Stock fact sheet · data as of
Xunlei Limited (XNET): fair value, margin of safety and Wheel Score
Ticker symbol XNET · Technology · Software - Infrastructure · China · ADR · Speculative
XNET is an American depositary share (ADR): the US listing of Xunlei Limited, whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.
Is XNET undervalued?
At 3.52 (close of 5 Nov 2026), XNET trades 98% below the GLS average fair value of 148.60. That average comes from 2 models run on the latest filings, and 2 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Xunlei Limited the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
The average is built from just 2 models (DCF, 10 Cap) - the rest returned nothing because an input they need (dividends, free cash flow, book value) is zero or negative - so treat it with more caution than usual.
The nightly engine files XNET under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for XNET
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 254.59 | +7133% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 42.61 | +1111% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | 11.02 | +213% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Xunlei Limited scores only 4 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 3.8/10 is a weak reading: the accounts do not show returns and margins that competitors have been unable to wear down, so the Moat part of the Wheel Score contributes little.
Returns on capital are high - ROIC 72.4%, ROE 76.5%, ROA 64.4% - with debt at 0.06 times equity and a free-cash-flow yield of 59.6%.
Xunlei Limited pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Live streaming revenue 51%, Subscription revenue 49% (fiscal year FY2023).
Institutional ownership scores 7/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | 72.4% |
|---|---|---|---|
| GLS Moat | 3.8 / 10 | ROE | 76.5% |
| Debt / equity | 0.06 | ROA | 64.4% |
| Free-cash-flow yield | 59.6% | Payout ratio | 0% |
| Institutions | 7 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 32: Weak
With a Wheel Score of 32 Xunlei Limited sits in the Weak band. It fails filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 4, financially healthy - Piotroski 4/9 (under 6); and filter 7, a premium worth selling - implied volatility 102% (over 80%); and filter 8, big enough - market cap $45M (under $1.0B); and filter 9, not a penny stock - price 3.52 (under $5); Option trading (weak) is its weakest part.
Implied volatility is 102%, above the 80% ceiling of the Wheel Trade Filter on premium. The premium looks generous, but moves of that size can blow through any strike. Chain open interest is 5,370 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 419k shares a day on a market cap of $45M, with a beta of 1.09; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | implied volatility 102% (over 80%) |
| 8 | Big enough | Fails | market cap $45M (under $1.0B) |
| 9 | Not a penny stock | Fails | price 3.52 (under $5) |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 98% below fair value | |
| Premium | Weak | implied volatility 102% | |
| Moat | Fair | moat 3.8/10 | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Weak | Red Flags score 65/100 | |
| Option trading | Weak | 197 contracts a day, 5,370 open interest | |
| Stability | Fair | beta 1.09, $45M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Xunlei Limited reports earnings on 12 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Software - Infrastructure
The 12 companies below are the closest to Xunlei Limited by market cap within the Software - Infrastructure industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
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|---|---|---|---|---|---|
| LIDR AEye, Inc. | 1.01 | 1.06 | +5% | 10No options | $47M |
| VHC VirnetX Holding Corp | 9.65 | 3.83 | -152% | 9No options | $40M |
| SKKY Skkynet Cloud Systems, Inc. | 0.6980 | 0.1079 | -547% | 12No options | $37M |
| XBP XBP Global Holdings, Inc. | 3.02 | 2,404.02 | +100% | 27No options | $36M |
| VERI Veritone, Inc. | 0.5646 | - | - | 9Weak | $57M |
| AVX Avax One Technology Ltd | 4.61 | 12.32 | +63% | 29No options | $34M |
| GOAI Eva Live, Inc. | 0.8095 | - | - | 9No options | $33M |
| AIFC AI Financial Corporation | 0.2268 | 0.6125 | +63% | 22Weak | $32M |
| AISP Airship AI Holdings, Inc. | 1.85 | 23.92 | +92% | 27Weak | $64M |
| BNAI Brand Engagement Network, Inc. | 4.46 | - | - | 14No options | $30M |
| MLGO MicroAlgo Inc. | 2.63 | 11.57 | +77% | 27No options | $29M |
| WETO Wetour Robotics Limited | 0.8689 | - | - | 10No options | $71M |
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Start free See the Sunday ScanQuestions about XNET
Is XNET undervalued right now?
By the GLS models, yes: at 3.52 the stock is 98% below the average fair value of 148.60 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of XNET and what does it mean?
XNET scores 32 out of 100 (Weak) - it fails Wheel Trade Filters 2, 4, 7, 8, 9. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for XNET?
148.60 per share as of 5 Nov 2026 - the simple average of the 2 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Xunlei Limited report earnings next?
The next earnings report is due on 12 Nov 2026 (before the open), 7 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does XNET have listed options, and how liquid are they?
Yes. The nightly snapshot found 12 listed contracts with 5,370 open interest across all expiries and implied volatility of 102% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is XNET an ADR?
Yes. XNET is an American depositary share (ADR): the US listing of Xunlei Limited, whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.