Token Cat Limited (TC) 10-Year Financial Performance & Capital Metrics

TC •

Communication ServicesInternet ServicesOnline Marketplaces and Classifieds

AboutToken Cat Ltd. operates as a holding company, which engages in the operation of an omni-channel automotive marketplace. It offers auto shows, group-purchase facilitation, and virtual dealership services. The company was founded by Wei Wen and Jian Chen Sun in 2010 and is headquartered in Beijing, China.Show more

Revenue $49M -69.7%
EBITDA -$86M +26.5%
Net Income -$188M -126.6%
EPS (Diluted) -64.80 -125.0%
Gross Margin 68.29% +18.7%
EBITDA Margin -174.66% -142.8%
Operating Margin -182.89% -145.4%
Net Margin -382.28% -648.1%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -90.03

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 40.2% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-40.23%

3Y-48.38%

TTM-67.71%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-80.12%

EPS CAGR

10Y-

5Y-

3Y-

TTM-155.55%

ROCE

10Y Avg-65.38%

5Y Avg-79.11%

3Y Avg-112.35%

Latest-

Peer Comparison

Online Marketplaces and Classifieds

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZGZillow Group, Inc. Class A	10.77B	44.80	497.78	15.52%	0.89%	0.47%	2.18%	0.02
ZZillow Group, Inc. Class C	10.73B	44.62	495.78	15.52%	-1.29%	-0.64%	2.19%	0.02
FVRRFiverr International Ltd.	388.19M	10.83	19.34	10.07%	4.87%	5.09%	26.78%	0.01
SSTKShutterstock, Inc.	689.62M	16.80	13.44	5.84%	4.6%	7.83%	17.96%	0.23
ATHMAutohome Inc.	9.19B	19.18	9.89	-2.01%	23.62%	6.31%	1.96%	0.00
GETYGetty Images Holdings, Inc.	320.77M	0.78	8.16	2.48%	-9.6%	-13.31%	18.98%	1.89
EVEREverQuote, Inc.	56.95M	15.80	6.01	38.45%	14.34%	41.72%	100%	-0.00
SEATVivid Seats Inc.	22.72M	5.96	5.32	8.8%	-24.08%	-46.21%	100%	0.66

