Token Cat Ltd
TC Nasdaq Services-Business Services, Nec Financials FY2016โFY2025
Revenue
Total sales reported in the income statement.
$0.8M
87.9%
vs prior year
Operating margin
Operating income as a share of revenue.
โ582.4%
506.0ย pts
Net income
Profit after all expenses, interest and tax.
$0.3M
Free cash flow
Cash from operations minus capital spending.
โ
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ19.3%
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
What Token Cat Ltd does
No business description yet.
- Legal name
- Token Cat Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท May 8, 2026
- Accession ยท CIK
- 0001213900-26-053942
0001743340
Revenue and margins
Token Cat Ltd had $0.8M of revenue in fiscal 2025, down 87.9% on the year before.
FY16
Revenue $17.7M
FY17
Revenue $41.5M
FY18
Revenue $98.4M
FY19
Revenue $93.3M
FY20
Revenue $47.8M
FY21
Revenue $55.4M
FY22
Revenue $27.2M
FY23
Revenue $22.9M
FY24
Revenue $6.8M
FY25
Revenue $0.8M
Q1 '18
Revenue $10.2M
Q2 '18
Revenue $18.8M
Q3 '18
Revenue $22.0M
Q4 '18
Revenue $28.9M
Q1 '19
Revenue $9.6M
FY16
Gross 84.9%
Operating โ69.1%
Net โ73.8%
FCF โ46.1%
FY17
Gross 69.5%
Operating โ25.6%
Net โ32.3%
FCF โ21.4%
FY18
Gross 71.8%
Operating โ10.5%
Net โ12.1%
FCF โ11.4%
FY19
Gross 71.1%
Operating โ40.5%
Net โ39.0%
FCF โ27.1%
FY20
Gross 73.1%
Operating โ51.9%
Net โ49.5%
FCF โ27.5%
FY21
Gross 76.1%
Operating โ31.0%
Net โ28.5%
FCF โ26.1%
FY22
Gross 61.5%
Operating โ65.1%
Net โ90.9%
FCF โ60.0%
FY23
Gross 57.5%
Operating โ15.1%
Net โ51.1%
FCF โ
FY24
Gross 68.3%
Operating โ76.4%
Net โ382.3%
FCF โ70.6%
FY25
Gross 2.8%
Operating โ582.4%
Net 38.3%
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income โ$13.0M
FY17
Net income โ$13.4M
FY18
Net income โ$11.9M
FY19
Net income โ$36.4M
FY20
Net income โ$23.7M
FY21
Net income โ$15.8M
FY22
Net income โ$24.7M
FY23
Net income โ$11.7M
FY24
Net income โ$26.1M
FY25
Net income $0.3M
FY16
Diluted EPS โ
FY17
Diluted EPS โ
FY18
Diluted EPS โ
FY19
Diluted EPS โ$1.97
FY20
Diluted EPS โ$1.25
FY21
Diluted EPS โ$0.82
FY22
Diluted EPS โ$1.24
FY23
Diluted EPS โ$0.45
FY24
Diluted EPS โ$0.80
FY25
Diluted EPS โ
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital โ
Return on equity โ
Return on assets โ
FY17
Return on capital โ
Return on equity โ
Return on assets โ77.4%
FY18
Return on capital โ238.4%
Return on equity โ91.3%
Return on assets โ19.4%
FY19
Return on capital โ
Return on equity โ49.0%
Return on assets โ38.9%
FY20
Return on capital โ
Return on equity โ45.1%
Return on assets โ30.8%
FY21
Return on capital โ62.5%
Return on equity โ42.3%
Return on assets โ24.7%
FY22
Return on capital โ349.8%
Return on equity โ112.3%
Return on assets โ55.1%
FY23
Return on capital โ68.0%
Return on equity โ144.7%
Return on assets โ46.0%
FY24
Return on capital โ
Return on equity โ
Return on assets โ228.7%
FY25
Return on capital โ19.3%
Return on equity โ
Return on assets 2.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ in fiscal 2025, โ of revenue. Cash from operations minus capital spending.
