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TC · Nasdaq · United States · Services-Business Services, Nec
In shortToken Cat Ltd is profitable, burns cash and carries moderate debt, with revenue shrinking (−88.0% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | -582.3% | 0/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 38.3% | 100/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | – | n/a |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | -19.7% | 0/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 10.66× | 100/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.05× | 100/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | – | n/a |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | – | n/a |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | -18.73 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -2979.1% | 0/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | -77.69× | 0/100 |
| Years with positive free cash flow (last 5) | 0 of 5 | 0/100 |
Weight in the score: 20%
| Profitable years (last 5) | 1 of 5 | 20/100 |
|---|---|---|
| Years of revenue decline (last 5) | 4 of 5 | 0/100 |
| Revenue growth volatility | 40.0% | 0/100 |
| Operating margin volatility | 240.7% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | -68.1% | 0/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
CNY millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 358 | 183 | 162 | 49 | 5.9 |
| Cost of revenue | 85 | 71 | 69 | 16 | 5.8 |
| Gross profit | 272 | 113 | 93 | 34 | 0.2 |
| Research & development | 36 | 20 | 11 | 12 | – |
| Operating income | (111) | (119) | (25) | (38) | (34) |
| Pre-tax income | (102) | (172) | (3.2) | (94) | 43 |
| Income tax | 0 | (5.5) | 0 | – | – |
| Net income | (102) | (166) | (83) | (188) | 2.3 |
| Diluted EPS | −¥0.33 | −¥0.52 | −¥0.20 | −¥0.36 | – |
| Diluted shares (millions) | 307 | 320 | 407 | 520 | 569 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 reported quarters (10-Q and 10-K filings), in CNY millions. The fourth quarter is derived from the annual report.
The last 5 quarters of Token Cat Ltd are included in the Investor plan. Try free for 7 days →
−18.73 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
4/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated May 8, 2026