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. In the quarter to June 2026, revenue grew 38.7%, EPS fell 129.4%, free cash flow grew 310.0% and total debt fell 16.8%, each against the same quarter a year earlier.
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Xunlei Limited (XNET) Altman Z-score
Xunlei Limited's Altman Z-score for fiscal 2025 is 2.23, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.23 | 1.00 |
| FY2024 | 1.23 | (0.05) |
| FY2023 | 1.27 | (0.05) |
| FY2022 | 1.33 | 0.34 |
| FY2021 | 0.99 | (0.21) |
| FY2020 | 1.20 | (0.36) |
| FY2019 | 1.55 | (0.18) |
| FY2018 | 1.74 | (2.83) |
| FY2017 | 4.56 | 2.41 |
| FY2016 | 2.15 | (2.08) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.12 | — | 0.14 | |
| Retained earnings / total assets | 0.55 | — | 0.77 | |
| EBIT / total assets | 0.00 | — | 0.01 | |
| Market value of equity / total liabilities | 1.70 | — | 1.02 | |
| Sales / total assets | 0.28 | — | 0.28 | |
| Altman Z-score | Grey zone | 2.23 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 8.15 | ||
Z and Z″ put Xunlei Limited in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ARQQ Arqit Quantum Inc. compare | 6.1× |
| BKKT Bakkt Holdings, Inc. compare | 5.3× |
| IMXI INTERNATIONAL MONEY EXPRESS, INC. compare | 3.6× |
| XNET Xunlei Limited | 2.2× |
| TLS Telos Corporation compare | 2.2× |
| SUPX SuperX AI Technology Limited compare | 1.1× |
| PSFE Paysafe Limited compare | −0.1× |
| KDK Kodiak AI, Inc. compare | −6.3× |
| MOVE Corvex, Inc. compare | −51.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets