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Friday 6 November 2026
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Xunlei Limited
XNET Technology Software Infrastructure
Xunlei Limited’s revenue for fiscal 2025 (year ended December 2025) was $460.4 million, up 42.5% from fiscal 2024.
- Revenue
- +38.7%
- EPS
- −129.4%
- Free cash flow
- +310.0%
- Total debt
- −16.8%
Quarter to June 2026, against a year earlier
3.47
0.29
+9.12%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 140 | 201 | 231 | 181 | 186 | 239 | 341 | 364 | 323 | 460 | 523 | +14.1% | — | — | — | — | |
| Gross margin, % | 42.99 | 41.23 | 49.84 | 44.70 | 50.29 | 50.33 | 41.42 | 44.83 | 51.86 | 47.25 | 47.09 | +4.3 pt | ||||||
| EBT | (33) | (46) | (41) | (49) | (13) | 1 | 25 | 18 | (2) | 1,046 | (86) | n/m | ||||||
| EBT margin, % | (23.73) | (23.17) | (17.73) | (26.98) | (6.97) | 0.41 | 7.44 | 5.06 | (0.73) | 227.25 | (16.39) | +251.0 pt | ||||||
| Net income | (24) | (38) | (39) | (53) | (14) | 1 | 21 | 14 | 1 | 1,048 | 1,048 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 2.10 | 3.02 | 3.44 | 2.67 | 2.76 | 3.57 | 5.08 | 5.57 | 5.07 | 7.39 | 8.22 | +15.0% | |||||
| Earnings | (0.36) | (0.57) | (0.59) | (0.79) | (0.20) | 0.02 | 0.32 | 0.22 | 0.02 | 16.83 | (1.06) | n/m | ||||||
| Cash flow | 0.25 | (0.21) | (0.53) | (0.68) | (0.21) | 0.29 | 0.76 | 0.39 | 0.49 | 0.52 | 0.00 | +8.3% | ||||||
| Capex | (0.21) | (0.14) | (0.09) | (0.22) | (0.19) | (0.20) | (0.22) | (0.07) | (0.13) | (0.09) | 0.00 | (8.8%) | ||||||
| Free cash flow | 0.05 | (0.36) | (0.62) | (0.89) | (0.40) | 0.10 | 0.54 | 0.33 | 0.36 | 0.43 | 0.00 | +28.0% | ||||||
| Book value | 6.08 | 5.77 | 5.14 | 4.37 | 4.30 | 4.51 | 4.59 | 4.96 | 4.98 | 22.04 | 15.43 | +15.4% | ||||||
| Shares, m | 67 | 66 | 67 | 68 | 67 | 67 | 67 | 65 | 64 | 62 | 63 | (0.8%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 163.41 | 5.90 | 7.00 | 199.00 | 0.42 | 0.00 | 37.6 | |||||
| P/S | 1.88 | 5.56 | 0.99 | 1.83 | 1.05 | 0.56 | 0.37 | 0.29 | 0.39 | 0.96 | 0.38 | 1.4 | ||||||
| P/B | 0.65 | 2.91 | 0.66 | 1.12 | 0.67 | 0.45 | 0.41 | 0.32 | 0.40 | 0.32 | 0.20 | 0.8 | ||||||
| EV/Sales | (0.84) | 3.70 | (0.40) | 0.45 | (0.20) | (0.35) | (0.30) | (0.40) | (0.41) | 0.49 | (0.04) | 0.2 | ||||||
| EV/FCF | (9.71) | (12.05) | 1.41 | (0.67) | 0.25 | 0.69 | 2.31 | (3.90) | (33.03) | 5.16 | (0.44) | (5.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 17 | (14) | (36) | (46) | (14) | 19 | 51 | 26 | 31 | 32 | 77 | +7.5% | |||||
| Capex | (14) | (9) | (6) | (15) | (13) | (13) | (15) | (4) | (8) | (6) | (33) | (9.5%) | ||||||
| Free cash flow | 3 | (24) | (41) | (60) | (27) | 6 | 36 | 21 | 23 | 27 | 44 | +27.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 319 | 289 | 255 | 205 | 199 | 174 | 204 | 199 | 236 | 191 | 169 | (5.5%) | |||||
| Net debt | (381) | (372) | (319) | (249) | (233) | (219) | (229) | (249) | (258) | (230) | (220) | (5.5%) | ||||||
| Shareholders’ equity | 406 | 383 | 344 | 296 | 290 | 302 | 308 | 323 | 318 | 1,373 | 982 | +14.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (4.60) | (7.25) | (7.94) | (12.08) | (3.29) | 0.28 | 4.75 | 3.05 | 0.26 | 99.56 | (5.83) | +104.2 pt | |||||
| ROIC | (104.65) | (324.39) | (112.11) | (76.25) | (20.54) | (3.26) | 7.92 | (1.36) | (16.51) | 0.36 | 0.56 | +105.0 pt | ||||||
| ROE | (5.67) | (9.59) | (10.81) | (16.62) | (4.72) | 0.40 | 7.03 | 4.50 | 0.38 | 124.03 | (7.06) | +129.7 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 1,223 | 1,125 | 1,165 | 1,070 | 595 | 918 | 1,097 | 1,215 | 1,216 | 1,306 | — | +0.7% | |||||
| Revenue/emp, $m | 0.11 | 0.18 | 0.20 | 0.17 | 0.31 | 0.26 | 0.31 | 0.30 | 0.27 | 0.35 | — | +13.3% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Xunlei Limited vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SUPX SuperX AI Technology Limited | $219.6M | — | — | — | — | −135,337.38% (below 0%: shrinking) | — | — | Compare |
| ARQQ Arqit Quantum Inc. | $213.7M | 153× | — (loss-making) | +1,196.45% (above 0%: growing) | n/m | −12,314.98% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| XNET Xunlei Limited | $202.7M | — (loss-making) | — | +38.73% (above 0%: growing) | n/m | +309.97% (above 0%: growing) | 56.13% | (4.67%) | |
| OWLS OBOOK Holdings Inc. | $192.6M | — | — | — | — | −18.94% (below 0%: shrinking) | — | — | Compare |
| KDK Kodiak AI, Inc. | $190.8M | — (loss-making) | — | +595.63% (above 0%: growing) | n/m | −60.60% (below 0%: shrinking) | 100.00% | (1,248.27%) | Compare |
| QNC Quantum eMotion Corp. | $188.7M | — (loss-making) | — (loss-making) | — | n/m | −59.64% (below 0%: shrinking) | 100.00% | (309,745.45%) | Compare |
| BKKT Bakkt Holdings, Inc. | $187.9M | — (loss-making) | 1.8× | −70.05% (below 0%: shrinking) | n/m | −401.44% (below 0%: shrinking) | 1.30% | (11.53%) | Compare |
| GRRR Gorilla Technology Group Inc. | $177.3M | — (loss-making) | — (loss-making) | +223.14% (above 0%: growing) | n/m | −128.98% (below 0%: shrinking) | 21.09% | (145.44%) | Compare |
| MOVE Corvex, Inc. | $166.0M | — (loss-making) | — (loss-making) | +3,590.29% (above 0%: growing) | n/m | −91.41% (below 0%: shrinking) | 44.28% | (400.32%) | Compare |
| Median of peers | $189.7M | — | — | +595.63% | — | −110.19% | 32.69% | (272.88%) |