Xiaomi Corporation
HKG:1810 · HKEX · Consumer Electronics
Xiaomi Corporation is a Chinese consumer electronics and smart manufacturing company with operations across smartphones, smart hardware, internet services, electric vehicles, wearables, tablets, home appliances, and…
Current price
HK$26.38
▲ +HK$1.34 (5.35%) today
Share price
Live market dataET&A View
We have not published a view on Xiaomi Corporation yet.
The financial summary below is still available.
Business Health
Is the business financially healthy?
Yes — healthy
Revenue, earnings and the balance sheet stand out. Watch margins.
Overall
- Growth Excellent
Revenue
CN¥438.1bn · ↑ +25% last year
- Growth Excellent
Earnings
CN¥33.0bn · ↑ +76% last year
- Below Average
Margins
Keeps 4% of sales as operating profit
- Good
Cash generation
CN¥21.4bn spare cash a year · 5% of sales
- Excellent
Balance sheet
More cash than debt
Investor View
More on Xiaomi Corporation
Open a section for the detail behind the quick view.
Financial and earnings trendsSales, margins, profit, earnings per share and cash, year by year.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2025 | CN¥457.3bn | +25.0% | 6.9% | CN¥41.6bn | CN¥1.56 | CN¥21.4bn |
| FY2024 | CN¥365.9bn | +35.0% | 6.3% | CN¥23.7bn | CN¥0.93 | CN¥32.0bn |
| FY2023 | CN¥271.0bn | −3.2% | 5.4% | CN¥17.5bn | CN¥0.69 | CN¥35.0bn |
| FY2022 | CN¥280.0bn | — | 2.2% | CN¥2.5bn | CN¥0.10 | −CN¥10.2bn |
How it compares with peersOther companies we cover in Consumer Electronics.
- Sony Group CorporationTYO:6758
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Compare Xiaomi Corporation with any company → The model’s own peer calculations are in the Research View.
What the company doesThe full company profile.
Xiaomi Corporation is a Chinese consumer electronics and smart manufacturing company with operations across smartphones, smart hardware, internet services, electric vehicles, wearables, tablets, home appliances, and connected lifestyle products. The company is best known for its Xiaomi, Redmi, and POCO smartphone brands, but its wider ecosystem includes smart TVs, laptops, AIoT devices, smart home products, software services, and the fast-growing Xiaomi EV business.
Xiaomi’s strength comes from its value-led hardware strategy, large user base, integrated IoT ecosystem, and ability to connect phones, home devices, software, and vehicles into one broader technology platform. Its long-term opportunity is tied to global smartphone demand, smart home adoption, consumer AI, internet services, and the expansion of its “Human x Car x Home” ecosystem. As the company moves further into electric vehicles and AI-enabled connected devices, Xiaomi is positioned as one of China’s most important consumer technology platforms.
Consumer Electronics · China
Research ViewOpen the full researchThe full researchFull financial statements, valuation multiples, historical data, forecasts, methodology, scoring calculations and the valuation model.OpenClose
For detailed analysis. Each section opens on its own.
Financial statementsEvery published figure with its source, the market snapshot and connected sheets.
Income
- Revenue
- CN¥438.1bnMarket data
- Gross profit
- CN¥93.7bnMarket data
- EBITDA
- CN¥28.2bnMarket data
- Operating profit (EBIT)
- CN¥31.5bnMarket data
- Net income
- CN¥33.0bnMarket data
- Earnings per share (EPS)
- CN¥1.44Market data
Growth
- Revenue growth, latest year
- Excellent25.0%Calculated
- Revenue growth, 3-year average
- Excellent17.8%Calculated
- Earnings growth, latest year
- Excellent76.0%Calculated
- Earnings growth, 3-year average
- Excellent156.3%Calculated
- Revenue growth, latest quarter vs a year earlier
- −6.1%Market data
- Earnings growth, latest quarter vs a year earlier
- −19.9%Market data
Margins & returns
- Gross margin
- Below Average21.4%Market data
- EBITDA margin
- 6.4%Market data
- Operating margin
- Below Average4.0%Market data
- Net margin
- Average7.5%Market data
- Return on equity (ROE)
- Good12.6%Market data
- Return on assets (ROA)
- 2.6%Market data
Cash flow
- Operating cash flow
- CN¥8.1bnMarket data
- Free cash flow
- CN¥21.4bnMarket data
- Free-cash-flow margin
- Good4.9%Calculated
- Free cash flow ÷ net income
- 0.6×Calculated
Balance sheet
- Cash
- CN¥121.7bnMarket data
- Total debt
- CN¥44.3bnMarket data
- Net cash (more cash than debt)
- CN¥77.4bnMarket data
- Net debt ÷ EBITDA
- Excellent−2.7×Calculated
- Debt ÷ equity
- 0.2×Market data
- Current ratio
- 1.5×Market data
Shares & dividends
- Shares outstanding
- 21.32bnMarket data
- Market capitalisation
- CN¥679.1bnMarket data
- Dividend per share
- CN¥0.00Market data
- Dividend yield
- Weak0.0%Market data
- Payout ratio
- 0.0%Market data
- Market data — the live feed (Yahoo Finance)
- Calculated — worked out by ET&A from the figures shown, using the formulas in our methodology
Other published figures
- Price / Sales
- Members
- EV / EBITDA
- Members
- Price / Book
- Members
- Forward P/E
- Members
Market data
LiveAs of 14 October 2026
- P/E Ratio
- 18.32x
Valuation multiplesP/E, forward P/E, EV/EBITDA, Price/Sales and FCF yield — today and at Fair Value.Members
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
- Price / Book
- Members
Historical dataValuation history, how our view has changed, and the share-price history.
Share-price history
Use the 5Y and Max ranges on the price chart at the top of the page.
ForecastsWhat analysts expect — market consensus, not ET&A estimates.
Forecasts
- Forward EPS (next year, consensus)
- CN¥1.53Market data
- Expected EPS growth, next year
- Weak−35.9%Market data
- Expected revenue growth, next year
- −4.4%Market data
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
MethodologyHow ET&A values a company and reaches a view.
How we value Xiaomi Corporation
- 1. The right method for the business. Each business is valued on the method that suits its economics — earnings for most companies, book value and returns for banks and insurers, cash flows or dividends where earnings mislead.
- 2. What the business deserves. ET&A builds a fair multiple from the company's own quality, sustainable growth, earnings predictability and risk. History, peers and the market are checked against it, but they don't set it.
- 3. Fair Value. The earnings (or other basis) per share multiplied by that fair multiple, cross-checked against independent methods.
- 4. Preferred Entry. A price below Fair Value that leaves room for the return ET&A requires for the company's risk.
- 5. Is it expensive? Today’s price is placed on ET&A’s Valuation Attractiveness scale — the same measure the ET&A Score uses. Cheap is the Preferred Entry; above Fair Value the shares are Expensive, and Very Expensive once they are more than 25% above it.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →Scoring calculationsBehind the ET&A Score and the Business Health ratings.
Behind the ET&A Score
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
ET&A Quant Score
Unprofitable · Strong balance sheet · Weak
Context — not part of the score
- Valuation multiplesFairly priced
- Share-price steadinessVery high volatility
- IncomeNo dividend
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
- Annualised volatility
- Members
- Max drawdown (1y)
- Members
- 12-month return
- Members
- 3-month return
- Members
- P/E
- Members
- Price / Sales
- Members
- EV / EBITDA
- Members
- EBITDA margin
- Members
- Net debt / EBITDA
- Members
- Dividend yield
- Members
Based on the factors that could be measured (45% of the model).
Business Health ratings
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on 3-year average revenue growth, on ET&A's growth scale. | 8.6 / 10 | Excellent |
| Earnings |
Rated on 3-year average earnings growth, on ET&A's growth scale. | 10.0 / 10 | Excellent |
| Margins |
The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak). | 4.4 / 10 | Below Average |
| Cash generation |
Free cash flow as a share of sales, on ET&A's cash-generation scale. | 6.0 / 10 | Good |
| Balance sheet |
Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale. | 10.0 / 10 | Excellent |
| Overall | Average of the 5 rated areas | 7.8 / 10 | Strong |
ET&A's scales
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
Research notesNo research notes published yet.
No research notes have been published for Xiaomi Corporation yet.
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