MAASNasdaqInvestment AdviceFiscal year ends June 30
Maase Inc.
Financials through fiscal 2025, year ended Jun 30, 2025Last filing: 20-F on Oct 29, 2025
$12.15+0.13 (+1.12%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
–
Operating margin
-88.5%−47.2 pts over 5 years
Net margin
-25.1%+0.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -18.9% | +60.6% | +43.3% | – | |
| Free cash flow | +23.4% | – | – | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -8.6% | -20.4% | |
| Return on assets | – | -7.2% | -5.1% | |
| Current ratio | – | 8.27 | 3.84 | |
| Capex to revenue | – | 2.1% | 0.7% | |
| Diluted shares | – | 1M | 8M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Maase generated CN¥213.54M from operations and spent CN¥33.93M on capital expenditure, dividends and share buybacks. 70% of that went back into the business.
Generated
CN¥213.54M
Used
CN¥33.93M
Capital expenditureCN¥23.90M70%DividendsCN¥00%Share buybacksCN¥10.03M30%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-25.1%
×Asset turnover0.20×
×Equity multiplier3.98×
=Return on equity, FY2025-20.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -25.1% | 0.20× | 3.98× | -20.4% |
| FY2024 | -30.1% | 0.42× | 3.02× | -38.6% |
| FY2023 | -38.1% | 0.31× | 1.53× | -18.3% |
| FY2022 | -32.1% | 0.41× | 1.61× | -20.9% |
| FY2021 | -24.3% | 0.42× | 1.31× | -13.5% |
| FY2020 | -25.4% | 0.28× | 1.19× | -8.6% |
| FY2019 | 26.3% | 0.58× | 1.19× | 18.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥195.96M
- Cash generatingOperating cash flow above zeroCN¥71.47M
- Return on assets improvedROA up on the prior year-109.5% → -4.6%
- Earnings backed by cashOperating cash flow above net incomeCN¥71.47M vs -CN¥195.96M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.80 → 3.84
- No dilutionShare count did not rise3M → 8M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose3.64 → 0.18