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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
1.5K+
LTM Revenue $749M
LTM EBITDA $153M
$1.6B
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XD has a last 12-month revenue of $749M and a last 12-month EBITDA of $153M.
In the most recent fiscal year, XD achieved revenue of $436M and an EBITDA of $29.4M.
XD expects next 12-month revenue of XXX and NTM EBITDA of XXX
See XD valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $441M | $436M | XXX | XXX | XXX |
| Gross Profit | $158M | $236M | XXX | XXX | XXX |
| Gross Margin | 36% | 54% | XXX | XXX | XXX |
| EBITDA | -$41.7M | $29.4M | XXX | XXX | XXX |
| EBITDA Margin | -9% | 7% | XXX | XXX | XXX |
| Net Profit | -$111M | -$71.2M | XXX | XXX | XXX |
| Net Margin | -25% | -16% | XXX | XXX | XXX |
| Net Debt | n/a | n/a | XXX | XXX | XXX |
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As of April 15, 2025, XD's stock price is HKD 31 (or $4).
XD has current market cap of HKD 15.1B (or $1.9B), and EV of HKD 12.2B (or $1.6B).
See XD trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $1.6B | $1.9B | XXX | XXX | XXX | XXX | $0.24 |
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Sign UpAs of April 15, 2025, XD has market cap of $1.9B and EV of $1.6B.
XD's trades at 2.2x LTM EV/Revenue multiple, and 11.0x LTM EBITDA.
Analysts estimate XD's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for XD and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $1.6B | XXX | XXX | XXX |
| EV/Revenue | 3.6x | XXX | XXX | XXX |
| EV/EBITDA | 53.4x | XXX | XXX | XXX |
| P/E | -182.3x | XXX | XXX | XXX |
| P/E/Growth | n/a | XXX | XXX | XXX |
| EV/FCF | 55.8x | 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.
Sign UpXD's NTM/LTM revenue growth is 5%
XD's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.2M for the same period.
Over next 12 months, XD's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate XD's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for XD and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | -1% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 7% | XXX | XXX | XXX | XXX |
| EBITDA Growth | -171% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 12% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.3M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.2M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 26% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 7% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | 30% | XXX | XXX | XXX | XXX |
| Opex to Revenue | 61% | XXX | 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 |
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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 |
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Sign Up| 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 1.5K+ 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 $1.9B |
| What is the current revenue of XD? | XD's last 12-month revenue is $749M. |
| What is the current EBITDA of XD? | XD's last 12-month EBITDA is $153M. |
| What is the current EV/Revenue multiple of XD? | Current revenue multiple of XD is 2.2x. |
| What is the current EV/EBITDA multiple of XD? | Current EBITDA multiple of XD is 11.0x. |
| What is the current revenue growth of XD? | XD revenue growth between 2023 and 2024 was -1%. |
| Is XD profitable? | Yes, XD is EBITDA-positive (as of the last 12 months). |
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