Income statement, balance sheet and cash flow statement for the last 5 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
Revenue
29.9
28.2
15.8
163
109
Cost of revenue
5.05
2.23
Gross profit
23.1
13.6
Selling and marketing
17.6
General and administrative
15.3
12.7
51.8
77.7
Operating expenses
-40.9
Operating income
-11.3
-11.1
-8.11
-63.4
-96.5
Interest income
0.29
1.87
2.29
3.95
Other non-operating income
0.73
0.75
0.23
-5.12
-82.6
Pre-tax income
-8.62
-9.2
-4.83
-68.5
-49.2
Income tax
-1.49
-0.14
1.18
1.78
-2.74
Income from continuing operations
-7.14
-22.9
Net income to minority interests
-30.6
Net income
-6.46
-9.06
-6.01
-39.9
-27.4
EBITDA
-10.8
-10.2
-7.62
-62.3
EPS, basic
-0.08
-0.10
-0.07
-0.17
-3.63
EPS, diluted
-0.08
-0.10
-0.07
-0.17
-3.61
Shares, basic (weighted)
90.5
90.5
1.01
2.59
7.61
Shares, diluted (weighted)
90.5
90.5
1.01
2.59
7.61
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
40.4
29
164
40.7
11.5
Short-term investments
0.75
80.4
76.5
Receivables
8.54
8.88
5.19
37.6
13
Other current assets
3.82
6.71
3.34
Total current assets
62.5
58.9
32.8
328
307
Property, plant and equipment
1.55
1.37
0.22
11.9
9.85
Lease right-of-use assets
4.85
16.8
8.65
Goodwill
33.5
Intangible assets
0.25
0.17
0.25
57.5
0.12
Long-term investments
0.75
Other non-current assets
31
54.8
Total assets
72.5
69.3
37.4
589
470
Accounts payable
1.91
1.74
0.87
26.7
16.3
Accrued liabilities
20.4
13.9
Short-term debt
13.5
11.5
Total current liabilities
20.2
25
4.28
117
80.1
Lease liabilities
8.66
4.18
Other non-current liabilities
4.59
Total liabilities
22.9
30.4
7.52
225
164
Paid-in capital
34.8
33.5
31
218
157
Retained earnings
11.3
1.77
-4.35
-44.2
-72.2
Treasury stock
-0
-0
Other comprehensive income
-0.13
-0.06
0.02
-0.32
-0.84
Shareholders' equity
49.6
38.8
177
88.8
Minority interests
180
210
Total equity
49.6
38.8
29.9
357
299
Total liabilities and equity
72.5
69.3
37.4
589
470
Shares outstanding
90.5
90.5
90.5
371
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-7.14
-9.06
-6.01
-70.5
-64.1
Depreciation and amortization
0.49
0.84
0.49
1.15
Stock-based compensation
3.21
10.2
Deferred income tax
-1.65
-0.36
1.02
1.28
-0.72
Change in receivables
-2.76
-0.65
3.02
9.27
39.9
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
Capital expenditures
-1.31
-0.71
-0.12
-0.59
-0.77
Purchases of investments
-0.75
-240
-28.1
Sales and maturities of investments
0.05
Cash from investing
7.43
-1.58
-0.69
32.2
-45.7
Stock issued
0.01
Share buybacks
-1.38
Cash from financing
-11.9
-1.98
Exchange rate effect
-0.2
0.06
0.08
0.12
0.66
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
Interest paid
0.13
0.64
Income taxes paid
0.01
0
0
0.72
1.43
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $15.37 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-88.5%
Operating income / revenue.
Pre-tax margin
-45.1%
Pre-tax income / revenue.
Net margin
-25.1%
Net income / revenue.
FCF margin
8.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
9.1%
Cash from operations / revenue.
Return on equity (ROE)
-20.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-5.2%
Net income / average total assets.
Return on invested capital (ROIC)
-71.4%
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%.
Stock-based pay / revenue
9.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.7%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-33.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
57.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
25.6%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
25.2%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-49.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
31.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-20.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
89.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
194.2%
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
-56.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.84x
Current assets / current liabilities.
Quick ratio
1.26x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.10x
(Cash + short-term investments) / current liabilities.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$3.61
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
-$3.63
Net income per basic share, as reported (split-adjusted).
Revenue per share
$14.33
Revenue / diluted weighted shares.
FCF per share
$1.21
Free cash flow / diluted weighted shares.
Operating cash flow per share
$1.31
Cash from operations / diluted weighted shares.
Book value per share
$11.67
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
62.3x
Market cap / revenue.
P/B
76.5x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
76.6x
Market cap / tangible book value, when positive.
P/FCF
738x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
681x
Market cap / cash from operations, when positive.
EV/Sales
61.5x
Enterprise value / revenue.
EV/FCF
729x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.1%
Free cash flow / market cap.
Earnings yield
-0.4%
Net income / market cap (the inverse of P/E).
What was Maase Inc.'s revenue in fiscal 2025?
Maase Inc. reported revenue of $109.1M for fiscal 2025, 33.1% lower than the year before.
Was Maase Inc. profitable in fiscal 2025?
No. It reported a net loss of $27.4M.
How much free cash flow did Maase Inc. generate in fiscal 2025?
Cash from operations of $10.0M minus capital expenditures of $774.0K left free cash flow of $9.2M.
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.