NaaS Technology Inc.
NAAS Nasdaq· Retail-Retail Stores, Nec
Last close · Oct 27, 2026
$2.26
KIRA · Stoqly’s AI analyst, in plain words
- NaaS Technology Inc. had $17.4M of revenue in fiscal 2025, down 37.7% on the year before. Over five years, revenue changed +81.1% a year on average.
- Its operating margin was −212.4%, up 189.2 pts: of every 100 in sales, about −212 is left after running the business.
- NaaS Technology Inc. lost $61.1M in fiscal 2025.
- NaaS Technology Inc. owes $71.6M more than it holds in cash.
Market cap
$2.2B
P/E
32.3x
Revenue
$17.4M
Net income
−$61.1M
Free cash flow
—
Operating margin
−212.4%
NaaS Technology Inc. in 30 seconds · fiscal 2025
Are sales growing?
−37.7%
No. Sales fell 37.7% last year.
Does it make a profit?
−350.8%
No. It lost money last year.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
32.3x
One share costs 32.3 times its yearly profit per share.
What NaaS Technology Inc. does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 17, 2026
- Legal name
- NaaS Technology Inc.
- CIK
- 0001712178
NaaS Technology Inc. · NAAS
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $5.2M | $13.8M | $45.2M | $27.9M | $17.4M |
| Revenue growth | 480.9% | 165.8% | 227.8% | −38.2% | −37.7% |
| Gross margin | 11.6% | 6.6% | 19.7% | 44.1% | 85.9% |
| Operating margin | −759.4% | −2,651.0% | −329.7% | −401.6% | −212.4% |
| Net income | −$40.4M | −$837M | −$185M | −$127M | −$61.1M |
| Net margin | −778.6% | −6,073.8% | −408.3% | −454.5% | −350.8% |
| Diluted EPS | −$0.25 | −$4.34 | $0.82 | $0.49 | $0.07 |
| Cash | |||||
| Cash from operations | −$34.0M | −$87.1M | −$80.1M | −$24.9M | $0.1M |
| Capital expenditure | $0.1M | $2.5M | — | — | — |
| Free cash flow | −$34.1M | −$89.6M | — | — | — |
| FCF margin | −656.8% | −650.0% | — | — | — |
| Share count change | −100.0% | — | 17.2% | 16.4% | 270.0% |
| Debt and strength | |||||
| Cash and short-term investments | $1.3M | $74.4M | $61.4M | $17.3M | $11.6M |
| Debt incl. finance leases | $0.0M | $72.9M | $106M | $114M | $83.2M |
| Shareholders' equity | $4.6M | $63.6M | −$6.1M | −$103M | −$128M |
| Current ratio | 1.1x | 4.8x | 1.4x | 0.3x | 0.2x |
| Interest coverage | −231.6x | −2,260.0x | −1,348.2x | — | — |
| Returns and quality | |||||
| Return on capital | −943.5% | −464.6% | −304.1% | — | — |
| Return on equity | −1,177.2% | −2,453.6% | −642.0% | — | — |
| Return on tangible equity | −871.4% | −1,318.7% | — | — | — |
| Piotroski F-score | 4 | 2 | 4 | 3 | 5 |
| Altman Z'' | −15.8 | −28.0 | −19.7 | −59.5 | −116.1 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
NaaS Technology Inc. · NAAS
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $2.26 a share, the company is worth $2.2B: 32.3 times its earnings of the last four quarters.
Source: SEC EDGAR XBRL filings (CIK 0001712178). Data updated October 24, 2026. Filed in CNY under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.