TOP Financial Group Limited (TOP) Stock Price & Analysis
TOP Financial Group Limited (TOP) closed at USD 10.91 on Tuesday, November 3, 2026, up 0.46% on the day. The US market is currently closed; this is not a live price.
The prior close was USD 10.86; the Nov 3, 2026 session ranged USD 10.25–11.2 on volume of 209,504 shares. Market capitalization is $1.35B, with a 52-week range of USD 3.06–17.42 (NCM). Source: Nexqual, retrieved November 4, 2026 at 02:57 UTC.
What changed for TOP since Aug 31, 2025
The built-in knowledge of several widely used AI models ends around Aug 31, 2025. Everything below is newer, dated and sourced (as of Nov 3, 2026).
- TOP Financial Group Limited (TOP) stock went from USD 5.8 (close of the week of Aug 25, 2025, split-adjusted) to USD 10.91, a +88.1% price change; the S&P 500 (SPY) moved +18.5% over the same period.
- TOP revenue over the last four reported quarters (through Sep 30, 2026) was $6.2M, +84.9% vs $3.3M in fiscal year 2025 (ended Mar 31, 2025), the last full year filed before September 2025; net income -$6.0M → $351K (SEC 10-K / 10-Q).
Also available as compact Markdown for AI agents: nexqual.com/TOP.md
Key facts (TOP)
- Last four reported quarters (through Sep 30, 2026): revenue $6.2M, net income $351K (5.7% margin) (SEC filings).
- Valuation: P/E 3841.1x.
- Analysts: None.
- Total return with dividends: 1Y +93.1% vs S&P 500 +12.9%; 5Y -86.4% vs S&P 500 +72.1%.
- Dividend: TOP paid no cash dividend in the last five years.
- Short interest: 0.22% of float (as of 2026-10-15), 2.2 days to cover.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (TOP)
| USD | FY2025 | FY2026 | TTM |
|---|---|---|---|
| Revenue | $3.3M | $4.7M | $6.2M |
| Operating income | -$5.8M | -$1.2M | $78K |
| Net income | -$6.0M | -$1.2M | $351K |
| EPS (diluted) | -$0.80 | -$0.15 | — |
| Free cash flow | -$14.5M | $13.1M | — |
| Operating margin | -174.9% | -24.9% | 1.3% |
| Net margin | -179.3% | -24.8% | 5.7% |
| Revenue growth | — | +41.9% | — |
| Cash + short-term investments | $12.2M | $13.0M | — |
Fiscal years end Mar. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Sep 30, 2026) (TOP)
P/E 3841.1x · P/S 219.3x · P/B 11.5x · Earnings yield 0.03%
Analysts (TOP)
Consensus None.
Total return (dividends reinvested) (TOP)
| 1Y (from 2025-11-04) | 5Y (from 2022-05-30) | |
|---|---|---|
| Total return | +93.1% | -86.4% |
| S&P 500 (SPY) | +12.9% | +72.1% |
| Per year | +93.5% | -36.3% |
| Volatility (annualized) | 89.9% | 211.2% |
| Max drawdown | -48.2% (Dec 2025→Mar 2026) | -99.3% (Apr 2023→Mar 2026) |
Dividends (TOP)
TOP paid no cash dividend in the last five years.
Short interest (TOP)
255,710 shares sold short, 0.22% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 189,466 shares (+35.0%). Days to cover: 2.2 (short shares ÷ average daily volume).
TOP major shareholder filing: Schedule 13D, Jul 30, 2026
Junli Yang, Quantum Leap Limited filed a Schedule 13D with the SEC on Jul 30, 2026, reporting up to 17.10% of the class. A Schedule 13D is filed by an owner of more than 5% who may seek to influence the company. Item 4 (Purpose of Transaction), quoted from the filing:
Ms. Yang is a pre-IPO shareholder of the Issuer holding 20,000,000 Class A Ordinary Shares through Zhong Yang Holdings. Ms. Yang is the majority shareholder and sole director of Zhong Yang Holdings and, as such, may be deemed to exercise sole voting and sole dispositive power over these shares. The Reporting Persons acquired with the intent to exercise control over the Issuer. Quantum Leap, which is wholly owned by Ms. Yang, acquired Warrants to purchase 100,000,000 Class A Ordinary Shares as described in Item 3. On July 19, 2026, Quantum Leap exercised its Warrants in full on a cashless basis pursuant to Section 3(c) of the Warrants, as amended. On July 20, 2026, Quantum Leap received 84,067,616 Class A Ordinary Shares upon the cashless exercise of the Warrants in full, and no Warrants held by Quantum Leap remain outstanding. The Reporting Persons intend to continue actively participating in the Issuer's management and strategic direction. Except as set forth herein, the Reporting Persons do not have any present plans or proposals which relate to or would result in any of the transactions described in paragraphs (a) through (j) of this Item 4.
