TOP

MKT CAP:$29M

TOP Financial Group Limited

Market Cap

$29M

Financial Services·Financial - Capital Markets·🇭🇰 Hong Kong·NASDAQ

Financials·Financial·🇭🇰·NASDAQ

Stock Price

$0.87-$0.14 (-14.31%)

Apr 21, 2026

Company Details

TOP 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 val...

CEO

Ka Fai Yuen

IPO Date

Jun 1, 2022

Website

www.zyfgl.com

Key Metrics TTM

Revenue

$7M

-67.0% YoY

Net Income

-$8M

EPS (Diluted)

-$0.23

Free Cash Flow

$8M

Revenue / Share

$0.19

Gross Margin

19.0%

Operating Margin

-96.0%

Net Margin

-118.5%

FCF Margin

114.2%

P/S

4.1x

P/E

—

Earnings Reports

Q2 2026

Jan 20, 2026

$3M+55.7%EPS $0.01

FY 2025

Aug 13, 2025

$3M-58.6%EPS -$0.16

Q4 2025

Aug 13, 2025

$1M+67.4%EPS -$0.15

Q2 2025

Jan 27, 2025

$2M-74.2%EPS -$0.01

FY 2024

Jul 30, 2024

$8M-17.1%EPS $0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$5M	$5M	$763.1K
Q4 19	$5M	$5M	$763.1K
Q2 20	$8M	$2M	$1M
Q4 20	$8M	$2M	$1M
Q2 21	$9M	$9M	$2M
Q4 21	$8M	$8M	$3M
Q2 22	$3M	$3M	$909.3K
Q4 22	$5M	$5M	$3M
Q2 23	$5M	$3M	$2M
Q4 23	$5M	$5M	$3M
Q2 24	$7M	$6M	$4M
Q4 24	$887.8K	-$853.7K	-$1M
Q2 25	$2M	$1M	$580.3K
Q4 25	$1M	-$937.1K	-$6M
Q2 26	$3M	$2M	$190.5K

Valuation

Quarter	P/S	P/E
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	1.1x	7.6x
Q2 21	1.0x	5.2x
Q4 21	0.9x	3.8x
Q2 22	1.0x	4.0x
Q4 22	1.2x	3.4x
Q2 23	1.4x	3.7x
Q4 23	1.7x	4.2x
Q2 24	1.4x	3.0x
Q4 24	1.6x	6.5x
Q2 25	2.0x	13.4x
Q4 25	2.6x	—
Q2 26	4.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	$2M	$2M
Q4 19	$2M	$2M
Q2 20	-$469.2K	-$469.2K
Q4 20	-$469.2K	-$469.2K
Q2 21	$2M	$2M
Q4 21	$2M	$2M
Q2 22	$2M	$2M
Q4 22	-$751.7K	-$1M
Q2 23	-$4M	-$4M
Q4 23	-$1M	-$1M
Q2 24	$2M	$2M
Q4 24	$15M	$15M
Q2 25	-$8M	-$8M
Q4 25	-$6M	-$6M
Q2 26	$7M	$7M

Capital Expenditures

Quarter	CapEx
Q2 19	$5.8K
Q4 19	$5.8K
Q2 20	$0
Q4 20	$0
Q2 21	$0
Q4 21	$16.3K
Q2 22	$0
Q4 22	$413.9K
Q2 23	$0
Q4 23	$86.4K
Q2 24	$3.0K
Q4 24	$3.1K
Q2 25	$0
Q4 25	$3.2K
Q2 26	$699

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+61.0%	+34.3%
Q4 21	+52.5%	+20.4%
Q2 22	-61.1%	-66.9%
Q4 22	-44.1%	-72.1%
Q2 23	-40.6%	-46.6%
Q4 23	-44.8%	-76.0%
Q2 24	+122.7%	+54.6%
Q4 24	-80.7%	+19.2%
Q2 25	-64.3%	-62.0%
Q4 25	-67.3%	+470.8%
Q2 26	-59.9%	-24.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q4 20	$0	0.0%
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$50.1K	1.1%
Q2 24	$11.7K	0.2%
Q4 24	$36.9K	4.2%
Q2 25	$29.9K	1.6%
Q4 25	$42.3K	2.8%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 19	$83.2K	$414.5K
Q4 19	$83.2K	$414.5K
Q2 20	$385.7K	—
Q4 20	$385.7K	—
Q2 21	$219.8K	$423.4K
Q4 21	$267.1K	$399.7K
Q2 22	$199.3K	$349.6K
Q4 22	$139.6K	$341.8K
Q2 23	$298.0K	$275.2K
Q4 23	$752.4K	$584.8K
Q2 24	$440.5K	$346.7K
Q4 24	$1M	$971.8K
Q2 25	$333.6K	$929.2K
Q4 25	$2M	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 19	$2M	$0	$2M
Q2 20	$3M	$0	$3M
Q4 20	$4M	$0	$4M
Q4 21	$5M	$0	$5M
Q2 22	$5M	$0	$5M
Q4 22	$6M	$0	$6M
Q2 23	$23M	$0	$23M
Q4 23	$16M	$0	$16M
Q2 24	$25M	$0	$25M
Q4 24	$26M	$0	$26M
Q2 25	$13M	$0	$13M
Q4 25	$12M	$0	$12M
Q2 26	$24M	$986.3K	$25M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	50M	—	—
Q4 19	50M	0.0%	—
Q2 20	36M	-28.5%	—
Q4 20	36M	0.0%	—
Q2 21	30M	-16.1%	-40.0%
Q4 21	30M	0.0%	-40.0%
Q2 22	30M	0.0%	-16.1%
Q4 22	30M	0.0%	-16.1%
Q2 23	36M	+19.2%	+19.2%
Q4 23	35M	-2.0%	+16.8%
Q2 24	35M	-0.1%	+16.7%
Q4 24	36M	+3.5%	+20.8%
Q2 25	37M	+2.2%	+3.6%
Q4 25	37M	+0.0%	+5.6%
Q2 26	37M	+0.1%	+5.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	—	—
Q2 21	—	—
Q4 21	—	—
Q2 22	—	—
Q4 22	$419.1K	11
Q2 23	$468.9K	11
Q4 23	$412.5K	11
Q2 24	$649.9K	11
Q4 24	$80.7K	11
Q2 25	$167.6K	11
Q4 25	$82.6K	18
Q2 26	$159.4K	18

Revenue / Employee