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Naas Technology Inc. (NAAS) stock

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NASDAQ: NAAS Nasdaq Other Specialty Retail

D Fundamentals grade

Naas Technology Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Naas Technology Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: share count (3m) is 0.12x the market-data count (25m). We'll show the comparison once resolved.

Naas Technology Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds1 adding, 3 cuttingOf 1 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Naas Technology files

Where Naas Technology stands after its latest Filing

Revenue for the twelve months was $17m, down 37.7% on a year earlier, a smaller fall than the 38.2% decline a quarter earlier. That puts it 35 of 35 for growth among the other specialty retail companies we cover. Free-cash-flow margin rose to -0.2% from -136.5% a year earlier. Operating margin narrowed to -212.4% from -157.9%. The diluted share count is up 270.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 3 financial-health checks.

Our model value for Naas Technology is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Naas Technology Inc.'s trailing-twelve-month revenue fell 37.7% year on year, with a free-cash-flow margin of -0.2%. Where it stands out: gross margin of 85.9% ranks 1 of 31 other specialty retail companies we cover. Where it lags: revenue growth of -37.7% ranks 35 of 35 other specialty retail companies we cover.

Current signal Gross margin expanding: TTM gross margin reached 85.9%, up 41.9pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 189.2 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 37.7% over the last 12 months.
  • Loss-making. Operating margin is -212.4%: costs exceed revenue.
  • Burning cash. Free cash flow was -0.2% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 270.0% in a year.

Price chart

  • 1 day+3.8%
  • 1 week+15.6%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.4M
Operating margin
-212.4%
Net margin
-350.8%
EPS (TTM, diluted)
$-20.08

Growth

Revenue growth
−37.7%
Change in growth rate
+0.6 pts
Share count change
+270.0%

Cash

Free cash flow (TTM)
-$29,360
FCF margin
-0.2%
Stock pay % of revenue
-14.0%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for NAAS from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Naas Technology Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: share count (3m) is 0.12x the market-data count (25m): held for review.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Naas Technology Inc.: too few analysts cover it.

