Latest Ratios: P/E Ratio -0.0x · EV/EBITDA 2287.2x · ROE N/A. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $18M | $26M | $12M | $252M | — | — | — | — | — | — |
| Enterprise Value | $120M | $717M | $1.1B | $296M | — | — | — | — | — | — |
| P/E Ratio → | -0.00 | — | — | — | 5.89 | — | — | — | — | — |
| P/S Ratio | 341.23 | 71.08 | 0.04 | — | — | — | — | — | — | — |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1962.11 | 3.83 | — | — | — | — | — | — | — |
| EV / EBITDA | 2287.23 | 2010.44 | — | 177.81 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 2.2% | 2.2% | 4.7% | — | -9.0% | — | -0.8% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -9.4% | -9.4% | -204.2% | — | -4.5% | — | -124.2% | -36.3% | -47.9% | -36.3% |
| Net Profit Margin | -204.9% | -204.9% | -78.7% | — | 125.7% | — | -127.0% | -40.4% | -56.2% | -47.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — |
| ROA | -0.2% | -0.2% | -52.2% | -78.7% | 346.6% | -92.7% | -115.7% | -27.8% | -34.3% | -21.7% |
| ROIC | -0.0% | -0.0% | -82.4% | — | — | — | — | — | — | — |
| ROCE | — | — | — | — | — | — | -445.9% | -25.7% | -30.8% | -17.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 1968.13 | 1968.13 | — | 26.65 | — | 21.03 | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 1937.60 | 1937.60 | — | 26.44 | — | 20.71 | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1233.10 | -1233.10 | -22.47 | -16.42 | -0.70 | -0.26 | -10.75 | -9.75 | -11.05 | -7.56 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.06 | 0.06 | 0.05 | 0.12 | 0.11 | 0.08 | 0.10 | 10.22 | 1.39 | 5.21 |
| Quick Ratio | 0.06 | 0.06 | 0.05 | 0.12 | 0.11 | 0.08 | 0.10 | 10.22 | 1.39 | 5.21 |
| Cash Ratio | 0.02 | 0.02 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 10.22 | 1.39 | 5.21 |
| Asset Turnover | — | 0.01 | 0.37 | — | 6.83 | — | 1.42 | 0.69 | 0.50 | 0.46 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 17.0% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $21M | $99269 | $70126 | $0 | $0 | $0 | $0 | $0 | $0 |
Insolvency and Business Failure
According to recent market data, XHG trades at an EV/EBITDA multiple of 2296.58, a figure that appears to be a mathematical artifact of near-zero earnings rather than a reflection of genuine growth potential or underlying asset value compared to its historical trading ranges.
The extreme P/S ratio of 350.35 suggests that the market is not pricing the company based on its current insurance brokerage revenue, but rather as a distressed shell entity. Investors should monitor whether this valuation premium is merely a function of the remaining cash balance or if there is an irrational expectation of a successful pivot that the current financials do not support.
Based on reported figures, XHG's gross margin of 2.19% indicates that the company is effectively a pass-through entity for third-party referral networks, leaving virtually no room for operational profitability or the absorption of fixed corporate overhead costs in the current fiscal environment.
The persistent negative operating margin of -9.41% highlights that the transition to an insurance brokerage model has failed to achieve the necessary scale to cover basic operating expenses. This suggests that the company's earning power is currently non-existent, and any future profitability would require a fundamental shift in its commission structure or a massive increase in high-margin SaaS service fees.
As reported in financial statements, the company's asset turnover ratio of -0.95 in 2025Q4 reveals a profound inability to generate revenue from its remaining asset base, underscoring the structural inefficiency inherent in its current, highly fragmented insurance brokerage and SaaS service model.
The erratic nature of the cash conversion cycle, coupled with the lack of meaningful inventory or receivables management, suggests that XHG lacks the operational leverage typical of successful fintech intermediaries. The company appears to be struggling with a high-cost, low-velocity business model that fails to convert its limited transactional volume into sustainable working capital.
According to recent SEC filings, XHG's current ratio of 0.04 as of 2025Q4 indicates a severe liquidity shortfall, leaving the firm with almost no buffer to meet short-term obligations or fund the ongoing costs of its business model transition.
The near-zero quick ratio suggests that the company is highly dependent on its remaining cash reserves to survive, as it lacks the liquid assets necessary to cover its current liabilities. This precarious position warrants extreme caution, as any unexpected regulatory or operational expense could lead to a total exhaustion of the company's available liquidity.
Investors frequently misapply the 'Price-to-Earnings' ratio to XHG, which is fundamentally flawed given the company's negative earnings and the fact that its current financial profile is that of a distressed shell rather than a functioning, profitable insurance brokerage firm.
Using P/E or standard brokerage growth metrics obscures the reality that XHG is currently in a state of total business model collapse. Analysts should instead focus on the 'Cash Burn Rate' and 'Liquidity Runway' to assess the firm's survival, as traditional valuation multiples are entirely disconnected from the company's current operational and financial realities.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying XHG stock.
XChange TEC.INC's current P/E ratio is -0.0x. The historical average is 5.9x.
XChange TEC.INC's current EV/EBITDA is 2287.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Based on historical data, XChange TEC.INC is trading at a P/E of -0.0x. Compare with industry peers and growth rates for a complete picture.
XChange TEC.INC has 2.2% gross margin and -9.4% operating margin.
XChange TEC.INC's Debt/EBITDA ratio is 1968.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.