Metalpha Technology Holding Limited (MATH) Financial Ratios
11 years of historical data (2015–2025) · Industrials · Airlines, Airports & Air Services
EV/EBITDA
↓
2.36
↓-88% vs avg
5yr avg: 19.43
30Y Low3.3·High87.5
P/FCF
1952.18
↓-26% vs avg
5yr avg: 2655.22
30Y Low22.0·High22.0
P/B Ratio
↓
1.17
↓-49% vs avg
5yr avg: 2.31
30Y Low1.3·High3.6
ROE
↑
59.5%
↓+187% vs avg
5yr avg: -68.3%
30Y Low-180%·High109%
Debt/EBITDA
↓
0.01
↓-99% vs avg
5yr avg: 1.78
30Y Low0.0·High3.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MATH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Metalpha Technology Holding Limited trades at 2.7x earnings, 35% below its 5-year average of 4.1x, sitting at the 0th percentile of its historical range. Compared to the Industrials sector median P/E of 25.9x, the stock trades at a discount of 90%. On a free-cash-flow basis, the stock trades at 1952.2x P/FCF, 26% below the 5-year average of 2655.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $48M | $66M | $50M | $28M | $19M | $19M | $11M | $16M | $39M | — | — |
| Enterprise Value | $41M | $59M | $50M | $21M | $14M | $22M | $11M | $16M | $35M | — | — |
| P/E Ratio → | 2.71 | 4.15 | — | — | — | — | — | — | 203.91 | — | — |
| P/S Ratio | 1.08 | 1.47 | 3.00 | 4.92 | 152.11 | 84.12 | 1015.02 | 5.92 | 9.19 | — | — |
| P/B Ratio | 1.17 | 1.79 | 2.99 | 3.26 | 1.31 | 2.22 | 1.55 | 1.75 | 3.58 | — | — |
| P/FCF | 1952.18 | 2655.22 | — | — | — | — | — | 21.98 | — | — | — |
| P/OCF | 669.29 | 910.31 | — | — | — | — | — | 21.09 | — | — | — |
P/E links to full P/E history page with 30-year chart
MATH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Metalpha Technology Holding Limited's enterprise value stands at 2.4x EBITDA, 88% below its 5-year average of 19.4x. The Industrials sector median is 13.9x, placing the stock at a 83% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.32 | 3.01 | 3.76 | 112.03 | 97.76 | 1019.25 | 5.96 | 8.27 | — | — |
| EV / EBITDA | 2.36 | 3.34 | 35.52 | — | — | — | — | — | 87.52 | — | — |
| EV / EBIT | 2.38 | 3.68 | — | — | — | — | — | — | 46.61 | — | — |
| EV / FCF | — | 2383.46 | — | — | — | — | — | 22.12 | — | — | — |
MATH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Metalpha Technology Holding Limited earns an operating margin of 39.1%, significantly above the Industrials sector average of 4.9%. Operating margins have expanded from -27.3% to 39.1% over the past 3 years, signaling improving operational efficiency. Return on equity of 59.5% is exceptionally high — well above the sector median of 8.2%. ROIC of 55.8% represents excellent returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.8% | 47.8% | 33.6% | 35.5% | 38.2% | -94.4% | 100.0% | 54.2% | 60.5% | 91.4% | 85.8% |
| Operating Margin | 39.1% | 39.1% | 7.9% | -27.3% | -2648.5% | -1740.0% | -18832.2% | -81.1% | 9.0% | 56.1% | 40.8% |
| Net Profit Margin | 35.7% | 35.7% | -21.9% | -361.2% | -11767.5% | -2280.0% | -12611.1% | -38.3% | 4.5% | 47.7% | 39.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 59.5% | 59.5% | -28.9% | -180.3% | -126.9% | -64.7% | -17.0% | -10.4% | 2.8% | 76.6% | 108.5% |
| ROA | 7.5% | 7.5% | -3.2% | -51.1% | -72.3% | -40.2% | -12.7% | -8.3% | 2.2% | 55.1% | 42.4% |
| ROIC | 55.8% | 55.8% | 10.5% | -20.7% | -23.3% | -30.9% | -18.9% | -20.3% | 8.4% | 238.6% | 84.1% |
| ROCE | 65.3% | 65.3% | 10.5% | -13.6% | -28.4% | -49.3% | -25.3% | -21.9% | 5.5% | 90.1% | 112.8% |
MATH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Metalpha Technology Holding Limited carries a Debt/EBITDA ratio of 0.0x, which is very conservative (100% below the sector average of 3.2x). The company holds a net cash position — cash of $7M exceeds total debt of $212689, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 231.7x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.30 | 0.02 | 0.03 | 0.47 | 0.01 | 0.02 | — | — | 0.01 |
