Detailed financial statements for Maison Solutions Inc. Class A Common Stock (MSS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Maison Solutions Inc., along with its affiliated entities, functions as a niche grocery retailer across California. The company offers a wide array of products, including fresh perishables like meats, seafood, fruits, and vegetables. Its inventory also features non-perishable goods such as kitchenware, canned foods, specialized Chinese and Asian spices and seasonings, and snack items.
Analysis Summary
Trailing-twelve-month margins: gross margin 20.2%, operating margin -7.6%, net margin -10.6%.
At the current price of $1.52, MSS has negative trailing earnings (P/E not meaningful) and an ROE of 10.02%. Market capitalisation stands at $1M.
Balance sheet quality for MSS: current ratio of 0.6, net debt of $50.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $4.6M represents 392% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $41.2M | $42.0M | $55.4M | $58.0M | $124.2M |
| Cost of Revenue | $32.9M | $33.7M | $42.9M | $46.4M | $97.9M |
| Gross Profit | $8.3M | $8.3M | $12.5M | $11.6M | $26.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $7.8M | $9.1M | $12.4M | $14.3M | $27.6M |
| Operating Expenses | $7.8M | $9.1M | $12.4M | $14.3M | $27.6M |
| Operating Income | $553402 | -$826590 | $83647 | -$2.7M | -$1.3M |
| EBITDA | $1.1M | -$389182 | $454180 | -$2.2M | -$229521 |
| Interest Expense | $59209 | 0 | 0 | $124260 | $1.2M |
| Pre-tax Income | $1.5M | -$627288 | $2.0M | -$2.9M | $1.1M |
| Income Tax | $436055 | $27738 | $336486 | $440562 | $173989 |
| Net Income | $904079 | -$562744 | $1.3M | -$3.3M | $1.2M |
| EPS | $2.44 | $-1.52 | $3.38 | $-9.50 | $3.35 |
| EPS (Diluted) | $2.44 | $-1.52 | $3.38 | $-9.50 | $3.29 |
| Shares Outstanding (Diluted) | $370000 | $370000 | $370000 | $358277 | $354965 |
Income Statement (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Revenue | $29.4M | $27.2M | $27.6M | $29.5M |
| Gross Profit | $2.4M | $6.6M | $6.5M | $7.5M |
| Operating Income | -$4.7M | $184215 | -$1.4M | -$2.8M |
| EBITDA | -$4.2M | $404974 | -$4.5M | -$2.6M |
| Net Income | -$287389 | -$1.5M | -$5.0M | -$5.2M |
| EPS | $-0.82 | $-4.00 | $-11.50 | $-10.30 |
| EPS (Diluted) | $-0.81 | $-4.00 | $-11.50 | $-10.30 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $714285 | $898061 | $2.6M | $2.1M | $775360 |
| Short-term Investments | 0 | 0 | 0 | $1101 | 0 |
| Receivables | $2.2M | $4.8M | $1.2M | $605516 | $4.0M |
| Inventory | $1.9M | $2.3M | $3.0M | $6.8M | $5.8M |
| Total Current Assets | $4.9M | $9.1M | $8.3M | $11.9M | $12.9M |
| Property, Plant & Equipment | $18.0M | $16.4M | $23.2M | $43.1M | $40.1M |
| Goodwill | 0 | 0 | $2.2M | $17.0M | $14.9M |
| Intangible Assets | $10030 | $15272 | $197329 | $8.0M | $7.4M |
| Total Assets | $23.3M | $26.1M | $34.6M | $82.4M | $77.4M |
| Accounts Payable | $1.9M | $3.4M | $3.1M | $5.4M | $8.0M |
| Short-term Debt | $304619 | $498252 | $520828 | $15.3M | $6.4M |
| Total Current Liabilities | $4.7M | $7.5M | $8.4M | $28.8M | $22.7M |
| Long-term Debt | $1.1M | $2.8M | $2.6M | $2.5M | $3.9M |
| Total Liabilities | $23.5M | $26.9M | $33.8M | $71.7M | $65.7M |
| Retained Earnings | -$166349 | -$729093 | $522710 | -$2.8M | -$1.6M |
| Total Equity | -$164749 | -$727493 | $524310 | $10.5M | $11.7M |
| Total Debt | $20.0M | $20.9M | $27.6M | $60.9M | $51.2M |
| Net Debt | $19.3M | $20.0M | $25.0M | $60.9M | $50.5M |
| Working Capital | $156278 | $1.5M | -$86864 | -$16.9M | -$9.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Cash & Equivalents | $775360 | $1.1M | $1.4M | $1.5M |
| Total Assets | $77.4M | $73.3M | $75.4M | $72.1M |
| Total Liabilities | $65.7M | $63.4M | $64.0M | $64.5M |
| Total Equity | $11.7M | $10.1M | $11.6M | $7.7M |
| Total Debt | $51.2M | $45.7M | $48.2M | $47.5M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $1.0M | -$655026 | $1.6M | -$3.4M | $920909 |
| Depreciation & Amortization | $578874 | $437408 | $371696 | $461868 | $1.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$528084 | $1.7M | -$1.6M | -$1.0M | $2.8M |
| Operating Cash Flow | $1.1M | $1.5M | $484191 | -$3.5M | $4.8M |
| Capital Expenditure | -$37153 | -$63787 | -$49388 | -$3.3M | -$175355 |
| Acquisitions | 0 | 0 | -$2.5M | -$7.0M | -$62000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $1.1M | $1.4M | $434803 | -$6.8M | $4.6M |
Cash Flow (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Operating Cash Flow | -$1.6M | $1.1M | -$1.7M | $1.5M |
| Capital Expenditure | -$20928 | -$1000 | -$2.0M | $2.0M |
| Free Cash Flow | -$1.7M | $1.1M | -$3.8M | $3.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $1.1M | $846325 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +1.9% | +32.0% | +4.8% | +114.0% |
| Net Income Growth (YoY) | | -162.2% | +322.4% | -366.8% | +135.0% |
| EPS Growth (YoY) | | -162.2% | +322.7% | -380.6% | +135.3% |
| Shares Change (YoY) | | +0.0% | +0.0% | -3.2% | -0.9% |
| FCF Growth (YoY) | | +32.8% | -69.5% | -1672.0% | +167.0% |
| Gross Margin | 20.2% | 19.7% | 22.5% | 20.0% | 21.2% |
| Operating Margin | 1.3% | -2.0% | 0.2% | -4.7% | -1.0% |
| EBITDA Margin | 2.7% | -0.9% | 0.8% | -3.9% | -0.2% |
| Net Margin | 2.2% | -1.3% | 2.3% | -5.8% | 0.9% |
| FCF Margin | 2.6% | 3.4% | 0.8% | -11.8% | 3.7% |
| Effective Tax Rate | 29.8% | -4.4% | 17.0% | -15.0% | 15.9% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $2.90 | $3.85 | $1.18 | $-19.08 | $12.90 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $370000 | $370000 | $370000 | $358277 | $349010 |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 10.02% |
| Return on Invested Capital | -1.63% |
| Return on Assets | 1.51% |
| Gross Margin | 20.17% |
| Operating Margin | -7.63% |
| Net Margin | -10.56% |
Financial Health
| Debt / Equity | 6.17 |
| Current Ratio | 0.67 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 183.23 | -294.74 | 132.35 | -5.63 | 14.93 |
| P/B | -1006.14 | -227.85 | 316.15 | 1.83 | 1.50 |
| P/S | 4.02 | 3.95 | 2.99 | 0.33 | 0.14 |
| Gross Margin | 20.2% | 19.7% | 22.5% | 20.0% | 21.2% |
| Operating Margin | 1.3% | -2.0% | 0.2% | -4.7% | -1.0% |
| Net Margin | 2.2% | -1.3% | 2.3% | -5.8% | 0.9% |