Xunlei Ltd
XNET Nasdaq Services-Prepackaged Software Financials FY2016โFY2025
Revenue
Total sales reported in the income statement.
$460M
42.5%
vs prior year
Operating margin
Operating income as a share of revenue.
1.4%
6.3ย pts
Net income
Profit after all expenses, interest and tax.
$1.0B
86,177.0%
Free cash flow
Cash from operations minus capital spending.
$27.1M
18.2%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
0.6%
21.3ย pts
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
On $16.56 EPS (TTM)
What Xunlei Ltd does
No business description yet.
- Legal name
- Xunlei Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท Apr 28, 2026
- Accession ยท CIK
- 0001104659-26-050304
0001510593
Revenue and margins
Xunlei Ltd had $460M of revenue in fiscal 2025, up 42.5% on the year before.
FY16
Revenue $140M
FY17
Revenue $201M
FY18
Revenue $231M
FY19
Revenue $181M
FY20
Revenue $186M
FY21
Revenue $239M
FY22
Revenue $341M
FY23
Revenue $364M
FY24
Revenue $323M
FY25
Revenue $460M
FY16
Gross 43.0%
Operating โ29.6%
Net โ17.2%
FCF 2.3%
FY17
Gross 41.2%
Operating โ27.0%
Net โ18.9%
FCF โ9.7%
FY18
Gross 49.8%
Operating โ19.2%
Net โ17.0%
FCF โ16.1%
FY19
Gross 44.7%
Operating โ31.2%
Net โ29.4%
FCF โ27.0%
FY20
Gross 50.3%
Operating โ10.1%
Net โ7.4%
FCF โ14.7%
FY21
Gross 50.3%
Operating โ1.8%
Net 0.5%
FCF 2.6%
FY22
Gross 41.4%
Operating 2.9%
Net 6.3%
FCF 10.6%
FY23
Gross 44.8%
Operating โ0.4%
Net 3.9%
FCF 6.0%
FY24
Gross 51.9%
Operating โ4.9%
Net 0.4%
FCF 7.1%
FY25
Gross 47.2%
Operating 1.4%
Net 227.7%
FCF 5.9%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income โ$24.1M
FY17
Net income โ$37.8M
FY18
Net income โ$39.3M
FY19
Net income โ$53.2M
FY20
Net income โ$13.8M
FY21
Net income $1.2M
FY22
Net income $21.5M
FY23
Net income $14.2M
FY24
Net income $1.2M
FY25
Net income $1.0B
FY16
Diluted EPS โ$0.35
FY17
Diluted EPS โ$0.55
FY18
Diluted EPS โ$0.60
FY19
Diluted EPS โ$0.79
FY20
Diluted EPS โ$0.21
FY21
Diluted EPS $0.02
FY22
Diluted EPS $0.32
FY23
Diluted EPS $0.22
FY24
Diluted EPS $0.02
FY25
Diluted EPS $16.56
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital โ
Return on equity โ5.9%
Return on assets โ4.7%
FY17
Return on capital โ
Return on equity โ9.5%
Return on assets โ7.3%
FY18
Return on capital โ
Return on equity โ10.8%
Return on assets โ7.9%
FY19
Return on capital โ103.9%
Return on equity โ16.6%
Return on assets โ12.1%
FY20
Return on capital โ26.0%
Return on equity โ4.7%
Return on assets โ3.3%
FY21
Return on capital โ
Return on equity 0.4%
Return on assets 0.3%
FY22
Return on capital โ
Return on equity 7.0%
Return on assets 4.7%
FY23
Return on capital โ1.5%
Return on equity 4.5%
Return on assets 3.1%
FY24
Return on capital โ20.8%
Return on equity 0.4%
Return on assets 0.3%
FY25
Return on capital 0.6%
Return on equity 123.9%
Return on assets 99.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $27.1M in fiscal 2025, 5.9% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $3.2M
FY17
Free cash flow โ$19.5M
FY18
Free cash flow โ$37.0M
FY19
Free cash flow โ$48.7M
FY20
Free cash flow โ$27.5M
FY21
Free cash flow $6.3M
FY22
Free cash flow $36.1M
FY23
Free cash flow $21.7M
FY24
Free cash flow $23.0M
FY25
Free cash flow $27.1M
FY16
Cash from operations $17.0M
Capital spending $13.8M
FY17
Cash from operations โ$14.2M
Capital spending $5.3M
FY18
Cash from operations โ$35.6M
Capital spending $1.4M
FY19
Cash from operations โ$45.6M
Capital spending $3.1M
FY20
Cash from operations โ$13.9M
Capital spending $13.6M
FY21
Cash from operations $19.5M
Capital spending $13.2M
FY22
Cash from operations $51.1M
Capital spending $15.0M
FY23
Cash from operations $25.7M
Capital spending $4.0M
FY24
Cash from operations $31.0M
Capital spending $8.0M
FY25
Cash from operations $32.5M
Capital spending $5.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Xunlei Ltd returned โ to shareholders in fiscal 2025. The diluted share count fell 0.8%.
