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TONX logoTON Strategy Co.(TONX)Earnings, Financials & Key Ratios

TONX•NASDAQ•Banking & Credit
$3.25
$184M mkt cap·Price updated May 7, 2026
SectorFinancial ServicesIndustryAsset ManagementSub-IndustryNon-core and special situations vehicles
AboutThe first NASDAQ‑listed publicly traded treasury for Toncoin ($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$929K+138.2%
  • Total Revenue$895K+1320.6%
  • Net Income-$10M+53.0%
  • Return on Equity-107.9%+79.7%
  • Net Interest Margin4.5%+120.1%
  • Efficiency Ratio1375.98%-93.7%
  • ROA-65.64%+47.3%
  • Equity / Assets77.64%+169.3%
  • Book Value per Share27.04-70.6%
  • Tangible BV/Share21.69+175.1%
  • Debt/Equity0.03-96.2%
Technical→

TONX Key Insights

TON Strategy Co. (TONX) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong NIM of 4.5%
  • ✓Well capitalized: 77.6% equity/assets
  • ✓Trading at only 0.1x book value

✗Weaknesses

  • ✗High cost structure: 1376.0% efficiency ratio
  • ✗Weak momentum: RS Rating 16 (bottom 16%)
  • ✗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.

TONX Price & Volume

TON Strategy Co. (TONX) stock price & volume — 10-year historical chart

Loading chart...

TONX Growth Metrics

TON Strategy Co. (TONX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-37.11%
3 Years-56.02%
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM857.84%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM91.99%

Return on Capital

10 Years-348.45%
5 Years-173.76%
3 Years-169.47%
Last Year-116.49%

TONX Recent Earnings

TON Strategy Co. (TONX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 6/12 qtrs (60%)
Q2 2026Latest
Mar 24, 2026
EPS
$2.20
Est $1.77
-24.3%
Revenue
$6M
Est $1M
+310.1%
Q4 2025
Nov 12, 2025
EPS
$1.00
Est $1.90
+47.4%
Revenue
$4M
Est $1M
+157.8%
Q3 2025
Aug 6, 2025
EPS
$1.79
Est $2.04
+12.3%
Revenue
$2M
Est $1M
+51.6%
Q2 2025
May 13, 2025
EPS
$2.51
Est $3.14
+20.1%
Revenue
$1M
Est $900,000
+45.0%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMar 24, 2026
$2.20vs $1.77-24.3%
$6Mvs $1M+310.1%
Q4 2025Nov 12, 2025
$1.00vs $1.90+47.4%
$4Mvs $1M+157.8%
Q3 2025Aug 6, 2025
$1.79vs $2.04+12.3%
$2Mvs $1M+51.6%
Q2 2025May 13, 2025
$2.51vs $3.14+20.1%
$1Mvs $900,000+45.0%
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

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MSTR logoMSTRStrategy IncDirect Competitor60.05B179.84-11.812.97%-25.19%-24.09%0.16
SMLR logoSMLRSemler Scientific, Inc.Direct Competitor310.75M20.333.96-17.44%130.8%10.51%0.00
BTBT logoBTBTBit Digital, Inc.Direct Competitor589.49M1.839.15264.59%21.41%0.03
HUT logoHUTHut 8 Corp.Direct Competitor11.22B101.18-47.28-90.71%-17.66%0.25
MARA logoMARAMarathon Digital Holdings, Inc.Product Competitor4.83B12.70-3.4438.2%-30.54%1.05
RIOT logoRIOTRiot Platforms, Inc.Product Competitor9.14B24.11-12.3671.89%-28.78%0.10
CLSK logoCLSKCleanSpark, Inc.Product Competitor3.58B13.9812.48102.21%-33.25%-13.75%0.38
CIFR logoCIFRCipher Mining Inc.Product Competitor8.4B20.69-9.6248.04%-115.53%3.31

Compare TONX vs Peers

TON Strategy Co. (TONX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MSTR

Most directly comparable listed peer for TONX.

Scale Benchmark

vs GLXY

Larger-name benchmark to compare TONX against a more recognizable public peer.

Peer Set

Compare Top 5

vs MSTR, SMLR, BTBT, HUT

TONX Income Statement

TON Strategy Co. (TONX) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Net Interest Income-739.17K-973K-2.63M-3.47M-646K-2.58M-1.41M-2.43M929K829K
NII Growth %-386.38%-31.63%-170.09%-32%81.38%-298.61%45.24%-72.48%138.2%497.97%
Net Interest Margin %-709.36%-1071.55%-292.65%-12.23%-1.99%-7.48%-5.76%-22.44%4.5%0.13%
Interest Income0001.84M0000692K831K
Interest Expense739.17K973K1.83M1.84M646K2.58M1.41M2.43M-237K2K
Loan Loss Provision-739.17K-965K-1.78M3.03M4.16M1.93M-1.41M-2.41M461K2.32M
Non-Interest Income06K32K7.26M9.96M10.52M8K63K203K6.93M
Non-Interest Income %-100%100%79.74%100%100%100%100%22.68%89.29%
Total Revenue
0▲ 0%
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%
7.76M▲ 0%
Revenue Growth %--433.33%28337.5%9.51%5.61%-99.92%687.5%1320.63%29293.33%
Non-Interest Expense3.13M4.7M7.77M20.06M29.9M39.73M18.88M13.84M12.31M36.45M
Efficiency Ratio-78383.33%24287.5%220.48%300.06%377.54%235987.5%21966.67%1375.98%469.72%
Operating Income
-3.13M▲ 0%
-4.71M▼ 50.3%
-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%
-31.01M▲ 0%
Operating Margin %--78416.67%-24350%-174%-248.24%-320.33%-235925%-21896.83%-1301.01%-399.63%
Operating Income Growth %53.98%-50.27%-65.61%-103.21%-56.23%-36.28%44.01%26.91%15.59%-
Pretax Income
-4.27M▲ 0%
-7.26M▼ 70.0%
-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%
90.71M▲ 0%
Pretax Margin %--121066.67%-37893.75%-174.9%-250.43%-327.68%-199475%-23561.9%-1154.08%1168.96%
Income Tax8662K1K2K1K1K00014.15M
Effective Tax Rate %-0.02%-0.03%-0.01%-0.01%-0%-0%0%0%0%15.6%
Net Income
-4.27M▲ 0%
-7.27M▼ 70.0%
-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%
76.21M▲ 0%
Net Margin %--121100%-37896.88%-174.92%-250.44%-327.69%-467962.5%-34911.11%-1154.08%982.06%
Net Income Growth %38.55%-70%-66.9%-31.26%-56.78%-38.19%-8.56%41.25%53.04%857.84%
Net Income (Continuing)-4.27M-7.27M-12.13M-15.92M-24.96M-34.49M-15.96M-14.84M-10.33M76.56M
EPS (Diluted)
-32.22▲ 0%
-7324.60▼ 22633.1%
-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%
2.04▲ 0%
EPS Growth %51.59%-22633.08%-34.34%35.77%-1.62%31.49%29.41%79.01%100%91.99%
EPS (Basic)-32.22-7324.60-9840.00-6320.00-6400.00-4400.00-3106.00-652.00-0.02-
Diluted Shares Outstanding132.67K9921.23K2.52K4.5K7.92K12.13K33.99K592.48K37.32M

