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ZYBERNO

Stock Report

Updated Aug 21, 2026

TON STRATEGY COMPANY (TONX)

Financial Services • NASDAQ

$3.08

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

43.0/100

WEAK BUSINESS

TON STRATEGY COMPANY (TONX) scores 43/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full TONX quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+20.8%

Market Underestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full TONX valuation analysis · → View full TONX Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-35.8%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):EXCELLENT (164.7%)

Return on Capital (Capital Efficiency):AVERAGE (13.2%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

TON STRATEGY COMPANY (TONX) stock report — Zyberno Score 43/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, TON STRATEGY COMPANY (TONX) shows a Brina Gap of +20.8%, which strengthens the case: based on the company's ROIC (13.2%) and reinvestment rate (6.2%), the business can fundamentally grow at 0.8% — but the current enterprise value implies the market expects -20.0%.

Over the trailing twelve months, TONX generated -$24.42M in Owner Earnings. Capital was deployed as follows: $20.58M returned via share buybacks, $31.00K invested in capital expenditures. Reinvestment rate: 6.2%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:3.08

Market Cap:$179.28M

Valuation Multiples (3)

P/B Ratio:0.45x

P/S Ratio:6.05x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$150.60M

Ev Ebitda Ratio:2.95x

Price Action & Momentum (1)

% of 52-Week High:13.4%

B. Profitability Assessment

Return Metrics (7)

ROE:

-35.8%

📊 Click to view full TONX ROE analysis →

ROA:-35.1%

Roic:

13.2%

📊 Click to view full TONX ROIC analysis →

Reinvestment Rate:6.2%

Fundamental Growth Rate (g):0.8%

Market-Implied Growth Rate:-20.0%

Brina Gap:

20.8%

☷ Click to view full TONX Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:164.7%

Net Margin Ttm:-532.8%

Ebitda Margin:172.6%

TTM Performance (3)

Gross Margin Ttm:83.1%

Operating Margin Ttm:164.7%

Net Margin Ttm:-532.8%

Yield Metrics (2)

Earnings Yield:-$65.64

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.62

📊 Click to view full TONX Earnings Surprise analysis →

EPS Surprise vs Expected:251.5%

Latest Earnings Filed:2026-08-11

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):100.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:6.39x

Quick Ratio:6.39x

Cash Ratio:5.81x

Leverage Analysis (3)

Debt To Equity Ttm:0.00x

Debt-to-Equity Ratio:0.00x

Debt To Ebitda:0.00x

Coverage Ratios (2)

Interest Coverage Ratio:-36,442.00x

Times Interest Earned:-36,442.00

Capital Structure (4)

Working Capital:26,737,000.00

Cash And Cash Equivalents:28,805,000.00

Long Term Debt:$46.00K

Net Debt:-$28.68M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $29.62M

Linear Growth: 100.0%

📊 Click to view full TONX Revenue analysis & methodology →

Cost Of Revenue Ttm:$5.00M

Profitability Breakdown (2)

Gross profit TTM: $24.63M

Linear Growth: 34.0%

📊 Click to view full TONX Gross Profit analysis & methodology →

$48.80M

Bottom Line Performance (3)

-$157.83M

Income Before Tax:$83.54M

Ebitda Ttm:51,132,000.00

Operating Expenses (5)

Operating Expenses:61,816,000.00

R And D Expense:0.00

Sga Expense:50,864,000.00

Income Tax Expense:$2.00K

Interest Expense:1,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:338.7%

Ebitda Margin:172.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$403.55M

Current Assets:$31.69M

Ppe Net:258,000.00

Goodwill:5,165,000.00

Intangible Assets:$27.00K

Liability Structure (4)

Total Liabilities:5,003,000.00

Current Liabilities:4,957,000.00

Long Term Debt:$46.00K

Short Term Debt:$76.00K

Equity & Capital (3)

Equity:$398.55M

Retained Earnings:-$351.01M

Common Stock:400,000,000.00

Working Capital Items (3)

Accounts Receivable:438,000.00

Inventory:0.00

Accounts Payable:555,000.00

Special Items (2)

Contract Liabilities:36,000.00

Stock Based Compensation:1,122,000.00

C. Cash Flow Analysis

Operating Activities (2)

-$24.39M-$24.42M

Investment Activities (2)

Investing Cash Flow:-$21.00K

Capital Expenditures Ttm:31,000.00

Financing Activities (3)

Financing Cash Flow:-$6.24M

Dividends Paid Ttm:0.00

Stock Repurchase:20,579,000.00

Capital Transactions (3)

Common Stock Issuance:7,228,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:2,331,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.90

-$1.91

Earnings Per Share Ttm:-$2.71

Revenue & Cash Per Share (2)

Sales Per Share Ttm:0.51

Operating Cash Flow Per Share:-$0.36

Book Value & Capital (2)

Book Value Per Share:$6.85

Cash Per Share:0.49

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.07x

Working Capital Turnover Ttm:1.11x

Receivables Management (2)

Receivables Turnover Ttm:67.63x

Days Sales Outstanding Ttm:5.40

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:40.53

Cash Conversion Cycle:-1,034.13

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$24.42M

Damodaran Growth Analysis (4)

Reinvestment Rate:6.2%

Fundamental Growth Rate (g):0.8%

Market-Implied Growth Rate:-20.0%

Brina Gap:

20.8%

☷ Click to view full TONX Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):100.0%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):34.0%

Book Value Growth Rate (Linear):100.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:TONX

Company Name:TON STRATEGY COMPANY

Sector:Financial Services

Industry:Finance Services

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:58.21M

Shares Outstanding Basic:58.21M

Shares Outstanding Diluted:58.67M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-21 17:49:50 UTC

Data Timestamp:2026-08-19T00:36:10.003805