TON Strategy Co
TONXAbout the company
TON Strategy Company, through its subsidiaries, operates as an interactive video-based social commerce company. The company operates in three segments: TON, MARKET.live, and Go Fund Yourself. The company offers digital asset treasury and Web3 ecosystem. It also provides MARKET.live, a livestream social shopping platform that allows brands, retailers, and creators to broadcast shopping events on various social media channels.
Investment snapshot
Positive
4
BUY / PASS
Neutral / negative
1 / 11
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 17
Positive margin of safety
Strongest signal
8 of 12 pass — Graham, Buffett, Lynch +1 more object
Key risk
No clean pass — all 10 investors flag at least one cash flow criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | Not ranked | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | PASS | PASS | FAIL | FAIL | FAIL | BUY | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Annual history · FY 2025 Latest source filing: 2026-08-11 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 Latest source filing: 2026-08-11 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-11 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-11 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14 | TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-08-11 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-11 Score computed: 2026-11-14 | TTM ended 2026-06-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-08-11 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage67% pass✓ 11✗ 4▾
8 of 12 pass — Graham, Buffett, Lynch +1 more object
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.01, IC: -36442.0x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.01✓Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities6.39✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.01✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0.01✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-36442.0x, D/EBITDA=N/A✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.01✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0081; #577/4210 (top 13.7%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy$-147.3M✗BuffettPositive and growingFCF Positive and Growing$-20.9M✗LynchPositive and growingOperating Cash Flow$-20.8M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-5.05%, ROA=-36.11%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldFCF Yield=-11.8%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive1/11 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-26.0%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency1/13 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-20.9M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-11.84%; #3301/4519 (top 73.0%)✗OshaughnessyTop 10% of eligible cross-section - Valuation8% pass✓ 9✗ 19▾
12 of 13 flag TONX's valuation — Graham, Lynch, Greenblatt +9 more
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio0.2x✓Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-26.0%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-26.0%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xPrice / Book Value per Share0.2x✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-183.3%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-11.8%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=0.2x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low165% of trailing low ($1.94)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-89.56%; #5341/6340 (top 84.2%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+2.2628; #600/6449 (top 9.3%)✓AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share0.20x✓SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change+7101.0%✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.1681; #3942/5247 (top 75.1%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-11.84%; #3301/4519 (top 73.0%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date+57.64%; #571/6202 (top 9.2%)✓OshaughnessyTop 10% of eligible cross-section - Profitability13% pass✓ 5✗ 30▾
14 of 16 flag TONX's profitability — Graham, Buffett, Lynch +11 more
Positive EPS (10 years)0/14 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthNet Income Positive (10+ years)0/14 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-357.5%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-285.2% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-147.3M✗BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-39.6%✗Lynch> 15%EBIT / Enterprise Value-26.0%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-26.0%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-36.11%✗PiotroskiROA > 0ROA Change YoY-50.06% -> -36.11% (delta: +13.94%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-5.05%, ROA=-36.11%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY75.0% -> 69.5%✗PiotroskiImproved YoYPre-Tax Income / Revenue-1163.0%✗Dreman>= 8%Net Income / Shareholders' Equity-39.6%✗Dreman> 12%Margin of SafetyP/B=0.2x✓PabraiP/B < 1.5 or P/E < 15Return on Equity-268.0% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency0/13 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-115.6%✗Ackman>= 15%Net Income / Shareholders Equity-39.6%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-21896.8% (2023) -> -285.2% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 69.8% -> 69.5%, operating margin -21896.8% -> -285.2%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-89.56%; #5341/6340 (top 84.2%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+2.16%; #3259/3702 (top 88.0%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity-39.58%; #4076/5226 (top 78.0%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.6262; #5073/5884 (top 86.2%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/10 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Growth13% pass✓ 4✗ 9▾
7 of 8 flag TONX's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction$-0.13 (2013) -> $-5.96 (2025)✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency0/13 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth1320.6%✓Ackman>= 5%Positive EPS Growth Frequency3/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 69.8% -> 69.5%, operating margin -21896.8% -> -285.2%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR5.1%✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag TONX's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio6.39✓Graham>= 2.0ROIC (3-5 yr avg)-126.2%✗Buffett> 10%ROIC - WACC-136.2%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)✗Greenblatt> 25%Current Ratio Change YoY3.84 -> 9.23✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.04x -> 0.03x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities6.39✓Dreman> 1.5Return on Invested Capital-7.0%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-117.0%; FY2024: ROIC=-56.4%; FY2025: ROIC=-7.0%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -7.0%)✗SleepROIC > 12% in a majority of years - Verdicts27% pass✓ 4✗ 11▾
Split decision: 11 FAIL · 3 PASS · 1 BUY · 1 NEUTRAL
Overall verdict✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)✓TempletonPASS (4/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1796/2370 (Top 75.8%))✗NeffFAIL (1/6)✓SchlossBUY (5/7)•OshaughnessyNEUTRAL (Not ranked)
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Share retirement not available for this company.
