

Updated 22/06/2026 08:58

MM is bullish towards XRO around $72

Updated 02/06/2026 10:24

XRO

Updated 02/06/2026 10:24

MM is long and bullish towards XRO around $80

Read the opinion

Updated 01/06/2026 13:13

XRO

Updated 01/06/2026 13:13

Trade Idea: Buy Xero Ltd (XRO) around $76 with stops at $72, around 5% risk

Read the opinion

Updated 14/05/2026 17:04

XRO

Updated 14/05/2026 17:04

MM remains patiently long XRO in the Growth Portfolio

Read the opinion

Updated 16/04/2026 11:10

XRO

Updated 16/04/2026 11:10

MM is long and bullish towards Xero Ltd (XRO) ~$80

Read the opinion

Business Summary

Xero is a technology company originating from New Zealand, providing cloud-based accounting software, primarily for small and midsized enterprises, or SMEs, and accounting practices. As a first mover in the space for cloud-based accountingsoftware, Xero has grown quickly to achieve dominant market share in New Zealand and Australia, displacing legacy providers. Xero has also expanded beyond its home region toward other English-speaking countries, primarily the UK and the US.

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