Ming Shing Group Holdings Limited(MSW)Earnings, Financials & Key Ratios
MSW•NASDAQ
$1.51
$20M mkt cap·Price updated May 6, 2026
SectorIndustrialsIndustryEngineering & ConstructionSub-IndustryBuilding systems and specialty trades
AboutMing Shing Group Holdings Limited, through its subsidiaries, engages in wet trades works. The company's works include plastering, tile laying, brick laying, floor screeding, and marble works in Hong Kong. It serves public and private sectors. The company was incorporated in 2022 and is based in San Po Kong, Hong Kong.Show more
- Revenue$34M+22.8%
- EBITDA-$5M-255.3%
- Net Income-$6M-346.3%
- EPS (Diluted)-0.48-400.0%
- Gross Margin-3.86%-120.9%
- EBITDA Margin-15.37%-226.5%
- Operating Margin-15.82%-234.4%
- Net Margin-16.93%-300.6%
- ROE-578.21%-271.6%
- ROIC-52.07%-235.1%
- Debt/Equity7.87+11.7%
- Interest Coverage-10.52-192.7%
MSW Key Insights
Ming Shing Group Holdings Limited (MSW) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Excellent 3Y average ROE of 262.0%
- ✓Momentum leader: RS Rating 82 (top 18%)
- ✓High quality earnings: Operating CF exceeds net income
- ✓Share count reduced 21.0% through buybacks
- ✓Efficient asset utilization: 2.5x turnover
✗Weaknesses
- ✗High debt to equity ratio of 7.9x
- ✗Weak Piotroski F-Score: 3/9
- ✗Negative free cash flow
- ✗Trading more than 30% below 52-week high
- ✗Expensive at 18.2x book value
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
MSW Price & Volume
Ming Shing Group Holdings Limited (MSW) stock price & volume — 10-year historical chart
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MSW Growth Metrics
Ming Shing Group Holdings Limited (MSW) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years33.01%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-
Return on Capital
10 Years62.09%
5 Years62.09%
3 Years37.3%
Last Year-133.12%
MSW Peer Comparison
Ming Shing Group Holdings Limited (MSW) competitors in Building systems and specialty trades — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 CLPS | 25.89M | 0.93 | -3.56 | 15.17% | -1.27% | -6.06% | 0.59 | |
 CNEY | 4.03M | 0.72 | -0.03 | -30.19% | -29.1% | -24.93% | 0.03 | |
 CANG | 254.01M | 0.55 | 5.76 | -52.73% | -5.15% | -4.06% | 0.04 | |
 BTBT | 621.7M | 1.93 | 9.65 | 264.59% | 21.41% | 0.03 | ||
 CODA | 134.35M | 11.92 | 32.22 | 30.75% | 14.78% | 7.17% | 0.01 | |
 SGBX | 32.96K | 0.96 | -0.00 | -69.88% | -5.69% | -77.2% | ||
 KPLT | 30.6M | 6.95 | -63.18 | 18.03% | 0.47% | |||
 ROAD | 7.47B | 134.95 | 73.34 | 54.2% | 3.99% | 12.59% | 1.85 |
Compare MSW vs Peers
Ming Shing Group Holdings Limited (MSW) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MSW Income Statement
Ming Shing Group Holdings Limited (MSW) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM |
|---|---|---|---|---|---|---|
| Sales/Revenue | 6.15M | 14.38M | 21.87M | 27.57M | 33.85M | - |
| Revenue Growth % | - | 133.73% | 52.03% | 26.09% | 22.77% | - |
| Cost of Goods Sold | 5.03M | 11.76M | 18.37M | 22.48M | 35.16M | - |
| COGS % of Revenue | 81.8% | 81.72% | 84.02% | 81.53% | 103.86% | - |
| Gross Profit | 1.12M▲ 0% | 2.63M▲ 134.8% | 3.49M▲ 32.9% | 5.09M▲ 45.7% | -1.31M▼ 125.6% | -▲ 0% |
| Gross Margin % | 18.2% | 18.28% | 15.98% | 18.47% | -3.86% | - |
| Gross Profit Growth % | - | 134.76% | 32.93% | 45.74% | -125.64% | - |