FY16
Free cash flow โ$8.2M
FY17
Free cash flow โ$8.9M
FY18
Free cash flow โ$11.2M
FY19
Free cash flow โ$25.3M
FY20
Free cash flow โ$13.2M
FY21
Free cash flow โ$14.5M
FY22
Free cash flow โ$16.3M
FY23
Free cash flow โ
FY24
Free cash flow โ$4.8M
FY25
Free cash flow โ
FY16
Cash from operations โ$8.1M
Capital spending $0.0M
FY17
Cash from operations โ$8.8M
Capital spending $0.0M
FY18
Cash from operations โ$8.1M
Capital spending $3.1M
FY19
Cash from operations โ$23.4M
Capital spending $1.9M
FY20
Cash from operations โ$12.9M
Capital spending $0.3M
FY21
Cash from operations โ$14.3M
Capital spending $0.2M
FY22
Cash from operations โ$16.3M
Capital spending $0.0M
FY23
Cash from operations โ$10.6M
Capital spending โ
FY24
Cash from operations โ$4.8M
Capital spending $0.0M
FY25
Cash from operations โ$24.5M
Capital spending โ
Cash from operations
Capital spending
Dividends, buybacks and share count
Token Cat Ltd returned โ to shareholders in fiscal 2025. The diluted share count rose 9.4%.
FY16
Dividends โ
Buybacks โ
FY17
Dividends โ
Buybacks โ
FY18
Dividends โ
Buybacks โ
FY19
Dividends โ
Buybacks $2.0M
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Token Cat Ltd can carry it.
FY16
Cash $3.6M
Debt โ
FY17
Cash $10.9M
Debt $4.3M
FY18
Cash $84.1M
Debt $0.0M
FY19
Cash $27.9M
Debt โ
FY20
Cash $16.8M
Debt โ
FY21
Cash $10.0M
Debt $1.1M
FY22
Cash $10.1M
Debt $0.7M
FY23
Cash $1.3M
Debt $2.6M
FY24
Cash $0.9M
Debt $5.7M
FY25
Cash $0.1M
Debt $0.9M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $10.0M | $10.1M | $1.3M | $0.9M | $0.1M |
| Debt incl. finance leases | $1.1M | $0.7M | $2.6M | $5.7M | $0.9M |
| Debt / equity | 0.0x | 0.1x | 1.0x | โ | 0.0x |
| Current ratio | 1.4x | 1.6x | 0.7x | 0.4x | 10.7x |
| Quick ratio | 1.4x | 1.6x | 0.7x | 0.4x | 10.7x |
| Total assets | $55.6M | $34.1M | $16.8M | $6.0M | $24.7M |
| Total liabilities | $25.2M | $20.7M | $14.1M | $25.3M | $5.8M |
| Shareholders' equity | $30.6M | $13.4M | $2.7M | โ$19.3M | $18.9M |
| Net debt (โ = net cash) | โ$8.9M | โ$9.4M | $1.3M | $4.9M | $0.7M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 5 / 9 | 2 / 8 | 3 / 8 | 4 / 8 | 2 / 9 | 3 / 9 | 2 / 9 | 4 / 9 |
| Accruals ratio | โ | โ26.5% | โ6.2% | โ13.8% | โ14.0% | โ2.3% | โ18.8% | โ4.5% | โ186.4% | 161.7% |
| Altman Z'' | โ | โ21.31 | 7.55 | 0.34 | โ4.87 | โ8.88 | โ16.93 | โ36.23 | โ121.21 | โ18.69 |
10 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $17.7M | $41.5M | $98.4M | $93.3M | $47.8M | $55.4M | $27.2M | $22.9M | $6.8M | $0.8M |
