Latest Ratios: P/E Ratio 0.1x · EV/EBITDA -0.7x · ROE 124.4%. (2009–2025 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $68M | $90M | $25M | $106M | $122M | $135M | $195M | $331M | $228M | $1.0B | $258M |
| Enterprise Value | $-11650797 | $10M | $-122297058 | $-41952762 | $-23949278 | $32M | $80M | $189M | $105M | $788M | $58M |
| P/E Ratio → | 0.07 | 0.09 | 20.95 | 7.36 | 5.69 | 114.86 | — | — | — | — | — |
| P/S Ratio | 0.15 | 0.19 | 0.08 | 0.29 | 0.36 | 0.57 | 1.05 | 1.83 | 0.99 | 5.09 | 1.65 |
| P/B Ratio | 0.05 | 0.07 | 0.08 | 0.33 | 0.40 | 0.45 | 0.67 | 1.12 | 0.66 | 2.67 | 0.63 |
| P/FCF | 2.55 | 3.36 | 1.12 | 4.99 | 3.39 | 21.80 | — | — | — | — | 83.40 |
| P/OCF | 2.09 | 2.76 | 0.82 | 4.12 | 2.39 | 6.93 | — | — | — | — | 15.20 |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.02 | -0.38 | -0.12 | -0.07 | 0.13 | 0.43 | 1.04 | 0.45 | 3.93 | 0.37 |
| EV / EBITDA | -0.72 | 0.62 | — | -9.39 | -1.73 | 6.30 | — | — | — | — | — |
| EV / EBIT | -1.75 | 0.01 | — | -2.11 | -0.94 | 29.59 | — | — | — | — | — |
| EV / FCF | — | 0.38 | -5.40 | -1.98 | -0.66 | 5.15 | — | — | — | — | 18.90 |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.2% | 47.2% | 51.9% | 44.8% | 41.4% | 50.3% | 50.3% | 44.7% | 49.8% | 41.2% | 48.6% |
| Operating Margin | 1.4% | 1.4% | -4.9% | -0.4% | 2.9% | -1.8% | -10.1% | -31.2% | -19.2% | -27.0% | -21.4% |
| Net Profit Margin | 227.7% | 227.7% | 0.4% | 3.9% | 6.3% | 0.5% | -7.4% | -29.4% | -17.0% | -18.9% | -15.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 124.4% | 124.4% | 0.4% | 4.5% | 7.0% | 0.4% | -4.7% | -16.6% | -10.8% | -9.6% | -5.7% |
| ROA | 99.8% | 99.8% | 0.3% | 3.1% | 4.7% | 0.3% | -3.3% | -12.1% | -7.9% | -7.3% | -4.6% |
| ROIC | 0.7% | 0.7% | -6.8% | -0.7% | 4.2% | -1.7% | -8.6% | -22.6% | -17.9% | -22.8% | -17.3% |
| ROCE | 0.8% | 0.8% | -4.6% | -0.5% | 3.1% | -1.4% | -6.0% | -17.1% | -12.0% | -13.4% | -7.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.09 | 0.07 | 0.10 | 0.07 | 0.08 | 0.07 | — | — | — |
| Debt / EBITDA | 4.77 | 4.77 | — | 5.14 | 2.33 | 3.99 | — | — | — | — | — |
| Net Debt / Equity | — | -0.06 | -0.46 | -0.46 | -0.47 | -0.34 | -0.40 | -0.48 | -0.36 | -0.61 | -0.49 |
| Net Debt / EBITDA | -4.91 | -4.91 | — | -33.10 | -10.55 | -20.39 | — | — | — | — | — |
| Debt / FCF | — | -2.99 | -6.53 | -6.97 | -4.05 | -16.66 | — | — | — | — | -64.50 |
| Interest Coverage | 617.21 | 617.21 | -2.24 | 13.15 | 274.28 | 11.35 | -31.00 | -648.85 | -168.77 | -193.43 | -138.23 |
Net cash position: cash ($157M) exceeds total debt ($77M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.92 | 1.92 | 2.86 | 2.56 | 2.59 | 2.45 | 2.93 | 2.84 | 3.36 | 3.04 | 4.41 |
| Quick Ratio | 1.92 | 1.92 | 2.85 | 2.54 | 2.59 | 2.44 | 2.91 | 2.80 | 3.24 | 3.01 | 4.41 |
| Cash Ratio | 1.46 | 1.46 | 2.27 | 2.12 | 2.04 | 1.99 | 2.47 | 2.38 | 2.96 | 2.63 | 4.08 |
| Asset Turnover | — | 0.28 | 0.68 | 0.78 | 0.74 | 0.54 | 0.45 | 0.43 | 0.51 | 0.38 | 0.31 |
| Inventory Turnover | 604.29 | 604.29 | 123.96 | 90.42 | 437.75 | 87.02 | 53.67 | 18.04 | 9.13 | 30.39 | 214.76 |
| Days Sales Outstanding | — | 64.24 | 74.48 | 43.15 | 45.95 | 62.16 | 70.21 | 58.90 | 38.50 | 95.14 | 55.06 |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 1171.4% | 4.8% | 13.6% | 17.6% | 0.9% | — | — | — | — | — |
| FCF Yield | 39.2% | 29.7% | 89.1% | 20.0% | 29.5% | 4.6% | — | — | — | — | 1.2% |
| Buyback Yield | 1.4% | 1.1% | 30.3% | 4.4% | 5.5% | 0.0% | 2.3% | 0.0% | 0.0% | 0.0% | 5.6% |
