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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.
2019
1.4K+
LTM Revenue $769M
LTM EBITDA $163M
$1.9B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
XD has a last 12-month revenue (LTM) of $769M and a last 12-month EBITDA of $163M.
In the most recent fiscal year, XD achieved revenue of $640M and an EBITDA of $135M.
XD expects next 12-month revenue of XXX and NTM EBITDA of XXX
See XD valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $769M | XXX | $640M | XXX | XXX | XXX |
| Gross Profit | $534M | XXX | $444M | XXX | XXX | XXX |
| Gross Margin | 69% | XXX | 69% | XXX | XXX | XXX |
| EBITDA | $163M | XXX | $135M | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 21% | XXX | XXX | XXX |
| EBIT | $146M | XXX | $118M | XXX | XXX | XXX |
| EBIT Margin | 19% | XXX | 18% | XXX | XXX | XXX |
| Net Profit | $129M | XXX | $104M | XXX | XXX | XXX |
| Net Margin | 17% | XXX | 16% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of May 30, 2025, XD's stock price is HKD 37 (or $5).
XD has current market cap of HKD 18.0B (or $2.3B), and EV of HKD 15.0B (or $1.9B).
See XD trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $1.9B | $2.3B | XXX | XXX | XXX | XXX | $0.25 |
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Start Free TrialAs of May 30, 2025, XD has market cap of $2.3B and EV of $1.9B.
XD's trades at 3.0x EV/Revenue multiple, and 14.2x EV/EBITDA.
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 19.3x.
See valuation multiples for XD and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $2.3B | XXX | $2.3B | XXX | XXX | XXX |
| EV (current) | $1.9B | XXX | $1.9B | XXX | XXX | XXX |
| EV/Revenue | 2.7x | XXX | 3.0x | XXX | XXX | XXX |
| EV/EBITDA | 12.8x | XXX | 14.2x | XXX | XXX | XXX |
| EV/EBIT | 14.2x | XXX | 16.2x | XXX | XXX | XXX |
| EV/Gross Profit | 3.9x | XXX | n/a | XXX | XXX | XXX |
| P/E | 19.3x | XXX | 22.1x | XXX | XXX | XXX |
| EV/FCF | 8.6x | XXX | 11.9x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialXD's last 12 month revenue growth is 8%
XD's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.2M for the same period.
XD's rule of 40 is 14% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
XD's rule of X is 40% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for XD and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 8% | XXX | 11% | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 21% | XXX | XXX | XXX |
| EBITDA Growth | 13% | XXX | 135% | XXX | XXX | XXX |
| Rule of 40 | 14% | XXX | 29% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 40% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.5M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | 28% | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | 18% | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 51% | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Azerion Group | XXX | XXX | XXX | XXX | XXX | XXX |
| PlaySide Studios | XXX | XXX | XXX | XXX | XXX | XXX |
| OnMobile | XXX | XXX | XXX | XXX | XXX | XXX |
| Nazara Technologies | XXX | XXX | XXX | XXX | XXX | XXX |
| Trophy Games | 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 acquired XXX companies to date.
Last acquisition by XD was XXXXXXXX, XXXXX XXXXX XXXXXX . XD acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
Sign up to see revenue and EBITDA valuation multiples for 60K+ M&A deals.
Start Free Trial| When was XD founded? | XD was founded in 2019. |
| Where is XD headquartered? | XD is headquartered in Hong Kong. |
| How many employees does XD have? | As of today, XD has 1.4K+ employees. |
| Who is the CEO of XD? | XD's CEO is Mr. Yimeng Huang. |
| Is XD publicy listed? | Yes, XD is a public company listed on HKG. |
| 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? | Similar companies to XD include e.g. Azerion Group, PlaySide Studios, OnMobile, Nazara Technologies. |
| What is the current market cap of XD? | XD's current market cap is $2.3B |
| What is the current revenue of XD? | XD's last 12 months revenue is $769M. |
| What is the current revenue growth of XD? | XD revenue growth (NTM/LTM) is 8%. |
| What is the current EV/Revenue multiple of XD? | Current revenue multiple of XD is 2.7x. |
| 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 $163M. |
| What is XD's EBITDA margin? | XD's last 12 months EBITDA margin is 21%. |
| What is the current EV/EBITDA multiple of XD? | Current EBITDA multiple of XD is 12.8x. |
| What is the current FCF of XD? | XD's last 12 months FCF is $243M. |
| What is XD's FCF margin? | XD's last 12 months FCF margin is 32%. |
| What is the current EV/FCF multiple of XD? | Current FCF multiple of XD is 8.6x. |
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