| Gross profit | $15.0M | $28.8M | $70.7M | $66.3M | $35.0M | $42.2M | $16.7M | $13.2M | $4.7M | $0.0M |
| Research and development | $2.9M | $2.4M | $2.9M | $6.3M | $5.0M | $5.5M | $2.9M | $1.6M | $1.7M | โ |
| Operating income | โ$12.2M | โ$10.6M | โ$10.3M | โ$37.8M | โ$24.8M | โ$17.2M | โ$17.7M | โ$3.5M | โ$5.2M | โ$4.8M |
| Pretax income | โ$12.3M | โ$11.2M | โ$11.3M | โ$36.4M | โ$23.8M | โ$15.8M | โ$25.5M | โ$0.4M | โ$13.1M | $5.9M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | โ$0.1M | $0.0M | โ$0.8M | $0.0M | โ | โ |
| Net income | โ$13.0M | โ$13.4M | โ$11.9M | โ$36.4M | โ$23.7M | โ$15.8M | โ$24.7M | โ$11.7M | โ$26.1M | $0.3M |
| Net income to common | โ$15.6M | โ$16.5M | โ$17.2M | โ$36.3M | โ$23.6M | โ$15.8M | โ$24.7M | โ$11.7M | โ$26.1M | $0.3M |
| Diluted EPS | โ | โ | โ | โ$1.97 | โ$1.25 | โ$0.82 | โ$1.24 | โ$0.45 | โ$0.80 | โ |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.02B | 0.02B | 0.02B | 0.02B | 0.03B | 0.03B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | โ$8.1M | โ$8.8M | โ$8.1M | โ$23.4M | โ$12.9M | โ$14.3M | โ$16.3M | โ$10.6M | โ$4.8M | โ$24.5M |
| Capital expenditure | $0.0M | $0.0M | $3.1M | $1.9M | $0.3M | $0.2M | $0.0M | โ | $0.0M | โ |
| Free cash flow | โ$8.2M | โ$8.9M | โ$11.2M | โ$25.3M | โ$13.2M | โ$14.5M | โ$16.3M | โ | โ$4.8M | โ |
| Depreciation and amortization | $0.2M | $0.1M | $0.2M | $0.5M | $0.4M | $0.5M | $0.3M | โ | โ | โ |
| Stock-based compensation | $0.4M | $0.3M | $11.8M | $16.0M | $2.5M | $1.5M | $1.5M | $1.3M | $3.9M | $3.4M |
| Share buybacks | โ | โ | โ | $2.0M | โ | โ | โ | โ | โ | โ |
| Dividends and buybacks | โ | โ | โ | $2.0M | โ | โ | โ | โ | โ | โ |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.6M | $10.9M | $84.1M | $27.9M | $16.8M | $10.0M | $10.1M | $1.3M | $0.9M | $0.1M |
| Total debt | โ | $4.3M | $0.0M | โ | โ | $1.1M | $0.7M | $2.6M | $5.7M | $0.9M |
| Current assets | โ | $16.8M | $102M | $76.3M | $47.6M | $32.4M | $25.2M | $8.7M | $5.2M | $24.7M |
| Current liabilities | โ | $26.3M | $18.0M | $20.4M | $26.9M | $23.9M | $15.7M | $12.2M | $14.1M | $2.3M |
| Property and equipment, net | โ | $0.1M | $1.7M | $2.9M | $0.9M | $0.5M | โ | โ | โ | โ |
| Goodwill | โ | โ | โ | โ | $17.7M | $18.2M | $6.6M | $6.4M | โ | โ |
| Intangible assets | โ | โ | โ | โ | $3.3M | $2.8M | โ | โ | โ | โ |
| Total assets | โ | $17.3M | $106M | $81.5M | $72.6M | $55.6M | $34.1M | $16.8M | $6.0M | $24.7M |
