TOP Financial Group Limited (TOP) Cash Flow Statement
Where TOP’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $14.0M
- Capital expenditures
- $899,500 19.0% of revenue
- Free cash flow
- $13.1M 277.8% margin
- Returned to shareholders
- —
- Change in cash
- $16.5M cash at year-end $31.7M
Cash from operations
$14.0M
Capital expenditures
−$899,500
Investments (net)
+$1.0M
Acquisitions & other
+$1.2M
Net borrowing (repayment)
+$685,052
Other financing
+$305,736
Currency & other
+$236,794
Change in cash
$16.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TOP operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TOP cash flow trends, FY2019–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.7MFY2019 | $14.0MFY2026 | +21.0%/yr | |
| Capital expenditures | $11,677FY2019 | $899,500FY2026 | +86.0%/yr | |
| Free cash flow | $3.7MFY2019 | $13.1MFY2026 | +19.9%/yr | |
| Free cash flow margin | 34.1%FY2019 | 277.8%FY2026 | +243.7 pts | |
| Operating cash flow / net income | 2.87FY2019 | 16.89FY2024 | +14.01 | |
| Stock-based compensation | $0FY2021 | $60,194FY2026 | — | |
| Dividends paid | $5.2MFY2019 | $0FY2023 | −100.0% | |
| Capex / revenue | 0.1%FY2019 | 19.0%FY2026 | +18.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TOP cash flow by activity
OperatingInvestingFinancingChange in cash
TOP net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TOP cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$1.2M | −$6.0M | $1.1M | $3.4M | $3.5M | $5.0M | $2.5M | $1.3M |
| Depreciation & amortization | $461,000 | $175,890 | $144,497 | $120,945 | $64,577 | $13,288 | $17,865 | $43,942 |
| Stock-based compensation | $60,194 | $72,223 | $48,603 | $50,137 | $0 | $0 | — | — |
| Change in working capital | $15.3M | −$11.0M | $17.0M | −$9.6M | −$2.0M | −$724,190 | −$3.5M | −$1.9M |
| Other non-cash items | −$671,119 | $2.3M | −$526,694 | $0 | $0 | $0 | $0 | $4.2M |
| Cash from operating activities | $14.0M | −$14.5M | $17.8M | −$6.0M | $1.6M | $4.3M | −$938,349 | $3.7M |
| Investing activities | ||||||||
| Capital expenditures | −$899,500 | −$3,234 | −$6,063 | −$86,443 | −$413,890 | −$16,278 | −$16,278 | −$11,677 |
| Investments (net) | $1.0M | −$9.4M | −$1.3M | −$6.5M | −$413,890 | −$16,278 | $0 | — |
| Acquisitions & other investing | $1.2M | $3,234 | $6,063 | $86,443 | $413,890 | $16,278 | $0 | $0 |
| Cash from investing activities | $1.3M | −$9.4M | −$1.3M | −$6.5M | −$413,890 | −$16,278 | −$16,278 | −$11,677 |
| Financing activities | ||||||||
| Dividends paid | — | — | — | $0 | $0 | −$5.2M | −$5.2M | −$5.2M |
| Share repurchases & issuance (net) | — | — | — | −$150,000 | — | — | — | — |
| Net borrowing (repayment) | $685,052 | $0 | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $4.4M | $22.7M | $0 | $0 | $0 | $0 |
| Other financing | $305,736 | $0 | $0 | $0 | $0 | $2.9M | $4.6M | $4.6M |
| Cash from financing activities | $990,788 | $0 | $4.4M | $22.5M | $0 | −$2.3M | −$581,954 | −$581,954 |
| Summary | ||||||||
| Net change in cash | $16.5M | −$23.5M | $20.9M | $9.9M | $1.1M | $2.0M | −$1.4M | $3.7M |
| Cash at end of period | $31.7M | $15.2M | $38.7M | $17.8M | $8.0M | $6.8M | $4.9M | $6.3M |
| Free cash flow | $13.1M | −$14.5M | $17.8M | −$6.1M | $1.2M | $4.3M | −$938,349 | $3.7M |
| Free cash flow margin | 277.8% | −434.8% | 220.9% | −63.1% | 15.0% | 25.5% | −5.7% | 34.1% |
| Capex / revenue | 19.0% | 0.1% | 0.1% | 0.9% | 5.3% | 0.1% | 0.1% | 0.1% |
| Operating cash flow / net income | — | — | 16.89 | −1.78 | 0.45 | 0.86 | −0.37 | 2.87 |
