Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2026
-24.9%Operating margin2
-24.8%Net margin2
41.9%Revenue growth, 20262
-3.4%Return on equity2
$13.1MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Interest Income From Loan Business brought in 28% of the revenue Topdanmark broke down this way in fiscal 2026.
Products and services by year
| Products and services | 2025 | 2026 |
|---|---|---|
| Interest Income From Loan Business | $832.7K | $952.5K |
| Interest Income And Other | $903.3K | $440.3K |
| Other Service Revenues | $231.4K | $415.5K |
| Tradinglosses Gains | -$1.4M | $402.5K |
| Virtual asset Brokerage Commissions | $388.9K | |
| Virtual asset commission | $388.9K | |
| Trading Solution Service Revenues | $805.8K | $290.0K |
| Commission On Futures Broking Earned From Hong Kong Exchange | $286.5K | $185.1K |
Where the money goes
Where each dollar of revenue went, fiscal 2026
- Other costs100¢$4.7M
- Income tax0¢$1.8K
Out of $4.7M in revenue.2 The company lost money this year.
Where each dollar of operating cash went, fiscal 2026
- Capital spending6¢$899.5K
- Kept or used elsewhere94¢$13.1M
Out of $14.0M of cash from operations.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2026-03-31 | 2025-03-31 |
|---|---|---|
| Total revenues | $4.7M | $3.3M |
| Commission expenses | $1.3M | $1.3M |
| Compensation and benefits | $2.4M | $1.7M |
| Communications and technology | $451.6K | $644.7K |
| Occupancy | $428.8K | $130.7K |
| Travel and business development | $120.7K | $57.1K |
| Professional fees | $703.5K | $587.0K |
| (Reversal of allowance) allowance for expected credit loss | -$633.3K | $2.8M |
| Impairment of long-term investment | $500.0K | $256.4K |
| Other administrative expenses | $622.8K | $1.6M |
| Total expenses | $5.9M | $9.2M |
| Loss before income taxes | -$1.2M | -$5.8M |
| Income tax benefits (expense) | $1.8K | -$146.1K |
| Less: Net loss attributable to non-controlling shareholders | -$4.7K | |
| Net loss attributable to TOP Financial Group Limiteds shareholders | -$1.2M | -$6.0M |
| Net loss | -$1.2M | -$6.0M |
| Total foreign currency translation adjustment | $169.4K | $251.5K |
| Total comprehensive loss | -$1.0M | -$5.7M |
| Less: Total comprehensive loss attributable to non-controlling shareholders | -$4.3K | |
| Total comprehensive loss attributable to TOP Financial Group Limiteds shareholders | -$1.0M | -$5.7M |
| Basic (in Dollars per share) | -$0.03 | -$0.16 |
| Diluted (in Dollars per share) | -$0.03 | -$0.16 |
| Basic (in Shares) | 37.1M shares | 37.0M shares |
| Diluted (in Shares) | 37.1M shares | 37.0M shares |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2026-03-31 | 2025-04-30 | 2025-03-31 |
|---|---|---|---|
| Cash and cash equivalents | $13.0M | $12.2M | |
| Restricted cash | $18.7M | $2.9M | |
| Receivables from broker-dealers and clearing organizations | $32.5M | $12.0M | |
| Receivables from customers, net | $1.7M | $496.8K | |
| Loans receivable, net | $11.8M | $12.3M | |
| Securities owned, at fair value | $710.6K | $531.2K | |
| Fixed assets, net | $1.1M | $434.0K | |
| Intangible assets, net | $63.8K | $64.3K | |
| Goodwill | $26.2K | ||
| Right-of-use assets | $1.6M | $269.7K | |
| Long-term investments | $3.1M | $100.0K | $3.6M |
| Deposit for long-term investment | $600.0K | $500.0K | |
| Available-for-sale investments | $968.4K | ||
| Other assets | $899.3K | $382.8K | |
| Deferred tax assets | $43.4K | ||
| Total assets | $86.1M | $46.8M | |
| Payable to customers | $48.9M | $10.1M | |
| Contract liabilities | $53.3K | ||
| Income tax payable | $149.8K | $67.8K | |
| Promissory notes payable | $637.8K | ||
| Accrued expenses and other liabilities | $527.5K | $598.3K | |
| Lease liabilities | $1.6M | $270.9K | |
