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TON Strategy Co.(TONX)Earnings, Financials & Key Ratios
TONX•NASDAQ•Banking & Credit
Price updated Jun 19, 2026
SectorFinancial ServicesIndustryAsset ManagementSub-IndustryNon-core and special situations vehicles
AboutThe first NASDAQ‑listed publicly traded treasury for Toncoin ($TON), the native cryptocurrency of The Open Network (TON). The company accumulates and stakes $TON to build a long-term treasury, offering regulated market exposure to TON through structured capital deployment and staking rewards.Show more
- Net Interest Income$1M+11.0%
- Total Revenue$13M+1327.8%
- Net Income-$148M-1337.5%
- Return on Equity-70.3%+34.8%
- Net Interest Margin0.25%-94.4%
- Efficiency Ratio330.2%-76.0%
- ROA-68.77%-4.8%
- Equity / Assets98.84%+27.3%
- Book Value per Share1.62-94.0%
TONX Key Insights
TON Strategy Co. (TONX) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Well capitalized: 98.8% equity/assets
- ✓Diversified revenue: 91.9% from non-interest income
✗Weaknesses
- ✗Profits declining 42.9% over 5 years
- ✗Weak Piotroski F-Score: 3/9
- ✗Weak NIM of 0.3%
- ✗High cost structure: 330.2% efficiency ratio
- ✗Shares diluted 100.0% in last year
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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TONX Price & Volume
TON Strategy Co. (TONX) stock price & volume — 10-year historical chart
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TONX Growth Metrics
TON Strategy Co. (TONX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years5.1%
3 Years1068.97%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-2407.97%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM74.6%
Return on Capital
10 Years-160.76%
5 Years-146.76%
3 Years-123.27%
Last Year-15.75%
TONX Recent Earnings
TON Strategy Co. (TONX) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 7/12 qtrs (70%)
Q2 2026Latest
May 12, 2026Metric
Actual
Est
EPS
$0.05+96.5%
$1.42
Rev
$5M+162.7%
$2M
Q2 2026
Mar 24, 2026Metric
Actual
Est
EPS
$2.20-24.3%
$1.77
Rev
$6M+310.1%
$1M
Q4 2025
Nov 12, 2025Metric
Actual
Est
EPS
$1.00+47.4%
$1.90
Rev
$4M+157.8%
$1M
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$1.79+12.3%
$2.04
Rev
$2M+51.6%
$1M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 12, 2026 | $0.05vs $1.42+96.5% | $5Mvs $2M+162.7% |
| Q2 2026 | Mar 24, 2026 | $2.20vs $1.77-24.3% | $6Mvs $1M+310.1% |
| Q4 2025 | Nov 12, 2025 | $1.00vs $1.90+47.4% | $4Mvs $1M+157.8% |
| Q3 2025 | Aug 6, 2025 | $1.79vs $2.04+12.3% | $2Mvs $1M+51.6% |
Based on last 12 quarters of dataView full earnings history →
TONX Peer Comparison
TON Strategy Co. (TONX) competitors in Non-core and special situations vehicles — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 MSTR | 37.58B | 112.53 | -7.39 | 2.97% | -25.19% | -24.09% | 0.16 | |
 SMLR | 310.75M | 20.33 | 3.96 | -17.44% | 130.8% | 10.51% | 0.00 | |
 BTBT | 706.64M | 2.17 | -7 | -30.65% | -146.01% | -0.11% | 0.16 | |
 HUT | 14.01B | 124.44 | -58.15 | -90.71% | -17.66% | 0.25 | ||
