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Institutional ownership roughly stable: -0.25% change quarter-over-quarter.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $5.14 today, the market must believe free cash flow compounds 23.6%/yr for a decade (off $24M normalized FCF).
The market's 23.6% is more conservative than its 9-yr track record.
2-stage DCF · 0.31B shares · net debt -$85M
mean -49.6% · volatility σ 423% · implied rate exceeded in 1/5 yrs
Central path = implied 23.6%/yr growth; shaded band = ±1σ (423%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-08-05 · 15d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $460.4M 100.0% | $323.1M 100.0% | $363.7M 100.0% | $341.5M 100.0% | $238.8M 100.0% | $186.4M 100.0% | $180.7M 100.0% | $230.6M 100.0% | $200.6M 100.0% | $140.2M 100.0% |
| Cost of Revenue | $242.9M 52.8% | $155.6M 48.1% | $200.6M 55.2% | $200.1M 58.6% | $118.6M 49.7% | $92.6M 49.7% | $99.9M 55.3% | $115.7M 50.2% | $117.9M 58.8% | $79.9M 57.0% |
| Cost of Products | — | — | — | — | — | — | — | — | $21.5M 10.7% | $4.4M 3.1% |
| Cost of Services | — | — | — | — | — | — | — | — | $96.4M 48.1% | $75.6M 53.9% |
| Gross Profit | $217.5M 47.2% | $167.6M 51.9% | $163.1M 44.8% | $141.4M 41.4% | $120.2M 50.3% | $93.7M 50.3% | $80.8M 44.7% | $114.9M 49.8% | $82.7M 41.2% | $60.3M 43.0% |
| Research & Development | $80.0M 17.4% | $71.6M 22.1% | $74.2M 20.4% | $67.7M 19.8% | $61.9M 25.9% | $55.5M 29.8% | $68.6M 38.0% | $76.8M 33.3% | $66.9M 33.4% | $61.2M 43.6% |
| Selling, General & Admin | $44.9M 9.7% | $45.8M 14.2% | $46.9M 12.9% | $39.7M 11.6% | $36.9M 15.4% | $33.9M 18.2% | $38.9M 21.5% | $40.8M 17.7% | $36.5M 18.2% | $26.0M 18.6% |
| Total Operating Expenses | $210.9M 45.8% | $183.3M 56.7% | $164.7M 45.3% | $131.4M 38.5% | $124.5M 52.1% | $112.5M 60.4% | $137.2M 75.9% | $159.3M 69.1% | $136.9M 68.3% | $101.8M 72.6% |
| Operating Income | $6.6M 1.4% | -$15.7M -4.9% | -$1.6M -0.4% | $10.1M 2.9% | -$4.3M -1.8% | -$18.8M -10.1% | -$56.4M -31.2% | -$44.3M -19.2% | -$54.2M -27.0% | -$41.5M -29.6% |
| Interest Expense | $1.7M 0.4% | $728K 0.2% | $1.5M 0.4% | $93K 0.0% | $95K 0.0% | $406K 0.2% | $75K 0.0% | $239K 0.1% | $239K 0.1% | $239K 0.2% |
| Interest & Investment Income | $3.3M 0.7% | $4.9M 1.5% | $4.6M 1.3% | $1.9M 0.6% | $723K 0.3% | $1.5M 0.8% | $1.9M 1.1% | $1.2M 0.5% | $2.0M 1.0% | $2.2M 1.5% |
| Other Income (Expense), net | $1.04B 225.5% | $9.2M 2.8% | $16.9M 4.6% | $13.5M 4.0% | $4.7M 2.0% | $4.7M 2.5% | $5.9M 3.2% | $2.8M 1.2% | $7.9M 3.9% | $6.5M 4.6% |
| Pretax Income | $1.05B 227.3% | -$2.4M -0.7% | $18.4M 5.1% | $25.4M 7.4% | $983K 0.4% | -$13.0M -7.0% | -$48.7M -27.0% | -$40.9M -17.7% | -$46.5M -23.2% | -$33.3M -23.7% |
| Income Tax Expense | -$1.3M -0.3% | -$3.0M -0.9% | $4.1M 1.1% | $4.1M 1.2% | -$125K -0.1% | $1.1M 0.6% | $4.7M 2.6% | -$89K -0.0% | -$2.3M -1.1% | -$2.5M -1.8% |
| Net Income | $1.05B 227.7% | $1.2M 0.4% | $14.2M 3.9% | $21.5M 6.3% | $1.2M 0.5% | -$13.8M -7.4% | -$53.2M -29.4% | -$39.3M -17.0% | -$37.8M -18.9% | -$24.1M -17.2% |
| Per Share | ||||||||||
| EPS (Basic) | $3.37 | $0.00 | $0.04 | $0.06 | $0.00 | $-0.04 | $-0.16 | $-0.12 | $-0.11 | $-0.07 |
| EPS (Diluted) | $3.31 | $0.00 | $0.04 | $0.06 | $0.00 | $-0.04 | $-0.16 | $-0.12 | $-0.11 | $-0.07 |
| Weighted Avg Shares (Basic) | 311.4M | 318.8M | 326.4M | 336.0M | 334.7M | 337.4M | 337.8M | 335.0M | 331.7M | 334.2M |
| Weighted Avg Shares (Diluted) | 316.5M | 319.1M | 326.8M | 336.2M | 336.0M | 337.4M | 337.8M | 335.0M | 331.7M | 334.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage rising year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $27M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 73%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $157M covers all $20M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2021-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~2.4% on $72M of debt.
Cash of $157M fully covers short-term debt of $37M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-08-05
Nothing notable to watch.
Where each multiple sits in its own 12-yr range · 13th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 50.2 | 55.3 | 49.7 | 49.7 | 58.6 | 55.2 | 48.1 | 52.8 |
| Gross Profit | 49.8 | 44.7 | 50.3 | 50.3 | 41.4 | 44.8 | 51.9 | 47.2 |
| R&D | 33.3 | 38.0 | 29.8 | 25.9 | 19.8 | 20.4 | 22.1 | 17.4 |
| SG&A | 17.7 | 21.5 | 18.2 | 15.4 | 11.6 | 12.9 | 14.2 | 9.7 |
| Operating Income | -19.2 | -31.2 | -10.1 | -1.8 | 2.9 | -0.4 | -4.9 | 1.4 |
| Income Tax | -0.0 | 2.6 | 0.6 | -0.1 | 1.2 | 1.1 | -0.9 | -0.3 |
| Net Income | -17.0 | -29.4 | -7.4 | 0.5 | 6.3 | 3.9 | 0.4 | 227.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on XNET: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 207 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| META | $1.48T | 25.1× | 14.8× | 7.4× | 22.2% | 82.0% | 30.1% | 27.8% | 21.9% | 0.6× | 4,839 |
| CHT | $326.0B | — | — | — | — | — | — | — | — | — | 206 |
| NFLX | $313.3B | 29.3× | 23.3× | 6.9× | 15.9% | 48.5% | 24.3% | 41.3% | 26.7% | 1.1× | 3,458 |
| CCZ | $237.8B | 11.9× | 6.3× | 1.9× | -0.0% | — | 16.2% | 20.6% | 19.4% | 0.2× | 1 |
| VZ | $196.4B | 11.4× | 7.5× | 1.4× | 2.5% | — | 12.7% | 16.7% | 6.7% | 3.6× | 3,122 |
| DIS | $193.3B | 14.9× | 9.8× | 2.0× | 3.4% | — | 13.1% | 11.3% | 8.5% | 1.5× | 2,883 |
| VEON | $100.8B | — | — | — | — | — | — | — | — | — | 97 |
| SPOT | $99.3B | — | — | — | — | — | — | — | — | — | 1,205 |
| DASH | $88.5B | 97.3× | 57.2× | 6.5× | 27.9% | — | 6.8% | 9.3% | 9.3% | — | 973 |
| AMXOF | $78.1B | — | — | — | — | — | — | — | — | — | 2 |
| WBD | $64.4B | 89.5× | 14.4× | 1.7× | -5.1% | — | 1.9% | 2.0% | 1.1% | 5.1× | 1,259 |
| EA | $52.6B | 59.7× | 38.2× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | — | 998 |
| ORANY | $48.8B | — | — | — | — | — | — | — | — | — | 14 |
| TIMB | $43.7B | — | — | — | — | — | — | — | — | — | 150 |
| TTWO | $43.6B | — | 472.2× | 6.5× | 18.2% | 57.2% | -4.5% | -8.5% | -4.9% | 26.7× | 1,011 |
| LYV | $43.2B | — | 27.3× | 1.7× | 8.8% | — | 2.0% | 183% | 5.9% | 5.0× | 779 |
| VIV | $39.0B | — | — | — | — | — | — | — | — | — | 214 |
| BAIDF | $36.4B | — | 149.3× | 2.0× | -86.1% | 43.9% | 4.3% | 2.1% | 1.8% | 26.2× | 7 |
| TWLO | $29.4B | 920.1× | 84.2× | 5.8× | 13.7% | 48.9% | 0.7% | 0.4% | 0.4% | 2.8× | 776 |
| RDDT | $28.9B | 59.3× | 61.1× | 13.1× | 69.4% | 91.2% | 24.1% | 18.1% | 18.1% | — | 765 |
| OMC | $25.6B | — | 59.2× | 1.5× | 10.1% | 8.5% | -0.3% | -0.5% | -0.3% | 15.8× | 1,083 |
| FOX | $24.1B | 10.6× | — | 1.5× | 16.6% | — | 14.1% | 19.2% | 12.4% | — | 505 |
| FWONB | $22.6B | — | 41.0× | 5.0× | 22.7% | — | 12.4% | 7.2% | 4.3% | 7.9× | 1 |
| ROKU | $21.7B | 249.1× | 503.8× | 4.6× | 15.2% | 43.8% | 1.9% | 3.3% | 3.3% | — | 665 |
| CHTR | $20.7B | 4.2× | 5.4× | 0.4× | -0.6% | — | 9.1% | 31.1% | 4.5% | 4.5× | 760 |
| XNET | $1.6B | 1.6× | 131.9× | 3.5× | 42.5% | 47.2% | 228% | 76.3% | 72.5% | 6.2× | 44 |
Peers = companies sharing XNET's sector (Communication Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position