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	117.35M	280.67M	651.01M	644.77M	330.23M	357.55M	183.19M	162.37M	49.18M
Revenue Growth %	-	139.16%	131.95%	-0.96%	-48.78%	8.27%	-48.77%	-11.37%	-69.71%
Cost of Goods Sold+	17.75M	54.78M	183.37M	186.54M	88.8M	85.29M	70.54M	68.94M	15.6M
COGS % of Revenue	15.12%	19.52%	28.17%	28.93%	26.89%	23.85%	38.51%	42.46%	31.71%
Gross Profit+	99.61M	225.88M	467.64M	458.23M	241.43M	272.26M	112.65M	93.42M	33.58M
Gross Margin %	84.88%	80.48%	71.83%	71.07%	73.11%	76.15%	61.49%	57.54%	68.29%
Gross Profit Growth %	-	126.78%	107.03%	-2.01%	-47.31%	12.77%	-58.62%	-17.07%	-64.06%
Operating Expenses+	179.97M	299.16M	539.59M	716.55M	412.75M	383.11M	231.95M	214.45M	123.52M
OpEx % of Revenue	153.36%	106.59%	82.88%	111.13%	124.99%	107.15%	126.62%	132.08%	251.18%
Selling, General & Admin	161.12M	250.74M	516.42M	675.93M	378.49M	347.46M	192.4M	201.67M	107.58M
SG&A % of Revenue	137.3%	89.34%	79.33%	104.83%	114.61%	97.18%	105.03%	124.21%	218.77%
Research & Development	19.58M	15.93M	19.26M	43.34M	34.27M	35.65M	19.8M	11.27M	11.89M
R&D % of Revenue	16.68%	5.67%	2.96%	6.72%	10.38%	9.97%	10.81%	6.94%	24.18%
Other Operating Expenses	-226K	52K	-465K	-2.72M	0	0	19.74M	1.51M	4.05M
Operating Income+	-81.09M	-71.74M	-68.04M	-261.04M	-171.32M	-110.85M	-119.3M	-121.03M	-89.94M
Operating Margin %	-69.1%	-25.56%	-10.45%	-40.49%	-51.88%	-31%	-65.12%	-74.54%	-182.89%
Operating Income Growth %	-	11.53%	5.16%	-283.67%	34.37%	35.3%	-7.62%	-1.45%	25.69%
EBITDA+	-79.89M	-70.78M	-66.98M	-256.61M	-164.22M	-103.44M	-115.06M	-116.79M	-85.89M
EBITDA Margin %	-68.07%	-25.22%	-10.29%	-39.8%	-49.73%	-28.93%	-62.81%	-71.93%	-174.66%
EBITDA Growth %	-	11.4%	5.37%	-283.13%	36.01%	37.01%	-11.23%	-1.51%	26.46%
D&A (Non-Cash Add-back)	1.21M	965K	1.06M	4.43M	7.11M	7.41M	4.24M	4.24M	0
EBIT	-81.09M	-71.74M	-68.04M	-261.04M	-171.32M	-110.85M	-99.55M	-119.51M	-85.89M
Net Interest Income+	-1.38M	-2.42M	-3.15M	7.02M	2.41M	625K	-174K	-143K	-999K
Interest Income	0	0	3.15M	7.02M	2.41M	625K	174K	143K	0
Interest Expense	1.38M	2.42M	0	0	0	0	625K	0	999K
Other Income/Expense	-413K	-3.95M	-7.05M	9.74M	6.82M	8.9M	-52.65M	38.06M	-98.05M
Pretax Income+	-81.51M	-75.69M	-75.09M	-251.3M	-164.51M	-101.94M	-171.94M	-82.97M	-187.99M
Pretax Margin %	-69.46%	-26.97%	-11.53%	-38.97%	-49.82%	-28.51%	-93.86%	-51.1%	-382.28%
Income Tax+	16.91M	20.95M	35.07M	0	-1.03M	0	-5.45M	0	0
Effective Tax Rate %	120.74%	127.67%	146.7%	99.74%	99.1%	100%	96.83%	100%	100%
Net Income+	-98.41M	-96.64M	-110.15M	-250.64M	-163.03M	-101.94M	-166.49M	-82.97M	-187.99M
Net Margin %	-83.86%	-34.43%	-16.92%	-38.87%	-49.37%	-28.51%	-90.88%	-51.1%	-382.28%
Net Income Growth %	-	1.8%	-13.98%	-127.54%	34.95%	37.47%	-63.31%	50.16%	-126.57%
Net Income (Continuing)	-81.51M	-75.69M	-75.09M	-251.3M	-163.48M	-101.94M	-166.49M	-82.97M	-187.99M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	-659K	-1.1M	-1.1M	0	0	0
EPS (Diluted)+	-158.48	-146.68	-130.09	-122.40	-76.80	-48.00	-74.40	-28.80	-64.80
EPS Growth %	-	7.45%	11.31%	5.91%	37.25%	37.5%	-55%	61.29%	-125%
EPS (Basic)	-158.48	-146.88	-130.09	-122.40	-76.80	-48.00	-74.40	-28.80	-64.80
Diluted Shares Outstanding	465.75K	494.12K	635K	1.54M	1.58M	1.6M	1.66M	2.12M	2.19M