- Buybacks
- $20.6M
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, ebit, interest expense, operating cash flow, depreciation amortization, capex, buybacks. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $176.2Mcurrent | -- | -- | -- | $65.5Mest. | $5.8Mest. | $214.8Mest. | $4.6Best. | $758.6Best. |
| Revenue | $39.1M↑404% | $13.1M↑262% | $15.0M↑607% | $5.3M↑303% | $12.8M↑1328% | $895.0K↑1321% | $63.0K↑688% | $8.0K↓100% | $10.5M |
| Operating Income | -$8.6M↑72% | $4.0M↑118% | $479.0K↑116% | -$3.9M↓46% | -$36.4M↓213% | -$11.6M↑16% | -$13.8M↑27% | -$18.9M↑44% | -$33.7M |
| Net Income | -$266.1M↓449% | -$24.0M↓128% | $76.8M↑3330% | -$91.0M↓3451% | -$148.5M↓1337% | -$10.3M↑53% | -$22.0M↑41% | -$37.4M↓9% | -$34.5M |
| EPS (Diluted) | -- | $-0.42↓119% | $1.31↑173% | $-1.56↑38% | $-5.96↑69% | $-19.36↓776% | $-2.21↑67% | $-6.68↓1115% | $-0.55 |
| Gross Margin | — | 94.6% | 94.9% | 75.3% | 69.5%↓7% | 75.0%↑7% | 69.8%↓100% | 76550.0%↑133723% | 57.2% |
| Operating Margin | -21.9%↑95% | 30.4%↑105% | 3.2%↑102% | -74.0%↑64% | -285.2%↑78% | -1301.0%↑94% | -21896.8%↑91% | -235925.0%↓73550% | -320.3% |
| ROE | -71.4%↓699% | — | — | — | -36.5%↑43% | -63.8%↑91% | -703.8%↑3% | -724.7%↓180% | -258.9% |
| Total Debt | -- | -- | -- | $445.0K | $3.3M↑2688% | $118.0K↓98% | $6.2M↓23% | $8.0M↑86% | $4.3M |
| Shareholders' Equity | $372.5M↓42% | $372.5M↓42% | $398.8M↑1958% | $316.6M↑2069% | $406.5M↑2409% | $16.2M↑418% | $3.1M↓40% | $5.2M↓61% | $13.3M |
| Current Ratio | 4.34↓42% | 4.34↓42% | 6.39↑92% | 7.42↑90% | 9.23↑141% | 3.84↑489% | 0.65↑165% | 0.25↑38% | 0.18 |
| Debt / Equity | — | — | — | 0.00 | 0.01↑11% | 0.01↓100% | 1.98↑27% | 1.56↑378% | 0.33 |
| Operating Cash Flow | -- | -$4.8M↑49% | -- | -$4.7M↓338% | -$20.8M↓137% | -$8.8M | -$8.7M↑55% | -$19.4M↑25% | -$25.9M |
| Free Cash Flow | -- | -$4.8M↑49% | -- | -$4.7M↓313% | -$20.9M↓129% | -$9.1M↓4% | -$8.8M↑55% | -$19.4M↑25% | -$25.9M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Personal Services
TONX vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| New Oriental Education & Technology Group Inc.EDU | $8.3B | $53.28 | $4.9B | $371.7M | 10.2% | 0.00 | 8.7% | 1.58 | 1/9 | 2/9 | 3/7 | 1/3 | F-Score 7 | 6/11 |
| H&R BLOCK INCHRB | $6.1B | $50.01 | $3.8B | $605.8M | 681.4% | 20.73 | 22.0% | 0.90 | 3/9 | 4/9 | 3/7 | 1/3 | F-Score 4 | 4/11 |
| TAL Education GroupTAL | $5.7B | $10.28 | $3.0B | $530.8M | 14.1% | — | 9.2% | 2.17 | 6/9 | 2/9 | 3/7 | 1/3 | F-Score 8 | 9/11 |
| Graham Holdings CoGHC | $5.2B | $1244.05 | $4.9B | $292.3M | 6.1% | 0.18 | 4.8% | 1.75 | 6/9 | 0/9 | 3/7 | 0/3 | F-Score 6 | 5/11 |
| LAUREATE EDUCATION, INC.LAUR | $4.8B | $35.03 | $1.7B | $281.6M | 23.7% | 0.11 | 25.3% | 0.67 | 1/9 | 5/9 | 6/7 | 3/3 | F-Score 6 | 4/11 |
| UNIFIRST CORPUNF | $4.3B | $235.39 | $2.4B | $148.3M | 6.8% | — | 7.6% | 3.18 | 3/9 | 5/9 | 2/7 | 0/3 | F-Score 6 | 3/11 |
| Covista Inc.CVSA | $3.9B | $118.17 | $2.0B | $251.6M | 17.4% | 0.46 | 19.6% | 1.09 | 1/9 | 4/9 | 5/7 | 0/3 | F-Score 6 | 4/11 |
| BRIGHT HORIZONS FAMILY SOLUTIONS INC.BFAM | $2.5B | $52.68 | $2.9B | $193.1M | 14.4% | 0.56 | 10.7% | 0.52 | 1/9 | 1/9 | 4/7 | 0/3 | F-Score 8 | 3/11 |