Token Cat Ltd

TC
About the company

Token Cat Limited, through its subsidiaries, operates as an omni-channel automotive marketplace in the People's Republic of China. It also offers electronic equipment trading and technical support, and consulting services; subscription and support services; The company was formerly known as TuanChe Limited and changed its name to Token Cat Limited in February 2025.

Country: ChinaPrice: $0.81Market Cap: $21.5M

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

1 / 14

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Buffett, Lynch +1 more object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedPASSFAILFAILFAILFAILFAILFAILFAILFAILFAILFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-05-08

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Graham, Buffett, Lynch +1 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.05, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.05
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change22.65% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities10.66
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.05
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.05
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.05
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0469; #990/4210 (top 23.5%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✓ 3✗ 32▾

    No clean pass — all 16 investors flag at least one profitability criterion

    Positive EPS (10 years)0/11 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/11 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-142.5%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-582.3% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-13.6M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE1.7%
    ✗Lynch> 15%
    EBIT / Enterprise Value-22.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-22.1%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets1.31%
    ✓PiotroskiROA > 0
    ROA Change YoY-425.87% -> 1.31% (delta: +427.18%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-102.02%, ROA=1.31%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY68.3% -> 2.8%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue718.5%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity1.7%
    ✗Dreman> 12%
    Margin of SafetyP/B=24.4x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-201.2% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/10 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-582.3%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity1.7%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-15.1% (2023) -> -582.3% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 57.5% -> 2.8%, operating margin -15.1% -> -582.3%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+1.51%; #2849/6340 (top 44.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+0.10%; #3447/3702 (top 93.1%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+1.72%; #2785/5226 (top 53.3%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-1.5591; #5388/5884 (top 91.6%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/6 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation0% pass✓ 2✗ 26▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio24.4x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-22.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-22.1%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share24.4x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=24.4x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($0.81)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+1.51%; #2849/6340 (top 44.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.8787; #1728/6449 (top 26.8%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share24.38x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-77.1%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.0393; #4640/5247 (top 88.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-92.15%; #6026/6202 (top 97.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✗ 12▾

    All 10 investors flag TC's cash flow

    Free Cash Flow Proxy$-13.6M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-4.8M
    ✗LynchPositive and growing
    Operating Cash Flow$-25.2M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-102.02%, ROA=1.31%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/8 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/10 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$-0.12 (2019) -> $-0.05 (2024)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/10 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-70.5%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency2/4 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 57.5% -> 2.8%, operating margin -15.1% -> -582.3%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR-55.9%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts7% pass✓ 1✗ 14▾

    Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1931/2370 (Top 81.5%))✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag TC's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio10.66
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-144.4%
    ✗Buffett> 10%
    ROIC - WACC-154.4%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY0.37 -> 10.66
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY1.11x -> 0.03x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities10.66
    ✓Dreman> 1.5
    Return on Invested Capital-19.7%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-50.8%; FY2024: ROIC=unavailable; FY2025: ROIC=-19.7%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC-19.7% (RR=100% x ROIC=-19.7%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/4 years above 12% (latest -19.7%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services
Size: Micro Cap($21.5M)
Revenue: $846185.74-87.4% YoY
Net Income: $324466.49+101.3% YoY

Financial Snapshot

Operating Margin-582.3%
Return on Equity1.7%
Debt / Equity0.05
Current Ratio10.66
Shares Retired−9.4%

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Shareholder Return

Fiscal 2025

Issued 9.4% of shares last year.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 20-F · 2026-05-08
FY 2024
Sources
  • 20-F · 2025-03-28
FY 2023
Sources
  • 20-F · 2024-03-28
FY 2022
Sources
  • 20-F · 2024-03-28
FY 2021
Sources
  • 20-F · 2022-04-29
Market Cap$21.5Mcurrent$10.5Best.$15.7Best.$81.5Best.$194.2Best.
Revenue$846.2K↓87%$6.7M↓71%$22.8M↓13%$26.3M↓53%$56.1M
Operating Income-$4.9M↑4%-$5.1M↓49%-$3.5M↑80%-$17.1M↑2%-$17.4M
Net Income$324.5K↑101%-$25.8M↓121%-$11.7M↑51%-$23.9M↓49%-$16.0M
EPS (Diluted)--$-0.05↓75%$-0.03↑60%$-0.07↓36%$-0.05
Gross Margin2.8%↓96%68.3%↑19%57.5%↓6%61.5%↓19%76.1%
Operating Margin-582.3%↓662%-76.4%↓406%-15.1%↑77%-65.1%↓110%-31.0%
ROE1.7%↓99%133.5%↑131%-425.8%↓137%-179.4%↓242%-52.4%
Total Debt$887.4K↓84%$5.7M↑117%$2.6M↑288%$677.1K↓38%$1.1M
Shareholders' Equity$18.9M↑198%-$19.3M↓804%$2.7M↓79%$13.3M↓56%$30.5M
Current Ratio10.66↑2786%0.37↓48%0.71↓55%1.60↑18%1.36
Debt / Equity0.05↑116%-0.30↓131%0.96↑1787%0.05↑41%0.04
Operating Cash Flow-$25.2M↓430%-$4.8M↑55%-$10.5M↑33%-$15.8M↓9%-$14.5M
Free Cash Flow---$4.8M---$15.8M↓8%-$14.6M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

TC vs Peers — Financial Grading

Revenue$846185.74Bottom 25%
Net Income$324466.49Median
ROE1.7%Bottom 25%
D/E0.05Top 25%
Op. Margin-582.3%Bottom 25%
Curr. Ratio10.66Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
AUTOMATIC DATA PROCESSING INCADP$122.3B$309.93$21.9B$4.4B73.2%0.8224.2%1.054/95/93/70/3F-Score 65/11
ELECTRONIC ARTS INC.EA$52.9B$209.70$7.5B$887.0M13.1%0.2215.4%1.051/94/94/70/3F-Score 66/11
Rubrik, Inc.RBRK$22.6B$109.88$1.3B$348.8M67.1%—-26.2%1.691/90/92/70/3F-Score 62/11
AECOMACM$9.1B$70.50$16.1B$561.8M22.5%1.096.4%1.141/93/93/71/3F-Score 82/11
COMMVAULT SYSTEMS INCCVLT$6.2B$152.07$1.2B$70.7M942.8%—6.3%1.951/92/94/70/3F-Score 66/11
WPP plcWPP$6.0B$27.79$18.2B$289.5M-8.5%1.942.8%0.891/92/91/70/3F-Score 32/11
VARONIS SYSTEMS INCVRNS$5.6B$48.94$623.5M$129.3M-21.6%0.76-23.5%1.971/90/91/70/3F-Score 51/11
ROBERT HALF INC.RHI$4.3B$42.00$5.4B$133.0M10.4%—1.4%1.532/95/91/70/3F-Score 52/11