TONX Balance Sheet

TON Strategy Co. (TONX) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash & Short Term Investments16.76K10.56K634K983K1.81M937K2.43M4.35M12.53M86.4M
Cash & Due from Banks16.76K10.56K634K983K1.81M937K2.43M4.35M7.62M53.04M
Short Term Investments000000004.91M0
Total Investments0000001.53M04.91M0
Investments Growth %--------100%-272.88%
Long-Term Investments0000001.53M00826K
Accounts Receivables8.47K01K1.27M919K1.38M1.02M0350K865K
Goodwill & Intangibles535.16K0021.7M25.21M28.07M83K4.11M3.17M6.18M
Goodwill00016.34M20.06M19.76M0005.17M
Intangible Assets535.16K005.37M5.15M8.3M83K4.11M3.17M1.01M
PP&E (Net)52.07K30.55K11K4M3.59M2.88M8.06M261K671K0
Other Assets-519.12K8.78K169K69K69K293K10.76M1.79M326K597.26M
Total Current Assets36.1K51.47K718K2.59M3.67M3.19M4.06M4.68M16.47M58.43M
Total Non-Current Assets68.1K39.33K180K25.77M28.87M31.24M20.43M6.16M4.17M603.44M
Total Assets
104.2K▲ 0%
90.8K▼ 12.9%
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%
661.88M▲ 0%
Asset Growth %-56.55%-12.86%888.95%3058.02%14.75%5.8%-28.87%-55.74%90.38%2968.66%
Return on Assets (ROA)-2484.82%-7452.08%-2452.86%-108.81%-81.96%-102.98%-127.07%-124.5%-65.64%42.07%
Accounts Payable431.65K665K1.15M4.34M2.57M3.75M3.98M1.41M731K3.77M
Total Debt2.82M3.11M2M5.89M6.07M3.81M8.95M2.38M464K247K
Net Debt2.81M3.1M1.36M4.91M4.26M2.87M6.53M-1.97M-7.15M-52.79M
Long-Term Debt001.06M1.06M1.46M875K1.22M362K98K0
Short-Term Debt2.82M3.11M930K844K1.08M40K6.16M1.79M144K143K
Other Liabilities0001.04M521K0000100K
Total Current Liabilities3.57M5.88M4.89M11.22M16.88M17.93M16.53M7.19M4.29M7.81M
Total Non-Current Liabilities3.25M3.77M1.06M5.7M4.92M3.17M2.8M526K320K14.61M
Total Liabilities3.57M5.88M5.95M16.91M21.8M21.11M19.33M7.71M4.61M22.42M
Total Equity
-3.47M▲ 0%
-5.79M▼ 66.9%
-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%
639.46M▲ 0%
Equity Growth %-48.06%-66.92%12.68%326.41%-6.12%23.98%-61.22%-39.51%412.67%3860.54%
Equity / Assets (Capital Ratio)-3328.33%-6375.38%-562.92%40.36%33.02%38.69%21.09%28.83%77.64%96.61%
Return on Equity (ROE)----498.22%-224.93%-286.58%-404.99%-530.55%-107.9%44.22%
Book Value per Share-26.14-5835.72-4099.764536.272387.251683.13425.7191.9327.0417.14
Tangible BV per Share-30.18-5835.72-4099.76-4065.40-3214.40-1862.67418.87-28.8921.6916.97
Common Stock9.46K11.91K1K2K3.07M7K1K2K1K6K
Additional Paid-in Capital17.82M22.75M35.61M68.03M89.22M129.34M158.63M175.76M0747.95M
Retained Earnings-21.27M-28.54M-40.67M-56.59M-81.54M-116.03M-153.46M-175.62M-187.09M-108.85M
Accumulated OCI-55.49K-77.01K-97K0000000
Treasury Stock0000000000
Preferred Stock00000002.98M00

TONX Cash Flow Statement

TON Strategy Co. (TONX) cash flow — operating, investing & free cash flow history

