Xunlei Limited (XNET) 10-Year Financial Performance & Capital Metrics

XNET • • Industrial / General

Communication ServicesAdvertising & MarketingSpecialized Digital Marketing ServicesPerformance Marketing Specialists

AboutXunlei Limited, together with its subsidiaries, operates an Internet platform for digital media content in the People's Republic of China. The company's platform is based on cloud technology that enables users to access, store, manage, and consume digital media content. It offers Xunlei Accelerator, which enables users to accelerate digital transmission over the internet; mobile acceleration plug-in, which provides mobile device users with benefits of download speed acceleration and download success rate improvements; and cloud acceleration subscription services that offer users premium services through various products, such as Green Channel. The company also provides Mobile Xunlei, a mobile application that allows users to search, download, and consume digital media content; Xunlei Media Player, which supports online and offline play of digital media content, as well as simultaneous play of digital media content while it is being transmitted by Xunlei Accelerator; online games through online game website and mobile app; live video streaming and online advertising services; and cloud computing and other internet value-added services. The company was formerly known as Giganology Limited and changed its name to Xunlei Limited in January 2011. Xunlei Limited was founded in 2003 and is based in Shenzhen, the People's Republic of China.Show more

Revenue $323M -11.2%
EBITDA -$9M -296.5%
Net Income $1M -91.5%
EPS (Diluted) 0.10 -56.8%
Gross Margin 51.86% +15.7%
EBITDA Margin -2.72% -321.1%
Operating Margin -4.86% -996.5%
Net Margin 0.38% -90.4%
ROE 0.38% -91.6%
ROIC -6.81% -851.7%
Debt/Equity 0.09 +31.4%
Interest Coverage -21.57 -1926.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 83 (top 17%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 12.3%
✓Share count reduced 80.5% through buybacks
✓Trading at only 0.3x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.0%
✗Thin 5Y average net margin of 0.7%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.05%

5Y12.33%

3Y10.61%

TTM27.19%

Profit (Net Income) CAGR

10Y-19.72%

5Y-

3Y0.67%

TTM8524.39%

EPS CAGR

10Y-

5Y-

3Y75.75%

TTM43459.96%

ROCE

10Y Avg-6.21%

5Y Avg-1.87%

3Y Avg-0.66%

Latest-4.57%

Peer Comparison

Performance Marketing Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
QNSTQuinStreet, Inc.	828.01M	14.59	180.79	78.27%	0.96%	4.3%	10.01%	0.04
XNETXunlei Limited	470.86M	7.66	80.63	-11.16%	315.31%	79.34%	4.81%	0.09
SDMSmart Digital Group Limited Ordinary Shares	49.44M	1.85	28.91	121.8%	7.88%	30.89%		0.05
TZOOTravelzoo	66.47M	6.08	5.74	-0.68%	8.83%	180.99%	31.48%	1.86
HAOHaoxi Health Technology Limited	20.63M	1.50	1.42	71.88%	1.73%	8.43%		0.11
STFSStar Fashion Culture Holdings Limited	5.43M	0.12	0.13	57.6%	1.52%	0.51%	100%	0.24
BAOSBaosheng Media Group Holdings Limited	4.36M	2.84	-0.16	-32.3%	-18.58%	-193.72%		0.05
TNMGTNL Mediagene	97.49M	2.36	-0.68	35.31%	-175.29%	-156.3%		0.64

