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MARKETS / NASDAQ / Financials / Brokerage and capital markets / TOP
NASDAQ · SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES

TOP Financial Group Ltd. TOP

7 fiscal years on record · USD · FY2025 reported · SEC filings only
$4.7M
▲ 41.9% YoY
$-1.2M
$13.1M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Our Operating Subsidiaries operate an online brokerage firm in Hong Kong specializing in the trading of local and overseas equities, futures, and options products. Our clients primarily reside in Asia and the Operating Subsidiaries are currently focusing on expanding our customer base to Southeast Asian investors. The Operating Subsidiaries offer our customers comprehensive brokerage and value-added services, including trade order placement and execution, account management, and customer support. We had 30 employees as of March 31, 2026.

Written from the business description in TOP Financial Group Ltd's annual report to the U.S. Securities and Exchange Commission, filed 7 July 2026. Every sentence was checked against that document before publication.

Growth

USD 4.7M
Revenue, FY2025 · full 7-year series below
Revenue $M Net income $M
FY2025 · Revenue 4.7 · Net income -1.2
10.0M20.0M-2.5M-5.0M
201920222025
Compound annual growth
−21.3%
−22.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −22.5% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−25 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -24.9% · Net -24.9%
20%40%-50%-100%-150%
201920222025
ROE
FY2025 · ROE -3.4%
20%40%60%-5%-10%-15%
201920222025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.
Gross margin·
Operating margin-24.9%
Net margin-24.9%
EBITDAUSD -1.1M

Each USD of equity lost 3 cents this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 13.1
10M20M-10M-20M
201920222025
Net buybacks $M Dividends $M
FY2020 · Dividends 5.2 · Net buybacks ·
2M4M
2020
Dividends paid·
Net buybacks·
Share of profit·
Consecutive raises·

Total assetsUSD 86.1M
EquityUSD 33.9M
CashUSD 13.0M
Gross debtUSD 637,755.00
Net debtUSD -12.4M

The company holds more cash than debt.

The 7-year record

7 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
TOP, 7-year financial record
Metric 2025202420232022202120202019
Revenue $B0.00.00.00.00.00.00.0
Operating income $B−0.0−0.00.00.00.00.00.0
EBITDA $B−0.0−0.00.00.00.00.00.0
Income tax $B−0.00.0−0.00.00.00.00.0
Net income $B−0.0−0.00.00.00.00.00.0
Free cash flow $B0.0−0.00.0−0.0◌◌◌
EPS, diluted $−0.03−0.160.030.100.120.170.08
Dividend / sh $◌◌◌◌◌◌◌
Payout %—————103—
ROE %−3.4−15.82.714.741.276.546.4
Shares out B0.040.040.040.040.030.03◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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UNH · BRK-A · BRK-B · CI · ELV · CNC
Provenance

Company facts, as filed

How we verify · 0 failures in 21 reconciliationsAUDITED

Reconciled in 7 of the 7 fiscal years we could check. 13 checks were skipped: the balance sheet is not tagged before 2020. 12 checks were skipped: EPS is not tagged before 2019.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivitySecurity & Commodity Brokers, Dealers, Exchanges & Services
Listed onNASDAQ
Incorporated inoutside the United States — SEC code E9
Fiscal year endsMarch 31
SEC categoryemerging growth company
Data on record since2018

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