Metalpha Technology Holding Ltd (MATH) Key Metrics
MATH valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $49.9M
- Enterprise value
- −$37.1M
- P/E (TTM)
- 52.5 10-yr median 57.9
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 1.3 10-yr median 5.4
- Price / book
- 0.9 10-yr median 1.8
- EV / EBITDA
- 1.1
- Dividend yield
- —
- Beta
- −0.71
MATH key metrics, FY2017–FY2026
Fiscal year ended March 31, 2026 · U.S. dollarsMATH valuation Price multiples at each fiscal year-end price.
MATH returns How much profit the business earns on the capital it uses.
MATH per-share figures Results divided by the shares outstanding at year-end.
MATH financial health Debt, liquidity and how easily interest is covered.
MATH efficiency & capital use Working capital cycle and where the cash goes.
MATH valuation history
MATH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MATH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MATH cash returned to shareholders
MATH price vs earnings per share
MATH key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $74.3M | $65.5M | $50.3M | $28.0M | $18.7M | $19.0M | $11.4M | $16.3M | $37.1M | — |
| Enterprise value | −$390.3M | $45.0M | $7.3M | $18.7M | $13.8M | $22.1M | $11.5M | $6.9M | $28.4M | — |
| P/E ratio | 57.9 | 4.1 | — | — | — | — | — | — | 191.9 | — |
| Price / sales | 2.0 | 1.5 | 3.0 | 4.9 | 152.4 | 84.1 | — | 5.9 | 8.7 | — |
| Price / book | 1.4 | 1.8 | 3.0 | 3.3 | 1.5 | 2.1 | 1.4 | 1.7 | 3.3 | — |
| Price / free cash flow | 1.0 | — | — | — | — | — | — | 21.9 | — | — |
| Price / operating cash flow | 1.0 | 910.3 | — | — | — | — | — | 21.0 | — | — |
| EV / sales | -10.5 | 1.0 | 0.4 | 3.3 | 112.3 | 97.8 | — | 2.5 | 6.6 | — |
| EV / EBITDA | — | 2.8 | — | — | — | — | — | — | 36.4 | — |
| EV / free cash flow | — | — | — | — | — | — | — | 9.3 | — | — |
| Earnings yield | 1.7% | 24.3% | −7.3% | −73.4% | −77.2% | −27.1% | −12.4% | −6.5% | 0.5% | — |
| Free cash flow yield | 101.9% | 0.0% | −23.1% | −4.1% | −27.5% | −16.3% | −12.6% | 4.6% | −6.6% | — |
| Dividend yield | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | 0.2% | 1.3% | 0.0% | 0.0% | 0.0% | — | — | — |
| Share price at fiscal year-end | $1.15 | $1.70 | $1.45 | $1.04 | $1.02 | $1.63 | $1.00 | $1.43 | $3.44 | — |
| Per share | ||||||||||
| Revenue per share | $0.57 | $1.16 | $0.48 | $0.21 | $0.01 | $0.02 | $0.00 | $0.24 | $0.40 | $0.31 |
| Earnings per share | $0.02 | $0.41 | −$0.11 | −$0.76 | −$0.79 | −$0.44 | −$0.12 | −$0.09 | $0.02 | $0.15 |
| Operating cash flow per share | $1.17 | $0.00 | −$0.33 | −$0.04 | −$0.27 | −$0.27 | −$0.13 | $0.07 | −$0.09 | $0.23 |
| Free cash flow per share | $1.17 | $0.00 | −$0.33 | −$0.04 | −$0.28 | −$0.27 | −$0.13 | $0.07 | −$0.23 | $0.23 |
| Cash per share | $7.20 | $0.54 | $1.39 | $0.35 | $0.29 | $0.08 | $0.00 | $0.83 | $0.81 | $0.28 |
| Book value per share | $0.82 | $0.95 | $0.49 | $0.32 | $0.70 | $0.79 | $0.69 | $0.86 | $1.03 | $0.26 |
| Tangible book value per share | $0.82 | $0.95 | $0.49 | $0.32 | $0.70 | $0.79 | $0.69 | $0.86 | $1.03 | $0.26 |
| Dividends per share | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.00 | $0.13 | $0.00 |
| Debt per share | $0.01 | $0.01 | $0.15 | $0.00 | $0.02 | $0.35 | $0.01 | $0.01 | — | — |
