XE // X-Energy Inc.

DES <GO> NASDAQ RQD COCKPIT → CIK 0002088896 ↗

Industrials • Metal Fabrications

$10.93 ▼ -0.77 (-6.58%)

MKT CAP: $4.75B • VOL: 6.20M

52W L $10 52W H $37

ALTMAN Z

8.69 SAFE

PIOTROSKI

8 / 9

XE // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 56/100 [D+] (+0 PT) • UNCHANGED AS OF 2026-11-02

ROARABLE D+

RQD CONFIDENCE

56 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim

01 MASSIVE / SEC XBRL

Forensic Fundamentals

15 / 20

SOLID

FCF +0% vs NI +0% • ROIC-WACC +30.7% • Z 8.69

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

6 / 20

CRITICAL

HEADWIND • r(10Y)=-0.24 (+23bp) • r(OAS)=-0.30

05 10-K REDLINE AUDIT

Forensic 10-K Risk

18 / 20

STRONG

20 BASE - 2 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON XE)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▲ BULLISH // MACRO TAILWIND SCORE (96/100)SIFTER 05 // TRUE NET LIQUIDITY BETA

SEVERITY: 94/100 Z-SCORE: +3.50σ

XE Exhibits 3.31x True Net Liquidity Elasticity as Fed-TGA-RRP Prints $5,746B

TRUE NET LIQUIDITY

$5,746B (-0.64% 4W)

NET LIQUIDITY ELASTICITY

3.31x BETA (r=-0.17)

MACRO TAILWIND SCORE

96 / 100

[GEEK DESK FORENSIC NOTE // FRED WALCL - TGA - RRP × 5Y BETA]

FRED Fed Assets (WALCL)US Treasury TGA (WTREGEN) + ON RRPICE BofA High-Yield OAS + 5Y Equity Beta

Wall Street's True Net Liquidity Index (WALCL minus Treasury General Account WTREGEN minus Overnight RRP) stands at $5,745.73B (-0.64% 4-week RoC; High-Yield OAS +2 bps). Rolling 5-year regression assigns X-Energy Inc. (XE) a 3.31x Net Liquidity beta (r = -0.17), placing it in the top decile of liquidity-sensitive equities. Current plumbing translates to a deterministic Macro Tailwind Score of 96/100.

XE // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -63.27%⚡ TESTING RESISTANCE

2026-11-02O $11.54H $11.70L $10.93C $10.93VOL 4.11M

RES: $12.33SUP: $9.55SMA50: $14.47SMA200: $19.29

XE // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

ACCUMULATE CONVICTION: 68/100

BEAR 0

100 BULL

X-Energy Inc. (XE) exhibits 45.0% gross margins and 38.5% return on invested capital within Industrials (Metal Fabrications), balanced against a 18.8x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 45.0% gross profitability converts into 13.9% operating margin and 38.5% ROIC, outpacing sector cost of capital.

ROIC: 38.5% // GM: 45.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +4.4% paired with 2.21% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +4.4% // FCF YLD: 2.21%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 8.69 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 8.69 // F-SCORE: 8/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 32.8x trailing P/E (30.5x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 32.8x // EV/EBITDA: 18.8x

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $10.93 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Metal Fabrications require continuous execution to defend 10.9% net margins.

NET MARGIN: 10.9% // D/E: 0.85x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 30.5x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.05).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 32.8x

FORWARD P/E 30.5x

EV / EBITDA 18.8x

FCF YIELD 2.21%

GROSS MARGIN —

OPERATING MARGIN 13.9%

NET MARGIN 10.9%

ROIC % 38.5%

REV GROWTH YOY +4.4%

DILUTED EPS TTM $0.36

DEBT / EQUITY 0.85x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 43.1

5Y EQUITY BETA 1.05

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // XEPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $10.00

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for XE & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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MARGINS ROIC VALUATION