Basic Shares Outstanding	465.75K	493.46K	635K	1.54M	1.58M	1.6M	1.66M	2.12M	2.19M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	46.74M	109.55M	699.63M	531.38M	311.4M	205.71M	173.67M	61.99M	38.05M
Cash & Short-Term Investments	28.11M	72.51M	587.2M	278.18M	164.34M	71.1M	77.88M	16.16M	9.08M
Cash Only	24.79M	66.69M	578.56M	193.92M	109.92M	63.46M	69.89M	9.56M	6.3M
Short-Term Investments	3.33M	5.81M	8.64M	84.26M	54.42M	7.64M	7.98M	6.59M	2.79M
Accounts Receivable	5.63M	9.95M	62.92M	72.39M	66.13M	47.95M	49.97M	28.89M	11.85M
Days Sales Outstanding	17.51	12.94	35.27	40.98	73.09	48.95	99.56	64.95	87.93
Inventory	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-
Other Current Assets	2.29M	12.26M	2.23M	97.91M	15.43M	28.1M	5.53M	16.95M	5.66M
Total Non-Current Assets+	2.63M	3.29M	26.29M	35.81M	163.01M	147.37M	61.6M	57.35M	6.1M
Property, Plant & Equipment	1.63M	802K	1.45M	4.85M	16.51M	8.57M	10.13M	5.71M	0
Fixed Asset Turnover	71.95x	349.96x	449.91x	133.03x	20.00x	41.72x	18.07x	28.46x	-
Goodwill	0	0	0	0	115.41M	115.41M	45.56M	45.56M	0
Intangible Assets	0	136K	10.19M	15.51M	21.82M	17.71M	0	0	0
Long-Term Investments	1M	1M	4.39M	7.87M	8.95M	5.36M	5.38M	5.56M	6.1M
Other Non-Current Assets	0	1.35M	10.27M	7.58M	313K	313K	522K	522K	0
Total Assets+	49.38M	112.83M	725.92M	567.2M	474.41M	353.07M	235.27M	119.35M	44.14M
Asset Turnover	2.38x	2.49x	0.90x	1.14x	0.70x	1.01x	0.78x	1.36x	1.11x
Asset Growth %	-	128.53%	543.35%	-21.87%	-16.36%	-25.58%	-33.37%	-49.27%	-63.01%
Total Current Liabilities+	112.98M	171.05M	123.94M	142.06M	176.16M	151.78M	108.56M	86.76M	103.03M
Accounts Payable	187K	3.34M	7M	5.83M	21.79M	29.58M	13.66M	10.41M	13.88M
Days Payables Outstanding	3.85	22.25	13.93	11.4	89.58	126.58	70.67	55.09	324.72
Short-Term Debt	62.48M	88.86M	0	0	0	7M	3.17M	15.69M	31.73M
Deferred Revenue (Current)	2.63M	9.75M	14.7M	4.8M	25.52M	19.54M	5.04M	5.38M	9.67M
Other Current Liabilities	3.22M	5.81M	21.66M	9.25M	14.37M	13.09M	16.7M	11.9M	7.43M
Current Ratio	0.41x	0.64x	5.65x	3.74x	1.77x	1.36x	1.60x	0.71x	0.37x
Quick Ratio	0.41x	0.64x	5.65x	3.74x	1.77x	1.36x	1.60x	0.71x	0.37x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	226.49M	2.93M	0	2.16M	11.18M	7.98M	33.93M	13.1M	81.92M
Long-Term Debt	0	2.93M	0	0	0	0	1.55M	9.1M	10M
Capital Lease Obligations	0	0	0	0	4.05M	1.48M	7.49M	6.1M	3.36M
Deferred Tax Liabilities	0	0	0	0	5.45M	5.45M	-18K	0	0
Other Non-Current Liabilities	0	0	0	0	1.5M	957K	24.87M	3.95M	68.56M
Total Liabilities	112.98M	173.98M	123.94M	142.06M	187.35M	159.76M	142.49M	99.86M	184.95M
Total Debt+	62.48M	91.79M	0	0	9.96M	11.06M	17.41M	24.79M	48.47M
Net Debt	37.69M	25.09M	-578.56M	-193.92M	-105.87M	-54.99M	-57.69M	15.22M	42.18M
Debt / Equity	-	-	-	-	0.03x	0.06x	0.19x	1.27x	-
Debt / EBITDA	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-
Interest Coverage	-58.94x	-29.69x	-	-	-	-	-190.87x	-	-90.03x
Total Equity+	-63.61M	-61.14M	601.99M	422.98M	287.06M	193.31M	92.78M	19.48M	-140.81M
Equity Growth %	-	3.87%	1084.54%	-29.74%	-32.13%	-32.66%	-52%	-79%	-822.68%
Book Value per Share	-136.57	-123.74	948.02	275.33	181.11	121.01	55.77	9.20	-64.19
Total Shareholders' Equity	-63.61M	-61.14M	601.99M	423.63M	288.16M	194.41M	92.78M	19.48M	-140.81M
