STRATUMfiling intelligence๐Ÿ‡ฎ๐Ÿ‡ณ Indian private portal

XNET

Xunlei Ltd
CIK 0001510593 ยท EDGAR โ†—
cleanelevatedtriggeredno dataplanned
77.5
composite ยท 4 signals ยท TRIGGERED

Every card below shows the score and the exact filing data it was computed from โ€” no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded โ€” never a guess.

Chat with this filing โ†’

Ask follow-up questions about the latest 10-K, with citations verified against the actual text. No account needed.

Investigation memo โ€” generate one โ†’

Run the bounded investigation agent โ€” reads this company's signals and writes a short, cited summary.

Signals

P-01 ยท FY 2025-12-31 ยท TRIGGERED100.0

Earnings quality

Beneish M-Score 3.55 exceeds the -1.78 manipulation threshold
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-28) โ†—
Evidence โ€” inputs and thresholds
{
  "m_score": 3.549,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 1.47,
    "GMI": 1.098,
    "AQI": 6.168,
    "SGI": 1.425,
    "DEPI": 0.937,
    "SGAI": 1,
    "LVGI": 0.466,
    "TATA": 0.622
  },
  "defaulted_to_neutral": [
    "SGAI"
  ],
  "sloan_accruals": 0.9647,
  "inputs": {
    "revenue_t": 460428000,
    "revenue_t1": 323140000,
    "total_assets_t": 1631923000,
    "net_income_t": 1048265000,
    "cfo_t": 32479000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1510593/000110465926050304/0001104659-26-050304-index.htm",
    "form": "20-F",
    "filed": "2026-04-28"
  }
}
P-05 ยท FY 2025-12-31 ยท ELEVATED49.3

Tax arbitrage

ETR -0.1% vs 21% statutory โ€” gap persistent across 1 of 2 years
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-28) โ†—
Evidence โ€” inputs and thresholds
{
  "etr_by_year": {
    "2025-12-31": -0.0012,
    "2023-12-31": 0.2245
  },
  "statutory_rate": 0.21,
  "gap_by_year": {
    "2025-12-31": 0.2112,
    "2023-12-31": -0.0145
  },
  "note": "Low ETR can be fully legitimate; this flags persistence + magnitude for review.",
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1510593/000110465926050304/0001104659-26-050304-index.htm",
    "form": "20-F",
    "filed": "2026-04-28"
  }
}
P-12 ยท FY 2025-12-31 ยท CLEAN25.4

Restatement predictor

F-Score 0.76 โ€” at or below the population base rate
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-28) โ†—
Evidence โ€” inputs and thresholds
{
  "f_score": 0.763,
  "probability": 0.00282,
  "components": {
    "rsst": 0.9647,
    "drec": 0.034,
    "dinv": -0.0008,
    "soft": 0.8702,
    "dcs": 0.3142,
    "droa": 0.6398,
    "issue": 0
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1510593/000110465926050304/0001104659-26-050304-index.htm",
    "form": "20-F",
    "filed": "2026-04-28"
  }
}
P-13 ยท FY 2025-12-31 ยท CLEAN0.0

Zombie / distress

Interest coverage 3.90x โ€” servicing debt from operations
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-28) โ†—
Evidence โ€” inputs and thresholds
{
  "icr_by_year": {
    "2025-12-31": 3.905,
    "2024-12-31": -21.571,
    "2023-12-31": -1.065,
    "2022-12-31": 108.226
  },
  "consecutive_years_below_1": 0,
  "altman_z_double_prime": 8.155,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": 6630000,
    "interest_expense_t": 1698000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1510593/000110465926050304/0001104659-26-050304-index.htm",
    "form": "20-F",
    "filed": "2026-04-28"
  }
}