The company maintains a conservative capital structure with a 0.00 debt-to-equity ratio, though this is tempered by a substantial cumulative deficit of $336.7M as of 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 37.36M | 42.36M | 16.47M | 4.68M | 4.06M | 3.19M | 3.67M | 2.59M | 718K | 51.47K | 36.1K | 168.94K | 2.1M | 137.25K | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.14M | 1.7M | 1.13M | 331K | 1.63M | 0 | 0 | 0 | 0 | 0 | 0 | 65.92K | 0 | 0 | 0 |
| Total Non-Current Assets | 284.3M | 368.8M | 4.17M | 6.16M | 20.43M | 31.24M | 28.87M | 25.77M | 180K | 39.33K | 68.1K | 70.87K | 323.24K | 27.7K | 0 |
| Property, Plant & Equipment | 0 | 389K | 671K | 261K | 8.06M | 2.88M | 3.59M | 4M | 11K | 30.55K | 52.07K | 70.87K | 123.81K | 27.7K | 0 |
| Fixed Asset Turnover | 108.79x | 32.85x | 1.33x | 0.24x | 0.00x | 3.66x | 2.77x | 2.28x | 2.91x | 0.20x | - | - | - | 0.25x | - |
| Goodwill | 5.17M | 5.17M | 0 | 0 | 0 | 19.76M | 20.06M | 16.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 60K | 48K | 3.17M | 4.11M | 83K | 8.3M | 5.15M | 5.37M | 0 | 0 | 535.16K | 0 | 0 | 0 | 0 |
| Long-Term Investments | 563K | 0 | 0 | 0 | 1.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 321.66M | 411.16M | 20.64M | 10.84M | 24.49M | 34.43M | 32.54M | 28.36M | 898K | 90.8K | 104.2K | 239.81K | 2.43M | 164.95K | 0 |
| Asset Turnover | 0.05x | 0.03x | 0.04x | 0.01x | 0.00x | 0.31x | 0.31x | 0.32x | 0.04x | 0.07x | - | - | - | 0.04x | - |
| Asset Growth % | 6432.13% | 1892.56% | 90.38% | -55.74% | -28.87% | 5.8% | 14.75% | 3058.02% | 888.95% | -12.86% | -56.55% | -90.12% | 1371.09% | - | - |
| Total Current Liabilities | 5.04M | 4.59M | 4.29M | 7.19M | 16.53M | 17.93M | 16.88M | 11.22M | 4.89M | 5.88M | 3.57M | 1.23M | 411.96K | 260.92K | 95.13K |
| Accounts Payable | 1.72M | 1.87M | 731K | 1.41M | 3.98M | 3.75M | 2.57M | 4.34M | 1.15M | 665K | 431.65K | 355.69K | 311.96K | 185.98K | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 105K | 0 | 144K | 1.79M | 6.16M | 40K | 1.08M | 844K | 930K | 3.11M | 2.82M | 725K | 100K | 74.94K | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 3.22M | 745K | 2.46M | 2.86M | 3.77M | 4.88M | 8.79M | 5.35M | 2.58M | 1.5M | 0 | 82.46K | 0 | 0 | 81.31K |
| Current Ratio | 7.42x | 9.23x | 3.84x | 0.65x | 0.25x | 0.18x | 0.22x | 0.23x | 0.15x | 0.01x | 0.01x | 0.14x | 5.11x | 0.53x | - |
| Quick Ratio | 7.42x | 9.23x | 3.84x | 0.65x | 0.25x | 0.18x | 0.22x | 0.23x | 0.15x | 0.01x | 0.01x | 0.14x | 5.11x | 0.53x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 63K | 180K | 320K | 526K | 2.8M | 3.17M | 4.92M | 5.7M | 1.06M | 3.77M | 3.25M | 1.35M | 411.96K | 185.98K | 0 |
| Long-Term Debt | 63K | 0 | 98K | 362K | 1.22M | 875K | 1.46M | 1.06M | 1.06M | 0 | 0 | 1.35M | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 5.1M | 4.77M | 4.61M | 7.71M | 19.33M | 21.11M | 21.8M | 16.91M | 5.95M | 5.88M | 3.57M | 2.58M | 411.96K | 260.92K | 95.13K |
| Total Debt | 168K | 209K | 464K | 2.38M | 8.95M | 3.81M | 6.07M | 5.89M | 2M | 3.11M | 2.82M | 2.08M | 100K | 74.94K | 0 |
| Net Debt | -34.62M | -39.28M | -7.15M | -1.97M | 6.53M | 2.87M | 4.26M | 4.91M | 1.36M | 3.1M | 2.81M | 1.97M | -1.07M | -49.29K | 0 |
| Debt / Equity | 0.00x | 0.00x | 0.03x | 0.76x | 1.73x | 0.29x | 0.57x | 0.51x | - | - | - | - | 0.05x | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.17x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | -148624.00x | -44.58x | -5.61x | -10.32x | -12.39x | -37.63x | -7.63x | -5.19x | -6.47x | -4.78x | -44.77x | -15.48x | - | - |
| Total Equity | 316.56M | 406.39M | 16.02M | 3.13M | 5.17M | 13.32M | 10.74M | 11.45M | -5.05M | -5.79M | -3.47M | -2.34M | 2.01M | -95.97K | -855 |
| Equity Growth % | 7957.12% | 2436.64% | 412.67% | -39.51% | -61.22% | 23.98% | -6.12% | 326.41% | 12.68% | -66.92% | -48.06% | -216.27% | 2199.1% | -11124.91% | - |
| Book Value per Share | 0.54 | 1.62 | 27.04 | 91.93 | 425.71 | 1683.13 | 2387.25 | 4536.27 | -4099.76 | -5835.72 | -26.14 | -22.41 | 29.42 | -1.60 | -0.11 |
| Total Shareholders' Equity | 316.57M | 406.49M | 16.2M | 3.13M | 5.17M | 13.32M | 10.74M | 11.45M | -5.05M | -5.79M | -3.47M | -2.34M | 2.01M | -95.97K | -855 |
