Xunlei Limited (XNET) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the XNET SEC filings page.
Xunlei Limited (XNET) reported $460.4M in revenue for fiscal year 2025, up 42.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Reported profit surged, but operating cash barely moved; the business remains lightly debt-funded and increasingly dependent on accounting earnings.
In FY2025, reported net income reached$1.0B while operating cash flow was only$32.5M , revealing exceptionally weak cash conversion. That gap was not present in FY2024, when net income was$1.2M against operating cash flow of$31.0M , so the latest earnings improvement does not resemble ordinary operating profit.
Revenue rose
Assets more than tripled to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Xunlei Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Xunlei Limited has an operating margin of 1.4%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 25/100, suggesting thin profitability after operating expenses. This is up from -4.9% the prior year.
Xunlei Limited's revenue surged 42.5% year-over-year to $460.4M, reflecting rapid business expansion. This strong growth earns a score of 71/100.
Xunlei Limited carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
Xunlei Limited's current ratio of 1.92 indicates adequate short-term liquidity, earning a score of 57/100. The company can meet its near-term obligations, though with limited headroom.
Xunlei Limited has a free cash flow margin of 5.9%, earning a moderate score of 51/100. The company generates positive cash flow after capital investments, but with room for improvement.
Xunlei Limited generates a 76.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is up from 0.4% the prior year.
Xunlei Limited scores 1.80, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Xunlei Limited passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Xunlei Limited generates $0.03 in operating cash flow ($32.5M OCF vs $1.0B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Xunlei Limited earns $3.90 in operating income for every $1 of interest expense ($6.6M vs $1.7M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Xunlei Limited held $157.0M in cash against $38.4M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
XNET Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
XNET Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2420-F | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K | Q4'1810-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.6B+244.4% | $473.9M+1.1% | $468.7M+1.2% | $463.3M+5.1% | $440.7M+6.0% | $415.6M-2.1% | $424.7M-6.8% | $455.4M-14.6% |
| Current Assets | $399.7M+10.1% | $363.0M+10.9% | $327.4M-1.4% | $332.2M+13.0% | $293.9M-2.8% | $302.3M-4.5% | $316.6M-12.8% | $362.9M-15.8% |
| Cash & Equivalents | $157.0M-11.5% | $177.3M+3.8% | $170.8M-3.6% | $177.2M+43.6% | $123.4M-10.1% | $137.2M-15.5% | $162.5M+32.2% | $122.9M-47.3% |
| Short-Term Investments | $148.2M+34.4% | $110.2M+9.0% | $101.1M+20.9% | $83.6M-27.7% | $115.7M-1.8% | $117.8M+14.6% | $102.8M-47.7% | $196.5M+41.5% |
| Inventory | $403K-67.9% | $1.3M-43.4% | $2.2M+385.6% | $457K-66.5% | $1.4M-21.0% | $1.7M-68.8% | $5.5M-56.3% | $12.7M+226.6% |
| Accounts Receivable | $68.4M+109.5% | $32.7M+4.7% | $31.2M+4.9% | $29.8M+13.9% | $26.1M+13.7% | $23.0M-16.5% | $27.5M+42.0% | $19.4M-52.3% |
| Long-Term Investments | $1.1B+3398.8% | $30.6M-4.8% | $32.1M+4.3% | $30.8M-2.2% | $31.5M+17.8% | $26.7M+1.4% | $26.4M-21.6% | $33.6M-21.3% |
| Goodwill | $39.2M | N/A | $20.8M-1.7% | $21.2M-8.5% | $23.1M+2.3% | $22.6M+10.9% | $20.4M-1.6% | $20.7M-4.8% |
| Total Liabilities | $259.4M+66.2% | $156.1M+7.5% | $145.2M-6.3% | $154.9M+11.5% | $139.0M+11.0% | $125.2M-3.0% | $129.1M+16.1% | $111.3M-26.1% |
| Current Liabilities | $208.4M+64.5% | $126.7M-1.1% | $128.1M-0.2% | $128.3M+7.0% | $119.9M+16.1% | $103.3M-7.2% | $111.3M+3.0% | $108.0M-23.8% |
| Non-Current Liabilities | $51.0M+73.4% | $29.4M+71.5% | $17.1M-35.6% | $26.6M+39.5% | $19.1M-13.1% | $22.0M+22.9% | $17.9M+455.3% | $3.2M-63.9% |
| Long-Term Debt | $38.4M+41.6% | $27.1M+74.6% | $15.5M | N/A | N/A | $19.9M+75.9% | $11.3M | N/A |
| Total Equity | $1.4B+331.8% | $318.1M-2.1% | $324.9M+4.8% | $309.9M+2.1% | $303.6M+3.9% | $292.2M-1.6% | $296.9M-14.0% | $345.3M-10.3% |
| Retained Earnings | $901.0M+715.8% | -$146.3M+0.4% | -$146.9M+8.2% | -$160.1M+11.4% | -$180.6M+0.2% | -$181.1M-8.5% | -$167.0M-46.7% | -$113.8M-52.7% |
XNET Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
XNET Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Xunlei Limited XNET | FY2025 | $460.4M | $1.0B | N/A | $255.0M | 54/100 |
| Bandwidth Inc. BAND | FY2025 | $753.8M | -$12.9M | -1.7% | $1.4B | 32/100 |
| Arqit Quantum Inc. ARQQ | FY2024 | $293K | -$54.6M | N/A | $266.4M | — |
| Allot Ltd. ALLT | FY2025 | $102.0M | $3.7M | 3.6% | $443.2M | 65/100 |
| Gorilla Technology Group Inc. GRRR | FY2025 | $101.4M | -$11.3M | -11.1% | $204.7M | 49/100 |
| Repay Holdings Corporation RPAY | FY2025 | $309.3M | -$256.7M | -83.0% | $337.4M | 40/100 |
Where Xunlei Limited Ranks
Frequently Asked Questions
What is Xunlei Limited's annual revenue?
Xunlei Limited (XNET) reported $460.4M in total revenue for fiscal year 2025. This represents a 42.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Xunlei Limited's revenue growing?
Xunlei Limited (XNET) revenue grew by 42.5% year-over-year, from $323.1M to $460.4M in fiscal year 2025.
Is Xunlei Limited profitable?
Yes, Xunlei Limited (XNET) reported a net income of $1.0B in fiscal year 2025.
What is Xunlei Limited's EBITDA?
Xunlei Limited (XNET) had EBITDA of $15.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Xunlei Limited have?
As of fiscal year 2025, Xunlei Limited (XNET) had $157.0M in cash and equivalents against $38.4M in long-term debt.
What is Xunlei Limited's gross margin?
Xunlei Limited (XNET) had a gross margin of 47.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Xunlei Limited's operating margin?
Xunlei Limited (XNET) had an operating margin of 1.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Xunlei Limited's return on equity (ROE)?
Xunlei Limited (XNET) has a return on equity of 76.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Xunlei Limited's free cash flow?
Xunlei Limited (XNET) generated $27.1M in free cash flow during fiscal year 2025. This represents a 18.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Xunlei Limited's operating cash flow?
Xunlei Limited (XNET) generated $32.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Xunlei Limited's total assets?
Xunlei Limited (XNET) had $1.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Xunlei Limited's capital expenditures?
Xunlei Limited (XNET) invested $5.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Xunlei Limited spend on research and development?
Xunlei Limited (XNET) invested $80.0M in research and development during fiscal year 2025.
What is Xunlei Limited's current ratio?
Xunlei Limited (XNET) had a current ratio of 1.92 as of fiscal year 2025, which is generally considered healthy.
What is Xunlei Limited's debt-to-equity ratio?
Xunlei Limited (XNET) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Xunlei Limited's return on assets (ROA)?
Xunlei Limited (XNET) had a return on assets of 64.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Xunlei Limited's P/E ratio?
Xunlei Limited (XNET) trades at 0.2x earnings, its market capitalization divided by net income of $1.0B net income, FY2025. The market capitalization is $255.0M as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Xunlei Limited's price-to-sales ratio?
Xunlei Limited (XNET) trades at 0.6x sales, its market capitalization divided by revenue of $460.4M revenue, FY2025. The market capitalization is $255.0M as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Xunlei Limited's Altman Z-Score?
Xunlei Limited (XNET) has an Altman Z-Score of 1.80, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Xunlei Limited's Piotroski F-Score?
Xunlei Limited (XNET) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Xunlei Limited's earnings high quality?
Xunlei Limited (XNET) has an earnings quality ratio of 0.03x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Xunlei Limited cover its interest payments?
Xunlei Limited (XNET) has an interest coverage ratio of 3.90x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Xunlei Limited?
Xunlei Limited (XNET) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.