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XD Valuation Multiples
Discover revenue and EBITDA valuation multiples for XD and similar public comparables like G-bits, Koei Tecmo, Kingsoft, MNC Digital Entertainment and more.
XD Overview
About XD
XD Inc is engaged in the development, operation, publishing, and distribution of mobile and web games and the provision of information services in China and overseas. It also operates TapTap, a game community and platform in China. It has two operating segments. The game segment, which is the key revenue driver, offers game publishing and operating services on its own and via other distribution channels. Revenues from this segment are derived from game publishing and operating services. The TapTap platform segment offers online marketing services to game developers, game publishers, or their agents. Revenues from this segment are derived from performance-based online marketing services. Its geographic areas are Mainland China and Other areas.
Founded
2019
HQ
Employees
1.4K
Website
Financials (LTM)
EV
$3B
XD Financials
XD reported last 12-month revenue of $881M and EBITDA of $276M.
In the same LTM period, XD generated $650M in gross profit, $276M in EBITDA, and $239M in net income.
Revenue (LTM)
XD P&L
In the most recent fiscal year, XD reported revenue of $735M and EBITDA of $155M.
XD expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $881M | XXX | $735M | XXX | XXX | XXX |
| Gross Profit | $650M | XXX | $510M | XXX | XXX | XXX |
| Gross Margin | 74% | XXX | 69% | XXX | XXX | XXX |
| EBITDA | $276M | XXX | $155M | XXX | XXX | XXX |
| EBITDA Margin | 31% | XXX | 21% | XXX | XXX | XXX |
| EBIT Margin | 30% | XXX | 18% | XXX | XXX | XXX |
| Net Profit | $239M | XXX | $119M | XXX | XXX | XXX |
| Net Margin | 27% | XXX | 16% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
XD Stock Performance
XD has current market cap of $4B, and enterprise value of $3B.
Market Cap Evolution
XD's stock price is $8.21.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $3B | $4B | 0.0% | XXX | XXX | XXX | $0.25 |
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Start Free TrialXD Valuation Multiples
XD trades at 3.9x EV/Revenue multiple, and 12.4x EV/EBITDA.
EV / Revenue (LTM)
XD Financial Valuation Multiples
As of April 19, 2026, XD has market cap of $4B and EV of $3B.
Equity research analysts estimate XD's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
XD has a P/E ratio of 16.6x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $4B | XXX | $4B | XXX | XXX | XXX |
| EV (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV/Revenue | 3.9x | XXX | 4.7x | XXX | XXX | XXX |
| EV/EBITDA | 12.4x | XXX | 22.2x | XXX | XXX | XXX |
| EV/EBIT | 13.1x | XXX | 25.3x | XXX | XXX | XXX |
| EV/Gross Profit | 5.3x | XXX | 6.7x | XXX | XXX | XXX |
| P/E | 16.6x | XXX | 33.4x | XXX | XXX | XXX |
| EV/FCF | 13.7x | XXX | 18.7x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified XD Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
XD Margins & Growth Rates
XD's revenue in the last 12 month grew by 16%.
XD's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.3M for the same period.
XD's rule of 40 is 52% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
XD's rule of X is 80% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
XD Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 16% | XXX | 14% | XXX | XXX | XXX |
| EBITDA Margin | 31% | XXX | 21% | XXX | XXX | XXX |
| EBITDA Growth | 23% | XXX | 65% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 52% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 80% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.5M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 24% | XXX | 28% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 7% | XXX | 5% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 16% | XXX | 18% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 51% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
XD Public Comps
See public comps and valuation multiples for other Gaming - Mobile and Gaming - Console & PC comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| XD | XXX | XXX | XXX | XXX | XXX | XXX |
| G-bits | XXX | XXX | XXX | XXX | XXX | XXX |
| Koei Tecmo | XXX | XXX | XXX | XXX | XXX | XXX |
| Kingsoft | XXX | XXX | XXX | XXX | XXX | XXX |
| MNC Digital Entertainment | XXX | XXX | XXX | XXX | XXX | XXX |
| Sega Sammy | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
XD M&A Activity
XD acquired XXX companies to date.
Last acquisition by XD was on XXXXXXXX, XXXXX. XD acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by XD
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialXD Investment Activity
XD invested in XXX companies to date.
XD made its latest investment on XXXXXXXX, XXXXX. XD invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by XD
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout XD
| When was XD founded? | XD was founded in 2019. |
| Where is XD headquartered? | XD is headquartered in China. |
| How many employees does XD have? | As of today, XD has over 1K employees. |
| Who is the CEO of XD? | XD's CEO is Yimeng Huang. |
| Is XD publicly listed? | Yes, XD is a public company listed on HKEX. |
| What is the stock symbol of XD? | XD trades under 02400 ticker. |
| When did XD go public? | XD went public in 2019. |
| Who are competitors of XD? | XD main competitors are G-bits, Koei Tecmo, Kingsoft, MNC Digital Entertainment. |
| What is the current market cap of XD? | XD's current market cap is $4B. |
| What is the current revenue of XD? | XD's last 12 months revenue is $881M. |
| What is the current revenue growth of XD? | XD revenue growth (NTM/LTM) is 16%. |
| What is the current EV/Revenue multiple of XD? | Current revenue multiple of XD is 3.9x. |
| Is XD profitable? | Yes, XD is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of XD? | XD's last 12 months EBITDA is $276M. |
| What is XD's EBITDA margin? | XD's last 12 months EBITDA margin is 31%. |
| What is the current EV/EBITDA multiple of XD? | Current EBITDA multiple of XD is 12.4x. |
| What is the current FCF of XD? | XD's last 12 months FCF is $251M. |
| What is XD's FCF margin? | XD's last 12 months FCF margin is 29%. |
| What is the current EV/FCF multiple of XD? | Current FCF multiple of XD is 13.7x. |
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