Xunlei Ltd ADR Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $462.4M+42.5% YoYTTM through 31 Dec 2025
Net Income $1B+86,177.0% YoYTTM through 31 Dec 2025
Free Cash Flow $27.1MTTM through 31 Dec 2025
Margins
| Current | |
|---|---|
| Gross Margin | 47.0% |
| EBITDA Margin | 3.3% |
| Operating Margin | 5.1% |
| Net Margin | 226.7% |
Returns
124.0%ROE
0.5%ROA
83.3%ROIC
Balance Sheet Health
Debt / Equity0.06x
Current Ratio1.92x
Net Debt-$227.8Mnet cash position
Cash & Equivalents$157M
Quality Metrics
Altman Z-Score1.96
Piotroski F-Score5 / 9
FCF Margin5.9%
Multi-Year Trend
RevenueFY2025: $460.4M
Diluted EPS$3.31TTMFY2025: $3.31
Dividend
No dividend
Capital Allocation
R&D Spend$80M
Capex Intensity1.2%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Subscription | $154.8M | +15.8% | View detailsExpected to remain a stable anchor with continued focus on user retention and premium features. |
| Live-streaming and other IVAS | $170.2M | +97.5% | View detailsRemains a key growth engine despite carrying lower gross margins compared to subscription services. |
| Cloud computing | $137.4M | +31.4% | View detailsClassified as discontinued operations following the strategic restructuring to focus on consumer-facing businesses. |
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