 MARA | 5.42B | 14.22 | -3.85 | 38.2% | -234.83% | -51.65% | 1.05 | |
 RIOT | 10.65B | 28.10 | -14.41 | 71.89% | -132.76% | -28.78% | 0.10 | |
 CLSK | 4.42B | 17.24 | 15.39 | 102.21% | -67.66% | -29.93% | 0.38 | |
 CIFR | 11.84B | 29.18 | -13.57 | 48.04% | -5.13% | -115.53% | 3.31 |
Compare TONX vs Peers
TON Strategy Co. (TONX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
TONX Income Statement
TON Strategy Co. (TONX) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Net Interest Income | -973K | -2.63M | -3.47M | -646K | -2.58M | -1.41M | -2.43M | 929K | 1.03M | 1.25M |
NII Growth % | -31.63% | -170.09% | -32% | 81.38% | -298.61% | 45.24% | -72.48% | 138.2% | 10.98% | 327.42% |
Net Interest Margin % | -1071.55% | -292.65% | -12.23% | -1.99% | -7.48% | -5.76% | -22.44% | 4.5% | 0.25% | 0.39% |
Interest Income | 0 | 0 | 1.84M | 0 | 0 | 0 | 0 | 692K | 1.03M | 1.25M |
Interest Expense | 973K | 1.83M | 1.84M | 646K | 2.58M | 1.41M | 2.43M | -237K | 1K | 0 |
Loan Loss Provision | -965K | -1.78M | 3.03M | 4.16M | 1.93M | -1.41M | -2.41M | 461K | 3.89M | 4.84M |
Non-Interest Income | 6K | 32K | 7.26M | 9.96M | 10.52M | 8K | 63K | 203K | 11.75M | 15.48M |
Non-Interest Income % | 100% | 100% | 79.74% | 100% | 100% | 100% | 100% | 22.68% | 91.92% | 92.52% |
Total Revenue | 6K▲ 0% | 32K▲ 433.3% | 9.1M▲ 28337.5% | 9.96M▲ 9.5% | 10.52M▲ 5.6% | 8K▼ 99.9% | 63K▲ 687.5% | 895K▲ 1320.6% | 12.78M▲ 1327.8% | 16.73M▲ 0% |
Revenue Growth % | - | 433.33% | 28337.5% | 9.51% | 5.61% | -99.92% | 687.5% | 1320.63% | 1327.82% | 9354.09% |
Non-Interest Expense | 4.7M | 7.77M | 20.06M | 29.9M | 39.73M | 18.88M | 13.84M | 12.31M | 42.2M | 45.13M |
Efficiency Ratio | 78383.33% | 24287.5% | 220.48% | 300.06% | 377.54% | 235987.5% | 21966.67% | 1375.98% | 330.2% | 269.77% |
Operating Income | -4.71M▲ 0% | -7.79M▼ 65.6% | -15.83M▼ 103.2% | -24.74M▼ 56.2% | -33.71M▼ 36.3% | -18.87M▲ 44.0% | -13.79M▲ 26.9% | -11.64M▲ 15.6% | -33.31M▼ 186.1% | -30.65M▲ 0% |
Operating Margin % | -78416.67% | -24350% | -174% | -248.24% | -320.33% | -235925% | -21896.83% | -1301.01% | -260.67% | -183.26% |
Operating Income Growth % | -50.27% | -65.61% | -103.21% | -56.23% | -36.28% | 44.01% | 26.91% | 15.59% | -186.08% | - |
Pretax Income | -7.26M▲ 0% | -12.13M▼ 66.9% | -15.92M▼ 31.3% | -24.95M▼ 56.8% | -34.48M▼ 38.2% | -15.96M▲ 53.7% | -14.84M▲ 7.0% | -10.33M▲ 30.4% | -148.63M▼ 1338.9% | -237.14M▲ 0% |
Pretax Margin % | -121066.67% | -37893.75% | -174.9% | -250.43% | -327.68% | -199475% | -23561.9% | -1154.08% | -1163.04% | -1417.7% |
Income Tax | 2K | 1K | 2K | 1K | 1K | 0 | 0 | 0 | -234K | -148K |
Effective Tax Rate % | -0.03% | -0.01% | -0.01% | -0% | -0% | 0% | 0% | 0% | 0.16% | 0.06% |
Net Income | -7.27M▲ 0% | -12.13M▼ 66.9% | -15.92M▼ 31.3% | -24.96M▼ 56.8% | -34.49M▼ 38.2% | -37.44M▼ 8.6% | -21.99M▲ 41.3% | -10.33M▲ 53.0% | -148.48M▼ 1337.5% | -236.95M▲ 0% |
Net Margin % | -121100% | -37896.88% | -174.92% | -250.44% | -327.69% | -467962.5% | -34911.11% | -1154.08% | -1161.9% | -1416.59% |
