Token Cat Ltd key statistics and ratios

In fiscal 2025, Token Cat Ltd had an operating margin of -582.3%, debt equal to 4.7% of equity and a current ratio of 10.66. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Token Cat Ltd: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	84.9%	69.5%	71.8%	71.1%	73.1%	76.1%	61.5%	57.5%	68.3%	2.8%
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%
Return on equity	—	—	−91.5%	−49.0%	−45.1%	−42.3%	−112.8%	−144.8%	—	—
Return on assets	—	−77.4%	−19.4%	−38.9%	−30.7%	−24.7%	−55.4%	−46.1%	−228.6%	2.1%
Asset turnover	—	2.40	1.61	1.00	0.62	0.87	0.61	0.90	0.60	0.05
Current ratio	—	0.64	5.65	3.74	1.77	1.36	1.60	0.71	0.37	10.66
Debt to equity	—	—	0.0%	0.0%	0.0%	3.6%	5.1%	95.9%	—	4.7%
R&D as % of revenue	16.7%	5.7%	3.0%	6.7%	10.4%	10.0%	10.8%	6.9%	24.2%	—
Capital spending as % of revenue	0.1%	0.1%	3.2%	2.1%	0.6%	0.3%	0.1%	—	0.0%	0.0%
Free cash flow ÷ net income	—	—	—	—	—	—	—	—	—	<−999%

US$ thousands unless shown otherwise. Fiscal quarters.

Token Cat Ltd: financial ratios, quarterly
Quarter	2018 Q1Mar 2018	2018 Q2Jun 2018	2018 Q3Sept 2018	2018 Q4Dec 2018	2019 Q1Mar 2019
Current ratio	—	—	—	5.65	—
Debt to equity	—	—	—	0.0%	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Token Cat Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Token Cat Ltd.