Metalpha Technology Holding Ltd

MATH

Metalpha Technology Holding Limited, together with its subsidiaries, provides wealth management services in Hong Kong. It offers digital asset-based wealth management services; executes cryptocurrency-related transactions, including the issuance of derivative products to over-the-counter clients; proprietary trading services; crypto derivative solutions, as well as enables the trading of crypto derivative products; traditional financial derivative products; and securities advisory and asset management services. The company also provides licensed services.

About the company

Country: Hong KongPrice: $1.04Market Cap: $49.4M

Investment snapshot

13%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

7 / 7

NEUTRAL / FAIL

Median fair value

$3.82

+267.4% vs price

Models with upside

4 / 16

Positive margin of safety

Strongest signal

3 of 4 pass — Schloss objects

Key risk

Split decision: 7 FAIL · 7 NEUTRAL · 1 BUY · 1 PASS

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	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	BUY	NEUTRAL	PASS	NEUTRAL	NEUTRAL	NEUTRAL	FAIL	NEUTRAL	NEUTRAL	FAIL	FAIL	FAIL	FAIL	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
Margin of Safety	+64.4%	+78.0%	+88.3%	N/A	N/A	-10300.0%	+84.0%	N/A	N/A	-4545.9%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2024 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-07-30 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-07-30 Score computed: 2026-11-14

Where It Passes

Debt & Leverage75% pass✓ 4✗ 1▾
3 of 4 pass — Schloss objects
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Total Debt / Shareholders' Equity0.01
✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Negative debt-to-equity (higher means less debt)-0.0051; #507/4210 (top 12.0%)
✓AsnessTop 30% of eligible cross-section
Current Assets / Current Liabilities1.17x
✗SchlossCurrent ratio >= 1.50x (app cutoff)
Efficiency67% pass✓ 2✗ 1▾
2 of 3 pass — Sleep objects
Revenue / Total Assets Change YoY0.10x -> 0.18x
✓PiotroskiImproved YoY
Reinvestment Rate x ROIC43.2% (RR=100% x ROIC=43.2%)
✓AkreReinvestment Rate * ROIC > 10%
ROE (5-year)1/3 years above 12% (latest 43.2%)
✗SleepROE > 12% in a majority of years
Valuation models67% pass✓ 4✗ 2▾
Models split on MATH at $1.04 — fair values range $0.01–$8.90
Graham fair value$2.92
✓Graham+64.4% margin vs $1.04
Buffett fair value$4.72
✓Buffett+78.0% margin vs $1.04
Lynch fair value$8.90
✓Lynch+88.3% margin vs $1.04
Munger fair value$0.01
✗Munger-10300.0% margin vs $1.04
Pabrai fair value$6.52
✓Pabrai+84.0% margin vs $1.04
Ackman fair value$0.02
✗Ackman-4545.9% margin vs $1.04

