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Xchg Ltd (XCH) stock

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NASDAQ: XCH Nasdaq Electrical Components & Equipment

E Fundamentals grade

Xchg Ltd is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Xchg Ltd is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: cash-flow, stock-pay or share-count figures missing or out of date. We'll show the comparison once resolved.

Xchg Ltd valuation: adjust assumptions and compare models →

Value diary

Our note on each quarter Xchg files

Where Xchg stands after its latest Filing

Revenue for the twelve months was $25m. That puts it 56 of 57 for growth among the electrical components & equipment companies we cover. Free-cash-flow margin held at -31.1%. The diluted share count is up 117.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 3 financial-health checks.

Our model value for Xchg is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Xchg Ltd's trailing-twelve-month revenue fell 40.5% year on year, with a free-cash-flow margin of -31.1%. Where it stands out: gross margin of 46.2% ranks 5 of 54 electrical components & equipment companies we cover. Where it lags: revenue growth of -40.5% ranks 56 of 57 electrical components & equipment companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -40.5% (-50.1pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 40.5% over the last 12 months.
  • Growth slowing. The growth rate is 50.1 points lower than a quarter earlier.
  • Loss-making. Operating margin is -129.9%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 101.4 points on a year ago.
  • Burning cash. Free cash flow was -31.1% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 83.4% of revenue, against a median of 2.8% for electrical components & equipment companies we cover: a real cost that cash-flow figures leave out.

Price chart

  • 1 day+26.5%
  • 1 week+160.8%
  • 1 month+59.1%
  • This year-77.6%
  • 1 year-83.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$25.1M
Operating margin
-129.9%
Net margin
-129.5%
EPS (TTM, diluted)
$-0.46

Growth

Revenue growth
−40.5%
Change in growth rate
−50.1 pts
Share count change
+117.3%

Cash

Free cash flow (TTM)
-$7.8M
FCF margin
-31.1%
Stock pay % of revenue
83.4%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for XCH from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Xchg Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: cash-flow, stock-pay or share-count figures missing or out of date.

Valuation multiples over time Market data may be delayed

At fiscal year end 20242025
Share price$40.60$22.60
Market value$1.3bn$1.6bn
+ Net debt (− = net cash)−$18m−$5m
Enterprise value$1.3bn$1.6bn
Multiples
Price / sales 31.0x63.0x
Price / earnings ——
Price / free cash flow ——
EV / EBITDA ——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current — — $45m +79%
Next — — $56m +25%

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0.27
at average volume
Short interest, 1 month
+555%
to October 15, 2026
Held by institutions
12%
of shares
Held by insiders
5.2%
of shares
Employees
177
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

Calendar year 20252026 to date
Return
XCH−44%−78%
Industry peers (median)+14%−35%
S&P 500+18%+11%
Months that ended higher
XCH58%36%
S&P 50075%46%
Largest fall from a high during the year
XCH−62%−95%
S&P 500−19%−9%

Worst fall since September 10, 2024: 100% from October 25, 2024 to October 19, 2026. Getting back needed a 32084% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.74 – $32.00
From 52-week high
−84.2%
vs 50-day average
+65.0%
vs 200-day average
−63.3%
Volatility (1 year)
139%
Beta vs S&P 500
-0.43

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Xchg Ltd in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Xchg Ltd
$25M $30M $35M $40M $45M FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY22 Q4: $29.4M Revenue (TTM), FY23 Q4: $38.5M Revenue (TTM), FY24 Q4: $42.2M Revenue (TTM), FY25 Q4: $25.1M $25.1M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY22 Q4 $29.4M
FY23 Q4 $38.5M
FY24 Q4 $42.2M
FY25 Q4 $25.1M
Operating margin (TTM) Xchg Ltd
-150% -100% -50% 0% 50% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY22 Q4: 5.6% Operating margin (TTM), FY23 Q4: -16.9% Operating margin (TTM), FY24 Q4: -28.5% Operating margin (TTM), FY25 Q4: -129.9% -129.9%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY22 Q4 5.6%
FY23 Q4 -16.9%
FY24 Q4 -28.5%
FY25 Q4 -129.9%
FCF margin (TTM) Xchg Ltd
-40% -30% -20% -10% 0% 10% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY22 Q4: 2.4% FCF margin (TTM), FY23 Q4: -15.0% FCF margin (TTM), FY24 Q4: -17.6% FCF margin (TTM), FY25 Q4: -31.1% -31.1%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY22 Q4 2.4%
FY23 Q4 -15.0%
FY24 Q4 -17.6%
FY25 Q4 -31.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 29 39 42 25
Gross profit 11 18 21 12
EBITDA 2 −6 −12 −32
Operating income 2 −7 −12 −33
Net income 2 −8 −12 −33
Growth (year on year)
Revenue — +30.9% +9.6% −40.5%
EBITDA — −452.2% — —
Operating income — −493.8% — —
Net income — −602.1% — —
Margins
Gross margin 36.4% 45.6% 50.3% 46.2%
EBITDA margin 6.1% −16.4% −28.0% −128.8%
Operating margin 5.6% −16.9% −28.5% −129.9%
Net margin 5.5% −21.0% −28.3% −129.5%
Cash flow
Cash from operations 1 −6 −7 −8
Stock-based pay — 7 7 21
Balance sheet
Cash — 16 27 11
Total debt — 18 9 6
Net debt (negative = net cash) — 2 −18 −5
Diluted shares 16m 18m 32m 70m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · December 31, 2025
What it owns · $43m
Short-term assets $37mLonger-term assets $6m
What it owes, and who funded it · $43m
Short-term liabilities $24mLonger-term liabilities $1mShareholders' equity $18m
  • Short-term assets cover short-term liabilities $37m of assets due within a year against $24m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $37m short-term assets against $1m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$33m against $214,888 of interest.

