Metalpha Technology Holding Limited (MATH) vs The9 Limited (NCTY)

Metalpha Technology Holding Limited and The9 Limited are both Capital Markets companies. The9 Limited is the larger, with a market value of $53.8M against $47.1M — 1.1× the size. Metalpha Technology Holding Limited has negative trailing earnings, so its P/E is not meaningful; The9 Limited trades at 1.8×. The9 Limited grew revenue faster over the last twelve months: −8.79% against −31.8%. The9 Limited has the higher net margin (−152.8% vs −946.6%) and the higher return on invested capital (0.00% vs 0.00%). Across the 14 metrics below, Metalpha Technology Holding Limited leads on 10 and The9 Limited on 4.

Valuation

Metric MATH NCTY Capital Markets median
P/E n/m 1.77 15.78
P/S n/m 438.78 2.32
P/B n/m 134.97 1.89
Price to free cash flow n/m n/m 6.25
EV/EBITDA 34.79 n/m 8.87
EV/Sales (246.05) 435.48 2.28
Earnings yield (110.20%) 56.52% (3.77%)
Free cash flow yield 0.00% (1.14%) (1.49%)

Profitability

Metric MATH NCTY Capital Markets median
Gross margin 0.00% (32.19%) 62.80%
Operating margin 0.00% 0.00% 0.00%
Net margin (946.56%) (152.80%) (0.55%)
Free cash flow margin 0.00% (424.18%) 0.00%
Return on equity 0.00% (133.93%) 0.00%
Return on assets 0.00% (41.27%) 0.00%
Return on invested capital 0.00% 0.00% 0.00%

Growth

Metric MATH NCTY Capital Markets median
Revenue growth (TTM) (31.77%) (8.79%) 21.02%
EPS growth (last fiscal year) (92.77%) (318.60%) —
Revenue growth, 5-year CAGR 177.49% 176.25% 18.16%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MATH NCTY Capital Markets median
Debt to equity 0.00 0.35 0.08
Current ratio 1.12 2.57 1.51
Net debt to EBITDA (289.82) 0.33 (0.24)

Dividend

Metric MATH NCTY Capital Markets median
Dividend yield — — 2.20%
Payout ratio 0.00 0.00 0.00

Size

Metric MATH NCTY Capital Markets median
Market cap 47.11m 53.76m 724.58m

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