Xunlei Ltd is a US-listed company in the interactive home entertainment industry. Its financial year ends in December.
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Xunlei Ltd valuation: adjust assumptions and compare models →
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 $460m, up 42.5% on a year earlier, against a decline of 11.2% a quarter earlier. Free-cash-flow margin rose to 5.9% from 2.6% a year earlier. Operating margin widened to 1.4% from -1.8%. It passes 6 of our 7 financial-health checks.
Our model value for Xunlei 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.
Xunlei Ltd's trailing-twelve-month revenue grew 42.5% year on year, with a free-cash-flow margin of 5.9%.
Our discounted-cash-flow model values the business at ~$15 per share in the base case (~$12–$19 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 18.2% while net income grew 86177.0%: a 86159pp 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 XNET from the sources we follow. See filings →
Our value per share comes from a discounted-cash-flow model of Xunlei Ltd's free cash flow after stock-based pay ( $23.7M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
| At fiscal year end | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $7.56 | $3.86 | $15.39 | $3.40 | $4.90 | $2.89 | $2.01 | $1.82 | $1.62 | $1.99 | $7.09 |
| Market value | $508m | $258m | $1.0bn | $228m | $331m | $195m | $135m | $122m | $106m | $127m | $449m |
| + Net debt (− = net cash) | −$362m | −$200m | −$233m | −$123m | −$151m | −$117m | −$123m | −$177m | −$148m | −$148m | −$81m |
| Enterprise value | $146m | $58m | $788m | $105m | $180m | $78m | $12m | −$55m | −$42m | −$21m | $367m |
| Multiples | |||||||||||
| Price / sales | 4.9x | 1.8x | 5.1x | 1.0x | 1.8x | 1.0x | 0.6x | 0.4x | 0.3x | 0.4x | 1.0x |
| Price / earnings | — | — | — | — | — | — | 113.4x | 5.7x | 7.4x | 104.5x | 0.4x |
| Price / free cash flow | 57.5x | 80.3x | — | — | — | — | 21.5x | 3.4x | 4.9x | 5.5x | 16.5x |
| EV / EBITDA | — | — | — | — | — | — | 5.9x | n/m | n/m | — | 31.7x |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 12, 2026.
No analyst estimates are published for Xunlei Ltd: too few analysts cover it.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| XNET | −30% | −10% | −11% | +23% | +256% | −52% |
| Industry peers (median) | −22% | −46% | −8% | −0% | −20% | −39% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| XNET | 42% | 33% | 50% | 58% | 58% | 9% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| XNET | −82% | −52% | −41% | −23% | −41% | −59% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 96% from November 24, 2017 to November 3, 2022. Getting back needed a 2416% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY14 Q4 | $182.9M |
| FY15 Q4 | $104.5M |
| FY16 Q4 | $140.2M |
| FY17 Q4 | $200.6M |
| FY18 Q4 | $230.6M |
| FY19 Q4 | $180.7M |
| FY20 Q4 | $186.4M |
| FY21 Q4 | $238.8M |
| FY22 Q4 | $341.5M |
| FY23 Q4 | $363.7M |
| FY24 Q4 | $323.1M |
