TOP Financial Group Limited (TOP) 10-Year Financial Performance & Capital Metrics

TOP • • Banking & Credit

Financial ServicesCapital MarketsDigital Asset Trading & BrokerageMulti-Asset Trading Platforms

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 Margin 0%
Efficiency Ratio 174.61% +317.2%
ROA -11.43% -632.3%
Equity / Assets 74.54% +6.0%
Book Value per Share 0.94 -25.0%
Tangible BV/Share 0.94 -25.0%
Debt/Equity 0.01 +385.6%

Technical Analysis

Key Insights

Based on financial 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 1.1x book value

✗Weaknesses

✗Weak 3Y average ROE of 0.5%
✗Weak Piotroski F-Score: 0/9
✗High cost structure: 174.6% efficiency ratio
✗Shares diluted 14.7% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-27.39%

3Y-24.77%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-72.78%

EPS CAGR

10Y-

5Y-

3Y-

TTM-76.39%

ROCE

10Y Avg23.08%

5Y Avg24.56%

3Y Avg1.18%

Latest-13.6%

Peer Comparison

Multi-Asset Trading Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HOODRobinhood Markets, Inc.	86.77B	110.35	70.74	58.23%	47.81%	25.61%		0.94
TIGRUP Fintech Holding Limited	1.59B	9.25	25.69	43.68%	15.51%	15.49%	52.14%	0.27
FUTUFutu Holdings Limited	16.73B	176.50	4.54	35.79%	40.05%	23.78%	100%	0.31
ETOReToro Group Ltd.	1.48B	31.27	3.57	225.73%	1.52%	14.96%	18.03%	0.06
TOPTOP Financial Group Limited	27.34M	1.01	-6.31	-58.58%	-179.3%	5.41%		0.01

Profit & Loss

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Net Interest Income+	0	0	0	0	0	0	0
NII Growth %	-	-	-	-	-	-	-
Net Interest Margin %	-	-	-	-	-	-	-
Interest Income	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0
Loan Loss Provision	0	13.13M	10.95M	3.29M	3.83M	3.69M	3.08M
Non-Interest Income+	10.78M	16.5M	16.91M	7.82M	9.7M	8.04M	3.33M
Non-Interest Income %	-	-	-	-	-	-	-
Total Revenue+	10.78M	16.5M	16.91M	7.82M	9.7M	8.04M	3.33M
Revenue Growth %	-	0.53%	0.02%	-0.54%	0.24%	-0.17%	-0.59%
Non-Interest Expense	9.26M	771.43K	836.72K	949.76K	2.44M	3.36M	5.81M
Efficiency Ratio	-	-	-	-	-	-	-
Operating Income+	1.53M	2.6M	5.12M	3.58M	3.43M	987.85K	-5.57M
Operating Margin %	-	-	-	-	-	-	-
Operating Income Growth %	-	0.7%	0.97%	-0.3%	-0.04%	-0.71%	-6.64%
Pretax Income+	1.53M	2.6M	5.12M	3.58M	3.43M	987.85K	-5.82M
Pretax Margin %	-	-	-	-	-	-	-
Income Tax+	241.25K	58.44K	70.77K	88.65K	31.52K	-63.69K	146.1K
Effective Tax Rate %	-	-	-	-	-	-	-
Net Income+	1.28M	2.54M	5.04M	3.49M	3.4M	1.05M	-5.97M
Net Margin %	-	-	-	-	-	-	-
Net Income Growth %	-	0.98%	0.99%	-0.31%	-0.03%	-0.69%	-6.68%
Net Income (Continuing)	1.28M	2.54M	5.04M	3.49M	3.4M	1.05M	-5.97M
EPS (Diluted)+	0.03	0.07	0.14	0.10	0.10	0.03	-0.16
EPS Growth %	-	1.76%	0.97%	-0.3%	-0.01%	-0.66%	-5.91%
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

