Latest Ratios: P/E Ratio 2.4x · EV/EBITDA 2.1x · ROE 59.5%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $43M | $66M | $50M | $28M | $19M | $19M | $11M | $16M | $39M | — | — |
| Enterprise Value | $37M | $59M | $50M | $21M | $14M | $22M | $11M | $16M | $35M | — | — |
| P/E Ratio → | 2.44 | 4.15 | — | — | — | — | — | — | 203.91 | — | — |
| P/S Ratio | 0.97 | 1.47 | 3.00 | 4.92 | 152.11 | 84.12 | 1015.02 | 5.92 | 9.19 | — | — |
| P/B Ratio | 1.05 | 1.79 | 2.99 | 3.26 | 1.31 | 2.22 | 1.55 | 1.75 | 3.58 | — | — |
| P/FCF | 1758.72 | 2655.22 | — | — | — | — | — | 21.98 | — | — | — |
| P/OCF | 602.96 | 910.31 | — | — | — | — | — | 21.09 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.32 | 3.01 | 3.76 | 112.03 | 97.76 | 1019.25 | 5.96 | 8.27 | — | — |
| EV / EBITDA | 2.09 | 3.34 | 35.52 | — | — | — | — | — | 87.52 | — | — |
| EV / EBIT | 2.10 | 3.68 | — | — | — | — | — | — | 46.61 | — | — |
| EV / FCF | — | 2383.46 | — | — | — | — | — | 22.12 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.8% | 47.8% | 33.6% | 35.5% | 38.2% | -94.4% | 100.0% | 54.2% | 60.5% | 91.4% | 85.8% |
| Operating Margin | 39.1% | 39.1% | 7.9% | -27.3% | -2648.5% | -1740.0% | -18832.2% | -81.1% | 9.0% | 56.1% | 40.8% |
| Net Profit Margin | 35.7% | 35.7% | -21.9% | -361.2% | -11767.5% | -2280.0% | -12611.1% | -38.3% | 4.5% | 47.7% | 39.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 59.5% | 59.5% | -28.9% | -180.3% | -126.9% | -64.7% | -17.0% | -10.4% | 2.8% | 76.6% | 108.5% |
| ROA | 7.5% | 7.5% | -3.2% | -51.1% | -72.3% | -40.2% | -12.7% | -8.3% | 2.2% | 55.1% | 42.4% |
| ROIC | 55.8% | 55.8% | 10.5% | -20.7% | -23.3% | -30.9% | -18.9% | -20.3% | 8.4% | 238.6% | 84.1% |
| ROCE | 65.3% | 65.3% | 10.5% | -13.6% | -28.4% | -49.3% | -25.3% | -21.9% | 5.5% | 90.1% | 112.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.30 | 0.02 | 0.03 | 0.47 | 0.01 | 0.02 | — | — | 0.01 |
| Debt / EBITDA | 0.01 | 0.01 | 3.55 | — | — | — | — | — | — | — | 0.02 |
| Net Debt / Equity | — | -0.18 | 0.01 | -0.77 | -0.35 | 0.36 | 0.01 | 0.01 | -0.36 | -1.07 | 0.01 |
| Net Debt / EBITDA | -0.38 | -0.38 | 0.11 | — | — | — | — | — | -9.74 | -1.58 | 0.02 |
| Debt / FCF | — | -271.75 | — | — | — | — | — | 0.15 | — | -1.20 | — |
| Interest Coverage | 212.22 | 212.22 | -866.54 | -1381.50 | -4.78 | -0.43 | -554.67 | -10977.44 | — | — | 14.21 |
Net cash position: cash ($7M) exceeds total debt ($212689)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.17 | 1.17 | 1.11 | 1.18 | 2.36 | 2.20 | 3.76 | 4.04 | 5.83 | 3.40 | 3.35 |
| Quick Ratio | 0.12 | 0.12 | 1.11 | 1.07 | 2.32 | 2.97 | 4.05 | 4.04 | 5.77 | 3.40 | 3.04 |
| Cash Ratio | 0.10 | 0.10 | 0.30 | 0.20 | 1.37 | 1.42 | 0.01 | 3.24 | 4.29 | 2.71 | 0.00 |
| Asset Turnover | — | 0.18 | 0.10 | 0.10 | 0.01 | 0.01 | 0.00 | 0.22 | 0.33 | 0.85 | 0.83 |
| Inventory Turnover | 0.11 | 0.11 | — | 0.71 | 0.88 | — | — | — | 14.33 | — | 1.38 |
| Days Sales Outstanding | — | 32.41 | 1.10 | 10.49 | 28321.84 | 14605.53 | 315598.68 | 284.56 | 202.17 | 75.32 | 354.61 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 41.0% | 24.1% | — | — | — | — | — | — | 0.5% | — | — |
| FCF Yield | 0.1% | 0.0% | — | — | — | — | — | 4.6% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.2% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $39M | $35M | $27M | $18M | $12M | $11M | $11M | $11M | $12M | $12M |
High liquidity and volatility
According to current market data, Metalpha trades at a P/E of 2.43 and an EV/EBITDA of 2.08, which, when compared to peers like Coinbase, suggests the market is heavily discounting the firm's earnings quality due to the inherent volatility of its digital asset wealth management model.
