The company maintains a conservative debt profile with a debt-to-equity ratio of 0.01 as of 2026Q2, yet the stagnant equity base of $35.0 million reflects a lack of meaningful retained earnings growth.
| Total Current Assets | 57.25M | 40M | 52.49M | 35.23M | 11.57M | 9.54M | 12.88M | 2.09M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 2.95M | 12.78M | 1.88M | 1.76M | 1.98M | 1.22M | 0 |
| Total Non-Current Assets | 6.82M | 6.8M | 5.15M | 5.06M | 2.31M | 720.1K | 407.37K | 10.96M |
| Property, Plant & Equipment | 472.99K | 288.75K | 518.19K | 638.79K | 250.06K | 18.24K | 17.25K | 34.83K |
| Fixed Asset Turnover | 14.26x | 11.53x | 15.51x | 15.18x | 31.27x | 926.83x | 956.31x | 309.67x |
| Goodwill | 26.19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 64.26K | 64.27K | 63.89K | 63.7K | 63.84K | 64.31K | 64.5K | 63.7K |
| Long-Term Investments | 17.95M | 5.65M | 2.95M | 4.2M | 1.29M | 481.9K | 134.78K | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - |
| Total Assets | 64.07M | 46.8M | 57.64M | 40.28M | 13.88M | 10.26M | 13.29M | 13.04M |
| Asset Turnover | 0.12x | 0.07x | 0.14x | 0.24x | 0.56x | 1.65x | 1.24x | 0.83x |
| Asset Growth % | 70.93% | -18.81% | 43.09% | 190.21% | 35.23% | -22.75% | 1.86% | - |
| Total Current Liabilities | 28.89M | 11.64M | 10.91M | 4.23M | 3.44M | 3.51M | 6.86M | 167.92K |
| Accounts Payable | 28.43M | 10.98M | 10.26M | 3.54M | 3.31M | 3.26M | 6.14M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | -3.44M | -3.51M | 0 | 0 |
| Current Ratio | 1.98x | 3.44x | 4.81x | 8.32x | 3.36x | 2.72x | 1.88x | 12.42x |
| Quick Ratio | 1.98x | 3.44x | 4.81x | 8.32x | 3.36x | 2.72x | 1.88x | 12.42x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 29.11M | 270.87K | 6.2M | 100.14K | 244.86K | 3.51M | 6.86M | 0 |
| Long-Term Debt | 222.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - |
| Total Liabilities | 29.11M | 11.91M | 17.11M | 4.33M | 3.69M | 3.51M | 6.86M | 167.92K |
| Total Debt | 445.54K | 270.87K | 64.83K | 150.14K | 244.86K | 0 | 0 | 0 |
| Net Debt | -23.13M | -11.96M | -25.86M | -15.82M | -5.95M | -4.86M | -3.64M | -2.09M |
| Debt / Equity | 0.01x | 0.01x | 0.00x | 0.00x | 0.02x | - | - | - |
| Debt / EBITDA | -0.07x | - | 0.06x | 0.04x | 0.07x | - | - | - |
| Net Debt / EBITDA | 3.53x | - | -22.83x | -4.46x | -1.63x | -0.95x | -1.39x | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | 34.95M | 34.89M | 40.53M | 35.95M | 10.2M | 6.75M | 6.43M | 4.51M |
| Equity Growth % | -11.15% | -13.93% | 12.74% | 252.63% | 50.94% | 5.05% | 42.61% | - |
| Book Value per Share | 0.94 | 0.94 | 1.26 | 1.03 | 0.29 | 0.19 | 0.18 | 0.09 |
| Total Shareholders' Equity | 34.95M | 34.89M | 40.53M | 35.95M | 10.2M | 6.75M | 6.43M | 4.51M |
| Common Stock | 37.07K | 37.05K | 37.02K | 35.01K | 30K | 30K | 30K | 50K |
| Retained Earnings | 5.94M | 5.74M | 11.71M | 10.66M | 7.26M | 3.77M | 3.43M | 1.58M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -9.66K | 127.65K | -123.88K | 81.48K | -34.02K | 16.37K | 36.61K | -36.27K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and operational viability
As reported in financial statements, TOP's total assets have fluctuated significantly, peaking at $64.1 million in 2026Q2 before retreating to $46.8 million by 2025Q4, a trend that underscores the firm's inability to maintain a stable capital base amidst ongoing operational challenges and market volatility.
The volatility in total assets suggests that the company's balance sheet is highly sensitive to client-related cash movements and trading activity rather than long-term capital accumulation. This instability may indicate that the firm lacks a durable foundation to support its brokerage operations during periods of market stress.
According to recent SEC filings, TOP's cash position dropped from a peak of $25.9 million in 2024Q4 to $12.2 million by 2025Q4, highlighting a rapid depletion of liquid resources that may limit the company's ability to absorb further operational losses or fund necessary technological upgrades.
While the current ratio of 3.44 appears superficially healthy, the rapid decline in absolute cash levels relative to the firm's negative operating margins warrants significant caution. Investors should monitor whether this cash burn necessitates dilutive equity financing to maintain the minimum capital requirements typical of the brokerage industry.
Based on reported figures, TOP's equity base has remained stagnant, hovering near $35 million as of 2026Q2, which reflects the lack of meaningful retained earnings growth and suggests that the company is struggling to generate internal value to bolster its shareholders' equity over time.
The stagnation in equity, despite the company's efforts to rebrand and pivot, implies that the business model is currently failing to create shareholder value. The reliance on existing capital rather than organic growth suggests that the firm's financial position is increasingly fragile.
As noted in the balance sheet data, the company's reliance on cash and minimal PPE, with only $473K in net property and equipment as of 2026Q2, suggests an asset-light model that is highly vulnerable to sudden shifts in client sentiment and regulatory environments.
The lack of tangible, long-term assets means the company has little collateral value to fall back on should its brokerage operations continue to underperform. This structural reality makes the firm's survival entirely dependent on its ability to maintain high-volume trading activity, which is currently in decline.
Quick answers to the most common questions about buying TOP stock.
As of 2025, TOP Financial Group Limited (TOP) had total assets of $46.8M including $40.0M in current assets.
TOP Financial Group Limited (TOP) carries total debt of $0.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TOP Financial Group Limited (TOP) has total shareholders' equity (book value) of $34.9M ($0.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TOP Financial Group Limited (TOP) reported a current ratio of 3.44x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.