| Shares outstanding | 64.6M | 38.5M | 34.7M | 27.0M | 18.3M | 11.7M | 11.4M | 11.4M | 10.8M | 11.7M |
| Change in shares outstanding | +67.6% | +11.1% | +28.6% | +47.5% | +57.1% | +2.0% | 0.0% | +6.0% | −7.7% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 2.9% | 59.5% | −28.9% | −192.2% | −131.5% | −60.3% | −16.0% | −10.1% | 2.7% | 76.6% |
| Return on invested capital (ROIC) | — | — | — | — | −25.5% | −30.7% | −39.8% | −124.2% | 17.5% | — |
| Return on assets (ROA) | 0.4% | 7.5% | −3.2% | −51.1% | −72.3% | −40.2% | −12.7% | −8.3% | 2.2% | 55.1% |
| Return on tangible assets | 0.3% | 6.4% | −2.1% | −36.7% | −59.3% | −32.9% | −14.2% | −8.6% | 1.5% | 40.7% |
| Free cash flow margin | 203.9% | 0.1% | −69.2% | −20.1% | — | — | — | 27.0% | −57.5% | 74.6% |
| Income quality (OCF / net income) | 59.01 | 0.00 | — | — | — | — | — | — | −5.24 | 1.56 |
| Financial health | ||||||||||
| Total debt | $536,563 | $212,689 | $5.0M | $133,279 | $368,747 | $4.1M | $63,526 | $147,173 | — | — |
| Cash & short-term investments | $465.1M | $20.7M | $48.1M | $9.5M | $5.3M | $982,538 | $15,926 | $9.5M | $8.7M | $3.2M |
| Net debt | −$464.6M | −$20.5M | −$43.0M | −$9.3M | −$4.9M | $3.1M | $47,600 | −$9.4M | −$8.7M | −$3.2M |
| Debt / equity | 0.01 | 0.01 | 0.30 | 0.02 | 0.03 | 0.44 | 0.01 | 0.02 | — | — |
| Debt / assets | 0.00 | 0.00 | 0.03 | 0.00 | 0.02 | 0.26 | 0.01 | 0.01 | — | — |
| Net debt / EBITDA | — | −1.27 | — | — | — | — | — | — | −11.14 | −1.46 |
| Current ratio | 1.12 | 1.17 | 1.11 | 1.18 | 2.36 | 2.20 | 3.76 | 4.04 | 5.83 | 3.40 |
| Quick ratio | 0.24 | 0.12 | 0.31 | 1.07 | 2.32 | 2.97 | 4.05 | 4.04 | 5.77 | 3.40 |
| Interest coverage | — | 231.7 | 314.1 | -183.7 | -1.7 | -2.4 | -807.2 | — | 1.2 | 29.1 |
| Working capital | $52.6M | $36.3M | $16.8M | $8.5M | $13.6M | $8.5M | $7.2M | $8.9M | $9.8M | $2.9M |
| Invested capital | −$411.6M | $16.1M | −$26.2M | −$741,222 | $7.9M | $12.2M | $8.0M | $453,538 | $2.4M | −$200,788 |
| Tangible asset value | $53.0M | $36.6M | $16.9M | $8.6M | $14.2M | $8.6M | $7.4M | $9.3M | $11.0M | $3.0M |
| Net current asset value | $52.4M | $36.3M | $16.8M | $8.4M | $13.5M | $8.4M | $7.2M | $8.9M | $9.8M | $2.9M |
| Graham number | $0.61 | $2.97 | — | — | — | — | — | — | $0.64 | $0.93 |
| Graham net-net per share | $3.67 | −$1.97 | −$1.34 | −$1.31 | $0.14 | −$0.18 | $0.38 | $0.71 | $0.79 | $0.22 |
| Capital allocation | ||||||||||
| Dividends paid | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Share buybacks (net) | $18,340 | $0 | $82,127 | $353,816 | $0 | $0 | — | — | — | — |
| Dividend payout ratio | — | 0.0% | — | — | — | — | — | — | — | — |
| Dividends + buybacks / free cash flow | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| Capex / revenue | 0.0% | 0.1% | 0.0% | 0.1% | 235.0% | 0.1% | 2.1% | 1.1% | 33.8% | 0.0% |
| Capex / operating cash flow | 0.0% | 65.7% | — | — | — | — | — | 4.0% | — | 0.1% |
| Capex / depreciation | 0.00 | 0.29 | 0.01 | 0.03 | 4.44 | 0.00 | 0.00 | 0.31 | 72.78 | 0.09 |
| Stock-based compensation / revenue | 8.8% | 0.0% | 4.5% | 18.4% | 1,197.0% | 650.6% | 0.0% | — | — | — |
| SG&A / revenue | 37.1% | 8.3% | 25.1% | 48.8% | 2,560.5% | 290.6% | 9,980.4% | 128.9% | 50.8% | 30.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 116.5 | 16.4 | 2.3 | 310.5 | 27,595.7 | 15,168.0 | 192,661.8 | 299.2 | 132.7 | 119.7 |
| Days of inventory on hand | 4,987.5 | 2,727.0 | 2,157.4 | 276.0 | -2,759.9 | -2,584.1 | -482.3 | — | 25.5 | — |
| Days payables outstanding | 2,452.1 | 937.9 | 1,267.5 | 577.6 | 15.8 | 313.8 | 235.5 | 9.6 | 12.6 | 54.1 |
| Cash conversion cycle (days) | 2,651.9 | 1,805.5 | 892.2 | 8.9 | 24,819.9 | 12,270.1 | 191,944.0 | 289.6 | 145.6 | 65.7 |
| Receivables turnover | 3.13 | 22.24 | 156.53 | 1.18 | 0.01 | 0.02 | 0.00 | 1.22 | 2.75 | 3.05 |
| Payables turnover | 0.15 | 0.39 | 0.29 | 0.63 | 23.09 | 1.16 | 1.55 | 38.08 | 29.05 | 6.75 |
| Inventory turnover | 0.07 | 0.13 | 0.17 | 1.32 | — | — | — | — | 14.33 | — |
| Asset turnover | 0.10 | 0.21 | 0.15 | 0.14 | 0.01 | 0.02 | 0.00 | 0.22 | 0.50 | 1.15 |
| Average receivables | $11.9M | $2.0M | $107,100 | $4.8M | $9.3M | $9.4M | $5.9M | $2.3M | $1.6M | $1.2M |
| Average payables | $147.8M | $59.8M | $38.7M | $5.8M | $14,503 | $376,767 | $372,355 | $33,138 | $58,220 | $46,008 |
| Average inventory | $300.5M | $173.8M | $65.8M | $2.8M | −$2.5M | −$3.1M | −$762,396 | — | $117,983 | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from MATH's annual financial statements (latest annual report filed August 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MATH valuation and financial ratios
At the end of fiscal 2026 (March 31, 2026), Metalpha Technology traded at 57.9 times earnings, against a 10-year median of 57.9. Based on the latest twelve months, the trailing P/E is 52.5. Metalpha Technology earned a return on equity of 2.9% in fiscal 2026. It ended the year with $0.5 million of debt and $465.1 million in cash and short-term investments, a net cash position of $464.6 million. It returned $0.0 million to shareholders: $0 in dividends and $0.0 million in share buybacks, 0% of free cash flow. The share count rose 453.9% from 11.7M to 64.6M over 9 years.
See the MATH income statement, the MATH chart for price history, or the MATH stock overview for the latest quote and news.
MATH key metrics FAQ
What is Metalpha Technology's P/E ratio?
Metalpha Technology's trailing P/E ratio is 52.5 based on the last twelve months of earnings (as of October 17, 2026). At the end of fiscal 2026 it was 57.9, compared with a 10-year median of 57.9.
What is Metalpha Technology's return on equity?
Metalpha Technology's return on equity (ROE) was 2.9% in fiscal 2026: net income of $1.3 million on average shareholders' equity of $44.8 million.
How much debt does Metalpha Technology have?
Metalpha Technology had total debt of $0.5 million at the end of fiscal 2026, a debt-to-equity ratio of 0.01 and more cash than debt.
Does Metalpha Technology buy back its shares?
Yes. Metalpha Technology spent $0.0 million on net share repurchases in fiscal 2026 Shares outstanding changed +67.6% over the year, to 64.6M..
What is Metalpha Technology's free cash flow yield?
Metalpha Technology generated $75.7 million of free cash flow in fiscal 2026, a free cash flow yield of 101.9% on its market value at year-end ($74.3 million).
What is Metalpha Technology's current ratio?
Metalpha Technology's current ratio was 1.12 at the end of fiscal 2026: current assets were 1.12 times current liabilities.