Ming Shing Group Holdings Limited (MSW) 10-Year Financial Performance & Capital Metrics

MSW • • Industrial / General

IndustrialsEngineering & ConstructionSpecialty Construction ServicesConcrete & Materials Services

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/Equity 7.87 +11.7%
Interest Coverage -10.52 -192.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 262.0%
✓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
✗Weak momentum: RS Rating 2 (bottom 2%)
✗Trading more than 30% below 52-week high
✗Expensive at 12.2x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y33.01%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg62.09%

5Y Avg62.09%

3Y Avg37.3%

Latest-133.12%

Peer Comparison

Concrete & Materials Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BBCPConcrete Pumping Holdings, Inc.	329.03M	6.47	71.89	-7.75%	1.62%	2.2%	5.33%	1.52
MSWMing Shing Group Holdings Limited	13.1M	1.01	-2.10	22.77%	-16.93%	-5.78%		7.87

Profit & Loss

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	6.15M	14.38M	21.87M	27.57M	33.85M
Revenue Growth %	-	1.34%	0.52%	0.26%	0.23%
Cost of Goods Sold+	5.03M	11.76M	18.37M	22.48M	35.16M
COGS % of Revenue	0.82%	0.82%	0.84%	0.82%	1.04%
Gross Profit+	1.12M	2.63M	3.49M	5.09M	-1.31M
Gross Margin %	0.18%	0.18%	0.16%	0.18%	-0.04%
Gross Profit Growth %	-	1.35%	0.33%	0.46%	-1.26%
Operating Expenses+	357.6K	512.65K	855.6K	1.85M	4.05M
OpEx % of Revenue	0.06%	0.04%	0.04%	0.07%	0.12%
Selling, General & Admin	357.6K	488.85K	761.17K	1.17M	1.11M
SG&A % of Revenue	0.06%	0.03%	0.03%	0.04%	0.03%
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	2.12M	2.64M	3.25M	-5.35M
Operating Margin %	0.12%	0.15%	0.12%	0.12%	-0.16%
Operating Income Growth %	-	1.78%	0.25%	0.23%	-2.65%
EBITDA+	808.53K	2.18M	2.72M	3.35M	-5.2M
EBITDA Margin %	0.13%	0.15%	0.12%	0.12%	-0.15%
EBITDA Growth %	-	1.69%	0.25%	0.23%	-2.55%
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	2.12M	3.26M	2.98M	-5.81M
Pretax Margin %	0.22%	0.15%	0.15%	0.11%	-0.17%
Income Tax+	90.35K	317.1K	468.89K	648.94K	-80.15K
Effective Tax Rate %	0.93%	0.85%	0.86%	0.78%	0.99%
Net Income+	1.27M	1.8M	2.79M	2.33M	-5.73M
Net Margin %	0.21%	0.13%	0.13%	0.08%	-0.17%
Net Income Growth %	-	0.42%	0.55%	-0.17%	-3.46%
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	0.14	0.22	0.16	-0.48
EPS Growth %	-	0.65%	0.57%	-0.27%	-4%
EPS (Basic)	0.08	0.14	0.22	0.16	0.00
Diluted Shares Outstanding	15M	15M	15M	15M	11.85M
Basic Shares Outstanding	15M	15M	15M	15M	0
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
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
Cash Only	314.54K	217.79K	323.96K	1.08M	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	5.6M	8.28M	11.89M	13.42M
Asset Turnover	2.54x	2.57x	2.64x	2.32x	2.52x
Asset Growth %	-	1.31%	0.48%	0.44%	0.13%
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
Quick Ratio	1.91x	1.31x	1.12x	1.14x	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
Net Debt	894.46K	2.93M	5.3M	5.95M	7.49M
Debt / Equity	2.64x	19.69x	14.69x	7.05x	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	159.76K	382.89K	998.26K	983.98K
Equity Growth %	-	-0.65%	1.4%	1.61%	-0.01%
Book Value per Share	0.03	0.01	0.03	0.07	0.08
Total Shareholders' Equity	458.31K	159.76K	382.89K	998.26K	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

Cash Flow

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	636.06K	-151.56K	795.33K	2.46M	-7.97M
Operating CF Margin %	0.1%	-0.01%	0.04%	0.09%	-0.24%
Operating CF Growth %	-	-1.24%	6.25%	2.09%	-4.24%
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%	0.04%	-
Acquisitions	-	-	-	-	-
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)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	404.75K	-1.27M	-2.91M	-1.96M	-3.07M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	636.06K	-151.56K	779.94K	1.31M	-7.97M
FCF Margin %	0.1%	-0.01%	0.04%	0.05%	-0.24%
FCF Growth %	-	-1.24%	6.15%	0.68%	-7.08%
FCF per Share	0.04	-0.01	0.05	0.09	-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

Key Ratios

Metric	2021	2022	2023	2024	2025
Return on Equity (ROE)	277.7%	583.59%	1027.27%	336.91%	-578.21%
Return on Invested Capital (ROIC)	42.26%	71.49%	45.14%	38.54%	-52.07%
Gross Margin	18.2%	18.28%	15.98%	18.47%	-3.86%
Net Margin	20.68%	12.54%	12.75%	8.44%	-16.93%
Debt / Equity	2.64x	19.69x	14.69x	7.05x	7.87x
Interest Coverage	8.80x	28.38x	14.66x	11.35x	-10.52x
FCF Conversion	0.50x	-0.08x	0.29x	1.06x	1.39x
Revenue Growth	-	133.73%	52.03%	26.09%	22.77%

Revenue by Segment

	2025
Private	22.57M
Private Growth	-
Public	11.28M
Public Growth	-

Frequently Asked Questions

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.

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