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	129.63M	156.16M	200.58M	230.6M	180.66M	186.37M	238.78M	341.5M	363.72M	323.14M
Revenue Growth %	-0.28%	0.2%	0.28%	0.15%	-0.22%	0.03%	0.28%	0.43%	0.07%	-0.11%
Cost of Goods Sold+	60.03M	80.32M	117.88M	115.67M	99.91M	92.64M	118.6M	200.05M	200.65M	155.57M
COGS % of Revenue	0.46%	0.51%	0.59%	0.5%	0.55%	0.5%	0.5%	0.59%	0.55%	0.48%
Gross Profit+	69.6M	75.84M	82.71M	114.94M	80.75M	93.73M	120.18M	141.44M	163.07M	167.57M
Gross Margin %	0.54%	0.49%	0.41%	0.5%	0.45%	0.5%	0.5%	0.41%	0.45%	0.52%
Gross Profit Growth %	-0.14%	0.09%	0.09%	0.39%	-0.3%	0.16%	0.28%	0.18%	0.15%	0.03%
Operating Expenses+	82.07M	109.31M	123.35M	152.92M	137.17M	112.53M	124.5M	131.38M	164.69M	183.28M
OpEx % of Revenue	0.63%	0.7%	0.61%	0.66%	0.76%	0.6%	0.52%	0.38%	0.45%	0.57%
Selling, General & Admin	43.82M	44.95M	56.41M	76.16M	70.75M	51.97M	61.44M	64.54M	90.38M	90.67M
SG&A % of Revenue	0.34%	0.29%	0.28%	0.33%	0.39%	0.28%	0.26%	0.19%	0.25%	0.28%
Research & Development	38.25M	64.36M	66.95M	76.76M	68.57M	55.46M	61.86M	67.68M	74.2M	71.57M
R&D % of Revenue	0.3%	0.41%	0.33%	0.33%	0.38%	0.3%	0.26%	0.2%	0.2%	0.22%
Other Operating Expenses	0	0	0	0	-2.15M	5.09M	1.21M	-844K	100K	21.04M
Operating Income+	-12.46M	-33.47M	-54.2M	-44.33M	-56.42M	-18.79M	-4.32M	10.06M	-1.61M	-15.7M
Operating Margin %	-0.1%	-0.21%	-0.27%	-0.19%	-0.31%	-0.1%	-0.02%	0.03%	-0%	-0.05%
Operating Income Growth %	-0.06%	-1.68%	-0.62%	0.18%	-0.27%	0.67%	0.77%	3.33%	-1.16%	-8.74%
EBITDA+	5.33M	-25.08M	-44.15M	-37.5M	-43.76M	-4.62M	5.06M	13.87M	4.47M	-8.78M
EBITDA Margin %	0.04%	-0.16%	-0.22%	-0.16%	-0.24%	-0.02%	0.02%	0.04%	0.01%	-0.03%
EBITDA Growth %	-0.84%	-5.71%	-0.76%	0.15%	-0.17%	0.89%	2.1%	1.74%	-0.68%	-2.96%
D&A (Non-Cash Add-back)	17.8M	8.39M	10.05M	6.83M	12.66M	14.18M	9.38M	3.81M	6.08M	6.93M
EBIT	-22.07M	-33.04M	-46.23M	-40.34M	-48.66M	-12.59M	1.08M	25.51M	19.91M	-1.63M
Net Interest Income+	5.59M	1.92M	1.73M	944K	1.82M	1.06M	628K	1.8M	4.49M	4.16M
Interest Income	5.83M	2.16M	1.97M	1.18M	1.9M	1.47M	723K	1.9M	6.01M	4.89M
Interest Expense	239K	239K	239K	239K	75K	406K	95K	93K	1.51M	728K
Other Income/Expense	9.21M	8.23M	7.73M	3.45M	7.68M	5.8M	5.31M	15.35M	20.01M	13.35M
Pretax Income+	-3.26M	-25.24M	-46.47M	-40.88M	-48.74M	-12.99M	983K	25.41M	18.4M	-2.36M
Pretax Margin %	-0.03%	-0.16%	-0.23%	-0.18%	-0.27%	-0.07%	0%	0.07%	0.05%	-0.01%
Income Tax+	-886K	-1.26M	-2.25M	-89K	4.68M	1.15M	-125K	4.07M	4.13M	-3.02M
Effective Tax Rate %	4.04%	0.96%	0.81%	0.96%	1.09%	1.07%	1.21%	0.84%	0.77%	-0.52%
Net Income+	-13.17M	-24.11M	-37.82M	-39.28M	-53.17M	-13.84M	1.19M	21.46M	14.22M	1.22M
Net Margin %	-0.1%	-0.15%	-0.19%	-0.17%	-0.29%	-0.07%	0%	0.06%	0.04%	0%
Net Income Growth %	-2.21%	-0.83%	-0.57%	-0.04%	-0.35%	0.74%	1.09%	17.02%	-0.34%	-0.91%
Net Income (Continuing)	-2.36M	-23.78M	-44.22M	-40.79M	-53.41M	-14.14M	1.11M	21.35M	14.27M	663K
Discontinued Operations	-12.1M	0	6.41M	1.3M	0	0	0	0	0	0
Minority Interest	-2.07M	-1.99M	-2.16M	-1.12M	-1.33M	-1.78M	-1.88M	-1.47M	-1.39M	-271K
EPS (Diluted)+	-0.20	-0.36	-0.57	-0.59	-0.80	-0.21	0.02	0.32	0.22	0.10
EPS Growth %	0.93%	-0.8%	-0.58%	-0.04%	-0.36%	0.74%	1.08%	17.29%	-0.31%	-0.57%
EPS (Basic)	-0.20	-0.36	-0.57	-0.59	-0.80	-0.21	0.02	0.32	0.22	0.10
Diluted Shares Outstanding	67.2M	66.83M	66.35M	66.99M	67.57M	67.49M	67.19M	67.25M	65.37M	12.77M
Basic Shares Outstanding	67.19M	66.83M	66.35M	66.99M	67.57M	67.49M	66.94M	67.21M	65.28M	12.79M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	457.65M	412.29M	430.78M	362.9M	316.58M	302.28M	293.93M	332.18M	327.38M	363.03M
Cash & Short-Term Investments	432.11M	381.46M	372.39M	319.47M	265.31M	255.07M	239.01M	262.32M	271.88M	287.54M
Cash Only	361.78M	199.5M	233.48M	122.93M	162.47M	137.25M	123.36M	178.69M	170.8M	177.33M
Short-Term Investments	70.33M	181.96M	138.91M	196.54M	102.85M	117.82M	115.65M	83.63M	101.08M	110.21M
Accounts Receivable	19.08M	23.55M	52.28M	24.32M	29.16M	35.85M	41.52M	42.99M	43M	65.94M
Days Sales Outstanding	53.72	55.06	95.14	38.5	58.9	70.21	63.47	45.95	43.15	74.48
Inventory	480K	374K	3.88M	12.67M	5.54M	1.73M	1.36M	457K	2.22M	1.25M
Days Inventory Outstanding	2.92	1.7	12.01	39.97	20.23	6.8	4.19	0.83	4.04	2.94
Other Current Assets	964K	13.32M	148K	554K	15.39M	1.22M	12.03M	26.41M	10.28M	2.98M
Total Non-Current Assets+	80.71M	97.51M	102.65M	92.53M	108.1M	113.32M	146.79M	131.14M	141.31M	110.87M
Property, Plant & Equipment	18.04M	21.02M	24.68M	21.9M	47.52M	52.68M	57.68M	62.6M	60.6M	55.88M
Fixed Asset Turnover	7.19x	7.43x	8.13x	10.53x	3.80x	3.54x	4.14x	5.46x	6.00x	5.78x
Goodwill	21.9M	20.5M	21.76M	20.72M	20.38M	22.61M	23.14M	21.18M	20.83M	0
Intangible Assets	13.43M	10.75M	5.51M	9.99M	9.43M	8.86M	8.3M	6.55M	5.7M	8.31M
Long-Term Investments	11.32M	40.79M	42.74M	33.64M	26.36M	26.73M	31.5M	30.81M	32.13M	30.6M
Other Non-Current Assets	7.43M	1.19M	1.89M	593K	3.3M	2.45M	6.87M	9.79M	21.57M	5.55M
Total Assets+	538.36M	509.8M	533.44M	455.43M	424.69M	415.61M	440.72M	463.32M	468.69M	473.9M
Asset Turnover	0.24x	0.31x	0.38x	0.51x	0.43x	0.45x	0.54x	0.74x	0.78x	0.68x
Asset Growth %	-0.07%	-0.05%	0.05%	-0.15%	-0.07%	-0.02%	0.06%	0.05%	0.01%	0.01%
Total Current Liabilities+	76.74M	93.41M	141.7M	108.03M	111.29M	103.28M	119.88M	128.29M	128.09M	126.74M
Accounts Payable	21.74M	33.38M	49.82M	22.63M	24.21M	20.64M	26.41M	25.43M	24.43M	22.96M
Days Payables Outstanding	132.15	151.67	154.26	71.41	88.45	81.34	81.27	46.4	44.44	53.88
Short-Term Debt	0	0	0	0	0	0	2.88M	7.02M	6.91M	2.09M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	16.19M	13.52M	28.34M	33.93M	32.85M	0	29.07M	0	35.4M	27.29M
Current Ratio	5.96x	4.41x	3.04x	3.36x	2.84x	2.93x	2.45x	2.59x	2.56x	2.86x
Quick Ratio	5.96x	4.41x	3.01x	3.24x	2.80x	2.91x	2.44x	2.59x	2.54x	2.85x
Cash Conversion Cycle	-75.52	-94.92	-47.11	7.06	-9.32	-4.33	-13.6	0.38	2.74	23.55
Total Non-Current Liabilities+	16.94M	10.14M	8.9M	3.22M	17.86M	21.96M	19.07M	26.61M	17.13M	29.38M
Long-Term Debt	0	0	0	0	11.32M	19.92M	17.29M	24.75M	15.54M	27.13M
Capital Lease Obligations	0	0	0	0	4.13M	27K	7K	299K	229K	161K
Deferred Tax Liabilities	6.38M	635K	0	1.37M	1.18M	1.08M	930K	687K	513K	1.15M
Other Non-Current Liabilities	5.18M	5.42M	5.66M	0	0	0	0	0	0	480K
Total Liabilities	93.68M	103.55M	150.6M	111.25M	129.14M	125.23M	138.95M	154.9M	145.21M	156.12M
Total Debt+	0	0	0	0	20.15M	21.91M	20.19M	32.36M	22.95M	29.63M
Net Debt	-361.78M	-199.5M	-233.48M	-122.93M	-142.32M	-115.34M	-103.17M	-146.34M	-147.85M	-147.7M
Debt / Equity	-	-	-	-	0.07x	0.08x	0.07x	0.10x	0.07x	0.09x
Debt / EBITDA	-	-	-	-	-	-	3.99x	2.33x	5.14x	-
Net Debt / EBITDA	-67.88x	-	-	-	-	-	-20.39x	-10.55x	-33.10x	-
Interest Coverage	-52.15x	-140.03x	-226.78x	-185.48x	-752.29x	-46.29x	-45.51x	108.23x	-1.06x	-21.57x
Total Equity+	444.68M	406.25M	382.84M	344.18M	295.54M	290.37M	301.77M	308.42M	323.47M	317.79M
Equity Growth %	-0.03%	-0.09%	-0.06%	-0.1%	-0.14%	-0.02%	0.04%	0.02%	0.05%	-0.02%