| Operating Expenses | 357.6K | 512.65K | 855.6K | 1.85M | 4.05M | - |
| OpEx % of Revenue | 5.81% | 3.56% | 3.91% | 6.7% | 11.96% | - |
| Selling, General & Admin | 357.6K | 488.85K | 761.17K | 1.17M | 1.11M | - |
| SG&A % of Revenue | 5.81% | 3.4% | 3.48% | 4.26% | 3.28% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | - |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 23.8K | 94.43K | 672.89K | 2.94M | - |
| Operating Income | 762.2K▲ 0% | 2.12M▲ 177.6% | 2.64M▲ 24.7% | 3.25M▲ 23.0% | -5.35M▼ 265.0% | -▲ 0% |
| Operating Margin % | 12.39% | 14.71% | 12.07% | 11.77% | -15.82% | - |
| Operating Income Growth % | - | 177.64% | 24.7% | 23.02% | -264.95% | - |
| EBITDA | 808.53K | 2.18M | 2.72M | 3.35M | -5.2M | - |
| EBITDA Margin % | 13.14% | 15.13% | 12.43% | 12.16% | -15.37% | - |
| EBITDA Growth % | - | 169.12% | 24.94% | 23.3% | -255.26% | - |
| D&A (Non-Cash Add-back) | 46.32K | 59.66K | 79.67K | 105.73K | 150.52K | - |
| EBIT | 1.45M | 2.2M | 3.44M | 3.26M | -5.3M | - |
| Net Interest Income | -86.65K | -89.4K | -203.03K | -379.43K | -535.35K | - |
| Interest Income | 0 | 0 | 0 | 0 | 0 | - |
| Interest Expense | 86.65K | 74.57K | 179.99K | 286.09K | 508.81K | - |
| Other Income/Expense | 600.87K | 4.39K | 617.17K | -270.79K | -456.07K | - |
| Pretax Income | 1.36M▲ 0% | 2.12M▲ 55.6% | 3.26M▲ 53.5% | 2.98M▼ 8.6% | -5.81M▼ 295.3% | -▲ 0% |
| Pretax Margin % | 22.15% | 14.74% | 14.89% | 10.79% | -17.17% | - |
| Income Tax | 90.35K | 317.1K | 468.89K | 648.94K | -80.15K | - |
| Effective Tax Rate % | 6.63% | 14.95% | 14.4% | 21.81% | 1.38% | - |
| Net Income | 1.27M▲ 0% | 1.8M▲ 41.7% | 2.79M▲ 54.5% | 2.33M▼ 16.5% | -5.73M▼ 346.3% | -▲ 0% |
| Net Margin % | 20.68% | 12.54% | 12.75% | 8.44% | -16.93% | - |
| Net Income Growth % | - | 41.7% | 54.55% | -16.53% | -346.31% | - |
| Net Income (Continuing) | 1.27M | 1.8M | 2.79M | 2.33M | -5.73M | - |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | - |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | - |
| EPS (Diluted) | 0.08▲ 0% | 0.14▲ 65.1% | 0.22▲ 57.1% | 0.16▼ 27.3% | -0.48▼ 400.0% | -▲ 0% |
| EPS Growth % | - | 65.09% | 57.14% | -27.27% | -400% | - |
| EPS (Basic) | 0.08 | 0.14 | 0.22 | 0.16 | 0.00 | - |
| Diluted Shares Outstanding | 15M | 15M | 15M | 15M | 11.85M | 11.85M |
| Basic Shares Outstanding | 15M | 15M | 15M | 15M | 0 | 11.85M |
| Dividend Payout Ratio | - | - | - | - | - | - |
MSW Balance Sheet
Ming Shing Group Holdings Limited (MSW) balance sheet — assets, liabilities & shareholders' equity
| Line item | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM |
|---|---|---|---|---|---|---|
| Total Current Assets | 2.06M | 5.18M | 6.92M | 8.84M | 10.26M | - |
| Cash & Short-Term Investments | 314.54K | 217.79K | 323.96K | 1.08M | 249.92K | 249.92K |
| Cash Only | 314.54K | 217.79K | 323.96K | 1.08M | 249.92K | 249.92K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | - |
| Accounts Receivable | 1.74M | 4.96M | 6.57M | 7.75M | 9.55M | - |
| Days Sales Outstanding | 103.18 | 125.94 | 109.67 | 102.63 | 102.97 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | - |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | - |
| Total Non-Current Assets | 363.92K | 414.13K | 1.37M | 3.05M | 3.16M | - |
| Property, Plant & Equipment | 215.85K | 156.19K | 355.11K | 1.44M | 1.28M | - |
