Xchg Ltd key statistics and ratios

In fiscal 2025, Xchg Ltd had return on equity of -137.2%, an operating margin of -129.9%, debt equal to 35.8% of equity and a current ratio of 1.58. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Xchg Ltd: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	36.4%	45.6%	50.3%	46.2%
Operating margin	5.6%	−16.9%	−28.5%	−129.9%
Net margin	5.5%	−21.0%	−28.3%	−129.5%
Return on equity	—	—	—	−137.2%
Return on assets	—	−19.7%	−24.3%	−65.1%
Asset turnover	—	0.94	0.86	0.50
Current ratio	—	1.29	2.08	1.58
Debt to equity	—	—	29.9%	35.8%
Interest cover (operating income ÷ interest)	24.7x	n/m	n/m	n/m
Effective tax rate	−0.7%	—	—	—
R&D as % of revenue	9.6%	10.5%	28.8%	28.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Xchg Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Xchg Ltd.