Xunlei Limited (XNET) Key Metrics
XNET valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $268.3M
- Enterprise value
- $412.8M
- P/E (TTM)
- —
- Forward P/E
- 49.0
- PEG ratio
- 2.58
- Price / sales
- 0.5
- Price / book
- 0.6
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.04
XNET key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsXNET valuation Price multiples at each fiscal year-end price.
XNET returns How much profit the business earns on the capital it uses.
XNET per-share figures Results divided by the shares outstanding at year-end.
XNET financial health Debt, liquidity and how easily interest is covered.
XNET efficiency & capital use Working capital cycle and where the cash goes.
XNET valuation history
XNET returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
XNET debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
XNET cash returned to shareholders
XNET price vs earnings per share
XNET key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.18B | $622.4M | — | — | — | — | — | — | — | — |
| Enterprise value | $1.95B | $364.5M | — | — | — | — | — | — | — | — |
| P/E ratio | 2.1 | 512.3 | — | — | — | — | — | — | — | — |
| Price / sales | 4.7 | 1.9 | — | — | — | — | — | — | — | — |
| Price / book | 1.6 | 2.0 | — | — | — | — | — | — | — | — |
| Price / free cash flow | 81.7 | 27.5 | — | — | — | — | — | — | — | — |
| Price / operating cash flow | 67.1 | 20.1 | — | — | — | — | — | — | — | — |
| EV / sales | 4.2 | 1.1 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 1.8 | 68.8 | — | — | — | — | — | — | — | — |
| EV / free cash flow | 73.1 | 16.1 | — | — | — | — | — | — | — | — |
| Earnings yield | 48.2% | 0.2% | — | — | — | — | — | — | — | — |
| Free cash flow yield | 1.2% | 3.6% | — | — | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 1.2% | — | — | — | — | — | — | — | — |
| Share price at fiscal year-end | $7.09 | $1.99 | $1.62 | $1.82 | $2.01 | $2.89 | $4.90 | $3.40 | $15.39 | $3.86 |
| Per share | ||||||||||
| Revenue per share | $1.50 | $1.03 | — | — | — | — | — | — | — | — |
| Earnings per share | $3.42 | $0.00 | — | — | — | — | — | — | — | — |
| Operating cash flow per share | $0.11 | $0.10 | — | — | — | — | — | — | — | — |
| Free cash flow per share | $0.09 | $0.07 | — | — | — | — | — | — | — | — |
| Cash per share | $0.99 | $0.92 | — | — | — | — | — | — | — | — |
| Book value per share | $4.47 | $1.02 | — | — | — | — | — | — | — | — |
| Tangible book value per share | $4.23 | $0.99 | — | — | — | — | — | — | — | — |
| Capex per share | $0.02 | $0.03 | — | — | — | — | — | — | — | — |
| Debt per share | $0.25 | $0.09 | — | — | — | — | — | — | — | — |
| Shares outstanding | 307.4M | 312.8M | — | — | — | — | — | — | — | — |
| Change in shares outstanding | −1.7% | — | — | — | — | — | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 124.3% | 0.4% | 4.5% | 7.0% | 0.4% | −4.7% | −16.6% | −10.8% | −9.6% | −5.7% |
| Return on invested capital (ROIC) | 1.1% | −18.5% | −1.6% | 10.5% | −6.2% | −27.6% | −70.3% | −46.4% | −63.3% | −50.9% |