The low valuation multiples appear to reflect investor skepticism regarding the sustainability of earnings, which are often driven by mark-to-market gains rather than recurring fee income. Investors should monitor whether these multiples represent a deep value opportunity or a structural trap where the market correctly anticipates future earnings contraction.
Based on historical financial statements, Metalpha's ROIC has exhibited extreme volatility, swinging from 85.6% in 2025Q4 to -40.8% in 2026Q2, which indicates that the firm is struggling to consistently compound capital within its current digital asset derivative strategy.
The dramatic fluctuations in return on capital suggest that the firm's profitability is highly sensitive to market cycles rather than operational efficiency. This inconsistency warrants further investigation into whether the firm's proprietary trading desk can generate stable returns across varying market regimes.
As reported in recent filings, the firm's Days Inventory Outstanding reached 1,450 days in 2025Q4, a figure that, when compared to standard financial service benchmarks, suggests significant friction in the conversion of digital asset positions into liquid capital.
The extended duration of the cash conversion cycle appears to highlight the illiquidity inherent in the firm's structured product portfolio. Investors should be cautious, as this lack of operational velocity may limit the firm's ability to pivot quickly during periods of market stress.
Based on the latest quarterly data, Metalpha maintains a current ratio of 1.09, which, when evaluated against the firm's $378.7M in total liabilities, suggests a vulnerable liquidity position that may be insufficient to withstand a prolonged downturn in digital asset markets.
The reliance on a thin cash buffer relative to the scale of liabilities implies that the firm has little room for error in its risk management. This liquidity profile appears to be a primary risk factor, as any sudden demand for client redemptions could force the liquidation of volatile assets at unfavorable prices.
As indicated by the firm's financial structure, the P/E ratio is the most commonly misapplied metric for Metalpha, as it obscures the reality that a significant portion of reported earnings may be derived from unrealized mark-to-market gains rather than cash-generative operations.
Investors should instead focus on cash-flow-based metrics or adjusted earnings that strip out the volatility of proprietary digital asset holdings. Relying on standard P/E multiples likely leads to a distorted view of the firm's true earning power and long-term institutional viability.
Includes 30+ ratios · 11 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MATH stock.
Metalpha Technology Holding Limited's current P/E ratio is 2.4x. The historical average is 4.1x.
Metalpha Technology Holding Limited's current EV/EBITDA is 2.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 42.1x.
Metalpha Technology Holding Limited's return on equity (ROE) is 59.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -18.1%.
Based on historical data, Metalpha Technology Holding Limited is trading at a P/E of 2.4x. Compare with industry peers and growth rates for a complete picture.
Metalpha Technology Holding Limited has 47.8% gross margin and 39.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Metalpha Technology Holding Limited's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.