XHG XChange TEC.INC - American Depositary Shares
NASDAQ · Insurance · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jan 14, 2026
$1.86
· of 52w range
· above low
· to high
$0.6552w low
$7.2352w high
EPS
$0.00
Revenue
$365M
your badges
52W Range
$1–$7
Analyst Rating
SELL
Price Target
·
P/E
·
ROE
104.2%
Net Profit Margin
-204.9%
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XHG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.86
EPS
$0.00
Revenue
$365M
ROE
104.2%
Debt/Equity
-0.0
52W Range
$1–$7
XHG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| May 9, 2025 | 1-for-20 | Reverse |
| Nov. 8, 2024 | 1-for-20 | Reverse |
| Dec. 7, 2023 | 1-for-40 | Reverse |
| March 7, 2022 | 1-for-5 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$365M2017-09-30 → 2025-09-30
EPS$0.002020-09-30 → 2025-09-30
Free Cash Flow·2019-09-30 → 2021-09-30
Net margin-204.9%2019-09-30 → 2025-09-30
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | XHG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin | 2.2% | · | · | · | |
| Operating Margin | -197.2%5Y avg ≈-21538.8% | ≈-21538.8% | -7.0% | Weak | |
| EBITDA Margin | -197.2%5Y avg ≈-21538.8% | ≈-21538.8% | -6.1% | Weak | |
| Pretax Margin | -204.9%5Y avg ≈-22818.5% | ≈-22818.5% | -12.0% | Weak | |
| Net Profit Margin | -204.9%5Y avg ≈-59470.1% | ≈-59470.1% | -11.5% | Weak | |
| ROA | -175.6%5Y avg ≈-10.5% | ≈-10.5% | -3.2% | Weak | |
| ROE | 104.2%5Y avg ≈25.1% | ≈25.1% | -2.0% | Top tier | |
| ROIC | 85.0%5Y avg ≈67.4% | ≈67.4% | -4.6% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | XHG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | -0.05Y avg ≈-0.1 | ≈-0.1 | 0.1 | Low debt | |
| Current Ratio | 0.05Y avg ≈0.1 | ≈0.1 | 1.3 | Low liquidity | |
| Quick Ratio | 0.05Y avg ≈0.0 | ≈0.0 | 1.0 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | XHG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.95Y avg ≈1.2 | ≈1.2 | 1.0 | Below avg | |
| Receivables Turnover | 12.25Y avg ≈521.7 | ≈521.7 | 6.2 | Top tier | |
| Revenue / Employee | ≈$12.2M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
37.0%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| Sept. 30, 2019 | $-192000.00 | $-304616.00 | 37.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $365M | $288M | · | · | · | $1.21B | $1.23B | $890M | |
| Cost of Revenue | $357M | $275M | · | · | $950M | $1.20B | $1.30B | $898M | |
| Gross Profit | $8M | $13M | · | · | · | · | · | · | |
| R&D Expense | · | $24.0K | $46.0K | $22.0K | $8M | $25M | $47M | $52M | |
| SG&A Expense | $32M | $16M | $23M | $29M | $28M | $103M | $108M | $85M | |
| Operating Expenses | $728M | $602M | $24M | $29M | $1.44B | $2.71B | $1.68B | $1.32B | |
| Operating Income | $-720M | $-589M | $-24M | $-29M | $-27M | $-1.50B | $-448M | $-426M | |
| Interest Expense | · | · | $2M | $42M | $103M | $134M | $114M | $93M | |
| Other Non-op | $-28M | $-24M | $-2M | $-466M | · | · | · | · | |
| Pretax Income | $-748M | $-613M | $-25M | $-495M | $-131M | $-1.53B | $-498M | $-498M | |
| Income Tax | $46.0K | $548.0K | · | · | · | $13.0K | $63.0K | $2M | |
| Net Income | $-748M | $-227M | $-71M | $820M | $-569M | $-1.53B | $-498M | $-500M | |
| EPS (Basic) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-1.14 | · | · | |
| EPS (Diluted) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-1.14 | · | · | |
| Shares (Basic) | 50,254,250,124 | 238,246,158 | 28,050,733 | 1,025,842,445,700 | 146,069,290,900 | 1,351,127,462 | · | · | |
| Shares (Diluted) | 50,254,250,124 | 238,246,158 | 28,050,733 | 1,025,842,445,700 | 146,069,290,900 | 1,351,127,462 | · | · | |
| EBITDA | $-720M | $-589M | $-26M | $-244M | $-400M | $-1.50B | $-448M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11M | $8M | $286.0K | $563.0K | $16M | $23M | $160M | $104M | |
| Short-term Investments | $2M | $2M | · | · | · | · | · | · | |
| Receivables | $23M | $36M | · | $752.0K | $370.0K | $2M | $1M | $475.0K | |
| Prepaid Expense | · | · | · | · | $571.0K | $51M | $128M | $171M | |
| Other Current Assets | $1M | $8M | $282.0K | · | $143M | $102M | $147M | $118M | |
| Current Assets | $40M | $68M | $86M | $71M | $177M | $203M | $597M | $448M | |
| PP&E (Net) | $6.0K | $6.0K | · | $500.0K | $39M | $358M | $1.19B | $1.32B | |
| PP&E (Gross) | · | · | · | $3M | $64M | $726M | $1.91B | $1.80B | |
| Accum. Depreciation | · | · | · | $3M | $25M | $118M | $551M | $378M | |
| Goodwill | $23M | $709M | · | · | · | · | · | · | |
| Intangibles | $678.0K | · | · | $13M | $152M | $222M | $1M | $1M | |
| Other Non-current Assets | · | · | · | $10M | $10M | $57M | $6M | $389.0K | |
| Total Assets | $69M | $783M | $86M | $96M | $378M | $851M | $1.80B | $1.78B | |
| Accounts Payable | $29M | $37M | $182.0K | · | $320M | $294M | $277M | $431M | |
| Accrued Liabilities | $37M | $24M | $1M | $3M | · | · | · | · | |
| Short-term Debt | $33M | $32M | $44M | $7M | $116M | $177M | $65M | $60M | |
| Current Liabilities | $949M | $1.34B | $729M | $668M | $2.35B | $1.96B | $1.70B | $1.97B | |
| Capital Leases | $353.0K | $587.0K | · | · | · | $38M | $58M | · | |
| Total Liabilities | $950M | $1.34B | $729M | $668M | $2.86B | $2.85B | $2.61B | $2.56B | |
| Long-term Debt | · | · | · | · | $420M | $625M | $579M | $222M | |
| Total Debt | $33M | $32M | $44M | $104M | $537M | $801M | $644M | · | |
| Paid-in Capital | · | · | · | $2.95B | $1.85B | $2.09B | · | · | |
| Retained Earnings | $-4.61B | $-3.86B | $-3.63B | $-3.56B | $-4.38B | $-3.81B | $-2.28B | $-1.48B | |
| Treasury Stock | · | · | · | $0 | $5.0K | $298M | · | · | |
| AOCI | $80M | $106M | $25M | $29M | $39M | $18M | $-6M | $2M | |
| Stockholders' Equity | $-880M | $-557M | $-643M | $-573M | $-2.49B | $-2.00B | $-2.25B | $-1.44B | |
| Liabilities + Equity | $69M | $783M | $86M | $96M | $378M | $851M | $1.80B | $1.78B | |
| Shares Outstanding | · | · | · | · | 1,647,386,700 | 1,358,760,850 | 430,450,490 | 430,450,490 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | · | $54.0K | · | · | $79M | $263M | $215M | $152M | |
| Stock-based Comp | · | $3M | $5M | $10M | $16M | $16M | $8M | $2M | |
| Deferred Tax | · | $511.0K | · | · | · | · | · | · | |
| Amort. of Intangibles | · | · | · | $26M | $59M | $76M | $178.0K | $178.0K | |
| Operating Cash Flow | $-12M | $-10M | $-40M | $-44M | $-110M | $55M | $-88M | $-117M | |
| CapEx | · | · | · | · | $2.0K | $99M | $342M | $674M | |
| Investing Cash Flow | $-490.0K | $10M | · | $-11M | $-6M | $-139M | $-351M | $-674M | |
| Stock Issued | · | $-192M | · | · | · | · | · | $3.0K | |
| Net Stock Activity | · | $-192M | · | · | · | · | · | · | |
| Financing Cash Flow | $19M | $9M | $38M | $34M | $102M | $-135M | $570M | $540M | |
| Net Change in Cash | $3M | $12M | $-2M | $-16M | $-13M | $-219M | $132M | $-248M | |
| Taxes Paid | $236.0K | $-92.0K | · | · | · | · | · | · | |
| Free Cash Flow | · | · | · | · | $-110M | $-44M | $-60M | · | |
| Levered FCF | · | · | · | · | $-237M | $-178M | $-174M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 2.2% | 4.7% | · | · | · | · | · | · | |
| Operating Margin | -197.2% | -204.2% | -107216.7% | -37.4% | -38.6% | -124.2% | -36.3% | · | |
| Net Margin | -204.9% | -78.7% | -297137.5% | 125.7% | -54.9% | -127.0% | -40.4% | · | |
| Pretax Margin | -204.9% | -212.4% | -113745.8% | 125.7% | -54.9% | -127.0% | -40.4% | · | |
| EBITDA Margin | -197.2% | -204.2% | -107216.7% | -37.4% | -38.6% | -124.2% | -36.3% | · | |
| ROA | -175.6% | -52.2% | -78.7% | 346.6% | -92.7% | -115.7% | -27.8% | · | |
| ROE | 104.2% | 37.8% | 11.7% | -53.5% | 25.3% | 72.2% | 27.0% | · | |
| ROIC | 85.0% | 112.4% | · | 52.0% | 20.4% | 124.8% | 28.0% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.0 | 0.1 | · | 0.1 | 0.1 | 0.1 | 0.4 | · | |
| Quick Ratio | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.1 | · | |
| Debt / Equity | -0.0 | -0.1 | -0.1 | -0.2 | -0.2 | -0.4 | -0.3 | · | |
| LT Debt / Equity | · | · | · | · | -0.1 | -0.2 | -0.2 | · | |
| Interest Coverage | · | · | -16.4 | · | -3.1 | -11.2 | -3.9 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | 0.7 | 0.0 | 2.8 | 1.7 | 0.9 | 0.7 | · | |
| Receivables Turnover | 12.2 | 15.9 | · | 1162.8 | 896.0 | 743.6 | 1385.5 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | · | · | · | $-1.51 | $-1.40 | $-5.22 | · | |
| Revenue / Share | $0.01 | $0.00 | $0.00 | $0.06 | · | · | · | · | |
| Cash Flow / Share | $-0.00 | $0.00 | $0.00 | $-0.00 | · | · | · | · | |
| Cash / Share | · | · | · | · | $0.01 | $0.02 | $0.37 | · | |
| EPS (TTM) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-1.14 | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $365M | $288M | · | · | · | $1.21B | $1.23B | · | |
| Net Income TTM | $-748M | $-227M | $-71M | $820M | $-569M | $-1.53B | $-498M | · | |
| Market Cap | · | · | · | · | $88.30T | $738.68T | · | · | |
| Enterprise Value | · | · | · | · | $88.30T | $738.68T | · | · | |
| P/E | · | · | · | · | · | -451228.1 | · | · | |
| P/S | · | · | · | · | · | 611512.1 | · | · | |
| P/B | · | · | · | · | -35397.8 | -368590.4 | · | · | |
| P / Cash Flow | · | · | · | · | -805208.1 | 13469557.1 | · | · | |
| P / FCF | · | · | · | · | -805193.4 | -16662921.7 | · | · | |
| EV / EBITDA | · | · | · | · | -220937.3 | -492201.5 | · | · | |
| EV / FCF | · | · | · | · | -805198.2 | -16662939.2 | · | · | |
| EV / Revenue | · | · | · | · | · | 611512.7 | · | · | |
| Earnings Yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | · | · |
Valuation (TTM)
| Metric | Trend | Q4 2019 |
|---|---|---|
| Revenue TTM | $1.23B | |
| Net Income TTM | $-498M |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Revenue | $365M | $288M | · | · | · |
| Gross Margin % | 2.2% | 4.7% | · | · | · |
| Operating Margin % | -197.2% | -204.2% | -107216.7% | -37.4% | -38.6% |
| Net Income | $-748M | $-227M | $-71M | $820M | $-569M |
| Diluted EPS | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Metric | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Debt / Equity | -0.0 | -0.1 | -0.1 | -0.2 | -0.2 |
| Current Ratio | 0.0 | 0.1 | · | 0.1 | 0.1 |
| Quick Ratio | 0.0 | 0.0 | · | 0.0 | 0.0 |
| Metric | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Free Cash Flow | · | · | · | · | $-110M |
Institutional owners (13F) 3 filers · $12K total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
3
Value held
$12K
New positions
2
Exited positions
0
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 2 (+2 vs prior Q) | 0 (-1 vs prior Q) | 0 (0 vs prior Q) | 0 (0 vs prior Q) | +13K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,189 | 12,432 | 94.24% | Shares |
| UBS Group AG | $670 | 728 | 5.64% | Shares |
| MORGAN STANLEY | $14 | 15 | 0.12% | Shares |
Activists & 5%+ owners 5 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Golden Stream Ltd., Yong Zhang ×3 filings | May 13, 2025 | 9.59% | Amendment | · | SEC |
| High Gate Investments Ltd., Yijia Inc., High Gate Holdings Ltd., Edmund Koon Kay Tang ×2 filings | June 8, 2022 | · | Initial filing | · | SEC |
| Crescent Capital Investments Ltd., CRESCENT GP LTD., David McKee Hand ×4 filings | June 8, 2022 | · | Initial filing | · | SEC |
| Danai Rojanavanichkul, Veneto Holdings Ltd. | June 6, 2022 | · | Initial filing | · | SEC |
| Marie Edwine Zarei, Azure Investments Ltd. | June 3, 2022 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 1 insider · 0 officers · 0 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| HRT FINANCIAL LP | 10% owner | Jan. 17, 2025 P | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
XHG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 8 analysts
SELL
0 0.0%
Strong Buy
0 0.0%
Buy
3 37.5%
Hold
4 50.0%
Sell
1 12.5%
Strong Sell
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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Source: SEC 20-F filed Jan 14, 2026