TOP Financial Group Limited

TOP

Financial - Capital Markets · Financial Services

Exchange

NASDAQ Capital Market

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

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.

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

+76.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

86.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$17M 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

Profit per sale

Gross Margin

73.0%

Premium pricing power — 73.0% gross margin

Profit after running costs

Operating Margin

-46.8%

Losing money on operations — -46.8%

Return on the money invested

ROCE

-1.9%

Weak — -1.9% return on capital

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

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Growth

Sales growth

Sales YoY

+41.9%

Fast-growing sales (+41.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

283.6%

Converts sales into free cash efficiently (283.6%)

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

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

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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