Source: SEC EDGAR, Schedule 13D filed Jul 30, 2026. Quoted word for word; Nexqual adds no interpretation.
TOP recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Nov 3, 2026 | 8-K | Regulation FD disclosure |
| Oct 28, 2026 | 10-Q | Quarterly report · period ended Sep 30, 2026 |
| Oct 16, 2026 | 8-K | Regulation FD disclosure |
| Oct 14, 2026 | 8-K | Regulation FD disclosure |
| Oct 9, 2026 | 8-K | Director or executive officer change, or pay arrangement “Appointment of Dean Huge as Independent Director On October 8, 2026, the Board of Directors (the "Board") of TOP Financial Group Limited (the "Company"), upon the recommendation of the Nominating and Corporate Governance Committee of the Board, increased the size of the Board from five to seven directors and appointed Mr. Dean Huge as an independent director of the Company, effective October 8, 2026. Mr. Huge was also appointed as a member of each of the Audit Committee, the Compensation Committee and the…” |
| Sep 29, 2026 | 8-K | Director or executive officer change, or pay arrangement “On September 25, 2026, TOP Financial Group Limited, a Cayman Islands exempted company (the "Company"), entered into amended appointment letters (the "Amended Appointment Letters") with each of its independent non-executive directors, Anthony S. Chan, Mau Chung Ng, and Mei Cai (collectively, the "Independent Directors"). Each Amended Appointment Letter supersedes and replaces in its entirety the original appointment letter dated May 5, 2021 that became effective on May 31, 2022 (the "Original Appointment Letters").…” |
| Sep 21, 2026 | 8-K | Director or executive officer change, or pay arrangement “Ka Fai Yuen resigned as a director of TOP Financial Group Limited (the "Company"). Mr. Yuen's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. Effective September 21, 2026, Ms. Hoi Ling Jennifer Tam resigned as the Chief Operating Officer of the Company. Ms. Tam's resignation as Chief Operating Officer was in connection with her appointment as a director and co-Chief Executive Officer of the Company, as described below.…” |
| Sep 4, 2026 | 8-K | Regulation FD disclosure |
| Aug 17, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Aug 4, 2026 | 8-K | Regulation FD disclosure |
| Jul 31, 2026 | 8-K | Change to shareholder rights; Bylaws or fiscal-year change |
| Jul 30, 2026 | Schedule 13D | Junli Yang, Quantum Leap Limited: 17.1% of shares, 5%+ holder that may seek to influence the company “Ms. Yang is a pre-IPO shareholder of the Issuer holding 20,000,000 Class A Ordinary Shares through Zhong Yang Holdings. Ms. Yang is the majority shareholder and sole director of Zhong Yang Holdings and, as such, may be deemed to exercise sole voting and sole dispositive power…” |
| Jul 23, 2026 | 8-K | Other material event “On July 21, 2026, TOP Financial Group Limited (the "Company") issued a press release announcing the full cashless exercise of the outstanding warrants to purchase up to 428,862,444 Class A ordinary shares of the Company and the cancellation of all such warrants, as previously reported in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 20, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.” |
| Jul 20, 2026 | 8-K | Entered a material agreement; Unregistered sale of shares “On July 19, 2026, TOP Financial Group Limited, a Cayman Islands exempted company (the "Company"), entered into Warrant Amendment Agreements (the "Amendment Agreements") with holders of certain warrants (the "Warrants") to purchase up to 428,862,444 Class A ordinary share of the Company, par value US$0.001 per share ("Class A Ordinary Share"), issued on July 9, 2026 pursuant to certain securities purchase agreements dated March 25, 2026, as supplemented on May 5, 2026 (the "Agreement"), by and between the Company…” |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
TOP revenue by product line (quarter ended Sep 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Interest Income From Loan Business | $1.4M | 62.7% | +483.3% |
| Other Service Revenues | $318,903 | 14.4% | +176.1% |
| AI Services | $222,111 | 10.1% | — |
| Futures Brokerage Commissions | $138,687 | 6.3% | -78.0% |
| — Commission On Futures Broking From Overseas Exchanges (part of Futures Brokerage Commissions) | $112,071 | 5.1% | -80.5% |
| — Commission On Futures Broking Earned From Hong Kong Exchange (part of Futures Brokerage Commissions) | $26,616 | 1.2% | -53.5% |
| Tradinglosses Gains | $66,091 | 3.0% | -80.1% |
| Interest Income & Other | $49,875 | 2.3% | -54.8% |
| Virtual Asset Brokerage Commissions | $27,922 | 1.3% | — |
| Virtual Asset Brokerage Ccommissions | $27,922 | 1.3% | — |
| Total revenue | $2.2M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
TOP customer concentration
In the quarter ended Sep 30, 2026, 3 direct customers each accounted for at least 10% of TOP's revenue (17%, 11%, 10%; 38% combined). The company does not name these customers in the filing. Source: the company's 10-Q filed Oct 28, 2026.
