Troops, Inc. /Cayman Islands
TROO on Nasdaq. Miscellaneous business credit institution. Market value $282m.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -13 cents. Above 10 is good.
What you pay for each dollar of net assets: $4.96.
Profit per $100 you pay: $-11.48.
Quality score: 0 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$1.99 a share, 95% above its 1-year low
Over the past year the price has ranged from $1.02 to $5.28.
Pays no dividend
Prices from Monday’s close (2 November).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $4m | $4m | $4m | $10m | $17m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.10bn | 0.10bn | 0.11bn | 0.12bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 31.8% a year
- Buying back its own sharesNo, 20% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 30 April 2026
- Next quarterly (estimated, 10-Q)
- 12 February 2010
Who owns it
None of the long-term investors we follow own it. 13 funds in all.
Largest holders overall
- Geode Capital Management$193,415Added
- XTX Topco$162,621Added
- UBS Group AG$135,347Cut
- Morgan Stanley$134,806New
- HRT Financial LP$117,000Added
- Jane Street Group$83,419Cut
- Marshall Wace, LLP$58,794New
- TWO Sigma Investments, LP$34,725
- Renaissance Technologies$25,830New
- TWO Sigma Securities$24,639New
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- JMD CORPORATE SERVICES LIMITEDPassive investor14.7%Since 18 September 2026
What they said
On March 11, 2026, PRIME OCEAN HOLDINGS LIMITED (the "Transferor") and JMD CORPORATE SERVICES LIMITED (the "Transferee") entered into a share transfer agreement, pursuant to which PRIME OCEAN HOLDINGS LIMITED agreed to transfer certain shares held by it to JMD CORPORATE SERVICES…
Read the filing - Prime Ocean Holdings LimitedPassive investor9.0%Since 14 October 2026
What they said
On March 11, 2026, PRIME OCEAN HOLDINGS LIMITED (the "Transferor") and JMD CORPORATE SERVICES LIMITED (the "Transferee") entered into a share transfer agreement, pursuant to which PRIME OCEAN agreed to transfer certain shares held by it to JMD CORPORATE SERVICES LIMITED. Under…
Read the filing - Lianteng Limited8.9%Since 24 September 2026
What they said
On May 9, 2024, TROOPS, Inc. (the "Company") entered into a sale and purchase agreement (the "Agreement") with LIANTENG LIMITED (the "Vendor"), for the purchase of the entire issued and outstanding share capital of Riches Holdings Limited ("Riches Holdings"), a company…
Read the filing - WANG & LEE Holdings, Inc.7.9%Since 24 September 2026
What they said
On May 28, 2025, TROOPS, Inc. (the "Company") entered into a stock purchase agreement (the "Stock Purchase Agreement") with Wang & Lee Holdings, Inc. (the "Shareholder"), pursuant to which the Company issued and sold to the Shareholder 14,050,000 ordinary shares of the Company…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
JMD CORPORATE SERVICES LIMITED Passive investor | 14.7% | 18 September 2026 | What they saidOn March 11, 2026, PRIME OCEAN HOLDINGS LIMITED (the "Transferor") and JMD CORPORATE SERVICES LIMITED (the "Transferee") entered into a share transfer agreement, pursuant to which PRIME OCEAN HOLDINGS LIMITED agreed to transfer certain shares held by it to JMD CORPORATE SERVICES… Read the filing |
Prime Ocean Holdings Limited Passive investor | 9.0% | 14 October 2026 | What they saidOn March 11, 2026, PRIME OCEAN HOLDINGS LIMITED (the "Transferor") and JMD CORPORATE SERVICES LIMITED (the "Transferee") entered into a share transfer agreement, pursuant to which PRIME OCEAN agreed to transfer certain shares held by it to JMD CORPORATE SERVICES LIMITED. Under… Read the filing |
Lianteng Limited | 8.9% | 24 September 2026 | What they saidOn May 9, 2024, TROOPS, Inc. (the "Company") entered into a sale and purchase agreement (the "Agreement") with LIANTENG LIMITED (the "Vendor"), for the purchase of the entire issued and outstanding share capital of Riches Holdings Limited ("Riches Holdings"), a company… Read the filing |
WANG & LEE Holdings, Inc. | 7.9% | 24 September 2026 | What they saidOn May 28, 2025, TROOPS, Inc. (the "Company") entered into a stock purchase agreement (the "Stock Purchase Agreement") with Wang & Lee Holdings, Inc. (the "Shareholder"), pursuant to which the Company issued and sold to the Shareholder 14,050,000 ordinary shares of the Company… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
We have no insider filings for this company yet.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Troops, Inc. /Cayman Islands doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.