| Common Stock | 6K | 6K | 1K | 2K | 1K | 7K | 3.07M | 2K | 1K | 11.91K | 9.46K | 6.39K | 6.06K | 3.6K | 95 |
| Retained Earnings | -427.76M | -336.73M | -187.09M | -175.62M | -153.46M | -116.03M | -81.54M | -56.59M | -40.67M | -28.54M | -21.27M | -17M | -10.04M | -4.86M | -950 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -97K | -77.01K | -55.49K | -34.19K | -16.32K | -102 | 0 |
| Minority Interest | -7K | -93K | -181K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset volatility and dilution
As reported in recent financial filings, TONX has seen total assets surge from $20.6M in 2024Q4 to $411.2M by 2025Q4, a trajectory that underscores the company's aggressive accumulation strategy despite the inherent volatility of the underlying digital assets held within its corporate treasury.
The dramatic expansion in the balance sheet reflects a pivot toward aggressive asset accumulation, likely driven by the company's role as a regulated proxy for the TON ecosystem. While this growth signals strong market positioning, investors should monitor whether this asset base can maintain its value during periods of market contraction.
Based on the most recent quarterly data, TONX maintains a current ratio of 9.23, providing a substantial liquidity buffer that appears designed to mitigate the operational risks associated with its high-burn business model and the inherent price fluctuations of its digital asset holdings.
The high current ratio suggests that the company is well-positioned to meet its short-term obligations without immediate recourse to external financing. However, this liquidity is heavily dependent on the market value of the assets, which may fluctuate significantly, potentially impacting the company's ability to maintain this buffer during a sustained downturn.
According to the company's balance sheet, TONX maintains a debt-to-equity ratio of 0.00, indicating a debt-free capital structure that provides significant financial flexibility while avoiding the interest rate sensitivity that often plagues more leveraged peers in the digital asset management space.
The absence of debt is a strategic advantage that allows the company to navigate the volatile crypto-asset market without the pressure of fixed interest obligations. This conservative approach suggests that management prioritizes balance sheet stability over the potential returns that could be generated through debt-funded treasury expansion.
As evidenced by the reported financial statements, TONX's equity base is heavily impacted by a cumulative deficit of $336.7M as of 2025Q4, which raises questions regarding the long-term sustainability of the current capital structure despite the recent growth in total assets.
The persistent negative retained earnings suggest that the company's operational losses are consistently eroding shareholder equity. Investors should consider whether future capital raises or asset appreciation will be sufficient to reverse this trend and improve the overall quality of the equity base.
Based on the provided figures, the presence of $5.2M in goodwill on the balance sheet warrants further investigation, as it may represent an overvaluation of acquired assets that could be subject to impairment if the TON ecosystem fails to meet growth expectations.
While the goodwill figure is relatively small compared to total assets, it highlights the potential for non-cash charges that could further depress net income. The reliance on fair value accounting for the bulk of the asset base means that the balance sheet is highly sensitive to market sentiment, which may not always reflect the underlying operational health of the firm.
Quick answers to the most common questions about buying TONX stock.
As of 2025, TON Strategy Co. (TONX) had total assets of $411.2M including $42.4M in current assets.
TON Strategy Co. (TONX) carries total debt of $0.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TON Strategy Co. (TONX) has total shareholders' equity (book value) of $406.5M ($1.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TON Strategy Co. (TONX) reported a current ratio of 9.23x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.