TOP Financial Group Limited(TOP)Earnings, Financials & Key Ratios
TOP•NASDAQ•Banking & Credit
$0.79
$29M mkt cap·Price updated May 6, 2026
AboutTOP Financial Group Limited, through its subsidiaries, operates as an online brokerage company in Hong Kong. It is involved in the trading of local and overseas equities, futures, and options products; and the provision of brokerage and value-added services, including trade order placement and execution, account management, and customer support services. The company provides a range of futures products, such as index futures, forex futures, agricultural product futures, energy futures, and precious metal futures. It also offers stock brokerage, options brokerage, consulting services, currency exchange services, structured note subscriber services, and margin financing services. The company was formerly known as Zhong Yang Financial Group Limited and changed its name to TOP Financial Group Limited in July 2022. The company was founded in 2015 and is based in Hong Kong, Hong Kong. TOP Financial Group Limited is a subsidiary of Zhong Yang Holdings (BVI) Limited.Show more
- Net Interest Income$0
- Total Revenue$3M-58.6%
- Net Income-$6M-667.7%
- Return on Equity-15.83%-675.7%
- Net Interest Margin0%
- Efficiency Ratio174.61%+317.2%
- ROA-11.43%-632.3%
- Equity / Assets74.54%+6.0%
- Book Value per Share0.94-25.0%
- Tangible BV/Share0.94-25.0%
- Debt/Equity0.01+385.6%
TOP Key Insights
TOP Financial Group Limited (TOP) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Well capitalized: 74.5% equity/assets
- ✓Diversified revenue: 100.0% from non-interest income
- ✓Trading at only 0.8x book value
✗Weaknesses
- ✗Weak 3Y average ROE of 0.5%
- ✗Weak Piotroski F-Score: 0/9
- ✗High cost structure: 174.6% efficiency ratio
- ✗Weak momentum: RS Rating 13 (bottom 13%)
- ✗Shares diluted 14.7% in last year
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
TOP Price & Volume
TOP Financial Group Limited (TOP) stock price & volume — 10-year historical chart
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TOP Growth Metrics
TOP Financial Group Limited (TOP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-27.39%
3 Years-24.77%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-72.78%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-76.39%
Return on Capital
10 Years23.08%
5 Years24.56%
3 Years1.18%
Last Year-13.6%
TOP Peer Comparison
TOP Financial Group Limited (TOP) competitors in Wealth Management Platforms — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 FUTU | 59.73B | 168.00 | 33.86 | 35.79% | 26.38% | 0.31 | ||
 UP | 217.73M | 6.01 | -0.72 | -7.02% | -39.95% | |||
 TIGR | 676.45M | 6.93 | 19.25 | 43.68% | 17.64% | 0.27 | ||
 LSPD | 1.29B | 9.42 | -2.17 | 18.43% | -57.97% | -46.1% | 0.01 | |
 AMTD | 7.15M | 1.01 | 0.24 | -55.94% | 12.95% | 0.17 | ||
 IBKR | 38.79B | 87.04 | 39.21 | 9.83% | 5.18% | 0.00 | ||
 SCHW | 163.74B | 92.15 | 30.82 | 1.87% | 291.38% | 0.93 | ||
 MKTX | 5.53B | 148.84 | 20.45 | 8.58% | 15.79% | 0.05 |
Compare TOP vs Peers
TOP Financial Group Limited (TOP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
TOP Income Statement
