Garden Stage Ltd. (GSIW) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2026, filed Jul 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GSIW SEC filings page.
Garden Stage Ltd. (GSIW) reported $7.3M in revenue for fiscal year 2026, up 33.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue expansion is being paired with financing inflows while operating losses and cash outflows remain the dominant business mechanics.
Across the latest three years, revenue expanded while net losses widened sharply in FY2026; that combination points to growth that is not yet converting into earnings. In FY2026, operating cash flow was-$4.2M while financing provided$20.4M , so balance-sheet expansion depended on financing activity rather than internally generated cash.
The FY2026 loss included
Debt-to-equity fell from 5.7x in FY2023 to 0.7x in FY2026, indicating a materially different financing posture. Because current liabilities equal total liabilities and the current ratio is 1.7x, obligations are concentrated in the near term rather than long-term debt.
Financial Health Signals
Scored against banks for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Garden Stage Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Garden Stage Ltd. earned a return on assets of -33.0% in fiscal year 2026, which is the profit it made on every dollar of assets on its books. This is down from -27.2% the prior year. Earnings ranks banks on that return over three years, and Garden Stage Ltd. scores 4/100 among other banks.
Garden Stage Ltd. reported revenue of $7.3M in fiscal year 2026, against $5.5M in fiscal year 2025. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Garden Stage Ltd. scores 97/100 among other banks.
Garden Stage Ltd. funded 57.8% of its assets with shareholders' equity at the end of fiscal year 2026, holding $24.2M of equity against $41.9M of assets. Capital ranks banks on that cushion, and Garden Stage Ltd. scores 94/100 among other banks.
Not available for Garden Stage Ltd., and counted as zero in the overall score.
Not available for Garden Stage Ltd., and counted as zero in the overall score.
Garden Stage Ltd. reported a net loss of $13.8M in fiscal year 2026, against a loss of $4.3M in fiscal year 2025. Stability ranks banks on how steady net income has been across five years, and Garden Stage Ltd. scores 18/100 among other banks.
Garden Stage Ltd. passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
Garden Stage Ltd. reported a net loss of $13.8M while operations used $4.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2026.
Cash & Balance Sheet
Garden Stage Ltd. held $17.5M in cash as of Q4 2026; long-term debt is not reported for that period.
Not reported for Q4 2026.
Not reported for Q4 2026.
Margins & Returns
None of these metrics is reported for Q4 2026.
Capital Allocation
None of these metrics is reported for Q4 2026.
GSIW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
GSIW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2620-F | Q4'2520-F | Q2'2510-Q | Q4'2420-F | Q4'2310-K |
|---|---|---|---|---|---|
| Total Assets | $41.9M+163.7% | $15.9M-4.1% | $15.6M | $16.6M+26.3% | $13.1M |
| Current Assets | $30.5M+121.5% | $13.8M+12.4% | $12.3M | $12.3M-2.0% | $12.5M |
| Cash & Equivalents | $17.5M+122.2% | $7.9M-11.8% | $8.0M | $8.9M+41.5% | $6.3M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 |
| Inventory | $948K | N/A | N/A | N/A | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $17.7M+92.5% | $9.2M+26.0% | $8.7M | $7.3M-34.7% | $11.2M |
| Current Liabilities | $17.7M+94.2% | $9.1M+28.4% | $8.6M | $7.1M-36.5% | $11.2M |
| Non-Current Liabilities | $0-100.0% | $81K-58.9% | $141K | $198K | $0 |
| Total Equity | $24.2M+261.4% | $6.7M-27.8% | $6.9M | $9.3M+376.9% | $1.9M |
| Retained Earnings | -$22.8M-154.0% | -$9.0M-92.5% | -$7.9M | -$4.7M-5773.3% | -$79K |
Not reported in any period shown, so not listed: Accounts Receivable, Goodwill, Long-Term Debt.
GSIW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
GSIW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Garden Stage Ltd. GSIW | FY2026 | $7.3M | -$13.8M | N/A | $25.1M | 36/100 |
| Atif Holdings Limited ZBAI | FY2024 | $620K | -$1.8M | N/A | $92.3M | — |
| Netcapital Inc NCPL | FY2025 | $869K | -$28.3M | N/A | $6.2M | — |
| Magic Empire Global Ltd MEGL | FY2025 | $1.5M | -$1.1M | -72.1% | $5.8M | 23/100 |
| Abits Group Inc. ABTS | FY2025 | $9.1M | -$2.9M | -31.4% | $4.8M | 36/100 |
| BIG DIGITAL ENERGY INC MIGI | FY2025 | $39.8M | -$23.7M | -59.5% | $23.0M | 10/100 |
Where Garden Stage Ltd. Ranks
Frequently Asked Questions
What is Garden Stage Ltd.'s annual revenue?
Garden Stage Ltd. (GSIW) reported $7.3M in total revenue for fiscal year 2026. This represents a 33.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Garden Stage Ltd.'s revenue growing?
Garden Stage Ltd. (GSIW) revenue grew by 33.2% year-over-year, from $5.5M to $7.3M in fiscal year 2026.
Is Garden Stage Ltd. profitable?
No, Garden Stage Ltd. (GSIW) reported a net income of -$13.8M in fiscal year 2026.
What is Garden Stage Ltd.'s return on equity (ROE)?
Garden Stage Ltd. (GSIW) has a return on equity of -57.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Garden Stage Ltd.'s operating cash flow?
Garden Stage Ltd. (GSIW) recorded an outflow of $4.2M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
What are Garden Stage Ltd.'s total assets?
Garden Stage Ltd. (GSIW) had $41.9M in total assets as of fiscal year 2026, including both current and long-term assets.
What is Garden Stage Ltd.'s current ratio?
Garden Stage Ltd. (GSIW) had a current ratio of 1.72 as of fiscal year 2026, which is generally considered healthy.
What is Garden Stage Ltd.'s debt-to-equity ratio?
Garden Stage Ltd. (GSIW) had a debt-to-equity ratio of 0.73 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Garden Stage Ltd.'s return on assets (ROA)?
Garden Stage Ltd. (GSIW) had a return on assets of -33.0% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Garden Stage Ltd.'s P/E ratio?
Garden Stage Ltd. (GSIW) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2026). The market capitalization is $25.1M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Garden Stage Ltd.'s price-to-sales ratio?
Garden Stage Ltd. (GSIW) trades at 3.4x sales, its market capitalization divided by revenue of $7.3M revenue, FY2026. The market capitalization is $25.1M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Garden Stage Ltd.'s Piotroski F-Score?
Garden Stage Ltd. (GSIW) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Garden Stage Ltd.'s earnings high quality?
Garden Stage Ltd. (GSIW) reported a net loss of $13.8M while operations used $4.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Garden Stage Ltd.?
Garden Stage Ltd. (GSIW) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.