NaaS Technology Inc. (NAAS) Key Metrics

NASDAQ: NAASValuation, returns, debt and efficiency ratios over 10 years.

NAAS key metrics, 2016–2025

Fiscal year ended December 31, 2025 · Chinese yuan

NAAS returns How much profit the business earns on the capital it uses.

Return on assets+6.7 pts

−79.7%

2025 · hover or tap a bar for each year

20162025

Free cash flow margin+64.0 pts

−25.1%

2025 · hover or tap a bar for each year

20162025

Asset turnover+19.6%

0.23

2025 · hover or tap a bar for each year

20162025

NAAS returns on capital

ROEROICROA

Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.

NAAS debt vs cash

Total debtCash & short-term investments

Debt includes short- and long-term borrowings and, where reported, lease liabilities.

NAAS cash returned to shareholders

DividendsBuybacksFree cash flow

NAAS key metrics in Chinese yuan

2016–2025

NaaS Technology Inc. key metrics by fiscal year
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Returns & profitability
Return on equity (ROE)	—	—	—	—	−99.3%	−14.1%	27.8%	37.3%	−13.4%	9.3%
Return on invested capital (ROIC)	—	—	−186.2%	−800.8%	−51.7%	−8.2%	−4.9%	—	—	22.4%
Return on assets (ROA)	−79.7%	−86.4%	−101.7%	−878.1%	−212.0%	−5.4%	5.8%	6.7%	−2.8%	3.8%
Return on tangible assets	−97.6%	−140.9%	−92.6%	−510.1%	−170.5%	—	7.7%	9.0%	−3.7%	6.6%
Free cash flow margin	−25.1%	−89.1%	−178.6%	−644.1%	−656.8%	—	−5.9%	24.1%	30.1%	27.6%
Income quality (OCF / net income)	—	—	—	—	—	—	−0.27	2.66	—	4.45
Financial health
Total debt	CN¥607.7M	CN¥51.1M	CN¥1.04B	CN¥519.3M	CN¥19.6M	CN¥244.9M	CN¥1.13B	CN¥584.9M	CN¥623.4M	CN¥371.3M
Cash & short-term investments	CN¥81.2M	CN¥126.6M	CN¥534.3M	CN¥513.4M	CN¥8.5M	CN¥3.7M	CN¥999.0M	CN¥1.29B	CN¥1.06B	CN¥640.0M
Net debt	CN¥526.5M	−CN¥75.5M	CN¥507.2M	CN¥6.0M	CN¥11.1M	CN¥241.2M	CN¥127.4M	−CN¥703.2M	−CN¥432.5M	−CN¥268.7M
Debt / equity	—	—	—	1.18	0.67	0.49	1.85	1.28	2.01	0.91
Debt / assets	1.35	0.08	0.71	0.47	0.11	3.62	0.40	0.26	0.32	0.25
Net debt / EBITDA	—	—	—	—	—	—	2.33	−2.29	−5.32	−1.66
Current ratio	0.19	0.33	1.40	4.84	1.12	0.04	0.88	1.10	1.11	0.93
Quick ratio	0.19	0.33	1.37	5.52	0.77	0.02	0.87	1.09	1.10	0.92
Interest coverage	-5.9	-13.9	-34.2	-239.5	-231.6	-253.7	-0.4	6.1	-0.0	11.7
Working capital	−CN¥909.7M	−CN¥910.9M	CN¥326.9M	CN¥738.6M	CN¥16.7M	−CN¥1.12B	−CN¥148.7M	CN¥123.4M	CN¥111.7M	−CN¥55.6M
Invested capital	−CN¥269.6M	−CN¥830.0M	CN¥460.2M	CN¥444.9M	CN¥40.6M	CN¥736.3M	CN¥736.3M	−CN¥247.5M	−CN¥122.4M	CN¥138.5M
Tangible asset value	−CN¥756.4M	−CN¥756.5M	−CN¥97.0M	CN¥438.0M	CN¥4.1M	−CN¥2.20B	−CN¥251.5M	−CN¥249.2M	−CN¥380.6M	−CN¥289.2M
Net current asset value	−CN¥991.8M	−CN¥965.3M	−CN¥364.7M	CN¥263.7M	CN¥4.1M	−CN¥1.88B	−CN¥1.09B	−CN¥437.7M	−CN¥518.2M	−CN¥394.1M
Capital allocation
Dividends paid	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	—	—	CN¥571.8M	CN¥426.0M
Share buybacks (net)	—	—	CN¥40.0M	CN¥8.6M	CN¥0	CN¥0	CN¥48.0M	CN¥21.4M	—	—
Dividend payout ratio	—	—	—	—	—	—	—	—	—	790.0%
Dividends + buybacks / free cash flow	—	—	—	—	—	—	—	7.0%	195.7%	217.0%
Capex / revenue	0.0%	0.0%	2.0%	18.5%	1.8%	387.4%	3.3%	5.8%	5.5%	6.2%
Capex / operating cash flow	—	—	—	—	—	—	—	19.5%	15.4%	18.2%
Capex / depreciation	0.00	0.00	0.37	1.79	0.09	6.74	0.73	1.27	1.07	0.63
Stock-based compensation / revenue	−14.0%	79.8%	124.7%	2,291.2%	32.2%	292.0%	3.1%	1.5%	9.8%	—
R&D / revenue	11.7%	20.9%	19.7%	39.4%	111.1%	331.8%	—	—	—	—
SG&A / revenue	226.7%	285.4%	211.8%	2,626.1%	103.0%	194.0%	1.0%	38.3%	53.4%	38.9%
Efficiency
Days sales outstanding	96.6	363.4	292.1	383.7	328.0	862.6	2.4	3.4	2.3	0.4
Days of inventory on hand	0.2	—	-84.8	-172.4	439.0	884.1	5.3	6.1	5.4	5.8
Days payables outstanding	3,472.1	416.0	158.8	139.2	172.1	518.0	2.3	2.3	2.7	0.5
Cash conversion cycle (days)	-3,375.3	-16.2	48.4	72.0	594.8	1,228.8	5.4	7.2	5.0	5.7
Receivables turnover	3.78	1.00	1.25	0.95	1.11	0.42	151.19	106.15	159.21	828.66
Payables turnover	0.11	0.88	2.30	2.62	2.12	0.70	158.24	158.64	136.49	700.67
Inventory turnover	2,071.60	—	—	—	0.83	0.41	69.45	59.98	67.30	63.25
Asset turnover	0.23	0.19	0.25	0.14	0.27	0.00	0.60	0.60	0.56	0.50
Average receivables	CN¥33.1M	CN¥200.1M	CN¥256.1M	CN¥97.6M	CN¥30.1M	CN¥14.6M	CN¥10.1M	CN¥12.0M	CN¥6.1M	CN¥858,000
Average payables	CN¥167.6M	CN¥128.1M	CN¥100.7M	CN¥33.1M	CN¥13.9M	CN¥9.3M	CN¥4.4M	CN¥3.6M	CN¥3.3M	CN¥518,905
Average inventory	CN¥8,505	CN¥11.2M	−CN¥53.8M	−CN¥40.9M	CN¥35.6M	CN¥15.9M	CN¥10.0M	CN¥9.6M	CN¥6.7M	CN¥5.7M
Intangibles / total assets	0.4%	0.4%	3.6%	0.1%	14.2%	507.1%	31.3%	30.3%	34.6%	45.8%