| Debt / EBITDA | 0.01 | 0.01 | 3.55 | — | — | — | — | — | — | — | 0.02 |
| Net Debt / Equity | — | -0.18 | 0.01 | -0.77 | -0.35 | 0.36 | 0.01 | 0.01 | -0.36 | -1.07 | 0.01 |
| Net Debt / EBITDA | -0.38 | -0.38 | 0.11 | — | — | — | — | — | -9.74 | -1.58 | 0.02 |
| Debt / FCF | — | -271.75 | — | — | — | — | — | 0.15 | — | -1.20 | — |
| Interest Coverage | 231.74 | 231.74 | 314.08 | -183.72 | -1.67 | -2.44 | -807.24 | -16804.51 | — | — | 10.97 |
Net cash position: cash ($7M) exceeds total debt ($212689)
MATH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.17x means Metalpha Technology Holding Limited can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.12x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.17 | 1.17 | 1.11 | 1.18 | 2.36 | 2.20 | 3.76 | 4.04 | 5.83 | 3.40 | 3.35 |
| Quick Ratio | 0.12 | 0.12 | 1.11 | 1.07 | 2.32 | 2.97 | 4.05 | 4.04 | 5.77 | 3.40 | 3.04 |
| Cash Ratio | 0.10 | 0.10 | 0.30 | 0.20 | 0.53 | 0.14 | 0.01 | 3.24 | 4.29 | 2.71 | 0.00 |
| Asset Turnover | — | 0.18 | 0.10 | 0.10 | 0.01 | 0.01 | 0.00 | 0.22 | 0.33 | 0.85 | 0.83 |
| Inventory Turnover | 0.11 | 0.11 | — | 0.71 | 0.88 | — | — | — | 14.33 | — | 1.38 |
| Days Sales Outstanding | — | 32.41 | 1.10 | 10.49 | 28321.84 | 14605.53 | 315598.68 | 284.56 | 202.17 | 75.32 | 354.61 |
MATH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Metalpha Technology Holding Limited does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 36.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 36.9% | 24.1% | — | — | — | — | — | — | 0.5% | — | — |
| FCF Yield | 0.1% | 0.0% | — | — | — | — | — | 4.6% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.2% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $39M | $35M | $27M | $18M | $12M | $11M | $11M | $11M | $12M | $12M |
Peer Comparison
Compare MATH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MATHYou | $48M | 2.7 | 2.4 | 1952.2 | 47.8% | 39.1% | 59.5% | 55.8% | 0.0 |
 MSTR | $52B | -12.3 | — | — | 68.7% | -1140.8% | -11.6% | -9.9% | — |
 COIN | $57B | 44.5 | 48.3 | 23.4 | 81.8% | 13.7% | 10.1% | 3.6% | 7.0 |
 MARA | $5B | -3.5 | — | — | -47.7% | -90.6% | -34.5% | -9.0% | — |
 RIOT | $9B | -12.1 | — | — | -15.6% | -61.8% | -22.1% | -8.7% | — |
 HUT | $12B | -50.9 | — | — | -614.6% | -2104.6% | -16.9% | -13.8% | — |
 CLSK | $4B | 12.9 | 6.7 | — | 41.6% | 41.6% | 18.5% | 10.3% | 1.2 |
 CIFR | $9B | -10.2 | — | — | 28.4% | -150.7% | -108.3% | -11.7% | — |
 BTBT | $622M | 9.7 | 9.0 | — | 61.9% | 16.8% | 9.2% | 6.5% | 0.2 |
 GLXY | $121B | -58.7 | 205.2 | — | 1.9% | 0.9% | -11.9% | 9.2% | 8.8 |
 SMLR | $311M | 4.0 | 14.0 | — | 91.5% | 37.2% | 27.0% | 13.3% | 0.0 |
| Industrials Median | — | 25.9 | 13.9 | 20.6 | 32.8% | 4.9% | 8.2% | 6.3% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonMATH — Frequently Asked Questions
Quick answers to the most common questions about buying MATH stock.
What is Metalpha Technology Holding Limited's P/E ratio?
Metalpha Technology Holding Limited's current P/E ratio is 2.7x. The historical average is 4.1x.
What is Metalpha Technology Holding Limited's EV/EBITDA?
Metalpha Technology Holding Limited's current EV/EBITDA is 2.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 42.1x.
What is Metalpha Technology Holding Limited's ROE?
Metalpha Technology Holding Limited's return on equity (ROE) is 59.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -18.1%.
Is MATH stock overvalued?
Based on historical data, Metalpha Technology Holding Limited is trading at a P/E of 2.7x. Compare with industry peers and growth rates for a complete picture.
What are Metalpha Technology Holding Limited's profit margins?
Metalpha Technology Holding Limited has 47.8% gross margin and 39.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Metalpha Technology Holding Limited have?
Metalpha Technology Holding Limited's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.