Common Stock	60K	60K	201K	208K	216K	217K	270K	271K	515K
Retained Earnings	-280.75M	-389.33M	-468.03M	-718.67M	-881.7M	-983.64M	-1.15B	-1.23B	-1.42B
Treasury Stock	0	0	0	-46.53M	-45.89M	-45.89M	-45.89M	-45.89M	-34.53M
Accumulated OCI	-9.4M	-10.77M	-7.37M	1.05M	-5.8M	-7.41M	-8.42M	-8.29M	-8.98M
Minority Interest	0	0	0	-659K	-1.1M	-1.1M	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-54.09M	-59.66M	-53.34M	-161.81M	-88.85M	-92.25M	-109.68M	-74.89M	-34.72M
Operating CF Margin %	-46.09%	-21.26%	-8.19%	-25.09%	-26.91%	-25.8%	-59.87%	-46.13%	-70.61%
Operating CF Growth %	-	-10.3%	10.6%	-203.36%	45.09%	-3.83%	-18.89%	31.72%	53.64%
Net Income	-86.57M	-90.67M	-78.7M	-250.64M	-163.03M	-101.94M	-166.49M	-82.97M	-187.99M
Depreciation & Amortization	1.21M	965K	1.06M	4.43M	7.11M	7.41M	4.24M	0	0
Stock-Based Compensation	2.86M	1.9M	78.13M	110.4M	17.45M	9.8M	10.28M	9.8M	28.39M
Deferred Taxes	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-198K	6.11M	10.73M	13.82M	45.37M	19.84M	80.3M	-26.75M	110.97M
Working Capital Changes	28.61M	22.04M	-64.56M	-39.81M	4.25M	-27.36M	-38.01M	25.04M	13.91M
Change in Receivables	3.26M	-4.01M	-44.28M	-30.52M	-7.39M	6.5M	-1.13M	20.44M	13.07M
Change in Inventory	0	0	0	0	0	0	0	0	0
Change in Payables	-782K	3.15M	3.66M	-1.17M	0	7.78M	-15.92M	-3.25M	3.47M
Cash from Investing+	14.97M	-4.27M	-20.75M	-187.55M	37.7M	47.86M	-212K	0	-19K
Capital Expenditures	-65K	-272K	-20.71M	-13.24M	-2.05M	-968K	-212K	0	-19K
CapEx % of Revenue	0.06%	0.1%	3.18%	2.05%	0.62%	0.27%	0.12%	-	0.04%
Acquisitions	0	0	0	0	1.33M	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-
Other Investing	15.03M	-4M	-38K	-99.14M	0	0	0	0	0
Cash from Financing+	52.48M	117.95M	562.13M	-37.24M	-63K	7M	91.24M	13.97M	30.16M
Debt Issued (Net)	52.48M	59.31M	-50.62M	0	3M	7M	-2.29M	20.4M	23.05M
Equity Issued (Net)	0	1000K	1000K	-1000K	0	0	1000K	0	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	0	-449K	0	-13.75M	0	0	0	0	0
Other Financing	0	0	0	-23.5M	-3.06M	0	0	-6.43M	0
Net Change in Cash	13.38M	53.02M	500.75M	-383.11M	-55.7M	-42.45M	-20.45M	-60.85M	-5.65M
Free Cash Flow+	-54.16M	-59.93M	-74.05M	-175.05M	-90.9M	-93.22M	-109.89M	-74.89M	-34.74M
FCF Margin %	-46.15%	-21.35%	-11.37%	-27.15%	-27.53%	-26.07%	-59.99%	-46.13%	-70.65%
FCF Growth %	-	-10.67%	-23.55%	-136.41%	48.07%	-2.55%	-17.88%	31.85%	53.61%
FCF per Share	-116.28	-121.29	-116.61	-113.95	-57.35	-58.36	-66.05	-35.35	-15.84
FCF Conversion (FCF/Net Income)	0.55x	0.62x	0.48x	0.65x	0.55x	0.90x	0.66x	0.90x	0.18x
Interest Paid	0	0	0	0	0	0	0	0	465K
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-40.73%	-48.91%	-45.92%	-42.44%	-116.39%	-147.81%	-
Return on Invested Capital (ROIC)	-	-	-217.77%	-155.08%	-61.75%	-50.69%	-98.75%	-242.04%	-
Gross Margin	84.88%	80.48%	71.83%	71.07%	73.11%	76.15%	61.49%	57.54%	68.29%
Net Margin	-83.86%	-34.43%	-16.92%	-38.87%	-49.37%	-28.51%	-90.88%	-51.1%	-382.28%
Debt / Equity	-	-	-	-	0.03x	0.06x	0.19x	1.27x	-
Interest Coverage	-58.94x	-29.69x	-	-	-	-	-190.87x	-	-90.03x
FCF Conversion	0.55x	0.62x	0.48x	0.65x	0.55x	0.90x	0.66x	0.90x	0.18x
Revenue Growth	-	139.16%	131.95%	-0.96%	-48.78%	8.27%	-48.77%	-11.37%	-69.71%

