Defi Technologies vs Metalpha Technology Holding
Defi Technologies is the larger business, with $99.1m of revenue in fiscal 2025 against $37.1m for Metalpha Technology Holding (2.7 times as much). Defi Technologies grew faster (215.5% against -16.7%). Defi Technologies kept more of each dollar of sales as profit: a net margin of 62.9% against 3.5%. Defi Technologies carries less debt relative to equity (0.0% against 0.9%).
| Latest fiscal year | Defi TechnologiesDEFT, 2025 | Metalpha Technology HoldingMATH, 2026 |
|---|---|---|
| Revenue | $99.1m | $37.1m |
| Revenue growth | 215.5% | -16.7% |
| Net income | $62.4m | $1.3m |
| Operating margin | 46.9% | 3.6% |
| Net margin | 62.9% | 3.5% |
| Return on equity | 74.0% | 2.9% |
| Free cash flow | −$133m | −$14.9m |
| Cash | $91.2m | $3.9m |
| Total debt | $0 | $460,815 |
| Debt to equity | 0.0% | 0.9% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $18,340 |
| Employees | — | — |
| Market value | $133m | $63.8m |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |