undamentalytics Newsletter
Sign in

Token Cat Ltd (TC) stock

Add to watchlist

Add holding +

NASDAQ: TC Nasdaq Advertising

E Fundamentals grade

Token Cat Ltd is a US-listed company in the advertising industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: share count (0m) is 0.0045x the market-data count (26m).

Price vs value

Under review: share count (0m) is 0.0045x the market-data count (26m). We'll show the comparison once resolved.

Token Cat Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds1 adding, 4 cuttingOf 0 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Token Cat files

Where Token Cat stands after its latest Filing

Token Cat has little or no product revenue yet; it used $25m of cash in the twelve months. That puts it 27 of 27 for growth among the advertising companies we cover. The diluted share count is up 9.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 2 financial-health checks.

Our model value for Token Cat is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Token Cat Ltd's trailing-twelve-month revenue fell 87.9% year on year, with a free-cash-flow margin of -2979.1%. Where it stands out: net margin of 38.3% ranks 2 of 27 advertising companies we cover. Where it lags: revenue growth of -87.9% ranks 27 of 27 advertising companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 309% year over year while revenue fell 88% — the balance sheet is expanding 397 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 87.9% over the last 12 months.
  • Growth slowing. The growth rate is 17.7 points lower than a quarter earlier.
  • Loss-making. Operating margin is -582.3%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 505.9 points on a year ago.
  • Burning cash. Free cash flow was -2979.1% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 414.9% of revenue, against a median of 2.7% for advertising companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2019 Q1

Filed May 18, 2020
Earnings per share
-$309.94 against an average estimate of -$255.30: missed by 21.4%
Revenue
$10m, down 5.8% on a year earlier

Token Cat's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.9%
  • 1 week-18.1%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$823,751
Operating margin
-582.3%
Net margin
38.3%
EPS (TTM, diluted)
$2.66

Growth

Revenue growth
−87.9%
Change in growth rate
−17.7 pts
Share count change
+9.4%

Cash

Free cash flow (TTM)
-$24.5M
FCF margin
-2979.1%
Stock pay % of revenue
414.9%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for TC from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Token Cat Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: share count (0m) is 0.0045x the market-data count (26m): held for review.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Token Cat Ltd: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Mar 2021 −$255.30 −$309.94 −21.4%
Dec 2020 −$686.40 −$314.27 +54.2%
Sept 2020 −$487.20 −$156.89 +67.8%
Jun 2020 −$337.20 −$162.46 +51.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Positioning

Short interest
1.1%
of tradable shares
Days to cover
0.15
at average volume
Short interest, 1 month
+684%
to October 15, 2026
Held by institutions
0%
of shares
Held by insiders
0.0%
of shares
Employees
23
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Token Cat Ltd in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Token Cat Ltd
$0 $50M $100M FY16 Q4 FY18 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY16 Q4: $17.7M Revenue (TTM), FY17 Q4: $41.6M Revenue (TTM), FY18 Q4: $80M Revenue (TTM), FY19 Q1: $79.4M Revenue (TTM), FY19 Q4: $93.4M Revenue (TTM), FY20 Q4: $47.9M Revenue (TTM), FY21 Q4: $55.4M Revenue (TTM), FY22 Q4: $27.3M Revenue (TTM), FY23 Q4: $22.9M Revenue (TTM), FY24 Q4: $6.8M Revenue (TTM), FY25 Q4: $823.8K $823.8K

