XNET Nasdaq Services-Prepackaged Software Financials FY2016βFY2025
Xunlei Ltd had $460M of revenue in fiscal 2025, up 42.5% on the year before. Over five years, revenue changed +19.8% a year on average.
Hi! I read Xunlei Ltdβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+42.5%
Yes. Sales grew 42.5% last year.
Does it make a profit?
227.7%
Yes. It keeps 227.7% of every sale as profit.
Does profit turn into cash?
5.9%
Partly. 5.9% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Xunlei Ltd did it, and the next one. Share prices often move a lot on those days.
Next results
November 12, 2026
Thursday Β· in 18 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Apr 28, 2026 | Period ended Dec 31, 2025 | After the market closes | 20-F β |
| Apr 24, 2025 | Period ended Dec 31, 2024 | After the market closes | 20-F β |
| Apr 23, 2024 | Period ended Dec 31, 2023 | After the market closes | 20-F β |
| Apr 26, 2023 | Period ended Dec 31, 2022 | Before the market opens | 20-F β |
| Apr 28, 2022 | Period ended Dec 31, 2021 | After the market closes | 20-F β |
| Apr 26, 2021 | Period ended Dec 31, 2020 | After the market closes | 20-F β |
| Apr 28, 2020 | Period ended Dec 31, 2019 | After the market closes | 20-F β |
| Apr 29, 2019 | Period ended Dec 31, 2018 | After the market closes | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Xunlei Ltd had $460M of revenue in fiscal 2025, up 42.5% on the year before. Over five years, revenue changed +19.8% a year on average. Its operating margin was 1.4%, up 6.3Β pts: of every 100 in sales, about 1 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· Xunlei Ltd made $1.0B of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $27.1M in fiscal 2025, 5.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Xunlei Ltd has $230M more cash than debt.
Cash, debt and the ratios that show how comfortably Xunlei Ltd can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $239M | $261M | $272M | $288M | $305M |
| Debt incl. finance leases | β | β | $29.4M | $29.2M | $75.6M |
| Net debt / EBITDA | β | β | β86.2x | β | β19.8x |
| Debt / equity | β | β | 0.1x | 0.1x | 0.1x |
| Interest coverage | β45.5x | 108.2x | β1.1x | β21.6x | 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 (β = net cash) | β | β | β$243M | β$258M | β$230M |
KIRA Β· Its return on capital was 0.6%: every 100 invested in the business earned about 1 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Xunlei Ltd passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 4 / 8 | 1 / 8 | 5 / 9 | 7 / 8 | 6 / 8 | 6 / 8 | 7 / 9 | 5 / 9 |
| Accruals ratio | β8.1% | β4.5% | β0.7% | β1.7% | 0.0% | β4.3% | β6.6% | β2.5% | β6.3% | 96.5% |
| Altman Z'' | 7.46 | 5.10 | 5.46 | 3.41 | 3.87 | 3.48 | 4.01 | 4.09 | 4.18 | 8.16 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$41.5M | β$54.2M | β$44.3M | β$56.4M | β$18.8M | β$4.3M | $10.1M | β$1.6M | β$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 | β$33.3M | β$46.5M | β$40.9M | β$48.7M | β$13.0M | $1.0M | $25.4M | $18.4M | β$2.4M | $1.0B |
| Income tax | β$2.5M | β$2.3M | β$0.1M | $4.7M | $1.1M | β$0.1M | $4.1M | $4.1M | β$3.0M | β$1.3M |
| Net income | β$24.1M | β$37.8M | β$39.3M | β$53.2M | β$13.8M | $1.2M | $21.5M | $14.2M | $1.2M | $1.0B |
| Net income to common | β$24.1M | β$37.8M | β | β$53.2M | β$13.8M | $1.2M | $21.5M | $14.2M | $1.2M | $1.0B |
| Diluted EPS | β$0.35 | β$0.55 | β$0.60 | β$0.79 | β$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 | β$14.2M | β$35.6M | β$45.6M | β$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 | β$19.5M | β$37.0M | β$48.7M | β$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 | β | β | β | β | β | β | β | β | $2.1M | $52.1M |
| Share buybacks | β$0.7M | β | β | β | β | β | β | β | β | β |
| Dividends and buybacks | β$0.7M | β | β | β | β | β | β | β | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $381M | $372M | $319M | $265M | $255M | $239M | $261M | $272M | $288M | $305M |
| Total debt | β | β | β | $11.3M | $19.9M | β | β | $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 | β | $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 | β29.6% | β27.0% | β19.2% | β31.2% | β10.1% | β1.8% | 2.9% | β0.4% | β4.9% | 1.4% |
| EBITDA margin | β25.2% | β23.1% | β16.8% | β28.0% | β5.1% | 0.8% | 3.7% | 0.8% | β3.4% | 2.5% |
| Net margin | β17.2% | β18.9% | β17.0% | β29.4% | β7.4% | 0.5% | 6.3% | 3.9% | 0.4% | 227.7% |
| FCF margin | 2.3% | β9.7% | β16.1% | β27.0% | β14.7% | 2.6% | 10.6% | 6.0% | 7.1% | 5.9% |
| Returns | ||||||||||
| Return on capital | β | β | β | β103.9% | β26.0% | β | β | β1.5% | β20.8% | 0.6% |
| Return on capital employed | β10.0% | β13.8% | β12.8% | β18.0% | β6.0% | β1.3% | 3.0% | β0.5% | β4.5% | 0.5% |
| Return on equity | β5.9% | β9.5% | β10.8% | β16.6% | β4.7% | 0.4% | 7.0% | 4.5% | 0.4% | 123.9% |
| Return on assets | β4.7% | β7.3% | β7.9% | β12.1% | β3.3% | 0.3% | 4.7% | 3.1% | 0.3% | 99.6% |
| Return on tangible equity | β6.4% | β10.6% | β12.5% | β19.9% | β5.3% | 0.4% | 7.6% | 4.8% | 0.4% | 80.5% |
| Growth | ||||||||||
| Revenue growth | β | 43.1% | 15.0% | β21.7% | 3.2% | 28.1% | 43.0% | 6.5% | β11.2% | 42.5% |
| Net income growth | β | β | β | β | β | β | 1,702.1% | β33.7% | β91.5% | 86,177.0% |
| EPS growth | β | β | β | β | β | β | 1,722.9% | β31.8% | β91.3% | 87,071.1% |
| FCF growth | β | β707.8% | β | β | β | β | 475.7% | β39.9% | 5.6% | 18.2% |
| Share count change | β | β0.7% | 1.0% | 0.9% | β0.1% | β0.4% | 0.1% | β2.8% | β2.4% | β0.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β | β | β86.2x | β | β19.8x |
| Debt / equity | β | β | β | 0.0x | 0.1x | β | β | 0.1x | 0.1x | 0.1x |
| Interest coverage | β173.6x | β226.8x | β185.5x | β752.3x | β46.3x | β45.5x | 108.2x | β1.1x | β21.6x | 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 | β22.2% | β | β | β | β | β | β | β | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 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 | β8.1% | β4.5% | β0.7% | β1.7% | 0.0% | β4.3% | β6.6% | β2.5% | β6.3% | 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 β not investment advice. Check the original filings before relying on any figure.
