Xchange Tec.inc is a US-listed company in the insurance brokers industry. Its financial year ends in September.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $51m, up 26.5% on a year earlier, against a decline of 37.4% a quarter earlier. That growth ranks 3 of 17 among the insurance brokers companies we cover. The diluted share count is up 20993.4% on a year earlier, which dilutes existing holders.
Our models give no value for Xchange Tec.inc at present, so past values are not shown.
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.
Xchange Tec.inc's trailing-twelve-month revenue grew 26.5% year on year, with a free-cash-flow margin of -3.2%. Where it stands out: change in growth rate of +64.0pp ranks 1 of 17 insurance brokers companies we cover. Where it lags: operating margin of -197.2% ranks 14 of 14 insurance brokers companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 19.6% while net income fell 229.6%: a 210pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for XHG from the sources we follow. See filings →
No model value for Xchange Tec.inc at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
We value Xchange Tec.inc as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.56 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: book value or earnings not available |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | — | Does not apply: no positive book value in the latest twelve months |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Xchange Tec.inc with insurance brokers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.
No analyst estimates are published for Xchange Tec.inc: too few analysts cover it.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY17 Q4 | $76.8M |
| FY18 Q4 | $136.3M |
| FY19 Q4 | $179.5M |
| FY20 Q4 | $172.5M |
| FY21 Q4 | $159.3M |
| FY22 Q4 | $99.7M |
| FY24 Q4 | $40M |
| FY25 Q4 | $50.6M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY18 Q4 | 77.5% |
| FY19 Q4 | 31.7% |
| FY20 Q4 | -3.9% |
| FY21 Q4 | -7.6% |
| FY22 Q4 | -37.4% |
| FY25 Q4 | 26.5% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY17 Q4 | -36.3% |
| FY18 Q4 | -47.9% |
| FY19 Q4 | -36.3% |
| FY20 Q4 | -124.2% |
| FY21 Q4 | -2.6% |
| FY22 Q4 | -4.5% |
| FY24 Q4 | -204.2% |
| FY25 Q4 | -197.2% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY17 Q4 | -60.8% |
| FY18 Q4 | -88.9% |
| FY19 Q4 | -34.8% |
| FY20 Q4 | -3.7% |
| FY21 Q4 | -10.6% |
| FY22 Q4 | -6.8% |
| FY24 Q4 | -3.4% |
| FY25 Q4 | -3.2% |
| Fiscal year | 2017 Sept 2017 | 2018 Sept 2018 | 2019 Sept 2019 | 2020 Sept 2020 | 2021 Sept 2021 | 2022 Sept 2022 | 2024 Sept 2024 | 2025 Sept 2025 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 77 | 136 | 180 | 172 | 159 | 100 | 40 | 51 |
| Gross profit | −4 | −1 | −10 | 1 | 13 | −9 | 2 | 1 |
| EBITDA | −13 | −42 | −34 | −177 | 8 | −0 | −82 | — |
| Operating income | −28 | −65 | −65 | −214 | −4 | −4 | −82 | −100 |
| Net income | −36 | −77 | −72 | −219 | −87 | 125 | −31 | −104 |
| Diluted EPS | — | — | — | −$390.61 | — | — | — | — |
| Growth (year on year) | ||||||||
| Revenue | — | +77.5% | +31.7% | −3.9% | −7.6% | −37.4% | −59.8% | +26.5% |
| EBITDA | — | — | — | — | — | −103.7% | — | — |