| Return on assets (ROA) | 99.8% | 0.3% | 3.1% | 4.7% | 0.3% | −3.3% | −12.1% | −7.9% | −7.3% | −4.6% |
| Return on tangible assets | 67.4% | 0.3% | 3.2% | 4.9% | 0.3% | −3.6% | −13.5% | −9.2% | −7.5% | −5.0% |
| Free cash flow margin | 5.8% | 7.0% | 5.8% | 10.6% | 2.6% | −14.8% | −33.6% | −18.1% | −11.8% | 2.0% |
| Income quality (OCF / net income) | 0.03 | 25.49 | 1.81 | 2.38 | 16.36 | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $77.4M | $29.6M | $22.9M | $32.4M | $20.2M | $21.9M | $20.1M | $51.8M | $63.9M | $36.0M |
| Cash & short-term investments | $305.2M | $287.5M | $271.9M | $262.3M | $239.0M | $255.1M | $265.3M | $319.5M | $372.4M | $381.5M |
| Net debt | −$227.8M | −$257.9M | −$248.9M | −$230.0M | −$218.8M | −$233.2M | −$245.2M | −$267.7M | −$308.5M | −$345.4M |
| Debt / equity | 0.06 | 0.09 | 0.07 | 0.10 | 0.07 | 0.08 | 0.07 | 0.15 | 0.17 | 0.09 |
| Debt / assets | 0.05 | 0.06 | 0.05 | 0.07 | 0.05 | 0.05 | 0.05 | 0.11 | 0.12 | 0.07 |
| Net debt / EBITDA | −0.21 | −48.67 | −9.58 | −7.84 | −20.92 | −146.36 | — | — | — | — |
| Current ratio | 1.92 | 2.86 | 2.56 | 2.59 | 2.45 | 2.93 | 2.84 | 3.36 | 3.04 | 4.41 |
| Quick ratio | 1.92 | 2.85 | 2.54 | 2.59 | 2.44 | 2.91 | 2.80 | 3.24 | 3.01 | 4.41 |
| Interest coverage | 3.9 | -21.6 | -1.1 | 108.2 | -45.5 | -46.3 | -752.3 | -185.5 | -226.8 | -140.0 |
| Working capital | $191.2M | $236.3M | $199.3M | $203.9M | $174.1M | $199.0M | $205.3M | $254.9M | $289.1M | $318.9M |
| Invested capital | $1.15B | $59.9M | $74.5M | $78.5M | $82.9M | $57.2M | $50.4M | $76.5M | $74.4M | $60.8M |
| Tangible asset value | $1.30B | $309.5M | $296.9M | $280.7M | $270.3M | $258.9M | $265.7M | $313.5M | $355.6M | $375.0M |
| Net current asset value | $140.3M | $206.9M | $182.2M | $177.3M | $155.0M | $177.1M | $187.4M | $251.6M | $280.2M | $308.7M |
| Graham number | $18.54 | $0.30 | — | — | — | — | — | — | — | — |
| Graham net-net per share | $0.35 | $0.58 | — | — | — | — | — | — | — | — |
| Capital allocation | ||||||||||
| Share buybacks (net) | $951,000 | $7.7M | $4.7M | $6.7M | $0 | $4.5M | $0 | $0 | $358,000 | $14.3M |
| Dividends + buybacks / free cash flow | 3.6% | 34.0% | 22.1% | 18.7% | 0.0% | — | — | — | — | 462.9% |
| Capex / revenue | 1.3% | 2.6% | 1.2% | 4.4% | 5.6% | 7.3% | 8.4% | 2.7% | 4.7% | 8.9% |
| Capex / operating cash flow | 17.8% | 26.9% | 17.5% | 29.3% | 68.2% | — | — | — | — | 81.8% |
| Capex / depreciation | 0.61 | 1.20 | 0.74 | 3.93 | 1.42 | 0.96 | 1.19 | 0.91 | 0.94 | 1.65 |
| Stock-based compensation / revenue | 0.8% | 0.8% | 2.7% | 2.4% | 2.6% | 1.2% | 3.0% | 2.3% | 4.2% | 6.0% |
| R&D / revenue | 17.3% | 22.1% | 20.4% | 19.8% | 25.9% | 29.8% | 38.0% | 33.3% | 33.4% | 41.2% |
| SG&A / revenue | 28.4% | 28.1% | 24.8% | 18.9% | 25.7% | 27.9% | 39.2% | 33.0% | 28.1% | 28.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 58.2 | 61.5 | 43.1 | 45.2 | 59.1 | 63.7 | 54.0 | 60.6 | 69.0 | 49.8 |
