TCNasdaqServices-Business Services, NECFiscal year ends December 31
Token Cat Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on May 8, 2026
$1.40−0.07 (-4.76%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
2.8%−70.3 pts over 5 years
Operating margin
-582.3%−530.5 pts over 5 years
Net margin
38.3%+87.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -88.0% | -68.1% | -55.3% | – | |
| Gross profit | -99.5% | -88.6% | -76.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 36.0% | -45.9% | – | |
| Return on assets | – | -31.4% | 2.1% | |
| Current ratio | – | 1.77 | 10.66 | |
| Debt to equity | – | – | – | |
| Net debt to EBITDA | – | – | – | |
| Capex to revenue | 0.1% | 0.6% | – | |
| Diluted shares | 89M | 304M | 569M |
Cash use needs five years of cash flow figures
Token Cat does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-382.3%
×Asset turnover0.60×
×Equity multiplier-1.35×
=Return on equity, FY2024309.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | -382.3% | 0.60× | -1.35× | 309.9% |
| FY2023 | -51.1% | 0.92× | 3.16× | -147.8% |
| FY2022 | -90.9% | 0.62× | 2.05× | -115.9% |
| FY2021 | -28.5% | 0.86× | 1.71× | -42.3% |
| FY2020 | -49.5% | 0.63× | 1.46× | -45.9% |
| FY2019 | -39.0% | 1.00× | 1.26× | -49.0% |
| FY2018 | -12.1% | 1.55× | 4.15× | -77.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥2.27M
- Cash generatingOperating cash flow above zero-CN¥176.36M
- Return on assets improvedROA up on the prior year-157.5% → 5.1%
- Earnings backed by cashOperating cash flow above net income-CN¥176.36M vs CN¥2.27M
- Less leverageLong-term debt to assets fell22.7% → –
- Better liquidityCurrent ratio rose0.37 → 10.66
- No dilutionShare count did not rise520M → 569M
- Gross margin improvedGross margin up on the prior year68.29% → 2.84%
- More efficientAsset turnover rose0.41 → 0.13