US Stock Screener

...

Token Cat Limited (TC) 10-Year Financial Performance & Capital Metrics

TC •

Communication ServicesInternet ServicesOnline Marketplaces and Classifieds

Revenue $49M -69.7%
EBITDA -$86M +26.5%
Net Income -$188M -126.6%
EPS (Diluted) -64.80 -125.0%
Gross Margin 68.29% +18.7%
EBITDA Margin -174.66% -142.8%
Operating Margin -182.89% -145.4%
Net Margin -382.28% -648.1%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -90.03

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 40.2% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y-40.23%

3Y-48.38%

TTM-67.71%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-80.12%

EPS CAGR

10Y-

5Y-

3Y-

TTM-155.55%

ROCE

10Y Avg-65.38%

5Y Avg-79.11%

3Y Avg-112.35%

Latest-

Peer Comparison

Online Marketplaces and Classifieds

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ZGZillow Group, Inc. Class A	10.77B	44.80	497.78	15.52%	0.89%	0.47%	2.18%	0.02
ZZillow Group, Inc. Class C	10.73B	44.62	495.78	15.52%	-1.29%	-0.64%	2.19%	0.02
FVRRFiverr International Ltd.	388.19M	10.83	19.34	10.07%	4.87%	5.09%	26.78%	0.01
SSTKShutterstock, Inc.	689.62M	16.80	13.44	5.84%	4.6%	7.83%	17.96%	0.23
ATHMAutohome Inc.	9.19B	19.18	9.89	-2.01%	23.62%	6.31%	1.96%	0.00
GETYGetty Images Holdings, Inc.	320.77M	0.78	8.16	2.48%	-9.6%	-13.31%	18.98%	1.89
EVEREverQuote, Inc.	56.95M	15.80	6.01	38.45%	14.34%	41.72%	100%	-0.00
SEATVivid Seats Inc.	22.72M	5.96	5.32	8.8%	-24.08%	-46.21%	100%	0.66

