Latest Ratios: P/E Ratio -5.6x · EV/EBITDA N/A · ROE -22.0%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $31M | $124M | — | — | — | — | — |
| Enterprise Value | $33M | $124M | — | — | — | — | — |
| P/E Ratio → | -5.57 | — | — | — | — | — | — |
| P/S Ratio | 3.20 | 7.42 | — | — | — | — | — |
| P/B Ratio | 9.93 | 4.44 | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.39 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 25.0% | 25.0% | 43.9% | 37.6% | -61.1% | 44.0% | -175.3% |
| Operating Margin | -11.5% | -11.5% | -55.4% | -57.9% | -127.3% | -30.7% | -231.8% |
| Net Profit Margin | -20.4% | -20.4% | -57.4% | -69.7% | -134.2% | -159.0% | -229.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -22.0% | -22.0% | -307.3% | -217.3% | -113.8% | -62.0% | -63.7% |
| ROA | -15.0% | -15.0% | -68.9% | -86.9% | -83.3% | -52.5% | -56.1% |
| ROIC | -8.9% | -8.9% | -110.0% | -93.2% | -84.7% | -10.5% | -56.7% |
| ROCE | -10.4% | -10.4% | -161.5% | -103.2% | -86.3% | -10.7% | -59.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.68 | 4.25 | 0.43 | 0.15 | 0.06 |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.02 | 0.63 | 3.51 | 0.22 | -0.12 | -0.15 |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -50.85 | -50.85 | -176.93 | -735.40 | — | — | -154.57 |
Net cash position: cash ($7M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.92 | 4.92 | 1.36 | 1.02 | 4.99 | 14.09 | 21.38 |
| Quick Ratio | 4.02 | 4.02 | 0.88 | 0.42 | 1.99 | 12.64 | 4.99 |
| Cash Ratio | 2.80 | 2.80 | 0.03 | 0.10 | 0.84 | 3.46 | 4.32 |
| Asset Turnover | — | 0.47 | 0.98 | 1.78 | 1.11 | 0.43 | 0.24 |
| Inventory Turnover | 5.80 | 5.80 | 1.93 | 3.12 | 4.16 | 2.68 | 0.94 |
| Days Sales Outstanding | — | 53.53 | 2.03 | 2.91 | 10.53 | 11.70 | 36.54 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $21M | $4M | $2M | $1M | $1M | $1M |
Persistent operating cash burn
According to recent market data, XWIN trades at a price-to-sales ratio of 3.20, which appears difficult to justify given the company's persistent negative net margins and the absence of a clear path to profitability in the current high-interest rate environment for consumer discretionary goods.
The lack of positive EBITDA renders traditional valuation metrics like EV/EBITDA inapplicable, forcing investors to rely on P/S multiples that likely overstate the company's long-term earnings potential. This valuation suggests the market may be pricing in a speculative turnaround or aggressive market share capture that has yet to manifest in the bottom line.
As reported in financial statements, XWIN has consistently generated negative ROIC, with figures reaching as low as -134.0% in 2024Q3, indicating that the company is currently destroying shareholder value rather than compounding capital through its design-led distribution model.
The inability to generate positive returns on invested capital suggests that the company's heavy reliance on third-party manufacturing and high overhead costs prevents it from achieving the scale necessary for efficiency. Investors should monitor whether management can pivot toward a more capital-light model, as current trends indicate a structural decay in capital productivity.
Based on the reported figures, XWIN's cash conversion cycle has shown extreme volatility, peaking at 552 days in 2023Q4, which highlights significant challenges in managing inventory turnover and accounts payable within the highly cyclical modern furniture segment.
The wide swings in the CCC suggest that the company struggles to align its procurement cycles with actual retail demand, leading to potential inventory obsolescence risks. This inefficiency in working capital management appears to be a primary driver of the company's persistent liquidity constraints and operational cash burn.
As reported in financial statements, XWIN maintains a current ratio of 12.96 as of 2026Q1, yet this figure may be misleading as it reflects a temporary cash position rather than a sustainable ability to cover ongoing operating losses through internal cash generation.
While the current liquidity position appears adequate on the surface, the company's reliance on cash reserves to fund operations suggests a vulnerable financial state. Without a significant improvement in operating margins, the company may face liquidity pressure if the current cash pile is depleted by continued negative cash flow.
Investors frequently misapply revenue growth as a primary indicator of success for XWIN, failing to account for the fact that the company's 72.63% year-over-year growth has been accompanied by deepening net losses, which obscures the underlying lack of operating leverage in the business model.
Focusing on top-line expansion in a business with negative margins is misleading, as it ignores the cost of customer acquisition and the potential for value-destroying growth. Analysts should instead prioritize the contribution margin and the trend in operating cash flow to determine if the company's growth is actually creating long-term economic value.
Includes 30+ ratios · 6 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XWIN stock.
XMax Inc.'s current P/E ratio is -5.6x. This places it at the 50th percentile of its historical range.
XMax Inc.'s return on equity (ROE) is -22.0%. The historical average is -131.0%.
Based on historical data, XMax Inc. is trading at a P/E of -5.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
XMax Inc. has 25.0% gross margin and -11.5% operating margin.