Metalpha Technology Holding Ltd. (MATH) intrinsic value & 10-year financials
Metalpha Technology Holding Ltd. (MATH) has a Graham intrinsic value of $13.62 per share. At $1.02 on Oct 27, 2026, the stock trades 93% below that value. Over the last 10 fiscal years revenue grew 44.1% a year to $44.6M, with an average return on invested capital of -21.3%.
- Graham intrinsic value
- $13.62
- Share price (Oct 27, 2026)
- $1.02
- Price vs Graham value
- 93% below
- Market cap
- $39.5M
- Revenue (FY2025)
- $44.6M
- Revenue growth (10-yr CAGR)
- 44.1%
- ROIC (10-yr avg)
- -21.3%
- Free cash flow (FY2025)
- $24.7K
MATH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $44.6M | $15.9M | $0.41 | $24.7K | — | 59.5% |
| FY2024 | $236.2K | -$3.7M | -$0.11 | -$11.6M | — | -28.9% |
| FY2023 | $5.7M | -$20.2M | -$0.75 | -$1.1M | — | -176.9% |
| FY2022 | $2.2M | -$14.4M | -$0.79 | — | — | -106.1% |
| FY2021 | $225.7K | -$5.1M | -$0.44 | — | -1743.1% | -37.8% |
| FY2020 | $11.3K | -$1.4M | -$0.12 | — | -18832.5% | -23.9% |
| FY2019 | $2.8M | -$1.1M | -$0.09 | — | -81.0% | -10.1% |
| FY2018 | $4.3M | $193.1K | $0.02 | — | 9.0% | 2.7% |
| FY2017 | $3.6M | $1.7M | $0.17 | — | 56.1% | 70.9% |
| FY2016 | $1.7M | $652.9K | $0.07 | — | 40.8% | 37.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Metalpha Technology Holding Ltd is a consistent compounder, expanding top-line revenue at 44.1% annually over the past decade.
Metalpha Technology Holding Ltd has historically struggled to out-earn its cost of capital, averaging just -3.8% ROIC.
Metalpha Technology Holding Ltd has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Metalpha Technology Holding Ltd is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $13.62 per share.