Positioning

Short interest
0.2%
of tradable shares
Days to cover
2.77
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
0%
of shares
Held by insiders
0.5%
of shares
Employees
181
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Naas Technology Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Naas Technology Inc.
$0 $20M $40M $60M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $5.4M Revenue (TTM), FY21 Q4: $24.9M Revenue (TTM), FY22 Q4: $13.8M Revenue (TTM), FY23 Q4: $45.2M Revenue (TTM), FY24 Q4: $27.9M Revenue (TTM), FY25 Q4: $17.4M $17.4M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY20 Q4 $5.4M
FY21 Q4 $24.9M
FY22 Q4 $13.8M
FY23 Q4 $45.2M
FY24 Q4 $27.9M
FY25 Q4 $17.4M
Revenue growth, TTM YoY Naas Technology Inc.
-200% 0% 200% 400% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 362.6% Revenue growth, TTM YoY, FY22 Q4: -44.6% Revenue growth, TTM YoY, FY23 Q4: 227.3% Revenue growth, TTM YoY, FY24 Q4: -38.2% Revenue growth, TTM YoY, FY25 Q4: -37.7% -37.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 362.6%
FY22 Q4 -44.6%
FY23 Q4 227.3%
FY24 Q4 -38.2%
FY25 Q4 -37.7%
Operating margin (TTM) Naas Technology Inc.
-3000% -2000% -1000% 0% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: -204.6% Operating margin (TTM), FY21 Q4: -157.9% Operating margin (TTM), FY22 Q4: -2651.0% Operating margin (TTM), FY23 Q4: -329.7% Operating margin (TTM), FY24 Q4: -401.6% Operating margin (TTM), FY25 Q4: -212.4% -212.4%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY20 Q4 -204.6%
FY21 Q4 -157.9%
FY22 Q4 -2651.0%
FY23 Q4 -329.7%
FY24 Q4 -401.6%
FY25 Q4 -212.4%
FCF margin (TTM) Naas Technology Inc.
-800% -600% -400% -200% 0% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY21 Q4: -136.5% FCF margin (TTM), FY22 Q4: -650.0% FCF margin (TTM), FY23 Q4: -177.5% FCF margin (TTM), FY24 Q4: -89.5% FCF margin (TTM), FY25 Q4: -0.2% -0.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY21 Q4 -136.5%
FY22 Q4 -650.0%
FY23 Q4 -177.5%
FY24 Q4 -89.5%
FY25 Q4 -0.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 84 107 144 193 222 5 25 14 45 28 17
Gross profit 29 52 77 105 121 4 1 1 9 12 15
EBITDA 7 21 7 40 8 — — −366 −149 −112 −37
Operating income −8 11 −0 31 −2 −11 −39 −366 −149 −112 −37
Net income −4 8 −7 22 21 −11 −40 −839 −185 −127 −61
Diluted EPS −$8.83 $17.36 −$14.84 $39.76 $39.86 −$23.19 — −$1391.44 — — —
Growth (year on year)
Revenue — +27.1% +34.0% +34.3% +14.9% −97.6% +362.6% −44.6% +227.3% −38.2% −37.7%
EBITDA — +216.9% −65.7% +454.4% −80.3% — — — — — —
Operating income — — −100.9% — −107.0% — — — — — —
Net income — — −187.4% — −1.0% −152.6% — — — — —
Diluted EPS — — −185.5% — +0.2% −158.2% — — — — —
Margins
Gross margin 34.5% 48.9% 53.3% 54.7% 54.6% 82.4% 2.4% 6.6% 19.7% 44.1% 85.9%
EBITDA margin 7.9% 19.8% 5.1% 20.9% 3.6% — — <−999% −329.5% −401.2% −211.8%
Operating margin −9.3% 10.0% −0.1% 16.3% −1.0% −204.6% −157.9% <−999% −329.7% −401.6% −212.4%
Net margin −5.0% 7.6% −4.9% 11.2% 9.7% −209.4% −161.9% <−999% −408.3% −454.5% −350.8%
Free-cash-flow margin 24.3% 28.9% 30.9% 24.8% −5.9% — −136.5% −650.0% −177.3% −89.1% 0.4%
Cash flow
Cash from operations 26 36 52 58 −6 −8 −34 −87 −80 −25 0
Capital spending 6 5 7 10 7 — 0 3 0 0 0
Free cash flow 20 31 44 48 −13 — −34 −90 −80 −25 0
Stock-based pay 0 0 14 3 7 0 2 32 56 22 −2
Free cash flow after stock pay 20 31 30 45 −20 — −36 −122 −137 −47 3
Balance sheet
Cash 80 92 162 187 2 1 1 74 61 17 12
Total debt — 53 96 85 72 0 0 73 106 114 83
Net debt (negative = net cash) −80 −39 −66 −102 70 −1 −1 −1 45 97 72
Diluted shares — — — — — — — — — — 3m
Returned to shareholders
Dividends 0 64 85 — — — — — — — —
Buybacks — — — 3 7 — — — — — —
Total returned 0 64 85 3 7 — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Older annual columns retain the reporting standard and currency used in those filings, translated separately to USD. Current filings replace overlapping periods. Reporting changes can affect comparability; older bases are not used to fill current valuation inputs.

Financial health

1 of 3 checks passed · December 31, 2025
What it owns · $45m
Short-term assets $31mLonger-term assets $14m
What it owes, and who funded it · $172m
Short-term liabilities $161mLonger-term liabilities $12mShareholders' equity $-128m
  • Short-term assets cover short-term liabilities $31m of assets due within a year against $161m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $31m short-term assets against $12m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$37m against $12,802 of interest.

From Naas Technology Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+270.0%
year over year
R&D spending
11.7%
of revenue

Competitors: side by side with peers

Closest by revenue in other specialty retail
Last 12 months unless stated NAAS NEXR RECT BQ TLF GIFT Median
Revenue, last 12 months $17m $17m $40m $59m $77m $83m $1.2bn
Revenue growth, last 12 months −37.7% 23.0% 21.5% −8.9% 3.4% −8.2% 4.0%
Revenue growth, 3-year average — — — — −0.9% −15.9% 2.6%
Revenue growth, latest quarter — — — — 1.5% 4.0% 2.3%
Gross margin 85.9% 10.6% 32.2% 26.3% 59.5% 20.1% 36.5%
Operating margin −212.4% −46.6% 8.3% −7.1% −0.5% −10.3% 2.2%
Operating margin, 3-year average — — — — 1.4% −13.6% 1.5%
Net margin −350.8% −21.8% 7.0% −1.2% −2.1% −10.3% 0.8%
Cash from operations / revenue 0.4% −37.0% −4.2% −7.0% 1.6% −2.6% 5.5%
Free-cash-flow margin −0.2% −37.0% −4.6% −7.2% −3.0% −3.4% 3.0%
Free-cash-flow margin, 3-year average — — — — −3.6% −3.2% 2.7%
Stock pay / revenue −14.0% 4.1% — 0.0% 0.7% 2.1% 0.6%
Change in share count 270.0% −98.4% 3.2% 214.4% −8.5% 17.4% 0.7%

Median of all 35 companies we cover in other specialty retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 other specialty retail companies
Measure Company Peer median Rank
Revenue growth Growth -37.7% 4.0% 35 of 35
Change in growth rate Growth +0.6pp -0.2pp 11 of 35
Gross margin Profitability 85.9% 36.5% 1 of 31
Operating margin Profitability -212.4% 2.2% 33 of 33
Net margin Profitability -350.8% 0.8% 35 of 35
Free-cash-flow margin Cash generation -0.2% 3.1% 25 of 34
Stock pay as % of revenue Cash generation -14.0% 0.7% 1 of 30
Change in share count Balance sheet 270.0% 0.6% 33 of 33

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$54,058
Institutions reporting
7
Shares held vs prior quarter
▼ 33.7%
Positions opened / closed
0 / 1

Top buyers and sellers, Q2 2026: 1 institutions bought and 3 sold ; the biggest buyer was Morgan Stanley (+3,614 shares) and the biggest seller Susquehanna International Group, LLP (−10K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Citadel Advisors LLC $35,733 12K 66.1% ▼ 16.3%
Morgan Stanley $16,706 6K 30.9% ▲ 178.0%
Rhumbline Advisers $1,033 0K 1.9% 0.0%
UBS Group AG $506 0K 0.9% ▼ 62.7%
Ifp Advisors, Inc $71 0K 0.1% 0.0%
Farther Finance Advisors, LLC $6 0K 0.0% 0.0%
Group One Trading LLC $3 0K 0.0% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Naas Technology Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Naas Technology Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Naas Technology Inc. in brief

What does Naas Technology Inc. do?
Naas Technology Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in December.
What is Naas Technology Inc.'s stock ticker?
Naas Technology Inc. trades under the ticker NAAS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Naas Technology Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Naas Technology Inc. reported revenue of $17.4M, 37.7% lower than a year earlier, according to its SEC filings.
What is Naas Technology Inc.'s free cash flow?
Naas Technology Inc.'s free-cash-flow margin is -0.2% of revenue over the trailing twelve months, ranking 25 of the 34 other specialty retail companies we cover.
Who are Naas Technology Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Citadel Advisors LLC, Morgan Stanley and Rhumbline Advisers. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Naas Technology Inc.'s competitors?
In our Other Specialty Retail peer group, the companies closest to Naas Technology Inc. are Nexera Technologies Ltd, Rectitude Holdings Ltd., Boqii Holding Ltd, Tandy Leather Factory Inc and Giftify, Inc. The side-by-side comparison below sets their revenue, margins and growth against Naas Technology Inc.'s.