xReality Group Limited

XRG.AX

Media & Entertainment · Consumer Cyclical

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Mixed

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

xReality Group Limited is a small Australian technology and media company that creates augmented reality (AR) and virtual reality (VR) experiences. It builds interactive digital content for brands, sports organizations, and entertainment clients who want to engage audiences in new ways. The company operates in the fast-growing immersive media space, where physical and digital worlds are blended together.

xReality earns revenue by selling custom AR and VR projects and licensing its technology platform to clients, which helps explain its relatively high gross margin above 70%. The company is based in Australia but pursues clients across the Asia-Pacific region and beyond. Its competitive position depends on its proprietary technology and creative capabilities, though as a micro-cap company it faces real risks from larger, better-funded rivals entering the immersive media market. The key growth driver is rising demand from brands and sports leagues for interactive fan experiences, but winning and retaining large contracts remains a significant challenge for a company of this size.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+74.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+26.5% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$5M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

xReality Group Limited grew revenue 74% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

70.1%

Premium pricing power — 70.1% gross margin

Profit after running costs

Operating Margin

8.9%

Modest — 8.9% operating margin

Return on the money invested

ROCE

8.2%

Below par — 8.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+55.2%

Fast-growing sales (+55.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

28.6%

Converts sales into free cash efficiently (28.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.41

Elevated debt (1.41)

Covers its interest

Interest Cover

1.72x

Dangerous — barely covers interest (1.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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