TON Strategy Co. (TONX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1297.2%

-$34.84

vs $2.91 price

Levered DCF

-$76.25

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

18.19

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-0.33×	-0.34×	-0.05×	-0.42×	-2.25×	-2.06×	0×	0×
P/B	0.12×	0.24×	0.37×	3.08×	5.89×	5.53×	0×	0×
P/S	3.91×	4.33×	18.56×	1,990.14×	7.46×	5.96×	0×	0×
EV / EBITDA	-0.07×	0.36×	0.07×	-1.67×	-2.74×	-2.86×	-0.39×	-0.14×
Gross margin	69.5%	75.0%	69.8%	62.5%	57.2%	51.8%	46.5%	-62.5%
Operating margin	-260.7%	-1301.0%	-21896.8%	-235925.0%	-320.3%	-248.2%	-174.0%	-24350.0%
Net margin	-1161.9%	-1154.1%	-34911.1%	-467962.5%	-327.7%	-250.4%	-174.9%	-37896.9%
Current ratio	9.23×	3.84×	0.65×	0.25×	0.18×	0.22×	0.23×	0.15×
Debt / equity	0×	0.03×	0.76×	1.73×	0.29×	0.57×	0.51×	-0.39×
Interest coverage	-33,311×	-49.13×	-5.67×	-13.39×	-13.09×	-38.29×	-8.59×	-4.26×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-36.5%	-63.8%	-703.8%	-724.7%	-258.9%	-232.3%	-139.1%	239.9%
Return on invested capital	-8.2%	-70.6%	-250.6%	-133.7%	-196.8%	-142.7%	-86.2%	254.6%
Return on assets	-36.1%	-50.1%	-202.9%	-152.9%	-100.2%	-76.7%	-56.1%	-1350.4%
Free cash flow yield	-41.7%	-235.0%	-932.4%	-151.7%	-35.9%	-28.0%	0.0%	0.0%
Earnings yield	-297.2%	-266.6%	-1880.8%	-235.1%	-43.9%	-42.0%	0.0%	0.0%
Enterprise value	$10.7M	-$3.3M	-$803.6K	$22.4M	$81.4M	$63.7M	$4.9M	$1.4M
Net debt / EBITDA	0.27×	0.78×	0.17×	-0.49×	-0.1×	-0.19×	-0.39×	-0.14×
Cash conversion cycle (days)	-142	-46	-27,048	-483,625	-254	-159	-266	-8,047