Balance Sheet

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	2.09M	3.64M	4.86M	6.2M	15.97M	25.92M	12.23M
Short Term Investments	0	0	0	0	0	0	0
Total Investments+	0	134.78K	481.9K	1.29M	4.2M	2.95M	5.65M
Investments Growth %	-	-	2.58%	1.67%	2.26%	-0.3%	0.91%
Long-Term Investments	0	134.78K	481.9K	1.29M	4.2M	2.95M	5.65M
Accounts Receivables	0	-	1000K	0	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0
Intangible Assets	63.7K	64.5K	64.31K	63.84K	63.7K	63.89K	64.27K
PP&E (Net)	34.83K	17.25K	18.24K	250.06K	638.79K	518.19K	288.75K
Other Assets	10.86M	190.82K	155.65K	296.53K	158.3K	1.62M	797.73K
Total Current Assets	2.09M	12.88M	9.54M	11.57M	35.23M	52.49M	40M
Total Non-Current Assets	10.96M	407.37K	720.1K	2.31M	5.06M	5.15M	6.8M
Total Assets+	13.04M	13.29M	10.26M	13.88M	40.28M	57.64M	46.8M
Asset Growth %	-	0.02%	-0.23%	0.35%	1.9%	0.43%	-0.19%
Return on Assets (ROA)	0.1%	0.19%	0.43%	0.29%	0.13%	0.02%	-0.11%
Accounts Payable	0	6.14M	3.26M	3.31M	3.54M	10.26M	10.98M
Total Debt+	0	0	0	244.86K	150.14K	64.83K	270.87K
Net Debt	-2.09M	-3.64M	-4.86M	-5.95M	-15.82M	-25.86M	-11.96M
Long-Term Debt	0	0	0	0	0	0	0
Short-Term Debt	0	0	0	0	0	0	0
Other Liabilities	0	0	0	0	0	6.14M	0
Total Current Liabilities	167.92K	6.86M	3.51M	3.44M	4.23M	10.91M	11.64M
Total Non-Current Liabilities	0	6.86M	3.51M	244.86K	100.14K	6.2M	270.87K
Total Liabilities	167.92K	6.86M	3.51M	3.69M	4.33M	17.11M	11.91M
Total Equity+	4.51M	6.43M	6.75M	10.2M	35.95M	40.53M	34.89M
Equity Growth %	-	0.43%	0.05%	0.51%	2.53%	0.13%	-0.14%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-
Return on Equity (ROE)	0.29%	0.46%	0.77%	0.41%	0.15%	0.03%	-0.16%
Book Value per Share	0.09	0.18	0.19	0.29	1.03	1.26	0.94
Tangible BV per Share	-	-	-	-	-	-	-
Common Stock	50K	30K	30K	30K	35.01K	37.02K	37.05K
Additional Paid-in Capital	2.91M	2.93M	2.93M	2.93M	25.17M	28.9M	28.98M
Retained Earnings	1.58M	3.43M	3.77M	7.26M	10.66M	11.71M	5.74M
Accumulated OCI	-36.27K	36.61K	16.37K	-34.02K	81.48K	-123.88K	127.65K
Treasury Stock	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0

Cash Flow

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	3.69M	-938.35K	4.33M	1.58M	-6.03M	17.76M	-14.47M
Operating CF Growth %	-	-1.25%	5.62%	-0.63%	-4.81%	3.94%	-1.81%
Net Income	1.28M	2.54M	5.04M	3.49M	3.4M	1.05M	-5.97M
Depreciation & Amortization	43.94K	17.86K	13.29K	64.58K	120.94K	144.5K	175.89K
Deferred Taxes	0	0	0	0	-8.84M	0	0
Other Non-Cash Items	4.22M	3.15M	469.21K	957.49K	8.84M	-526.69K	2.29M
Working Capital Changes	-1.85M	-3.5M	-724.19K	-1.97M	-9.6M	17.04M	-11.04M
Cash from Investing+	-11.68K	0	-16.28K	-413.89K	-6.54M	-1.28M	-9.36M
Purchase of Investments	0	0	0	0	-1.2M	0	-500K
Sale/Maturity of Investments	0	0	0	0	0	0	0
Net Investment Activity	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	-256.42K	-1.75M	-1.9M
Other Investing	0	0	0	0	-5M	472.98K	-6.96M
Cash from Financing+	0	-581.95K	-2.33M	0	22.5M	4.39M	0
Dividends Paid	0	0	-5.2M	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0
Stock Issued	0	0	0	0	22.65M	4.39M	0
Net Stock Activity	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	0	0	0	0	0
Other Financing	0	-581.95K	2.88M	0	-150K	0	0
Net Change in Cash+	3.68M	-1.45M	1.97M	1.12M	9.88M	20.85M	-23.52M
Exchange Rate Effect	0	74.86K	-20.26K	-49.75K	-37.42K	-17.05K	310.73K
Cash at Beginning	2.63M	6.31M	4.86M	6.84M	7.96M	17.85M	38.7M
Cash at End	6.31M	4.86M	6.84M	7.96M	17.83M	38.7M	15.17M
Interest Paid	0	2.16K	0	0	0	0	0
Income Taxes Paid	0	304.21K	0	103.32K	25.65K	0	713
Free Cash Flow+	3.68M	-938.35K	4.32M	1.17M	-6.12M	17.75M	-14.47M
FCF Growth %	-	-1.25%	5.6%	-0.73%	-6.22%	3.9%	-1.82%

Banking Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	28.5%	46.43%	76.53%	41.2%	14.73%	2.75%	-15.83%
Return on Assets (ROA)	9.85%	19.29%	42.84%	28.92%	12.55%	2.15%	-11.43%
Net Interest Margin	0%	0%	0%	0%	0%	0%	0%
Efficiency Ratio	85.85%	4.68%	4.95%	12.14%	25.14%	41.85%	174.61%
Equity / Assets	34.56%	48.39%	65.8%	73.45%	89.24%	70.31%	74.54%
Book Value / Share	0.09	0.18	0.19	0.29	1.03	1.26	0.94
Dividend Payout	-	-	103.13%	-	-	-	-

Frequently Asked Questions

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.

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