FY16
Dividends โ
Buybacks โ$0.7M
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
FY16
Diluted shares 0.07B
FY17
Diluted shares 0.07B
FY18
Diluted shares 0.07B
FY19
Diluted shares 0.07B
FY20
Diluted shares 0.07B
FY21
Diluted shares 0.07B
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Xunlei Ltd can carry it.
FY16
Cash $381M
Debt โ
FY17
Cash $372M
Debt โ
FY18
Cash $319M
Debt โ
FY19
Cash $265M
Debt $11.3M
FY20
Cash $255M
Debt $19.9M
FY21
Cash $239M
Debt โ
FY22
Cash $261M
Debt โ
FY23
Cash $272M
Debt $29.4M
FY24
Cash $288M
Debt $29.2M
FY25
Cash $305M
Debt $75.6M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $239M | $261M | $272M | $288M | $305M |
| Debt incl. finance leases | โ | โ | $29.4M | $29.2M | $75.6M |
| Net debt / EBITDA | โ | โ | โ86.2x | โ | โ19.8x |
| Debt / equity | โ | โ | 0.1x | 0.1x | 0.1x |
| Interest coverage | โ45.5x | 108.2x | โ1.1x | โ21.6x | 3.9x |
| Current ratio | 2.5x | 2.6x | 2.6x | 2.9x | 1.9x |
| Quick ratio | 2.4x | 2.6x | 2.5x | 2.9x | 1.9x |
| Total assets | $441M | $463M | $469M | $474M | $1.6B |
| Total liabilities | $139M | $155M | $145M | $156M | $259M |
| Shareholders' equity | $304M | $310M | $325M | $318M | $1.4B |
| Net debt (โ = net cash) | โ | โ | โ$243M | โ$258M | โ$230M |
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 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | 3 / 8 | 4 / 8 | 1 / 8 | 5 / 9 | 7 / 8 | 6 / 8 | 6 / 8 | 7 / 9 | 5 / 9 |
| Accruals ratio | โ8.1% | โ4.5% | โ0.7% | โ1.7% | 0.0% | โ4.3% | โ6.6% | โ2.5% | โ6.3% | 96.5% |
| Altman Z'' | 7.46 | 5.10 | 5.46 | 3.41 | 3.87 | 3.48 | 4.01 | 4.09 | 4.18 | 8.16 |
10 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $140M | $201M | $231M | $181M | $186M | $239M | $341M | $364M | $323M | $460M |
| Gross profit | $60.3M | $82.7M | $115M | $80.8M | $93.7M | $120M | $141M | $163M | $168M | $218M |
| Research and development | $61.2M | $66.9M | $76.8M | $68.6M | $55.5M | $61.9M | $67.7M | $74.2M | $71.6M | $80.0M |
| Operating income | โ$41.5M | โ$54.2M | โ$44.3M | โ$56.4M | โ$18.8M | โ$4.3M | $10.1M | โ$1.6M | โ$15.7M | $6.6M |
| Interest expense | $0.2M | $0.2M | $0.2M | $0.1M | $0.4M | $0.1M | $0.1M | $1.5M | $0.7M | $1.7M |
| Pretax income | โ$33.3M | โ$46.5M | โ$40.9M | โ$48.7M | โ$13.0M | $1.0M | $25.4M | $18.4M | โ$2.4M | $1.0B |
| Income tax | โ$2.5M | โ$2.3M | โ$0.1M | $4.7M | $1.1M | โ$0.1M | $4.1M | $4.1M | โ$3.0M | โ$1.3M |
| Net income | โ$24.1M | โ$37.8M | โ$39.3M | โ$53.2M | โ$13.8M | $1.2M | $21.5M | $14.2M | $1.2M | $1.0B |
