Ming Shing Group Holdings (MSW) Financials
Newest figures come from the 20-F for FY2025, filed Aug 15, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MSW SEC filings page.
Ming Shing Group Holdings Limited (MSW) reported $33.9M in revenue for fiscal year 2025, up 22.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
Revenue is growing, but FY2025 shows costs and receivables expanding faster, making the business more reliant on financing.
Revenue grew while cost of revenue grew more than twice as fast, pushing gross margin to-3.9% . Receivables rose156.9% as operating cash flow shifted from positive to negative, showing that growth consumed cash rather than funding it.
SG&A reached
Liabilities were
Financial Health Signals
Scored against operating 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. 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 Ming Shing Group Holdings Limited'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.
Ming Shing Group Holdings Limited has an operating margin of -15.8%, meaning the company loses $16 on every $100 of revenue. This results in a profitability score of 24/100. This is down from 11.8% the prior year.
Ming Shing Group Holdings Limited's revenue surged 22.8% year-over-year to $33.9M, reflecting rapid business expansion. This strong growth earns a score of 85/100.
Ming Shing Group Holdings Limited has elevated debt relative to equity (D/E of 2.91), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 21/100, reflecting increased financial risk.
Ming Shing Group Holdings Limited's current ratio of 1.08 is below the typical benchmark, resulting in a score of 23/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Ming Shing Group Holdings Limited posts a -582.4% return on equity (ROE), meaning it loses $582 for every $100 of shareholders' equity. This results in a returns score of 10/100. This is down from 233.1% the prior year.
Ming Shing Group Holdings Limited passes 2 of 9 financial strength tests. No profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
Ming Shing Group Holdings Limited reported a net loss of $5.7M while operations used $8.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Ming Shing Group Holdings Limited reported an operating loss of $5.4M against $509K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Ming Shing Group Holdings Limited generated $33.9M in revenue in fiscal year 2025. This represents an increase of 22.8% from the prior year.
Ming Shing Group Holdings Limited's EBITDA was -$5.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 255.3% from the prior year.
Ming Shing Group Holdings Limited reported a net loss of $5.7M in fiscal year 2025. This represents a decrease of 346.3% from the prior year.
Ming Shing Group Holdings Limited earned -$0.48 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 328.6% from the prior year.
Cash & Balance Sheet
Ming Shing Group Holdings Limited held $250K in cash against $2.9M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Ming Shing Group Holdings Limited's gross margin was -3.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 22.3 percentage points from the prior year.
Ming Shing Group Holdings Limited's operating margin was -15.8% in fiscal year 2025, reflecting core business profitability. This is down 27.6 percentage points from the prior year.
Ming Shing Group Holdings Limited's net profit margin was -16.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 25.4 percentage points from the prior year.
Ming Shing Group Holdings Limited's ROE was -582.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 815.5 percentage points from the prior year.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
MSW 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 | FY22 |
|---|---|---|---|---|
| Revenue | $33.9M+22.8% | $27.6M+26.1% | $21.9M+52.0% | $14.4M |
| Cost of Revenue | $35.2M+56.4% | $22.5M+22.3% | $18.4M+56.3% | $11.8M |
| Gross Profit | -$1.3M-125.6% | $5.1M+45.7% | $3.5M+32.9% | $2.6M |
| SG&A Expenses | $4.0M+119.2% | $1.8M+115.8% | $856K+66.9% | $513K |
| Operating Income | -$5.4M-265.0% | $3.2M+23.0% | $2.6M+24.7% | $2.1M |
| EBITDA | -$5.2M-255.3% | $3.4M+23.3% | $2.7M+24.9% | $2.2M |
| Interest Expense | $509K+77.8% | $286K+59.0% | $180K+141.4% | $75K |
| Income Tax | -$80K-112.4% | $649K+38.4% | $469K+47.9% | $317K |
| Net Income | -$5.7M-346.3% | $2.3M-16.5% | $2.8M+54.5% | $1.8M |
| EPS (Basic) | -$0.48-328.6% | $0.21-16.0% | $0.25+13.6% | $0.22 |
| EPS (Diluted) | -$0.48-328.6% | $0.21-16.0% | $0.25+13.6% | $0.22 |
| Diluted Shares (Avg) | 12M+5.3% | 11M0.0% | 11M+38.3% | 8M |
Not reported in any period shown, so not listed: R&D Expenses.
MSW 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 | FY22 |
|---|---|---|---|---|
| Total Assets | $13.4M+12.9% | $11.9M+43.5% | $8.3M | N/A |
| Current Assets | $10.3M+16.0% | $8.8M+27.9% | $6.9M | N/A |
| Cash & Equivalents | $250K-76.9% | $1.1M+233.5% | $324K | N/A |
| Short-Term Investments | $0 | N/A | N/A | N/A |
| Accounts Receivable | $4.2M+156.9% | $1.6M-50.5% | $3.3M | N/A |
| Long-Term Investments | $0 | N/A | N/A | N/A |
| Total Liabilities | $12.4M+14.2% | $10.9M+37.9% | $7.9M | N/A |
| Current Liabilities | $9.5M+23.1% | $7.7M+25.2% | $6.2M | N/A |
| Non-Current Liabilities | $2.9M-7.5% | $3.1M+83.3% | $1.7M | N/A |
| Long-Term Debt | $2.9M-5.5% | $3.0M+102.5% | $1.5M | N/A |
| Total Equity | $984K-1.4% | $998K+160.7% | $383K+139.7% | $160K |
| Retained Earnings | -$5.8M-686.0% | $997K+161.3% | $382K | N/A |
Not reported in any period shown, so not listed: Inventory, Goodwill.