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	117.35M	280.67M	651.01M	644.77M	330.23M	357.55M	183.19M	162.37M	49.18M
Revenue Growth %	-	139.16%	131.95%	-0.96%	-48.78%	8.27%	-48.77%	-11.37%	-69.71%
Cost of Goods Sold+	17.75M	54.78M	183.37M	186.54M	88.8M	85.29M	70.54M	68.94M	15.6M
COGS % of Revenue	15.12%	19.52%	28.17%	28.93%	26.89%	23.85%	38.51%	42.46%	31.71%
Gross Profit+	99.61M	225.88M	467.64M	458.23M	241.43M	272.26M	112.65M	93.42M	33.58M
Gross Margin %	84.88%	80.48%	71.83%	71.07%	73.11%	76.15%	61.49%	57.54%	68.29%
Gross Profit Growth %	-	126.78%	107.03%	-2.01%	-47.31%	12.77%	-58.62%	-17.07%	-64.06%
Operating Expenses+	179.97M	299.16M	539.59M	716.55M	412.75M	383.11M	231.95M	214.45M	123.52M
OpEx % of Revenue	153.36%	106.59%	82.88%	111.13%	124.99%	107.15%	126.62%	132.08%	251.18%
Selling, General & Admin	161.12M	250.74M	516.42M	675.93M	378.49M	347.46M	192.4M	201.67M	107.58M
SG&A % of Revenue	137.3%	89.34%	79.33%	104.83%	114.61%	97.18%	105.03%	124.21%	218.77%
Research & Development	19.58M	15.93M	19.26M	43.34M	34.27M	35.65M	19.8M	11.27M	11.89M
R&D % of Revenue	16.68%	5.67%	2.96%	6.72%	10.38%	9.97%	10.81%	6.94%	24.18%
Other Operating Expenses	-226K	52K	-465K	-2.72M	0	0	19.74M	1.51M	4.05M
Operating Income+	-81.09M	-71.74M	-68.04M	-261.04M	-171.32M	-110.85M	-119.3M	-121.03M	-89.94M
Operating Margin %	-69.1%	-25.56%	-10.45%	-40.49%	-51.88%	-31%	-65.12%	-74.54%	-182.89%
Operating Income Growth %	-	11.53%	5.16%	-283.67%	34.37%	35.3%	-7.62%	-1.45%	25.69%
EBITDA+	-79.89M	-70.78M	-66.98M	-256.61M	-164.22M	-103.44M	-115.06M	-116.79M	-85.89M
EBITDA Margin %	-68.07%	-25.22%	-10.29%	-39.8%	-49.73%	-28.93%	-62.81%	-71.93%	-174.66%
EBITDA Growth %	-	11.4%	5.37%	-283.13%	36.01%	37.01%	-11.23%	-1.51%	26.46%
D&A (Non-Cash Add-back)	1.21M	965K	1.06M	4.43M	7.11M	7.41M	4.24M	4.24M	0
EBIT	-81.09M	-71.74M	-68.04M	-261.04M	-171.32M	-110.85M	-99.55M	-119.51M	-85.89M
Net Interest Income+	-1.38M	-2.42M	-3.15M	7.02M	2.41M	625K	-174K	-143K	-999K
Interest Income	0	0	3.15M	7.02M	2.41M	625K	174K	143K	0
Interest Expense	1.38M	2.42M	0	0	0	0	625K	0	999K
Other Income/Expense	-413K	-3.95M	-7.05M	9.74M	6.82M	8.9M	-52.65M	38.06M	-98.05M
Pretax Income+	-81.51M	-75.69M	-75.09M	-251.3M	-164.51M	-101.94M	-171.94M	-82.97M	-187.99M
Pretax Margin %	-69.46%	-26.97%	-11.53%	-38.97%	-49.82%	-28.51%	-93.86%	-51.1%	-382.28%
Income Tax+	16.91M	20.95M	35.07M	0	-1.03M	0	-5.45M	0	0
Effective Tax Rate %	120.74%	127.67%	146.7%	99.74%	99.1%	100%	96.83%	100%	100%
Net Income+	-98.41M	-96.64M	-110.15M	-250.64M	-163.03M	-101.94M	-166.49M	-82.97M	-187.99M
Net Margin %	-83.86%	-34.43%	-16.92%	-38.87%	-49.37%	-28.51%	-90.88%	-51.1%	-382.28%
Net Income Growth %	-	1.8%	-13.98%	-127.54%	34.95%	37.47%	-63.31%	50.16%	-126.57%
Net Income (Continuing)	-81.51M	-75.69M	-75.09M	-251.3M	-163.48M	-101.94M	-166.49M	-82.97M	-187.99M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	-659K	-1.1M	-1.1M	0	0	0
EPS (Diluted)+	-158.48	-146.68	-130.09	-122.40	-76.80	-48.00	-74.40	-28.80	-64.80
EPS Growth %	-	7.45%	11.31%	5.91%	37.25%	37.5%	-55%	61.29%	-125%
EPS (Basic)	-158.48	-146.88	-130.09	-122.40	-76.80	-48.00	-74.40	-28.80	-64.80
Diluted Shares Outstanding	465.75K	494.12K	635K	1.54M	1.58M	1.6M	1.66M	2.12M	2.19M