| Net income | — | — | — | — | — | — | −125.1% | — |
| Margins | ||||||||
| Gross margin | −4.8% | −0.9% | −5.8% | 0.4% | 8.4% | −9.0% | 4.7% | 2.2% |
| EBITDA margin | −16.8% | −30.8% | −18.9% | −102.5% | 5.0% | −0.3% | −204.2% | — |
| Operating margin | −36.3% | −47.9% | −36.3% | −124.2% | −2.6% | −4.5% | −204.2% | −197.2% |
| Net margin | −47.0% | −56.2% | −40.4% | −127.0% | −54.9% | 125.7% | −78.7% | −204.9% |
| Free-cash-flow margin | −60.8% | −88.9% | −34.8% | −3.7% | −10.6% | −6.8% | −3.4% | −3.2% |
| Cash flow | ||||||||
| Cash from operations | −6 | −18 | −13 | 8 | −17 | −7 | −1 | −2 |
| Capital spending | 40 | 103 | 50 | 14 | 0 | 0 | 0 | 0 |
| Free cash flow | −47 | −121 | −63 | −6 | −17 | −7 | −1 | −2 |
| Stock-based pay | 0 | 0 | 1 | 2 | 2 | 1 | 0 | — |
| Free cash flow after stock pay | −47 | −122 | −64 | −9 | −19 | −8 | −2 | — |
| Balance sheet | ||||||||
| Cash | 55 | 15 | 22 | 3 | 3 | 0 | 1 | 2 |
| Total debt | 0 | 43 | 105 | 181 | 118 | — | 152 | 94 |
| Net debt (negative = net cash) | −55 | 28 | 82 | 177 | 115 | −0 | 151 | 92 |
| Diluted shares | — | — | — | — | 61m | 427m | — | 21m |
| Last 12 months unless stated | XHG | RDZN | HUIZ | EZRA | GSHD | EHTH | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $51m | $60m | $220m | $11m | $402m | $502m | $1.6bn |
| Revenue growth, last 12 months | 26.5% | 30.5% | 26.8% | −21.4% | 17.7% | −8.4% | 7.6% |
| Revenue growth, 3-year average | — | 53.9% | — | −5.3% | 18.4% | 8.7% | 13.8% |
| Revenue growth, latest quarter | — | 49.0% | — | −31.6% | 20.6% | −44.8% | 4.7% |
| Gross margin | 2.2% | 60.7% | 30.6% | — | — | 44.3% | 44.3% |
| Operating margin | −197.2% | −21.6% | 0.4% | −75.1% | 23.3% | 10.8% | 9.4% |
| Operating margin, 3-year average | — | −100.3% | −14.3% | −78.8% | 18.7% | 4.9% | 4.9% |
| Net margin | −204.9% | −46.9% | 0.3% | −54.3% | 8.8% | 5.4% | 4.9% |
| Cash from operations / revenue | −3.2% | −37.8% | 1.1% | −42.3% | 21.4% | −6.1% | 15.5% |
| Free-cash-flow margin | −3.2% | −42.5% | 0.6% | −42.3% | 19.8% | −6.3% | 13.4% |
| Free-cash-flow margin, 3-year average | — | −42.6% | −14.1% | −19.0% | 22.4% | −5.1% | 13.7% |
| Stock pay / revenue | 0.9% | 0.8% | 1.2% | 27.2% | 5.5% | 2.4% | 1.4% |
| Change in share count | >999% | 11.5% | 1.2% | 91.2% | 13.8% | 4.1% | 5.7% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 26.5% | 7.6% | 3 of 17 |
| Change in growth rate Growth | +64.0pp | -0.7pp | 1 of 17 |
| Operating margin Profitability | -197.2% | 10.8% | 14 of 14 |
| Net margin Profitability | -204.9% | 4.9% | 17 of 17 |
| Stock pay as % of revenue Cash generation | 0.9% | 1.5% | 4 of 16 |
| Change in share count Balance sheet | 20993.4% | 7.4% | 12 of 12 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Susquehanna International Group, LLP | $11,189 | 12K | 94.2% | New |
| UBS Group AG | $670 | 1K | 5.6% | New |
| Morgan Stanley | $14 | 0K | 0.1% | 0.0% |
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 Xchange Tec.inc's complete shareholder register. Values are as reported by the filers .
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.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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