| Net income to common | โ$24.1M | โ$37.8M | โ | โ$53.2M | โ$13.8M | $1.2M | $21.5M | $14.2M | $1.2M | $1.0B |
| Diluted EPS | โ$0.35 | โ$0.55 | โ$0.60 | โ$0.79 | โ$0.21 | $0.02 | $0.32 | $0.22 | $0.02 | $16.56 |
| Diluted shares | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B | 0.06B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | $17.0M | โ$14.2M | โ$35.6M | โ$45.6M | โ$13.9M | $19.5M | $51.1M | $25.7M | $31.0M | $32.5M |
| Capital expenditure | $13.8M | $5.3M | $1.4M | $3.1M | $13.6M | $13.2M | $15.0M | $4.0M | $8.0M | $5.3M |
| Free cash flow | $3.2M | โ$19.5M | โ$37.0M | โ$48.7M | โ$27.5M | $6.3M | $36.1M | $21.7M | $23.0M | $27.1M |
| Depreciation and amortization | $6.2M | $7.9M | $5.6M | $5.8M | $9.3M | $6.3M | $2.7M | $4.4M | $4.7M | $5.0M |
| Stock-based compensation | $9.3M | $8.3M | $5.3M | $5.4M | $2.3M | $6.2M | $8.2M | $9.7M | $2.5M | $3.8M |
| Acquisitions | โ | โ | โ | โ | โ | โ | โ | โ | $2.1M | $52.1M |
| Share buybacks | โ$0.7M | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Dividends and buybacks | โ$0.7M | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Balance sheet | ||||||||||
| Cash and short-term investments | $381M | $372M | $319M | $265M | $255M | $239M | $261M | $272M | $288M | $305M |
| Total debt | โ | โ | โ | $11.3M | $19.9M | โ | โ | $29.4M | $29.2M | $75.6M |
| Current assets | $412M | $431M | $363M | $317M | $302M | $294M | $332M | $327M | $363M | $400M |
| Current liabilities | $93.4M | $142M | $108M | $111M | $103M | $120M | $128M | $128M | $127M | $208M |
| Inventory | $0.4M | $3.9M | $12.7M | $5.5M | $1.7M | $1.4M | $0.5M | $2.2M | $1.3M | $0.4M |
| Property and equipment, net | $21.0M | $24.7M | $21.9M | $38.8M | $50.7M | $57.7M | $61.7M | $60.0M | $55.4M | $54.8M |
| Goodwill | $20.5M | $21.8M | $20.7M | $20.4M | $22.6M | $23.1M | $21.2M | $20.8M | โ | $39.2M |
| Intangible assets | $10.7M | $5.5M | $10.0M | $9.4M | $8.9M | $8.3M | $6.5M | $5.7M | $8.3M | $32.7M |
| Total assets | $510M | $533M | $455M | $425M | $416M | $441M | $463M | $469M | $474M | $1.6B |
| Total liabilities | $104M | $151M | $111M | $129M | $125M | $139M | $155M | $145M | $156M | $259M |
| Shareholders' equity | $408M | $385M | $345M | $297M | $292M | $304M | $310M | $325M | $318M | $1.4B |
| Margins | ||||||||||
| Gross margin | 43.0% | 41.2% | 49.8% | 44.7% | 50.3% | 50.3% | 41.4% | 44.8% | 51.9% | 47.2% |
| Operating margin | โ29.6% | โ27.0% | โ19.2% | โ31.2% | โ10.1% | โ1.8% | 2.9% | โ0.4% | โ4.9% | 1.4% |
| EBITDA margin | โ25.2% | โ23.1% | โ16.8% | โ28.0% | โ5.1% | 0.8% | 3.7% | 0.8% | โ3.4% | 2.5% |
