TOP Financial Group Limited

TOP

Financial - Capital Markets · Financial Services

Price

$2.81

+0.29 (+11.51%)

Market Cap

$94.3M

Exchange

NASDAQ Capital Market

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+3.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 35.8M (2022) → 37.1M (2026)

TOP Financial Group Limited is a small financial services company based in Hong Kong. It provides brokerage and financial services, including securities trading, asset management, and investment advisory services. Its main customers are retail and institutional investors, primarily in Hong Kong and mainland China.

The company earns money through commissions on trades, management fees, and advisory fees. It operates mainly in the Greater China region and competes in a crowded market alongside much larger brokerages and banks. With a market cap of around $100 million and a negative operating margin, the company is currently spending more than it earns from operations. The key risk is intense competition from well-established financial firms, which makes it difficult for a small broker to build a loyal customer base and achieve consistent profitability.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+24.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+75.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

86.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$16M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

TOP Financial Group Limited is a rare growth stock that's already generating positive cash flow while growing at 25%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

73.0%

Premium pricing power — 73.0% gross margin

Operating Margin

-46.8%

Losing money on operations — -46.8%

ROCE

-2.5%

Weak — -2.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-60.9%

Shrinking sales (-60.9% YoY)

EPS YoY

-215.5%

Earnings shrinking (-215.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

315.0%

Converts sales into free cash efficiently (315.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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