Xunlei Limited

XNET

Advertising Agencies · Communication Services

Price

$5.77

-0.31 (-5.10%)

Market Cap

$72.5M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−81.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 67.2M (2021) → 12.7M (2025)

Xunlei Limited is a Chinese internet company that runs a popular download acceleration and cloud storage platform. Its main product, the Xunlei client, helps users in China download large files — like videos and software — faster by sharing bandwidth across a network of users. The company also offers a subscription service called Xunlei VIP and has experimented with shared cloud computing through its "Star" device program.

Xunlei earns money through subscription fees from premium users, advertising, and cloud computing services. It operates almost entirely in China and is a small company with a market cap around $100 million. Its peer-assisted download technology gives it some differentiation, but it faces intense competition from larger Chinese tech platforms and has struggled to grow revenue meaningfully. The main risk is continued user decline as streaming services replace traditional downloading, which could shrink its core subscriber base over time.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+70.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (12%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

1.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$157M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Xunlei Limited grew revenue 70% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

43.3%

Healthy — 43.3% gross margin

Operating Margin

3.3%

Thin — 3.3% operating margin

ROCE

0.3%

Weak — 0.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+42.7%

Fast-growing sales (42.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

Weak — only 3% of profit becomes cash

FCF Margin

5.8%

Thin free cash flow (5.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.06

Conservative — low debt load (0.06)

Interest Cover

3.91x

Tight — interest eats into profit (3.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

0.1x

Attractive valuation — P/E 0.1

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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