TOP Financial Group Limited (TOP) Balance Sheet
TOP balance sheet, FY2026
March 31, 2026 · U.S. dollars$86.1M assets = $51.8M liabilities + $34.2M equity
Both columns are drawn to the same scale: what TOP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TOP financial health
Descriptive bands, not a rating. Fiscal FY2026.
TOP balance sheet trends, FY2019–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $13.0MFY2019 | $86.1MFY2026 | +30.9%/yr | |
| Total liabilities | $167,921FY2019 | $51.8MFY2026 | +126.8%/yr | |
| Shareholders’ equity | $4.5MFY2019 | $33.9MFY2026 | +33.4%/yr | |
| Cash & short-term investments | $2.1MFY2019 | $13.0MFY2026 | +29.9%/yr | |
| Total debt | $244,861FY2022 | $2.9MFY2026 | +84.9%/yr | |
| Net cash (debt) | $6.0MFY2022 | $10.1MFY2026 | +$4.2M | |
| Working capital | $1.9MFY2019 | $28.4MFY2026 | +$26.4M | |
| Current ratio | 12.42FY2019 | 1.57FY2026 | −10.85 | |
| Debt / equity | 0.02FY2022 | 0.08FY2026 | +0.06 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TOP assets
TOP liabilities and equity
TOP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TOP balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $13.0M | $12.2M | $25.9M | $16.0M | $6.2M | $4.9M | $3.6M | $2.1M |
| Cash & equivalents | $13.0M | $12.2M | $25.9M | $16.0M | $6.2M | $4.9M | $3.6M | $2.1M |
| Short-term investments | — | — | $991,862 | $1.0M | — | — | — | — |
| Receivables | $46.2M | $24.8M | $13.8M | $17.4M | $3.6M | $2.7M | $8.0M | $4.0M |
| Inventory | $0 | $0 | $66.3M | $38.1M | $13.3M | $11.5M | $14.1M | $0 |
| Other current assets | $18.7M | $2.9M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $77.9M | $40.0M | $52.5M | $35.2M | $11.6M | $9.5M | $12.9M | $2.1M |
| Property, plant & equipment (net) | $2.7M | $288,745 | $518,192 | $224,896 | $250,060 | $18,241 | $17,254 | $34,827 |
| Goodwill & intangible assets | $89,963 | $64,268 | $63,890 | $63,695 | $63,837 | $64,311 | $64,505 | $63,696 |
| Long-term investments | $4.5M | $5.6M | $3.9M | $4.2M | $1.3M | $481,897 | $134,785 | $0 |
| Other non-current assets | $942,664 | $797,725 | $627,025 | $572,190 | $710,422 | $155,646 | $190,821 | $10.9M |
| Total assets | $86.1M | $46.8M | $57.6M | $40.3M | $13.9M | $10.3M | $13.3M | $13.0M |
| Liabilities | ||||||||
| Accounts payable | $48.9M | $11.0M | $10.3M | $3.5M | $3.3M | $3.3M | $6.1M | $8.1M |
| Short-term debt | $637,755 | — | $64,825 | $150,139 | $244,861 | — | — | — |
| Deferred revenue | — | — | −$64,825 | −$150,139 | −$244,861 | — | — | — |
| Total current liabilities | $49.5M | $11.6M | $10.9M | $4.2M | $3.4M | $3.5M | $6.9M | $167,921 |
| Long-term debt | $637,755 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.6M | $270,866 | $64,826 | $150,139 | $244,861 | $0 | — | — |
| Other long-term liabilities | $1.8M | $270,866 | $6.2M | $100,139 | $244,861 | $3.5M | $6.9M | $0 |
| Total liabilities | $51.8M | $11.9M | $17.1M | $4.3M | $3.7M | $3.5M | $6.9M | $167,921 |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $37,096 | $37,046 | $37,017 | $35,005 | $30,000 | $30,000 | $30,000 | $50,000 |
| Retained earnings (deficit) | $4.6M | $5.7M | $11.7M | $10.7M | $7.3M | $3.8M | $3.4M | $1.6M |
| Accumulated other comprehensive income | $296,688 | $127,649 | −$123,875 | $81,477 | −$34,024 | $16,366 | $36,611 | −$36,273 |
