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← CockpitCompetitor Analysis › TOP TOP Financial Group Limited Class AOpen in the cockpit ↗

TOP Financial Group Limited Class ATOPCompetitor analysis, valuation and peers

United States · USD·Financials›Investment Banks/Brokers

Cambodia-based brokerage offering forex and CFD trading services to retail and institutional clients.

Momentum leader 99
Mkt cap
$1.64B
US dollars, full cap
Free float
83%
of shares outstanding
$/day
$1.30M
20-day average traded
Fwd P/E
n/m
no positive forecast
ROIC−WACC
n/a
WACC 6.4%
Hurdle
n/a
no reverse DCF
Close · USD$2.06
1Dn/a
1W-5.9%
1M+9.6%
3M+157.6%
6M+92.5%
YTD+105.0%
1Y+84.0%
ATR %14.8%
Beta0.79
52w lowhigh38.1% off high

What TOP Financial does

Cambodia-based brokerage offering forex and CFD trading services to retail and institutional clients.

Earns commissions and trading spreads, the gap between buy and sell quotes, on forex and CFD trades (contracts for difference, bets on price moves without owning the asset) placed by clients. Income therefore rises and falls with client trading activity.

Products and services

  • Forex trading
  • CFD trading
  • Brokerage/clearing services

Customers

  • Retail forex/CFD traders
  • Institutional trading clients

Where it sits in the supply chain

  • Financial services
  • Forex/CFD retail brokerage
  • Retail and institutional traders

What could go right

  • Retail trading volume growth in Asia
  • Regulatory license expansion

What could go wrong

  • Retail trading volume cyclicality
  • Regulatory risk across jurisdictions

Moat: none (regulatory licence). Retail forex/CFD brokerage is a competitive, commoditized business differentiated mainly by licensing and spreads.

Headquarters: Phnom Penh, Cambodia · Founded: 2022 · Employees: 30

Named competitors

TOP Financial at a glance

Size TOP Financial (TOP) is a United States Financials company (Investment Banks/Brokers) with a market value of $1.64B, the 1927th largest of 3,117 United States companies the cockpit tracks. Shares closed at $2.06 on 6 Nov 2026.

Performance Over six months the shares gained 92.5%, against -12.8% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.

Growth Revenue fell 41.2% over the last twelve months (peer median +36.0%); the operating margin is -14.3% (peer median 34.4%).

Relative performance

10020011 May 202611 Aug 20266 Nov 2026TOP 198Peer median 86
Six months, rebased to 100: TOP Financial against the median of its 20 peers (local-currency closes).

TOP Financial financials

Reported figures in USD; fiscal year ends 2026-03-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue$4.72M$4.72M$3.33M$8.04M$9.70M
Revenue growth—+42%-59%-17%—
Gross profit$3.34M$2.92M$1.82M$5.57M$6.76M
EBITDA-$641,970-$216,320-$5.39M$1.13M$3.55M
Net income-$1.17M-$1.17M-$5.97M$1.05M$3.40M
Free cash flow$13.4M$13.4M-$14.9M$16.1M-$4.66M
Capital expenditure$899,500$899,500$3,234$6,063$86,443
Total debt$1.91M$2.22M$270,866$64,826$150,139

Quarterly statements and history in the cockpit →

TOP Financial competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-50%0%+50%-20%-10%0%+10%029086286001552889AMTD603093600621860960053350JSWHL14282127EDELWEISS1375002961IIFLCAPS2855U10TOP6-month return →1-month return →
Up and to the right = strong over both horizons. TOP Financial is the large dot.

TOP Financial competitors and peer comparison

Head to head with its named competitors (TOP vs PLUS.L vs IGG.L vs XTB.WA)
CompanyMarket cap6M returnRevenue growthOp. marginEV / SalesReq g
TOP Financial TOP$1.64B+93%-41%-14%n/an/a
Plus500 PLUS.L$3.12B-26%+3%41%n/an/a
IG Group Holdings plc IGG.L$4.23B-38%+16%40%n/an/a
XTB Spolka Akcyjna XTB.WA$3.98B+22%+63%48%n/an/a

How TOP Financial compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

TOP Financial against its 20 peers (data as of 6 Nov 2026)
MeasureTOPPeer medianRank in peer set
1-month return+9.6%-7.7%2nd highest of 21
6-month return+92.5%-12.8%highest of 21
Distance from 52-week high-38.1%-33.6%9th lowest of 21
Revenue growth (TTM)-41.2%+36.0%2nd lowest of 21
Operating margin-14.3%34.4%lowest of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginEV / SalesReq gDelivered g
TOP Financial TOPUnited States$1.64B+93%-41%-14%n/an/an/a
GoFintech Quantum Innovation 0290.HKHong Kong$1.62B-82%+108%26%n/an/an/a
Matsui Securities 8628.TJapan$1.61B+7%+47%47%n/an/an/a
Polaris Bay 600155.SSChina$1.74B-14%-4%5%n/an/an/a
IBF Financial 2889.TWTaiwan$1.75B+9%+66%58%n/an/an/a
AMTD IDEA Group Sponsored ADR AMTDUnited States$1.50B-52%+14%27%n/an/an/a
Nanhua Futures 603093.SSChina$1.80B-11%-28%47%n/an/an/a
Shanghai Chinafortune 600621.SSChina$1.97B-12%-5%25%n/an/an/a
Okasan Securities 8609.TJapan$1.33B+5%+36%29%n/an/an/a
Capital Securities 6005.TWTaiwan$2.04B-7%+81%46%n/an/an/a
Metaplanet 3350.TJapan$2.05B-27%+290%62%n/an/an/a
JSW JSWHL.NSIndia$1.29B-16%+55%94%n/an/an/a
Bright Smart Securities & Commodities 1428.HKHong Kong$1.28B-51%-2%67%n/an/an/a
Nihon M&A Center 2127.TJapan$1.28B-7%+5%36%n/an/an/a
Edelweiss Financial Services EDELWEISS.NSIndia$1.28B+6%+16%11%n/an/an/a
Central China Securities 1375.HKHong Kong$2.18B-27%+41%33%n/an/an/a
Ruida Futures 002961.SZChina$1.22B-21%-51%82%n/an/an/a
OSL 0863.HKHong Kong$1.19B-20%+12,274%-2%n/an/an/a
IIFL Capital Services IIFLCAPS.NSIndia$1.17B0%+8%25%n/an/an/a
President Securities 2855.TWTaiwan$2.34B+24%+796%32%n/an/an/a
UOB-Kay Hian U10.SISingapore$2.36B-29%+36%42%n/an/an/a

Questions

Who are TOP Financial's main competitors?
Named competitors: Plus500 (PLUS.L), IG Group (IGG.L), XTB (XTB.WA). The cockpit's measured peer set (industry) also includes GoFintech Quantum Innovation (0290.HK), Matsui Securities (8628.T), Polaris Bay (600155.SS), IBF Financial (2889.TW), AMTD IDEA Group Sponsored ADR (AMTD), Nanhua Futures (603093.SS).
How has TOP Financial stock performed?
Over six months to 6 Nov 2026 the shares returned +92.5% against -12.8% for the median peer; over one year +84.0%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.