| Fixed Asset Turnover | 28.51x | 92.09x | 61.58x | 19.16x | 26.44x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | - |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | - |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | - |
| Other Non-Current Assets | 148.07K | 255.11K | 1.01M | 1.61M | 1.8M | - |
| Total Assets | 2.42M▲ 0% | 5.6M▲ 131.4% | 8.28M▲ 47.9% | 11.89M▲ 43.5% | 13.42M▲ 12.9% | 13.42M▲ 0% |
| Asset Turnover | 2.54x | 2.57x | 2.64x | 2.32x | 2.52x | - |
| Asset Growth % | - | 131.39% | 47.93% | 43.54% | 12.91% | - |
| Total Current Liabilities | 1.08M | 3.96M | 6.18M | 7.74M | 9.53M | - |
| Accounts Payable | 431.79K | 1.83M | 1.88M | 3.17M | 3.96M | - |
| Days Payables Outstanding | 31.31 | 56.95 | 37.43 | 51.41 | 41.16 | - |
| Short-Term Debt | 281.9K | 1.62M | 3.82M | 3.82M | 4.76M | - |
| Deferred Revenue (Current) | 189.83K | 0 | 0 | 0 | 0 | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | - |
| Current Ratio | 1.91x | 1.31x | 1.12x | 1.14x | 1.08x | 1.08x |
| Quick Ratio | 1.91x | 1.31x | 1.12x | 1.14x | 1.08x | 1.08x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 886.05K | 1.48M | 1.72M | 3.15M | 2.91M | - |
| Long-Term Debt | 747.73K | 1.39M | 1.5M | 3.03M | 2.87M | - |
| Capital Lease Obligations | 135.61K | 89.56K | 216.37K | 114.5K | 48.34K | - |
| Deferred Tax Liabilities | 2.71K | 4.54K | 3.17K | 878 | 0 | - |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | - |
| Total Liabilities | 1.96M | 5.44M | 7.9M | 10.89M | 12.44M | - |
| Total Debt | 1.21M | 3.15M | 5.62M | 7.03M | 7.74M | 7.74M |
| Net Debt | 894.46K | 2.93M | 5.3M | 5.95M | 7.49M | 7.49M |
| Debt / Equity | 2.64x | 19.69x | 14.69x | 7.05x | 7.87x | 7.87x |
| Debt / EBITDA | 1.50x | 1.45x | 2.07x | 2.10x | - | - |
| Net Debt / EBITDA | 1.11x | 1.35x | 1.95x | 1.78x | - | - |
| Interest Coverage | 8.80x | 28.38x | 14.66x | 11.35x | -10.52x | - |
| Total Equity | 458.31K▲ 0% | 159.76K▼ 65.1% | 382.89K▲ 139.7% | 998.26K▲ 160.7% | 983.98K▼ 1.4% | 983.98K▲ 0% |
| Equity Growth % | - | -65.14% | 139.67% | 160.72% | -1.43% | - |
| Book Value per Share | 0.03 | 0.01 | 0.03 | 0.07 | 0.08 | 0.08 |
| Total Shareholders' Equity | 458.31K | 159.76K | 382.89K | 998.26K | 983.98K | 983.98K |
| Common Stock | 2.81K | 5.63K | 5.63K | 5.63K | 6.49K | - |
| Retained Earnings | 458.31K | 158.47K | 381.61K | 996.98K | -5.84M | - |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | - |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | - |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | - |
MSW Cash Flow Statement
Ming Shing Group Holdings Limited (MSW) cash flow — operating, investing & free cash flow history
| Line item | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM |
|---|---|---|---|---|---|---|
| Cash from Operations | 636.06K | -151.56K | 795.33K | 2.46M | -7.97M | -7.97M |
| Operating CF Margin % | 10.34% | -1.05% | 3.64% | 8.91% | -23.54% | - |
| Operating CF Growth % | - | -123.83% | 624.77% | 208.95% | -424.32% | - |
| Net Income | 1.27M | 1.8M | 2.79M | 2.33M | -5.73M | - |
| Depreciation & Amortization | 46.32K | 59.66K | 79.67K | 105.73K | 150.52K | - |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | - |
| Deferred Taxes | 14.17K | -994 | -803 | -183 | -80.15K | - |
