TROOPS

TROO

Financial - Credit Services · Financial Services

Price

$1.92

-0.14 (-7.04%)

Market Cap

$233.9M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+18.8% over 4y

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

Diluted shares outstanding: 101.6M (2021) → 120.7M (2025)

Winston Score History

The full picture

TROOPS, Inc. is a financial technology company based in China that connects businesses with financial services. It operates a platform that helps small and medium-sized businesses access loans, insurance, and other financial products. The company essentially acts as a middleman between companies that need money and the banks or lenders that provide it.

TROOPS makes money by earning fees and commissions when it successfully matches businesses with financial products through its platform. It operates primarily in China, where demand for small business lending services is large but competition is intense. The company is quite small, with a market cap of around $200 million, and its financials show significant challenges — it is currently losing far more money than it earns, with an operating margin of nearly negative 100%. The biggest risk the company faces is proving it can grow revenue fast enough to cover its costs before it runs out of financial runway.

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

+27.0% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-88.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

60.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$15M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

TROOPS is growing revenue at 27% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

4.6%

Thin — 4.6% gross margin

Profit after running costs

Operating Margin

-163.1%

Losing money on operations — -163.1%

Return on the money invested

ROCE

-34.0%

Weak — -34.0% 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

+69.7%

Fast-growing sales (+69.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

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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