Computed from NAAS's annual financial statements (latest annual report filed April 17, 2026) 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.

NAAS valuation and financial ratios

It ended the year with CN¥607.7 million of debt and CN¥81.2 million in cash and short-term investments, net debt of CN¥526.5 million.

See the NAAS income statement, the NAAS chart for price history, or the NAAS stock overview for the latest quote and news.

NAAS key metrics FAQ

How much debt does NaaS Technology have?

NaaS Technology had total debt of CN¥607.7 million at the end of fiscal 2025.

Does NaaS Technology pay a dividend?

NaaS Technology did not pay a dividend in fiscal 2025.

What is NaaS Technology's current ratio?

NaaS Technology's current ratio was 0.19 at the end of fiscal 2025: current assets were 0.19 times current liabilities.

NaaS Technology Inc. (NAAS) Key Metrics

NAAS key metrics, 2016–2025

NAAS returns How much profit the business earns on the capital it uses.

NAAS financial health Debt, liquidity and how easily interest is covered.

NAAS efficiency & capital use Working capital cycle and where the cash goes.

NAAS returns on capital

NAAS debt vs cash

NAAS cash returned to shareholders

NAAS key metrics in Chinese yuan

NAAS valuation and financial ratios

NAAS key metrics FAQ

Specialty Retail key metrics