Xmax Inc. is a US-listed company in the home furnishings industry. Its financial year ends in December.
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Xmax Inc. valuation: adjust assumptions and compare models →
Revenue for the twelve months to June 2026 was $16m, up 63.5% on a year earlier, faster than the 59.5% growth a quarter earlier. Free-cash-flow margin fell to -27.9% from -10.1% a year earlier. Operating margin widened to -20.5% from -38.4%. It passes 5 of our 6 financial-health checks.
Our model value for Xmax is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
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.
Xmax Inc.'s trailing-twelve-month revenue grew 63.5% year on year, with a free-cash-flow margin of -27.9%.
Current signal Net margin expanding: TTM net margin reached 185.9%, up 228.3pp year over year.
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.
XMax shares fell 37.6% on 2026-11-02 after disclosing a five-year AI computing agreement that a report linked to its financing commitments rather than its advertised revenue; the drop ran at 15.1x the stock's typical daily swing.
| At fiscal year end | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $45.00 | $48.25 | $60.00 | $11.50 | $9.25 | $11.90 | $9.35 | $2.15 | $3.77 | $0.67 | $6.00 |
| Market value | $41m | $49m | $67m | $13m | $10m | $14m | $11m | $3m | $6m | $3m | $124m |
| + Net debt (− = net cash) | $7m | $5m | −$2m | $12m | −$9m | −$9m | −$6m | −$1m | −$369137 | $35926 | −$2m |
| Enterprise value | $48m | $54m | $65m | $25m | $2m | $5m | $5m | $2m | $5m | $3m | $122m |
| Multiples | |||||||||||
| Price / sales | 0.5x | 0.5x | 0.6x | 0.2x | 0.5x | 1.2x | 0.9x | 0.2x | 0.5x | 0.3x | 7.4x |
| Price / earnings | 18.7x | — | 17.7x | 2.5x | — | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | 0.7x | — | — | — | — | — | — |
| EV / EBITDA | 9.3x | — | 7.8x | 5.2x | — | — | — | — | — | — | — |
Weak moat
How hard Xmax's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -13.2% of total assets over 10 years.
Gross margin has been a median 19.6%, moving by 63.0 percentage points (standard deviation) across 10 years.
Operating margin has been a median -31.8%; its worst year was -232.9%.
Free cash flow was positive in 2 of 10 years, at a median -14.7% of revenue.
The diluted share count rose 127.9% over five years; stock-based pay has been a median 2.2% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (22 before it).
Next results: November 5, 2026.
No analyst estimates are published for Xmax Inc.: too few analysts cover it.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| XMAX | −21% | −77% | +75% | −82% | +796% | −33% |
