Maase Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Maase Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	29.9	28.2	15.8	163	109	27
Cost of revenue		5.05	2.23			23.3
Gross profit		23.1	13.6			3.71
Research and development						0.67
Selling and marketing				17.6
General and administrative		15.3	12.7	51.8	77.7	6.01
Operating expenses	-40.9
Operating income	-11.3	-11.1	-8.11	-63.4	-96.5	-3.49
Interest expense						0.21
Interest income	0.29		1.87	2.29	3.95
Other non-operating income	0.73	0.75	0.23	-5.12	-82.6	0.15
Pre-tax income	-8.62	-9.2	-4.83	-68.5	-49.2	-1.66
Income tax	-1.49	-0.14	1.18	1.78	-2.74	-0.06
Income from continuing operations	-7.14				-22.9	-3.2
Net income to minority interests				-30.6		-247
Net income	-6.46	-9.06	-6.01	-39.9	-27.4	-27.6
EBITDA	-10.8	-10.2	-7.62	-62.3
EPS, basic	-0.08	-0.10	-0.07	-0.17	-3.63	-0.10
EPS, diluted	-0.08	-0.10	-0.07	-0.17	-3.61	-0.17
Shares, basic (weighted)	90.5	90.5	1.01	2.59	7.61	295
Shares, diluted (weighted)	90.5	90.5	1.01	2.59	7.61	295

Balance sheet

	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	40.4	29	164	40.7	11.5	5.47
Short-term investments		0.75		80.4	76.5	5.43
Receivables	8.54	8.88	5.19	37.6	13	4.44
Inventory						355
Other current assets			3.82	6.71	3.34	4
Total current assets	62.5	58.9	32.8	328	307	393
Property, plant and equipment	1.55	1.37	0.22	11.9	9.85	2.52
Lease right-of-use assets	4.85			16.8	8.65	0.41
Goodwill				33.5		297
Intangible assets	0.25	0.17	0.25	57.5	0.12	17
Long-term investments		0.75
Other non-current assets				31	54.8	0.11
Total assets	72.5	69.3	37.4	589	470	726
Accounts payable	1.91	1.74	0.87	26.7	16.3	3.57
Accrued liabilities				20.4	13.9
Deferred revenue						4.16
Short-term debt				13.5	11.5	0.95
Total current liabilities	20.2	25	4.28	117	80.1	36.8
Long-term debt						0.3
Lease liabilities				8.66	4.18	0.22
Other non-current liabilities				4.59
Total liabilities	22.9	30.4	7.52	225	164	38.4
Total debt						1.25
Paid-in capital	34.8	33.5	31	218	157	859
Retained earnings	11.3	1.77	-4.35	-44.2	-72.2	-223
Treasury stock				-0	-0	-0
Other comprehensive income	-0.13	-0.06	0.02	-0.32	-0.84	2.21
Shareholders' equity	49.6	38.8		177	88.8	680
Minority interests				180	210	0.12
Total equity	49.6	38.8	29.9	357	299	680
Total liabilities and equity	72.5	69.3	37.4	589	470	726
Shares outstanding	90.5	90.5	90.5	371

Cash flow statement

	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-7.14	-9.06	-6.01	-70.5	-64.1	-274
Depreciation and amortization	0.49	0.84	0.49	1.15
Stock-based compensation				3.21	10.2	0.17
Deferred income tax	-1.65	-0.36	1.02	1.28	-0.72	-1.36
Change in receivables	-2.76	-0.65	3.02	9.27	39.9	10.6
Change in inventory						3.29
Change in payables	0.51	-0.09	-0.74	-8.48	-23.1
Cash from operations	-0.44	-1.43	-25.4	7.95	9.98	-15.2
Capital expenditures	-1.31	-0.71	-0.12	-0.59	-0.77	-0.49
Purchases of investments		-0.75		-240	-28.1	-2.9
Sales and maturities of investments					0.05	2.51
Cash from investing	7.43	-1.58	-0.69	32.2	-45.7	-16
Stock issued					0.01	0.01
Share buybacks				-1.38
Cash from financing				-11.9	-1.98	18.2
Exchange rate effect	-0.2	0.06	0.08	0.12	0.66	3.89
Net change in cash	7	-3.01	-30.3	28.2	-37.7
Free cash flow	-1.74	-2.13	-25.5	7.35	9.2	-15.7
Interest paid				0.13	0.64	0.61
Income taxes paid	0.01	0	0	0.72	1.43	0

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $9.74 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	13.7%	Gross profit / revenue.
Operating margin	-12.9%	Operating income / revenue.
Pre-tax margin	-6.1%	Pre-tax income / revenue.
Net margin	-102.1%	Net income / revenue.
FCF margin	-58.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-56.4%	Cash from operations / revenue.
Return on equity (ROE)	-7.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.6%	Net income / average total assets.
Return on invested capital (ROIC)	-0.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.5%	Research and development expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.8%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-75.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit CAGR, 3y	-35.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-252.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-270.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	665.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y	68.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	54.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	168.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	58.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3,779.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	564.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	26.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	10.7x	Current assets / current liabilities.
Quick ratio	0.42x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.30x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.2%	Total debt / total assets.
Liabilities / assets	5.3%	Total liabilities / total assets.
Net debt	-$9.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-16.9x	Operating income / interest expense.
Working capital	$356.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	43.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$365.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.05x	Revenue / average total assets.
Fixed asset turnover	4.37x	Revenue / average property, plant and equipment.
Inventory turnover	0.07x	Cost of revenue / average inventory.
Days inventory	5,559 days	365 x average inventory / cost of revenue.
Receivables turnover	3.11x	Revenue / average receivables.
Days sales outstanding	117 days	365 x average receivables / revenue.
Days payables	155 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	5,521 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.17	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.10	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.09	Revenue / diluted weighted shares.
FCF per share	-$0.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.05	Cash from operations / diluted weighted shares.
Book value per share	$2.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.24	Tangible book value / shares outstanding.
Cash per share	$0.04	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.31B	Share price x shares outstanding.
Enterprise value	$4.30B	Market cap + total debt - cash - short-term investments.
P/S	159x	Market cap / revenue.
P/B	6.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	11.8x	Market cap / tangible book value, when positive.
EV/Sales	159x	Enterprise value / revenue.
FCF yield	-0.4%	Free cash flow / market cap.
Earnings yield	-0.6%	Net income / market cap (the inverse of P/E).

What was Maase Inc.'s revenue in fiscal 2026?

Maase Inc. reported revenue of $27.0M for fiscal 2026, 75.2% lower than the year before.

Was Maase Inc. profitable in fiscal 2026?

No. It reported a net loss of $27.6M.

How much free cash flow did Maase Inc. generate in fiscal 2026?

Cash from operations of $15.2M minus capital expenditures of $485.0K left free cash flow of -$15.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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