MATH
Metalpha Technology Holding Limited (MATH) Economic Moat Analysis (2026)
Overall Score
Pricing Power
No evidence of pricing power: margins are 0 across gross, operating, EBITDA, pretax, and net profit TTM.
Revenue per share is 0, indicating the current TTM data does not show monetization strength.
Cost Advantage
No demonstrated cost advantage: operating and EBITDA margins are 0 TTM, and return on invested capital is deeply negative at -54.6%.
Cash generation is strong relative to the tiny enterprise value, but that reflects valuation more than a durable cost edge.
Intangible Assets
No visible intangible-asset moat in the reported TTM metrics: intangibles to total assets is 0 and profitability remains absent.
No recent news indicates brand, IP, or regulatory advantages.
Switching Costs
No evidence of switching costs in the current metrics or news flow.
The business appears to be operating without recurring-margin support from customer lock-in.
Network Effects
No network-effect indicators are present in the TTM data.
Recent news is empty, so there is no sign of ecosystem expansion or user-driven flywheel effects.
Efficient Scale
The company is very small, with a market cap of about $34.0M, which can support niche positioning but not clear scale advantages.
Liquidity is adequate with a current ratio of 1.12, but there is no evidence of a protected market niche or dominant share.
Sources
- Company filings (10-K, 10-Q, investor presentations)
- Financial and market data providers
- Public news and industry information
🔒 Go Beyond This Framework
This is one of 10 institutional-grade frameworks Invetso runs on Metalpha Technology Holding Limited. Unlock the complete analysis — SWOT, Economic Moat, Porter’s Five Forces, Management, PESTLE and the Invetso Quality Score.

