Maase Inc. (MAAS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Oct 29, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MAAS SEC filings page.
Maase Inc. (MAAS) reported $109.1M in revenue for fiscal year 2025, down 17.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Maase generates positive operating cash flow, but rising overhead and heavier liabilities leave its reported operations deeply unprofitable.
FY2025 combined operating cash flow of$10.0M with a net loss of$27.4M , so cash generation is not matching accounting profitability. Depreciation and amortization rose79.7% while operating cash flow rose only25.6% , making the cash result less indicative of profitable operations.
FY2025 liabilities equaled
Revenue fell
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Maase Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Maase Inc. held $88.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $10.0M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Maase Inc. scores 87/100 among other emerging companies.
Maase Inc. had 16M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Maase Inc. scores 90/100 among other emerging companies.
Not available for Maase Inc., so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
Maase Inc. reported revenue of $109.1M in fiscal year 2025, against $132.5M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Maase Inc. scores 90/100 among other emerging companies.
Maase Inc.'s operations generated $10.0M of cash in fiscal year 2025, against $7.9M generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Maase Inc. scores 99/100 among other emerging companies.
Maase Inc.'s cash, cash equivalents and investments came to $88.0M at the end of fiscal year 2025, against $381.1M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Maase Inc. scores 29/100 among other emerging companies.
Maase Inc. scores 8.41, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $5.4B against total liabilities of $381.1M. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Maase Inc. passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
Maase Inc. reported a net loss of $27.4M while generating $10.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Maase Inc. generated $109.1M in revenue in fiscal year 2025. This represents a decrease of 17.7% from the prior year.
Maase Inc.'s EBITDA was -$82.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
Maase Inc. reported a net loss of $27.4M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
Maase Inc. generated $9.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 25.2% from the prior year.
Maase Inc. held $11.5M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
Maase Inc.'s operating margin was -88.5% in fiscal year 2025, reflecting core business profitability. This is down 40.4 percentage points from the prior year.
Maase Inc.'s net profit margin was -25.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.0 percentage points from the prior year.
Maase Inc.'s ROE was -30.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.3 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Maase Inc. invested $774K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 30.6% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
MAAS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F |
|---|---|---|---|---|---|---|---|---|
| Revenue | $109.1M-17.7% | $132.5M+739.8% | $15.8M-33.6% | $23.8M-20.5% | $29.9M+17.8% | $25.4M-14.3% | $29.6M+18.1% | $25.1M |
| Cost of Revenue | N/A | N/A | $2.8M-44.6% | $5.1M-25.9% | $6.8M+51.7% | $4.5M-0.7% | $4.5M+4.0% | $4.4M |
| Gross Profit | N/A | N/A | $13.0M-30.6% | $18.7M-18.9% | $23.1M+10.5% | $20.9M-16.7% | $25.1M+21.1% | $20.7M |
| SG&A Expenses | $88.5M+33.1% | $66.5M+215.2% | $21.1M-32.0% | $31.0M-9.1% | $34.1M+59.4% | $21.4M+26.6% | $16.9M+51.0% | $11.2M |
| Operating Income | -$96.5Mn/m | -$63.8Mn/m | -$8.1Mn/m | -$11.1Mn/m | -$11.3Mn/m | -$7.6M-192.7% | $8.2M-14.1% | $9.5M |
| EBITDA | -$82.3Mn/m | -$55.9Mn/m | -$7.5Mn/m | -$10.1Mn/m | -$10.8Mn/m | -$7.2M-186.0% | $8.4M-13.9% | $9.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $153K | N/A |
| Income Tax | -$2.7M-247.3% | $1.9M+57.2% | $1.2Mn/m | -$138Kn/m | -$1.5Mn/m | -$339K-124.8% | $1.4M+9.6% | $1.2M |
| Net Income | -$27.4Mn/m | -$39.9Mn/m | -$6.0Mn/m | -$9.1Mn/m | -$7.2Mn/m | -$4.7M-159.7% | $7.8M-20.1% | $9.8M |
| EPS (Basic) | -$3.63 | -$15.46 | -$5.98 | -$0.10n/m | -$0.08n/m | -$0.05-156.1% | $0.09-24.8% | $0.12 |
| EPS (Diluted) | -$3.61 | -$15.62 | -$5.98 | -$0.10n/m | -$0.08n/m | -$0.05-156.1% | $0.09-24.8% | $0.12 |
| Diluted Shares (Avg) | 8M | 3M | 1M | 90M0.0% | 90M0.0% | 90M+6.4% | 85M+6.2% | 80M |
Not reported in any period shown, so not listed: R&D Expenses.
MAAS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $469.9M-20.2% | $588.7M+1513.5% | $36.5M-47.3% | $69.3M-4.4% | $72.5M+18.3% | $61.2M-12.3% | $69.8M+104.6% | $34.1M |
| Current Assets | $307.3M-6.4% | $328.2M+930.3% | $31.9M-45.9% | $58.9M-5.7% | $62.5M+12.2% | $55.7M-18.2% | $68.0M+109.8% | $32.4M |
| Cash & Equivalents | $11.5M-62.2% | $30.3M+33.6% | $22.7M-21.8% | $29.0M-28.1% | $40.4M-0.3% | $40.5M-26.6% | $55.1M+253.4% | $15.6M |
| Short-Term Investments | $76.5M-3.1% | $79.0Mn/m | $0-100.0% | $746Kn/m | $0-100.0% | $566K+94.3% | $291K-61.5% | $757K |
| Accounts Receivable | $12.9M-50.0% | $25.9M+399.3% | $5.2M-41.6% | $8.9M+4.0% | $8.5M+51.6% | $5.6M+39.3% | $4.0M-13.0% | $4.6M |
| Long-Term Investments | $0n/m | $0n/m | $0-100.0% | $746Kn/m | $0-100.0% | $566K+94.3% | $291K-61.4% | $756K |
| Goodwill | N/A | $16.0M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $381.1M-7.5% | $411.8M+6185.6% | $6.6M-78.5% | $30.4M+33.2% | $22.9M+159.5% | $8.8M-20.3% | $11.0M+126.9% | $4.9M |
| Current Liabilities | $80.1M-31.6% | $117.1M+3426.9% | $3.3M-86.7% | $25.0M+23.6% | $20.2M+200.0% | $6.7M-39.1% | $11.0M+126.9% | $4.9M |
| Non-Current Liabilities | $84.3M-22.2% | $108.3M+3251.9% | $3.2M-41.1% | $5.5M+104.7% | $2.7M+28.8% | $2.1Mn/m | $0n/m | $0 |
| Total Equity | $88.8M-49.8% | $176.8M+490.8% | $29.9M-22.9% | $38.8M-21.7% | $49.6M-4.7% | $52.1M-10.7% | $58.3M+99.3% | $29.3M |
| Retained Earnings | -$72.2Mn/m | -$44.2Mn/m | -$4.3M-345.8% | $1.8M-84.3% | $11.3M-33.9% | $17.0M-24.7% | $22.6M+39.3% | $16.2M |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
MAAS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.0M+25.6% | $7.9Mn/m | -$3.5Mn/m | -$8.4Mn/m | -$438Kn/m | -$12.6M-188.0% | $14.3M+110.4% | $6.8M |
| Depreciation & Amortization | $14.2M+79.7% | $7.9M+1203.5% | $606K-36.9% | $961K+64.6% | $584K+74.2% | $335K+32.1% | $254K-10.0% | $282K |
| Stock-Based Compensation | $10.2M+217.8% | $3.2M | N/A | N/A | N/A | N/A | N/A | N/A |
| Capital Expenditures | $774K+30.6% | $592K+387.6% | $121K-82.8% | $708K-45.8% | $1.3M+235.8% | $389K-37.2% | $619K+766.3% | $71K |
| Free Cash Flow | $9.2M+25.2% | $7.4Mn/m | -$3.6Mn/m | -$9.1Mn/m | -$1.7Mn/m | -$13.0M-194.8% | $13.7M+103.4% | $6.7M |
| Investing Cash Flow | -$45.7M-241.7% | $32.2Mn/m | -$688Kn/m | -$1.6M-121.3% | $7.4Mn/m | -$7.5M-182.5% | $9.1M+500.0% | $1.5M |
| Financing Cash Flow | -$2.0Mn/m | -$11.9M | N/A | N/A | N/A | N/A | $22.6M | N/A |
| Share Buybacks | N/A | $1.4M | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
MAAS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | 82.3%+3.5pp | 78.7%+1.6pp | 77.2%-5.1pp | 82.3%-2.4pp | 84.7%+2.1pp | 82.6% |
| Operating Margin | -88.5%-40.4pp | -48.1%+3.3pp | -51.4%-4.8pp | -46.6%-8.6pp | -37.9%-8.1pp | -29.9%-57.5pp | 27.6%-10.3pp | 37.9% |
| Net Margin | -25.1%+5.0pp | -30.1%+8.0pp | -38.1%0.0pp | -38.1%-14.1pp | -24.0%-5.7pp | -18.4%-44.7pp | 26.3%-12.6pp | 39.0% |
| Return on Equity | -30.8%-8.3pp | -22.5%-2.5pp | -20.1%+3.3pp | -23.3%-8.8pp | -14.5%-5.5pp | -8.9%-22.3pp | 13.4%-20.0pp | 33.4% |
| Return on Assets | -5.8%+0.9pp | -6.8%+9.7pp | -16.5%-3.4pp | -13.1%-3.2pp | -9.9%-2.3pp | -7.6%-18.8pp | 11.2%-17.4pp | 28.6% |
| Current Ratio | 3.84+1.0x | 2.80-6.8x | 9.59+7.2x | 2.36-0.7x | 3.10-5.2x | 8.27+2.1x | 6.16-0.5x | 6.66 |
| Liabilities-to-Equity | 4.29+2.0x | 2.33+2.1x | 0.22-0.6x | 0.78+0.3x | 0.46+0.3x | 0.170.0x | 0.190.0x | 0.17 |
| Asset Turnover | 0.230.0x | 0.23-0.2x | 0.43+0.1x | 0.34-0.1x | 0.410.0x | 0.410.0x | 0.42-0.3x | 0.73 |
| FCF Margin | 8.4%+2.9pp | 5.5%+28.5pp | -22.9%+15.3pp | -38.3%-32.4pp | -5.8%+45.2pp | -51.0%-97.2pp | 46.2%+19.4pp | 26.8% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Where Maase Inc. Ranks
Frequently Asked Questions
What is Maase Inc.'s annual revenue?
Maase Inc. (MAAS) reported $109.1M in total revenue for fiscal year 2025. This represents a -17.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Maase Inc.'s revenue growing?
Maase Inc. (MAAS) revenue declined by 17.7% year-over-year, from $132.5M to $109.1M in fiscal year 2025.
Is Maase Inc. profitable?
No, Maase Inc. (MAAS) reported a net loss of $27.4M in fiscal year 2025, with a net profit margin of -25.1%.
What is Maase Inc.'s EBITDA?
Maase Inc. (MAAS) had EBITDA of -$82.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Maase Inc.'s operating margin?
Maase Inc. (MAAS) had an operating margin of -88.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Maase Inc.'s net profit margin?
Maase Inc. (MAAS) had a net profit margin of -25.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Maase Inc.'s return on equity (ROE)?
Maase Inc. (MAAS) has a return on equity of -30.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Maase Inc.'s free cash flow?
Maase Inc. (MAAS) generated $9.2M in free cash flow during fiscal year 2025. This represents a 25.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Maase Inc.'s operating cash flow?
Maase Inc. (MAAS) generated $10.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Maase Inc.'s total assets?
Maase Inc. (MAAS) had $469.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Maase Inc.'s capital expenditures?
Maase Inc. (MAAS) invested $774K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Maase Inc.'s current ratio?
Maase Inc. (MAAS) had a current ratio of 3.84 as of fiscal year 2025, which is generally considered healthy.
What is Maase Inc.'s liabilities-to-equity ratio?
Maase Inc. (MAAS) had a liabilities-to-equity ratio of 4.29 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Maase Inc.'s return on assets (ROA)?
Maase Inc. (MAAS) had a return on assets of -5.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Maase Inc.'s P/E ratio?
Maase Inc. (MAAS) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $5.4B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Maase Inc.'s price-to-sales ratio?
Maase Inc. (MAAS) trades at 49.5x sales, its market capitalization divided by $109.1M revenue, FY2025. The market capitalization is $5.4B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Maase Inc.'s Altman Z-Score?
Maase Inc. (MAAS) has an Altman Z-Score of 8.41, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Maase Inc.'s Piotroski F-Score?
Maase Inc. (MAAS) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Maase Inc.'s earnings high quality?
Maase Inc. (MAAS) reported a net loss of $27.4M while generating $10.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Maase Inc.?
Maase Inc. (MAAS) scores 79 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Maase Inc. it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.