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Side-by-side financial comparison of Rafael Holdings, Inc. (RFL) and TREASURE GLOBAL INC (TGL). Click either name above to swap in a different company.
Rafael Holdings, Inc. is the larger business by last-quarter revenue ($240.0K vs $182.5K, roughly 1.3× TREASURE GLOBAL INC). TREASURE GLOBAL INC runs the higher net margin — -1169.1% vs -4090.0%, a 2920.9% gap on every dollar of revenue. On growth, Rafael Holdings, Inc. posted the faster year-over-year revenue change (87.5% vs -12.0%). Over the past eight quarters, Rafael Holdings, Inc.'s revenue compounded faster (85.2% CAGR vs -83.5%).
Rafael Advanced Defense Systems Ltd. is an Israeli defense technology company. It was founded as Israel's National R&D Defense Laboratory for the development of weapons and military technology within the Israeli Ministry of Defense; in 2002 it was incorporated as a limited company.
Treasure Global Inc is a consumer technology company offering integrated digital commerce solutions, customer loyalty rewards programs, and cashless payment services. It primarily operates across Southeast Asian markets, serving individual users and small-to-medium enterprise clients.
RFL vs TGL — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $240.0K | $182.5K |
| Net Profit | $-9.8M | $-2.1M |
| Gross Margin | — | 0.7% |
| Operating Margin | -4225.4% | -953.5% |
| Net Margin | -4090.0% | -1169.1% |
| Revenue YoY | 87.5% | -12.0% |
| Net Profit YoY | -9.0% | -124.5% |
| EPS (diluted) | $-0.19 | $-0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $240.0K | — | ||
| Q3 25 | — | $182.5K | ||
| Q2 25 | — | $1.2M | ||
| Q1 25 | — | $666.5K | ||
| Q4 24 | — | $301.9K | ||
| Q3 24 | $165.0K | $207.4K | ||
| Q2 24 | $336.0K | $293.0K | ||
| Q1 24 | $68.0K | $1.6M |
| Q4 25 | $-9.8M | — | ||
| Q3 25 | — | $-2.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | — | $-232.3K | ||
| Q3 24 | $-4.5M | $-950.7K | ||
| Q2 24 | $-32.4M | — | ||
| Q1 24 | $6.0M | $-1.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 68.2% | ||
| Q1 25 | — | 73.0% | ||
| Q4 24 | — | 74.2% | ||
| Q3 24 | — | 83.0% | ||
| Q2 24 | 74.7% | 31.0% | ||
| Q1 24 | — | 13.6% |
| Q4 25 | -4225.4% | — | ||
| Q3 25 | — | -953.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.5% | ||
| Q4 24 | — | -229.5% | ||
| Q3 24 | -2330.3% | -391.4% | ||
| Q2 24 | -27726.5% | — | ||
| Q1 24 | -4622.1% | -85.9% |
| Q4 25 | -4090.0% | — | ||
| Q3 25 | — | -1169.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 189.0% | ||
| Q4 24 | — | -77.0% | ||
| Q3 24 | -2707.9% | -458.5% | ||
| Q2 24 | -9628.3% | — | ||
| Q1 24 | 8892.6% | -107.3% |
| Q4 25 | $-0.19 | — | ||
| Q3 25 | — | $-0.38 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.09 | ||
| Q4 24 | — | $-11.32 | ||
| Q3 24 | $-0.19 | $-17.62 | ||
| Q2 24 | $-1.36 | — | ||
| Q1 24 | $0.25 | $-116.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $45.5M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $85.2M | $12.0M |
| Total Assets | $105.4M | $16.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $2.5K | ||
| Q4 24 | — | $504.3K | ||
| Q3 24 | $2.7M | $44.1K | ||
| Q2 24 | $7.4M | $171.6K | ||
| Q1 24 | $7.1M | — |
| Q4 25 | $85.2M | — | ||
| Q3 25 | — | $12.0M | ||
| Q2 25 | — | $10.7M | ||
| Q1 25 | — | $29.1M | ||
| Q4 24 | — | $18.4M | ||
| Q3 24 | $82.2M | $6.3M | ||
| Q2 24 | $86.1M | $3.4M | ||
| Q1 24 | $104.9M | $3.1M |
| Q4 25 | $105.4M | — | ||
| Q3 25 | — | $16.6M | ||
| Q2 25 | — | $14.9M | ||
| Q1 25 | — | $30.4M | ||
| Q4 24 | — | $19.1M | ||
| Q3 24 | $96.8M | $7.1M | ||
| Q2 24 | $101.6M | $4.3M | ||
| Q1 24 | $106.1M | $4.2M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.8M | $-1.8M |
| Free Cash FlowOCF − Capex | — | $-2.4M |
| FCF MarginFCF / Revenue | — | -1318.2% |
| Capex IntensityCapex / Revenue | — | 353.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.8M | — | ||
| Q3 25 | — | $-1.8M | ||
| Q2 25 | — | $-9.5M | ||
| Q1 25 | — | $-4.2M | ||
| Q4 24 | — | $-606.2K | ||
| Q3 24 | $-2.9M | $-976.3K | ||
| Q2 24 | $-251.0K | $-4.7M | ||
| Q1 24 | $-2.5M | $-1.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-2.4M | ||
| Q2 25 | — | $-9.5M | ||
| Q1 25 | — | $-4.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-375.0K | $-4.7M | ||
| Q1 24 | — | $-1.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | -1318.2% | ||
| Q2 25 | — | -822.4% | ||
| Q1 25 | — | -635.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -111.6% | -1614.2% | ||
| Q1 24 | — | -67.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 353.3% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 36.9% | 5.7% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -3.36× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.42× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
