Ming Shing Group Holdings Limited (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).
FY2025 exposes a scale reversal: revenue expanded, but costs overtook sales and operations became dependent on external financing.
Revenue expanded22.8% in FY2025 even as operating cash flow reached-$8.0M . With gross margin turning negative, that growth was consuming cash rather than financing the business.
Profit conversion broke down: net income of
The thinly buffered balance sheet had a current ratio of 1.1x, while liabilities represented
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 26/100. 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 86/100.
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 22/100, 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 scores 1.44, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($16.2M) relative to total liabilities ($12.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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 efficiency signals pass.
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
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Ming Shing Group Holdings Limited held $250K in cash against $2.9M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 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.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
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 | Q4'2520-F | Q4'2420-F | Q4'23 |
|---|---|---|---|
| Total Assets | $13.4M+12.9% | $11.9M+43.5% | $8.3M |
| Current Assets | $10.3M+16.0% | $8.8M+27.9% | $6.9M |
| Cash & Equivalents | $250K-76.9% | $1.1M+233.5% | $324K |
| Accounts Receivable | $4.2M+156.9% | $1.6M-50.5% | $3.3M |
| Total Liabilities | $12.4M+14.2% | $10.9M+37.9% | $7.9M |
| Current Liabilities | $9.5M+23.1% | $7.7M+25.2% | $6.2M |
| Non-Current Liabilities | $2.9M-7.5% | $3.1M+83.3% | $1.7M |
| Long-Term Debt | $2.9M-5.5% | $3.0M+102.5% | $1.5M |
| Total Equity | $984K-1.4% | $998K+160.7% | $383K |
| Retained Earnings | -$5.8M-686.0% | $997K+161.3% | $382K |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, 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.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, 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.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
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% | $16.2M | 35/100 |
| Magnitude International Ltd MAGH | FY2025 | $11.8M | $33K | 0.3% | $225.4M | 10/100 |
| Founder Group Limited FGL | FY2025 | $29.7M | -$1.9M | -6.4% | $58K | 36/100 |
| OFA Group OFAL | FY2026 | $717K | -$8.0M | N/A | $1.7M | — |
| DirectBooking Technology Co., Ltd. ZDAI | FY2026 | $8.9M | -$13.3M | N/A | $12.6M | 32/100 |
| FBS Global Limited FBGL | FY2025 | $19.1M | -$1.5M | -7.9% | $5.5M | 44/100 |
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 income 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, measuring the company's financial leverage by comparing total debt to shareholder 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 Altman Z-Score?
Ming Shing Group Holdings Limited (MSW) has an Altman Z-Score of 1.44, placing it in the Distress Zone (elevated 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 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 35 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite 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.