Metalpha Technology Holding vs The9
Metalpha Technology Holding is the larger business, with $37.1m of revenue in fiscal 2026 against $15.0m for The9 (2.5 times as much). The9 grew faster (-3.3% against -16.7%). Metalpha Technology Holding kept more of each dollar of sales as profit: a net margin of 3.5% against -373.0%.
| Latest fiscal year | Metalpha Technology HoldingMATH, 2026 | The9NCTY, 2025 |
|---|---|---|
| Revenue | $37.1m | $15.0m |
| Revenue growth | -16.7% | -3.3% |
| Net income | $1.3m | −$56.0m |
| Operating margin | 3.6% | — |
| Net margin | 3.5% | -373.0% |
| Return on equity | 2.9% | -152.0% |
| Free cash flow | −$14.9m | — |
| Cash | $3.9m | $8.4m |
| Total debt | $460,815 | $31.8m |
| Debt to equity | 0.9% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $18,340 | — |
| Employees | — | — |
| Market value | $63.8m | $20.2m |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |