Xref Ltd (AU:XF1)
ASX:XF1
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Xref Ltd
(Sydney:XF1)
Select Model
Select Model
Rating:43Neutral
Price Target:
AU$0.07
▼(-57.50% Downside)
Action:ReiteratedDate:03/06/26
The score is driven primarily by weak financial stability (negative equity/high leverage) and continued operating losses, partially offset by improving operating and free cash flow. Technical signals also weigh on the score due to a clear downtrend and negative momentum. Valuation remains constrained by losses (negative P/E) and the absence of a dividend yield.
Positive Factors
Recurring SaaS model
A subscription SaaS model delivers recurring revenue and predictable cash inflows, supporting long-term customer retention, upsell potential and unit economics improvements as the business scales. This structural model enhances revenue visibility and supports investment in product and sales over months to years.
Negative Factors
Negative equity & high leverage
Negative equity and elevated leverage pose structural solvency and refinancing risks. Over the medium term this constrains strategic choices, increases cost of capital, and may force asset sales, equity raises or restrictive covenants that limit investment in growth and margin improvement initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring SaaS model
A subscription SaaS model delivers recurring revenue and predictable cash inflows, supporting long-term customer retention, upsell potential and unit economics improvements as the business scales. This structural model enhances revenue visibility and supports investment in product and sales over months to years.
Read all positive factors
Xref Ltd (XF1) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$15.41M
Dividend YieldN/A
Average Volume (3M)80.69K
Price to Earnings (P/E)―
Beta (1Y)0.18
Revenue Growth7.32%
EPS Growth67.11%
CountryAU
Employees99
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)N/A
Shares Outstanding220,089,770
10 Day Avg. Volume60,218
30 Day Avg. Volume80,687
Financial Highlights & Ratios
PEG Ratio0.23
Price to Book (P/B)-6.93
Price to Sales (P/S)1.43
P/FCF Ratio22.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Xref Ltd Business Overview & Revenue Model
Company Description
Xref Limited engages in the development of human resources technology that automates the candidate reference process for employers in Australia, Canada, the United Kingdom, New Zealand, and the United States. It operates in two segments, Candidate...
How the Company Makes Money
Xref makes money primarily by selling subscriptions to its cloud software platform used for reference checking and related candidate screening workflows. Revenue is typically generated on a recurring basis (software-as-a-service), where customers ...
Xref Ltd Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
30
Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.61M | 21.31M | 19.86M | 20.40M | 18.59M | 14.45M |
| Gross Profit | 11.42M | 19.03M | 17.33M | 17.15M | 14.92M | 3.02M |
| EBITDA | -799.73K | -1.87M | -1.76M | -1.36M | 1.57M | -272.89K |
| Net Income | -2.18M | -1.95M | -5.68M | -3.36M | 729.58K | 78.08K |
Balance Sheet | ||||||
| Total Assets | 15.41M | 19.16M | 20.36M | 22.90M | 20.17M | 15.00M |
| Cash, Cash Equivalents and Short-Term Investments | 2.76M | 5.29M | 4.59M | 6.84M | 11.67M | 8.13M |
| Total Debt | 6.90M | 7.83M | 8.35M | 5.33M | 4.96M | 4.69M |
| Total Liabilities | 20.19M | 23.55M | 26.21M | 23.10M | 18.70M | 16.01M |
| Stockholders Equity | -5.07M | -4.39M | -5.85M | -202.52K | 1.47M | -1.01M |
Cash Flow | ||||||
| Free Cash Flow | 241.30K | 1.35M | -3.80M | -2.17M | -833.27K | 1.19M |
| Operating Cash Flow | 231.57K | 1.36M | -678.80K | 454.40K | 627.48K | 2.32M |
| Investing Cash Flow | -1.84M | -1.91M | -3.12M | -4.34M | -1.46M | -1.13M |
| Financing Cash Flow | 1.71M | 1.24M | 1.56M | -952.81K | 380.71K | 4.07M |
Xref Ltd Technical Analysis
Negative
0.16
Price Trends
0.11
Negative
0.13
Negative
0.15
Negative
Market Momentum
>-0.01
Positive
14.23
Positive
14.87
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:XF1, the sentiment is Negative. The current price of 0.16 is above the 20-day moving average (MA) of 0.09, above the 50-day MA of 0.11, and above the 200-day MA of 0.15, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 14.23 is Positive, neither overbought nor oversold. The STOCH value of 14.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:XF1.
Xref Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
48 Neutral | AU$23.27M | -3.90 | -27.05% | ― | -3.43% | -40.65% | |
46 Neutral | AU$37.82M | -2.96 | -203.17% | ― | 9.14% | 65.30% | |
44 Neutral | AU$4.48M | -12.03 | 64.42% | ― | -10.32% | 69.30% | |
43 Neutral | AU$15.41M | -13.76 | 46.05% | ― | 7.32% | 67.11% | |
41 Neutral | AU$31.34M | -3.17 | -151.85% | ― | 21.82% | 6.83% | |
39 Underperform | AU$8.03M | -0.46 | 783.67% | ― | -4.90% | -52.78% |
* Technology Sector Average
AU:XF1
Xref Ltd
0.07
-0.03
-30.00%
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0.02
<0.01
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Prophecy International Holdings Ltd
0.10
-0.30
-75.00%
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Aerometrex Ltd.
0.25
0.07
40.00%
AU:FLX
Felix Group Holdings Ltd.
0.11
-0.10
-47.50%
AU:DUB
Dubber Corporation Limited
0.01
-0.02
-51.72%
Xref Ltd Corporate Events
Xref names Nigel Heap as new chair to steer next phase of SaaS growth
Mar 20, 2026
Xref Limited has announced that Chair and Non-Executive Director Tom Stianos will retire on 30 April 2026, as part of his decision to scale back board roles, with long-serving director Nigel Heap unanimously elected by the board to replace him fro...
Xref Flags Late Director Interest Filings, Moves to Tighten ASX Compliance
Mar 18, 2026
Xref Limited, an ASX-listed SaaS provider of employer intelligence solutions, offers an integrated data and survey platform that automates HR workflows across the full employment lifecycle. The company leverages a large, verified repository of car...
Xref Cancels 1.8 Million XF1AH Options by Agreement
Mar 18, 2026
Xref Ltd has updated the market on changes to its capital structure, confirming the cessation of a tranche of options listed under code XF1AH. The company reported that 1,800,000 options, which were due to expire on 21 November 2028 with an exerci...
Xref admits ASX listing rule breaches and cancels director options
Mar 18, 2026
Xref Limited has disclosed that it inadvertently breached ASX Listing Rule 10.14 by issuing unlisted options to directors Jon Newbery and Jake Phillpot under its Employee Incentive Plan before receiving required shareholder approval. The options, ...
Xref accelerates API-led growth with new Teamtailor and HiBob integrations
Mar 17, 2026
Xref has launched strategic integrations with fast-growing HR platforms Teamtailor and HiBob, embedding its automated verification tools directly into recruiters’ core workflows. The move advances Xref’s shift toward a high-margin, API...
Xref Corrects Labelling Error in Investor Presentation
Feb 26, 2026
Xref Ltd has issued a clarification regarding a minor clerical error in an investor presentation released earlier in the day. The company said two bar charts comparing half-year performance were incorrectly labelled as “H1” and have no...
Xref’s SaaS Pivot Drives Profitability and AI-Led Efficiency in H1 FY26
Feb 25, 2026
Xref reported interim H1 FY26 results that showcase the benefits of its strategic shift to a SaaS-based Employer Intelligence Platform, with total revenue of $10.2 million and new platform revenue up 58% year-on-year to $4.2 million. The company a...
Xref First-Half Loss Widens as Revenue Declines and Dividends Remain on Hold
Feb 25, 2026
Xref Limited, a provider of cloud-based reference checking and HR technology solutions, reported a weaker first half for the six months to 31 December 2025, as revenue from ordinary activities fell 6.5% to $10.2 million. The company, which remains...
Xref options lapse trims potential future dilution
Feb 25, 2026
Xref Ltd has announced the cessation of 30,000 listed options (XF1AW) that expired on 20 February 2026 without being exercised or converted. The lapse of these options marginally reduces potential future dilution for existing shareholders but does...
Xref appoints new Company Secretary and ASX liaison
Feb 20, 2026
Xref Limited has appointed Ms Kamille Dietrich of Automic Group as its new Company Secretary, effective immediately, following the resignation of Mr Robert Waring. Dietrich, an experienced company secretary who serves a range of ASX-listed and unl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.