Basic Shares Outstanding	465.75K	493.46K	635K	1.54M	1.58M	1.6M	1.66M	2.12M	2.19M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	46.74M	109.55M	699.63M	531.38M	311.4M	205.71M	173.67M	61.99M	38.05M
Cash & Short-Term Investments	28.11M	72.51M	587.2M	278.18M	164.34M	71.1M	77.88M	16.16M	9.08M
Cash Only	24.79M	66.69M	578.56M	193.92M	109.92M	63.46M	69.89M	9.56M	6.3M
Short-Term Investments	3.33M	5.81M	8.64M	84.26M	54.42M	7.64M	7.98M	6.59M	2.79M
Accounts Receivable	5.63M	9.95M	62.92M	72.39M	66.13M	47.95M	49.97M	28.89M	11.85M
Days Sales Outstanding	17.51	12.94	35.27	40.98	73.09	48.95	99.56	64.95	87.93
Inventory	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-
Other Current Assets	2.29M	12.26M	2.23M	97.91M	15.43M	28.1M	5.53M	16.95M	5.66M
Total Non-Current Assets+	2.63M	3.29M	26.29M	35.81M	163.01M	147.37M	61.6M	57.35M	6.1M
Property, Plant & Equipment	1.63M	802K	1.45M	4.85M	16.51M	8.57M	10.13M	5.71M	0
Fixed Asset Turnover	71.95x	349.96x	449.91x	133.03x	20.00x	41.72x	18.07x	28.46x	-
Goodwill	0	0	0	0	115.41M	115.41M	45.56M	45.56M	0
Intangible Assets	0	136K	10.19M	15.51M	21.82M	17.71M	0	0	0
Long-Term Investments	1M	1M	4.39M	7.87M	8.95M	5.36M	5.38M	5.56M	6.1M
Other Non-Current Assets	0	1.35M	10.27M	7.58M	313K	313K	522K	522K	0
Total Assets+	49.38M	112.83M	725.92M	567.2M	474.41M	353.07M	235.27M	119.35M	44.14M
Asset Turnover	2.38x	2.49x	0.90x	1.14x	0.70x	1.01x	0.78x	1.36x	1.11x
Asset Growth %	-	128.53%	543.35%	-21.87%	-16.36%	-25.58%	-33.37%	-49.27%	-63.01%
Total Current Liabilities+	112.98M	171.05M	123.94M	142.06M	176.16M	151.78M	108.56M	86.76M	103.03M
Accounts Payable	187K	3.34M	7M	5.83M	21.79M	29.58M	13.66M	10.41M	13.88M
Days Payables Outstanding	3.85	22.25	13.93	11.4	89.58	126.58	70.67	55.09	324.72
Short-Term Debt	62.48M	88.86M	0	0	0	7M	3.17M	15.69M	31.73M
Deferred Revenue (Current)	2.63M	9.75M	14.7M	4.8M	25.52M	19.54M	5.04M	5.38M	9.67M
Other Current Liabilities	3.22M	5.81M	21.66M	9.25M	14.37M	13.09M	16.7M	11.9M	7.43M
Current Ratio	0.41x	0.64x	5.65x	3.74x	1.77x	1.36x	1.60x	0.71x	0.37x
Quick Ratio	0.41x	0.64x	5.65x	3.74x	1.77x	1.36x	1.60x	0.71x	0.37x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	226.49M	2.93M	0	2.16M	11.18M	7.98M	33.93M	13.1M	81.92M
Long-Term Debt	0	2.93M	0	0	0	0	1.55M	9.1M	10M
Capital Lease Obligations	0	0	0	0	4.05M	1.48M	7.49M	6.1M	3.36M
Deferred Tax Liabilities	0	0	0	0	5.45M	5.45M	-18K	0	0
Other Non-Current Liabilities	0	0	0	0	1.5M	957K	24.87M	3.95M	68.56M
Total Liabilities	112.98M	173.98M	123.94M	142.06M	187.35M	159.76M	142.49M	99.86M	184.95M
Total Debt+	62.48M	91.79M	0	0	9.96M	11.06M	17.41M	24.79M	48.47M
Net Debt	37.69M	25.09M	-578.56M	-193.92M	-105.87M	-54.99M	-57.69M	15.22M	42.18M
Debt / Equity	-	-	-	-	0.03x	0.06x	0.19x	1.27x	-
Debt / EBITDA	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-
Interest Coverage	-58.94x	-29.69x	-	-	-	-	-190.87x	-	-90.03x
Total Equity+	-63.61M	-61.14M	601.99M	422.98M	287.06M	193.31M	92.78M	19.48M	-140.81M
Equity Growth %	-	3.87%	1084.54%	-29.74%	-32.13%	-32.66%	-52%	-79%	-822.68%
Book Value per Share	-136.57	-123.74	948.02	275.33	181.11	121.01	55.77	9.20	-64.19
Total Shareholders' Equity	-63.61M	-61.14M	601.99M	423.63M	288.16M	194.41M	92.78M	19.48M	-140.81M
Common Stock	60K	60K	201K	208K	216K	217K	270K	271K	515K
Retained Earnings	-280.75M	-389.33M	-468.03M	-718.67M	-881.7M	-983.64M	-1.15B	-1.23B	-1.42B
