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TON Strategy Co key statistics and ratios

In fiscal 2025, TON Strategy Co had return on equity of -70.3% and a net margin of -1161.9%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin<−999%<−999%−174.9%−250.4%−327.7%<−999%<−999%<−999%<−999%−532.8%
Return on equity———————−106.9%−70.3%−39.2%
Return on assets<−999%<−999%−108.8%−82.0%−103.0%−127.1%−124.5%−65.6%−68.8%−38.7%
R&D as % of revenue>999%>999%47.4%79.6%117.3%>999%————
SG&A as % of revenue———10.4%——————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

12 /100

Weak moat

How hard TON Strategy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -62.4% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -249.2%; its worst year was -11788.2%.

  • Discipline 0 / 20

    The diluted share count rose 806673.7% over five years; stock-based pay has been a median 78.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from TON Strategy Co's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to TON Strategy Co.