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Metalpha Technology Holding Limited (MATH) 10-Year Financial Performance & Capital Metrics

MATH • • Industrial / General
IndustrialsAirlines & AirportsEmerging Air MobilityElectric & Advanced Air Mobility
AboutMetalpha Technology Holding Limited, together with its subsidiaries, provides wealth management services in Hong Kong. The company offers digital asset-based wealth management services, which include issuing traditional financial and cryptocurrency derivative products to over-the-counter clients, providing crypto derivative market making services, and proprietary trading of digital assets and crypto derivative products; and securities advising and asset management services. It serves institutional investors and high-net-worth individuals. The company was formerly known as Dragon Victory International Limited and changed its name to Metalpha Technology Holding Limited in November 2022. The company was incorporated in 2015 and is headquartered in Wan Chai, Hong Kong.Show more
  • Revenue $45M +165.9%
  • EBITDA $18M +1138.2%
  • Net Income $16M +532.0%
  • EPS (Diluted) 0.41 +472.7%
  • Gross Margin 47.8% +42.4%
  • EBITDA Margin 39.49% +365.8%
  • Operating Margin 39.13% +392.5%
  • Net Margin 35.66% +262.5%
  • ROE 59.52% +305.8%
  • ROIC 55.82% +430.6%
  • Debt/Equity 0.01 -98.1%
  • Interest Coverage 231.74 -26.2%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong Piotroski F-Score: 7/9
  • ✓Strong 5Y sales CAGR of 424.3%

✗Weaknesses

  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Shares diluted 11.1% in last year
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y424.27%
3Y613.47%
TTM-122.87%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM19.86%

EPS CAGR

10Y-
5Y-
3Y-
TTM43.04%

ROCE

10Y Avg14.55%
5Y Avg-3.11%
3Y Avg20.72%
Latest65.28%

Peer Comparison

Electric & Advanced Air Mobility
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
MATHMetalpha Technology Holding Limited84.53M2.145.22165.85%35.66%-56.59%0.03%0.01
SRFMSurf Air Mobility Inc.161.22M2.55-0.4497.38%-66.95%
JOBYJoby Aviation, Inc.13.93B15.28-17.56-86.82%-46.57%-117.64%0.03