| Jun '26 | Dec '25 | Sep '25 | Jun '25 | Dec '24 | Jun '24 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.4M | $190,540 | $104,548 | −$5.5M | −$450,421 | −$2.6M | $3.7M | $1.8M | $1.6M | $779,780 | $1.8M | $2.6M |
| Depreciation & amortization | $27,205 | $8,140 | — | $158,866 | $17,024 | $68,417 | $76,080 | $38,040 | $63,926 | $31,963 | $57,019 | $55,286 |
| Stock-based compensation | — | — | — | $42,280 | $29,944 | $36,856 | $11,748 | $5,874 | $50,137 | $25,069 | — | — |
| Change in working capital | — | — | — | −$5.6M | — | $5.2M | −$915,394 | −$457,697 | −$2.8M | −$1.4M | −$5.9M | −$338,652 |
| Other non-cash items | $8.3M | $7.1M | $48,385 | $4.6M | −$7.8M | $12.6M | −$359,654 | −$179,827 | −$182,613 | −$91,306 | $0 | −$3.1M |
| Cash from operating activities | $7.0M | $7.3M | $152,933 | −$6.3M | −$8.2M | $15.3M | $2.5M | $1.2M | −$1.3M | −$655,187 | −$4.0M | −$751,662 |
| Investing activities | ||||||||||||
| Capital expenditures | −$898,791 | −$699 | $0 | −$3,234 | −$2 | −$3,086 | −$2,974 | −$1,487 | −$86,443 | −$43,222 | −$3 | −$413,890 |
| Investments (net) | $5.6M | — | — | −$356,420 | — | — | — | — | — | — | — | — |
| Acquisitions & other investing | −$4.9M | $1.2M | — | −$453,253 | −$8.5M | −$6.1M | $4.8M | — | −$6.3M | — | −$199,997 | $0 |
| Cash from investing activities | −$193,072 | $1.2M | — | −$812,907 | −$8.5M | −$6.1M | $4.8M | — | −$6.3M | — | −$200,000 | −$413,890 |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | −$52,638 | — | — | — |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | −$158 | −$79 | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $990,788 | — | — | — | — | $4.4M | — | — | −$97,362 | $25,000 | $22.7M | $22.7M |
| Cash from financing activities | $990,788 | — | — | — | — | $4.4M | — | — | −$150,158 | $24,921 | $22.7M | $22.7M |
| Summary | ||||||||||||
| Net change in cash | $8.1M | $8.4M | $1.5M | −$6.5M | −$17.0M | $13.5M | $7.3M | $3.7M | −$7.8M | −$3.9M | $18.4M | −$1.2M |
| Cash at end of period | $31.7M | $23.6M | $23.6M | $15.2M | $21.7M | $38.7M | $25.2M | $3.7M | $17.8M | $21.8M | $25.7M | $8.0M |
| Free cash flow | $6.1M | $7.3M | $152,933 | −$6.3M | −$8.2M | $15.3M | $2.5M | $1.2M | −$1.4M | −$698,409 | −$4.0M | −$1.2M |
| Free cash flow margin | 329.2% | 254.1% | 10.0% | −424.8% | −442.8% | 1,720.6% | 34.6% | 34.6% | −30.8% | −30.8% | −77.5% | −25.3% |
| Capex / revenue | 48.5% | 0.0% | 0.0% | 0.2% | 0.0% | 0.3% | 0.0% | 0.0% | 1.9% | 1.9% | 0.0% | 9.0% |
| Operating cash flow / net income | — | 38.27 | 1.46 | — | — | — | 0.68 | 0.68 | −0.84 | −0.84 | −2.17 | −0.29 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TOP cash generation
In fiscal 2026 (ended March 31, 2026), TOP Financial generated $14.0 million of cash from operations and spent $0.9 million on capital expenditures, leaving free cash flow of $13.1 million, 277.8% of revenue. Cash and equivalents rose by $16.5 million over the year.
Related: TOP income statement, TOP balance sheet. See the TOP stock overview for the latest quote and news.
TOP cash flow FAQ
What is TOP Financial's free cash flow?
TOP Financial's free cash flow was $13.1 million in fiscal 2026: $14.0 million of operating cash flow minus $0.9 million of capital expenditures It was -$14.5 million a year earlier..
How much cash does TOP Financial generate from operations?
TOP Financial generated $14.0 million of cash from operating activities in fiscal 2026.
How much does TOP Financial spend on capital expenditures?
TOP Financial spent $0.9 million on capital expenditures in fiscal 2026, 19.0% of revenue, compared with $0.0 million the year before.