From Xchg Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+117.3%
year over year
R&D spending
28.2%
of revenue
Days sales outstanding
102 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electrical components & equipment
Last 12 months unless stated XCH BEEM RAYA HUHU ENVX CCTG Median
Revenue, last 12 months $25m $27m $23m $21m $36m $17m $154m
Revenue growth, last 12 months −40.5% −20.5% −24.6% 18.1% 34.9% −1.9% 10.6%
Revenue growth, 3-year average — −23.6% — — 213.5% — 9.2%
Revenue growth, latest quarter — 21.0% — — 20.8% — 10.2%
Gross margin 46.2% 10.2% 21.3% 33.1% 18.8% 29.3% 29.3%
Operating margin −129.9% −64.9% −7.2% −79.6% −496.5% −20.0% −17.7%
Operating margin, 3-year average — −53.9% — — −928.2% — −32.6%
Net margin −129.5% −64.6% −6.1% −80.9% −473.9% −27.8% −23.4%
Cash from operations / revenue −30.0% −49.6% −13.9% 13.5% −299.3% −26.1% −6.5%
Free-cash-flow margin −31.1% −48.9% −36.8% 12.8% −346.2% −31.0% −11.0%
Free-cash-flow margin, 3-year average — −26.5% — — −699.0% — −6.8%
Stock pay / revenue 83.4% 4.4% — 85.6% 133.9% — 2.5%
Change in share count 117.3% −99.6% 349.0% 15.0% 7.2% 114.2% 10.0%

Median of all 57 companies we cover in electrical components & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 electrical components & equipment companies
Measure Company Peer median Rank
Revenue growth Growth -40.5% 10.6% 56 of 57
Change in growth rate Growth -50.1pp +0.0pp 52 of 57
Gross margin Profitability 46.2% 29.3% 5 of 54
Operating margin Profitability -129.9% -20.0% 45 of 53
Net margin Profitability -129.5% -23.4% 47 of 57
Free-cash-flow margin Cash generation -31.1% -8.8% 37 of 56
Stock pay as % of revenue Cash generation 83.4% 2.8% 46 of 50
Change in share count Balance sheet 117.3% 10.0% 44 of 46
Days sales outstanding Balance sheet 102 days 72 days 37 of 50

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

13F filings for June 30, 2026
Reported value
$6M
Institutions reporting
8
Shares held vs prior quarter
▲ 896.4%
Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Citadel Advisors LLC $5.4M 6.8M 89.8% ▲ 10037.9%
Notable Capital Management, L.L.C. $511,595 648K 8.5% 0.0%
Morgan Stanley $38,751 49K 0.6% ▲ 11.4%
Geode Capital Management, LLC $23,888 30K 0.4% New
Xtx Topco Ltd $17,262 22K 0.3% New
Smartharvest Portfolios, LLC $11,457 15K 0.2% New
UBS Group AG $6,062 8K 0.1% ▲ 195.2%
Integrated Wealth Concepts LLC $119 0K 0.0% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Xchg Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Xchg Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Xchg Ltd in brief

What does Xchg Ltd do?
Xchg Ltd is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.
What is Xchg Ltd's stock ticker?
Xchg Ltd trades under the ticker XCH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Xchg Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Xchg Ltd reported revenue of $25.1M, 40.5% lower than a year earlier, according to its SEC filings.
What is Xchg Ltd's free cash flow?
Xchg Ltd's free-cash-flow margin is -31.1% of revenue over the trailing twelve months, ranking 37 of the 56 electrical components & equipment companies we cover.
Who are Xchg Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Citadel Advisors LLC, Notable Capital Management, L.L.C. and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Xchg Ltd's market cap?
On December 31, 2025, Xchg Ltd's market capitalisation was about $1.6B and net debt of -$5M. Market figures come from third-party market data and may be delayed.
Who are Xchg Ltd's competitors?
In our Electrical Components & Equipment peer group, the companies closest to Xchg Ltd are Beam Global, Erayak Power Solution Group Inc., Huhutech International Group Inc., Enovix Corp and Ccsc Technology International Holdings Ltd. The side-by-side comparison below sets their revenue, margins and growth against Xchg Ltd's.