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Friday 6 November 2026
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Metalpha Technology Holding Limited
MATH Financial Capital Markets
Metalpha Technology Holding Limited’s revenue for fiscal 2026 (year ended March 2026) was $37.1 million, down 16.7% from fiscal 2025.
1.07
0.02
+1.90%
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Analyst price targets
Free accountTen years at a glance Fiscal years to March
| Ten-year view | Analyst estimates Powerpack | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | |||||||||||||||||
| Income, $m | Revenue | 4 | 4 | 3 | 0 | 0 | 0 | 6 | 17 | 45 | 37 | +29.6% | — | — | — | — | |
| Gross margin, % | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 38.22 | 35.50 | 33.57 | 47.80 | 41.45 | (58.6) pt | ||||||
| EBT | 2 | 1 | (1) | (1) | (5) | (11) | (12) | (4) | 16 | 2 | (3.6%) | ||||||
| EBT margin, % | 60.67 | 17.74 | (52.95) | (12,889.38) | (2,308.68) | (9,149.63) | (205.57) | (21.95) | 35.66 | 4.23 | (56.4) pt | ||||||
| Net income | 2 | 0 | (1) | (1) | (5) | (11) | (12) | (4) | 16 | 2 | (1.0%) | ||||||
| Per share, $ | |||||||||||||||||
| Per share, $ | Revenue | 0.36 | 0.40 | 0.24 | 0.00 | 0.02 | 0.01 | 0.21 | 0.48 | 1.16 | 0.87 | +10.3% | |||||
| Earnings | 0.17 | 0.02 | (0.09) | (0.12) | (0.44) | (0.79) | (0.75) | (0.11) | 0.41 | 0.03 | (17.5%) | ||||||
| Cash flow | 0.27 | (0.09) | 0.07 | (0.07) | (0.27) | (0.26) | (0.04) | (0.33) | 0.00 | (0.35) | n/m | ||||||
| Capex | 0.00 | (0.13) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | 0.27 | (0.23) | 0.07 | (0.07) | (0.27) | (0.26) | (0.04) | (0.33) | 0.00 | (0.35) | n/m | ||||||
| Book value | 0.30 | 1.02 | 0.82 | 0.65 | 0.73 | 0.78 | 0.32 | 0.49 | 0.95 | 1.24 | +16.9% | ||||||
| Shares, m | 10 | 11 | 11 | 11 | 12 | 18 | 27 | 35 | 39 | 43 | +17.6% | ||||||
| Valuation, × | |||||||||||||||||
| Valuation, × | P/E | 75.94 | 18.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.4 | |||||
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | ||||||
| P/B | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | ||||||
| EV/Sales | 0.00 | 0.00 | 0.00 | (1.99) | 12.86 | (12.49) | (27.33) | (90.25) | (125.90) | (244.01) | (48.9) | ||||||
| EV/FCF | 0.00 | 17.18 | 3.93 | 3.44 | (0.66) | 0.00 | 0.01 | 13.26 | 9.38 | 17.13 | 6.4 | ||||||
| Cash, $m | |||||||||||||||||
| Cash, $m | Operating cash flow | 3 | (1) | 1 | (1) | (3) | (5) | (1) | (12) | 0 | (15) | n/m | |||||
| Capex | 0 | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | +51.5% | ||||||
| Free cash flow | 3 | (2) | 1 | (1) | (3) | (5) | (1) | (12) | 0 | (15) | n/m | ||||||
| Balance, $m | |||||||||||||||||
| Balance, $m | Working capital | 3 | 10 | 9 | 7 | 8 | 14 | 8 | 17 | 36 | 53 | +38.2% | |||||
| Net debt | (3) | (9) | (9) | (6) | 3 | (14) | (56) | (175) | (242) | (465) | +73.7% | ||||||
| Shareholders’ equity | 3 | 11 | 9 | 7 | 9 | 14 | 9 | 17 | 37 | 53 | +37.5% | ||||||
| Returns, % | |||||||||||||||||
| Returns, % | ROA | 55.08 | 2.24 | (8.34) | (12.72) | (40.22) | (72.25) | (51.13) | (3.19) | 7.54 | 0.35 | (54.7) pt | |||||
| ROIC | 0.00 | 10.38 | 0.00 | (72.28) | (21.16) | (999.76) | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | 76.60 | 2.76 | (10.40) | (16.98) | (64.64) | (126.93) | (180.34) | (28.92) | 59.52 | 2.87 | (73.7) pt | ||||||
| People | |||||||||||||||||
| People | Employees | 26 | 43 | 40 | 21 | 43 | 49 | 43 | 19 | 25 | 31 | +2.0% | |||||
| Revenue/emp, $m | 0.14 | 0.10 | 0.07 | 0.00 | 0.01 | 0.00 | 0.13 | 0.88 | 1.78 | 1.20 | +27.1% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Mar 2026 · latest quarter Jan 0001 · fundamentals updated 25 Oct 2026
Metalpha Technology Holding Limited vs peers in Capital Markets (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SRL Scully Royalty Ltd. | $61.4M | — (loss-making) | — (loss-making) | −47.57% (below 0%: shrinking) | n/m | +1,200.58% (above 0%: growing) | 0.00% | 0.00% | Compare |
| MATH Metalpha Technology Holding Limited | $49.2M | — (loss-making) | — (loss-making) | +162.83% (above 0%: growing) | −83.33% (below 0%: shrinking) | −28.12% (below 0%: shrinking) | 11.31% | 0.00% | |
| BTCS BTCS Inc. | $46.2M | — (loss-making) | 65.0× | −11.87% (below 0%: shrinking) | n/m | +104.59% (above 0%: growing) | 61.08% | (1,361.27%) | Compare |
| HGBL Heritage Global Inc. | $43.7M | — (loss-making) | — (loss-making) | +28.44% (above 0%: growing) | +50.00% (above 0%: growing) | +1,218.88% (above 0%: growing) | 0.00% | 7.16% | Compare |
| NCTY The9 Limited | $38.6M | — (loss-making) | — | −90.91% (below 0%: shrinking) | n/m | −72.45% (below 0%: shrinking) | 44.80% | (1,883.71%) | Compare |
| STEX Streamex Corp. | $37.9M | — (loss-making) | — (loss-making) | +1,116.67% (above 0%: growing) | n/m | −818.54% (below 0%: shrinking) | 100.00% | (10,384.25%) | Compare |
| CANG Cango Inc. Sponsored ADR | $37.5M | — (loss-making) | — (loss-making) | −63.69% (below 0%: shrinking) | n/m | −145,939.21% (below 0%: shrinking) | (33.17%) | (158.75%) | Compare |
| DOMH Dominari Holdings Inc. | $36.4M | — (loss-making) | — (loss-making) | −56.86% (below 0%: shrinking) | n/m | −2,705.10% (below 0%: shrinking) | 100.00% | (6.80%) | Compare |
| VIP Vulcan Infrastructure and Power Inc | $36.0M | 11.2× | — (loss-making) | −73.68% (below 0%: shrinking) | n/m | +32.03% (above 0%: growing) | (141.33%) | (284.79%) | Compare |
| Median of peers | $38.3M | — | — | −52.21% | — | −20.21% | 22.40% | (221.77%) |