Maase Inc.

MAAS

Maase Inc. operates as an integrated provider and operator of an artificial intelligence (AI) -centric full-scene digital systems. The company focuses on areas of flexible energy deployment and intelligent commercial network operation, and provide closed-loop solutions from computing infrastructure, smart hardware and full-scene services, aiming to achieve large-scale implementation of AI technologies across industries. The company was founded in 2010 and is based in Chengdu, China.

About the company

Country: Cayman IslandsPrice: $9.98Market Cap: $4.4B

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

4 / 9

NEUTRAL / FAIL

Median fair value

$11.42

+14.4% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

MAAS undervalued: all 2 models price fair value above $9.98 (median $11.42)

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #2143 (Top 69.2%)	NEUTRAL	PASS	PASS	FAIL	FAIL	FAIL	PASS	FAIL	FAIL	NEUTRAL	FAIL	NEUTRAL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A		N/A	N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	+22.3%	N/A	N/A	N/A	+0.1%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2024 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-10-29 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-10-29 Score computed: 2026-11-14

Where It Passes

Valuation models100% pass✓ 2▾
MAAS undervalued: all 2 models price fair value above $9.98 (median $11.42)
Munger fair value$12.85
✓Munger+22.3% margin vs $9.98
Ackman fair value$9.99
✓Ackman+0.1% margin vs $9.98
Debt & Leverage58% pass✓ 10✗ 5▾
7 of 12 pass — Graham, Buffett, Lynch +2 more object
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.13, IC: -151.5x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.13
✓Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities3.84
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.13
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.13
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-151.5x, D/EBITDA=N/A (D&A unavailable)
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.13
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.1290; #1410/4210 (top 33.5%)
✗AsnessTop 30% of eligible cross-section

Where It Falls Short

Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)-1300.9%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$0.12 (2017) -> $-3.61 (2024)
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency2/8 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth-17.8%
✗Ackman>= 5%
Positive EPS Growth Frequency1/5 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendrevenue up, operating margin -51.4% -> -88.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR42.9%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Profitability6% pass✓ 3✗ 32▾
15 of 16 flag MAAS's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)2/9 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)-1300.9%
✗Graham>= 33% growth
Net Income Positive (10+ years)2/9 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-22.2%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)-88.5% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)N/A (negative mean EPS)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-30.8%
✗Lynch> 15%
EBIT / Enterprise Value-2.2%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-2.2%, ROC=-42.8%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-5.82%
✗PiotroskiROA > 0
ROA Change YoY-6.77% -> -5.82% (delta: +0.95%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=2.12%, ROA=-5.82%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue-43.1%
✗Dreman>= 8%
Net Income / Shareholders' Equity-30.8%
✗Dreman> 12%
Margin of SafetyP/B=0.9x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-24.5% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency2/8 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-88.5%
✗Ackman>= 15%
Net Income / Shareholders Equity-30.8%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-51.4% (2022) -> -88.5% (2024)
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendrevenue up, operating margin -51.4% -> -88.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-0.62%; #3337/6340 (top 52.6%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-30.81%; #3917/5226 (top 75.0%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0396; #2278/5884 (top 38.7%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years2/8 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation8% pass✓ 8✗ 20▾
12 of 13 flag MAAS's valuation — Graham, Lynch, Greenblatt +9 more
Price / Book Value per Share0.9x
✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio0.9x
✓Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-2.2%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-2.2%, ROC=-42.8%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)7.6x
✓Dreman< 8x
Valuation Reasonableness
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=0.2%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=0.9x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share8.3x
✓Ackman<= 25
Price vs. Trailing Low320% of trailing low ($3.12)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-0.62%; #3337/6340 (top 52.6%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.0201; #5138/6449 (top 79.7%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share0.86x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+1928.7%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.0247; #4723/5247 (top 90.0%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+0.21%; #2500/4519 (top 55.3%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+2.89%; #2314/6202 (top 37.3%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts23% pass✓ 3✗ 10▾
Split decision: 9 FAIL · 4 NEUTRAL · 3 PASS
Overall verdict
✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)✗GreenblattRank #2143•PiotroskiNEUTRAL (F-Score 7)✓DremanPASS (5/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency38% pass✓ 4✗ 7▾
5 of 8 flag MAAS's efficiency — Buffett, Greenblatt, Munger +2 more
Current Ratio3.84
✓Graham>= 2.0
ROIC (3-5 yr avg)-31.5%
✗Buffett> 10%
ROIC - WACC-41.5%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)-42.8%
✗Greenblatt> 25%
Current Ratio Change YoY2.80 -> 3.84
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.23x -> 0.23x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities3.84
✓Dreman> 1.5
Return on Invested Capital-76.1%
✗Munger> 15%
ROIC (high and growing)FY2022: ROIC=unavailable; FY2023: ROIC=-26.5%; FY2024: ROIC=-76.1%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/4 years above 12% (latest -76.1%)
✗SleepROIC > 12% in a majority of years
Cash Flow50% pass✓ 7✗ 5▾
5 of 10 pass — Buffett, Pabrai, Marks +2 more object
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing$9.2M
✓LynchPositive and growing
Operating Cash Flow$10.0M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=2.12%, ROA=-5.82%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)7.6x
✓Dreman< 8x
P/E or FCF YieldFCF Yield=0.2%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive4/8 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap12.1%
✓Ackman>= 4%
Price / FCF per Share8.3x
✓Ackman<= 25
Positive Operating Cash Flow frequency4/8 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$9.2M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+0.21%; #2500/4519 (top 55.3%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading

