Xunlei Ltd (XNET)
NASDAQ:XNET
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Xunlei
(NASDAQ:XNET)
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Rating:66Neutral
Price Target:
$8.00
▲(14.12% Upside)
Action:ReiteratedDate:11/21/25
Xunlei's overall stock score is driven by strong earnings call performance and undervaluation, offset by technical analysis indicating bearish trends and financial performance concerns. The company's strategic investments and revenue growth are positive, but operational inefficiencies and cost challenges need addressing.
Positive Factors
Revenue Growth
Xunlei's significant revenue growth across major business segments indicates strong market demand and effective business strategies, supporting long-term expansion.
Negative Factors
Decreased Gross Profit Margin
The decline in gross profit margin suggests challenges in cost management, which could pressure profitability if not addressed, impacting long-term financial health.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Xunlei's significant revenue growth across major business segments indicates strong market demand and effective business strategies, supporting long-term expansion.
Read all positive factors
Xunlei (XNET) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$369.59M
Dividend YieldN/A
Average Volume (3M)269.73K
Price to Earnings (P/E)<0.1
Beta (1Y)1.46
Revenue Growth26.91%
EPS Growth8746.89%
CountryUS
Employees1,216
SectorTechnology
Sector Strength88
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)-3.66
Shares Outstanding62,792,070
10 Day Avg. Volume205,807
30 Day Avg. Volume269,731
Financial Highlights & Ratios
PEG Ratio-0.37
Price to Book (P/B)0.08
Price to Sales (P/S)0.08
P/FCF Ratio1.12
Enterprise Value/Market Cap-0.02
Enterprise Value/Revenue-0.01
Enterprise Value/Gross Profit-0.03
Enterprise Value/Ebitda>-0.01
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
Xunlei Business Overview & Revenue Model
Company Description
Xunlei Limited, together with its subsidiaries, operates an Internet platform for digital media content in the People's Republic of China. The company's platform is based on cloud technology that enables users to access, store, manage, and consume...
How the Company Makes Money
Xunlei generates revenue through a diverse array of streams. Primarily, the company earns money from its cloud services, where it provides cloud storage and computing solutions to both individual users and enterprises. This includes subscription f...
Xunlei Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive operational story: strong, broad-based revenue growth (FY revenue +42.5%), substantial segment-level expansions (cloud and live streaming with triple-digit Q4 YoY growth), improved operating income and a solid cash position. However, meaningful challenges remain: margin compression from a lower-margin revenue mix, materially higher costs (bandwidth and revenue-sharing), heavy sales & marketing spend, declining non-GAAP profitability, and quarter-to-quarter GAAP volatility driven by large investment fair value movements. Strategic moves (50% OneThing sale, Hupu acquisition) are positioned to sharpen focus and capital efficiency but introduce execution and near-term revenue capture uncertainty. Overall, the positive momentum in top-line growth and operating improvement outweigh the lowlights, although investors should monitor margin trends, investment revaluation volatility, and clarity on reported segment figures.Positive Updates
Strong Top-Line Growth
Total revenue for FY2025 was $462.4M, up 42.5% YoY; Q4 2025 revenue was $143.3M, up 17% YoY — growth was broad-based across major business lines.
Negative Updates
Q4 Net Loss Driven by Fair Value Losses
Net loss in Q4 2025 was $228.9M vs. $9.9M loss prior-year quarter; other losses, net were $232.6M (primarily a decrease in fair value of a long-term investment after an IPO), causing large quarterly volatility in GAAP results.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Growth
Total revenue for FY2025 was $462.4M, up 42.5% YoY; Q4 2025 revenue was $143.3M, up 17% YoY — growth was broad-based across major business lines.
