What is Top KingWin Ltd's earnings per share (EPS)?

Top KingWin Ltd (WAI) reported diluted earnings per share of $-26.92 for fiscal year 2025. This represents a 34.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Top KingWin Ltd Financials

WAI

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Top KingWin Ltd (WAI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).

Rhea AI WAI FY2025 2026-04-22

Top KingWin’s revenue rebound came with much weaker gross economics, while liquidity was rebuilt mainly through financing inflows.

FY2025 produced $8.0M of revenue but only $700K of gross profit, so the added sales carried very little incremental earning power. That reflects margin compression from 35.5% to 8.7% over the last two years, which means the business recovered volume faster than it recovered the economics of each sale.

FY2025 showed a sharp earnings-to-cash disconnect: the net loss was $24.0M while operating cash outflow was only $1.3M. That gap suggests reported losses were shaped far more by non-cash items or working-capital movements than by cash leaving the business at the same pace, which matters when judging earnings quality.

Cash ended FY2025 at $13.1M because financing added $12.0M, not because operations turned self-funding. With a current ratio of 11.1x and total liabilities of just $3.0M, near-term liquidity looks ample, but it is best understood as externally funded liquidity rather than cash generated by the operating model.

Financial Health Signals

Financial Profile 45/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Top KingWin 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.

Profitability

Top KingWin Ltd has an operating margin of -301.6%, meaning the company retains $-302 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -190.1% the prior year.

Growth

Top KingWin Ltd's revenue surged 114.3% year-over-year to $8.0M, reflecting rapid business expansion. This strong growth earns a score of 69/100.

Leverage

100

Top KingWin Ltd carries a low D/E ratio of 0.10, meaning only $0.10 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 11.11, Top KingWin Ltd holds $11.11 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Top KingWin Ltd generated -$1.3M in operating cash flow, capex of $10K consumed most of it, leaving -$1.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Top KingWin Ltd generates a -79.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -24.3% the prior year.

Piotroski F-Score Weak

3/9

Top KingWin Ltd passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.05x

For every $1 of reported earnings, Top KingWin Ltd generates $0.05 in operating cash flow (-$1.3M OCF vs -$24.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$8.0M

YoY+114.3%

5Y CAGR+43.2%

Top KingWin Ltd generated $8.0M in revenue in fiscal year 2025. This represents an increase of 114.3% from the prior year.

EBITDA

-$24.2M

YoY-243.1%

Top KingWin Ltd's EBITDA was -$24.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 243.1% from the prior year.

Net Income

-$24.0M

YoY-176.8%

Top KingWin Ltd reported -$24.0M in net income in fiscal year 2025. This represents a decrease of 176.8% from the prior year.

EPS (Diluted)

$-26.92

YoY+34.9%

Top KingWin Ltd earned $-26.92 per diluted share (EPS) in fiscal year 2025. This represents an increase of 34.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$1.3M

YoY+96.7%

Top KingWin Ltd generated -$1.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 96.7% from the prior year.

Cash & Debt

$13.1M

YoY+365.0%

5Y CAGR+138.0%

Top KingWin Ltd held $13.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

8.7%

YoY-26.7pp

5Y CAGR-56.7pp

Top KingWin Ltd's gross margin was 8.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 26.7 percentage points from the prior year.

Operating Margin

-301.6%

YoY-111.5pp

5Y CAGR-330.1pp

Top KingWin Ltd's operating margin was -301.6% in fiscal year 2025, reflecting core business profitability. This is down 111.5 percentage points from the prior year.

Net Margin

-298.8%

YoY-67.4pp

5Y CAGR-324.3pp

Top KingWin Ltd's net profit margin was -298.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 67.4 percentage points from the prior year.

Return on Equity

-79.2%

YoY-54.9pp

5Y CAGR-154.9pp

Top KingWin Ltd's ROE was -79.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 54.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$10K

YoY-18.8%

5Y CAGR-40.0%

Top KingWin Ltd invested $10K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 18.8% from the prior year.

WAI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$8.0M+114.3%	$3.8M-31.2%	$5.4M+74.5%	$3.1M-50.4%	$6.3M+371.9%	$1.3M
Cost of Revenue	$7.3M+203.1%	$2.4M+30.3%	$1.9M+94.2%	$957K-29.5%	$1.4M+194.3%	$461K
Gross Profit	$700K-47.3%	$1.3M-63.0%	$3.6M+65.8%	$2.2M-56.2%	$4.9M+465.7%	$873K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$24.3M+220.1%	$7.6M+111.5%	$3.6M+68.3%	$2.1M+133.4%	$916K+327.8%	$214K
Operating Income	-$24.2M-240.0%	-$7.1M-186.7%	-$2.5M-170.4%	-$920K-130.2%	$3.0M+701.1%	$380K
Interest Expense	N/A	$74K	N/A	N/A	N/A	N/A
Income Tax	N/A	$55K-52.6%	$115K+195.0%	-$121K-115.6%	$777K+1866.9%	$40K
Net Income	-$24.0M-176.8%	-$8.7M-240.7%	-$2.5M-230.2%	-$771K-133.4%	$2.3M+579.1%	$340K
EPS (Diluted)	$-26.92+34.9%	$-41.37+63.8%	$-114.16-190166.7%	$-0.06-131.6%	$0.19+533.3%	$0.03

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WAI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$33.3M-19.9%	$41.6M+306.1%	$10.2M+101.2%	$5.1M-13.5%	$5.9M	N/A
Current Assets	$33.2M-18.4%	$40.8M+516.1%	$6.6M+131.3%	$2.9M-42.4%	$5.0M	N/A
Cash & Equivalents	$13.1M+365.0%	$2.8M-38.7%	$4.6M+72.8%	$2.7M-30.5%	$3.8M+2127.8%	$171K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$766K+64.5%	$466K+10.9%	$420K+338.9%	$96K-89.6%	$921K	N/A
Goodwill	N/A	N/A	$3.0M	N/A	N/A	N/A
Total Liabilities	$3.0M-49.1%	$5.9M+107.4%	$2.8M-13.2%	$3.3M+6.0%	$3.1M	N/A
Current Liabilities	$3.0M-46.5%	$5.6M+109.4%	$2.7M-7.7%	$2.9M+11.8%	$2.6M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$30.3M-15.0%	$35.7M+382.1%	$7.4M+294.3%	$1.9M-32.9%	$2.8M+522.6%	$449K
Retained Earnings	-$33.6M-250.0%	-$9.6M-935.0%	-$928K-159.4%	$1.6M-33.0%	$2.3M	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22	Q4'21
Total Assets	$33.3M-21.2%	$42.3M+1.7%	$41.6M+443.8%	$7.6M-25.3%	$10.2M+101.2%	$5.1M-13.5%	$5.9M
Current Assets	$33.2M-20.3%	$41.7M+2.3%	$40.8M+881.0%	$4.2M-37.2%	$6.6M+131.3%	$2.9M-42.4%	$5.0M
Cash & Equivalents	$13.1M+465.1%	$2.3M-17.7%	$2.8M-9.2%	$3.1M-32.4%	$4.6M+72.8%	$2.7M-30.5%	$3.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$766K+633.9%	$104K-77.6%	$466K+56.8%	$297K-29.2%	$420K+338.9%	$96K-89.6%	$921K
Goodwill	N/A	N/A	N/A	$3.0M0.0%	$3.0M	N/A	N/A
Total Liabilities	$3.0M-44.6%	$5.4M-8.0%	$5.9M+166.8%	$2.2M-22.3%	$2.8M-13.2%	$3.3M+6.0%	$3.1M
Current Liabilities	$3.0M-43.5%	$5.3M-5.2%	$5.6M+160.3%	$2.1M-19.6%	$2.7M-7.7%	$2.9M+11.8%	$2.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$30.3M-17.8%	$36.9M+3.3%	$35.7M+555.8%	$5.4M-26.5%	$7.4M+294.3%	$1.9M-32.9%	$2.8M
Retained Earnings	-$33.6M-163.3%	-$12.8M-32.9%	-$9.6M-109.4%	-$4.6M-394.4%	-$928K-159.4%	$1.6M-33.0%	$2.3M

WAI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$1.3M+96.7%	-$39.4M-2292.0%	-$1.6M-17.9%	-$1.4M-137.0%	$3.8M+1948.8%	$184K
Capital Expenditures	$10K-18.8%	$12K-83.8%	$76K+137.1%	$32K-75.5%	$132K+1.5%	$130K
Free Cash Flow	-$1.3M+96.7%	-$39.4M-2186.7%	-$1.7M-20.6%	-$1.4M-139.2%	$3.6M+6568.0%	$55K
Investing Cash Flow	$470K+40.2%	$335K+108.2%	-$4.1M-8794.6%	-$46K+69.9%	-$152K-16.9%	-$130K
Financing Cash Flow	$12.0M-67.9%	$37.3M+379.5%	$7.8M+2455.4%	$304K+484.6%	$52K-48.9%	$102K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WAI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	8.7%-26.7pp	35.4%-30.4pp	65.9%-3.5pp	69.3%-9.1pp	78.5%+13.0pp	65.4%
Operating Margin	-301.6%-111.5pp	-190.1%-144.5pp	-45.7%-16.2pp	-29.5%-77.8pp	48.4%+19.9pp	28.5%
Net Margin	-298.8%-67.4pp	-231.4%-184.7pp	-46.8%-22.1pp	-24.7%-61.4pp	36.7%+11.2pp	25.5%
Return on Equity	-79.2%-54.9pp	-24.3%+10.1pp	-34.4%+6.7pp	-41.1%-123.6pp	82.5%+6.9pp	75.7%
Return on Assets	-72.1%-51.2pp	-20.9%+4.0pp	-24.9%-9.7pp	-15.2%-54.4pp	39.3%	N/A
Current Ratio	11.11+3.8	7.29+4.8	2.48+1.5	0.99-0.9	1.92	N/A
Debt-to-Equity	0.10-0.1	0.16-0.2	0.38-1.4	1.74+0.6	1.10	N/A
FCF Margin	-16.3%+1034.2pp	-1050.4%-1018.8pp	-31.6%+14.1pp	-45.7%-103.6pp	57.9%+53.8pp	4.1%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	11.11+3.2	7.86+0.6	7.29+5.4	1.93-0.5	2.48+1.5	0.99-0.9	1.92
Debt-to-Equity	0.10-0.0	0.15-0.0	0.16-0.2	0.40+0.0	0.38-1.4	1.74+0.6	1.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Top KingWin Ltd's annual revenue?

Top KingWin Ltd (WAI) reported $8.0M in total revenue for fiscal year 2025. This represents a 114.3% 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 Top KingWin Ltd's revenue growing?

Top KingWin Ltd (WAI) revenue grew by 114.3% year-over-year, from $3.8M to $8.0M in fiscal year 2025.

Is Top KingWin Ltd profitable?

No, Top KingWin Ltd (WAI) reported a net income of -$24.0M in fiscal year 2025, with a net profit margin of -298.8%.

What is Top KingWin Ltd's EBITDA?

Top KingWin Ltd (WAI) had EBITDA of -$24.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Top KingWin Ltd's gross margin?

Top KingWin Ltd (WAI) had a gross margin of 8.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Top KingWin Ltd's operating margin?

Top KingWin Ltd (WAI) had an operating margin of -301.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Top KingWin Ltd's net profit margin?

Top KingWin Ltd (WAI) had a net profit margin of -298.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Top KingWin Ltd's return on equity (ROE)?

Top KingWin Ltd (WAI) has a return on equity of -79.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Top KingWin Ltd's free cash flow?

Top KingWin Ltd (WAI) generated -$1.3M in free cash flow during fiscal year 2025. This represents a 96.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Top KingWin Ltd's operating cash flow?

Top KingWin Ltd (WAI) generated -$1.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Top KingWin Ltd's total assets?

Top KingWin Ltd (WAI) had $33.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Top KingWin Ltd's capital expenditures?

Top KingWin Ltd (WAI) invested $10K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Top KingWin Ltd's current ratio?

Top KingWin Ltd (WAI) had a current ratio of 11.11 as of fiscal year 2025, which is generally considered healthy.

What is Top KingWin Ltd's debt-to-equity ratio?

Top KingWin Ltd (WAI) had a debt-to-equity ratio of 0.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Top KingWin Ltd's return on assets (ROA)?

Top KingWin Ltd (WAI) had a return on assets of -72.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Top KingWin Ltd's cash runway?

Based on fiscal year 2025 data, Top KingWin Ltd (WAI) had $13.1M in cash against an annual operating cash burn of $1.3M. This gives an estimated cash runway of approximately 121 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Top KingWin Ltd's Piotroski F-Score?

Top KingWin Ltd (WAI) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 Top KingWin Ltd's earnings high quality?

Top KingWin Ltd (WAI) has an earnings quality ratio of 0.05x, considered low quality (accrual-driven). 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 Top KingWin Ltd?

Top KingWin Ltd (WAI) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.