| Total liabilities | $51.8M | $11.9M | |
| Additional paid-in capital | $29.0M | $29.0M | |
| Retained earnings | $4.6M | $5.7M | |
| Accumulated other comprehensive income | $296.7K | $127.6K | |
| Total shareholders equity | $33.9M | $34.9M | |
| Non-controlling interest | $301.4K | ||
| Total liabilities and shareholders equity | $86.1M | $46.8M |
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2026-03-31 | 2025-03-31 |
|---|---|---|
| Net loss | -$1.2M | -$6.0M |
| Depreciation | $35.3K | $33.9K |
| Amortization of right-of-use assets | $425.7K | $142.0K |
| Loss from disposal of property and equipment | $1.6K | |
| (Reversal of allowance) allowance for expected credit loss | -$633.3K | $2.8M |
| Impairment of long-term investment | $500.0K | $256.4K |
| Share-based compensation | $60.2K | $72.2K |
| Unrealized gain from foreign exchange forward contract | -$400 | |
| Interest income from loan business | -$345.2K | -$832.7K |
| Unrealized (gain) loss from available-for-sale investments | -$31.2K | $23.5K |
| Realized income from available-for-sale investments | -$119.0K | |
| Deferred tax benefits | -$43.6K | |
| Receivables from customers | -$290.0K | $434.3K |
| Loans receivable from customers | -$492.7K | -$99.1K |
| Loans receivables from customers related party | -$156.4K | $1.6M |
| Receivables from broker-dealers and clearing organizations | -$20.7M | -$8.0M |
| Securities owned, at fair value | -$273.5K | $417.2K |
| Other assets | -$632.1K | $245.0K |
| Payable to customers | $39.0M | $587.5K |
| Payable to customers a related party | -$869.0K | |
| Contract liabilities | $53.3K | |
| Payables to holders of structured notes | -$6.1M | |
| Accrued expenses and other liabilities | $12.6K | -$54.2K |
| Income tax recoverable and payable | $82.9K | $146.1K |
| Lease liabilities | -$400.0K | -$145.9K |
| Net cash provided by (used in) operating activities | $14.0M | -$14.5M |
| Purchases of property and equipment | -$899.5K | -$3.2K |
| Proceeds from sales of property and equipment | $140.0K | |
| Purchase of long-term investment in equity investees | -$1.9M | |
| Deposits for long-term investment | -$100.0K | -$500.0K |
| Collection of available-for-sale investments | $1.1M | |
| Originated loans disbursements to third party customers | -$5.8M | -$7.0M |
| Collection of loans from third party customers | $6.9M | |
| Originated loans disbursements to a related party customer | -$76.9K | |
| Net cash provided by (used in) investing activities | $1.3M | -$9.4M |
| Proceeds from issuance of promissory notes | $640.7K | |
| Proceeds from borrowings from related parties | $44.3K | |
| Capital injection from non-controlling shareholders | $305.7K | |
| Net cash provided by financing activities | $990.8K | |
| Net changes in cash, cash equivalents and restricted cash | $16.3M | -$23.8M |
| Effect of exchange rates on cash, cash equivalents and restricted cash | $236.8K | $310.7K |
| Right of use assets obtained in exchange for operating lease obligations | $1.7M | $328.0K |
| Cash paid for taxes, net of refunds | $713 |
Leadership
Who has led Topdanmark, and when. Pick a name to see everywhere that person has worked.
Chief executive
1990200020102020
- Chief executive officerPeter Hermann 2018 to now1
- ChairRicard Wennerklint1
Subsidiaries and ownership
Owners
From Wikidata.1
Timeline
Links
- Websitewww2.topdanmark.dk1
- WikidataQ12339568
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataTopdanmark on Wikidata
- 2SEC EDGARTopdanmark 10-K for fiscal 2026
- 3SEC EDGARTopdanmark 10-K for fiscal 2020
- 4SEC EDGARTopdanmark 10-K for fiscal 2021
- 5SEC EDGARTopdanmark 10-K for fiscal 2022
- 6SEC EDGARTopdanmark 10-K for fiscal 2023
- 7SEC EDGARTopdanmark 10-Q for fiscal 2025