| Net margin | โ17.2% | โ18.9% | โ17.0% | โ29.4% | โ7.4% | 0.5% | 6.3% | 3.9% | 0.4% | 227.7% |
| FCF margin | 2.3% | โ9.7% | โ16.1% | โ27.0% | โ14.7% | 2.6% | 10.6% | 6.0% | 7.1% | 5.9% |
| Returns | ||||||||||
| Return on capital | โ | โ | โ | โ103.9% | โ26.0% | โ | โ | โ1.5% | โ20.8% | 0.6% |
| Return on capital employed | โ10.0% | โ13.8% | โ12.8% | โ18.0% | โ6.0% | โ1.3% | 3.0% | โ0.5% | โ4.5% | 0.5% |
| Return on equity | โ5.9% | โ9.5% | โ10.8% | โ16.6% | โ4.7% | 0.4% | 7.0% | 4.5% | 0.4% | 123.9% |
| Return on assets | โ4.7% | โ7.3% | โ7.9% | โ12.1% | โ3.3% | 0.3% | 4.7% | 3.1% | 0.3% | 99.6% |
| Return on tangible equity | โ6.4% | โ10.6% | โ12.5% | โ19.9% | โ5.3% | 0.4% | 7.6% | 4.8% | 0.4% | 80.5% |
| Growth | ||||||||||
| Revenue growth | โ | 43.1% | 15.0% | โ21.7% | 3.2% | 28.1% | 43.0% | 6.5% | โ11.2% | 42.5% |
| Net income growth | โ | โ | โ | โ | โ | โ | 1,702.1% | โ33.7% | โ91.5% | 86,177.0% |
| EPS growth | โ | โ | โ | โ | โ | โ | 1,722.9% | โ31.8% | โ91.3% | 87,071.1% |
| FCF growth | โ | โ707.8% | โ | โ | โ | โ | 475.7% | โ39.9% | 5.6% | 18.2% |
| Share count change | โ | โ0.7% | 1.0% | 0.9% | โ0.1% | โ0.4% | 0.1% | โ2.8% | โ2.4% | โ0.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | โ | โ | โ | โ | โ | โ | โ | โ86.2x | โ | โ19.8x |
| Debt / equity | โ | โ | โ | 0.0x | 0.1x | โ | โ | 0.1x | 0.1x | 0.1x |
| Interest coverage | โ173.6x | โ226.8x | โ185.5x | โ752.3x | โ46.3x | โ45.5x | 108.2x | โ1.1x | โ21.6x | 3.9x |
| Current ratio | 4.4x | 3.0x | 3.4x | 2.8x | 2.9x | 2.5x | 2.6x | 2.6x | 2.9x | 1.9x |
| Quick ratio | 4.4x | 3.0x | 3.2x | 2.8x | 2.9x | 2.4x | 2.6x | 2.5x | 2.9x | 1.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 9.8% | 2.7% | 0.6% | 1.7% | 7.3% | 5.5% | 4.4% | 1.1% | 2.5% | 1.2% |
| Stock comp / revenue | 6.7% | 4.2% | 2.3% | 3.0% | 1.2% | 2.6% | 2.4% | 2.7% | 0.8% | 0.8% |
| Payouts / FCF | โ22.2% | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Quality scores | ||||||||||
| Piotroski F-score | โ | 3.0 | 4.0 | 1.0 | 5.0 | 7.0 | 6.0 | 6.0 | 7.0 | 5.0 |
| Altman Z'' | 7.5 | 5.1 | 5.5 | 3.4 | 3.9 | 3.5 | 4.0 | 4.1 | 4.2 | 8.2 |
| Accruals ratio | โ8.1% | โ4.5% | โ0.7% | โ1.7% | 0.0% | โ4.3% | โ6.6% | โ2.5% | โ6.3% | 96.5% |
Source: SEC EDGAR XBRL filings (CIK 0001510593). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Per-share figures are per US-listed share (1 ADS = 5 ordinary shares). For information only โ not investment advice. Check the original filings before relying on any figure.