TOP Financial Group Limited (TOP) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM |
|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | - | - | - | - | - | - | - | 0% |
| Net Interest Margin % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 0 | 13.13M | 10.95M | 3.29M | 3.83M | 3.69M | 3.08M | 4M |
| Non-Interest Income | 10.78M | 16.5M | 16.91M | 7.82M | 9.7M | 8.04M | 3.33M | 14.42M |
| Non-Interest Income % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Revenue | 10.78M▲ 0% | 16.5M▲ 53.0% | 16.91M▲ 2.5% | 7.82M▼ 53.7% | 9.7M▲ 24.0% | 8.04M▼ 17.1% | 3.33M▼ 58.6% | 14.42M▲ 0% |
| Revenue Growth % | - | 52.99% | 2.46% | -53.74% | 23.98% | -17.1% | -58.58% | -117.59% |
| Non-Interest Expense | 9.26M | 771.43K | 836.72K | 949.76K | 2.44M | 3.36M | 5.81M | 6.87M |
| Efficiency Ratio | 85.85% | 4.68% | 4.95% | 12.14% | 25.14% | 41.85% | 174.61% | 47.65% |
| Operating Income | 1.53M▲ 0% | 2.6M▲ 70.2% | 5.12M▲ 96.9% | 3.58M▼ 30.0% | 3.43M▼ 4.2% | 987.85K▼ 71.2% | -5.57M▼ 663.5% | 5.95M▲ 0% |
| Operating Margin % | 14.15% | 15.74% | 30.26% | 45.78% | 35.37% | 12.29% | -167.21% | 41.27% |
| Operating Income Growth % | - | 70.2% | 96.94% | -30.02% | -4.21% | -71.19% | -663.53% | - |
| Pretax Income | 1.53M▲ 0% | 2.6M▲ 70.2% | 5.12M▲ 96.9% | 3.58M▼ 30.0% | 3.43M▼ 4.2% | 987.85K▼ 71.2% | -5.82M▼ 689.5% | 2.13M▲ 0% |
| Pretax Margin % | 14.15% | 15.74% | 30.26% | 45.78% | 35.37% | 12.29% | -174.91% | 14.76% |
| Income Tax | 241.25K | 58.44K | 70.77K | 88.65K | 31.52K | -63.69K | 146.1K | -32.17K |
| Effective Tax Rate % | 15.81% | 2.25% | 1.38% | 2.48% | 0.92% | -6.45% | -2.51% | -1.51% |
| Net Income | 1.28M▲ 0% | 2.54M▲ 97.6% | 5.04M▲ 98.7% | 3.49M▼ 30.8% | 3.4M▼ 2.7% | 1.05M▼ 69.1% | -5.97M▼ 667.7% | 2.16M▲ 0% |
| Net Margin % | 11.91% | 15.39% | 29.84% | 44.64% | 35.04% | 13.08% | -179.3% | 14.99% |
| Net Income Growth % | - | 97.61% | 98.68% | -30.79% | -2.68% | -69.05% | -667.68% | -72.78% |
| Net Income (Continuing) | 1.28M | 2.54M | 5.04M | 3.49M | 3.4M | 1.05M | -5.97M | 2.16M |
| EPS (Diluted) | 0.03▲ 0% | 0.07▲ 176.3% | 0.14▲ 97.2% | 0.10▼ 30.2% | 0.10▼ 0.6% | 0.03▼ 66.4% | -0.16▼ 590.8% | 0.06▲ 0% |
| EPS Growth % | - | 176.26% | 97.18% | -30.21% | -0.61% | -66.43% | -590.8% | -76.39% |
| EPS (Basic) | 0.03 | 0.07 | 0.14 | 0.10 | 0.10 | 0.03 | -0.16 | - |
| Diluted Shares Outstanding | 50M | 35.75M | 35.75M | 35.75M | 35M | 32.28M | 37.02M | 37.02M |
TOP Balance Sheet
TOP Financial Group Limited (TOP) balance sheet — assets, liabilities & shareholders' equity
| Line item | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 2.09M | 3.64M | 4.86M | 6.2M | 15.97M | 25.92M | 12.23M | 79.12M |
| Cash & Due from Banks | 2.09M | 3.64M | 4.86M | 6.2M | 15.97M | 25.92M | 12.23M | 12.71M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 0 | 134.78K | 481.9K | 1.29M | 4.2M | 2.95M | 5.65M | 4.19M |
| Investments Growth % | - | - | 257.53% | 167.43% | 225.71% | -29.7% | 91.38% | 319.94% |
| Long-Term Investments | 0 | 134.78K | 481.9K | 1.29M | 4.2M | 2.95M | 5.65M | 16.82M |
| Accounts Receivables | 0 | - | 2.71M | 0 | 12.37M | 9.57M | 12.87M | 0 |