Net Income Growth % | -70% | -66.9% | -31.26% | -56.78% | -38.19% | -8.56% | 41.25% | 53.04% | -1337.5% | -2407.97% |
Net Income (Continuing) | -7.27M | -12.13M | -15.92M | -24.96M | -34.49M | -15.96M | -14.84M | -10.33M | -148.39M | -236.99M |
EPS (Diluted) | -7324.60▲ 0% | -9840.00▼ 34.3% | -6320.00▲ 35.8% | -6422.35▼ 1.6% | -4400.00▲ 31.5% | -3106.00▲ 29.4% | -652.00▲ 79.0% | -0.02▲ 100.0% | -5.96▼ 34152.9% | -0.41▲ 0% |
EPS Growth % | -22633.08% | -34.34% | 35.77% | -1.62% | 31.49% | 29.41% | 79.01% | 100% | -34152.87% | 74.6% |
EPS (Basic) | -7324.60 | -9840.00 | -6320.00 | -6400.00 | -4400.00 | -3106.00 | -652.00 | -0.02 | -5.96 | - |
Diluted Shares Outstanding | 992 | 1.23K | 2.52K | 4.5K | 7.92K | 12.13K | 33.99K | 592.48K | 251.09M | 582.09M |
TONX Balance Sheet
TON Strategy Co. (TONX) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash & Short Term Investments | 10.56K | 634K | 983K | 1.81M | 937K | 2.43M | 4.35M | 12.53M | 39.49M | 136.79M |
Cash & Due from Banks | 10.56K | 634K | 983K | 1.81M | 937K | 2.43M | 4.35M | 7.62M | 39.49M | 34.78M |
Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.91M | 0 | 0 |
Total Investments | 0 | 0 | 0 | 0 | 0 | 1.53M | 0 | 4.91M | 0 | 0 |
Investments Growth % | - | - | - | - | - | - | -100% | - | -100% | -148.65% |
Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 1.53M | 0 | 0 | 0 | 563K |
Accounts Receivables | 0 | 1K | 1.27M | 919K | 1.38M | 1.02M | 0 | 350K | 441K | 438K |
Goodwill & Intangibles | 0 | 0 | 21.7M | 25.21M | 28.07M | 83K | 4.11M | 3.17M | 5.21M | 5.22M |
Goodwill | 0 | 0 | 16.34M | 20.06M | 19.76M | 0 | 0 | 0 | 5.17M | 5.17M |
Intangible Assets | 0 | 0 | 5.37M | 5.15M | 8.3M | 83K | 4.11M | 3.17M | 48K | 60K |
PP&E (Net) | 30.55K | 11K | 4M | 3.59M | 2.88M | 8.06M | 261K | 671K | 389K | 0 |
Other Assets | 8.78K | 169K | 69K | 69K | 293K | 10.76M | 1.79M | 326K | 363.2M | 279.08M |
Total Current Assets | 51.47K | 718K | 2.59M | 3.67M | 3.19M | 4.06M | 4.68M | 16.47M | 42.36M | 37.36M |
Total Non-Current Assets | 39.33K | 180K | 25.77M | 28.87M | 31.24M | 20.43M | 6.16M | 4.17M | 368.8M | 284.3M |
Total Assets | 90.8K▲ 0% | 898K▲ 889.0% | 28.36M▲ 3058.0% | 32.54M▲ 14.8% | 34.43M▲ 5.8% | 24.49M▼ 28.9% | 10.84M▼ 55.7% | 20.64M▲ 90.4% | 411.16M▲ 1892.6% | 321.66M▲ 0% |
Asset Growth % | -12.86% | 888.95% | 3058.02% | 14.75% | 5.8% | -28.87% | -55.74% | 90.38% | 1892.56% | 6432.13% |
Return on Assets (ROA) | -7452.08% | -2452.86% | -108.81% | -81.96% | -102.98% | -127.07% | -124.5% | -65.64% | -68.77% | -66.82% |
Accounts Payable | 665K | 1.15M | 4.34M | 2.57M | 3.75M | 3.98M | 1.41M | 731K | 1.87M | 1.72M |
Total Debt | 3.11M | 2M | 5.89M | 6.07M | 3.81M | 8.95M | 2.38M | 464K | 209K | 168K |
Net Debt | 3.1M | 1.36M | 4.91M | 4.26M | 2.87M | 6.53M | -1.97M | -7.15M | -39.28M | -34.62M |
Long-Term Debt | 0 | 1.06M | 1.06M | 1.46M | 875K | 1.22M | 362K | 98K | 0 | 63K |
Short-Term Debt | 3.11M | 930K | 844K | 1.08M | 40K | 6.16M | 1.79M | 144K | 0 | 105K |
Other Liabilities | 0 | 0 | 1.04M | 521K | 0 | 0 | 0 | 0 | 100K | 0 |
Total Current Liabilities | 5.88M | 4.89M | 11.22M | 16.88M | 17.93M | 16.53M | 7.19M | 4.29M | 4.59M | 5.04M |
Total Non-Current Liabilities | 3.77M | 1.06M | 5.7M | 4.92M | 3.17M | 2.8M | 526K | 320K | 180K | 63K |
Total Liabilities | 5.88M | 5.95M | 16.91M | 21.8M | 21.11M | 19.33M | 7.71M | 4.61M | 4.77M | 5.1M |
Total Equity | -5.79M▲ 0% | -5.05M▲ 12.7% | 11.45M▲ 326.4% | 10.74M▼ 6.1% | 13.32M▲ 24.0% | 5.17M▼ 61.2% | 3.13M▼ 39.5% | 16.02M▲ 412.7% | 406.39M▲ 2436.6% | 316.56M▲ 0% |
Equity Growth % | -66.92% | 12.68% | 326.41% | -6.12% | 23.98% | -61.22% | -39.51% | 412.67% | 2436.64% | 7957.12% |
Equity / Assets (Capital Ratio) | -6375.38% | -562.92% | 40.36% | 33.02% | 38.69% | 21.09% | 28.83% | 77.64% | 98.84% | 98.41% |
Return on Equity (ROE) | - | - | -498.22% | -224.93% | -286.58% | -404.99% | -530.55% | -107.9% | -70.3% | -68.6% |
Book Value per Share | -5835.72 | -4099.76 | 4536.27 | 2387.25 | 1683.13 | 425.71 | 91.93 | 27.04 | 1.62 | 0.54 |
Tangible BV per Share | -5835.72 | -4099.76 | -4065.40 | -3214.40 | -1862.67 | 418.87 | -28.89 | 21.69 | 1.60 | 0.53 |
Common Stock | 11.91K | 1K | 2K | 3.07M | 7K | 1K | 2K | 1K | 6K | 6K |
Additional Paid-in Capital | 22.75M | 35.61M | 68.03M | 89.22M | 129.34M | 158.63M | 175.76M | 203.29M | 743.21M | 744.33M |
Retained Earnings | -28.54M | -40.67M | -56.59M | -81.54M | -116.03M | -153.46M | -175.62M | -187.09M | -336.73M | -427.76M |
Accumulated OCI | -77.01K | -97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 2.98M | 0 | 0 | 0 |
TONX Cash Flow Statement
TON Strategy Co. (TONX) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | -1.68M | -4.16M | -8.12M | -16.29M | -25.88M | -19.41M | -10.6M | -8.77M | -20.77M | -24.39M |
Operating CF Growth % | -4.55% | -147.88% | -95.29% | -100.71% | -58.81% | 25.01% | 45.39% | 17.29% | -136.95% | -1112.59% |
Net Income | -7.27M | -12.13M | -15.92M | -24.96M | -34.49M | -37.44M | -21.99M | -10.51M | -148.39M | -236.95M |
Depreciation & Amortization | 22K | 20K | 1.39M | 2.06M | 2.23M | 2.53M | 2.33M | 1.08M | 1.3M | 1.04M |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -234K | -487K |
Other Non-Cash Items | 2.25M | 7.38M | 5.29M | 346K | 6.65M | 11.66M | 6.6M | 305K | 110.8M | 211.04M |
Working Capital Changes | 784K | 568K | 1.12M | 142K | -269K | -618K | -38K | -1.72M | -3.38M | -2.91M |
Cash from Investing | 0 | 0 | -14.59M | -88K | -2.26M | -4.75M | 4.44M | -5.38M | -294.54M | -294.41M |
Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.5M | -811K | -295.3M |
Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 545K | 5.72M | 5.3M |
Net Investment Activity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.96M | 4.91M | -290M |
Acquisitions | 0 | 0 | -14.44M | 229K | 11K | 3K | 0 | 0 | 0 | -4.22M |
Other Investing | 0 | 0 | 0 | 0 | 0 | -1K | 4.48M | -86K | -299.37M | -42K |
Cash from Financing | 1.67M | 4.78M | 23.06M | 17.21M | 27.26M | 25.65M | 8.08M | 18.29M | 346.48M | 346.6M |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | -20K | 0 | 0 | 0 | 0 | 0 | 0 | -26.73M | -26.73M |
