Naas Technology Inc. key statistics and ratios

In fiscal 2025, Naas Technology Inc. had an operating margin of -212.4% and a current ratio of 0.19. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Naas Technology Inc.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	34.5%	48.9%	53.3%	54.7%	54.6%	82.4%	2.4%	6.6%	19.7%	44.1%	85.9%
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%
Return on assets	—	—	—	—	—	−96.1%	−203.4%	−891.7%	−100.7%	−85.9%	−91.3%
Asset turnover	—	—	—	—	—	0.46	1.26	0.15	0.25	0.19	0.26
Current ratio	—	—	—	—	—	1.21	1.12	4.84	1.40	0.33	0.19
Debt to equity	—	—	—	—	>999%	0.0%	0.0%	114.6%	—	—	—
Interest cover (operating income ÷ interest)	—	—	—	—	—	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	—	—	—	—	—	47.4%	18.8%	39.4%	19.2%	20.9%	11.7%
Capital spending as % of revenue	6.6%	5.0%	5.2%	5.1%	3.3%	—	0.4%	18.5%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	—	381.2%	—	220.2%	−61.2%	—	—	—	—	—	—
Dividends ÷ net income	—	790.0%	—	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	0.0%	207.3%	190.8%	6.8%	—	—	—	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Naas Technology Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Naas Technology Inc.