| Goodwill & Intangibles | 63.7K | 64.5K | 64.31K | 63.84K | 63.7K | 63.89K | 64.27K | 64.36K |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 63.7K | 64.5K | 64.31K | 63.84K | 63.7K | 63.89K | 64.27K | 64.36K |
| PP&E (Net) | 34.83K | 17.25K | 18.24K | 250.06K | 638.79K | 518.19K | 288.75K | 707.06K |
| Other Assets | 10.86M | 190.82K | 155.65K | 296.53K | 158.3K | 1.62M | 797.73K | 42.42M |
| Total Current Assets | 2.09M | 12.88M | 9.54M | 11.57M | 35.23M | 52.49M | 40M | 12.71M |
| Total Non-Current Assets | 10.96M | 407.37K | 720.1K | 2.31M | 5.06M | 5.15M | 6.8M | 47.39M |
| Total Assets | 13.04M▲ 0% | 13.29M▲ 1.9% | 10.26M▼ 22.7% | 13.88M▲ 35.2% | 40.28M▲ 190.2% | 57.64M▲ 43.1% | 46.8M▼ 18.8% | 60.1M▲ 0% |
| Asset Growth % | - | 1.86% | -22.75% | 35.23% | 190.21% | 43.09% | -18.81% | 284.46% |
| Return on Assets (ROA) | 9.85% | 19.29% | 42.84% | 28.92% | 12.55% | 2.15% | -11.43% | 3.6% |
| Accounts Payable | 0 | 6.14M | 3.26M | 3.31M | 3.54M | 10.26M | 10.98M | 19.35M |
| Total Debt | 0 | 0 | 0 | 244.86K | 150.14K | 64.83K | 270.87K | 263.55K |
| Net Debt | -2.09M | -3.64M | -4.86M | -5.95M | -15.82M | -25.86M | -11.96M | -12.71M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 263.55K |
| Other Liabilities | 0 | 0 | 0 | 0 | 0 | 6.14M | 0 | 19.61M |
| Total Current Liabilities | 167.92K | 6.86M | 3.51M | 3.44M | 4.23M | 10.91M | 11.64M | 566.85K |
| Total Non-Current Liabilities | 0 | 6.86M | 3.51M | 244.86K | 100.14K | 6.2M | 270.87K | 19.61M |
| Total Liabilities | 167.92K | 6.86M | 3.51M | 3.69M | 4.33M | 17.11M | 11.91M | 20.18M |
| Total Equity | 4.51M▲ 0% | 6.43M▲ 42.6% | 6.75M▲ 5.1% | 10.2M▲ 50.9% | 35.95M▲ 252.6% | 40.53M▲ 12.7% | 34.89M▼ 13.9% | 39.92M▲ 0% |
| Equity Growth % | - | 42.61% | 5.05% | 50.94% | 252.63% | 12.74% | -13.93% | 280.71% |
| Equity / Assets (Capital Ratio) | 34.56% | 48.39% | 65.8% | 73.45% | 89.24% | 70.31% | 74.54% | 66.42% |
| Return on Equity (ROE) | 28.5% | 46.43% | 76.53% | 41.2% | 14.73% | 2.75% | -15.83% | 5.41% |
| Book Value per Share | 0.09 | 0.18 | 0.19 | 0.29 | 1.03 | 1.26 | 0.94 | 1.08 |
| Tangible BV per Share | 0.09 | 0.18 | 0.19 | 0.28 | 1.03 | 1.25 | 0.94 | 1.08 |
| Common Stock | 50K | 30K | 30K | 30K | 35.01K | 37.02K | 37.05K | 37.03K |
| Additional Paid-in Capital | 2.91M | 2.93M | 2.93M | 2.93M | 25.17M | 28.9M | 28.98M | 28.93M |
| Retained Earnings | 1.58M | 3.43M | 3.77M | 7.26M | 10.66M | 11.71M | 5.74M | 11.26M |
| Accumulated OCI | -36.27K | 36.61K | 16.37K | -34.02K | 81.48K | -123.88K | 127.65K | -317.79K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
TOP Cash Flow Statement
TOP Financial Group Limited (TOP) cash flow — operating, investing & free cash flow history
| Line item | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 3.69M | -938.35K | 4.33M | 1.58M | -6.03M | 17.76M | -14.47M | -14.47M |
| Operating CF Growth % | - | -125.41% | 561.85% | -63.43% | -480.55% | 394.43% | -181.49% | 924.61% |
| Net Income | 1.28M | 2.54M | 5.04M | 3.49M | 3.4M | 1.05M | -5.97M | 2.16M |
| Depreciation & Amortization | 43.94K | 17.86K | 13.29K | 64.58K | 120.94K | 144.5K | 175.89K | 225.45K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -8.84M | 0 | 0 | 0 |
| Other Non-Cash Items | 4.22M | 3.15M | 469.21K | 957.49K | 8.84M | -526.69K | 2.29M | 4.31M |
