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MARKETS / NASDAQ / TOP
NASDAQ · SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES

TOP Financial Group Ltd. TOP

7 fiscal years on record · USD · FY2025 reported · SEC filings only
$2.9M
▲ 2.1% YoY
$-1.2M
$13.1M
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 2.9M
Revenue, FY2025 · full 7-year series below
Revenue $M Net income $M
FY2025 · Revenue 2.9 · Net income -1.2
8M16M-2M-4M2019202020212022202320242025
Compound annual growth
−31.2%
−29.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −29.2% a year over five years.

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
−40 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -40.2% · Net -40.1%
20%40%-100%-200%2019202020212022202320242025
ROE
FY2025 · ROE -3.4%
20%40%60%-5%-10%-15%2019202020212022202320242025

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
8M16M-5M-10M2019202020212022202320242025
Net buybacks $M Dividends $M
FY2020 · Dividends 5.2 · Net buybacks —
2M4M2020

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
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 · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 21 reconciliationsAUDITED

Reconciled in 8 of 19 fiscal years. 36 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 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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