The company exhibits severe financial distress with shareholder equity at -$880.3 million and a substantial debt burden of $701.6 million against a negligible asset base.
| Total Current Assets | 39.86M | 67.64M | 85.65M | 71.16M | 176.67M | 203M | 159.8M | 103.75M | 365.12M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - |
| Cash Only | 10.88M | 8.09M | 286K | 563K | 16.32M | 22.88M | 159.8M | 103.75M | 365.12M |
| Short-Term Investments | 1.89M | 2.03M | 74K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.63M | 7.5M | 78M | 26.63M | 127.2M | 13.12M | 0 | 0 | 0 |
| Total Non-Current Assets | 29.52M | 715.19M | 0 | 24.38M | 200.96M | 647.73M | 1.64B | 1.68B | 768.48M |
| Property, Plant & Equipment | 557.12K | 953K | 0 | 500K | 38.94M | 358.02M | 1.19B | 1.32B | 578.33M |
| Fixed Asset Turnover | 0.66x | 302.59x | - | 1304.67x | - | 3.37x | 1.04x | 0.67x | 0.90x |
| Goodwill | 23.28M | 709.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 678K | 0 | 0 | 13.47M | 152.46M | 232.57M | 11.98M | 12.25M | 13.02M |
| Long-Term Investments | - | - | - | - | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - |
| Total Assets | 69.39M | 782.84M | 85.65M | 95.54M | 377.63M | 850.73M | 1.8B | 1.78B | 1.13B |
| Asset Turnover | 0.01x | 0.37x | - | 6.83x | - | 1.42x | 0.69x | 0.50x | 0.46x |
| Asset Growth % | -91.14% | 813.96% | -10.35% | -74.7% | -55.61% | -52.73% | 1.03% | 57.15% | - |
| Total Current Liabilities | 700.91M | 1.34B | 729.08M | 668.4M | 2.35B | 1.96B | 15.64M | 74.85M | 70.11M |
| Accounts Payable | 29.48M | 36.97M | 182K | 0 | 320.27M | 294.47M | 0 | 0 | 0 |
| Days Payables Outstanding | 30.12K | 49.09 | - | - | 123.1 | 88.27 | - | - | - |
| Short-Term Debt | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | -32.09M | 172M | 673.1M | 480.78M | 164.25M | 2.5M | 0 | 0 | 0 |
| Current Ratio | 0.06x | 0.05x | 0.12x | 0.11x | 0.08x | 0.10x | 10.22x | 1.39x | 5.21x |
| Quick Ratio | 0.06x | 0.05x | 0.12x | 0.11x | 0.08x | 0.10x | 10.22x | 1.39x | 5.21x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 248.82M | 587K | 0 | 660.88M | 514.91M | 883.44M | 2.59B | 2.49B | 1.49B |
| Long-Term Debt | 353.07K | 0 | 0 | 0 | 514.91M | 428.67M | 129.66M | 100.18M | 156.26M |
| Capital Lease Obligations | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 949.73M | 1.34B | 729.08M | 668.4M | 2.86B | 2.85B | 2.61B | 2.56B | 1.56B |
| Total Debt | 701.61M | 1.1B | 44.43M | 6.54M | 1.09B | 1.49B | 129.66M | 100.18M | 156.26M |
| Net Debt | 690.73M | 1.09B | 44.07M | 5.98M | 1.08B | 1.47B | -30.14M | -3.58M | -208.85M |
| Debt / Equity | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 1968.13x | - | 26.65x | - | 21.03x | - | - | - | - |
| Net Debt / EBITDA | 1937.60x | - | 26.44x | - | 20.71x | - | - | - | - |
| Interest Coverage | -1233.10x | -22.47x | -16.42x | -0.70x | -0.26x | -10.75x | -9.75x | -11.05x | -7.56x |
| Total Equity | -880.33M | -556.57M | -643.42M | -572.86M | -2.48B | -1.99B | -810.87M | -779.13M | -425.97M |
| Equity Growth % | -58.17% | 13.5% | -12.32% | 76.95% | -24.59% | -145.97% | -4.07% | -82.91% | - |
| Book Value per Share | -42.04 | -5606.72 | -9175.26 | - | - | - | - | - | - |
| Total Shareholders' Equity | -880.33M | -556.57M | -643.42M | -572.86M | -2.49B | -2B | -820.54M | -796.91M | -443.81M |
| Common Stock | 179.61M | 57.18M | 1.9M | 1.73M | 110K | 92K | 27K | 27K | 24K |
| Retained Earnings | -4.61B | -3.86B | -3.63B | -3.56B | -4.38B | -3.81B | -2.28B | -1.48B | -845.31M |
| Treasury Stock | 0 | 0 | 0 | 0 | -5K | -298.11M | 0 | 0 | 0 |
| Accumulated OCI | 80.01M | 106.05M | 25.42M | 29.45M | 38.78M | 18.36M | -5.91M | 1.71M | -2.84M |
| Minority Interest | 0 | 0 | 0 | 0 | 9.6M | 9.63M | 9.68M | 17.77M | 17.84M |
Insolvency and Negative Equity
As reported in financial statements, XHG's balance sheet trajectory reflects a severe deterioration, with shareholder equity plummeting to -$880.3 million by 2025Q4, a trend that underscores the company's ongoing struggle to stabilize its financial position following the total abandonment of its legacy apartment rental business model.
The consistent negative equity position suggests that the company has been unable to generate sufficient returns to offset historical losses, effectively rendering the balance sheet insolvent by traditional metrics. Investors should monitor whether the current pivot to insurance brokerage can generate any meaningful capital accumulation, though current figures indicate a continued reliance on external funding or asset liquidation.
Based on XHG's reported figures, the current ratio has collapsed to a precarious 0.04 as of 2025Q4, indicating that the company possesses virtually no liquid assets to cover its immediate short-term obligations, which warrants extreme caution regarding the firm's ability to sustain operations without further capital injections.
A current ratio of this magnitude suggests that the company is operating with almost no margin for error, leaving it highly vulnerable to even minor operational disruptions or regulatory shifts. The minimal cash balance of $10.9 million relative to the scale of its liabilities implies that the company's runway is likely extremely limited.
According to recent SEC filings, XHG's asset composition has shifted dramatically, with net PPE falling to a negligible $557.1 thousand, signaling that the company has effectively divested from its physical infrastructure and now holds an asset base that lacks the tangible backing required to support long-term value creation.
The presence of $23.3 million in goodwill on a balance sheet with negative equity suggests that the carrying value of intangible assets may be significantly overstated relative to their actual economic utility. This asset mix appears to offer little in the way of collateral or operational leverage, further complicating the company's transition to a service-oriented insurance model.
As indicated by the financial data, the massive $701.6 million debt load relative to the company's near-zero revenue base suggests that XHG may be burdened by legacy liabilities from its former rental operations that are not fully captured in the current operating performance metrics.
The disconnect between the company's reported debt and its ability to generate cash flow suggests that these obligations may be unsustainable without a major restructuring event. Analysts should investigate whether these liabilities are subject to acceleration clauses or if they represent a permanent drag on the company's ability to attract new capital.
Quick answers to the most common questions about buying XHG stock.
As of 2025, XChange TEC.INC (XHG) had total assets of $69.4M including $39.9M in current assets.
XChange TEC.INC (XHG) carries total debt of $701.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
XChange TEC.INC (XHG) has total shareholders' equity (book value) of $-880.3M ($-42.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
XChange TEC.INC (XHG) reported a current ratio of 0.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.