| Minority interest | $301,430 | $0 | — | — | — | — | — | — |
| Total shareholders' equity | $33.9M | $34.9M | $40.5M | $36.0M | $10.2M | $6.8M | $6.4M | $4.5M |
| Key figures | ||||||||
| Total debt | $2.9M | $270,866 | $64,826 | $150,139 | $244,861 | — | — | — |
| Net cash (debt) | $10.1M | $12.0M | $25.9M | $15.8M | $6.0M | — | — | — |
| Working capital | $28.4M | $28.4M | $41.6M | $31.0M | $8.1M | $6.0M | $6.0M | $1.9M |
| Tangible book value | $33.9M | $34.8M | $40.5M | $35.9M | $10.1M | $6.7M | $6.4M | $4.4M |
| Current ratio | 1.57 | 3.44 | 4.81 | 8.32 | 3.36 | 2.72 | 1.88 | 12.42 |
| Quick ratio | 1.19 | 3.18 | 3.64 | 7.88 | 2.85 | 2.16 | 1.70 | 35.97 |
| Debt / equity | 0.08 | 0.01 | 0.00 | 0.00 | 0.02 | — | — | — |
| Equity / assets | 39.4% | 74.5% | 70.3% | 89.2% | 73.4% | 65.8% | 48.4% | 34.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $13.0M | $13.0M | $14.8M | $14.8M | $12.2M | $12.2M | $12.7M | $12.7M | $25.9M | $25.9M | $24.5M | $24.5M |
| Cash & equivalents | $13.0M | $13.0M | $14.8M | $14.8M | $12.2M | $12.2M | $12.7M | $12.7M | $25.9M | $25.9M | $24.5M | $24.5M |
| Short-term investments | — | — | $986,289 | — | — | — | $998,266 | — | $991,862 | — | $1.0M | — |
| Receivables | $46.2M | $34.8M | $32.7M | $21.8M | $24.8M | $12.9M | $32.1M | $18.7M | $13.8M | $9.6M | $8.3M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $66.3M | $0 | $26.2M | $0 |
| Other current assets | $18.7M | $30.1M | $8.8M | $19.7M | $2.9M | $14.9M | $9.0M | $22.4M | $0 | $17.0M | $0 | $0 |
| Total current assets | $77.9M | $77.9M | $56.3M | $56.3M | $40.0M | $40.0M | $53.8M | $53.8M | $52.5M | $52.5M | $32.8M | $24.5M |
| Property, plant & equipment (net) | $2.7M | $2.4M | $472,987 | $217,192 | $288,745 | $288,745 | $707,063 | $291,554 | $518,192 | $105,688 | $598,947 | $598,947 |
| Goodwill & intangible assets | $89,963 | $89,963 | $90,447 | $90,447 | $64,268 | $64,268 | $64,356 | $0 | $63,890 | $0 | $63,850 | $63,850 |
| Long-term investments | $5.6M | $4.5M | $0 | $6.1M | $0 | $5.6M | $0 | $4.9M | $0 | $3.9M | $0 | $0 |
| Other non-current assets | $0 | $1.2M | $7.2M | $1.3M | $6.4M | $797,725 | $5.5M | $1.1M | $4.6M | $1.1M | $9.4M | $17.7M |
| Total assets | $86.1M | $86.1M | $64.1M | $64.1M | $46.8M | $46.8M | $60.1M | $60.1M | $57.6M | $57.6M | $42.9M | $42.9M |
| Liabilities | ||||||||||||
| Accounts payable | $48.9M | $48.9M | $28.4M | $28.4M | $11.0M | $11.0M | $19.3M | $19.3M | $10.3M | $10.3M | $3.3M | — |
| Short-term debt | $637,755 | — | — | — | — | — | $263,546 | — | $64,825 | — | $128,402 | — |
| Deferred revenue | — | — | — | — | — | — | — | — | −$64,825 | — | $3.1M | — |
| Total current liabilities | $49.5M | $49.6M | $28.9M | $28.9M | $11.6M | $11.6M | $19.9M | $19.9M | $10.9M | $10.9M | $3.8M | $528,021 |
| Long-term debt | $637,592 | $637,755 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.4M | $1.6M | — | $222,772 | — | $270,866 | — | $263,546 | — | $64,826 | $128,403 | — |
| Other long-term liabilities | $1.8M | $1.6M | $222,772 | $222,772 | $270,866 | $270,866 | $263,546 | $263,546 | $6.2M | $6.2M | $128,403 | $0 |
| Total liabilities | $51.8M | $51.8M | $29.1M | $29.1M | $11.9M | $11.9M | $20.2M | $20.2M | $17.1M | $17.1M | $3.9M | $528,021 |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $37,096 | — | $37,070 | — | $37,046 | — | $37,028 | — | $37,017 | — | $35,010 | $35,010 |
