TOP Financial Group Ltd is a US-listed company in the investment banking & brokerage industry. Its financial year ends in March.
Revenue for the twelve months to September 2026 was $8m, down 17.1% on a year earlier, against growth of 24.0% a quarter earlier.
Our model value for TOP Financial Group is under review, so past values are not shown until it is resolved.
Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation
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.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -17.1% (-41.1pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for TOP Financial Group Ltd at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
No analyst estimates are published for TOP Financial Group Ltd: too few analysts cover it.
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| TOP | −23% | −60% | −34% | +116% |
| Industry peers (median) | +19% | +45% | +10% | −16% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| TOP | 25% | 8% | 25% | 46% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| TOP | −97% | −76% | −46% | −42% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since June 1, 2022: 99% from April 28, 2023 to March 24, 2026. Getting back needed a 17297% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY20 Q4 | $16.5M |
| FY21 Q4 | $16.9M |
| FY22 Q4 | $7.8M |
| FY23 Q4 | $9.7M |
| FY24 Q4 | $8M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY21 Q4 | 2.5% |
| FY22 Q4 | -53.7% |
| FY23 Q4 | 24.0% |
| FY24 Q4 | -17.1% |
| Fiscal year | 2020 Mar 2020 | 2021 Mar 2021 | 2022 Mar 2022 | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 17 | 17 | 8 | 10 | 8 | 3 | 5 |
| EBITDA | — | — | — | — | — | −6 | −1 |
| Operating income | — | — | — | — | — | −6 | −1 |
| Net income | 3 | 5 | 3 | 3 | 1 | −6 | −1 |
| Diluted EPS | $0.08 | $0.17 | $0.12 | $0.10 | $0.03 | −$0.16 | −$0.03 |
| Growth (year on year) | |||||||
| Revenue | — | +2.5% | −53.7% | +24.0% | −17.1% | −58.6% | +41.9% |
| Net income | — | +98.7% | −30.8% | −2.7% | −69.1% | −667.7% | — |
| Diluted EPS | — | +112.5% | −29.4% | −16.7% | −70.0% | −633.3% | — |
| Margins | |||||||
| EBITDA margin | — | — | — | — | — | −173.9% | −24.2% |
| Operating margin | — | — | — | — | — | −174.9% | −24.9% |
| Net margin | 15.4% | 29.8% | 44.6% | 35.0% | 13.1% | −179.3% | −24.8% |
| Free-cash-flow margin | — | — | 15.0% | −63.1% | 220.9% | −434.8% | 277.8% |
| Cash flow | |||||||
| Cash from operations | −1 | 4 | 2 | −6 | 18 | −14 | 14 |
| Capital spending | — | — | 0 | 0 | 0 | 0 | 1 |
| Free cash flow | — | — | 1 | −6 | 18 | −14 | 13 |
| Stock-based pay | — | — | — | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | — | — | — | −6 | 18 | −15 | 13 |
| Balance sheet | |||||||
| Cash | 4 | 5 | 6 | 16 | 26 | 12 | 13 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −4 | −5 | −6 | −16 | −26 | −12 | −13 |
| Diluted shares | 30m | 30m | 30m | 34m | 32m | 37m | 37m |
| Returned to shareholders | |||||||
| Dividends | — | 5 | — | — | — | — | — |
| Total returned | — | 5 | — | — | — | — | — |
| Quarter | 2026 Q1 Jun 2025 | 2026 Q2 Sept 2025 | 2027 Q1 Jun 2026 | 2027 Q2 Sept 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 1,333 | 1,536 | 1,077 | 2,210 |
| EBITDA | 93 | 105 | −329 | 333 |
| Operating income | 86 | 105 | −387 | 274 |
| Net income | 86 | 105 | −113 | 274 |
| Diluted EPS | $0.01 | $0.01 | −$0.02 | $0.00 |
| Growth (year on year) | ||||
| Revenue | — | — | −19.3% | +43.9% |
| EBITDA | — | — | −452.3% | +216.7% |
| Operating income | — | — | −550.0% | +162.4% |
| Net income | — | — | −231.9% | +162.3% |
| Diluted EPS | — | — | −300.0% | −100.0% |
| Margins | ||||
| EBITDA margin | 7.0% | 6.9% | −30.6% | 15.1% |
| Operating margin | 6.4% | 6.8% | −35.9% | 12.4% |
| Net margin | 6.4% | 6.8% | −10.5% | 12.4% |
| Free-cash-flow margin | — | — | 560.2% | −381.4% |
| Cash flow | ||||
| Cash from operations | 7,138 | 4,190 | 6,035 | −8,421 |
| Capital spending | — | — | 3 | 7 |
| Free cash flow | — | — | 6,032 | −8,428 |
| Last 12 months unless stated | TOP | GSIW | LGHL | PMAX | WTF | NCTY | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $8m | $7m | $9m | $6m | $11m | $15m | $1.9bn |
| Revenue growth, last 12 months | −17.1% | 33.2% | 657.5% | 30.8% | 48.8% | −3.3% | 20.6% |
| Gross margin | — | — | −392.5% | 49.5% | — | 1.7% | 3.6% |
| Operating margin | — | — | −27.6% | −47.9% | −131.1% | −260.5% | −2.3% |
| Net margin | 13.1% | −190.1% | −52.8% | −49.3% | −136.7% | −373.0% | 6.0% |
| Cash from operations / revenue | 221.0% | −58.2% | −37.5% | −18.4% | −63.7% | −29.4% | 8.7% |
| Free-cash-flow margin | 220.9% | −59.6% | −37.6% | −18.4% | −66.6% | −76.5% | 5.4% |
| Stock pay / revenue | 0.6% | 62.2% | 2.3% | 0.2% | 63.7% | 107.6% | 4.6% |
| Change in share count | −5.5% | 7.7% | 37.0% | 65.1% | 15.4% | 62.0% | 1.2% |
| Line of business | Revenue | YoY |
|---|---|---|
| Futures Brokerage Commissions | $1.8M | ▲ 0.2% |
| Commission On Futures Broking From Overseas Exchanges | $1.6M | ▲ 6.8% |
| Interest Income From Loan Business | $952,512 | ▲ 14.4% |
| Interest Income and Other | $440,308 | ▼ 51.3% |
| Other Service Revenues | $415,486 | ▲ 79.6% |
| Tradinglosses Gains | $402,504 | — |
| Virtual Asset Brokerage Commissions | $388,884 | — |
| Virtual Asset Commission | $388,884 | — |
| Trading Solution Service Revenues | $290,000 | ▼ 64.0% |
| Commission On Futures Broking Earned From Hong Kong Exchange | $185,100 | ▼ 35.4% |
These categories overlap or exclude eliminations, so shares aren't shown.
From TOP Financial Group Ltd's 10-K filed July 7, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
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.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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