| Industry peers (median) | −7% | −26% | +26% | −3% | −13% | +1% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| XMAX | 50% | 25% | 25% | 25% | 67% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| XMAX | −73% | −80% | −72% | −89% | −48% | −57% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 29, 2015: 100% from October 3, 2016 to December 13, 2024. Getting back needed a 30876% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $11.1M |
| FY23 Q4 | $11.1M |
| FY24 Q1 | $11.6M |
| FY24 Q2 | $9.8M |
| FY24 Q3 | $10M |
| FY24 Q4 | $9.7M |
| FY25 Q1 | $9.9M |
| FY25 Q2 | $9.8M |
| FY25 Q3 | $17M |
| FY25 Q4 | $16.7M |
| FY26 Q1 | $15.9M |
| FY26 Q2 | $16M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -16.5% |
| FY23 Q4 | -13.0% |
| FY24 Q1 | 5.8% |
| FY24 Q2 | -15.4% |
| FY24 Q3 | -10.0% |
| FY24 Q4 | -12.6% |
| FY25 Q1 | -14.2% |
| FY25 Q2 | -0.0% |
| FY25 Q3 | 70.4% |
| FY25 Q4 | 72.6% |
| FY26 Q1 | 59.5% |
| FY26 Q2 | 63.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -102.9% |
| FY23 Q4 | -57.9% |
| FY24 Q1 | -58.0% |
| FY24 Q2 | -69.7% |
| FY24 Q3 | -82.4% |
| FY24 Q4 | -55.4% |
| FY25 Q1 | -40.9% |
| FY25 Q2 | -38.4% |
| FY25 Q3 | -10.9% |
| FY25 Q4 | -11.5% |
| FY26 Q1 | -14.3% |
| FY26 Q2 | -20.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -4.3% |
| FY23 Q4 | -13.4% |
| FY24 Q1 | -8.4% |
| FY24 Q2 | -36.6% |
| FY24 Q3 | -41.4% |
| FY24 Q4 | -15.0% |
| FY25 Q1 | -15.6% |
| FY25 Q2 | -10.1% |
| FY25 Q3 | -14.5% |
| FY25 Q4 | -2.7% |
| FY26 Q1 | -4.8% |
| FY26 Q2 | -27.9% |
| Fiscal year | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 29 | 43 | 66 | 78 | 99 | 90 | 93 | 106 | 81 | 22 | 11 | 13 | 13 | 11 | 10 | 17 | 16 |
| Gross profit | 8 | 12 | 15 | 15 | 19 | 15 | 14 | 20 | 15 | 1 | −20 | 6 | −8 | 4 | 4 | 4 | 4 |
| EBITDA | 6 | 6 | 7 | 7 | 7 | 5 | −0 | 8 | 5 | −6 | −26 | −4 | −16 | −6 | −5 | −2 | −3 |
| Operating income | 5 | 7 | 7 | 6 | 5 | 5 | −1 | 7 | 5 | −6 | −26 | −4 | −16 | −6 | −5 | −2 | −3 |
| Net income | 4 | 5 | 5 | 5 | 9 | 2 | −1 | 4 | 5 | −9 | −26 | −20 | −17 | −8 | −6 | −3 | 30 |
| Diluted EPS | $10.75 | $9.25 | $1.45 | $1.25 | $2.10 | $0.50 | −$0.20 | $0.70 | $4.65 | −$1.52 | −$22.70 | −$3.27 | −$12.34 | −$4.96 | −$1.48 | −$0.17 | — |
| Growth (year on year) | |||||||||||||||||
| Revenue | — | +49.8% | +53.6% | +18.2% | +26.0% | −8.9% | +3.0% | +14.9% | −23.8% | −72.9% | −48.4% | +10.6% | +1.5% | −13.0% | −12.6% | +72.6% | +63.5% |
| EBITDA | — | +11.3% | +18.2% | −0.5% | −5.9% | −26.0% | −103.2% | — | −41.6% | −218.4% | — | — | — | — | — | — | — |
| Operating income | — | +31.8% | −4.1% | −8.9% | −13.4% | −11.8% | −116.5% | — | −29.1% | −220.1% | — | — | — | — | — | — | — |
| Net income | — | +27.7% | +1.3% | −10.4% | +75.8% | −74.3% | −150.8% | — | +40.8% | −262.3% | — | — | — | — | — | — | — |
| Diluted EPS | — | −14.0% | −84.3% | −13.8% | +68.0% | −76.2% | −140.0% | — | +564.3% | −132.7% | — | — | — | — | — | — | — |
| Margins | |||||||||||||||||
| Gross margin | 26.3% | 28.1% | 22.2% | 19.6% | 19.6% | 17.0% | 14.6% | 19.2% | 18.9% | 5.9% | −175.3% | 44.0% | −61.1% | 37.6% | 43.9% | 25.0% | 22.9% |
| EBITDA margin | 19.6% | 14.5% | 11.2% | 9.4% | 7.0% | 5.7% | −0.2% | 7.8% | 6.0% | −26.2% | −231.2% | −30.1% | −126.6% | −57.4% | −54.7% | −11.5% | −20.6% |
| Operating margin | 18.3% | 16.1% | 10.0% | 7.7% | 5.3% | 5.1% | −0.8% | 6.4% | 5.9% | −26.4% | −231.8% | −30.7% | −127.3% | −57.9% | −55.4% | −11.5% | −20.5% |
| Net margin | 14.6% | 12.4% | 8.2% | 6.2% | 8.7% | 2.4% | −1.2% | 3.5% | 6.5% | −39.1% | −229.8% | −159.0% | −134.2% | −69.7% | −57.4% | −20.4% | 185.9% |
| Free-cash-flow margin | 0.5% | −2.4% | 0.3% | −0.6% | −8.2% | −4.7% | −6.9% | −1.3% | −8.5% | 67.6% | −21.5% | −39.0% | −42.2% | — | −14.5% | −2.7% | −28.1% |
| Cash flow | |||||||||||||||||
| Cash from operations | 5 | −0 | 1 | 0 | −6 | −4 | −6 | −1 | −7 | 15 | −2 | −5 | −5 | −2 | −1 | −0 | −5 |
| Capital spending | 5 | 1 | 1 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | 0 | 0 | 0 |
| Free cash flow | 0 | −1 | 0 | −0 | −8 | −4 | −6 | −1 | −7 | 15 | −2 | −5 | −5 | — | −1 | −0 | −5 |
| Stock-based pay | — | 0 | 0 | 1 | 1 | 1 | 2 | 2 | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 3 | 3 |
| Free cash flow after stock pay | — | −1 | 0 | −1 | −9 | −6 | −8 | −4 | −8 | 14 | −3 | −5 | −6 | — | −2 | −4 | −8 |
| Balance sheet | |||||||||||||||||
| Cash | 1 | 3 | 3 | 2 | 1 | 1 | 3 | 6 | 0 | 9 | 9 | 6 | 1 | 0 | 0 | 7 | 35 |
| Total debt | 0 | 0 | 7 | 7 | 8 | 8 | 8 | 4 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 5 |
| Net debt (negative = net cash) | −1 | −3 | 3 | 5 | 6 | 7 | 5 | −2 | 12 | −9 | −9 | −6 | −1 | −0 | 0 | −2 | −29 |
| Diluted shares | — | — | — | — | — | — | 1m | 1m | 1m | 1m | 1m | 1m | 1m | 2m | 4m | 21m | — |
| Returned to shareholders | |||||||||||||||||
| Dividends | 2 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Buybacks | — | — | — | — | — | — | — | — | 0 | 1 | 0 | — | — | — | — | — | — |
| Total returned | 2 | — | — | — | — | — | — | — | 0 | 1 | 0 | — | — | — | — | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 3 | 2 | 3 | 3 | 10 | 2 | 2 | 3 |
| Gross profit | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| EBITDA | −2 | −1 | −0 | −0 | −0 | −1 | −1 | −1 |
| Operating income | −2 | −1 | −0 | −0 | −0 | −1 | −1 | −1 |
| Net income | −2 | −1 | −0 | −0 | −1 | −2 | 0 | 32 |
| Diluted EPS | −$0.72 | $0.16 | −$0.03 | −$0.02 | −$0.06 | −$0.04 | $0.00 | $0.53 |
| Growth (year on year) | ||||||||
| Revenue | +5.6% | −11.8% | +10.9% | −4.9% | +273.2% | −11.8% | −32.4% | +7.1% |
| Margins | ||||||||
| Gross margin | 45.1% | 42.8% | 45.7% | 50.2% | 10.1% | 40.3% | 49.5% | 39.8% |
| EBITDA margin | −91.5% | −47.6% | −6.7% | −7.1% | −4.9% | −61.4% | −29.9% | −44.5% |
| Operating margin | −92.0% | −48.4% | −7.3% | −7.7% | −5.0% | −59.3% | −30.0% | −44.5% |
| Net margin | −94.3% | −53.3% | −12.9% | −11.3% | −11.5% | −94.0% | 10.7% | >999% |
