Maase Inc. (MAAS) Key Metrics
MAAS key metrics, FY2017–FY2025
Fiscal year ended June 30, 2025 · Chinese yuanMAAS returns How much profit the business earns on the capital it uses.
MAAS financial health Debt, liquidity and how easily interest is covered.
MAAS efficiency & capital use Working capital cycle and where the cash goes.
MAAS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MAAS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MAAS cash returned to shareholders
MAAS key metrics in Chinese yuan
FY2017–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | |||||||||
| Return on equity (ROE) | −20.1% | −38.6% | −18.3% | −20.9% | −13.5% | −8.6% | 18.3% | 38.7% | 25.4% |
| Return on invested capital (ROIC) | −44.0% | −105.8% | −57.0% | −62.7% | −60.6% | −70.4% | 110.6% | 76.7% | 50.0% |
| Return on assets (ROA) | −5.2% | −12.8% | −12.0% | −13.0% | −10.3% | −7.2% | 15.2% | 30.9% | 19.7% |
| Return on tangible assets | −5.9% | −8.0% | −16.6% | −13.1% | −9.9% | −7.6% | 11.2% | 28.7% | 19.9% |
| Free cash flow margin | 8.2% | 4.5% | −23.8% | −32.7% | −6.2% | −71.3% | 45.9% | 26.2% | −15.3% |
| Income quality (OCF / net income) | — | — | — | — | — | — | 1.83 | 0.70 | −0.61 |
| Financial health | |||||||||
| Total debt | CN¥141.2M | CN¥215.6M | CN¥14.5M | CN¥35.1M | CN¥31.0M | CN¥22.1M | — | — | — |
| Cash & short-term investments | CN¥637.0M | CN¥879.6M | CN¥164.5M | CN¥199.3M | CN¥260.6M | CN¥289.9M | CN¥380.4M | CN¥118.9M | CN¥69.4M |
| Net debt | −CN¥495.8M | −CN¥664.0M | −CN¥150.0M | −CN¥164.1M | −CN¥229.6M | −CN¥267.8M | −CN¥380.4M | −CN¥118.9M | −CN¥69.4M |
| Debt / equity | 0.21 | 0.17 | 0.07 | 0.14 | 0.10 | 0.06 | — | — | — |
| Debt / assets | 0.04 | 0.05 | 0.05 | 0.08 | 0.07 | 0.05 | — | — | — |
| Net debt / EBITDA | — | −29.68 | — | — | — | — | −5.93 | −1.61 | −1.35 |
| Current ratio | 23.21 | 2.80 | 9.59 | 2.36 | 3.10 | 8.27 | 6.16 | 6.66 | 5.59 |
| Quick ratio | 23.21 | 2.80 | 9.59 | 2.36 | 3.10 | 8.27 | 6.16 | 6.66 | 5.59 |
| Interest coverage | — | — | — | — | — | — | 53.5 | — | 20.4 |
| Working capital | CN¥2.47B | CN¥1.53B | CN¥206.9M | CN¥227.6M | CN¥273.0M | CN¥345.7M | CN¥391.3M | CN¥182.4M | CN¥152.0M |
| Invested capital | CN¥188.1M | CN¥621.1M | CN¥67.0M | CN¥95.9M | CN¥90.7M | CN¥100.1M | CN¥20.0M | CN¥65.9M | CN¥79.3M |
| Tangible asset value | CN¥2.19B | CN¥1.98B | CN¥215.2M | CN¥258.9M | CN¥318.7M | CN¥370.1M | CN¥402.8M | CN¥193.0M | CN¥157.0M |
| Net current asset value | CN¥1.41B | CN¥747.1M | CN¥183.5M | CN¥190.9M | CN¥255.7M | CN¥331.0M | CN¥391.3M | CN¥182.4M | CN¥152.0M |
| Capital allocation | |||||||||
| Share buybacks (net) | — | CN¥10.0M | CN¥0 | CN¥0 | — | — | — | — | — |
| Dividends + buybacks / free cash flow | — | 18.8% | — | — | — | — | — | — | — |
| Capex / revenue | 0.7% | 0.4% | 1.6% | 3.0% | 4.7% | 2.8% | 2.4% | 0.8% | 0.4% |
| Capex / operating cash flow | 7.8% | 7.5% | — | — | — | — | 4.9% | 3.1% | — |
| Capex / depreciation | 0.05 | 0.07 | 0.43 | 0.87 | 0.66 | 0.40 | 2.78 | 0.75 | 0.41 |
| Stock-based compensation / revenue | — | 2.0% | 0.0% | 0.0% | — | — | — | — | — |
| SG&A / revenue | — | 42.5% | 133.7% | 110.1% | 115.2% | 116.8% | 57.1% | 44.7% | 35.4% |
| Efficiency | |||||||||
| Days sales outstanding | 745.4 | 223.6 | 191.4 | 115.1 | 144.3 | 173.9 | 99.1 | 210.0 | 256.2 |
| Days payables outstanding | — | 51.2 | 161.6 | 79.4 | 88.4 | 85.7 | 56.1 | 46.6 | — |
| Cash conversion cycle (days) | — | 172.4 | 29.8 | 35.7 | 55.9 | 88.2 | 43.0 | 163.4 | — |
| Receivables turnover | 0.49 | 1.63 | 1.91 | 3.17 | 2.53 | 2.10 | 3.68 | 1.74 | 1.42 |
| Payables turnover | — | 7.13 | 2.26 | 4.59 | 4.13 | 4.26 | 6.51 | 7.84 | — |
| Asset turnover | 0.21 | 0.52 | 0.31 | 0.41 | 0.42 | 0.28 | 0.58 | 0.79 | 0.81 |
| Average receivables | CN¥1.67B | CN¥726.0M | CN¥60.0M | CN¥59.5M | CN¥75.6M | CN¥61.7M | CN¥55.2M | CN¥95.4M | CN¥109.3M |
| Average payables | — | CN¥100.3M | CN¥9.0M | CN¥12.0M | CN¥10.7M | CN¥7.5M | CN¥4.8M | CN¥3.7M | — |
| Intangibles / total assets | 0.0% | 15.4% | 0.7% | 0.2% | 0.3% | 0.1% | 0.2% | 0.3% | 0.8% |
Computed from MAAS's annual financial statements (latest annual report filed October 29, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
MAAS valuation and financial ratios
Maase earned a return on equity of −20.1% and a return on invested capital of −44.0% in fiscal 2025. It ended the year with CN¥141.2 million of debt and CN¥637.0 million in cash and short-term investments, a net cash position of CN¥495.8 million.
See the MAAS income statement, the MAAS chart for price history, or the MAAS stock overview for the latest quote and news.
MAAS key metrics FAQ
What is Maase's return on equity?
Maase's return on equity (ROE) was −20.1% in fiscal 2025: net income of -CN¥198.2 million on average shareholders' equity of CN¥984.5 million.
What is Maase's ROIC?
Maase's return on invested capital was −44.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Maase have?
Maase had total debt of CN¥141.2 million at the end of fiscal 2025, a debt-to-equity ratio of 0.21 and more cash than debt.
What is Maase's current ratio?
Maase's current ratio was 23.21 at the end of fiscal 2025: current assets were 23.21 times current liabilities.