| Total Shareholder Yield | 1.4% | 1.1% | 30.3% | 4.4% | 5.5% | 0.0% | 2.3% | 0.0% | 0.0% | 0.0% | 5.6% |
| Shares Outstanding | — | $13M | $13M | $65M | $67M | $67M | $67M | $68M | $67M | $66M | $67M |
Non-operating earnings distortion
Based on recent financial data, XNET trades at a P/S ratio of 0.15, which appears to heavily discount the company's $157 million cash position and suggests that the market views the firm as a declining legacy asset rather than a growing cloud infrastructure provider.
The extremely low P/S and P/B multiples indicate that investors are assigning almost no value to the company's core operations, likely due to skepticism regarding the sustainability of its recent revenue growth. This valuation gap warrants further investigation into whether the market is correctly pricing the potential for the company's distributed network to pivot toward higher-margin AI-related services.
According to quarterly filings, XNET's ROIC has fluctuated significantly, reaching a low of -7.9% in 2024Q4 before recovering to 0.2% in 2025Q4, which suggests that the company has struggled to generate consistent economic value from its invested capital base over the past two years.
The erratic nature of these returns implies that management's capital allocation has not yet achieved a stable compounding effect. Investors should monitor whether the recent stabilization in ROIC represents a structural improvement in operational efficiency or merely a temporary fluctuation driven by non-recurring accounting items.
As reported in recent financial statements, XNET maintained a cash conversion cycle of 5 days in 2025Q4, a figure that appears consistent with its historical performance and suggests that the company manages its receivables and payables with a high degree of operational discipline.
The ability to keep the CCC near zero indicates that the company is effectively utilizing its supplier leverage to offset the time it takes to collect from its customers. This efficiency is a critical buffer for a firm operating with thin operating margins, as it minimizes the need for external working capital financing.
Based on the provided financial data, the P/E ratio is the most commonly misapplied metric for XNET, as the company's net income is frequently distorted by non-operating gains, such as investment revaluations, which do not reflect the underlying profitability of the core cloud and subscription business.
Analysts should instead focus on Operating Income or EBITDA to gauge the true earning power of the firm, as the headline P/E ratio obscures the reality that the company's core operations are barely breaking even. Relying on P/E in this context may lead to a dangerous overestimation of the company's fundamental health.
Includes 30+ ratios · 17 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 XNET stock.
Xunlei Limited's current P/E ratio is 0.1x. The historical average is 29.8x.
Xunlei Limited's current EV/EBITDA is -0.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
Xunlei Limited's return on equity (ROE) is 124.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 8.6%.
Based on historical data, Xunlei Limited is trading at a P/E of 0.1x. Compare with industry peers and growth rates for a complete picture.
Xunlei Limited has 47.2% gross margin and 1.4% operating margin.
Xunlei Limited's Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.