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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. 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.

4.20 0.44 −9.48%
Market cap
$295.8M
P/E
0.0×
Fwd P/E
—
Dividend yield
—
F-score
5/9
Altman Z
2.23
Beneish M
3.52
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.66%

Capital & Financial Ratios $m

Market Cap 295.75
Revenue 523.31
Net Income 1,047.61
Free Cash Flow 43.90
Net Debt (220.33)
Current Ratio 2.03 (at or above 1.5: strong)
Debt/Equity 0.06 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E —
P/S ratio 0.51
P/B ratio 0.27
Past 5Y EPS Growth —
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth —
Next 5Y EPS Growth 19.00% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.1×, against a ten-year median of −0.2×; over the ten years it ranged from −1.1× in 2017 to 4.7× in 2017.
P/S against its own 10 years 27.90%
10-year low 10-year high
P/B against its own 10 years 3.58%
10-year low 10-year high
EV/Sales against its own 10 years 9.34%
10-year low 10-year high
EV/FCF against its own 10 years 33.91%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 272 288 305 277
Receivables 31 33 68 24
Inventory 2 1 0 1
Other 22 42 26 32
327 363 400 334
2023 2024 2025 Q'26
Payables 24 23 42 20
ST’ Debt 7 2 37 31
Other 36 40 43 42
128 127 208 165

Compound Annual Growth %

10y 5y 3y
Sales 13.51% 19.83% 10.47%
Cash Flow 8.96% 0.00% (14.03%)
Earnings 0.00% 0.00% 265.53%
Book Value 11.93% 36.43% 64.48%

Revenue $m

Mar Jun Sep Dec Year
’26 98 102 — — —
’25 64 74 126 197 460
’24 80 79 80 84 323
’23 99 104 84 77 364
’22 79 78 104 81 341
’21 53 55 60 71 239
’20 48 44 44 50 186
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — 32 32
’24 — — — 31 31
’23 — — — — 26
’22 — — — — 51
’21 — — — — 19
’20 — — — — (14)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — 27 27
’24 — — — 23 23
’23 — — — (4) 21
’22 — — — (15) 36
’21 — — — (13) 6
’20 — — — (13) (27)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (2.77) (3.43) — — —
’25 (0.01) 11.48 8.60 (3.64) 16.56
’24 0.06 0.04 0.07 (0.16) 0.02
’23 0.02 0.08 0.07 0.06 0.22
’22 0.08 0.09 0.08 0.07 0.32
’21 0.10 0.00 (0.08) (0.01) 0.02
’20 (0.08) (0.17) (0.02) 0.07 (0.20)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 3.73 3.11 3.39 1.87 2.38 1.84 0.85 1.28 1.45 1.90

Analyst estimates 2026–2028

Powerpack
High 7.66 27.00 24.99 7.20 5.94 11.22 2.16 2.23 2.41 11.03
People
People Employees 1,223 1,125 1,165 1,070 595 918 1,097 1,215 1,216 1,306
Revenue/emp, $m 0.11 0.18 0.20 0.17 0.31 0.26 0.31 0.30 0.27 0.35
Income, $m
Income, $m Revenue 140 201 231 181 186 239 341 364 323 460
Gross margin, % 42.99 41.23 49.84 44.70 50.29 50.33 41.42 44.83 51.86 47.25
EBT (33) (46) (41) (49) (13) 1 25 18 (2) 1,046
EBT margin, % (23.73) (23.17) (17.73) (26.98) (6.97) 0.41 7.44 5.06 (0.73) 227.25
Net income (24) (38) (39) (53) (14) 1 21 14 1 1,048
Depreciation 8 10 7 13 14 9 4 6 7 10
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
Earnings (0.36) (0.57) (0.59) (0.79) (0.20) 0.02 0.32 0.22 0.02 16.83
Cash flow 0.25 (0.21) (0.53) (0.68) (0.21) 0.29 0.76 0.39 0.49 0.52
Capex (0.21) (0.14) (0.09) (0.22) (0.19) (0.20) (0.22) (0.07) (0.13) (0.09)
Free cash flow 0.05 (0.36) (0.62) (0.89) (0.40) 0.10 0.54 0.33 0.36 0.43
Book value 6.08 5.77 5.14 4.37 4.30 4.51 4.59 4.96 4.98 22.04
Shares, m 67 66 67 68 67 67 67 65 64 62
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 163.41 5.90 7.00 199.00 0.42
P/S 1.88 5.56 0.99 1.83 1.05 0.56 0.37 0.29 0.39 0.96
P/B 0.65 2.91 0.66 1.12 0.67 0.45 0.41 0.32 0.40 0.32
EV/Sales (0.84) 3.70 (0.40) 0.45 (0.20) (0.35) (0.30) (0.40) (0.41) 0.49
EV/FCF (9.71) (12.05) 1.41 (0.67) 0.25 0.69 2.31 (3.90) (33.03) 5.16
Cash, $m
Cash, $m Operating cash flow 17 (14) (36) (46) (14) 19 51 26 31 32
Capex (14) (9) (6) (15) (13) (13) (15) (4) (8) (6)
Free cash flow 3 (24) (41) (60) (27) 6 36 21 23 27
Balance, $m
Balance, $m Working capital 319 289 255 205 199 174 204 199 236 191
Total debt — — — 16 22 20 32 22 29 76
Net debt (381) (372) (319) (249) (233) (219) (229) (249) (258) (230)
Shareholders’ equity 406 383 344 296 290 302 308 323 318 1,373
Returns, %
Returns, % ROA (4.60) (7.25) (7.94) (12.08) (3.29) 0.28 4.75 3.05 0.26 99.56
ROIC (104.65) (324.39) (112.11) (76.25) (20.54) (3.26) 7.92 (1.36) (16.51) 0.36
ROE (5.67) (9.59) (10.81) (16.62) (4.72) 0.40 7.03 4.50 0.38 124.03
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $325.4M — — — — −135,337.38% (below 0%: shrinking) — — Compare
IMXI INTERNATIONAL MONEY EXPRESS, INC. $319.6M 16.4× 29.3× −18.60% (below 0%: shrinking) −62.16% (below 0%: shrinking) +203.48% (above 0%: growing) 20.76% 6.67% Compare
TLS Telos Corporation $319.1M — (loss-making) — (loss-making) +32.74% (above 0%: growing) n/m +42.95% (above 0%: growing) 34.96% 0.65% Compare
KDK Kodiak AI, Inc. $319.0M — (loss-making) — +595.63% (above 0%: growing) n/m −60.60% (below 0%: shrinking) 100.00% (1,248.27%) Compare
XNET Xunlei Limited $295.8M — (loss-making) — +38.73% (above 0%: growing) n/m +309.97% (above 0%: growing) 56.13% (4.67%)
PSFE Paysafe Limited $295.5M — (loss-making) — (loss-making) +4.49% (above 0%: growing) n/m −148.29% (below 0%: shrinking) 54.48% (2.84%) Compare
ARQQ Arqit Quantum Inc. $276.7M 175× — (loss-making) +1,196.45% (above 0%: growing) n/m −12,314.98% (below 0%: shrinking) 0.00% 0.00% Compare
BKKT Bakkt Holdings, Inc. $265.9M — (loss-making) 27.0× −70.05% (below 0%: shrinking) n/m −401.44% (below 0%: shrinking) 1.30% (11.53%) Compare
MOVE Corvex, Inc. $265.4M — (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 $307.3M — — +32.74% — −119.85% 34.96% (2.84%)

All 173 Software Infrastructure stocks →

Xunlei Limited (XNET) key facts

  • Strength: Xunlei Limited’s revenue for fiscal 2025 (year ended December 2025) was $460.4 million, up 42.5% from fiscal 2024.
  • Xunlei Limited (XNET) is a Software Infrastructure company in the Technology sector, traded in the US as an ADR.
  • As of October 16, 2026, XNET traded at $4.20, a market capitalization of $295.8 million.
  • Return on equity was 124.0% and debt-to-equity 0.06.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.23 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Xunlei Limited (XNET) Latest News

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stockrow.com/XNET · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com