| Working Capital Changes | -1.85M | -3.5M | -724.19K | -1.97M | -9.6M | 17.04M | -11.04M | 1.46M |
| Cash from Investing | -11.68K | 0 | -16.28K | -413.89K | -6.54M | -1.28M | -9.36M | -16.17M |
| Purchase of Investments | 0 | 0 | 0 | 0 | -1.2M | 0 | -500K | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | 0 | 0 | 0 | 0 | -1.2M | 0 | -500K | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | -256.42K | -1.75M | -1.9M | -500K |
| Other Investing | 0 | 0 | 0 | 0 | -5M | 472.98K | -6.96M | -15.58M |
| Cash from Financing | 0 | -581.95K | -2.33M | 0 | 22.5M | 4.39M | 0 | 4.24M |
| Dividends Paid | 0 | 0 | -5.2M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -158 |
| Stock Issued | 0 | 0 | 0 | 0 | 22.65M | 4.39M | 0 | 0 |
| Net Stock Activity | 0 | 0 | 0 | 0 | 22.65M | 4.39M | 0 | -158 |
| Debt Issuance (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -581.95K | 2.88M | 0 | -150K | 0 | 0 | 4.24M |
| Net Change in Cash | 3.68M▲ 0% | -1.45M▼ 139.3% | 1.97M▲ 236.4% | 1.12M▼ 43.1% | 9.88M▲ 780.9% | 20.85M▲ 111.1% | -23.52M▼ 212.8% | 16.84M▲ 0% |
| Exchange Rate Effect | 0 | 74.86K | -20.26K | -49.75K | -37.42K | -17.05K | 310.73K | -366.45K |
| Cash at Beginning | 2.63M | 6.31M | 4.86M | 6.84M | 7.96M | 17.85M | 38.7M | 0 |
| Cash at End | 6.31M | 4.86M | 6.84M | 7.96M | 17.83M | 38.7M | 15.17M | 21.66M |
| Interest Paid | 0 | 2.16K | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 304.21K | 0 | 103.32K | 25.65K | 0 | 713 | 0 |
| Free Cash Flow | 3.68M▲ 0% | -938.35K▼ 125.5% | 4.32M▲ 560.1% | 1.17M▼ 72.9% | -6.12M▼ 622.4% | 17.75M▲ 390.2% | -14.47M▼ 181.5% | 8.19M▲ 0% |
| FCF Growth % | - | -125.49% | 560.12% | -72.88% | -622.44% | 390.17% | -181.54% | 1081.7% |
TOP Banking Ratios
TOP Financial Group Limited (TOP) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 46.43% | 76.53% | 41.2% | 14.73% | 2.75% | -15.83% | 5.41% |
| Return on Assets (ROA) | 19.29% | 42.84% | 28.92% | 12.55% | 2.15% | -11.43% | 3.6% |
| Net Interest Margin | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Efficiency Ratio | 4.68% | 4.95% | 12.14% | 25.14% | 41.85% | 174.61% | 47.65% |
| Equity / Assets | 48.39% | 65.8% | 73.45% | 89.24% | 70.31% | 74.54% | 66.42% |
| Book Value / Share | 0.18 | 0.19 | 0.29 | 1.03 | 1.26 | 0.94 | 1.08 |
| Dividend Payout | - | 103.13% | - | - | - | - | 0% |
TOP Frequently Asked Questions
TOP Financial Group Limited (TOP) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
TOP Financial Group Limited (TOP) saw revenue decline by 58.6% over the past year.
Yes, TOP Financial Group Limited (TOP) is profitable, generating $2.2M in net income for fiscal year 2025 (-179.3% net margin).
Dividend & Returns
TOP Financial Group Limited (TOP) has a return on equity (ROE) of -15.8%. Negative ROE indicates the company is unprofitable.
Industry Metrics
TOP Financial Group Limited (TOP) has a net interest margin (NIM) of N/A. NIM has been under pressure due to interest rate environment.
TOP Financial Group Limited (TOP) has an efficiency ratio of 174.6%. This is higher than peers, suggesting room for cost optimization.
Explore More TOP
TOP Financial Group Limited (TOP) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates