Latest Ratios: P/E Ratio -1.5x · EV/EBITDA N/A · ROE -137.2%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $52M | $67M | $120M | — | — | — |
| Enterprise Value | $48M | $64M | $104M | — | — | — |
| P/E Ratio → | -1.49 | — | — | — | — | — |
| P/S Ratio | 2.06 | 2.67 | 2.85 | — | — | — |
| P/B Ratio | 2.72 | 3.75 | 4.08 | — | — | — |
| P/FCF | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.54 | 2.47 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 46.2% | 46.2% | 50.3% | 45.6% | 36.4% | 35.2% |
| Operating Margin | -129.9% | -129.9% | -28.5% | -16.9% | 5.6% | -14.7% |
| Net Profit Margin | -129.5% | -129.5% | -28.3% | -21.0% | 5.5% | -15.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -137.2% | -137.2% | -40.5% | — | — | — |
| ROA | -65.1% | -65.1% | -24.3% | -23.1% | 6.7% | -10.7% |
| ROIC | -176.1% | -176.1% | — | — | — | — |
| ROCE | -130.3% | -130.3% | -58.4% | -61.0% | 15.5% | -18.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.35 | — | — | — |
| Debt / EBITDA | — | — | — | — | 2.59 | — |
| Net Debt / Equity | — | -0.18 | -0.56 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | -2.06 | — |
| Debt / FCF | — | — | — | — | -5.81 | — |
| Interest Coverage | -150.25 | -150.25 | -55.13 | -40.56 | 24.87 | -5.09 |
Net cash position: cash ($11M) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.58 | 1.58 | 2.08 | 1.29 | 1.57 | 1.54 |
| Quick Ratio | 1.18 | 1.18 | 1.78 | 1.08 | 1.22 | 1.19 |
| Cash Ratio | 0.48 | 0.48 | 1.02 | 0.51 | 0.46 | 0.53 |
| Asset Turnover | — | 0.59 | 0.74 | 0.94 | 1.01 | 0.68 |
| Inventory Turnover | 1.43 | 1.43 | 2.73 | 3.15 | 3.00 | 2.64 |
| Days Sales Outstanding | — | 138.48 | 123.96 | 144.03 | 151.19 | 137.68 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $59M | $59M | $59M | $59M | $59M |
Imminent liquidity shortfall risk
Based on current market data, XCH trades at a P/S multiple of 2.18, which appears disconnected from its negative operating margins and recent revenue contraction, suggesting that investors may be overestimating the company's long-term growth potential relative to its current inability to achieve scale-driven profitability.
The lack of a positive P/E or EV/EBITDA multiple underscores the market's focus on the company's survival rather than its earnings power. This valuation level warrants caution, as it implies a growth premium that the current financial trajectory fails to justify.
According to recent financial statements, XCH maintains a gross margin of 46.20%, yet the company's operating margin of -129.94% indicates that its core business model is currently unable to absorb the fixed costs required to support its research and administrative infrastructure.
While the gross margin suggests a competitive product offering, the extreme disparity between gross and operating profitability highlights a structural failure to achieve operational leverage. Investors should monitor whether this margin profile is sustainable or merely a byproduct of low-volume, high-priced pilot projects.
As reported in quarterly filings, the company's cash conversion cycle has fluctuated significantly, reaching 158 days in 2024Q1, which suggests that XCH is struggling to manage its inventory and receivables effectively compared to its historical performance and industry standards.
The extended DSO and DIO figures imply that the company is either facing payment delays from its customers or holding excess inventory that may be nearing obsolescence. This inefficiency ties up critical liquidity that the company cannot afford to lose given its current cash burn.
Based on the latest balance sheet data, XCH holds a current ratio of 1.92, yet with only $11.4 million in cash and a history of deep operating losses, the company's ability to meet short-term obligations appears increasingly vulnerable to further revenue volatility.
The reliance on current assets to maintain liquidity is concerning given the potential for inventory write-downs. Without a clear path to positive cash flow, the company may be forced to seek dilutive capital, which would further impair shareholder value.
The P/S ratio is the most commonly misapplied metric for XCH, as it obscures the company's severe lack of operating leverage and the high probability of future equity dilution required to sustain its current cash-burning business model in a capital-intensive industry.
Analysts should instead focus on the cash burn rate relative to available liquidity, as the P/S ratio ignores the fundamental reality that revenue growth is currently value-destructive. A more appropriate metric would be the 'cash runway' or 'burn-to-liquidity' ratio to assess the company's survival probability.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XCH stock.
XCHG Limited American Depositary Share's current P/E ratio is -1.5x. This places it at the 50th percentile of its historical range.
XCHG Limited American Depositary Share's return on equity (ROE) is -137.2%. The historical average is -88.8%.
Based on historical data, XCHG Limited American Depositary Share is trading at a P/E of -1.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
XCHG Limited American Depositary Share has 46.2% gross margin and -129.9% operating margin.