| FY25 Q4 | $460.4M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY14 Q4 | 1.5% |
| FY15 Q4 | -42.8% |
| FY16 Q4 | 34.1% |
| FY17 Q4 | 43.1% |
| FY18 Q4 | 15.0% |
| FY19 Q4 | -21.7% |
| FY20 Q4 | 3.2% |
| FY21 Q4 | 28.1% |
| FY22 Q4 | 43.0% |
| FY23 Q4 | 6.5% |
| FY24 Q4 | -11.2% |
| FY25 Q4 | 42.5% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY14 Q4 | 4.6% |
| FY15 Q4 | -30.2% |
| FY16 Q4 | -29.6% |
| FY17 Q4 | -27.0% |
| FY18 Q4 | -19.2% |
| FY19 Q4 | -31.2% |
| FY20 Q4 | -10.1% |
| FY21 Q4 | -1.8% |
| FY22 Q4 | 2.9% |
| FY23 Q4 | -0.4% |
| FY24 Q4 | -4.9% |
| FY25 Q4 | 1.4% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY14 Q4 | 22.1% |
| FY15 Q4 | 8.5% |
| FY16 Q4 | 2.3% |
| FY17 Q4 | -9.7% |
| FY18 Q4 | -16.1% |
| FY19 Q4 | -27.0% |
| FY20 Q4 | -14.7% |
| FY21 Q4 | 2.6% |
| FY22 Q4 | 10.6% |
| FY23 Q4 | 6.0% |
| FY24 Q4 | 7.1% |
| FY25 Q4 | 5.9% |
| Fiscal year | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||
| Revenue | 148 | 180 | 183 | 105 | 140 | 201 | 231 | 181 | 186 | 239 | 341 | 364 | 323 | 460 |
| Gross profit | 57 | 68 | 78 | 45 | 60 | 83 | 115 | 81 | 94 | 120 | 141 | 163 | 168 | 218 |
| EBITDA | 6 | 23 | 15 | −26 | −35 | −46 | −39 | −51 | −10 | 2 | 13 | 3 | −11 | 12 |
| Operating income | 2 | 18 | 8 | −32 | −42 | −54 | −44 | −56 | −19 | −4 | 10 | −2 | −16 | 7 |
| Net income | 1 | 11 | 11 | −13 | −24 | −38 | −39 | −53 | −14 | 1 | 21 | 14 | 1 | 1,048 |
| Diluted EPS | — | — | — | −$0.20 | −$0.35 | −$0.55 | −$0.60 | −$0.79 | −$0.20 | $0.02 | $0.32 | $0.22 | $0.02 | $16.56 |
| Growth (year on year) | ||||||||||||||
| Revenue | — | +21.6% | +1.5% | −42.8% | +34.1% | +43.1% | +15.0% | −21.7% | +3.2% | +28.1% | +43.0% | +6.5% | −11.2% | +42.5% |
| EBITDA | — | +271.5% | −34.2% | −273.0% | — | — | — | — | — | — | — | −77.9% | — | — |
| Operating income | — | — | −52.0% | −472.8% | — | — | — | — | — | — | — | −116.0% | — | — |
| Net income | — | — | +1.4% | −221.8% | — | — | — | — | — | — | — | −33.7% | −91.5% | — |
| Diluted EPS | — | — | — | — | — | — | — | — | — | — | — | −31.8% | −91.3% | — |
| Margins | ||||||||||||||
| Gross margin | 38.1% | 37.7% | 42.7% | 43.3% | 43.0% | 41.2% | 49.8% | 44.7% | 50.3% | 50.3% | 41.4% | 44.8% | 51.9% | 47.2% |
| EBITDA margin | 4.1% | 12.6% | 8.2% | −24.8% | −25.2% | −23.1% | −16.8% | −28.0% | −5.1% | 0.8% | 3.7% | 0.8% | −3.4% | 2.5% |
| Operating margin | 1.4% | 9.8% | 4.6% | −30.2% | −29.6% | −27.0% | −19.2% | −31.2% | −10.1% | −1.8% | 2.9% | −0.4% | −4.9% | 1.4% |
| Net margin | 0.3% | 5.9% | 5.9% | −12.6% | −17.2% | −18.9% | −17.0% | −29.4% | −7.4% | 0.5% | 6.3% | 3.9% | 0.4% | 227.7% |
| Free-cash-flow margin | 35.4% | 43.4% | 22.1% | 8.5% | 2.3% | −9.7% | −16.1% | −27.0% | −14.7% | 2.6% | 10.6% | 6.0% | 7.1% | 5.9% |
| Cash flow | ||||||||||||||
| Cash from operations | 60 | 86 | 48 | 14 | 17 | −14 | −36 | −46 | −14 | 19 | 51 | 26 | 31 | 32 |
| Capital spending | 7 | 7 | 8 | 5 | 14 | 5 | 1 | 3 | 14 | 13 | 15 | 4 | 8 | 5 |