| Other Non-Cash Items | -45.12K | 5.55K | 49.81K | 392.21K | 828.38K | - |
| Working Capital Changes | -652.05K | -2.02M | -2.12M | -367.17K | -3.14M | - |
| Change in Receivables | -89.3K | -2.42M | -2.1M | -1.97M | -3.52M | - |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | - |
| Change in Payables | -718.67K | 126.21K | 49.94K | 1.28M | 798.8K | - |
| Cash from Investing | 3.34K | 56.39K | 35.9K | -1.15M | 10.26K | - |
| Capital Expenditures | 0 | 0 | -15.38K | -1.15M | 0 | - |
| CapEx % of Revenue | - | - | 0.07% | 4.16% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | - |
| Investments | - | - | - | - | - | - |
| Other Investing | 3.34K | 56.39K | 51.28K | 0 | 10.26K | - |
| Cash from Financing | -349.55K | -1.58K | -725.06K | -553.37K | 7.13M | - |
| Debt Issued (Net) | -754.3K | 1.27M | 2.18M | 1.41M | 707.31K | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 1000K | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | - |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | - |
| Other Financing | 404.75K | -1.27M | -2.91M | -1.96M | -3.07M | - |
| Net Change in Cash | 289.85K▲ 0% | -96.75K▼ 133.4% | 106.17K▲ 209.7% | 756.56K▲ 612.6% | -830.59K▼ 209.8% | -▲ 0% |
| Free Cash Flow | 636.06K▲ 0% | -151.56K▼ 123.8% | 779.94K▲ 614.6% | 1.31M▲ 68.0% | -7.97M▼ 708.4% | -▲ 0% |
| FCF Margin % | 10.34% | -1.05% | 3.57% | 4.75% | -23.54% | - |
| FCF Growth % | - | -123.83% | 614.62% | 67.95% | -708.37% | - |
| FCF per Share | 0.04 | -0.01 | 0.05 | 0.09 | -0.67 | -0.67 |
| FCF Conversion (FCF/Net Income) | 0.50x | -0.08x | 0.29x | 1.06x | 1.39x | - |
| Interest Paid | 86.65K | 74.57K | 179.99K | 286.09K | 508.81K | - |
| Taxes Paid | 45.1K | 0 | 543.68K | 402.04K | 231.22K | - |
MSW Key Ratios
Ming Shing Group Holdings Limited (MSW) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Return on Equity (ROE) | 583.59% | 1027.27% | 336.91% | -578.21% | - |
| Return on Invested Capital (ROIC) | 71.49% | 45.14% | 38.54% | -52.07% | -52.07% |
| Gross Margin | 18.28% | 15.98% | 18.47% | -3.86% | - |
| Net Margin | 12.54% | 12.75% | 8.44% | -16.93% | - |
| Debt / Equity | 19.69x | 14.69x | 7.05x | 7.87x | 7.87x |
| Interest Coverage | 28.38x | 14.66x | 11.35x | -10.52x | - |
| FCF Conversion | -0.08x | 0.29x | 1.06x | 1.39x | - |
| Revenue Growth | 133.73% | 52.03% | 26.09% | 22.77% | - |
MSW Frequently Asked Questions
Ming Shing Group Holdings Limited (MSW) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Ming Shing Group Holdings Limited (MSW) reported $33.9M in revenue for fiscal year 2025. This represents a 450% increase from $6.2M in 2021.
Ming Shing Group Holdings Limited (MSW) grew revenue by 22.8% over the past year. This is strong growth.
Ming Shing Group Holdings Limited (MSW) reported a net loss of $5.7M for fiscal year 2025.
Dividend & Returns
Ming Shing Group Holdings Limited (MSW) has a return on equity (ROE) of -578.2%. Negative ROE indicates the company is unprofitable.
Ming Shing Group Holdings Limited (MSW) had negative free cash flow of $8.0M in fiscal year 2025, likely due to heavy capital investments.
Explore More MSW
Ming Shing Group Holdings Limited (MSW) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
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Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates