Metalpha Technology Holding Ltd (MATH) Balance Sheet
MATH balance sheet, FY2026
March 31, 2026 · U.S. dollars$485.6M assets = $432.6M liabilities + $53.0M equity
Both columns are drawn to the same scale: what MATH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MATH financial health
Descriptive bands, not a rating. Fiscal FY2026.
MATH balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.2MFY2017 | $485.6MFY2026 | +69.5%/yr | |
| Total liabilities | $1.2MFY2017 | $432.6MFY2026 | +92.5%/yr | |
| Shareholders’ equity | $3.0MFY2017 | $53.0MFY2026 | +37.5%/yr | |
| Cash & short-term investments | $3.2MFY2017 | $465.1MFY2026 | +73.8%/yr | |
| Total debt | $147,173FY2019 | $536,563FY2026 | +20.3%/yr | |
| Net cash (debt) | $9.4MFY2019 | $464.6MFY2026 | +$455.3M | |
| Working capital | $2.9MFY2017 | $52.6MFY2026 | +$49.7M | |
| Book value per share | $0.26FY2017 | $0.82FY2026 | +13.7%/yr | |
| Current ratio | 3.40FY2017 | 1.12FY2026 | −2.28 | |
| Debt / equity | 0.02FY2019 | 0.01FY2026 | 0.00 | |
| Shares outstanding | 11.7MFY2017 | 64.6MFY2026 | +20.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MATH assets
MATH liabilities and equity
MATH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MATH balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $465.1M | $20.7M | $48.1M | $9.5M | $5.3M | $982,538 | $15,926 | $9.5M | $8.7M | $3.2M |
| Cash & equivalents | $3.9M | $6.9M | $4.9M | $6.7M | $5.3M | $982,538 | $15,926 | $38,600 | $3.9M | $3.2M |
| Short-term investments | $461.2M | $13.8M | $43.2M | $2.7M | $8.4M | $9.0M | $9.0M | $9.5M | $4.7M | — |
| Receivables | $19.8M | $4.0M | $50,583 | $163,616 | $9.5M | $9.0M | $9.7M | $2.1M | $2.4M | $740,823 |
| Inventory | $379.9M | $221.2M | $126.5M | $5.2M | $379,616 | −$5.4M | −$762,396 | $0 | $117,983 | $0 |
| Other current assets | $0 | $656,667 | $34,790 | $41.1M | $8.4M | $11.0M | $762,396 | $199,438 | $623,143 | $90,413 |
| Total current assets | $485.0M | $246.5M | $174.6M | $55.9M | $23.6M | $15.5M | $9.7M | $11.8M | $11.8M | $4.1M |
| Property, plant & equipment (net) | $500,016 | $238,104 | $41,582 | $129,354 | $683,018 | $94,590 | $195,550 | $377,701 | $1.1M | $32,824 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $490 | $490 | $927 | $1,369 | $812 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $114,221 | $57,229 | $48,350 | $29,378 | $29,441 | $6,155 | $20,910 | $86,102 | $162,886 | $125,302 |
| Total assets | $485.6M | $246.8M | $174.7M | $56.1M | $24.3M | $15.6M | $10.0M | $12.3M | $13.0M | $4.2M |
| Liabilities | ||||||||||
| Accounts payable | $241.7M | $53.8M | $65.7M | $11.6M | $6,862 | $22,144 | $731,390 | $13,320 | $52,957 | $63,483 |
| Short-term debt | $353,221 | $189,821 | $5.0M | $93,166 | $263,207 | $4.1M | $63,526 | $80,276 | — | — |
| Deferred revenue | — | — | −$60.7M | — | $2.1M | $2.0M | $1.8M | $1.8M | — | — |
| Total current liabilities | $432.4M | $210.2M | $157.9M | $47.4M | $10.0M | $7.1M | $2.6M | $2.9M | $2.0M | $1.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $536,563 | $212,689 | $40,245 | $133,279 | $368,747 | $39,652 | $63,343 | $147,173 | — | — |
| Other long-term liabilities | $183,341 | $22,868 | $0 | $40,113 | $105,540 | $9,837 | $9,913 | $66,897 | $52,957 | $63,483 |
| Total liabilities | $432.6M | $210.2M | $157.9M | $47.5M | $10.1M | $7.1M | $2.6M | $3.0M | $2.0M | $1.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $4,711 | $3,950 | $3,725 | $3,105 | $2,360 | $1,326 | $1,142 | $1,142 | $1,142 | $1,000 |
| Retained earnings (deficit) | −$10.5M | −$28.0M | −$43.9M | −$40.2M | −$20.4M | −$5.9M | −$755,604 | $663,695 | $1.9M | $2.1M |
| Accumulated other comprehensive income | $11.0M | $24.1M | $22.6M | $16.1M | $6.7M | $22,326 | −$270,388 | $212,078 | $264,938 | −$84,286 |
| Minority interest | — | — | — | $0 | — | — | — | — | — | — |
| Total shareholders' equity | $53.0M | $36.6M | $16.9M | $8.6M | $12.8M | $9.2M | $7.9M | $9.8M | $11.1M | $3.0M |
| Key figures | ||||||||||
| Total debt | $536,563 | $212,689 | $5.0M | $133,279 | $368,747 | $4.1M | $63,526 | $147,173 | — | — |
| Net cash (debt) | $464.6M | $20.5M | $43.0M | $9.3M | $4.9M | −$3.1M | −$47,600 | $9.4M | — | — |
| Working capital | $52.6M | $36.3M | $16.8M | $8.5M | $13.6M | $8.5M | $7.2M | $8.9M | $9.8M | $2.9M |
| Tangible book value | $53.0M | $36.6M | $16.9M | $8.6M | $12.8M | $9.2M | $7.9M | $9.8M | $11.1M | $3.0M |
| Book value per share | $0.82 | $0.95 | $0.49 | $0.32 | $0.70 | $0.79 | $0.69 | $0.86 | $1.03 | $0.26 |
| Shares outstanding | 64.6M | 38.5M | 34.7M | 27.0M | 18.3M | 11.7M | 11.4M | 11.4M | 10.8M | 11.7M |
| Current ratio | 1.12 | 1.17 | 1.11 | 1.18 | 2.36 | 2.20 | 3.76 | 4.04 | 5.83 | 3.40 |
| Quick ratio | 1.12 | 0.12 | 0.30 | 0.20 | 1.48 | 1.42 | 3.76 | 3.98 | 5.46 | 3.33 |
| Debt / equity | 0.01 | 0.01 | 0.30 | 0.02 | 0.03 | 0.44 | 0.01 | 0.02 | — | — |
| Equity / assets | 10.9% | 14.8% | 9.6% | 15.3% | 52.6% | 58.6% | 79.5% | 79.6% | 85.1% | 71.7% |
| Jun '26 | Mar '26 | Sep '25 | Mar '25 | Sep '24 | Mar '24 | Sep '23 | Mar '23 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $465.1M | $85.2M | $413.4M | $20.7M | $236.7M | $48.1M | $28.1M | $9.5M | $7.3M | $5.3M | $5.3M | $10.5M |
| Cash & equivalents | $3.9M | $3.9M | $10.1M | $6.9M | $3.8M | $4.9M | $7.5M | $6.7M | $7.3M | $5.3M | $5.3M | $1.8M |
| Short-term investments | $461.2M | $81.3M | $403.2M | $13.8M | $232.9M | $43.2M | $20.6M | $2.7M | $44.5M | — | — | $8.7M |
| Receivables | $19.8M | $0 | $0 | $4.0M | $4.1M | $50,583 | $701,346 | $163,616 | $8.2M | $9.5M | $9.5M | $744,853 |
| Inventory | $0 | $379.9M | $379.0M | $221.2M | $204.6M | $126.5M | $57.2M | $5.2M | $406,645 | $0 | $379,616 | $0 |
| Other current assets | $61,571 | $19.8M | $0 | $656,667 | $0 | $34,790 | $115,117 | $41.1M | $44.5M | $8.8M | $8.4M | $616,114 |
| Total current assets | $485.0M | $485.0M | $413.5M | $246.5M | $236.9M | $174.6M | $86.2M | $55.9M | $60.3M | $23.6M | $23.6M | $11.9M |
| Property, plant & equipment (net) | $500,016 | $500,016 | $145,692 | $238,104 | $279,079 | $41,582 | $86,394 | $129,354 | $533,859 | $683,018 | $683,018 | $735,013 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $114,221 | $114,221 | $111,059 | $57,229 | $56,735 | $48,350 | $29,453 | $29,378 | $29,376 | $29,441 | $29,441 | $35,152 |
| Total assets | $485.6M | $485.6M | $413.8M | $246.8M | $237.2M | $174.7M | $86.3M | $56.1M | $60.9M | $24.3M | $24.3M | $12.7M |
| Liabilities | ||||||||||||
| Accounts payable | — | $241.7M | $121.5M | $53.8M | $22.9M | $65.7M | $22.9M | $11.6M | $6,115 | $6,862 | $6,862 | $6,737 |
| Short-term debt | $353,221 | — | $118,449 | $189,821 | $187,277 | $5.0M | $87,459 | $93,166 | $171,496 | $263,207 | $263,207 | $131,479 |
| Deferred revenue | — | — | — | — | — | −$60.7M | −$22.9M | — | — | — | — | $2.0M |
| Total current liabilities | $432.4M | $432.4M | $378.7M | $210.2M | $211.8M | $157.9M | $75.9M | $47.4M | $44.5M | $10.0M | $10.0M | $3.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | $536,563 | $118,449 | $212,689 | $305,909 | $40,245 | $87,459 | $133,279 | $321,528 | — | $368,747 | — |
| Other long-term liabilities | $183,341 | $183,342 | $0 | $22,868 | $118,632 | $0 | $0 | $40,113 | $150,032 | $105,540 | $105,540 | $257,886 |
| Total liabilities | $432.6M | $432.6M | $378.7M | $210.2M | $211.9M | $157.9M | $75.9M | $47.5M | $44.7M | $10.1M | $10.1M | $3.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4,711 | — | $4,143 | $3,950 | $3,837 | $3,725 | $3,382 | $3,105 | $2,690 | $2,360 | $2,360 | $1,931 |
| Retained earnings (deficit) | −$10.5M | −$10.5M | −$14.7M | −$28.0M | −$37.9M | −$43.9M | −$44.1M | −$40.2M | −$25.8M | −$20.4M | −$20.4M | −$13.3M |
| Accumulated other comprehensive income | $11.0M | — | $9.3M | $24.1M | $24.0M | $22.6M | $20.0M | $16.1M | $10.3M | $624,430 | $6.7M | $357,858 |
| Total shareholders' equity | $53.0M | $53.0M | $35.1M | $36.6M | $25.3M | $16.9M | $10.4M | $8.6M | $14.3M | $12.8M | $12.8M | $9.5M |
| Key figures | ||||||||||||
| Total debt | $536,563 | — | $118,449 | $212,689 | $305,909 | $5.0M | $87,459 | $133,279 | $321,528 | $368,747 | $368,747 | $389,365 |
| Net cash (debt) | $464.6M | — | $413.2M | $20.5M | $236.4M | $43.0M | $28.0M | $9.3M | $7.0M | $4.9M | $4.9M | $10.1M |
| Working capital | $52.6M | $52.6M | $34.8M | $36.3M | $25.1M | $16.8M | $10.3M | $8.5M | $15.8M | $13.6M | $13.6M | $8.4M |
| Tangible book value | $53.0M | $53.0M | $35.1M | $36.6M | $25.3M | $16.9M | $10.4M | $8.6M | $14.3M | $12.8M | $12.8M | $9.5M |
| Book value per share | $1.15 | $1.12 | $0.85 | $0.94 | $0.67 | $0.46 | $0.32 | $0.34 | $0.58 | $0.31 | $0.54 | — |
| Shares outstanding | 46.2M | 47.1M | 41.0M | 38.9M | 38.0M | 36.8M | 32.9M | 25.3M | 24.7M | 41.0M | 23.6M | — |
| Current ratio | 1.12 | 1.12 | 1.09 | 1.17 | 1.12 | 1.11 | 1.14 | 1.18 | 1.36 | 2.36 | 2.36 | 3.45 |
| Quick ratio | 1.12 | 0.20 | 1.09 | 0.12 | 1.14 | 0.30 | 0.38 | 0.20 | 0.35 | 1.48 | 1.48 | 3.27 |
| Debt / equity | 0.01 | — | 0.00 | 0.01 | 0.01 | 0.30 | 0.01 | 0.02 | 0.02 | 0.03 | 0.03 | 0.04 |
| Equity / assets | 10.9% | 10.9% | 8.5% | 14.8% | 10.7% | 9.6% | 12.1% | 15.3% | 23.5% | 52.6% | 52.6% | 75.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed August 6, 2026); data from EODHD.
MATH financial position
At the end of fiscal 2026 (March 31, 2026), Metalpha Technology had total assets of $485.6 million (up 96.8% from a year earlier), total liabilities of $432.6 million and shareholders' equity of $53.0 million. It held $465.1 million in cash and short-term investments against $0.5 million of debt, a net cash position of $464.6 million. Its current ratio was 1.12. In the latest quarter (ended June 30, 2026) total assets were $485.6 million and equity $53.0 million.
Related: MATH income statement, MATH cash flow statement, MATH key metrics. See the MATH stock overview for the latest quote and news.
MATH balance sheet FAQ
What are Metalpha Technology's total assets?
Metalpha Technology reported total assets of $485.6 million at the end of fiscal 2026 (March 31, 2026), compared with $246.8 million a year earlier.
How much debt does Metalpha Technology have?
Metalpha Technology had $0.5 million of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.
How much cash does Metalpha Technology have?
Metalpha Technology held $465.1 million in cash and short-term investments at the end of fiscal 2026; with $0.5 million of debt that is net cash of $464.6 million.
What is Metalpha Technology's book value?
Metalpha Technology's shareholders' equity (book value) was $53.0 million at the end of fiscal 2026, or $0.82 per share.
What is Metalpha Technology's current ratio?
Metalpha Technology had current assets of $485.0 million and current liabilities of $432.4 million, a current ratio of 1.12 (it can cover its short-term obligations).