XChange TEC.INC
XHG Nasdaq Insurance Agents, Brokers & Service Financials FY2017โFY2025
Revenue
Total sales reported in the income statement.
$50.6M
26.5%
vs prior year
Operating margin
Operating income as a share of revenue.
โ197.2%
7.0ย pts
Net income
Profit after all expenses, interest and tax.
โ$104M
Free cash flow
Cash from operations minus capital spending.
โ
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
What XChange TEC.INC does
No business description yet.
- Legal name
- XChange TEC.INC
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 20-F ยท Jan 14, 2026
- Accession ยท CIK
- 0001213900-26-004379
0001769256
Revenue and margins
XChange TEC.INC had $50.6M of revenue in fiscal 2025, up 26.5% on the year before.
FY17
Revenue $76.7M
FY18
Revenue $136M
FY19
Revenue $179M
FY20
Revenue $172M
FY21
Revenue $159M
FY22
Revenue $99.6M
FY23
Revenue $0.0M
FY24
Revenue $40.0M
FY25
Revenue $50.6M
FY17
Gross โ4.8%
Operating โ36.3%
Net โ47.0%
FCF โ60.8%
FY18
Gross โ0.9%
Operating โ47.9%
Net โ56.2%
FCF โ88.9%
FY19
Gross โ5.8%
Operating โ36.3%
Net โ40.4%
FCF โ34.8%
FY20
Gross 0.4%
Operating โ124.2%
Net โ127.0%
FCF โ3.7%
FY21
Gross 8.4%
Operating โ2.6%
Net โ54.9%
FCF โ10.6%
FY22
Gross โ9.0%
Operating โ4.5%
Net 125.7%
FCF โ
FY23
Gross โ
Operating โ98,126.5%
Net โ297,302.9%
FCF โ
FY24
Gross 4.7%
Operating โ204.2%
Net โ78.7%
FCF โ
FY25
Gross 2.2%
Operating โ197.2%
Net โ204.9%
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income โ$36.0M
FY18
Net income โ$76.4M
FY19
Net income โ$72.4M
FY20
Net income โ$219M
FY21
Net income โ$87.5M
FY22
Net income $125M
FY23
Net income โ$10.1M
FY24
Net income โ$31.5M
FY25
Net income โ$104M
FY17
Diluted EPS โ$0.13
FY18
Diluted EPS โ$0.24
FY19
Diluted EPS โ$0.27
FY20
Diluted EPS โ$0.16
FY21
Diluted EPS $0.00
FY22
Diluted EPS $0.00
FY23
Diluted EPS $0.00
FY24
Diluted EPS $0.00
FY25
Diluted EPS $0.00
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital โ
Return on equity โ
Return on assets โ
FY18
Return on capital โ
Return on equity โ
Return on assets โ29.5%
FY19
Return on capital โ
Return on equity โ
Return on assets โ28.4%
FY20
Return on capital โ
Return on equity โ
Return on assets โ116.1%
FY21
Return on capital โ
Return on equity โ
Return on assets โ95.4%
FY22
Return on capital โ
Return on equity โ
Return on assets 348.4%
FY23
Return on capital โ
Return on equity โ
Return on assets โ80.4%
FY24
Return on capital โ
Return on equity โ
Return on assets โ51.0%
FY25
Return on capital โ
Return on equity โ
Return on assets โ171.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ in fiscal 2025, โ of revenue. Cash from operations minus capital spending.
FY17
Free cash flow โ$46.6M
FY18
Free cash flow โ$121M
FY19
Free cash flow โ$62.5M
FY20
Free cash flow โ$6.3M
FY21
Free cash flow โ$16.9M
FY22
Free cash flow โ
FY23
Free cash flow โ
FY24
Free cash flow โ
FY25
Free cash flow โ
FY17
Cash from operations โ$6.4M
Capital spending $40.2M
FY18
Cash from operations โ$17.9M
Capital spending $103M
FY19
Cash from operations โ$12.8M
Capital spending $49.7M
FY20
Cash from operations $7.8M
Capital spending $14.2M
FY21
Cash from operations โ$16.9M
Capital spending $0.0M
FY22
Cash from operations โ$6.8M
Capital spending โ
FY23
Cash from operations โ$5.7M
Capital spending โ
FY24
Cash from operations โ$1.4M
Capital spending โ
FY25
Cash from operations โ$1.6M
Capital spending โ
Cash from operations
Capital spending
Dividends, buybacks and share count
XChange TEC.INC returned โ to shareholders in fiscal 2025. The diluted share count rose 20,993.4%.
FY17
Dividends โ
Buybacks โ
FY18
Dividends โ
Buybacks โ
FY19
Dividends โ
Buybacks โ
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY17
Diluted shares 0.35B
FY18
Diluted shares 0.41B
FY19
Diluted shares 0.43B
FY20
Diluted shares 1.35B
FY21
Diluted shares 146.07B
FY22
Diluted shares 1,025.84B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.24B
FY25
Diluted shares 50.25B
Balance sheet
Cash, debt and the ratios that show how comfortably XChange TEC.INC can carry it.
FY17
Cash $54.9M
Debt โ
FY18
Cash $15.1M
Debt $40.9M
FY19
Cash $22.4M
Debt $90.2M
FY20
Cash $3.4M
Debt $118M
FY21
Cash $2.5M
Debt $83.0M
FY22
Cash $0.1M
Debt $0.9M
FY23
Cash $0.0M
Debt $6.1M
FY24
Cash $1.4M
Debt $4.6M
FY25
Cash $1.8M
Debt $4.6M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.5M | $0.1M | $0.0M | $1.4M | $1.8M |
| Debt incl. finance leases | $83.0M | $0.9M | $6.1M | $4.6M | $4.6M |
| Net debt / EBITDA | 10.1x | โ | โ | โ | โ |
| Interest coverage | โ0.3x | โ0.7x | โ15.0x | โ22.6x | โ26.2x |
| Current ratio | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x |
| Quick ratio | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x |
| Total assets | $58.4M | $13.4M | $11.7M | $112M | $9.7M |
| Total liabilities | $443M | $93.9M | $99.9M | $191M | $133M |
| Shareholders' equity | โ$386M | โ$80.5M | โ$88.1M | โ$79.4M | โ$124M |
| Net debt (โ = net cash) | $80.5M | $0.8M | $6.0M | $3.1M | $2.8M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 4 / 9 | 4 / 9 | 4 / 9 | 5 / 9 | 3 / 8 | 4 / 8 | 2 / 9 |
| Accruals ratio | โ | โ22.6% | โ23.3% | โ120.3% | โ77.0% | 367.3% | โ35.4% | โ48.8% | โ168.3% |
| Altman Z'' | โ | โ10.59 | โ10.78 | โ40.42 | โ76.91 | โ165.58 | โ190.28 | โ32.07 | โ372.21 |
9 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $76.7M | $136M | $179M | $172M | $159M | $99.6M | $0.0M | $40.0M | $50.6M |
| Net interest income | โ | โ | โ | โ | โ$3.7M | โ$3.8M | $0.0M | โ | โ |
| Gross profit | โ$3.7M | โ$1.2M | โ$10.4M | $0.6M | $13.3M | โ$9.0M | โ | $1.9M | $1.1M |
| Research and development | $6.5M | $7.9M | $6.8M | $3.6M | $1.2M | $0.0M | $0.0M | $0.0M | โ |
| Operating income | โ$27.8M | โ$65.2M | โ$65.2M | โ$214M | โ$4.2M | โ$4.5M | โ$3.3M | โ$81.7M | โ$99.9M |
| Interest expense | โ | $14.2M | $16.6M | $19.1M | $15.9M | $6.4M | $0.2M | $3.6M | $3.8M |
| Pretax income | โ$35.9M | โ$76.1M | โ$72.4M | โ$219M | โ$20.1M | โ$75.6M | โ$3.6M | โ$85.0M | โ$104M |
| Income tax | $0.1M | $0.4M | $0.0M | $0.0M | $0.0M | $0.0M | โ | $0.1M | $0.0M |
| Net income | โ$36.0M | โ$76.4M | โ$72.4M | โ$219M | โ$87.5M | $125M | โ$10.1M | โ$31.5M | โ$104M |
| Net income to common | โ$44.7M | โ$97.1M | โ$117M | โ$219M | โ$87.5M | $125M | โ$10.1M | โ$31.5M | โ$104M |
| Diluted EPS | โ$0.13 | โ$0.24 | โ$0.27 | โ$0.16 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Diluted shares | 0.35B | 0.41B | 0.43B | 1.35B | 146.07B | 1,025.84B | 0.03B | 0.24B | 50.25B |
| Cash flow | |||||||||
| Cash from operations | โ$6.4M | โ$17.9M | โ$12.8M | $7.8M | โ$16.9M | โ$6.8M | โ$5.7M | โ$1.4M | โ$1.6M |
| Capital expenditure | $40.2M | $103M | $49.7M | $14.2M | $0.0M | โ | โ | โ | โ |
| Free cash flow | โ$46.6M | โ$121M | โ$62.5M | โ$6.3M | โ$16.9M | โ | โ | โ | โ |
| Depreciation and amortization | $14.9M | $23.3M | $31.3M | $37.5M | $12.2M | $4.2M | โ | $0.0M | โ |
