Ming Shing Group Holdings Limited Financials
This page shows Ming Shing Group Holdings Limited (MSW) financial statements, including the 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).
Sales growth stopped helping when unit economics flipped negative, forcing the business to lean on financing for operations.
The sharpest change is gross margin collapsing from18.5% in FY2024 to-3.9% in FY2025, which shows that higher sales no longer covered direct costs before overhead is even considered. Operating cash flow then swung from$2.46M to-$7.97M ; with accounts receivable also rising sharply, the business was not just less profitable but much slower at turning revenue into cash.
External financing replaced internally generated cash in FY2025: the company brought in
The balance sheet has little shock absorption because liabilities were
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 retains $-16 of operating profit per $100 of revenue. This below-average margin results in a low score of 28/100, suggesting thin profitability after operating expenses. 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 generates a -582.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 12/100. 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.
For every $1 of reported earnings, Ming Shing Group Holdings Limited generates $1.39 in operating cash flow (-$8.0M OCF vs -$5.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Ming Shing Group Holdings Limited earns $-10.5 in operating income for every $1 of interest expense (-$5.4M vs $509K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
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 -$5.7M in net income 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.
Ming Shing Group Holdings Limited had 13M shares outstanding in fiscal year 2025. This represents an increase of 15.3% from the prior year.
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
MSW Income Statement
| Metric | Q4'25 | Q4'24 | Q4'23 |
|---|---|---|---|
| Revenue | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A |
| Net Income | N/A | N/A | N/A |
| EPS (Diluted) | N/A | N/A | N/A |
MSW Balance Sheet
| Metric | Q4'25 | Q4'24 | 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 |
| Inventory | N/A | N/A | N/A |
| Accounts Receivable | $4.2M+156.9% | $1.6M-50.5% | $3.3M |
| Goodwill | N/A | N/A | N/A |
| Total Liabilities | $12.4M+14.2% | $10.9M+37.9% | $7.9M |
| Current Liabilities | $9.5M+23.1% | $7.7M+25.2% | $6.2M |
| 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 |
MSW Cash Flow Statement
| Metric | Q4'25 | Q4'24 | Q4'23 |
|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A |
MSW Financial Ratios
| Metric | Q4'25 | Q4'24 | Q4'23 |
|---|---|---|---|
| Gross Margin | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A |
| Return on Assets | N/A | N/A | N/A |
| Current Ratio | 1.08-0.1 | 1.14+0.0 | 1.12 |
| Debt-to-Equity | 2.91-0.1 | 3.04-0.9 | 3.91 |
| FCF Margin | N/A | N/A | N/A |
Similar Companies
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) generated -$8.0M in operating cash flow during fiscal year 2025, representing cash generated from 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.
What is Ming Shing Group Holdings Limited's cash runway?
Based on fiscal year 2025 data, Ming Shing Group Holdings Limited (MSW) had $250K in cash against an annual operating cash burn of $8.0M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
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) has an earnings quality ratio of 1.39x, considered low quality (accrual-driven). 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) has an interest coverage ratio of -10.5x, meaning it can struggle to cover its interest obligations. 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 36 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.