Owner Scorecard
An independent research publication · data as of July 9, 2026

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MATH, Metalpha Technology Holding Limited

Capital Markets & Asset Management diversified Cyclical

Limited to market demand, regulatory developments, macroeconomic trends and monetary policies, technological advancements and security vulnerabilities and market manipulation risks.

Significant events such as the bankruptcy of certain well-known crypto assets market participants, e.g.

We will timely adjust our strategies to expand our business and optimize our operating efficiency in the current dynamic market conditions.

Latest annual: FY2025 20-F
MATH · Metalpha Technology Holding Limited
I

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025
$37M
+119.9% YoY · 405% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $37M 5-yr avg $14M
Gross margin 41% 5-yr avg 39%
Operating margin 18.6% 5-yr avg −374.2%
Owner-earnings margin 53% 5-yr avg −30%
Free cash flow margin 53% 5-yr avg −30%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation
Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle
Operating margin has reached 56% at its best but run negative through the cycle (median −27%) on a 35% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?
Return on capital has rarely cleared the cost of capital (median −19%, above 15% in 2 of 7 years). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

II

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left
2016’162017’172018’182019’192020’202021’212022’222023’232024’242025’25TTMTTMSep 2025
Income statement
$2M$4M$4M$3M$11K$226K$2M$6M$17M$45M$37MRevenueRevenue
———————35%34%48%41%Gross marginGross mgn
$679K$2M$384K($2M)($2M)($4M)($3M)($2M)$1M$17M$7MOperating incomeOp. inc.
40.8%56.1%9.0%−81.0%n/mn/m−150.8%−27.3%7.9%39.1%18.6%Operating marginOp. mgn
$653K$2M$125K($1M)($1M)($5M)($14M)($21M)($4M)$16M$16MNet incomeNet inc.
20%21%————————1%Effective tax rateTax rate
Cash flow & returns
($43K)$3M($1M)$774K($1M)($3M)($5M)($1M)($12M)$72K$19MOperating cash flowOp. cash
$26K$19K$20K$102K$86K$77K$65K$3K$3K$3K$3KDepreciationDeprec.
($722K)$947K($1M)$2M($110K)$2M$10M$19M($8M)($16M)$4MWorking capital & otherWC & other
$17K$2K$1M$31K———$3K$1K$47K$47KCapexCapex
1.0%0.0%33.8%1.1%———0.1%0.0%0.1%0.1%Capex / revenueCapex/rev
($60K)$3M($1M)$744K———($1M)($12M)$69K$19MOwner earningsOwner earn.
−3.6%74.6%−24.1%27.0%———−20.1%−69.2%0.2%52.8%Owner earnings marginOE mgn
($60K)$3M($2M)$744K———($1M)($12M)$25K$19MFree cash flowFCF
−3.6%74.6%−57.5%27.0%———−20.1%−69.2%0.1%52.6%Free cash flow marginFCF mgn
37%—3%-19%-21%-38%-34%——46%—ROICROIC
45%57%1%-16%-18%-56%-113%——43%—Return on equityROE
45%57%1%−16%−18%−56%−113%——43%—Retained to equityRetained/eq
Balance sheet
$2K$5M$9M$10M$6M$6M$5M$7M$5M$7M$12MCash & investmentsCash+inv
—$674K$2M$2M——————$940KReceivablesReceiv.
—$63K$53K$13K$731K$1M$2M$1M$12M$7M$5MAccounts payablePayables
—$610K$2M$2M——————($4M)Operating working capitalOper. WC
—$4M$12M$12M$10M$16M$24M$56M$175M$246M$414MCurrent assetsCur. assets
—$1M$2M$3M$3M$7M$10M$47M$158M$210M$379MCurrent liabilitiesCur. liab.
—3.4×5.8×4.0×3.8×2.2×2.4×1.2×1.1×1.2×1.1×Current ratioCurr. ratio
—$4M$13M$12M$10M$16M$24M$56M$175M$247M$414MTotal assetsAssets
($2K)($5M)($9M)($10M)($6M)($6M)($5M)($7M)($5M)($7M)($12M)Net debt / (cash)Net debt
11.0×——-16801.9×-807.2×-2.4×-1.7×-183.7×314.0×231.7×565.8×Interest coverageInt. cov.
$1M$3M$11M$9M$8M$9M$13M($245K)($280K)$37M($280K)Shareholders’ equityEquity
Per share
3.3M3.3M3.6M3.8M3.8M3.9M6.1M9.0M11.6M12.8M13.3MShares out (diluted)Shares
$0.50$1.08$1.19$0.72$0.00$0.06$0.35$0.63$1.45$3.47$2.78Revenue / shareRev/sh
$0.20$0.51$0.03$-0.38$-0.37$-1.33$-2.37$-2.28$-0.32$1.23$1.19EPS (diluted)EPS
$-0.02$0.80$-0.29$0.20———$-0.13$-1.00$0.01$1.47Owner earnings / shareOE/sh
$-0.02$0.80$-0.69$0.20———$-0.13$-1.00$0.00$1.46Free cash flow / shareFCF/sh
$0.01$0.00$0.40$0.01———$0.00$0.00$0.00$0.00Cap. spending / shareCapex/sh
$0.44$0.91$3.06$2.45$2.08$2.36$2.10$-0.03$-0.02$2.85$-0.02Book value / shareBVPS

The diluted share count moved ×1.57 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.47 into 2023 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Share counts before TTM are restated ×1/3 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded
9-yr5-yr
Revenue / share+24.0%/yr+311.1%/yr
EPS+22.6%/yr—
Capital spending / share−3.5%/yr+223.8%/yr (2-yr)
Book value / share+23.2%/yr+6.5%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count
39Mpeak FY2025
ROIC
46%low FY2021
Gross margin
48%low FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$69Kowner earningsvs.$16Mnet incomelow FY2024

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2025

Owner-earnings bridge

FY2018–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $69K of owner earnings, the operating cash left after the $3K it takes just to hold its position. It put $44K more into growth; free cash flow, after that spending, was $25K.