Book Value per Share	6.62	6.08	5.77	5.14	4.37	4.30	4.49	4.59	4.95	24.89
Total Shareholders' Equity	446.75M	408.24M	385M	345.3M	296.88M	292.15M	303.65M	309.89M	324.86M	318.06M
Common Stock	85K	83K	83K	84K	85K	84K	84K	81K	81K	77K
Retained Earnings	-12.59M	-36.7M	-74.53M	-113.8M	-166.97M	-181.09M	-180.65M	-160.06M	-146.94M	-146.31M
Treasury Stock	7K	0	0	0	0	8K	8K	12K	12K	0
Accumulated OCI	987K	-8.49M	-1.89M	-7.61M	-8.29M	3.28M	8.15M	-7.63M	-10.76M	-12.96M
Minority Interest	-2.07M	-1.99M	-2.16M	-1.12M	-1.33M	-1.78M	-1.88M	-1.47M	-1.39M	-271K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	13.76M	16.97M	-14.22M	-35.61M	-45.65M	-13.91M	19.48M	51.11M	25.72M	30.98M
Operating CF Margin %	0.11%	0.11%	-0.07%	-0.15%	-0.25%	-0.07%	0.08%	0.15%	0.07%	0.1%
Operating CF Growth %	-0.71%	0.23%	-1.84%	-1.5%	-0.28%	0.7%	2.4%	1.62%	-0.5%	0.2%
Net Income	-14.47M	-24.18M	-37.81M	-39.49M	-53.41M	-14.14M	1.11M	21.35M	14.27M	663K
Depreciation & Amortization	17.8M	8.39M	10.05M	6.83M	12.66M	14.18M	9.38M	3.81M	6.08M	6.93M
Stock-Based Compensation	9.73M	9.35M	8.33M	5.29M	5.43M	2.31M	6.17M	8.18M	9.68M	2.45M
Deferred Taxes	873K	-954K	-2.21M	1.75M	4.36M	966K	-178K	-382K	-428K	-10.07M
Other Non-Cash Items	-3.82M	-4.15M	11.69M	12.57M	6.57M	7.2M	1.15M	-1.11M	-107K	20.54M
Working Capital Changes	3.65M	28.52M	-4.26M	-22.56M	-21.25M	-24.42M	1.84M	19.26M	-3.77M	10.46M
Change in Receivables	1.4M	-5.17M	-20.04M	13.26M	-8.74M	5.05M	-2.17M	-5.98M	-2M	-2.04M
Change in Inventory	-526K	59K	-2.92M	-10.18M	3.44M	643K	-36K	851K	-1.8M	925K
Change in Payables	301K	15.86M	9.04M	-27.73M	2.09M	-4.94M	5.24M	1.06M	-598K	-1.52M
Cash from Investing+	-54.98M	-158.34M	35.21M	-69.36M	79.26M	-20.76M	-32.62M	11.76M	-23.9M	-21.91M
Capital Expenditures	-16.82M	-13.88M	-9.42M	-6.18M	-15.11M	-13.55M	-13.2M	-14.98M	-3.99M	-8.03M
CapEx % of Revenue	0.13%	0.09%	0.05%	0.03%	0.08%	0.07%	0.06%	0.04%	0.01%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	130K	99K	904K	2.32M	1.14M	1.36M	-20.05M	-9K	-1.08M	-1.75M
Cash from Financing+	5.03M	-11.04M	2.56M	929K	12.18M	2.68M	-223K	6.64M	-13.52M	-925K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	6.32M	3.28M	2.92M	929K	853K	0	0	76K	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-3.06M	3.09M	-23.64M	-41.79M	-60.76M	-27.52M	6.19M	36.13M	21.23M	22.63M
FCF Margin %	-0.02%	0.02%	-0.12%	-0.18%	-0.34%	-0.15%	0.03%	0.11%	0.06%	0.07%
FCF Growth %	-2.29%	2.01%	-8.64%	-0.77%	-0.45%	0.55%	1.23%	4.83%	-0.41%	0.07%
FCF per Share	-0.05	0.05	-0.36	-0.62	-0.90	-0.41	0.09	0.54	0.32	1.77
FCF Conversion (FCF/Net Income)	-1.05x	-0.70x	0.38x	0.91x	0.86x	1.01x	16.36x	2.38x	1.81x	25.49x
Interest Paid	0	0	0	0	0	0	0	0	1.38M	578K
Taxes Paid	82K	0	0	0	142K	356K	66K	1.18M	2.53M	4.2M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2.92%	-5.67%	-9.59%	-10.81%	-16.62%	-4.72%	0.4%	7.03%	4.5%	0.38%
Return on Invested Capital (ROIC)	-13.78%	-17.33%	-22.83%	-17.94%	-22.6%	-8.59%	-1.74%	4.19%	-0.72%	-6.81%
Gross Margin	53.69%	48.57%	41.23%	49.84%	44.7%	50.29%	50.33%	41.42%	44.83%	51.86%
Net Margin	-10.16%	-15.44%	-18.86%	-17.03%	-29.43%	-7.43%	0.5%	6.29%	3.91%	0.38%
Debt / Equity	-	-	-	-	0.07x	0.08x	0.07x	0.10x	0.07x	0.09x
Interest Coverage	-52.15x	-140.03x	-226.78x	-185.48x	-752.29x	-46.29x	-45.51x	108.23x	-1.06x	-21.57x
FCF Conversion	-1.05x	-0.70x	0.38x	0.91x	0.86x	1.01x	16.36x	2.38x	1.81x	25.49x
Revenue Growth	-27.79%	20.46%	28.45%	14.97%	-21.66%	3.16%	28.12%	43.02%	6.51%	-11.16%

