Maase Inc.
MAASdata completeness 100%5 fiscal years on fileData notes: no data for concept 'interestExpense'
Maase Inc. earns about -57% on invested capital, below its ~9% cost of capital, and has bought back 92% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $17.15 and $18.6 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $29.6M1 | $28.2M2 | $15.8M3 | $163.1M4 | $109.1M5 |
| Net income | −$7.14M6 | −$9.06M7 | −$6.01M8 | −$39.9M9 | −$27.4M10 |
| Operating cash flow | −$438,00011 | −$1.43M12 | −$25.4M13 | $7.95M14 | $9.98M13 |
| Capital expenditure | $1.31M15 | $708,00016 | $121,00017 | $593,00018 | $774,00019 |
| Free cash flow (derived) | −$1.74M11 | −$2.13M12 | −$25.5M13 | $7.35M14 | $9.2M13 |
| Total debt | — | — | — | $13.5M20 | $11.5M21 |
| Cash & equivalents | $40.4M22 | $29M23 | $164.5M24 | $40.7M25 | $11.5M26 |
| Diluted shares | 90.5M | 90.5M | 1.0M | 2.6M | 7.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $116.69 of net worth that earned you −$35.95 and generated $12.09 of cash last year, against $15.05 of debt.
It earned about -57% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 92% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 15% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $17.15 and $18.6 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$7.35M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$7.35M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $13.8 |
| Base | 5.0% | $17.15 |
| Bull | 10.0% | $21.14 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-06-30 · accession 0001213900-21-049907 (Revenues)
- 20-F · period ending 2022-06-30 · accession 0001213900-22-063027 (Revenues)
- 20-F · period ending 2023-06-30 · accession 0001213900-23-078965 (Revenues)
- 20-F · period ending 2024-06-30 · accession 0001213900-24-098740 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2025-06-30 · accession 0001213900-25-103497 (Revenues)
- 20-F · period ending 2021-06-30 · accession 0001213900-21-049907 (ProfitLoss)
- 20-F · period ending 2022-06-30 · accession 0001213900-22-063027 (NetIncomeLoss)
- 20-F · period ending 2023-06-30 · accession 0001213900-23-078965 (NetIncomeLoss)
- 20-F · period ending 2024-06-30 · accession 0001213900-24-098740 (NetIncomeLoss)
- 20-F · period ending 2025-06-30 · accession 0001213900-25-103497 (NetIncomeLoss)
- 20-F · period ending 2021-06-30 · accession 0001213900-21-049907 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-06-30 · accession 0001213900-22-063027 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-06-30 · accession 0001213900-25-103497 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2024-06-30 · accession 0001213900-24-098740 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-06-30 · accession 0001213900-21-049907 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-06-30 · accession 0001213900-22-063027 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-06-30 · accession 0001213900-23-078965 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2024-06-30 · accession 0001213900-24-098740 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2025-06-30 · accession 0001213900-25-103497 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2024-06-30 · accession 0001213900-24-098740 (ShortTermBorrowings)
- 20-F · period ending 2025-06-30 · accession 0001213900-25-103497 (ShortTermBorrowings)
- 20-F · period ending 2021-06-30 · accession 0001213900-21-049907 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-06-30 · accession 0001213900-22-063027 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-06-30 · accession 0001213900-25-103497 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F · period ending 2024-06-30 · accession 0001213900-24-098740 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2025-06-30 · accession 0001213900-25-103497 (CashAndCashEquivalentsAtCarryingValue)