Liquidity remains critically constrained with only $249,923 in cash against $33.8 million in revenue, suggesting that the firm lacks the necessary buffer to manage its negative free cash flow trajectory.
| Metric | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 |
|---|
| Cash from Operations | -7.97M | 2.46M | 795.33K | -151.56K | 636.06K |
| Operating CF Margin % | -23.54% | 8.91% | 3.64% | -1.05% | 10.34% |
| Operating CF Growth % | -424.32% | 208.95% | 624.77% | -123.83% | - |
| Net Income | -5.73M | 2.33M | 2.79M | 1.8M | 1.27M |
| Depreciation & Amortization | 150.52K | 105.73K | 79.67K | 59.66K | 46.32K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -80.15K | -183 | -803 | -994 | 14.17K |
| Other Non-Cash Items | 828.38K | 392.21K | 49.81K | 5.55K | -45.12K |
| Working Capital Changes | -3.14M | -367.17K | -2.12M | -2.02M | -652.05K |
| Change in Receivables | -3.52M | -1.97M | -2.1M | -2.42M | -89.3K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 798.8K | 1.28M | 49.94K | 126.21K | -718.67K |
| Cash from Investing | 10.26K | -1.15M | 35.9K | 56.39K | 3.34K |
| Capital Expenditures | 0 | -1.15M | -15.38K | 0 | 0 |
| CapEx % of Revenue | - | 4.16% | 0.07% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 10.26K | 0 | 51.28K | 56.39K | 3.34K |
| Cash from Financing | 7.13M | -553.37K | -725.06K | -1.58K | -349.55K |
| Debt Issued (Net) | 707.31K | 1.41M | 2.18M | 1.27M | -754.3K |
| Equity Issued (Net) | 1000K | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.07M | -1.96M | -2.91M | -1.27M | 404.75K |
| Net Change in Cash | -830.59K | 756.56K | 106.17K | -96.75K | 289.85K |
| Free Cash Flow | -7.97M | 1.31M | 779.94K | -151.56K | 636.06K |
| FCF Margin % | -23.54% | 4.75% | 3.57% | -1.05% | 10.34% |
| FCF Growth % | -708.37% | 67.95% | 614.62% | -123.83% | - |
| FCF per Share | -0.67 | 0.09 | 0.05 | -0.01 | 0.04 |
| FCF Conversion (FCF/Net Income) | 1.39x | 1.06x | 0.29x | -0.08x | 0.50x |
| Interest Paid | 508.81K | 286.09K | 179.99K | 74.57K | 86.65K |
| Taxes Paid | 231.22K | 402.04K | 543.68K | 0 | 45.1K |
Insolvency from liquidity exhaustion
Based on the reported financial statements, the company's inability to generate positive net income suggests a fundamental disconnect between accounting accruals and actual cash generation, as the firm's negative 16.93% net margin indicates that reported revenue is failing to translate into any meaningful operating cash flow.
The absence of positive net income suggests that the company's accrual-based accounting may be masking a severe cash burn. Investors should monitor whether the reported revenue growth is being driven by non-cash contract assets that may never materialize into actual liquidity.
As reported in recent financial filings, the company's free cash flow trajectory appears deeply negative, reflecting a business model where the cost of executing wet trade projects consistently outpaces the cash inflows received from clients, thereby eroding the firm's already thin capital base over time.
The persistent negative margin profile suggests that the company is effectively subsidizing its project pipeline with its own dwindling cash reserves. This trajectory indicates that without a significant shift in pricing power, the firm may struggle to sustain its current scale of operations.
According to the company's balance sheet data, the extremely low cash balance of $249,923 relative to $33.8 million in revenue highlights a precarious working capital position, suggesting that the firm is highly vulnerable to any delays in the collection of receivables from its Tier 1 contractors.
The reliance on stretched accounts payable to fund operations appears to be a primary mechanism for survival, which may create a liquidity trap. Any disruption in the timing of milestone payments could force the company into a position where it cannot meet its immediate labor obligations.
Based on the provided financial figures, the cash flow statement likely obscures the true extent of the firm's operational distress by failing to account for the high execution risk inherent in its project-based revenue model, which relies heavily on subjective percentage-of-completion estimates for revenue recognition.
The lack of transparent cash flow data warrants further investigation into whether the company is capitalizing costs that should be expensed to maintain the appearance of operational viability. Investors should be wary of the potential for future impairments on contract assets that currently support the balance sheet.
Quick answers to the most common questions about buying MSW stock.
Ming Shing Group Holdings Limited (MSW) generated $-8.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ming Shing Group Holdings Limited (MSW) reported negative free cash flow of $8.0M in 2025, indicating capital requirements exceeded cash from operations.
Ming Shing Group Holdings Limited (MSW) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.