| Stock-based compensation | $0.1M | $0.3M | $1.2M | $2.3M | $2.4M | $1.5M | $0.7M | $0.3M | โ |
| Balance sheet | |||||||||
| Cash and short-term investments | $54.9M | $15.1M | $22.4M | $3.4M | $2.5M | $0.1M | $0.0M | $1.4M | $1.8M |
| Total debt | โ | $40.9M | $90.2M | $118M | $83.0M | $0.9M | $6.1M | $4.6M | $4.6M |
| Current assets | โ | $65.1M | $83.5M | $29.8M | $27.3M | $10.0M | $11.7M | $9.6M | $5.6M |
| Current liabilities | โ | $286M | $238M | $288M | $363M | $93.9M | $99.9M | $191M | $133M |
| Property and equipment, net | โ | $192M | $166M | $52.6M | $6.0M | $0.1M | โ | $0.0M | $0.0M |
| Goodwill | โ | โ | โ | โ | โ | โ | โ | $101M | $3.3M |
| Intangible assets | โ | $0.2M | $0.2M | $32.6M | $23.6M | $1.9M | โ | โ | $0.1M |
| Total assets | โ | $259M | $252M | $125M | $58.4M | $13.4M | $11.7M | $112M | $9.7M |
| Total liabilities | โ | $372M | $365M | $418M | $443M | $93.9M | $99.9M | $191M | $133M |
| Shareholders' equity | โ$119M | โ$209M | โ$314M | โ$294M | โ$386M | โ$80.5M | โ$88.1M | โ$79.4M | โ$124M |
| Margins | |||||||||
| Gross margin | โ4.8% | โ0.9% | โ5.8% | 0.4% | 8.4% | โ9.0% | โ | 4.7% | 2.2% |
| Operating margin | โ36.3% | โ47.9% | โ36.3% | โ124.2% | โ2.6% | โ4.5% | โ98,126.5% | โ204.2% | โ197.2% |
| EBITDA margin | โ16.8% | โ30.8% | โ18.9% | โ102.5% | 5.0% | โ0.3% | โ | โ204.2% | โ |
| Net margin | โ47.0% | โ56.2% | โ40.4% | โ127.0% | โ54.9% | 125.7% | โ297,302.9% | โ78.7% | โ204.9% |
| FCF margin | โ60.8% | โ88.9% | โ34.8% | โ3.7% | โ10.6% | โ | โ | โ | โ |
| Net interest share of revenue | โ | โ | โ | โ | โ2.3% | โ3.8% | 100.0% | โ | โ |
| Returns | |||||||||
| Return on capital employed | โ | 238.0% | โ453.7% | 131.2% | 1.4% | 5.6% | 3.8% | 103.1% | 80.8% |
| Return on assets | โ | โ29.5% | โ28.4% | โ116.1% | โ95.4% | 348.4% | โ80.4% | โ51.0% | โ171.0% |
| Growth | |||||||||
| Revenue growth | โ | 77.3% | 31.9% | โ3.9% | โ7.6% | โ37.5% | โ100.0% | 1,177,041.2% | 26.5% |
| Net income growth | โ | โ | โ | โ | โ | โ | โ108.1% | โ | โ |
| Share count change | โ | 15.4% | 5.1% | 213.9% | 10,710.9% | 602.3% | โ100.0% | 749.3% | 20,993.4% |
| Financial health | |||||||||
| Net debt / EBITDA | โ | โ | โ | โ | 10.1x | โ | โ | โ | โ |
| Interest coverage | โ | โ4.6x | โ3.9x | โ11.2x | โ0.3x | โ0.7x | โ15.0x | โ22.6x | โ26.2x |
| Current ratio | โ | 0.2x | 0.4x | 0.1x | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x |
| Quick ratio | โ | 0.2x | 0.4x | 0.1x | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x |
| Capital allocation | |||||||||
| Capex / revenue | 52.4% | 75.8% | 27.7% | 8.2% | 0.0% | โ | โ | โ | โ |
| Stock comp / revenue | 0.1% | 0.3% | 0.7% | 1.3% | 1.5% | 1.5% | 19,935.3% | 0.9% | โ |
| Quality scores | |||||||||
| Piotroski F-score | โ | โ | 4.0 | 4.0 | 4.0 | 5.0 | 3.0 | 4.0 | 2.0 |
| Altman Z'' | โ | โ10.6 | โ10.8 | โ40.4 | โ76.9 | โ165.6 | โ190.3 | โ32.1 | โ372.2 |
| Accruals ratio | โ | โ22.6% | โ23.3% | โ120.3% | โ77.0% | 367.3% | โ35.4% | โ48.8% | โ168.3% |
Source: SEC EDGAR XBRL filings (CIK 0001769256). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. The ADS ratio could not be read from the filing, so market cap and valuation are not shown. For information only โ not investment advice. Check the original filings before relying on any figure.