XChange TEC.INC
XHG Nasdaq· Insurance Agents, Brokers & Service
KIRA · Stoqly’s AI analyst, in plain words
- XChange TEC.INC had $50.6M of revenue in fiscal 2025, up 26.5% on the year before. Over five years, revenue changed −21.7% a year on average.
- Its operating margin was −197.2%, up 7.0 pts: of every 100 in sales, about −197 is left after running the business.
- XChange TEC.INC lost $104M in fiscal 2025.
- XChange TEC.INC owes $2.8M more than it holds in cash.
Market cap
—
P/E
—
Revenue
$50.6M
Net income
−$104M
Free cash flow
—
Operating margin
−197.2%
XChange TEC.INC in 30 seconds · fiscal 2025
Are sales growing?
+26.5%
Yes. Sales grew 26.5% last year.
Does it make a profit?
−204.9%
No. It lost money last year.
How healthy are the accounts?
2 / 9
Weak. It passes 2 of 9 health tests.
What XChange TEC.INC does
No business description yet.
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 20-F · Jan 14, 2026
- Legal name
- XChange TEC.INC
- CIK
- 0001769256
XChange TEC.INC · XHG
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $159M | $99.6M | $0.0M | $40.0M | $50.6M |
| Revenue growth | −7.6% | −37.5% | −100.0% | 1,177,041.2% | 26.5% |
| Net interest income | −$3.7M | −$3.8M | $0.0M | — | — |
| Gross margin | 8.4% | −9.0% | — | 4.7% | 2.2% |
| Operating margin | −2.6% | −4.5% | −98,126.5% | −204.2% | −197.2% |
| Net income | −$87.5M | $125M | −$10.1M | −$31.5M | −$104M |
| Net margin | −54.9% | 125.7% | −297,302.9% | −78.7% | −204.9% |
| Diluted EPS | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Cash | |||||
| Cash from operations | −$16.9M | −$6.8M | −$5.7M | −$1.4M | −$1.6M |
| Capital expenditure | $0.0M | — | — | — | — |
| Free cash flow | −$16.9M | — | — | — | — |
| FCF margin | −10.6% | — | — | — | — |
| Share count change | 10,710.9% | 602.3% | −100.0% | 749.3% | 20,993.4% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | −$386M | −$80.5M | −$88.1M | −$79.4M | −$124M |
| Net debt / EBITDA | 10.1x | — | — | — | — |
| Current ratio | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x |
| Interest coverage | −0.3x | −0.7x | −15.0x | −22.6x | −26.2x |
| Returns and quality | |||||
| Piotroski F-score | 4 | 5 | 3 | 4 | 2 |
| Altman Z'' | −76.9 | −165.6 | −190.3 | −32.1 | −372.2 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
XChange TEC.INC · XHG
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Source: SEC EDGAR XBRL filings (CIK 0001769256). Data updated October 24, 2026. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.