Ton Strategy Co. (TONX) intrinsic value & 10-year financials
Ton Strategy Co. (TONX) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 160.6% a year to $12.8M, with an average return on invested capital of -109.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $2.68
- Market cap
- $67.3M
- Revenue (FY2025)
- $12.8M
- Revenue growth (10-yr CAGR)
- 160.6%
- ROIC (10-yr avg)
- -109.0%
- Free cash flow (FY2025)
- -$20.9M
TONX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $12.8M | -$148.5M | -$5.96 | -$20.9M | -285.2% | -19.4% |
| FY2024 | $895.0K | -$10.3M | -$0.46 | -$9.1M | -1301.0% | -156.8% |
| FY2023 | $63.0K | -$22.0M | -$0.05 | -$8.8M | -21896.8% | -267.2% |
| FY2022 | $9.4M | -$37.4M | -$0.16 | -$19.4M | -411.1% | -246.7% |
| FY2021 | $10.5M | -$34.5M | — | -$25.9M | -320.3% | -207.7% |
| FY2020 | $10.0M | -$25.0M | — | -$16.6M | -248.2% | -175.3% |
| FY2019 | $9.1M | -$15.9M | — | -$8.3M | -174.0% | -107.1% |
| FY2018 | $32.0K | -$12.1M | — | — | -24350.0% | — |
| FY2017 | $6.0K | -$7.3M | — | — | -78280.6% | 104.6% |
| FY2016 | — | -$4.3M | — | $1.6M | — | 94.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TON Strategy Co revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
TON Strategy Co has historically struggled to out-earn its cost of capital, averaging just 6.9% ROIC.
TON Strategy Co has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TON Strategy Co is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-197.97 per share.