Stock Issued | 796K | 2.98M | 18.52M | 16.78M | 25.65M | 24.06M | 9.21M | 18.6M | 368.63M | 373.32M |
Net Stock Activity | 796K | 2.96M | 18.52M | 16.78M | 25.65M | 24.06M | 9.21M | 18.6M | 341.9M | 346.59M |
Debt Issuance (Net) | 813K | 927K | -923K | -618K | 1000K | 1000K | -1000K | -19K | -118K | 0 |
Other Financing | 50K | 894K | 766K | 1.05M | 0 | -4.48M | -2.62M | -285K | 5.85M | 7K |
Net Change in Cash | -6K▲ 0% | 623K▲ 10483.3% | 349K▼ 44.0% | 832K▲ 138.4% | -878K▼ 205.5% | 1.49M▲ 269.9% | 1.92M▲ 29.0% | 4.14M▲ 115.3% | 31.17M▲ 652.5% | 27.8M▲ 0% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 17K | 11K | 634K | 983K | 1.81M | 937K | 2.43M | 4.35M | 8.49M | 39.66M |
Cash at End | 11K | 634K | 983K | 1.81M | 937K | 2.43M | 4.35M | 8.49M | 39.66M | 34.95M |
Interest Paid | 326K | 402K | 146K | 120K | 0 | 359K | 399K | 0 | 1K | 0 |
Income Taxes Paid | 2K | 1K | 2K | 1K | 0 | 1K | 2K | 1K | 3K | 0 |
Free Cash Flow | -1.68M▲ 0% | -4.16M▼ 147.9% | -8.26M▼ 98.8% | -16.61M▼ 101.0% | -28.15M▼ 69.5% | -24.16M▲ 14.2% | -10.9M▲ 54.9% | -9.11M▲ 16.5% | -20.86M▼ 129.0% | -24.42M▲ 0% |
FCF Growth % | -4.39% | -147.88% | -98.8% | -101% | -69.47% | 14.19% | 54.87% | 16.47% | -129.02% | -203.66% |
TONX Banking Ratios
TON Strategy Co. (TONX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | - | - | -498.22% | -224.93% | -286.58% | -404.99% | -530.55% | -107.9% | -70.3% | -68.6% |
Return on Assets (ROA) | -7452.08% | -2452.86% | -108.81% | -81.96% | -102.98% | -127.07% | -124.5% | -65.64% | -68.77% | -66.82% |
Net Interest Margin | -1071.55% | -292.65% | -12.23% | -1.99% | -7.48% | -5.76% | -22.44% | 4.5% | 0.25% | 0.39% |
Efficiency Ratio | 78383.33% | 24287.5% | 220.48% | 300.06% | 377.54% | 235987.5% | 21966.67% | 1375.98% | 330.2% | 269.77% |
Equity / Assets | -6375.38% | -562.92% | 40.36% | 33.02% | 38.69% | 21.09% | 28.83% | 77.64% | 98.84% | 98.41% |
Book Value / Share | -5.84K | -4.1K | 4.54K | 2.39K | 1.68K | 425.71 | 91.93 | 27.04 | 1.62 | 0.54 |
NII Growth | -31.63% | -170.09% | -32% | 81.38% | -298.61% | 45.24% | -72.48% | 138.2% | 10.98% | 76.2% |
Dividend Payout | - | - | - | - | - | - | - | - | - | 0% |
Related:TONX Dividend History·TONX Revenue History·TONX Price History·TONX P/E History·TONX Financial Ratios·TONX Institutional Holders
TONX SEC Filings & Documents
TON Strategy Co. (TONX) SEC filings — annual & quarterly reports (10-K, 10-Q)
TONX Frequently Asked Questions
TON Strategy Co. (TONX) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
TON Strategy Co. (TONX) grew revenue by 1327.8% over the past year. This is strong growth.
TON Strategy Co. (TONX) reported a net loss of $237.0M for fiscal year 2025.
Dividend & Returns
TON Strategy Co. (TONX) has a return on equity (ROE) of -70.3%. Negative ROE indicates the company is unprofitable.
Industry Metrics
TON Strategy Co. (TONX) has a net interest margin (NIM) of 0.3%. NIM has been under pressure due to interest rate environment.
TON Strategy Co. (TONX) has an efficiency ratio of 330.2%. This is higher than peers, suggesting room for cost optimization.