TOP analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |
Key Statistics (as of November 4, 2026 at 02:57 UTC)
| Price | USD 10.91 |
|---|---|
| Change | ▲ 0.46% (up) |
| Previous Close | USD 10.86 |
| Open | USD 10.56 |
| Day Range | USD 10.25 – 11.2 |
| 52-Week Range | USD 3.06 – 17.42 |
| Volume | 209,504 shares |
| Market Cap | $1.35B |
| Exchange | NCM |
Technical Analysis (TOP)
Nexqual's technical model rates TOP "SELL" based on 2 bullish and 5 bearish signals across 128 daily candles, as of November 4, 2026 at 02:57 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 27.63 (oversold) |
| vs SMA50 | Below (USD 14.9) |
| MACD | -0.7 (negative) |
Analyst Ratings (TOP)
Wall Street analysts rate TOP "None", per Nexqual as of November 4, 2026 at 02:57 UTC.
| Consensus Rating | None |
|---|
Earnings (TOP)
Source: Nexqual, November 4, 2026 at 02:57 UTC.
Financials & Fundamentals (TOP)
| Total Revenue | $5.14M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +43.90% |
| Gross Margin | +70.66% |
| Operating Margin | +12.41% |
| Profit Margin | -23.35% |
| ROE | -1.58% |
| Debt / Equity | 0.02 |
| Current Ratio | 3.22 |
| Total Cash | $10.18M |
| Total Debt | $1.91M |
| Free Cash Flow (fiscal year ended Mar 2026, SEC 10-K) | $13.12M (277.8% of revenue) |
Source: Nexqual, November 4, 2026 at 02:57 UTC.
Financial Health Score (TOP)
Nexqual rates TOP Financial Group Limited's overall financial health "Solid" across five dimensions, as of November 4, 2026 at 02:57 UTC.
| Growth | Strong — Revenue +44% YoY (latest Q) |
|---|---|
| Profitability | Weak — Pre-revenue or very early stage |
| Balance Sheet | Strong — $10M cash vs $2M debt, net cash position |
| Cash Flow | Strong — FCF $13M (FY ended Mar 2026, 10-K), 278% margin |
| Efficiency | Weak — ROE 0%, ROA 0.2% (last 4 quarters, SEC) |
Ownership (TOP)
| Insider Ownership | +17.11% |
|---|---|
| Institutional Ownership | +0.04% |
| Shares Outstanding | 121.71M |
| Float | 100.88M |
| Short % of Float | +0.22% |
Source: Nexqual, November 4, 2026 at 02:57 UTC.
Leadership (TOP)
TOP Financial Group Limited is led by Ka Fai Yuen, Co-Chief Executive Officer, per Nexqual as of November 4, 2026 at 02:57 UTC.
| Co-Chief Executive Officer | Ka Fai Yuen |
|---|---|
| Co-CEO & Director | Hoi Ling Tam |
| Chief Financial Officer | Yung Yung Lo |
From TOP Financial Group Limited's Latest SEC 10-K Filing (filed 2026-07-07)
Key Strengths & Strategy (as disclosed to the SEC)
- Investors can also trade stocks listed on the major stock exchanges around the world, including Nasdaq Stock Market, New York Stock Exchange, and Hong Kong Stock Exchange through our platform licensed by Longbridge.
- Operating Subsidiaries deliver a comprehensive and user-friendly online trading experience for investors through our platform that can be accessed through our APP, software, or website.
- The margin loan or funding is offered by our platform for consolidated account clients.
Partnerships
- July 9, 2025, the Company and ZYNL (BVI) Limited ("ZYNL"), a subsidiary of the Company, entered into a Share Purchase Agreement with Zhong Yang Financial Services Limited (the "Target") and the sole shareholder of the Target.
- On July 9, 2025, the Company and ZYNL (BVI) entered into a share purchase agreement with Zhong Yang Financial Services Limited and the sole shareholder of Zhong Yang Financial Services Limited, or ZYHL, pursuant to which ZYHL agreed to sell, convey, assign, transfer and deliver to ZYNL (BVI), and ZYNL (BVI) agreed to purchase from ZYHL, 100% of the equity interest in Zhong Yang Financial Services Limited for a total purchase price of HKD500,000 (approximately USD63,750).
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
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|---|---|---|---|
| MIAX | Miami International Holdings, I | USD 33.86 | ▼ 2.92% |
| LAZ | Lazard, Inc. | USD 38.33 | ▼ 2.12% |
| RIOT | Riot Platforms, Inc. | USD 14.02 | ▲ 18.41% |
| MC | Moelis & Company | USD 59.22 | ▼ 2.89% |
| VIRT | Virtu Financial, Inc. | USD 53.23 | ▼ 0.84% |
| PIPR | Piper Sandler Companies | USD 65.95 | ▼ 2.18% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: November 4, 2026 at 02:57 UTC. This page is informational and not investment advice.
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