ValueScreener company report

NaaS Technology Inc. (NAAS)

Name: NaaS Technology Inc. (NAAS) filed financial figures
Creator: ValueScreener

NASDAQ / Consumer Cyclical / Specialty Retail

Share price

3.09 USD Market dataClose of Oct 15, 2026

Market capitalisation

3.7M USD Market dataClose of Oct 15, 2026

Market data: Oct 15, 2026
Filed accounts: FY2024, filed Jul 9, 2025
Ratios computed: Oct 15, 2026
Filed years: 5, FY2020 to FY2024

Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means

SEC filingFiled with the SEC: Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement: What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data: Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener: Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.

Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Quality

Return on invested capital, after tax

n/m Computed

From the FY2024 filing

Why n/m

Equity plus debt less cash is zero or below, so there is no invested capital to divide by (n/m).

Read quality

Financial strength

Current ratio

0.33 Computed

From the FY2024 filing

Read financial strength

Valuation

Price to earnings

n/m Computed

FY2024 accounts, priced at the latest close

Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2024 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, by fiscal year

Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.

Named tests met: 0 of 30 Which tests

The business, and the score behind its five axes

The reading, in brief

Is it good

Operating margin was -401.6% in FY2024. No published threshold exists for operating margin, so its standing against peers is the reading.

Today, against the Specialty Retail industry (72 companies), -401.6% sits at the 0th percentile; the middle half of that group runs from -8.6% to 7.4%.

Is it safe

Current ratio was 0.33 in FY2024, in the band labelled "Short-term liabilities exceed short-term assets" (below 1.00), on lines anchored on Graham's defensive-investor criteria, suggesting short-term obligations above short-term assets.

Today, against the Specialty Retail industry (78 companies), 0.33 sits at the 0th percentile; the middle half of that group runs from 1.10 to 2.15.

Year by year against peers: Whether NaaS Technology Inc.'s operating margin stayed above the median of the Specialty Retail industry, year by year. (FY2019 to FY2024, 6 fiscal years of NaaS Technology Inc. with a comparable figure)
The direction: Which way NaaS Technology Inc.'s gross margin has moved, and how steadily. (FY2015 to FY2024, 10 filed years of NaaS Technology Inc.)
What could explain it: What in NaaS Technology Inc.'s filed statements could explain the movements. (2 readings drawn from the statement lines NaaS Technology Inc. filed)
What to check next: What to check next on NaaS Technology Inc., and where in its filings. (2 questions for NaaS Technology Inc.)
In one paragraph: One paragraph on NaaS Technology Inc.'s returns, cash, balance sheet and price. (4 of sixteen figures read for NaaS Technology Inc.)

These are NAAS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research NAASPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2024 annual report: 20-F, filed Jul 9, 2025, accession 0001410578-25-001444.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

NaaS Technology Inc: returns on capital and margins, each with its source
Figure	Value, source and document
Return on invested capital, after tax Why n/m Equity plus debt less cash is zero or below, so there is no invested capital to divide by (n/m).	n/m ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Return on equity Why n/m Book equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number.	n/m ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Return on capital employed, pre-tax Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Return on assets	-140.4% ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Gross margin	44.1% ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Operating margin	-401.6% ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Net margin	-454.5% ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444

NAAS -454.5%

-454.5%-3.8%

Net margin: NAAS against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

NaaS Technology Inc: leverage, liquidity and distress, each with its source
Figure	Value, source and document
Debt to equity Why n/m Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).	n/m ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Current ratio	0.33 ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Quick ratio	0.33 ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Interest coverage Why n/a No interest expense is filed for this year, so coverage is not computed.	n/a ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Altman Z-score	-23.21 ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Net debt	702.0M ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444

Total assets Total liabilities Shareholders’ equity (zero or below, not drawn)

The balance sheet, line by line

Financial health

What NaaS Technology Inc owned and owed at the end of fiscal 2024, from the balance sheet it filed (20-F, filed Jul 9, 2025, 0001410578-25-001444).

NaaS Technology Inc: balance sheet position
Total assets	650.6M FiledFY2024 20-F, filed Jul 9, 2025
Total liabilities	1.40B FiledFY2024 20-F, filed Jul 9, 2025
Shareholders' equity	-754.5M FiledFY2024 20-F, filed Jul 9, 2025
Cash	126.6M FiledFY2024 20-F, filed Jul 9, 2025
Total debt	828.6M FiledFY2024 20-F, filed Jul 9, 2025
Net debt	702.0M
Current ratio	0.33
Debt to equity	n/m

Debt to equity: FY2024: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).
Interest cover: FY2024: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

NaaS Technology Inc: what the market charges, each with its source
Figure	Value, source and document
Price to earnings Why n/m Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.	n/m ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
P/E on trailing twelve months Why n/a A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.	n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book Why n/m Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.	n/m ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Price to sales	0.12x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Enterprise value to EBIT Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Enterprise value to EBITDA Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Price to earnings over growth Why n/m Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.	n/m ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Diluted earnings per share Why n/a The FY2024 filing carries no diluted earnings per share we could read.	n/a FiledFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Graham number Why n/m Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.	n/m ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444

We publish no fair value or price target of our own. Value NAAS on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for NaaS Technology Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

NaaS Technology Inc: valuation
Share price	3.09 USD
Market capitalisation	3.7M USD
Enterprise value to EBITDA	n/a
Graham number	n/m
Diluted earnings per share, FY2019	n/a

Diluted earnings per share, FY2019: Filed before the 1-for-5 split on 13 Jun 2022, the 1-for-20 split on 13 Jun 2024, the 1-for-4 split on 28 Apr 2025 and the 1-for-4 split on 30 Jul 2025, and the filing it was read from cannot be placed against them, so it is not put on today's share count and is not shown beside figures that are.