Reported net income$16M
Owner earnings$69K · 0% of revenue
FY2025FY2024FY2023FY2019FY2018
Reported net income$16M($4M)($21M)($1M)$125K
Depreciation & amortizationnon-cash charge added back+$3K+$3K+$3K+$102K+$20K
Working capital & othertiming of cash in and out, other non-cash items−$16M−$8M+$19M+$2M−$1M
Cash from operations$72K($12M)($1M)$774K($1M)
Maintenance capital expenditurethe spending needed just to hold position and volume−$3K−$1K−$3K−$31K−$20K
Owner earnings$69K($12M)($1M)$744K($1M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still−$44K———−$1M
Free cash flow$25K($12M)($1M)$744K($2M)
Owner-earnings marginowner earnings ÷ revenue0%-69%-20%27%-24%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $3K, roughly its depreciation, the rate its assets wear out). The other $44K of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

  • Can it pay its interest? 565.8×
    Comfortable
    Operating income $7M ÷ interest expense $12K
    What this means

    Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.

  • How heavy is the debt, net of cash? +$12M
    Net cash, debt-free
    Cash $10M + ST investments $2M − debt $0
    What this means

    Cash and short-term investments exceed every dollar of debt by $12M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.

  • How long is cash tied up? -74d
    Negative, funded by others
    DSO 9 + DIO 0 − DPO 84 days
    What this means

    Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

  • Return on invested capital —
    Not enough data
    Industry peers: median -21%
    What this means

    The filing data didn't include the inputs for this check.

  • Owner-earnings margin 53%
    Positive this year, negative across the cycle
    latest $19M = operating cash $19M − maintenance capex $3K (positive this year), after an earlier loss stretch (7-yr median -4%)
    Industry peers: median 6%
    What this means

    What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 53% of revenue this year, a -4% median across 7 years.

  • Are earnings backed by cash? 1.23×
    Cash-backed
    Cash from ops $19M ÷ net income $16M
    What this means

    How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

  • Where do the earnings go? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

  • Investing or harvesting? 15.29×
    Expanding
    Capex $47K ÷ depreciation $3K
    What this means

    Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

  • Adequate size Miss
    Revenue ≥ $2B · $37M
    What this means

    Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.

  • Strong liquidity Miss
    Current ratio ≥ 2× · 1.09×
    What this means

    Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.

  • Earnings stability Miss
    A profit every year (10-yr record) · 6 loss years
    What this means

    Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.

  • Dividend record Miss
    Uninterrupted dividends · none paid
    What this means

    An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.

  • Earnings growth Miss
    Earnings +33% over the record · −439%
    What this means

    At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.

  • Moderate price —
    P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
    What this means

    Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.07/share (latest year $0.40), the averaged base the calculator's gate runs on, and book value is $-0.01/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

  • Profitable years 4 of 10
    What this means

    Lost money in 6 year(s), look at what happened there before trusting the average.

  • Operating margin 35% → 7% (3-yr avg ends)
    What this means

    The recent-years average (7%) sits below the early years (35%), but the latest year (39%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is −27% — read it across the cycle, not on the dip.

  • Worst year 2020 · −18832.1% op. margin
    What this means

    Operations went underwater in 2020, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Sep 30, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$414M
  • Cash & short-term investments$12M
  • Receivables$940K
  • Other current assets$400M
Current liabilities$379M
  • Accounts payable$5M
  • Other current liabilities$374M
Current ratio1.09×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.09×stricter: inventory excluded
Cash ratio0.03×strictest: cash alone against what's due
Working capital$35Mthe cushion left after near-term bills
Deeper floors
Tangible book value($379M)equity stripped of goodwill & intangibles
Net current asset value$35MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$118K$118K of it operating leases

From the company's latest filing.

Peers, Capital Markets & Asset Management

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

CompanyRevenueGross marginOp. marginROICOwner earn. margin
DAVEDave Inc.$554M—-4.2%-12%13%
WDWalker & Dunlop$320M—143.4%14%149%
GEMIGemini Space Station Inc.$180M—-192.5%-95%-123%
GPGIGPGI Inc.$60M53%30.4%-3%27%
GREELGreenidge Generation Holdings Inc.$59M—-16.2%-193%—
MATHMetalpha Technology Holding Limited$37M35%-9.7%-19%-4%
FWDIForward Industries Inc.$18M20%-3.9%-21%-1%
ASSTStrive Inc.$4M—-404.4%-104%-592%
Group median—35%-6.9%-20%-1%
IV

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the home-market price, not the US ADR quote. Metalpha Technology Holding Limited reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Metalpha Technology Holding Limited has delivered.

$
Base

—

The assumptions

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings yield—
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $19M on 39M shares outstanding, per the 20-F cover, as of 2025-03-31; net cash $12M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($47K) runs well above depreciation ($3K), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $19M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh MATH against another business →

Cite: Owner Scorecard, "Metalpha Technology Holding Limited (MATH), the owner's record," https://ownerscorecard.com/c/MATH, data as of 2026-07-09.

Manual order: ← MANU its page in the Manual MB →

Industry order: ← MARA the Capital Markets & Asset Management chapter MGR →