Metalpha Technology Holding (MATH) AI Stock Analysis

• Market Cap: $58.17M
• Dividend Yield: N/A
• Average Volume (3M): 57.02K
• Price to Earnings (P/E): 3.4
• Beta (1Y): 0.67
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 19
• Sector: Financial
• Sector Strength: 70
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 0.16
• Shares Outstanding: 43,407,070
• 10 Day Avg. Volume: 83,787
• 30 Day Avg. Volume: 57,021
• PEG Ratio: 0.17
• Price to Book (P/B): 3.09
• Price to Sales (P/S): 3.11
• P/FCF Ratio: -4.49
• Enterprise Value/Market Cap: 0.82
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -2.03
• Enterprise Value/Ebitda: 2.95
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: $2.00 ▼(-31.03% Downside)

The score is driven by strong profitability and low financial leverage, supported by a very low P/E valuation. Offsetting these positives are weak cash flow quality and clearly bearish technicals, with the stock trading below key moving averages and negative MACD despite oversold readings.

Positive Factors

High profit margins

Sustained high gross and net margins indicate durable pricing power and cost efficiency in core operations. Over 2–6 months this supports cash generation potential, reinvestment into product development, and resilience to competitive pricing pressure, underpinning long-term profitability.

Very low financial leverage

Extremely low leverage materially reduces financial risk and interest burden, giving the company flexibility to invest, absorb shocks, or fund growth without heavy refinancing. This balance sheet strength supports strategic optionality and long-term solvency.

Consistent revenue growth

Demonstrated top-line expansion reflects growing market adoption of the company’s trading and asset management products. Durable revenue growth supports margin scalability, funds reinvestment into platform capabilities, and strengthens competitive positioning over the medium term.

Negative Factors

Weak cash flow quality

Poor conversion of earnings into operating cash and negative FCF growth constrain liquidity and limit self-funding capacity for capex, working capital, or distributions. Over the coming months this raises reliance on external financing and heightens vulnerability to stress.

Sector regulatory & volatility risk

Being rooted in the digital asset sector exposes the company to ongoing regulatory uncertainty, rapid technology shifts and market volatility. These structural risks can materially affect client activity, revenue streams and compliance costs over the medium term.

Limited operational scale

A very small workforce limits capacity to scale products, institutional sales, and compliance functions. Over months this can slow product development, increase reliance on key personnel, and make it harder to meet regulatory or institutional client demands versus larger competitors.

Metalpha Technology Holding Business Overview & Revenue Model

Company Description

Metalpha Technology Holding Limited, together with its subsidiaries, provides wealth management services in Hong Kong. The company offers digital asset-based wealth management services, which include issuing traditional financial and cryptocurrency derivative products to over-the-counter clients, providing crypto derivative market making services, and proprietary trading of digital assets and crypto derivative products; and securities advising and asset management services. It serves institutional investors and high-net-worth individuals. The company was formerly known as Dragon Victory International Limited and changed its name to Metalpha Technology Holding Limited in November 2022. The company was incorporated in 2015 and is headquartered in Wan Chai, Hong Kong.

How the Company Makes Money

Metalpha Technology Holding generates revenue through multiple key streams. Primarily, the company earns income from transaction fees associated with its cryptocurrency trading platforms, where users pay a percentage on trades executed. Additionally, MATH offers asset management services, charging management and performance fees for managing digital asset portfolios on behalf of clients. The company may also engage in advisory services for blockchain technology implementation, which can include consulting fees. Strategic partnerships with other financial institutions and technology providers further enhance MATH's earning potential by expanding its service offerings and customer base.

Metalpha Technology Holding Financial Statement Overview

Summary

Strong income statement performance (revenue growth and high profitability margins) and a low-leverage balance sheet support quality, but cash flow is a clear weak spot with negative free cash flow growth and weak conversion of earnings into operating cash.

Income Statement

Metalpha Technology Holding has shown impressive revenue growth, with a significant increase in total revenue from the previous year. The company has achieved a strong gross profit margin of 47.8% and a net profit margin of 35.7%, indicating efficient cost management and profitability. The EBIT and EBITDA margins are also robust, reflecting effective operational performance. However, the company should be cautious of maintaining these margins as the industry is highly competitive.

