Metalpha Technology Holding Ltd (MATH) stock analysis
Close on Nov 10, 2026Market cap $43.82MP/E 46.5Yield –
StockData Score
Prices as of Nov 10, 2026How the score works
Weak8 of 30 checks passed
Metalpha Technology passes 8 of the 30 checks behind our score; 19 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
- 1/6
- Past performance
- 2/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
No debt
Metalpha Technology has no borrowings on its latest balance sheet.
Revenue growing 10%+ a year
Revenue grew 86.9% a year over the last three fiscal years.
Interest well covered
Operating income covers interest expense 76.1 times.
Debt covered by cash flow
There is no debt to cover.
What to watch
Growing slower than the industry
Revenue grew -16.7% over the last twelve months; the Finance services median is 9.8%.
Gross margin slipping
Gross margin was 41.4% over the last twelve months, against 47.8% a year earlier.
No dividend
Metalpha Technology has not paid a dividend in the last twelve months.
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.
Growth1/6
Revenue growing 10%+ a year
Revenue grew 86.9% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew -16.7% 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 slipping
Gross margin was 41.4% over the last twelve months, against 47.8% a year earlier.
Past performance2/6
Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 3.5% over the last twelve months, against a 5-year average of -203%.
Net margin above the industry
Metalpha Technology's net margin of 3.5% is above the Finance services median of -68.3%.
Financial health5/6
No debt
Metalpha Technology has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
Operating income covers interest expense 76.1 times.
Short-term assets cover short-term debts
Current assets are 1.12 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Metalpha Technology 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 Metalpha Technology. 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
- $50.05K
- Value traded per 1% price move
- $5.26K
Downside
High risk
- Typical loss in a bad month
- 43.0%
- Volatility (annualized)
- 84%
- Sharpe ratio, 1 year
- -0.77
- Beta to the S&P 500 (5Y)
- 0.69
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2015 to 2026
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -16.7% | +86.9% | +177.5% | +36.4% | |
| Gross profit | -27.8% | +96.7% | – | – | |
| Operating income | -92.2% | – | – | +7.1% | |
| Net income | -91.9% | – | – | +7.0% | |
| EPS, diluted | -92.9% | – | – | -11.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 76.6% | -60.3% | – | |
| Return on assets | – | -40.2% | 0.4% | |
| Current ratio | 3.40 | 2.20 | 1.12 | |
| Interest coverage | – | -2.4× | 76.1× | |
| Capex to revenue | – | – | – | |
| Diluted shares | 10M | 12M | 65M |
Cash use needs five years of cash flow figures
Metalpha Technology 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 |
|---|---|---|---|---|
| FY2024 | -21.9% | 0.15× | -440.05× | 1403.1% |
| FY2023 | -361.1% | 0.14× | 6.41× | -327.7% |
| FY2022 | -669.9% | 0.11× | 1.82× | -131.5% |
| FY2021 | -2279.9% | 0.02× | 1.50× | -60.3% |
| FY2020 | -12613.7% | 0.00× | 1.29× | -16.5% |
| FY2019 | -38.3% | 0.22× | 1.25× | -10.4% |
| FY2018 | 4.5% | 0.50× | 1.23× | 2.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
- ProfitableNet income above zero$1.28M
- Cash generatingOperating cash flow above zero-$14.86M
- Return on assets improvedROA up on the prior year9.1% → 0.5%
- Earnings backed by cashOperating cash flow above net income-$14.86M vs $1.28M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.17 → 1.12
- No dilutionShare count did not rise57M → 65M
- Gross margin improvedGross margin up on the prior year47.80% → 41.45%
- More efficientAsset turnover rose0.26 → 0.15
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