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like NaaS Technology Inc

Same industry (Specialty Retail) and size band (Nano, under 50M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

Computed

NaaS Technology Inc: cash generation and what is paid out, each with its source
Figure	Value, source and document
Free cash flow yield Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Free cash flow Why n/a The FY2024 filing carries no free cash flow we could read.	n/a ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Free cash flow margin Why n/a No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.	n/a ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Dividend yield Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Payout ratio Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444

Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

NaaS Technology Inc.: the eight ratios, with the fiscal year and filing date behind each.
Figure	Value	Year	As of
	n/m	FY2024	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itIncome statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	n/m	FY2024	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	n/a	FY2024	Oct 15, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itIncome statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tabForm20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	n/a	FY2024	Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	n/m	FY2024	Jul 9, 2025
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2024. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itIncome statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tabForm20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	n/a	FY2024	Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	n/m	FY2024	Jul 9, 2025
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2024. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	0.33	FY2024	Jul 9, 2025
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2024. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	0.12x	FY2024	Oct 15, 2026
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itIncome statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	n/m	FY2024	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itIncome statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	-23.21	FY2024	Oct 15, 2026
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itIncome statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tabForm20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	-10.00	FY2024	Jul 9, 2025
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2024. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itIncome statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tabForm20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tabForm20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab
	3/9	FY2024	Jul 9, 2025
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2024. Form20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itIncome statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tabForm20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itBalance sheetFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tabForm20-FFiledJul 9, 2025PeriodFY2024Accession0001410578-25-001444What we read from itCash flow statementFY2024Open on SEC.gov, accession 0001410578-25-001444, leaves this page and opens in a new tab

The figures are computed from the accounts for fiscal 2024, the newest full year on file. 5 filed fiscal years on record, FY2020 to FY2024, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2015 to FY2024. 5 read from the annual reports NaaS Technology Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in CNY, as reported.

NaaS Technology Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
Year	Revenue	Operating income	Net income	EPS, diluted	Free cash flow	Operating margin	Return on equity	Filing
FY2024	201.0M	-807.0M	-913.5M	n/a	n/a	-401.6%	n/m	20-F, Jul 9, 20250001410578-25-001444
FY2023	320.1M	-1.06B	-1.31B	n/a	-573.9M	-329.7%	n/m	20-F, May 9, 20240001193125-24-134831
FY2022	92.8M	-2.46B	-5.64B	n/a	-603.3M	-2651.0%	-1284.5%	20-F, May 1, 20230001193125-23-128620
FY2021	33.5M	-254.0M	-260.5M	n/a	-219.7M	-759.4%	-884.8%	20-F, Jun 16, 20220001193125-22-175584
FY2020	6.2M	-76.1M	-77.9M	n/a	n/a	-1235.2%	-535.1%	20-F, Jun 16, 20220001193125-22-175584
FY2019	1.53B	-15.3M	148.1M	n/a	-90.7M	-1.0%	24.3%	Market data, supplied Oct 15, 2026accession n/a
FY2018	1.27B	207.6M	143.0M	n/a	306.0M	16.3%	31.4%	Market data, supplied Oct 15, 2026accession n/a
FY2017	969.3M	-628.0K	-48.0M	n/a	292.2M	-0.1%	-15.5%	Market data, supplied Oct 15, 2026accession n/a
FY2016	711.0M	70.8M	53.9M	n/a	196.3M	10.0%	13.2%	Market data, supplied Oct 15, 2026accession n/a
FY2015	529.5M	-49.5M	-26.3M	n/a	120.3M	-9.3%	-3.5%	Market data, supplied Oct 15, 2026accession n/a

Revenue, compound annual growth FY2015 to FY2024: -10.2%
Earnings: Earnings was not positive in both 2015 and 2024, so a compound rate across the window is not defined. Both figures are in the table.
Earnings per share: Fewer than two filed years carry earnings per share.
Free cash flow: Free cash flow was not positive in both 2015 and 2023, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

NaaS Technology Inc: accounting screens and published tests, each with its source
Figure	Value, source and document
Beneish M-score	-10.00 ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Piotroski F-score	3/9 ComputedFY2024 20-F, filed Jul 9, 2025, 0001410578-25-001444
Named tests met	0 of 30 Computed
Beta	0.19 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 16 not met, 14 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)

Meets: None of the named tests.
Does not: Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below; Clean books, high ROIC
Not measured: Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; P/E times P/B (Benjamin Graham); High returns, low debt; Book or below, low debt (Walter Schloss); Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.

Figures we could not read(21)

Debt to Equity: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).
Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
P/B Ratio: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.
P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
Return on Invested Capital: Equity plus debt less cash is zero or below, so there is no invested capital to divide by (n/m).
PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
Return on Equity: Book equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number.
EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
Price Tangible Book: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

Value it in the DCF workbench

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

What this cannot tell you

21 figures could not be read on this company, among them Debt to Equity, Positive Earnings Streak, P/B Ratio. Each blank in the table above names the rest, with its reason. 14 named tests come back incomplete because of them, which is neither met nor missed.
We hold 5 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolio How this is computed

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Four questions, at a glance

Quality

Financial strength

Valuation

Cash generation

Revenue and net income, by fiscal year

The reading, in brief

Financial health

Valuation

Companies like NaaS Technology Inc

The filed figures

Ten years of filed figures

The named tests

What this cannot tell you

Margin Notes