| Free cash flow | 52 | 78 | 40 | 9 | 3 | −20 | −37 | −49 | −27 | 6 | 36 | 22 | 23 | 27 |
| Stock-based pay | 2 | 2 | 8 | 10 | 9 | 8 | 5 | 5 | 2 | 6 | 8 | 10 | 2 | 4 |
| Free cash flow after stock pay | 50 | 76 | 33 | −1 | −6 | −28 | −42 | −54 | −30 | 0 | 28 | 12 | 20 | 23 |
| Balance sheet | ||||||||||||||
| Cash | 82 | 94 | 404 | 362 | 200 | 233 | 123 | 162 | 137 | 123 | 177 | 171 | 177 | 157 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 20 | — | 0 | 22 | 29 | 76 |
| Net debt (negative = net cash) | −82 | −94 | −404 | −362 | −200 | −233 | −123 | −151 | −117 | −123 | −177 | −148 | −148 | −81 |
| Diluted shares | 12m | 15m | 39m | 67m | 67m | 66m | 67m | 68m | 67m | 67m | 67m | 65m | 64m | 63m |
| Returned to shareholders | ||||||||||||||
| Buybacks | — | — | 1 | −0 | −1 | — | — | — | — | — | — | — | — | — |
| Total returned | — | — | 1 | −0 | −1 | — | — | — | — | — | — | — | — | — |
| Last 12 months unless stated | XNET | GDEV | INSE | MYPS | GMHS | SNAL | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $460m | $404m | $281m | $226m | $105m | $86m | $226m |
| Revenue growth, last 12 months | 42.5% | −3.9% | −6.5% | −13.3% | −11.3% | −5.6% | 7.1% |
| Revenue growth, 3-year average | 36.7% | — | −1.9% | −9.9% | — | 16.5% | 18.1% |
| Revenue growth, latest quarter | — | — | −24.3% | −7.3% | — | −11.3% | 2.0% |
| Gross margin | 47.2% | — | 59.6% | — | 52.7% | 33.7% | 56.0% |
| Operating margin | 1.4% | 17.6% | 14.3% | −17.9% | 1.3% | −13.9% | −2.4% |
| Operating margin, 3-year average | −9.1% | — | 11.3% | −11.6% | — | −6.2% | −10.3% |
| Net margin | 227.7% | 17.1% | −3.3% | −20.6% | 4.1% | −11.2% | −4.8% |
| Cash from operations / revenue | 7.1% | 7.3% | 14.5% | 8.3% | 5.7% | 9.5% | 7.5% |
| Free-cash-flow margin | 5.9% | 7.2% | 6.2% | 8.0% | 5.0% | 9.5% | 6.2% |
| Free-cash-flow margin, 3-year average | −0.4% | — | 6.0% | 12.5% | — | 6.6% | 2.8% |
| Stock pay / revenue | 0.8% | 0.2% | 2.3% | 4.4% | 0.3% | 0.2% | 2.3% |
| Change in share count | −0.8% | −0.2% | −0.4% | 1.4% | 3.6% | — | 0.7% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Morgan Stanley | $9.9M | 1.8M | 25.4% | ▲ 2.4% |
| Goldman Sachs Group Inc | $9.6M | 1.7M | 24.9% | ▲ 34.2% |
| Connor, Clark & Lunn Investment Management Ltd. | $4.5M | 809K | 11.7% | ▲ 11.5% |
| Dimensional Fund Advisors LP | $2.4M | 435K | 6.3% | ▼ 10.3% |
| Jane Street Group, LLC | $2M | 366K | 5.3% | ▲ 661.1% |
| Arrowstreet Capital, Limited Partnership | $1.9M | 343K | 5.0% | ▼ 14.1% |
| UBS Group AG | $971,192 | 174K | 2.5% | ▲ 9.5% |
| Schonfeld Strategic Advisors LLC | $897,023 | 160K | 2.3% | ▲ 199.4% |
| Diametric Capital, LP | $838,192 | 150K | 2.2% | New |
| HRT Financial LP | $703,000 | 126K | 1.8% | New |
| Acadian Asset Management LLC | $688,000 | 123K | 1.8% | ▼ 54.5% |
| Blackrock, Inc. | $447,893 | 80K | 1.2% | ▼ 89.2% |
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 Xunlei Ltd'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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