Where It Falls Short

Verdicts22% pass✓ 2✗ 7▾
Split decision: 7 FAIL · 7 NEUTRAL · 1 BUY · 1 PASS
Overall verdict
✗GrahamFAIL (0/7)✗BuffettFAIL (2/6)✓LynchBUY (4/4)•PiotroskiNEUTRAL (F-Score 5)✓DremanPASS (5/9)•MungerNEUTRAL (2/3)•PabraiNEUTRAL (2/3)•AkreNEUTRAL (3/5)✗MarksFAIL (1/4)•AckmanNEUTRAL (5/8)•TempletonNEUTRAL (5/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1160/2370 (Top 48.9%))✗NeffFAIL (3/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Valuation25% pass✓ 11✗ 15▾
9 of 12 flag MATH's valuation — Graham, Dreman, Marks +6 more
Price / Book Value per Share1.1x
✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Tangible-Book Ratio
✗Graham<= 1.5x
P/E x P/TBV
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)0.12
✓Lynch< 1.0 (ideally < 0.5)
Price / EPS2.5x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)570.6x
✗Dreman< 8x
Price / Tangible Book Value per ShareN/A (negative TBVPS)
✗Dreman< 1.2x✗SchlossP/TBV <= 1.00x (app cutoff)
Valuation ReasonablenessP/E=2.5x, OE Yield=38.3%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=2.5x, FCF Yield=0.0%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=2.5x, P/B=1.1x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share1664.4x
✗Ackman<= 25
Price vs. Trailing Low127% of trailing low ($0.82)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+31.91%; #190/6340 (top 3.0%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.7395; #2073/6449 (top 32.1%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS2.5x
✓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)
Book Value per Share Change+33.5%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.9015; #1884/5247 (top 35.9%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+0.05%; #2527/4519 (top 55.9%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-4.59%; #3106/6202 (top 50.1%)
✗OshaughnessyTop 10% of eligible cross-section
Profitability38% pass✓ 17✗ 18▾
10 of 16 flag MATH's profitability — Graham, Buffett, Piotroski +7 more
Return on Equity43.2%
✓Munger> 15%✗AkreROE > 20% (3-year avg)
Positive EPS (10 years)4/11 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)-225.0%
✗Graham>= 33% growth
Net Income Positive (10+ years)4/11 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-30.9%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)39.1% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$15.8M
✓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)0.12
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR21.7%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE43.2%
✓Lynch> 15%
Net Income / Total Assets6.39%
✓PiotroskiROA > 0
ROA Change YoY-2.11% -> 6.39% (delta: +8.50%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=0.03%, ROA=6.39%
✗PiotroskiCFO/Assets > ROA
Pre-Tax Income / Revenue35.7%
✓Dreman>= 8%
Net Income / Shareholders' Equity43.2%
✓Dreman> 12%
Margin of SafetyP/E=2.5x
✓PabraiP/TBV < 1.5 or P/E < 15
ROE (high and growing)FY2022: ROE=unavailable; FY2023: ROE=unavailable; FY2024: ROE=43.2%
✗AkreLatest 3 consecutive FYs: ROE > 15% in each
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency4/10 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue39.1%
✓Ackman>= 15%
Net Income / Shareholders Equity43.2%
✓Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-27.3% (2022) -> 39.1% (2024)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 35.5% -> 47.8%, operating margin -27.3% -> 39.1%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
ROE (5-year)1/3 years above 12% (latest 43.2%)
✗SleepROE > 12% in a majority of years
Net income / market capitalization+31.91%; #190/6340 (top 3.0%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+8.63%; #2895/3702 (top 78.2%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+43.16%; #259/5226 (top 5.0%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.2403; #4408/5884 (top 74.9%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years4/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Growth38% pass✓ 7✗ 5▾
5 of 8 flag MATH's growth — Graham, Marks, Templeton +2 more
EPS Growth (3-yr avg, 10-yr window)-225.0%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)0.12
✓Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR21.7%
✓Lynch15-30% (Fast Grower); > 0% to pass
EPS Growth Direction$0.07 (2015) -> $0.41 (2024)
✓DremanPositive over recent years
EPS CAGR21.7% CAGR over 9 years
✓Dreman> 5% annualized
Positive Net Income Frequency4/10 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth165.9%
✓Ackman>= 5%
Positive EPS Growth Frequency3/5 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 trendgross margin 35.5% -> 47.8%, operating margin -27.3% -> 39.1%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR424.3%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Cash Flow40% pass✓ 5✗ 7▾
6 of 10 flag MATH's cash flow — Piotroski, Dreman, Marks +3 more
Free Cash Flow Proxy$15.8M
✓BuffettPositive and growing
FCF Positive and Growing$0.0M
✓LynchPositive and growing
Operating Cash Flow$0.1M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=0.03%, ROA=6.39%
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)570.6x
✗Dreman< 8x
P/E or FCF YieldP/E=2.5x, FCF Yield=0.0%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive1/3 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap0.1%
✗Ackman>= 4%
Price / FCF per Share1664.4x
✗Ackman<= 25
Positive Operating Cash Flow frequency3/10 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$0.0M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+0.05%; #2527/4519 (top 55.9%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

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

Company Profile

Industry: Banking

SIC Sector: Credit Institutions

Size: Micro Cap($49.4M)

Revenue: $44.6M+165.9% YoY

Net Income: $15.8M+528.8% YoY

Financial Snapshot

Operating Margin39.1%

Return on Equity43.2%

Debt / Equity0.01

Current Ratio1.17

EPS (Diluted)$0.41

Shares Retired−13.8% / −27.2% 2y

Similar Companies

MUFGMITSUBISHI UFJ FINANCIAL GROUP INC

$245.7B

AXPAMERICAN EXPRESS CO

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SANBanco Santander, S.A.