| Total liabilities | โ | $27.2M | $18.0M | $20.7M | $28.7M | $25.2M | $20.7M | $14.1M | $25.3M | $5.8M |
| Shareholders' equity | โ$41.8M | โ$61.5M | $87.5M | $60.9M | $44.1M | $30.6M | $13.4M | $2.7M | โ$19.3M | $18.9M |
| Margins | ||||||||||
| Gross margin | 84.9% | 69.5% | 71.8% | 71.1% | 73.1% | 76.1% | 61.5% | 57.5% | 68.3% | 2.8% |
| Operating margin | โ69.1% | โ25.6% | โ10.5% | โ40.5% | โ51.9% | โ31.0% | โ65.1% | โ15.1% | โ76.4% | โ582.4% |
| EBITDA margin | โ68.1% | โ25.2% | โ10.3% | โ39.9% | โ51.0% | โ30.1% | โ64.0% | โ | โ | โ |
| Net margin | โ73.8% | โ32.3% | โ12.1% | โ39.0% | โ49.5% | โ28.5% | โ90.9% | โ51.1% | โ382.3% | 38.3% |
| FCF margin | โ46.1% | โ21.4% | โ11.4% | โ27.1% | โ27.5% | โ26.1% | โ60.0% | โ | โ70.6% | โ |
| Returns | ||||||||||
| Return on capital | โ | โ | โ238.4% | โ | โ | โ62.5% | โ349.8% | โ68.0% | โ | โ19.3% |
| Return on capital employed | โ | 118.7% | โ11.7% | โ61.9% | โ54.4% | โ54.2% | โ96.5% | โ75.5% | 64.7% | โ21.4% |
| Return on equity | โ | โ | โ91.3% | โ49.0% | โ45.1% | โ42.3% | โ112.3% | โ144.7% | โ | โ |
| Return on assets | โ | โ77.4% | โ19.4% | โ38.9% | โ30.8% | โ24.7% | โ55.1% | โ46.0% | โ228.7% | 2.1% |
| Return on tangible equity | โ | โ | โ19.6% | โ59.6% | โ102.3% | โ163.8% | โ361.2% | โ | โ | 1.7% |
| Growth | ||||||||||
| Revenue growth | โ | 135.1% | 136.9% | โ5.2% | โ48.7% | 15.9% | โ50.9% | โ15.7% | โ70.2% | โ87.9% |
| Share count change | โ | 6.1% | 28.5% | 141.9% | 3.2% | 0.8% | 4.2% | 27.3% | 27.9% | 9.4% |
| Financial health | ||||||||||
| Debt / equity | โ | โ | 0.0x | โ | โ | 0.0x | 0.1x | 1.0x | โ | 0.0x |
| Current ratio | โ | 0.6x | 5.6x | 3.7x | 1.8x | 1.4x | 1.6x | 0.7x | 0.4x | 10.7x |
| Quick ratio | โ | 0.6x | 5.6x | 3.7x | 1.8x | 1.4x | 1.6x | 0.7x | 0.4x | 10.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.1% | 0.1% | 3.2% | 2.1% | 0.6% | 0.3% | 0.1% | โ | 0.0% | โ |
| Stock comp / revenue | 2.4% | 0.7% | 12.0% | 17.1% | 5.3% | 2.7% | 5.6% | 5.9% | 57.7% | 414.9% |
| Quality scores | ||||||||||
| Piotroski F-score | โ | โ | 5.0 | 2.0 | 3.0 | 4.0 | 2.0 | 3.0 | 2.0 | 4.0 |
| Altman Z'' | โ | โ21.3 | 7.5 | 0.3 | โ4.9 | โ8.9 | โ16.9 | โ36.2 | โ121.2 | โ18.7 |
| Accruals ratio | โ | โ26.5% | โ6.2% | โ13.8% | โ14.0% | โ2.3% | โ18.8% | โ4.5% | โ186.4% | 161.7% |
Source: SEC EDGAR XBRL filings (CIK 0001743340). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 16 ordinary shares). For information only โ not investment advice. Check the original filings before relying on any figure.