SIC Sector: Security & Commodity Brokers

Size: Mid Cap($4.4B)

Revenue: $108.9M-17.8% YoY

Net Income: $27.3M+31.5% YoY

Financial Snapshot

Operating Margin-88.5%

Return on Equity-30.8%

Debt / Equity0.13

Current Ratio3.84

EPS (Diluted)$-3.61

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Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2024 Sources 20-F · 2025-10-29	FY 2023 Sources 20-F · 2024-11-15	FY 2022 Sources 20-F · 2024-11-15	FY 2021 Sources 20-F · 2024-11-15	FY 2020 Sources 20-F · 2021-09-27
Market Cap	$4.4Bcurrent	$122.5Best.	$35.6Best.	$35.7Best.	$32.6Best.
Revenue	$108.9M↓18%	$132.5M↑740%	$15.8M↓44%	$28.2M↓5%	$29.6M
Operating Income	-$96.4M↓51%	-$63.8M↓686%	-$8.1M↑27%	-$11.1M↑2%	-$11.3M
Net Income	-$27.3M↑31%	-$39.9M↓563%	-$6.0M↑34%	-$9.1M↓26%	-$7.2M
EPS (Diluted)	$-3.61↓1976%	$-0.17↓161%	$-0.07↑34%	$-0.10↓26%	$-0.08
Gross Margin	—	—	82.3%	82.1%↑7%	77.0%
Operating Margin	-88.5%↓84%	-48.1%↑6%	-51.4%↓31%	-39.3%↓3%	-38.3%
ROE	-30.8%↓37%	-22.5%↓12%	-20.1%↑14%	-23.3%↓61%	-14.5%
Total Debt	$11.4M↓15%	$13.5M	--	$22.9M↑754%	$2.7M
Shareholders' Equity	$88.7M↓50%	$176.8M↑491%	$29.9M↓23%	$38.8M↓22%	$49.6M
Current Ratio	3.84↑37%	2.80↓71%	9.59↑306%	2.36↓24%	3.10
Debt / Equity	0.13↑69%	0.08	—	0.59↑991%	0.05
Operating Cash Flow	$10.0M↑25%	$7.9M↑327%	-$3.5M↑58%	-$8.4M↓1818%	-$437.1K
Free Cash Flow	$9.2M↑25%	$7.4M↑303%	-$3.6M↑60%	-$9.1M↓422%	-$1.7M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Trading

MAAS vs Peers — Financial Grading

Revenue$108.9MBottom 25%

Net Income$27.3MBottom 25%

ROE-30.8%Bottom 25%

D/E0.13Top 25%

Op. Margin-88.5%Bottom 25%

Curr. Ratio3.84Median

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REALTY INCOME CORPO	$56.1B	$58.82	$5.7B	$1.1B	2.7%	0.63	16.8%	—	2/7	1/9	3/7	0/3	F-Score 6	4/10
Ventas, Inc.VTR	$47.0B	$88.92	$5.8B	$261.5M	2.1%	1.04	3.5%	—	2/7	1/9	2/7	0/3	F-Score 6	2/10
RAYMOND JAMES FINANCIAL INCRJF	$32.4B	$168.64	$15.9B	$2.1B	17.1%	0.28	—	—	3/9	3/9	3/7	1/3	F-Score 6	4/11
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LandBridge Co LLCLB	$5.6B	$73.15	$199.1M	$30.1M	8.9%	1.65	59.5%	4.87	2/9	3/9	2/7	0/3	F-Score 6	3/11
Digital Turbine, Inc.APPS	$927.6M	$7.61	$565.3M	$37.7M	-19.6%	1.88	6.0%	1.16	1/9	2/9	2/7	1/3	F-Score 7	0/11