Profit & Loss

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales/Revenue+1.66M3.59M4.28M2.76M11.25K225.75K122.71K5.69M16.76M44.57M
Revenue Growth %-1.16%0.19%-0.36%-1%19.06%-0.46%45.39%1.95%1.66%
Cost of Goods Sold+236.78K310.68K1.69M1.26M0438.26K334.82K3.67M11.14M23.26M
COGS % of Revenue0.14%0.09%0.4%0.46%-1.94%2.73%0.64%0.66%0.52%
Gross Profit+1.43M3.28M2.59M1.5M11.25K-213K46.93K2.02M5.63M21.3M
Gross Margin %0.86%0.91%0.6%0.54%1%-0.94%0.38%0.36%0.34%0.48%
Gross Profit Growth %-1.3%-0.21%-0.42%-0.99%-19.93%1.22%42.07%1.78%2.79%
Operating Expenses+747K1.26M2.2M3.73M2.13M201.54K3.3M3.58M4.3M3.86M
OpEx % of Revenue0.45%0.35%0.51%1.35%189.3%0.89%26.87%0.63%0.26%0.09%
Selling, General & Admin714.87K1.08M2.17M3.55M1.12M4M3.14M2.78M4.21M3.7M
SG&A % of Revenue0.43%0.3%0.51%1.29%99.8%17.72%25.6%0.49%0.25%0.08%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses32.14K93.99K30.34K138.52K1.01M-59.58K155.3K88.36K88.81K161.89K
Operating Income+678.62K2.02M384.04K-2.23M-2.12M-3.93M-3.25M-1.55M1.33M17.44M
Operating Margin %0.41%0.56%0.09%-0.81%-188.32%-17.4%-26.48%-0.27%0.08%0.39%
Operating Income Growth %3.29%1.97%-0.81%-6.82%0.05%-0.85%0.17%0.52%1.86%12.09%
EBITDA+699.46K2.04M404.21K-2.13M-2.03M-3.85M-3.09M-1.46M1.42M17.6M
EBITDA Margin %0.42%0.57%0.09%-0.77%-180.2%-17.06%-25.22%-0.26%0.08%0.39%
EBITDA Growth %3.37%1.91%-0.8%-6.28%0.05%-0.9%0.2%0.53%1.98%11.38%
D&A (Non-Cash Add-back)20.84K21.3K20.17K101.93K91.37K76.51K155.3K99.34K89.46K161.89K
EBIT879.55K2.18M758.92K-1.46M-1.46M-699K-9.29M-11.69M-3.67M15.97M
Net Interest Income+-61.72K69.16K312.86K636.36K665.27K-1.61M-1.94M16.82K29.72K-51.25K
Interest Income16369.16K312.86K636.49K667.9K7831.49K25.28K33.96K24K
Interest Expense61.88K001332.63K1.61M1.94M8.46K4.24K75.25K
Other Income/Expense139.05K163.15K374.88K774.88K659.9K-2.31M-7.98M-10.15M-5.01M-1.54M
Pretax Income+817.67K2.18M758.92K-1.46M-1.46M-2.31M-11.23M-11.7M-3.68M15.89M
Pretax Margin %0.49%0.61%0.18%-0.53%-129.67%-10.21%-91.49%-2.06%-0.22%0.36%
Income Tax+164.82K464.33K633.61K027.41K1.52M8.06K218.03K00
Effective Tax Rate %0.8%0.79%0.25%0.72%0.97%2.23%1.29%1.76%1%1%
Net Income+652.85K1.71M193.13K-1.06M-1.42M-5.15M-14.44M-20.56M-3.68M15.89M
Net Margin %0.39%0.48%0.05%-0.38%-126.11%-22.8%-117.67%-3.61%-0.22%0.36%
Net Income Growth %3.61%1.63%-0.89%-6.47%-0.34%-2.63%-1.81%-0.42%0.82%5.32%
Net Income (Continuing)652.85K1.71M125.3K-1.46M-1.49M-5.21M-11.23M-11.92M-3.68M15.89M
Discontinued Operations000000-3.19M-8.25M00
Minority Interest00-78.79K-489.76K-547.78K-611.69K1.41M000
EPS (Diluted)+0.060.150.02-0.09-0.12-0.44-0.79-0.76-0.110.41
EPS Growth %3.62%1.68%-0.88%-6.17%-0.3%-2.67%-0.8%0.04%0.86%4.73%
EPS (Basic)0.060.150.02-0.09-0.12-0.44-0.79-0.76-0.110.41
Diluted Shares Outstanding11.67M11.67M10.77M11.42M11.42M11.65M18.3M26.99M34.71M38.55M
Basic Shares Outstanding11.67M11.67M10.77M11.42M11.42M11.65M18.3M26.99M34.71M38.55M
Dividend Payout Ratio----------

Balance Sheet

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Total Current Assets+1.87M4.05M11.79M11.85M9.75M15.53M23.63M55.92M174.63M246.48M
Cash & Short-Term Investments2.48K3.22M8.68M9.5M15.93K982.54K5.29M9.47M48.08M20.7M
Cash Only2.48K3.22M3.94M38.6K15.93K982.54K5.29M6.75M4.88M6.92M
Short-Term Investments004.74M9.46M0002.72M43.19M13.78M
Accounts Receivable1.61M740.82K2.37M2.15M9.73M9.03M9.52M163.62K50.58K3.96M
Days Sales Outstanding354.6175.32202.17284.56315.6K14.61K28.32K10.491.132.41
Inventory172.1K0117.98K0-762.4K-5.44M379.62K5.17M0221.16M
Days Inventory Outstanding265.3-25.47---413.83514.27-3.47K
Other Current Assets00-117.98K0705.16K0-8.44M5.11M0-771
Total Non-Current Assets+142.46K158.94K1.22M464.73K216.95K101.23K712.46K158.73K89.93K295.33K
Property, Plant & Equipment52.89K32.82K1.06M377.7K195.55K94.59K683.02K129.35K41.58K238.1K
Fixed Asset Turnover31.42x109.37x4.04x7.30x0.06x2.39x0.18x44.00x403.16x187.18x
Goodwill0000000000
Intangible Assets1.14K8121.37K92749000000
Long-Term Investments77.55K72.56K75.55K00000126.47M0
Other Non-Current Assets10.89K52.74K87.34K86.1K20.91K6.64K29.44K29.38K-126.42M57.23K
Total Assets+2.01M4.21M13.02M12.31M9.96M15.63M24.34M56.08M174.72M246.77M
Asset Turnover0.83x0.85x0.33x0.22x0.00x0.01x0.01x0.10x0.10x0.18x
Asset Growth %0.88%1.09%2.09%-0.05%-0.19%0.57%0.56%1.3%2.12%0.41%
Total Current Liabilities+557.32K1.19M2.02M2.93M2.59M7.07M10.03M47.44M157.87M210.19M
Accounts Payable28.53K63.48K52.96K13.32K731.39K22.14K6.86K11.61M65.73M53.83M
Days Payables Outstanding43.9974.5811.433.85-18.447.481.15K2.15K844.58
Short-Term Debt000004.02M005M0
Deferred Revenue (Current)0000000000
Other Current Liabilities258.98K000403.69K688.37K7.7M47.12M152.6M0
Current Ratio3.35x3.40x5.83x4.04x3.76x2.20x2.36x1.18x1.11x1.17x
Quick Ratio3.04x3.40x5.77x4.04x4.05x2.97x2.32x1.07x1.11x0.12x
Cash Conversion Cycle575.92-216.21---28.73K-629.82-2.66K
Total Non-Current Liabilities+00066.9K09.84K105.54K40.11K022.87K
Long-Term Debt0000000000
Capital Lease Obligations00066.9K09.84K105.54K40.11K022.87K
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities0000000000
Total Liabilities557.32K1.19M2.02M3M2.59M7.08M10.14M47.48M157.87M210.21M
Total Debt+16.67K00147.17K63.53K4.06M368.75K133.28K5.04M212.69K
Net Debt14.19K-3.22M-3.94M108.57K47.6K3.08M-4.92M-6.61M159.83K-6.71M
Debt / Equity0.01x--0.02x0.01x0.47x0.03x0.02x0.30x0.01x
Debt / EBITDA0.02x-------3.55x0.01x
Net Debt / EBITDA0.02x-1.58x-9.74x-----0.11x-0.38x
Interest Coverage10.97x---16804.51x-807.24x-2.44x-1.67x-183.72x314.08x231.74x
Total Equity+1.45M3.02M10.99M9.32M7.37M8.55M14.2M8.6M16.85M36.56M
Equity Growth %6.81%1.08%2.64%-0.15%-0.21%0.16%0.66%-0.39%0.96%1.17%
Book Value per Share0.120.261.020.820.650.730.780.320.490.95
Total Shareholders' Equity1.45M3.02M11.07M9.81M7.92M9.16M12.79M8.6M16.85M36.56M
Common Stock1K1K1.14K1.14K1.14K1.33K2.36K3.1K3.73K3.95K
Retained Earnings337.28K2.05M1.88M663.7K-755.6K-5.9M-20.38M-40.25M-43.93M-28.03M
Treasury Stock0000000-353.82K-435.94K-435.94K
Accumulated OCI61.72K-84.29K264.94K212.08K-270.39K22.33K624.43K-244.71K22.55M24.12M
Minority Interest00-78.79K-489.76K-547.78K-611.69K1.41M000