$175.9B

ATMPBARCLAYS BANK PLC

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Sector-adjusted criteria: Bank

Leverage is a bank’s business model and current accounts don’t exist on its balance sheet, so debt and liquidity tests are omitted and tangible book value and ROE replace their industrial analogs.

Shareholder Return

Fiscal 2024

Issued 13.8% of shares last year, 27.2% issued over two.

Buybacks: —
Dividends: —

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 · 2025-07-30	FY 2023 Sources 20-F · 2024-10-30	FY 2022 Sources 20-F · 2025-07-30	FY 2021 Sources 20-F · 2022-08-16	FY 2020 Sources 20-F · 2021-08-02
Market Cap	$49.4Mcurrent	$48.6Mest.	$14.0Mest.	$22.9Mest.	$29.3Mest.
Revenue	$44.6M↑166%	$16.8M↑195%	$5.7M↑164%	$2.2M↑855%	$225.7K
Operating Income	$17.4M↑1210%	$1.3M↑186%	-$1.6M↑52%	-$3.2M↑17%	-$3.9M
Net Income	$15.8M↑529%	-$3.7M↑82%	-$20.6M↓42%	-$14.4M↓180%	-$5.1M
EPS (Diluted)	$0.41↑473%	$-0.11↑85%	$-0.75↑5%	$-0.79↓80%	$-0.44
Gross Margin	47.8%↑42%	33.6%↓5%	35.5%↑1531%	2.2%	—
Operating Margin	39.1%↑393%	7.9%↑129%	-27.3%↑82%	-150.8%↑91%	-1743.1%
ROE	43.2%↓97%	1315.2%↓84%	8400.3%↑7541%	-112.9%↓101%	-56.2%
Total Debt	$188.0K↑427%	$35.7K↓70%	$120.9K↓69%	$385.0K↓90%	$4.0M
Shareholders' Equity	$36.6M↑13168%	-$279.8K↓14%	-$244.7K↓102%	$12.8M↑40%	$9.2M
Current Ratio	1.17↑6%	1.11↓6%	1.18↓50%	2.36↑7%	2.20
Debt / Equity	0.01↑104%	-0.13↑74%	-0.49↓1742%	0.03↓93%	0.44
Operating Cash Flow	$72.0K↑101%	-$11.6M↓917%	-$1.1M↑76%	-$4.8M↓72%	-$2.8M
Free Cash Flow	$24.7K↑100%	-$11.6M↓914%	-$1.1M	--	--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Banking

MATH vs Peers — Financial Grading

Revenue$44.6MBottom 25%

Net Income$15.8MBottom 25%

ROE43.2%Top 25%

D/E0.01Top 25%

Op. Margin39.1%Median

Curr. Ratio1.17

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Piotroski	Dreman
MITSUBISHI UFJ FINANCIAL GROUP INCMUFG	$245.7B	$21.83	$74.2B	$10.8B	8.8%	1.12	19.9%	—	2/7	1/6	1/4	F-Score 5	3/9
AMERICAN EXPRESS COAXP	$215.0B	$320.60	$41.3B	$10.8B	32.4%	1.68	—	—	2/7	3/6	3/4	F-Score 4	3/9
Banco Santander, S.A.SAN	$175.9B	$12.21	—	$16.6B	12.5%	0.02	—	—	2/7	1/6	2/4	F-Score 4	5/9
BARCLAYS BANK PLCATMP	$82.1B	$35.04	$13.1B	$6.3B	7.5%	0.01	—	—	2/7	1/6	0/4	F-Score 7	4/9
BARCLAYS PLCBCS	$76.0B	$22.87	$15.0B	$9.7B	9.2%	0.02	—	—	1/7	0/6	0/4	F-Score 7	2/9
FIRST CITIZENS BANCSHARES INC /DE/FCNCA	$25.7B	$2324.25	$9.5B	$2.2B	9.9%	1.62	—	—	5/7	3/6	1/4	F-Score 5	2/9
KEYCORP /NEW/KEY	$22.7B	$21.46	$7.5B	$1.8B	9.0%	0.49	—	—	2/7	1/6	1/4	F-Score 6	4/9
WEBSTER FINANCIAL CORPWBS	$12.6B	$77.57	$2.9B	$1.0B	10.6%	0.08	50.7%	—	2/7	1/6	1/4	F-Score 7	2/9