MSW 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 | FY22 |
|---|---|---|---|---|
| Operating Cash Flow | -$8.0M-424.3% | $2.5M+209.0% | $795Kn/m | -$152K |
| Depreciation & Amortization | $151K+42.4% | $106K+32.7% | $80K+33.5% | $60K |
| Capital Expenditures | N/A | $1.1M+7357.5% | $15K | N/A |
| Free Cash Flow | N/A | $1.3M+68.0% | $780K | N/A |
| Investing Cash Flow | $10Kn/m | -$1.1M-3295.9% | $36K-36.3% | $56K |
| Financing Cash Flow | $7.1Mn/m | -$553Kn/m | -$725Kn/m | -$2K |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
MSW 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 | FY22 |
|---|---|---|---|---|
| Gross Margin | -3.9%-22.3pp | 18.5%+2.5pp | 16.0%-2.3pp | 18.3% |
| Operating Margin | -15.8%-27.6pp | 11.8%-0.3pp | 12.1%-2.6pp | 14.7% |
| Net Margin | -16.9%-25.4pp | 8.4%-4.3pp | 12.8%+0.2pp | 12.5% |
| Return on Equity | -582.4%-815.5pp | 233.1%-494.9pp | 727.9%-401.0pp | 1128.9% |
| Return on Assets | -42.7%-62.3pp | 19.6%-14.1pp | 33.7% | N/A |
| Current Ratio | 1.08-0.1x | 1.140.0x | 1.12 | N/A |
| Debt-to-Equity | 2.91-0.1x | 3.04-0.9x | 3.91 | N/A |
| Liabilities-to-Equity | 12.64+1.7x | 10.91-9.7x | 20.63 | N/A |
| Asset Turnover | 2.52+0.2x | 2.32-0.3x | 2.64 | N/A |
| FCF Margin | N/A | 4.8%+1.2pp | 3.6% | N/A |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Ming Shing Group Holdings Limited MSW | FY2025 | $33.9M | -$5.7M | -16.9% | N/A | 34/100 |
| Founder Group Limited FGL | FY2025 | $29.7M | -$1.9M | -6.4% | $112K | 47/100 |
| OFA Group OFAL | FY2026 | $717K | -$8.0M | N/A | $817K | — |
| DirectBooking Technology Co., Ltd. ZDAI | FY2026 | $8.9M | -$13.3M | N/A | $10.7M | 38/100 |
| FBS Global Limited FBGL | FY2025 | $19.1M | -$1.5M | -7.9% | $2.9M | 43/100 |
Where Ming Shing Group Holdings Limited Ranks
Frequently Asked Questions
What is Ming Shing Group Holdings Limited's annual revenue?
Ming Shing Group Holdings Limited (MSW) reported $33.9M in total revenue for fiscal year 2025. This represents a 22.8% 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 Ming Shing Group Holdings Limited's revenue growing?
Ming Shing Group Holdings Limited (MSW) revenue grew by 22.8% year-over-year, from $27.6M to $33.9M in fiscal year 2025.
Is Ming Shing Group Holdings Limited profitable?
No, Ming Shing Group Holdings Limited (MSW) reported a net loss of $5.7M in fiscal year 2025, with a net profit margin of -16.9%.
What is Ming Shing Group Holdings Limited's EBITDA?
Ming Shing Group Holdings Limited (MSW) had EBITDA of -$5.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ming Shing Group Holdings Limited have?
As of fiscal year 2025, Ming Shing Group Holdings Limited (MSW) had $250K in cash and equivalents against $2.9M in long-term debt.
What is Ming Shing Group Holdings Limited's gross margin?
Ming Shing Group Holdings Limited (MSW) had a gross margin of -3.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ming Shing Group Holdings Limited's operating margin?
Ming Shing Group Holdings Limited (MSW) had an operating margin of -15.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ming Shing Group Holdings Limited's net profit margin?
Ming Shing Group Holdings Limited (MSW) had a net profit margin of -16.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ming Shing Group Holdings Limited's return on equity (ROE)?
Ming Shing Group Holdings Limited (MSW) has a return on equity of -582.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ming Shing Group Holdings Limited's operating cash flow?
Ming Shing Group Holdings Limited (MSW) recorded an outflow of $8.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Ming Shing Group Holdings Limited's total assets?
Ming Shing Group Holdings Limited (MSW) had $13.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Ming Shing Group Holdings Limited's current ratio?
Ming Shing Group Holdings Limited (MSW) had a current ratio of 1.08 as of fiscal year 2025, which is considered adequate.
What is Ming Shing Group Holdings Limited's debt-to-equity ratio?
Ming Shing Group Holdings Limited (MSW) had a debt-to-equity ratio of 2.91 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Ming Shing Group Holdings Limited's liabilities-to-equity ratio?
Ming Shing Group Holdings Limited (MSW) had a liabilities-to-equity ratio of 12.64 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.
What is Ming Shing Group Holdings Limited's return on assets (ROA)?
Ming Shing Group Holdings Limited (MSW) had a return on assets of -42.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Ming Shing Group Holdings Limited's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Ming Shing Group Holdings Limited (MSW) held $250K in cash, cash equivalents and investments, and reported an operating cash outflow of $8.0M over that year. Dividing the one by the other, the reported balance equals about 0 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Ming Shing Group Holdings Limited's Piotroski F-Score?
Ming Shing Group Holdings Limited (MSW) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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 Ming Shing Group Holdings Limited's earnings high quality?
Ming Shing Group Holdings Limited (MSW) reported a net loss of $5.7M while operations used $8.0M of cash. With neither figure positive, 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.
Can Ming Shing Group Holdings Limited cover its interest payments?
Ming Shing Group Holdings Limited (MSW) reported an operating loss of $5.4M against $509K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ming Shing Group Holdings Limited?
Ming Shing Group Holdings Limited (MSW) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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. 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.