The company maintains a robust liquidity position with a current ratio of 30.90 as of 2026Q1, though total assets have surged to $252.7M without a corresponding improvement in core operational earnings.
Tron Inc. (TRON) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 16.68M | 12.41M | 3.46M | 4.5M | 2.07M | 1.81M | 454.17K | 2.43M |
| Cash & Short-Term Investments | 8.58M | 10.46M | 1.35M | 2.98M | 453.52K | 515.37K | 70.1K | 206.14K |
| Cash Only | 8.58M | 10.46M | 1.35M | 2.98M | 453.52K | 515.37K | 70.1K | 163.3K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.84K |
| Accounts Receivable | 1.21M | 671.78K | 794.16K | 707.03K | 621.09K | 661.46K | 241.51K | 794.32K |
| Days Sales Outstanding | 68.3 | 51.72 | 67.23 | 44.8 | 37.31 | 90.57 | 29.8 | 40.93 |
| Inventory | 517.95K | 704.17K | 783.8K | 307K | 290.2K | 0 | 0 | 27.23K |
| Days Inventory Outstanding | 56.85 | 72.55 | 82.78 | 25.22 | 21.86 | - | - | 1.86 |
| Other Current Assets | 6.38M | 67.34K | 439.87K | 410.78K | 75.53K | 27.3K | 119.92K | 1.41M |
| Total Non-Current Assets | 258.53M | 199.02M | 2.84M | 45.46K | 9.33K | 7.38K | 0 | 98.57K |
| Property, Plant & Equipment | 553.13K | 754.16K | 48.28K | 45.46K | 9.33K | 7.38K | 0 | 98.57K |
| Fixed Asset Turnover | 7.86x | 6.29x | 89.30x | 126.71x | 651.04x | 361.17x | - | 71.86x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 2.8M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 657.56M | 216.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 257.97M | -18M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 275.21M | 211.43M | 6.31M | 4.54M | 2.08M | 1.82M | 454.17K | 2.53M |
| Asset Turnover | 0.02x | 0.02x | 0.68x | 1.27x | 2.92x | 1.47x | 6.51x | 2.80x |
| Asset Growth % | 7641.95% | 3252.19% | 38.83% | 118.46% | 14.36% | 300.37% | -82.07% | - |
| Total Current Liabilities | 936.02K | 652.75K | 1.02M | 418.88K | 599.49K | 2.15M | 756.41K | 2.8M |
| Accounts Payable | 171.35K | 142.87K | 263.99K | 126.45K | 378.8K | 532.9K | 683.09K | 1.42M |
| Days Payables Outstanding | 17.26 | 14.72 | 27.88 | 10.39 | 28.54 | 92.17 | 115.78 | 96.85 |
| Short-Term Debt | 0 | 0 | 500K | 0 | 7.7K | 1.5M | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 936.02K | 0 | 0 | 0 | -7.7K | 0 | 0 | 0 |
| Current Ratio | 17.82x | 19.01x | 3.41x | 10.74x | 3.45x | 0.84x | 0.60x | 0.87x |
| Quick Ratio | 17.27x | 17.93x | 2.64x | 10.00x | 2.97x | 0.84x | 0.60x | 0.86x |
| Cash Conversion Cycle | 107.88 | 109.55 | 122.13 | 59.63 | 30.63 | - | - | -54.06 |
| Total Non-Current Liabilities | 6.51M | 464.1K | 0 | 0 | 1.48M | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 1.48M | 0 | 0 | 0 |
| Capital Lease Obligations | 1.22M | 464.1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 9.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 284.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 7.45M | 1.12M | 1.02M | 418.88K | 2.08M | 2.15M | 756.41K | 2.8M |
| Total Debt | 0 | 684.31K | 500K | 0 | 1.49M | 1.5M | 0 | 0 |
| Net Debt | -8.58M | -9.77M | -852.37K | -2.98M | 1.04M | 987.25K | -70.1K | -163.3K |
| Debt / Equity | 0.00x | 0.00x | 0.09x | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | 4.14x | - | - | - |
| Net Debt / EBITDA | 4.34x | - | - | - | 2.88x | - | - | - |
| Interest Coverage | -1218.58x | -83.62x | -133.89x | -35.78x | 11.94x | - | - | - |
| Total Equity | 267.76M | 210.32M | 5.29M | 4.12M | -2.59K | -331.3K | -302.23K | -266.56K |
| Equity Growth % | 8929.77% | 3875.02% | 28.29% | - | 99.22% | -9.62% | -13.38% | - |
| Book Value per Share | 0.56 | 2.05 | 0.46 | 0.54 | -0.00 | -0.01 | -0.18 | -0.16 |
| Total Shareholders' Equity | 267.76M | 210.32M | 5.29M | 4.12M | -2.59K | -331.3K | -302.23K | -266.56K |
