A little over a week ago, Xero Ltd (ASX: XRO) shares were trading above $89.

Today, investors can pick them up for $72.32.

The cloud accounting stock is down another 2.60% on Tuesday, extending its weekly fall to around 13% and wiping out most of its August rebound.

Xero shares have now fallen roughly 37% in 2026 and almost 55% over the past 12 months, having traded as high as $166 over the past year.

That’s a huge change in what investors are being asked to pay for the same business.

And while a falling share price doesn’t automatically make a stock cheap, Xero is getting to a level where I think it deserves another look.

So, has one of the ASX’s best-known growth stocks finally fallen far…