| Retained earnings (deficit) | $4.6M | $4.6M | $5.9M | $5.9M | $5.7M | $5.7M | $11.3M | $11.3M | $11.7M | $11.7M | $13.6M | $13.6M |
| Accumulated other comprehensive income | $296,688 | — | −$9,662 | — | $127,649 | — | −$317,790 | — | −$123,875 | — | $140,016 | $140,016 |
| Minority interest | $301,061 | $301,430 | — | — | — | $0 | — | — | — | — | — | — |
| Total shareholders' equity | $33.9M | $33.9M | $35.0M | $35.0M | $34.9M | $34.9M | $39.9M | $39.9M | $40.5M | $40.5M | $39.0M | $39.0M |
| Key figures | ||||||||||||
| Total debt | $2.9M | $637,755 | $222,772 | — | $270,866 | — | $263,546 | — | $64,826 | — | $128,403 | — |
| Net cash (debt) | $10.1M | $12.4M | $14.6M | — | $12.0M | — | $12.4M | — | $25.9M | — | $24.4M | — |
| Working capital | $28.4M | $28.3M | $27.4M | $27.4M | $28.4M | $28.4M | $33.9M | $33.9M | $41.6M | $41.6M | $29.0M | $24.0M |
| Tangible book value | $33.9M | $33.9M | $34.9M | $34.9M | $34.8M | $34.8M | $39.9M | $39.9M | $40.5M | $40.5M | $38.9M | $38.9M |
| Book value per share | — | $0.92 | — | $0.94 | — | $0.94 | — | $1.08 | — | $1.09 | — | $1.11 |
| Shares outstanding | — | 37.1M | — | 37.1M | — | 37.0M | — | 37.0M | — | 37.0M | — | 35.0M |
| Current ratio | 1.57 | 1.57 | 1.95 | 1.95 | 3.44 | 3.44 | 2.70 | 2.70 | 4.81 | 4.81 | 8.64 | 46.44 |
| Quick ratio | 1.19 | 0.96 | 1.64 | 1.27 | 3.18 | 2.16 | 2.25 | 1.58 | 3.64 | 3.25 | 8.64 | 46.44 |
| Debt / equity | 0.08 | 0.02 | 0.01 | — | 0.01 | — | 0.01 | — | 0.00 | — | 0.00 | — |
| Equity / assets | 39.4% | 39.4% | 54.6% | 54.6% | 74.5% | 74.5% | 66.4% | 66.4% | 70.3% | 70.3% | 90.8% | 90.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed July 7, 2026); data from EODHD.
TOP financial position
At the end of fiscal 2026 (March 31, 2026), TOP Financial had total assets of $86.1 million (up 83.9% from a year earlier), total liabilities of $51.8 million and shareholders' equity of $33.9 million. It held $13.0 million in cash and short-term investments against $2.9 million of debt, a net cash position of $10.1 million. Its current ratio was 1.57. In the latest quarter (ended June 30, 2026) total assets were $86.1 million and equity $33.9 million.
Related: TOP income statement, TOP cash flow statement, TOP key metrics. See the TOP stock overview for the latest quote and news.
TOP balance sheet FAQ
What are TOP Financial's total assets?
TOP Financial reported total assets of $86.1 million at the end of fiscal 2026 (March 31, 2026), compared with $46.8 million a year earlier.
How much debt does TOP Financial have?
TOP Financial had $2.9 million of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.08.
How much cash does TOP Financial have?
TOP Financial held $13.0 million in cash and short-term investments at the end of fiscal 2026; with $2.9 million of debt that is net cash of $10.1 million.
What is TOP Financial's book value?
TOP Financial's shareholders' equity (book value) was $33.9 million at the end of fiscal 2026.
What is TOP Financial's current ratio?
TOP Financial had current assets of $77.9 million and current liabilities of $49.5 million, a current ratio of 1.57 (it can cover its short-term obligations).
How much goodwill does TOP Financial have?
TOP Financial carried $0.1 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2026.