| Common Stock | 369.44K | 26.13K | 1.6K | 977 | 650 | 0 | 0 | 428.11K |
| Retained Earnings | 16.91M | -22.51M | -5.7M | -1.36M | 695.96K | 367.26K | 396.32K | -694.67K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 791K | 676K | 0 | -698.56K | -698.56K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying TRON stock.
As of 2025, Tron Inc. (TRON) had total assets of $211.4M including $12.4M in current assets.
Tron Inc. (TRON) carries total debt of $0.7M, offset by $10.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tron Inc. (TRON) has total shareholders' equity (book value) of $210.3M ($2.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tron Inc. (TRON) reported a current ratio of 19.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Structural Operating Margin Deficit
Metrics are mathematically derived from official filings.
Asset Base Expansion Lacks Profitability
According to recent financial statements, TRON's total assets surged from $4.5M in 2023Q4 to $252.7M by 2026Q1, yet this dramatic balance sheet expansion appears disconnected from the company's underlying operational performance, which continues to struggle with persistent net losses and a lack of core earnings growth.
The rapid inflation of the asset base suggests significant capital injections or accounting reclassifications rather than organic business growth. Investors should monitor whether this asset accumulation is intended to support a new strategic direction or if it merely masks the ongoing inability to generate sustainable returns on invested capital.
High Liquidity Masks Operational Burn
As reported in quarterly filings, TRON maintains a robust liquidity position with a current ratio of 30.90 as of 2026Q1, providing a substantial cash buffer of $9.9M that effectively insulates the company from immediate insolvency despite its ongoing, structural cash burn from core operations.
While the high current ratio suggests a strong short-term safety net, the lack of operational profitability implies that this liquidity is being consumed to fund overhead rather than growth initiatives. This capital-heavy position warrants further investigation into whether management intends to deploy these funds for acquisitions or if they are simply holding cash to offset the absence of positive free cash flow.
Equity Quality Diluted by Losses
Based on the provided balance sheet data, TRON's equity base has seen extreme volatility, ballooning to $249.9M in 2026Q1 from $4.1M in 2023Q4, a trend that appears heavily influenced by non-operating adjustments and potential capital raises rather than the accumulation of retained earnings.
The negative trajectory of retained earnings, which stood at -$880.1K in 2026Q1, highlights a fundamental disconnect between the company's reported equity value and its historical ability to create shareholder value. Analysts should be cautious of the quality of this equity, as it appears to be supported by external financing rather than internal profit generation.
Asset Valuation and Goodwill Risks
Analysis of the balance sheet reveals that while goodwill was reported at $2.6M in 2025Q3, it disappeared by 2026Q1, suggesting potential impairment or accounting shifts that may obscure the true value of the company's intangible assets in the competitive leisure and toy manufacturing space.
The sudden disappearance of goodwill, combined with the massive fluctuation in total assets, suggests that the balance sheet may be subject to significant accounting volatility. Investors should monitor these shifts closely, as they may indicate that the company's asset valuation is highly sensitive to management's internal accounting assumptions rather than market-based realities.