| Days of inventory on hand | 1.2 | 4.1 | 2.4 | 1.7 | 4.8 | 14.3 | 33.3 | 26.1 | 6.6 | 1.9 |
| Days payables outstanding | 48.7 | 55.6 | 45.4 | 47.3 | 72.4 | 88.4 | 85.6 | 114.3 | 128.8 | 125.2 |
| Cash conversion cycle (days) | 10.8 | 10.0 | 0.2 | -0.5 | -8.5 | -10.4 | 1.7 | -27.6 | -53.2 | -73.5 |
| Receivables turnover | 6.27 | 5.93 | 8.46 | 8.08 | 6.17 | 5.73 | 6.76 | 6.02 | 5.29 | 7.33 |
| Payables turnover | 7.50 | 6.56 | 8.05 | 7.72 | 5.04 | 4.13 | 4.27 | 3.19 | 2.83 | 2.91 |
| Inventory turnover | 293.76 | 89.56 | 149.96 | 219.84 | 76.79 | 25.51 | 10.98 | 13.98 | 55.43 | 188.10 |
| Asset turnover | 0.44 | 0.69 | 0.78 | 0.76 | 0.56 | 0.44 | 0.41 | 0.47 | 0.38 | 0.30 |
| Average receivables | $73.6M | $54.5M | $43.0M | $42.3M | $38.7M | $32.5M | $26.7M | $38.3M | $37.9M | $21.3M |
| Average payables | $32.5M | $23.7M | $24.9M | $25.9M | $23.5M | $22.4M | $23.4M | $36.2M | $41.6M | $27.6M |
| Average inventory | $829,000 | $1.7M | $1.3M | $910,000 | $1.5M | $3.6M | $9.1M | $8.3M | $2.1M | $427,000 |
| Intangibles / total assets | 4.4% | 1.8% | 5.7% | 6.0% | 7.1% | 7.6% | 7.0% | 6.7% | 5.1% | 6.1% |
Computed from XNET's annual financial statements (latest annual report filed April 28, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
XNET valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Xunlei traded at 2.1 times earnings. Xunlei earned a return on equity of 124.3% and a return on invested capital of 1.1% in fiscal 2025. It ended the year with $77.4 million of debt and $305.2 million in cash and short-term investments, a net cash position of $227.8 million. It returned $1.0 million to shareholders: $0 in dividends and $1.0 million in share buybacks, 4% of free cash flow.
See the XNET income statement, the XNET chart for price history, or the XNET stock overview for the latest quote and news.
XNET key metrics FAQ
What is Xunlei's P/E ratio?
Xunlei traded at 2.1 times earnings at the end of fiscal 2025.
What is Xunlei's EV/EBITDA?
Xunlei's enterprise value was 1.8 times EBITDA at the end of fiscal 2025 (enterprise value $2.0 billion, EBITDA $1.1 billion).
What is Xunlei's return on equity?
Xunlei's return on equity (ROE) was 124.3% in fiscal 2025: net income of $1.1 billion on average shareholders' equity of $845.6 million. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is Xunlei's ROIC?
Xunlei's return on invested capital was 1.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Xunlei have?
Xunlei had total debt of $77.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.06 and more cash than debt.
Does Xunlei buy back its shares?
Yes. Xunlei spent $1.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.7% over the year, to 307.4M..
What is Xunlei's free cash flow yield?
Xunlei generated $26.7 million of free cash flow in fiscal 2025, a free cash flow yield of 1.2% on its market value at year-end ($2.2 billion).
What is Xunlei's current ratio?
Xunlei's current ratio was 1.92 at the end of fiscal 2025: current assets were 1.92 times current liabilities.