TON Strategy Co (TONX) Key Metrics
TONX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $147.6M
- Enterprise value
- $187.6M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 4.8
- Price / book
- 0.6
- EV / EBITDA
- 0.9
- Dividend yield
- —
- Beta
- 0.73
TONX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTONX returns How much profit the business earns on the capital it uses.
TONX financial health Debt, liquidity and how easily interest is covered.
TONX efficiency & capital use Working capital cycle and where the cash goes.
TONX valuation history
TONX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TONX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TONX cash returned to shareholders
TONX price vs earnings per share
TONX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $50.0M | — | — | — | — | — | — | — | — | — |
| Enterprise value | $10.7M | — | — | — | — | — | — | — | — | — |
| Price / sales | 3.9 | — | — | — | — | — | — | — | — | — |
| Price / book | 0.1 | — | — | — | — | — | — | — | — | — |
| EV / sales | 0.8 | — | — | — | — | — | — | — | — | — |
| Earnings yield | −297.2% | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | −41.7% | — | — | — | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 53.5% | — | — | — | — | — | — | — | — | — |
| Share price at fiscal year-end | $1.99 | $6.54 | $34.40 | $1,312.00 | $9,920.00 | $13,200.00 | $12,400.00 | $38,040.00 | $11,760.00 | $9,600.00 |
| Per share | ||||||||||
| Revenue per share | $0.51 | — | — | — | — | — | — | — | — | — |
| Earnings per share | −$5.91 | — | — | — | — | — | — | — | — | — |
| Operating cash flow per share | −$0.83 | — | — | — | — | — | — | — | — | — |
| Free cash flow per share | −$0.83 | — | — | — | — | — | — | — | — | — |
| Cash per share | $1.57 | — | — | — | — | — | — | — | — | — |
| Book value per share | $16.19 | — | — | — | — | — | — | — | — | — |
| Tangible book value per share | $15.98 | — | — | — | — | — | — | — | — | — |
| Capex per share | $0.00 | — | — | — | — | — | — | — | — | — |
| Debt per share | $0.01 | — | — | — | — | — | — | — | — | — |
| Shares outstanding | 25.1M | — | — | — | — | — | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −70.3% | −106.9% | −530.6% | −405.0% | −286.6% | −224.9% | −498.2% | — | — | — |
| Return on invested capital (ROIC) | −14.2% | −347.9% | −169.7% | −107.0% | −170.7% | −124.6% | −197.6% | — | — | — |
| Return on assets (ROA) | −68.8% | −65.6% | −124.5% | −127.1% | −103.0% | −82.0% | −108.8% | — | — | — |
| Return on tangible assets | −36.6% | −59.1% | −326.7% | −252.5% | −541.7% | −340.5% | −239.1% | — | — | — |
| Free cash flow margin | −163.2% | — | — | — | −267.5% | −166.7% | −90.8% | — | — | — |
| Financial health | ||||||||||
| Total debt | $209,000 | $464,000 | $2.4M | $9.0M | $3.8M | $6.1M | $5.9M | $2.0M | $3.1M | $2.8M |
| Cash & short-term investments | $39.5M | $12.5M | $4.4M | $2.4M | $937,000 | $1.8M | $983,000 | $634,000 | $10,560 | $16,762 |
| Net debt | −$39.3M | −$12.1M | −$2.0M | $6.5M | $2.9M | $4.3M | $4.9M | $1.4M | $3.1M | $2.8M |
| Debt / equity | 0.00 | 0.03 | 0.76 | 1.73 | 0.29 | 0.57 | 0.51 | — | — | — |
| Debt / assets | 0.00 | 0.02 | 0.22 | 0.37 | 0.11 | 0.19 | 0.21 | 2.22 | 34.25 | 27.09 |
| Current ratio | 9.23 | 3.84 | 0.65 | 0.25 | 0.18 | 0.22 | 0.23 | 0.15 | 0.01 | 0.01 |
| Quick ratio | 9.23 | 3.84 | 0.65 | 0.25 | 0.18 | 0.22 | 0.22 | 0.15 | 0.01 | 0.01 |
| Interest coverage | — | -49.1 | -5.7 | -13.4 | -13.1 | -38.3 | -8.6 | -4.3 | -4.8 | -4.2 |
| Working capital | $37.8M | $12.2M | −$2.5M | −$12.5M | −$14.7M | −$13.2M | −$8.6M | −$4.2M | −$5.8M | −$3.5M |
| Invested capital | $367.2M | $4.1M | $1.2M | $11.7M | $16.2M | $15.0M | $16.4M | −$3.7M | −$2.7M | −$662,374 |
| Tangible asset value | $401.2M | $12.9M | −$982,000 | −$4.5M | −$14.7M | −$14.5M | −$10.3M | −$5.1M | −$5.8M | −$4.0M |
| Net current asset value | $37.6M | $11.9M | −$3.0M | −$15.3M | −$17.9M | −$18.1M | −$14.3M | −$5.2M | −$5.8M | −$3.5M |
| Graham net-net per share | $1.42 | — | — | — | — | — | — | — | — | — |
| Capital allocation | ||||||||||
| Share buybacks (net) | $26.7M | $0 | — | — | — | — | — | $20,000 | — | $166,226 |
| Capex / revenue | 0.7% | 38.2% | 485.7% | 59,387.5% | 21.6% | 3.2% | 1.6% | 0.0% | 0.0% | — |
| Capex / depreciation | 0.07 | 0.32 | 0.13 | 4.29 | 1.02 | 0.15 | 0.10 | 0.00 | 0.00 | 0.12 |
| Stock-based compensation / revenue | 149.7% | 232.3% | 3,973.0% | 55,687.5% | 53.9% | 61.4% | 45.9% | 10,671.9% | 42,220.8% | — |
| R&D / revenue | — | — | — | 64,850.0% | 117.3% | 79.6% | 47.4% | 3,062.5% | 6,250.0% | — |
| SG&A / revenue | 320.0% | 1,255.6% | 18,266.7% | 222,137.5% | 244.3% | 205.3% | 161.6% | 21,225.0% | 72,133.3% | — |
| Efficiency | ||||||||||
| Days sales outstanding | 56.9 | 572.6 | 2,966.3 | 54,886.9 | 39.9 | 40.1 | 25.5 | 11.4 | — | — |
| Days of inventory on hand | — | — | — | — | 2.5 | 5.2 | 7.7 | — | — | — |
| Days payables outstanding | 122.1 | 1,742.7 | 51,705.1 | 469,998.3 | 256.0 | 262.4 | 205.6 | 6,362.9 | 25,017.3 | 6,745.7 |
| Cash conversion cycle (days) | -65.2 | -1,170.1 | -48,738.8 | -415,111.5 | -213.5 | -217.1 | -172.4 | -6,351.5 | — | — |
| Receivables turnover | 6.42 | 0.64 | 0.12 | 0.01 | 9.15 | 9.10 | 14.31 | 32.00 | — | 0.00 |
| Payables turnover | 2.99 | 0.21 | 0.01 | 0.00 | 1.43 | 1.39 | 1.78 | 0.06 | 0.01 | 0.05 |
| Inventory turnover | — | — | — | — | 145.29 | 70.09 | 47.28 | — | — | — |
| Asset turnover | 0.06 | 0.06 | 0.00 | 0.00 | 0.31 | 0.33 | 0.62 | 0.06 | 0.06 | 0.00 |
| Average receivables | $2.0M | $1.4M | $512,000 | $1.2M | $1.2M | $1.1M | $636,000 | $1,000 | — | $8,468 |
| Average payables | $1.3M | $1.1M | $2.7M | $3.9M | $3.2M | $3.5M | $2.7M | $906,500 | $548,325 | $393,672 |
| Average inventory | — | — | — | — | $31,000 | $68,500 | $103,000 | — | — | — |
| Intangibles / total assets | 1.3% | 15.4% | 37.9% | 39.5% | 81.5% | 77.5% | 76.5% | 0.0% | 0.0% | 513.6% |
Computed from TONX's annual financial statements (latest annual report filed March 31, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TONX valuation and financial ratios
TON Strategy earned a return on equity of −70.3% and a return on invested capital of −14.2% in fiscal 2025. It ended the year with $0.2 million of debt and $39.5 million in cash and short-term investments, a net cash position of $39.3 million. It returned $26.7 million to shareholders: $0 in dividends and $26.7 million in share buybacks.
See the TONX income statement, the TONX chart for price history, or the TONX stock overview for the latest quote and news.
TONX key metrics FAQ
What is TON Strategy's return on equity?
TON Strategy's return on equity (ROE) was −70.3% in fiscal 2025: net income of -$148.5 million on average shareholders' equity of $211.3 million.
What is TON Strategy's ROIC?
TON Strategy's return on invested capital was −14.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does TON Strategy have?
TON Strategy had total debt of $0.2 million at the end of fiscal 2025, a debt-to-equity ratio of 0.00 and more cash than debt.
Does TON Strategy buy back its shares?
Yes. TON Strategy spent $26.7 million on net share repurchases in fiscal 2025.
What is TON Strategy's free cash flow yield?
TON Strategy generated -$20.9 million of free cash flow in fiscal 2025, a free cash flow yield of −41.7% on its market value at year-end ($50.0 million).
What is TON Strategy's current ratio?
TON Strategy's current ratio was 9.23 at the end of fiscal 2025: current assets were 9.23 times current liabilities.