| Free-cash-flow margin | −16.7% | −13.1% | −12.2% | 3.6% | −19.5% | 95.6% | −36.0% | −133.3% |
| Cash flow | ||||||||
| Cash from operations | −0 | −0 | −0 | 0 | −2 | 2 | −1 | −4 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −0 | −0 | −0 | 0 | −2 | 2 | −1 | −4 |
| Stock-based pay | 0 | 0 | 0 | −0 | 0 | 3 | 0 | 0 |
| Free cash flow after stock pay | −1 | −0 | −0 | 0 | −2 | −1 | −1 | −4 |
| Last 12 months unless stated | XMAX | CRWS | VIRC | CULP | BSET | VIOT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $16m | $84m | $192m | $207m | $336m | $338m | $396m |
| Revenue growth, last 12 months | 63.5% | −3.4% | −19.0% | −0.3% | 1.4% | 14.7% | 0.8% |
| Revenue growth, 3-year average | 11.4% | 3.0% | −9.4% | −3.3% | −6.9% | — | −1.8% |
| Revenue growth, latest quarter | 7.1% | 8.3% | −5.0% | 6.5% | 3.4% | — | 1.0% |
| Gross margin | 22.9% | 29.4% | 37.5% | 16.1% | 56.6% | 25.3% | 33.5% |
| Operating margin | −20.5% | 6.1% | −2.5% | −1.0% | 2.5% | 5.3% | 5.1% |
| Operating margin, 3-year average | −42.9% | −0.4% | 6.1% | −4.2% | −0.6% | — | 5.8% |
| Net margin | 185.9% | 6.0% | −1.3% | −1.9% | 2.0% | 5.8% | 5.2% |
| Cash from operations / revenue | −28.1% | 10.2% | 6.3% | −0.3% | 4.7% | 6.4% | 7.5% |
| Free-cash-flow margin | −27.9% | 9.1% | 4.6% | −0.6% | 2.4% | 4.7% | 4.8% |
| Free-cash-flow margin, 3-year average | −24.9% | 8.6% | 7.8% | −4.7% | 1.5% | 7.6% | 6.8% |
| Stock pay / revenue | 21.1% | 0.9% | 0.1% | 0.3% | — | 0.6% | 0.6% |
| Change in share count | 15.2% | 2.6% | −2.1% | 1.1% | −7.3% | 2.0% | 0.4% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| North America | $8.7M | 52.1% | ▼ 7.6% |
| Hong Kong | $7.9M | 47.4% | — |
| Other Countries | $85,734 | 0.5% | ▼ 65.8% |
From Xmax Inc.'s 10-K filed April 15, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $40.2M | 4.4M | 32.9% | ▲ 714.3% |
| Vanguard Capital Management LLC | $22.6M | 2.5M | 18.5% | ▲ 60.1% |
| Geode Capital Management, LLC | $13.8M | 1.5M | 11.3% | ▲ 209.0% |
| State Street Corp | $8.7M | 954K | 7.1% | ▲ 393.9% |
| Northern Trust Corp | $4.5M | 494K | 3.7% | ▲ 429.2% |
| Vanguard Fiduciary Trust Co | $4M | 443K | 3.3% | ▲ 67.6% |
| Vanguard Portfolio Management LLC | $3.8M | 423K | 3.1% | New |
| UBS Group AG | $3.2M | 357K | 2.7% | ▼ 23.7% |
| Renaissance Technologies LLC | $2.9M | 323K | 2.4% | ▼ 29.9% |
| Goldman Sachs Group Inc | $1.8M | 197K | 1.5% | ▲ 170.2% |
| Charles Schwab Investment Management Inc | $1.6M | 175K | 1.3% | ▲ 573.7% |
| Bank Of New York Mellon Corp | $1.3M | 142K | 1.1% | 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 Xmax 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 | |
| Financial statements | SEC 10-K and 10-Q filings | |
| 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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