Read all positive updates
Company Guidance
Management guided that proceeds from the recent transaction will be deployed to R&D and product upgrades (notably cloud acceleration and overseas audio live streaming), market expansion and brand promotion, and to optimize the company’s capital structure while retaining flexibility to pursue shareholder returns (timing to depend on business performance and market conditions, including the lock‑up on the ArashiVision stake); supporting metrics cited on the call include Q4 revenue of $143.3M (+17% YoY) with subscription revenue $42.1M (+22.4%), cloud computing $46.1M (+102.7%) and live streaming/other $55.1M (+102.8%), full‑year 2025 revenue $462.4M (+42.5%) with subscription $154.8M (+15.8%), cloud $137.4M (+31.4%) and live streaming up ~97.5% (management also referenced a FY live‑streaming figure of $170.2M), a cash balance of roughly $305M, a 50% divestiture of OneThing, and share‑repurchase activity of ~$1M in 2025 (435k ADS) and ~$6.5M since June 4, 2024.Xunlei Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 401.92M | 323.14M | 363.72M | 341.50M | 238.78M | 186.37M |
| Gross Profit | 199.44M | 167.57M | 163.07M | 141.44M | 120.18M | 93.73M |
| EBITDA | 1.26B | 5.30M | 25.99M | 29.32M | 10.46M | 1.59M |
| Net Income | 1.27B | 1.22M | 14.22M | 21.46M | 1.19M | -13.84M |
Balance Sheet | ||||||
| Total Assets | 1.83B | 473.90M | 468.69M | 463.32M | 440.72M | 415.61M |
| Cash, Cash Equivalents and Short-Term Investments | 284.10M | 287.54M | 271.88M | 262.32M | 239.01M | 255.07M |
| Total Debt | 70.54M | 29.63M | 22.95M | 32.36M | 20.19M | 21.91M |
| Total Liabilities | 234.06M | 156.12M | 145.21M | 154.90M | 138.95M | 125.23M |
| Stockholders Equity | 1.60B | 318.06M | 324.86M | 309.89M | 303.65M | 292.15M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 22.63M | 21.23M | 36.13M | 6.19M | -27.52M |
| Operating Cash Flow | 0.00 | 30.98M | 25.72M | 51.11M | 19.48M | -13.91M |
| Investing Cash Flow | 0.00 | -21.91M | -23.90M | 11.76M | -32.62M | -20.76M |
| Financing Cash Flow | 0.00 | -925.00K | -13.52M | 6.64M | -223.00K | 2.68M |
Xunlei Technical Analysis
Neutral
7.01
Price Trends
5.93
Negative
6.59
Negative
6.75
Negative
Market Momentum
-0.08
Negative
50.07
Neutral
57.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XNET, the sentiment is Neutral. The current price of 7.01 is above the 20-day moving average (MA) of 5.98, above the 50-day MA of 5.93, and above the 200-day MA of 6.75, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 50.07 is Neutral, neither overbought nor oversold. The STOCH value of 57.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for XNET.
Xunlei Risk Analysis
Xunlei disclosed 78 risk factors in its most recent earnings report. Xunlei reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Xunlei Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.27B | 11.93 | 13.07% | 5.41% | -0.94% | 47.48% | |
67 Neutral | $43.39M | 2.19 | 10.47% | ― | -27.98% | ― | |
66 Neutral | $369.59M | 0.08 | 96.63% | ― | 26.91% | 8746.89% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
| ― | $5.65M | -2.02 | -270.61% | ― | 2482.80% | -169.59% | |
50 Neutral | $338.38M | -1.25 | -34.48% | ― | -7.12% | -7.75% | |
| ― | $2.55M | -22.59 | -194.72% | ― | -11.51% | 74.52% |
* Technology Sector Average
XNET
Xunlei
5.88
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87.86%
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Xunlei Corporate Events
Xunlei Reports Strong Q3 2025 Financial Results with Significant Revenue Growth
Nov 13, 2025
Xunlei Limited announced its unaudited financial results for the third quarter ended September 30, 2025, showcasing a significant year-over-year revenue increase of 57.7% to US$126.4 million. The growth was driven by strong performances across its...
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.