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY16 Q4 $17.7M
FY17 Q4 $41.6M
FY18 Q4 $80M
FY19 Q1 $79.4M
FY19 Q4 $93.4M
FY20 Q4 $47.9M
FY21 Q4 $55.4M
FY22 Q4 $27.3M
FY23 Q4 $22.9M
FY24 Q4 $6.8M
FY25 Q4 $823.8K
Revenue growth, TTM YoY Token Cat Ltd
-100% 0% 100% 200% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue growth, TTM YoY, FY17 Q4: 135.0% Revenue growth, TTM YoY, FY18 Q4: 92.6% Revenue growth, TTM YoY, FY19 Q4: 16.7% Revenue growth, TTM YoY, FY20 Q4: -48.7% Revenue growth, TTM YoY, FY21 Q4: 15.8% Revenue growth, TTM YoY, FY22 Q4: -50.8% Revenue growth, TTM YoY, FY23 Q4: -15.9% Revenue growth, TTM YoY, FY24 Q4: -70.2% Revenue growth, TTM YoY, FY25 Q4: -87.9% -87.9%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY17 Q4 135.0%
FY18 Q4 92.6%
FY19 Q4 16.7%
FY20 Q4 -48.7%
FY21 Q4 15.8%
FY22 Q4 -50.8%
FY23 Q4 -15.9%
FY24 Q4 -70.2%
FY25 Q4 -87.9%
Operating margin (TTM) Token Cat Ltd
-600% -400% -200% 0% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Operating margin (TTM), FY16 Q4: -69.1% Operating margin (TTM), FY17 Q4: -25.6% Operating margin (TTM), FY18 Q4: -12.9% Operating margin (TTM), FY19 Q4: -40.5% Operating margin (TTM), FY20 Q4: -51.9% Operating margin (TTM), FY21 Q4: -31.0% Operating margin (TTM), FY22 Q4: -65.1% Operating margin (TTM), FY23 Q4: -15.1% Operating margin (TTM), FY24 Q4: -76.4% Operating margin (TTM), FY25 Q4: -582.3% -582.3%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY16 Q4 -69.1%
FY17 Q4 -25.6%
FY18 Q4 -12.9%
FY19 Q4 -40.5%
FY20 Q4 -51.9%
FY21 Q4 -31.0%
FY22 Q4 -65.1%
FY23 Q4 -15.1%
FY24 Q4 -76.4%
FY25 Q4 -582.3%
FCF margin (TTM) Token Cat Ltd
-3000% -2000% -1000% 0% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 FCF margin (TTM), FY16 Q4: -46.1% FCF margin (TTM), FY17 Q4: -21.4% FCF margin (TTM), FY18 Q4: -14.0% FCF margin (TTM), FY19 Q4: -27.1% FCF margin (TTM), FY20 Q4: -27.5% FCF margin (TTM), FY21 Q4: -26.1% FCF margin (TTM), FY22 Q4: -60.0% FCF margin (TTM), FY24 Q4: -70.6% FCF margin (TTM), FY25 Q4: -2979.1% -2979.1%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY16 Q4 -46.1%
FY17 Q4 -21.4%
FY18 Q4 -14.0%
FY19 Q4 -27.1%
FY20 Q4 -27.5%
FY21 Q4 -26.1%
FY22 Q4 -60.0%
FY24 Q4 -70.6%
FY25 Q4 -2979.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 18 42 99 93 48 55 27 23 7 1
Gross profit 15 29 71 66 35 42 17 13 5 0
EBITDA −12 −10 −10 −37 −24 −17 −17 — — —
Operating income −12 −11 −10 −38 −25 −17 −18 −3 −5 −5
Net income −13 −13 −12 −36 −24 −16 −25 −12 −26 0
Diluted EPS — — — −$590.88 −$375.69 −$245.56 −$371.69 −$135.67 −$240.16 —
Growth (year on year)
Revenue — +135.0% +137.4% −5.3% −48.7% +15.8% −50.8% −15.9% −70.2% −87.9%
Margins
Gross margin 84.9% 69.5% 71.8% 71.1% 73.1% 76.1% 61.5% 57.5% 68.3% 2.8%
EBITDA margin −68.1% −25.2% −10.3% −39.9% −51.0% −30.1% −64.0% — — —
Operating margin −69.1% −25.6% −10.5% −40.5% −51.9% −31.0% −65.1% −15.1% −76.4% −582.3%
Net margin −73.8% −32.3% −12.1% −39.0% −49.5% −28.5% −90.9% −51.1% −382.3% 38.3%
Free-cash-flow margin −46.1% −21.4% −11.4% −27.1% −27.5% −26.1% −60.0% — −70.6% <−999%
Cash flow
Cash from operations −8 −9 −8 −23 −13 −14 −16 −11 −5 −25
Capital spending 0 0 3 2 0 0 0 — 0 0
Free cash flow −8 −9 −11 −25 −13 −14 −16 — −5 −25
Stock-based pay 0 0 12 16 3 2 2 1 4 3
Free cash flow after stock pay −9 −9 −23 −41 −16 −16 −18 — −9 −28
Balance sheet
Cash 4 10 84 28 17 10 10 1 1 0
Total debt 0 11 0 0 0 1 1 3 6 —
Net debt (negative = net cash) −4 0 −84 −28 −17 −9 −9 1 5 −0
Diluted shares — — — — — — — — — —
Returned to shareholders
Buybacks — — — 2 — — — — — —
Total returned — — — 2 — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · December 31, 2025
What it owns · $25m
Short-term assets $25mLonger-term assets $0m
What it owes, and who funded it · $25m
Short-term liabilities $2mLonger-term liabilities $3mShareholders' equity $19m
  • Short-term assets cover short-term liabilities $25m of assets due within a year against $2m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $25m short-term assets against $3m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Token Cat Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+9.4%
year over year
R&D spending
24.2%
of revenue
Days sales outstanding
413 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in advertising
Last 12 months unless stated TC BAOS EDHL TJGC KNRX TDIC Median
Revenue, last 12 months $823751 $568993 $2m $4m $6m $6m $202m
Revenue growth, last 12 months −87.9% −8.8% −32.6% −5.9% −44.2% 10.5% −1.2%
Gross margin 2.8% 12.5% 65.4% 21.5% 48.8% — 40.3%
Operating margin −582.3% <−999% — −78.1% −155.5% −134.7% −3.3%
Net margin 38.3% <−999% −120.6% −81.8% −191.2% −146.1% −2.3%
Cash from operations / revenue <−999% −397.4% −123.2% −101.3% −172.5% −39.4% 3.5%
Free-cash-flow margin <−999% −397.8% −128.0% −103.3% −172.8% −39.4% 3.9%
Stock pay / revenue 414.9% — — −57.9% — — 2.7%
Change in share count 9.4% 0.0% 887.3% 13.9% 4.1% — 4.2%