Balance Sheet

The balance sheet reveals a very low debt-to-equity ratio of 0.0058, suggesting minimal leverage and financial risk. The return on equity is exceptionally high at 43.5%, indicating strong profitability relative to shareholder investments. However, the equity ratio is moderate, which suggests that the company relies on a balanced mix of equity and liabilities to finance its assets.

Cash Flow

The cash flow statement indicates challenges, with a negative free cash flow growth rate and low operating cash flow to net income ratio. This suggests potential issues in converting profits into cash, which could affect liquidity. The free cash flow to net income ratio is positive, indicating some ability to generate cash relative to net income, but overall cash flow management needs improvement.

Breakdown	TTM	Mar 2024	Mar 2025	Sep 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	0.00	16.76M	44.57M	5.69M	122.71K	225.75K
Gross Profit	-23.43M	5.63M	21.30M	2.02M	46.93K	-213.00K
EBITDA	16.13M	-3.59M	16.13M	-11.59M	-9.13M	-622.49K
Net Income	15.89M	-3.68M	15.89M	-20.56M	-14.44M	-5.15M
Balance Sheet
Total Assets	246.77M	174.72M	246.77M	56.08M	24.34M	15.63M
Cash, Cash Equivalents and Short-Term Investments	20.70M	48.08M	20.70M	9.47M	5.29M	982.54K
Total Debt	212.69K	5.04M	212.69K	133.28K	368.75K	4.06M
Total Liabilities	210.21M	157.87M	210.21M	47.48M	10.14M	7.08M
Stockholders Equity	36.56M	16.85M	36.56M	8.60M	12.79M	9.16M
Cash Flow
Free Cash Flow	-20.42M	-11.60M	24.68K	-1.14M	-5.15M	-3.10M
Operating Cash Flow	-20.37M	-11.60M	71.99K	-1.14M	-4.86M	-3.10M
Investing Cash Flow	-47.31K	32.68K	-23.31K	-20.42K	422.89K	1.29M
Financing Cash Flow	2.11M	9.73M	2.11M	2.60M	8.98M	3.03M

Metalpha Technology Holding Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MATH, the sentiment is Negative. The current price of 2.9 is above the 20-day moving average (MA) of 1.87, above the 50-day MA of 2.26, and below the 200-day MA of 2.90, indicating a bearish trend. The MACD of -0.27 indicates Positive momentum. The RSI at 24.94 is Positive, neither overbought nor oversold. The STOCH value of 7.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MATH.

Metalpha Technology Holding Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MATH	69 Neutral	$58.17M	3.40	―	―	―	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ASLE	57 Neutral	$348.70M	57.35	1.35%	―	-1.64%	1966.67%
FLYX	48 Neutral	$266.11M	-2.80	―	―	―	―
SRFM	46 Neutral	$125.81M	-0.71	―	―	-8.51%	82.15%
SOAR	45 Neutral	$3.62M	0.47	―	―	-63.27%	―

Metalpha Technology Holding Corporate Events

Metalpha Technology Completes $12 Million Private Placement

On December 5, 2025, Metalpha Technology Holding Limited announced the completion of a private placement transaction, initially disclosed on October 30, 2025. The company issued and sold 3,908,700 ordinary shares to Gortune International Investment Limited Partnership and Avenir Tech Limited, raising approximately $12 million. This transaction is expected to bolster the company’s financial position and potentially enhance its market competitiveness.

The most recent analyst rating on (MATH) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Metalpha Technology Holding stock, see the MATH Stock Forecast page.

Metalpha Announces Board and Committee Changes Following Resignation

On October 31, 2025, Metalpha Technology Holding Limited announced the resignation of Mr. Kim Fung Lai from its board of directors and committees for personal reasons. The company appointed Mr. Kiyohiro Kawayanagi and Ms. Jingxin Tian to fill the vacancies, ensuring compliance with Nasdaq’s independence requirements. These changes reflect Metalpha’s ongoing commitment to strong governance and operational continuity.

The most recent analyst rating on (MATH) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Metalpha Technology Holding stock, see the MATH Stock Forecast page.