TOP Financial Group Ltd
TOPdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'
TOP Financial Group Ltd earns about 24% on invested capital, far above its ~9% cost of capital, but has diluted owners by 24% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.29 and $7.16 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $8.61M1 | $9M2 | $6.4M2 | $2.87M3 | $2.93M3 |
| Net income | $3.49M4 | $3.4M5 | $1.05M5 | −$5.97M6 | −$1.17M6 |
| Operating cash flow | $1.58M7 | −$6.03M8 | $17.8M8 | −$14.5M9 | $14M9 |
| Capital expenditure | — | $86,44310 | $6,06310 | $3,23411 | $899,50011 |
| Free cash flow (derived) | — | −$6.12M8 | $17.8M8 | −$14.5M9 | $13.1M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $6.2M12 | $16M13 | $25.9M13 | $12.2M14 | $13M14 |
| Diluted shares | 30.0M | 34.2M | 32.3M | 37.0M | 37.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $9.16 of net worth that earned you −$0.32 and generated $3.54 of cash last year.
It earned about 24% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 24% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.29 and $7.16 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$13.1M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$13.1M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.05M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $5.41 |
| Base | 5.0% | $6.63 |
| Bull | 10.0% | $8.1 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2022-03-31 · accession 0001013762-24-002682 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-075728 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2025-03-31 · accession 0001213900-26-075954 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2022-03-31 · accession 0001013762-24-002682 (NetIncomeLoss)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-075728 (NetIncomeLoss)
- 10-K · period ending 2025-03-31 · accession 0001213900-26-075954 (NetIncomeLoss)
- 20-F · period ending 2022-03-31 · accession 0001013762-24-002682 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-075728 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-03-31 · accession 0001213900-26-075954 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-075728 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2025-03-31 · accession 0001213900-26-075954 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-03-31 · accession 0001013762-24-002682 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-075728 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-03-31 · accession 0001213900-26-075954 (CashAndCashEquivalentsAtCarryingValue)