Hong Kong · HKEX · 01810
Xiaomi (01810) stock analysis: valuation and financials
资讯科技器材
HK$25.04 +2.1% Price as of Oct 13, 2026
Scale hardware franchise with net cash CNY82.45B and 20.6% ROIC, but growth stalled to 2.2% TTM and FCF margin at -0.8%; base-case IRR 15.2% — execution, not solvency, decides value.
- Market cap
- HK$645.9B
- P/E
- 16.8x
- EV/Sales
- 1.1x
- FCF yield
- -0.6%
- 52-week range
- HK$21.42 – HK$49.48
Research as of Oct 14, 2026
Business quality scorecard
- Growth86
- Profitability32
- Cash flow50
- Balance sheet74
- Capital allocation71
- Innovation71
- Valuation43
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Consumers buy smartphones, IoT and lifestyle hardware and internet services through Xiaomi's own efficient new-retail and online channels; FY2025 revenue was CNY 457.3B (+25.0% yoy) at 22.3% gross margin and 10.5% operating margin, but the segment-level profit engine is not disclosed.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥328.3B | ¥280.0B | ¥271.0B | ¥365.9B | ¥457.3B |
| Revenue growth | +33.5% | -14.7% | -3.2% | +35.0% | +25.0% |
| Gross margin | 17.7% | 17.0% | 21.2% | 20.9% | 22.3% |
| Operating margin | 7.9% | 1.0% | 7.4% | 6.7% | 10.5% |
| Net income | ¥19.3B | ¥2.5B | ¥17.5B | ¥23.7B | ¥41.6B |
| Free cash flow | ¥2.6B | -¥10.2B | ¥35.0B | ¥32.0B | ¥21.4B |
| FCF margin | 0.8% | -3.6% | 12.9% | 8.7% | 4.7% |
Amounts in CNY · What is free cash flow?
Margins FY2025 gross margin 22.26% vs 20.92% FY2024 (+134bp); operating margin 10.48% vs 6.70% (+378bp). TTM gross 21.39%, operating 8.56%, but Q2 FY2026 gross fell to 19.84% on -6.1% yoy revenue. Mix and pricing detail not disclosed.
- Cash flow WatchTTM operating cash flow 8.1B against net income 33.0B, roughly 0.25x conversion; TTM free cash flow -3.3B, an FCF margin of -0.8%.
- Debt LowNet cash of 82.45B; net debt/EBITDA -1.46x, consistent with a net cash leverage position. Total debt 36.12B at FY2025 (39.28B TTM) versus cash 26.91B and short-term investments 80.78B.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥121.7B
- Total debt
- ¥39.3B
- Net cash
- ¥82.4B
- Interest coverage
- 10.4x
- Current ratio
- 1.5x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management StrongFounder-led tenure since 2010: FY2025 revenue +25.0% to CNY457.3B, net income CNY41.6B, ROIC 20.6% from 1.8% in FY2022.
Valuation range
Implied value per share · Price when researched: HK$25.04
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.