AMTD Digital Inc. (HKD) stock analysis
Close on Nov 12, 2026Market cap $441.57MP/E 8.0Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak5 of 30 checks passed
AMTD Digital passes 5 of the 30 checks behind our score; 18 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 2/6
- Past performance
- 2/6
- Financial health
- 1/6
- Dividend
- 0/6
What stands out
Revenue growing 10%+ a year
Revenue grew 75.3% a year over the last three fiscal years.
Growing faster than the industry
Revenue grew 181% over the last twelve months; the Finance services median is 9.8%.
Return on equity above the industry
AMTD Digital's return on equity of 36.8% is above the Finance services median of -33.5%.
Net margin above the industry
AMTD Digital's net margin of 71.3% is above the Finance services median of -64.5%.
What to watch
Return on equity under 15%
Return on equity was 36.8% over the last twelve months and averaged 14.6% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 0.2%, below the 10% that usually covers the cost of capital.
High debt
Debt is 98.7% of shareholders' equity, above the 40% we consider low.
EPS growing under 10% a year
Diluted EPS grew 0.8% a year over the last three fiscal years.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 75.3% a year over the last three fiscal years.
EPS growing under 10% a year
Diluted EPS grew 0.8% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 181% over the last twelve months; the Finance services median is 9.8%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance2/6
Return on equity under 15%
Return on equity was 36.8% over the last twelve months and averaged 14.6% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 0.2%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
AMTD Digital's return on equity of 36.8% is above the Finance services median of -33.5%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin below its 5-year average
Net margin was 71.3% over the last twelve months, against a 5-year average of 76.1%.
Net margin above the industry
AMTD Digital's net margin of 71.3% is above the Finance services median of -64.5%.
Financial health1/6
High debt
Debt is 98.7% of shareholders' equity, above the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals 5.5% of total debt; we look for at least 20%.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 1.92 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
AMTD Digital has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for AMTD Digital. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
High risk
- Average value traded per day
- $226.65K
- Value traded per 1% price move
- $116.41K
Downside
Medium risk
- Typical loss in a bad month
- 16.8%
- Volatility (annualized)
- 48%
- Sharpe ratio, 1 year
- -0.42
- Beta to the S&P 500 (5Y)
- 3.37
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2020 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | – | +47.7% | – | – | |
| Operating income | – | +22.6% | – | – | |
| Net income | – | +55.4% | – | – | |
| EPS, diluted | – | +2.4% | – | – | |
| Free cash flow | – | +11.8% | – | – |
Returns and balance sheet
5 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2020 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | – | |
| Return on assets | – | – | – | |
| Current ratio | 1.48 | 1.48 | 1.92 | |
| Capex to revenue | – | – | 0.0% | |
| Diluted shares | 40M | 40M | 124M |
Cash use needs five years of cash flow figures
AMTD Digital does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2023 | 84.2% | 0.11× | 1.22× | 11.2% |
| FY2022 | 61.2% | 0.10× | 1.06× | 6.8% |
| FY2021 | 87.7% | 0.06× | 1.61× | 8.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$96.99M
- Cash generatingOperating cash flow above zero$14.39M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$14.39M vs $96.99M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → 1.92
- No dilutionShare count did not rise– → 124M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose– → –
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