Revenue by Segment

	2018	2019	2020	2022	2023
Live streaming revenue	-	-	-	122.37M	122.16M
Live streaming revenue Growth	-	-	-	-	-0.18%
Subscription revenue	-	-	-	100.56M	119.34M
Subscription revenue Growth	-	-	-	-	18.68%
Subscription And Circulation	-	81.53M	84.3M	-	-
Subscription And Circulation Growth	-	-	3.39%	-	-
Product And Service Other	-	48.9M	66.9M	-	-
Product And Service Other Growth	-	-	36.80%	-	-
Advertising	27.78M	15.64M	13.21M	-	-
Advertising Growth	-	-43.69%	-15.58%	-	-
Subscription and Circulation	81.88M	-	-	-	-
Subscription and Circulation Growth	-	-	-	-	-
Product and Service, Other	36.84M	-	-	-	-
Product and Service, Other Growth	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Xunlei Limited (XNET) has a price-to-earnings (P/E) ratio of 80.6x. This suggests investors expect higher future growth.

Growth & Financials

Xunlei Limited (XNET) reported $401.9M in revenue for fiscal year 2024. This represents a 391% increase from $81.9M in 2011.

Xunlei Limited (XNET) saw revenue decline by 11.2% over the past year.

Yes, Xunlei Limited (XNET) is profitable, generating $1.27B in net income for fiscal year 2024 (0.4% net margin).

Dividend & Returns

Xunlei Limited (XNET) has a return on equity (ROE) of 0.4%. This is below average, suggesting room for improvement.

Xunlei Limited (XNET) generated $22.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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