Median of all 27 companies we cover in advertising. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

27 advertising companies
Measure Company Peer median Rank
Revenue growth Growth -87.9% -1.2% 27 of 27
Change in growth rate Growth -17.7pp -0.5pp 21 of 27
Gross margin Profitability 2.8% 44.5% 22 of 22
Operating margin Profitability -582.3% -3.2% 25 of 26
Net margin Profitability 38.3% -2.3% 2 of 27
Free-cash-flow margin Cash generation -2979.1% 4.7% 26 of 26
Stock pay as % of revenue Cash generation 414.9% 2.7% 23 of 23
Long-term debt as % of assets Balance sheet 22.7% 18.9% 9 of 15
Change in share count Balance sheet 9.4% 4.2% 14 of 24
Days sales outstanding Balance sheet 413 days 91 days 23 of 25

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$163
Institutions reporting
1
Shares held vs prior quarter
▼ 99.6%
Positions opened / closed
1 / 4

Top buyers and sellers, Q2 2026: 1 institutions bought and 4 sold ; the biggest buyer was Caitong International Asset Management Co., Ltd (+88 shares) and the biggest seller Sabby Management, LLC (−23K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Caitong International Asset Management Co., Ltd $163 0K 100.0% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Token Cat Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Token Cat Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Token Cat Ltd in brief

What does Token Cat Ltd do?
Token Cat Ltd is a US-listed company in the advertising industry. Its financial year ends in December.
What is Token Cat Ltd's stock ticker?
Token Cat Ltd trades under the ticker TC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Token Cat Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Token Cat Ltd reported revenue of $823,751, 87.9% lower than a year earlier, according to its SEC filings.
What is Token Cat Ltd's free cash flow?
Token Cat Ltd's free-cash-flow margin is -2979.1% of revenue over the trailing twelve months, ranking 26 of the 26 advertising companies we cover.
Who are Token Cat Ltd's competitors?
In our Advertising peer group, the companies closest to Token Cat Ltd are Baosheng Media Group Holdings Ltd, Everbright Digital Holding Ltd., Tjgc Group Ltd, Knorex LTD. and Dreamland Ltd. The side-by-side comparison below sets their revenue, margins and growth against Token Cat Ltd's.