Cash Flow

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operations+-43.25K2.68M-1.01M774.48K-1.44M-3.1M-4.86M-1.14M-11.6M71.99K
Operating CF Margin %-0.03%0.75%-0.24%0.28%-128.22%-13.74%-39.6%-0.2%-0.69%0%
Operating CF Growth %0.88%62.96%-1.38%1.77%-2.86%-1.15%-0.57%0.77%-9.17%1.01%
Net Income652.85K1.71M125.3K-1.46M-1.46M-5.21M-14.42M-11.7M-3.68M15.89M
Depreciation & Amortization26.36K19.01K19.89K101.93K86.41K76.51K64.98K99.34K89.46K161.89K
Stock-Based Compensation0000001.47M1.05M753.68K0
Deferred Taxes64.71K000006.11M4.11M00
Other Non-Cash Items-200.08K23.06K1.96M819.58K294.01K1.28M1.76M2.33M5.34M-20.09M
Working Capital Changes-522.37K946.51K-1.16M1.31M-364.1K750.87K160.18K2.97M-14.1M4.1M
Change in Receivables-59.04K-634.4K-925.09K-139.03K-79.47K720.51K117.17K196.52K121.5K-4.54M
Change in Inventory-542.3K0000-720.51K-117.17K-196.52K00
Change in Payables14.26K-13.75K-33.21K634.21K58.71K6.42K1.2M2.78M3.81M-11.82M
Cash from Investing+-413.99K797.29K-6.27M-4.81M739.3K1.29M422.89K-20.42K32.68K-23.31K
Capital Expenditures-17.52K-1.68K-1.45M-31.33K0-238-288.33K-3.16K-1.28K-47.31K
CapEx % of Revenue0.01%0%0.34%0.01%-0%2.35%0%0%0%
Acquisitions----------
Investments----------
Other Investing-581.61K798.97K030667.9K355.37K-80K53.47K33.96K24K
Cash from Financing+415.5K-171.42K7.9M259.89K258.26K3.03M8.98M2.6M9.73M2.11M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing-640.41K-155.45K172.31K259.89K276.41K-69.61K3.28M-139.93K75.11K0
Net Change in Cash----------
Free Cash Flow+-60.77K2.68M-2.46M743.15K-1.44M-3.1M-5.15M-1.14M-11.6M24.68K
FCF Margin %-0.04%0.75%-0.57%0.27%-128.22%-13.74%-41.95%-0.2%-0.69%0%
FCF Growth %0.86%45.07%-1.92%1.3%-2.94%-1.15%-0.66%0.78%-9.14%1%
FCF per Share-0.010.23-0.230.07-0.13-0.27-0.28-0.04-0.330.00
FCF Conversion (FCF/Net Income)-0.07x1.56x-5.24x-0.73x1.02x0.60x0.34x0.06x3.15x0.00x
Interest Paid0000000000
Taxes Paid00285.75K0000000

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)108.5%76.6%2.76%-10.4%-17.01%-64.66%-126.93%-180.34%-28.91%59.52%
Return on Invested Capital (ROIC)84.13%238.55%8.4%-20.34%-18.87%-30.93%-23.31%-20.71%10.52%55.82%
Gross Margin85.8%91.36%60.48%54.23%100%-94.35%38.24%35.51%33.57%47.8%
Net Margin39.28%47.74%4.51%-38.3%-12611.09%-2279.97%-11767.49%-361.16%-21.95%35.66%
Debt / Equity0.01x--0.02x0.01x0.47x0.03x0.02x0.30x0.01x
Interest Coverage10.97x---16804.51x-807.24x-2.44x-1.67x-183.72x314.08x231.74x
FCF Conversion-0.07x1.56x-5.24x-0.73x1.02x0.60x0.34x0.06x3.15x0.00x
Revenue Growth-116%19.19%-35.57%-99.59%1906.3%-45.64%4538.54%194.52%165.85%

Frequently Asked Questions

Valuation & Price

Metalpha Technology Holding Limited (MATH) has a price-to-earnings (P/E) ratio of 5.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Metalpha Technology Holding Limited (MATH) reported $-0.4M in revenue for fiscal year 2025.

Metalpha Technology Holding Limited (MATH) grew revenue by 165.9% over the past year. This is strong growth.

Metalpha Technology Holding Limited (MATH) reported a net loss of $14.3M for fiscal year 2025.

Dividend & Returns

Metalpha Technology Holding Limited (MATH) has a return on equity (ROE) of 59.5%. This is excellent, indicating efficient use of shareholder capital.

Metalpha Technology Holding Limited (MATH) had negative free cash flow of $3.9M in fiscal year 2025, likely due to heavy capital investments.

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