# TOP Financial Group Limited (TOP)

> Source: Nexqual · https://nexqual.com/TOP · data as of 2026-11-03 21:00 UTC · cite as "Nexqual, TOP Financial Group Limited (TOP), nexqual.com/TOP" · informational, not investment advice.

## TOP major shareholder filing: Schedule 13D, Jul 30, 2026
Junli Yang, Quantum Leap Limited filed a Schedule 13D on Jul 30, 2026, reporting up to 17.10% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> 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: https://www.sec.gov/Archives/edgar/data/1848275/000121390026083036/0001213900-26-083036-index.htm

## 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).

**Price:** USD 10.91 (+0.46% on the day) · last close of Nov 3, 2026; US market pre market, not a live price. Prev close 10.86 · day 10.25–11.2 · 52w 3.06–17.42 · market cap $1.35B · NCM

## Key facts
- 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)
| 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)
P/E 3841.1x · P/S 219.3x · P/B 11.5x · Earnings yield 0.03%

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 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 paid no cash dividend in the last five years.

## Short interest
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).

## Peers (Capital Markets)
MIAX (Miami International Holdings, I) USD 33.86 -2.92% · LAZ (Lazard, Inc.) USD 38.33 -2.12% · MC (Moelis & Company) USD 59.22 -2.89% · PIPR (Piper Sandler Companies) USD 65.95 -2.18% · VIRT (Virtu Financial, Inc.) USD 53.23 -0.84% · FIGR (Figure Technology Solutions, In) USD 22.1 +1.42%

## More
Full page: https://nexqual.com/TOP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | 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% | — |

## 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. (10-Q, filed 2026-10-28)

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-11-03 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1848275/000121390026115172/0001213900-26-115172-index.htm |
| 2026-10-28 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1848275/000121390026113336/0001213900-26-113336-index.htm |
| 2026-10-16 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1848275/000121390026110029/0001213900-26-110029-index.htm |
| 2026-10-14 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1848275/000121390026109242/0001213900-26-109242-index.htm |
| 2026-10-09 | 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…” | https://www.sec.gov/Archives/edgar/data/1848275/000121390026108497/0001213900-26-108497-index.htm |
| 2026-09-29 | 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").…” | https://www.sec.gov/Archives/edgar/data/1848275/000121390026104318/0001213900-26-104318-index.htm |
| 2026-09-21 | 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.…” | https://www.sec.gov/Archives/edgar/data/1848275/000121390026101845/0001213900-26-101845-index.htm |
| 2026-09-04 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1848275/000121390026097717/0001213900-26-097717-index.htm |
| 2026-08-17 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1848275/000121390026090479/0001213900-26-090479-index.htm |
| 2026-08-04 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1848275/000121390026084900/0001213900-26-084900-index.htm |
| 2026-07-31 | 8-K | Change to shareholder rights; Bylaws or fiscal-year change | https://www.sec.gov/Archives/edgar/data/1848275/000121390026083605/0001213900-26-083605-index.htm |
| 2026-07-30 | 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…” | https://www.sec.gov/Archives/edgar/data/1848275/000121390026083036/0001213900-26-083036-index.htm |
| 2026-07-23 | 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.” | https://www.sec.gov/Archives/edgar/data/1848275/000121390026080615/0001213900-26-080615-index.htm |
| 2026-07-20 | 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…” | https://www.sec.gov/Archives/edgar/data/1848275/000121390026079696/0001213900-26-079696-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.