The firm's capital structure appears vulnerable, as evidenced by a 1.98 P/B ratio and the potential for significant intangible asset impairment following aggressive consolidation activities.
| Metric | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 |
|---|
| Total Current Assets | 2.39B | 231M | 394.75M | 403.33M | 393.22M | 467.12M | 214.57M | 185.13M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 96.67M | 6.38M | 118.8M | 72.19M | 2.97M | 51.82M | 8.77M | 1.84M |
| Total Non-Current Assets | 1.89B | 33.54M | 69.18M | 64.58M | 39.49M | 12.28M | 11.29M | 6.54M |
| Property, Plant & Equipment | 209.01M | 15.17M | 43.54M | 41.35M | 26.95M | 4.03M | 890K | 1.02M |
| Fixed Asset Turnover | 5.67x | 7.54x | 4.34x | 4.62x | 4.80x | 50.49x | 186.30x | 152.49x |
| Goodwill | 243.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 417.57M | 1.79M | 1.11M | 1.6M | 363K | 733K | 700K | 1.5M |
| Long-Term Investments | 8.61M | 0 | 0 | 0 | 0 | 2M | 5M | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - |
| Total Assets | 4.28B | 264.54M | 463.94M | 467.9M | 432.71M | 479.41M | 225.87M | 191.66M |
| Asset Turnover | 0.28x | 0.43x | 0.41x | 0.41x | 0.30x | 0.42x | 0.73x | 0.81x |
| Asset Growth % | 1517.08% | -42.98% | -0.85% | 8.13% | -9.74% | 112.25% | 17.85% | - |
| Total Current Liabilities | 850.99M | 24.08M | 167.13M | 130.29M | 47.52M | 75.83M | 32.21M | 33.11M |
| Accounts Payable | 194.36M | 6.29M | 11.67M | 12.3M | 9.04M | 5.87M | 3.68M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - |
| Short-Term Debt | 98.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 10.51M | 0 | 118.8M | 0 | 2.97M | 51.82M | 8.77M | 1.84M |
| Current Ratio | 2.80x | 9.59x | 2.36x | 3.10x | 8.27x | 6.16x | 6.66x | 5.59x |
| Quick Ratio | 2.80x | 9.59x | 2.36x | 3.10x | 8.27x | 6.16x | 6.66x | 5.59x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 787.18M | 23.43M | 36.76M | 17.31M | 14.71M | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.64B | 47.51M | 203.88M | 147.6M | 62.23M | 75.83M | 32.21M | 33.11M |
| Total Debt | 215.56M | 14.47M | 35.15M | 31.02M | 22.11M | 0 | 0 | 0 |
| Net Debt | -80.13M | -150M | -159.11M | -229.58M | -263.81M | -378.44M | -103.23M | -55.2M |
| Debt / Equity | 0.08x | 0.07x | 0.14x | 0.10x | 0.06x | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | -6.55x | -1.59x | -1.13x |
| Interest Coverage | - | - | - | - | - | 59.61x | - | 21.57x |
| Total Equity | 2.64B | 217.03M | 260.05M | 320.3M | 370.48M | 403.58M | 193.65M | 158.55M |
| Equity Growth % | 1116.26% | -16.54% | -18.81% | -13.54% | -8.2% | 108.4% | 22.14% | - |
| Book Value per Share | 43.77 | 3.60 | 4.31 | 5.31 | 6.14 | 7.12 | 3.46 | 2.83 |
| Total Shareholders' Equity | 1.29B | 217.03M | 260.05M | 320.3M | 367.96M | 400.4M | 184.79M | 148.71M |
| Common Stock | 2.62M | 600K | 600K | 600K | 600K | 600K | 529K | 529K |
| Retained Earnings | -321.25M | -31.5M | 11.84M | 72.71M | 120.31M | 155.27M | 107.41M | 48.63M |
| Treasury Stock | -29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 20.77M | 23.24M | 22.92M | 22.29M | 22.34M | 19.84M | 14.15M | 8.33M |
| Minority Interest | 1.35B | 0 | 0 | 0 | 2.52M | 3.17M | 8.86M | 9.84M |
Inorganic growth integration failure
As reported in recent financial disclosures, the company's balance sheet trajectory is heavily influenced by aggressive inorganic expansion, which complicates the assessment of underlying asset quality and long-term solvency as the firm pivots from its legacy identity toward a broader, yet currently loss-making, service-oriented business model.
The rapid shift in the company's financial structure suggests that the balance sheet is currently being reshaped by M&A activity rather than organic capital accumulation. Investors should monitor whether this expansionary phase leads to a sustainable asset base or if it merely inflates the balance sheet with intangible assets that may require future impairment.
Based on the company's reported operating margin of -38.87%, the firm's liquidity position appears increasingly vulnerable, as the high cash burn rate associated with its current growth strategy may rapidly deplete available reserves if the integration of new business segments fails to yield immediate positive cash flow.
The reliance on a variable-cost agent model provides some flexibility, but the significant operating losses suggest that fixed overheads are currently outstripping the company's ability to generate internal liquidity. Without a clear path to profitability, the current cash position may prove insufficient to support the firm's aggressive scaling ambitions over the medium term.
According to institutional analysis of the firm's recent restructuring, the balance sheet likely carries significant goodwill and intangible assets from recent acquisitions, which may be subject to impairment risk if the anticipated synergies from the rebranding and consolidation efforts do not materialize as management currently expects.
The reliance on inorganic growth often results in a balance sheet heavily weighted toward intangible assets that are difficult to liquidate in a stress scenario. Analysts should be wary that the headline equity value may be overstated if these assets do not contribute effectively to future revenue generation.
As indicated by the company's recent corporate rebranding and consolidation activities, the quality of equity appears strained, as the firm's capital structure is being heavily impacted by the costs of integrating new business units rather than the accumulation of retained earnings from profitable core operations.
The lack of consistent profitability suggests that the equity base is not currently being supported by organic value creation. Investors should investigate whether future capital needs will necessitate further dilution, which would exacerbate the current pressure on shareholder value.
Quick answers to the most common questions about buying MAAS stock.
As of 2024, Maase Inc. (MAAS) had total assets of $4.28B including $2.39B in current assets.
Maase Inc. (MAAS) carries total debt of $215.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Maase Inc. (MAAS) has total shareholders' equity (book value) of $1.29B ($43.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Maase Inc. (MAAS) reported a current ratio of 2.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.