Share count
824Kpeak FY2021
← All companies ← TV Manual TX → ← TSN Food Products UTZ →
TWG, Top Wealth Group Holding Limited
We are one of the major suppliers of caviar in Hong Kong.
Capitalizing on this mission, we have been able to utilize the market experience to engage in wine and health products trading in 2025.
Headquartered in Hong Kong, we are a fast-growing supplier of wine and caviar products.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$9M
+92.3% YoY · 364% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $9M 5-yr avg $8M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Sale of wine (66%), Sale of caviar products (18%) and Sale of health supplement (16%).
- Situation
- Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- Pricing power. What decides it: whether it can raise prices with inflation and not lose the customer, whether the brand still earns its place on the shelf, and whether volume holds when a cheaper rival appears. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Sale of wine is 66% of revenue, with Sale of caviar products the other meaningful line at 18%.
Revenue by product line, FY2025
- Sale of wine66%$6M
- Sale of caviar products18%$2M
- Sale of health supplement16%$2M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $20K | $9M | $17M | $5M | $9M | $9M | RevenueRevenue |
| 78% | 49% | 32% | 53% | 75% | 75% | Gross marginGross mgn |
| ($11K) | $2M | $2M | ($2M) | $3M | $3M | Net incomeNet inc. |
| — | 16% | 20% | — | — | 16% | Effective tax rateTax rate |
| Cash flow & returns | ||||||
| $64K | $120K | ($864K) | $888K | ($6M) | ($6M) | Operating cash flowOp. cash |
| $2K | $173K | $234K | $62K | — | $62K | DepreciationDeprec. |
| $72K | ($2M) | ($4M) | $3M | ($9M) | ($9M) | Working capital & otherWC & other |
| $63K | $481K | — | — | — | $481K | CapexCapex |
| 319.8% | 5.7% | — | — | — | 5.3% | Capex / revenueCapex/rev |
| $61K | ($53K) | — | — | — | ($6M) | Owner earningsOwner earn. |
| 311.1% | −0.6% | — | — | — | −68.5% | Owner earnings marginOE mgn |
| $792 | ($361K) | — | — | — | ($7M) | Free cash flowFCF |
| 4.0% | −4.2% | — | — | — | −73.1% | Free cash flow marginFCF mgn |
| — | 76% | 49% | -11% | 11% | 11% | Return on equityROE |
| — | 76% | 49% | −11% | 11% | 11% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| $1K | $217K | $134K | $42K | $2M | $2M | Cash & investmentsCash+inv |
| — | $33K | $6M | $2M | $9M | $9M | ReceivablesReceiv. |
| — | $2M | $153K | — | $4M | $4M | InventoryInvent. |
| — | $201K | — | — | $472K | $472K | Accounts payablePayables |
| — | $2M | $6M | $2M | $12M | $12M | Operating working capitalOper. WC |
| — | $3M | $7M | $4M | $17M | $17M | Current assetsCur. assets |
| — | $903K | $2M | $1M | $2M | $2M | Current liabilitiesCur. liab. |
| — | 3.3× | 3.0× | 3.2× | 10.7× | 10.7× | Current ratioCurr. ratio |
| — | $3M | $7M | $20M | $29M | $29M | Total assetsAssets |
| ($1K) | ($217K) | ($134K) | ($42K) | ($2M) | ($2M) | Net debt / (cash)Net debt |
| ($47K) | $3M | $5M | $19M | $28M | $28M | Shareholders’ equityEquity |
| Per share | ||||||
| 27.0M | 27.0M | 300K | 380K | 824K | 56.0M | Shares out (diluted)Shares |
| $0.00 | $0.32 | $56.48 | $12.48 | $11.08 | $0.16 | Revenue / shareRev/sh |
| $-0.00 | $0.07 | $8.13 | $-5.31 | $3.87 | $0.06 | EPS (diluted)EPS |
| $0.00 | $-0.00 | — | — | — | $-0.11 | Owner earnings / shareOE/sh |
| $0.00 | $-0.01 | — | — | — | $-0.12 | Free cash flow / shareFCF/sh |
| $0.00 | $0.02 | — | — | — | $0.01 | Cap. spending / shareCapex/sh |
| $-0.00 | $0.09 | $16.51 | $48.95 | $33.70 | $0.50 | Book value / shareBVPS |
The diluted share count moved ×1/90 into 2023 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×2.17 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×67.98 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +1011.4%/yr | +1011.4%/yr (4-yr) |
| Capital spending / share | +667.1%/yr (1-yr) | +667.1%/yr (1-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
75%low FY2023
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2021FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2022 the business earned ($53K) of owner earnings, the operating cash left after the $173K it takes just to hold its position. It put $308K more into growth; free cash flow, after that spending, was ($361K).
| FY2022 | FY2021 | |
|---|---|---|
| Reported net income | $2M | ($11K) |
| Depreciation & amortizationnon-cash charge added back | +$173K | +$2K |
| Working capital & othertiming of cash in and out, other non-cash items | −$2M | +$72K |
| Cash from operations | $120K | $64K |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$173K | −$2K |
| Owner earnings | ($53K) | $61K |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$308K | −$60K |
| Free cash flow | ($361K) | $792 |
| Owner-earnings marginowner earnings ÷ revenue | -1% | 311% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $173K, roughly its depreciation, the rate its assets wear out). The other $308K of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Much of fiscal 2022's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- Not enough dataLittle or no interest expense reported
What this means
Operating income wasn't found in the filing data.
- Net cash, debt-freeCash $2M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $2M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 370 + DIO 558 − DPO 74 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median -7%
What this means
The filing data didn't include the inputs for this check.
- Consumes cashOwner earnings ($6M) = operating cash ($6M) − maintenance capex $62KIndustry peers: median -3%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -69% of revenue this year.
- Are earnings backed by cash? -1.94×Thinly cash-backedCash from ops ($6M) ÷ net income $3M
In the filing’s words Read against the cash, reported earnings have run ahead of the operating cash the business generated over the record — about 38% of assets a year, among the widest gaps in the catalogue. For an inventory- or content-heavy grower that can be cash tied up in real assets as it expands; elsewhere it can mean the earnings lean on accounting estimates — the cash-flow statement against the income statement is where to tell which.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 7.78×ExpandingCapex $481K ÷ depreciation $62K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 4 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $9M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 10.66×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Earnings stability MissA profit every year (5-yr record) · 2 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.46/share (latest year $3.87), the averaged base the calculator's gate runs on, and book value is $33.70/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2021–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 3 of 5
What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
- Owner earnings growth +0%/yr
What this means
Owner earnings grew about 0% a year over the record.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$17M
- Cash & short-term investments$2M
- Receivables$9M
- Inventory$4M
- Other current assets$2M
Current liabilities$2M
- Accounts payable$472K
- Other current liabilities$1M
Current ratio10.66×all current assets ÷ what's due · Graham looked for 2×
Quick ratio8.49×stricter: inventory excluded
Cash ratio1.46×strictest: cash alone against what's due
Working capital$16Mthe cushion left after near-term bills
Cash runway0.4 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$28Mequity stripped of goodwill & intangibles
Net current asset value$16MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$51K$51K of it operating leases
From the company's latest filing.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$7M · 76% of revenue on the largest customers (TTM)
“For the year ended December 31, 2023, there were three customers each generated over 10% of our total revenue for the period, and they in aggregate accounted for approximately 75.5% of our sales volume.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Food Products
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| UTZUtz Brands | $1.4B | 29% | 1.9% | 1% | 1% |
| BRCCBRC Inc. | $398M | 38% | -5.0% | -40% | -3% |
| BYNDBeyond Meat Inc. | $275M | 13% | -47.8% | -30% | -48% |
| LWAYLifeway Foods Inc. | $212M | 27% | 4.0% | 6% | 3% |
| MAMAMama's Creations Inc. | $172M | 29% | 4.1% | 27% | 5% |
| BRLSBorealis Foods Inc. Class A | $31M | 12% | -63.6% | — | -26% |
| TWGTop Wealth Group Holding Limited | $9M | 53% | — | — | -69% |
| PLAGPlanet Green Holdings Corp. | $3M | 10% | -41.4% | -15% | -37% |
| Group median | — | 28% | — | — | -15% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Top Wealth Group Holding Limited reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Top Wealth Group Holding Limited has delivered.
Top Wealth Group Holding Limited’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth · ’21→’22+0%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow ($7M) on 1M shares outstanding (a weighted average, the only count this filer tags); net cash $2M. The if-converted diluted count is 56M, 6698% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($481K) runs well above depreciation ($62K), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about ($6M), the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Top Wealth Group Holding Limited (TWG), the owner's record," https://ownerscorecard.com/c/TWG, data as of 2026-07-09.
Manual order: ← TV its page in the Manual TX →
Industry order: ← TSN the Food Products chapter UTZ →