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations-1.6M-1.68M-4.16M-8.12M-16.29M-25.88M-19.41M-10.6M-8.77M-8.77M
Operating CF Growth %44.04%-4.55%-147.88%-95.29%-100.71%-58.81%25.01%45.39%17.29%-382.03%
Net Income-4.27M-7.27M-12.13M-15.92M-24.96M-34.49M-37.44M-21.99M-10.51M76.21M
Depreciation & Amortization21.3K22K20K1.39M2.06M2.23M2.53M2.33M1.08M1.24M
Deferred Taxes00000000014.15M
Other Non-Cash Items860.02K2.25M7.38M5.29M346K6.65M11.66M6.6M305K-123.38M
Working Capital Changes487.37K784K568K1.12M142K-269K-618K-38K-1.72M-1.86M
Cash from Investing-2.49K00-14.59M-88K-2.26M-4.75M4.44M-5.38M-294.66M
Purchase of Investments00000000-5.5M-296.21M
Sale/Maturity of Investments00000000545K6.13M
Net Investment Activity00000000-4.96M-290.08M
Acquisitions000-14.44M229K11K3K00-4.22M
Other Investing000000-1K4.48M-86K-2K
Cash from Financing1.52M1.67M4.78M23.06M17.21M27.26M25.65M8.08M18.29M352.71M
Dividends Paid0000000000
Share Repurchases-166.23K0-20K0000000
Stock Issued1.52M796K2.98M18.52M16.78M25.65M24.06M9.21M18.6M373.32M
Net Stock Activity1.36M796K2.96M18.52M16.78M25.65M24.06M9.21M18.6M373.32M
Debt Issuance (Net)162.45K813K927K-923K-618K1000K1000K-1000K-19K-123K
Other Financing050K894K766K1.05M0-4.48M-2.62M-285K0
Net Change in Cash
-86.26K▲ 0%
-6K▲ 93.0%
623K▲ 10483.3%
349K▼ 44.0%
832K▲ 138.4%
-878K▼ 205.5%
1.49M▲ 269.9%
1.92M▲ 29.0%
4.14M▲ 115.3%
43.41M▲ 0%
Exchange Rate Effect0000000000
Cash at Beginning103.02K17K11K634K983K1.81M937K2.43M4.35M5.23M
Cash at End16.76K11K634K983K1.81M937K2.43M4.35M8.49M53.92M
Interest Paid129.87K326K402K146K120K0359K399K00
Income Taxes Paid8002K1K2K1K01K2K1K0
Free Cash Flow
-1.61M▲ 0%
-1.68M▼ 4.4%
-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%
-14.88M▲ 0%
FCF Growth %45.14%-4.39%-147.88%-98.8%-101%-69.47%14.19%54.87%16.47%-60.35%

TONX Banking Ratios

TON Strategy Co. (TONX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
Return on Equity (ROE)----498.22%-224.93%-286.58%-404.99%-530.55%-107.9%44.22%
Return on Assets (ROA)-2484.82%-7452.08%-2452.86%-108.81%-81.96%-102.98%-127.07%-124.5%-65.64%42.07%
Net Interest Margin-709.36%-1071.55%-292.65%-12.23%-1.99%-7.48%-5.76%-22.44%4.5%0.13%
Efficiency Ratio-78383.33%24287.5%220.48%300.06%377.54%235987.5%21966.67%1375.98%469.72%
Equity / Assets-3328.33%-6375.38%-562.92%40.36%33.02%38.69%21.09%28.83%77.64%96.61%
Book Value / Share-26.14-5.84K-4.1K4.54K2.39K1.68K425.7191.9327.0417.14
NII Growth-386.38%-31.63%-170.09%-32%81.38%-298.61%45.24%-72.48%138.2%590.53%
Dividend Payout---------0%

TONX SEC Filings & Documents

TON Strategy Co. (TONX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 31, 2026·SEC

Material company update

Mar 26, 2026·SEC

Material company update

Mar 2, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 31, 2026·SEC

FY 2025

Mar 25, 2025·SEC

FY 2024

Apr 1, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 12, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 13, 2025·SEC

TONX Frequently Asked Questions

TON Strategy Co. (TONX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

TON Strategy Co. (TONX) grew revenue by 1320.6% over the past year. This is strong growth.

Yes, TON Strategy Co. (TONX) is profitable, generating $76.2M in net income for fiscal year 2024 (-1154.1% net margin).

Dividend & Returns

TON Strategy Co. (TONX) has a return on equity (ROE) of -107.9%. Negative ROE indicates the company is unprofitable.

Industry Metrics

TON Strategy Co. (TONX) has a net interest margin (NIM) of 4.5%. This indicates healthy earnings from lending activities.

TON Strategy Co. (TONX) has an efficiency ratio of 1376.0%. This is higher than peers, suggesting room for cost optimization.

Explore More TONX

TON Strategy Co. (TONX) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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