XChange TEC.INC (XHG) Key Metrics
XHG key metrics, FY2017–FY2025
Fiscal year ended September 30, 2025 · Chinese yuanXHG returns How much profit the business earns on the capital it uses.
Return on assets+52.1 pts
−0.2%
FY2025 · hover or tap a bar for each year
FY2017FY2025
Free cash flow margin+21.2 pts
−3.2%
FY2025 · hover or tap a bar for each year
FY2017FY2025
Asset turnover−99.1%
0.00
FY2025 · hover or tap a bar for each year
FY2017FY2025
XHG financial health Debt, liquidity and how easily interest is covered.
Net debt−CN¥402.2M
CN¥688.3M
FY2025 · hover or tap a bar for each year
FY2017FY2025
Current ratio−16.9%
0.04
FY2025 · hover or tap a bar for each year
FY2017FY2025
Interest coverage
-0.0
FY2025 · hover or tap a bar for each year
FY2017FY2025
Debt / assets+618.8%
10.11
FY2025 · hover or tap a bar for each year
FY2017FY2025
XHG efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+29,678 days
29,844 days
FY2025 · hover or tap a bar for each year
FY2017FY2025
Days payables outstanding+33,768 days
33,945 days
FY2025 · hover or tap a bar for each year
FY2017FY2025
Cash conversion cycle−4,089 days
-4,102 days
FY2025 · hover or tap a bar for each year
FY2017FY2025
Capex / revenue−23.3 pts
0.0%
FY2025 · hover or tap a bar for each year
FY2017FY2025
XHG returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
XHG debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
XHG cash returned to shareholders
DividendsBuybacksFree cash flow
XHG key metrics in Chinese yuan
FY2017–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | |||||||||
| Return on assets (ROA) | −0.2% | −52.2% | −78.7% | 346.6% | −91.9% | −112.2% | −28.8% | −36.0% | −21.1% |
| Return on tangible assets | −1.6% | — | −83.3% | 999.2% | −250.6% | −240.5% | −28.9% | −29.7% | −21.4% |
| Free cash flow margin | −3.2% | −24.4% | — | −6.6% | −10.6% | −3.6% | −34.8% | −88.5% | −60.9% |
| Income quality (OCF / net income) | — | — | — | −0.05 | — | — | — | — | — |
| Financial health | |||||||||
| Total debt | CN¥701.1M | CN¥1.10B | CN¥44.4M | CN¥6.5M | CN¥1.09B | CN¥1.49B | CN¥129.7M | CN¥100.2M | CN¥156.3M |
| Cash & short-term investments | CN¥12.8M | CN¥10.1M | CN¥360,000 | CN¥563,000 | CN¥16.3M | CN¥22.9M | CN¥159.8M | CN¥103.8M | CN¥365.1M |
| Net debt | CN¥688.3M | CN¥1.09B | CN¥44.1M | CN¥6.0M | CN¥1.08B | CN¥1.47B | −CN¥30.1M | −CN¥3.6M | −CN¥208.9M |
| Debt / assets | 10.11 | 1.41 | 0.52 | 0.07 | 2.89 | 1.75 | 0.07 | 0.06 | 0.14 |
| Current ratio | 0.04 | 0.05 | 0.12 | 0.11 | 0.08 | 0.10 | 10.22 | 1.39 | 5.21 |
| Quick ratio | 0.04 | 0.05 | 0.12 | 0.06 | 0.08 | −0.00 | 10.22 | 1.39 | 5.21 |
| Interest coverage | -0.0 | -3.7 | -106.1 | -4.6 | -1.3 | -1.3 | -3.8 | -3.2 | -2.9 |
| Working capital | −CN¥909.3M | −CN¥1.27B | −CN¥643.4M | −CN¥597.2M | −CN¥2.17B | −CN¥1.76B | CN¥144.2M | CN¥28.9M | CN¥295.0M |
| Invested capital | −CN¥191.8M | CN¥533.9M | −CN¥599.4M | −CN¥566.9M | −CN¥1.41B | −CN¥529.3M | −CN¥841.0M | −CN¥782.7M | −CN¥634.8M |
| Tangible asset value | −CN¥904.1M | −CN¥1.37B | −CN¥643.4M | −CN¥586.3M | −CN¥2.64B | −CN¥2.23B | −CN¥822.8M | −CN¥791.4M | −CN¥439.0M |
| Net current asset value | −CN¥909.7M | −CN¥1.27B | −CN¥643.4M | −CN¥597.2M | −CN¥2.69B | −CN¥2.64B | −CN¥2.45B | −CN¥2.46B | −CN¥1.19B |
| Capital allocation | |||||||||
| Share buybacks (net) | — | — | — | CN¥0 | CN¥0 | CN¥241.3M | — | — | — |
| Capex / revenue | 0.0% | 23.3% | — | 0.0% | 0.0% | 8.1% | 27.6% | 75.4% | 52.6% |
| Capex / operating cash flow | — | — | — | — | — | 180.8% | — | — | — |
| Capex / depreciation | 0.00 | 35.68 | 0.00 | 0.00 | 0.00 | 0.38 | 1.59 | 4.44 | 2.70 |
| Stock-based compensation / revenue | 0.0% | 6.3% | — | 1.5% | 1.5% | 1.4% | 0.6% | 0.2% | 0.2% |
| R&D / revenue | — | 0.1% | — | 0.0% | 0.0% | 2.1% | 3.7% | 5.5% | 8.7% |
| SG&A / revenue | 11.6% | 40.2% | — | 4.5% | 2.7% | 8.7% | 12.1% | 12.8% | 14.1% |
| Efficiency | |||||||||
| Days sales outstanding | 29,843.7 | 165.4 | — | 45.1 | 39.8 | 15.5 | 3.1 | 5.6 | 5.9 |
| Days of inventory on hand | — | — | — | 17.6 | — | 51.9 | — | — | — |
| Days payables outstanding | 33,945.3 | 177.6 | — | 41.0 | 109.6 | 75.3 | — | — | — |
| Cash conversion cycle (days) | -4,101.6 | -12.1 | — | 21.6 | -69.9 | -7.8 | — | — | — |
| Receivables turnover | 0.01 | 2.21 | 0.00 | 8.10 | 9.18 | 23.50 | 117.24 | 65.18 | 61.51 |
| Payables turnover | 0.01 | 2.06 | — | 8.90 | 3.33 | 4.85 | — | — | — |
| Inventory turnover | — | — | — | 20.72 | — | 7.03 | — | — | — |
| Asset turnover | 0.00 | 0.09 | 0.00 | 2.76 | 1.67 | 0.90 | 0.72 | 0.64 | 0.45 |
| Average receivables | CN¥29.9M | CN¥18.1M | CN¥18.4M | CN¥80.5M | CN¥111.9M | CN¥50.5M | CN¥10.9M | CN¥14.4M | CN¥8.3M |
| Average payables | CN¥33.2M | CN¥18.6M | −CN¥80.1M | CN¥79.9M | CN¥307.4M | CN¥294.5M | — | — | — |
| Average inventory | — | — | — | CN¥34.3M | — | CN¥203.0M | — | — | — |
| Intangibles / total assets | 34.5% | 103.5% | 0.0% | 14.1% | 40.4% | 27.3% | 0.7% | 0.7% | 1.1% |
Computed from XHG's annual financial statements (latest annual report filed January 14, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
XHG valuation and financial ratios
It ended the year with CN¥701.1 million of debt and CN¥12.8 million in cash and short-term investments, net debt of CN¥688.3 million.
See the XHG income statement, the XHG chart for price history, or the XHG stock overview for the latest quote and news.
XHG key metrics FAQ
How much debt does XChange TEC.INC have?
XChange TEC.INC had total debt of CN¥701.1 million at the end of fiscal 2025.
What is XChange TEC.INC's current ratio?
XChange TEC.INC's current ratio was 0.04 at the end of fiscal 2025: current assets were 0.04 times current liabilities.