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.
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Metalpha Technology Holding Limited (MATH) Piotroski F-score
Metalpha Technology Holding Limited's Piotroski F-score for fiscal 2026 is 1 out of 9: 1 of nine tests of profitability, leverage and efficiency passed, down from 6 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 1 | (5.00) |
| FY2025 | 6 | 3.00 |
| FY2024 | 3 | (1.00) |
| FY2023 | 4 | 2.00 |
| FY2022 | 2 | 0.00 |
| FY2021 | 2 | 0.00 |
| FY2020 | 2 | 0.00 |
| FY2019 | 2 | (1.00) |
| FY2018 | 3 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 0.35% | 7.54% | Pass | 1 |
| Positive operating cash flow | (14.86m) | 72.00k | Fail | 0 |
| Rising return on assets | 0.35% | 7.54% | Fail | 0 |
| Cash flow above net income | (16.15m) | (15.82m) | Fail | 0 |
| Falling long-term leverage | 0.00 | 0.00 | Fail | 0 |
| Rising current ratio | 1.12 | 1.17 | Fail | 0 |
| No new shares issued | 42,901,000 | 38,549,000 | Fail | 0 |
| Rising gross margin | 41.45% | 47.80% | Fail | 0 |
| Rising asset turnover | 0.10 | 0.21 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 1 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| STEX Streamex Corp. compare | 5 |
| HGBL Heritage Global Inc. compare | 5 |
| DOMH Dominari Holdings Inc. compare | 5 |
| MEGL Magic Empire Global Limited compare | 4 |
| VIP Vulcan Infrastructure and Power Inc compare | 4 |
| NCTY The9 Limited compare | 3 |
| BTCS BTCS Inc. compare | 2 |
| SRL Scully Royalty Ltd. compare | 2 |
| MATH Metalpha Technology Holding Limited | 1 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover