Top KingWin Ltd (WAI) Financials
Newest figures come from the 20-F for FY2025, filed Apr 8, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WAI SEC filings page.
Top KingWin Ltd (WAI) reported $8.0M in revenue for fiscal year 2025, up 114.3% from the prior fiscal year. This page shows its 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).
Top KingWin’s dominant mechanic is a margin collapse: revenue recovery is overwhelmed by operating overhead, while financing inflows support a lightly leveraged balance sheet.
In FY2025, the net loss was-$24.0M while operating cash flow was only-$1.3M ; that gap indicates substantial noncash or timing effects rather than a matching cash drain. The figures therefore separate reported profitability from cash movement, an important earnings-quality distinction.
Gross margin fell from
FY2025’s 0.1x debt-to-equity and 11.1x current ratio indicate a lightly leveraged balance sheet with substantial reported current-asset coverage. Yet financing cash flow was
Financial Health Signals
Scored against banks for FY2025. 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 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.
Top KingWin Ltd earned a return on assets of -72.1% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is down from -20.9% the prior year. Earnings ranks banks on that return over three years, and Top KingWin Ltd scores 1/100 among other banks.
Top KingWin Ltd reported revenue of $8.0M in fiscal year 2025, against $3.8M in fiscal year 2024. 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 Top KingWin Ltd scores 80/100 among other banks.
Top KingWin Ltd funded 91.0% of its assets with shareholders' equity at the end of fiscal year 2025, holding $30.3M of equity against $33.3M of assets. Capital ranks banks on that cushion, and Top KingWin Ltd scores 99/100 among other banks.
Not available for Top KingWin Ltd, and counted as zero in the overall score.
Not available for Top KingWin Ltd, and counted as zero in the overall score.
Top KingWin Ltd reported a net loss of $24.0M in fiscal year 2025, against a loss of $8.7M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Top KingWin Ltd scores 14/100 among other banks.
Top KingWin Ltd passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Top KingWin Ltd reported a net loss of $24.0M while operations used $1.3M 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 2025.
Cash & Balance Sheet
Top KingWin Ltd held $13.1M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
WAI 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).
WAI 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 | Q4'2520-F | Q2'256-K | Q4'2420-F | Q2'24 | Q4'23 | Q4'22 | Q4'21 |
|---|---|---|---|---|---|---|---|
| Total Assets | $33.3M-19.9% | $42.3M+453.0% | $41.6M+306.1% | $7.6M | $10.2M+101.2% | $5.1M-13.5% | $5.9M |
| Current Assets | $33.2M-18.4% | $41.7M+903.4% | $40.8M+516.1% | $4.2M | $6.6M+131.3% | $2.9M-42.4% | $5.0M |
| Cash & Equivalents | $13.1M+365.0% | $2.3M-25.3% | $2.8M-38.7% | $3.1M | $4.6M+72.8% | $2.7M-30.5% | $3.8M |
| Accounts Receivable | $766K+64.5% | $104K-64.9% | $466K+10.9% | $297K | $420K+338.9% | $96K-89.6% | $921K |
| Goodwill | N/A | N/A | N/A | $3.0M | $3.0M | N/A | N/A |
| Total Liabilities | $3.0M-49.1% | $5.4M+145.5% | $5.9M+107.4% | $2.2M | $2.8M-13.2% | $3.3M+6.0% | $3.1M |
| Current Liabilities | $3.0M-46.5% | $5.3M+146.6% | $5.6M+109.4% | $2.1M | $2.7M-7.7% | $2.9M+11.8% | $2.6M |
| Non-Current Liabilities | $0-100.0% | $105K+98.5% | $282K+74.5% | $53K | $162K-56.6% | $373K-24.5% | $494K |
| Total Equity | $30.3M-15.0% | $36.9M+577.4% | $35.7M+382.1% | $5.4M | $7.4M+294.3% | $1.9M-32.9% | $2.8M |
| Retained Earnings | -$33.6M-250.0% | -$12.8M-178.3% | -$9.6M-935.0% | -$4.6M | -$928K-159.4% | $1.6M-33.0% | $2.3M |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Long-Term Debt.
WAI 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.
WAI 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 |
|---|---|---|---|---|---|---|
| Top KingWin Ltd WAI | FY2025 | $8.0M | -$24.0M | N/A | $6.0M | 32/100 |
| Magic Empire Global Limited MEGL | FY2025 | $1.5M | -$1.1M | -72.1% | $5.7M | 24/100 |
| Lion Group Holding Ltd. LGHL | FY2025 | $9.4M | -$5.0M | -52.8% | $334K | 20/100 |
| Netcapital Inc. NCPL | FY2025 | $869K | -$28.3M | N/A | $3.4M | — |
| ATIF Holdings Limited ZBAI | FY2024 | $620K | -$1.8M | N/A | $92.3M | — |
| Big Digital Energy, Inc. MIGI | FY2025 | $39.8M | -$23.7M | -59.5% | $23.0M | 10/100 |
Where Top KingWin Ltd Ranks
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.
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 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) recorded an outflow of $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) recorded an outflow of $1.3M in operating cash flow during fiscal year 2025, representing cash used by 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 Piotroski F-Score?
Top KingWin Ltd (WAI) has a Piotroski F-Score of 3 out of 7 computable signals; 2 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 Top KingWin Ltd's earnings high quality?
Top KingWin Ltd (WAI) reported a net loss of $24.0M while operations used $1.3M 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 Top KingWin Ltd?
Top KingWin Ltd (WAI) scores 32 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.