Treasury Stock	0	0	0	-46.53M	-45.89M	-45.89M	-45.89M	-45.89M	-34.53M
Accumulated OCI	-9.4M	-10.77M	-7.37M	1.05M	-5.8M	-7.41M	-8.42M	-8.29M	-8.98M
Minority Interest	0	0	0	-659K	-1.1M	-1.1M	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-54.09M	-59.66M	-53.34M	-161.81M	-88.85M	-92.25M	-109.68M	-74.89M	-34.72M
Operating CF Margin %	-46.09%	-21.26%	-8.19%	-25.09%	-26.91%	-25.8%	-59.87%	-46.13%	-70.61%
Operating CF Growth %	-	-10.3%	10.6%	-203.36%	45.09%	-3.83%	-18.89%	31.72%	53.64%
Net Income	-86.57M	-90.67M	-78.7M	-250.64M	-163.03M	-101.94M	-166.49M	-82.97M	-187.99M
Depreciation & Amortization	1.21M	965K	1.06M	4.43M	7.11M	7.41M	4.24M	0	0
Stock-Based Compensation	2.86M	1.9M	78.13M	110.4M	17.45M	9.8M	10.28M	9.8M	28.39M
Deferred Taxes	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-198K	6.11M	10.73M	13.82M	45.37M	19.84M	80.3M	-26.75M	110.97M
Working Capital Changes	28.61M	22.04M	-64.56M	-39.81M	4.25M	-27.36M	-38.01M	25.04M	13.91M
Change in Receivables	3.26M	-4.01M	-44.28M	-30.52M	-7.39M	6.5M	-1.13M	20.44M	13.07M
Change in Inventory	0	0	0	0	0	0	0	0	0
Change in Payables	-782K	3.15M	3.66M	-1.17M	0	7.78M	-15.92M	-3.25M	3.47M
Cash from Investing+	14.97M	-4.27M	-20.75M	-187.55M	37.7M	47.86M	-212K	0	-19K
Capital Expenditures	-65K	-272K	-20.71M	-13.24M	-2.05M	-968K	-212K	0	-19K
CapEx % of Revenue	0.06%	0.1%	3.18%	2.05%	0.62%	0.27%	0.12%	-	0.04%
Acquisitions	0	0	0	0	1.33M	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-
Other Investing	15.03M	-4M	-38K	-99.14M	0	0	0	0	0
Cash from Financing+	52.48M	117.95M	562.13M	-37.24M	-63K	7M	91.24M	13.97M	30.16M
Debt Issued (Net)	52.48M	59.31M	-50.62M	0	3M	7M	-2.29M	20.4M	23.05M
Equity Issued (Net)	0	1000K	1000K	-1000K	0	0	1000K	0	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	0	-449K	0	-13.75M	0	0	0	0	0
Other Financing	0	0	0	-23.5M	-3.06M	0	0	-6.43M	0
Net Change in Cash	13.38M	53.02M	500.75M	-383.11M	-55.7M	-42.45M	-20.45M	-60.85M	-5.65M
Free Cash Flow+	-54.16M	-59.93M	-74.05M	-175.05M	-90.9M	-93.22M	-109.89M	-74.89M	-34.74M
FCF Margin %	-46.15%	-21.35%	-11.37%	-27.15%	-27.53%	-26.07%	-59.99%	-46.13%	-70.65%
FCF Growth %	-	-10.67%	-23.55%	-136.41%	48.07%	-2.55%	-17.88%	31.85%	53.61%
FCF per Share	-116.28	-121.29	-116.61	-113.95	-57.35	-58.36	-66.05	-35.35	-15.84
FCF Conversion (FCF/Net Income)	0.55x	0.62x	0.48x	0.65x	0.55x	0.90x	0.66x	0.90x	0.18x
Interest Paid	0	0	0	0	0	0	0	0	465K
Taxes Paid	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-40.73%	-48.91%	-45.92%	-42.44%	-116.39%	-147.81%	-
Return on Invested Capital (ROIC)	-	-	-217.77%	-155.08%	-61.75%	-50.69%	-98.75%	-242.04%	-
Gross Margin	84.88%	80.48%	71.83%	71.07%	73.11%	76.15%	61.49%	57.54%	68.29%
Net Margin	-83.86%	-34.43%	-16.92%	-38.87%	-49.37%	-28.51%	-90.88%	-51.1%	-382.28%
Debt / Equity	-	-	-	-	0.03x	0.06x	0.19x	1.27x	-
Interest Coverage	-58.94x	-29.69x	-	-	-	-	-190.87x	-	-90.03x
FCF Conversion	0.55x	0.62x	0.48x	0.65x	0.55x	0.90x	0.66x	0.90x	0.18x
Revenue Growth	-	139.16%	131.95%	-0.96%	-48.78%	8.27%	-48.77%	-11.37%	-69.71%

Token Cat Limited (TC) 10-Year Financial Performance & Capital Metrics

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Token Cat Limited (TC) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TC vs Peers

vs ZG

vs Z

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios