Latest Ratios: P/E Ratio -0.6x · EV/EBITDA N/A · ROE -70.3%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $500M | $4M | $1M | $16M | $79M | $59M | $31M | $47M | $12M | $1.3B |
| Enterprise Value | $1.9B | $460M | $-3278194 | $-802892 | $22M | $81M | $64M | $36M | $48M | $15M | $1.3B |
| P/E Ratio → | -0.57 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 154.87 | 39.10 | 4.33 | 18.57 | 1991.35 | 7.46 | 5.96 | 3.44 | 1465.73 | 1944.32 | — |
| P/B Ratio | 2.10 | 1.23 | 0.24 | 0.37 | 3.08 | 5.89 | 5.53 | 2.73 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 36.03 | -3.66 | -12.74 | 2806.98 | 7.73 | 6.39 | 3.98 | 1508.26 | 2460.94 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.5% | 69.5% | 75.0% | 69.8% | 62.5% | 57.2% | 51.8% | 46.5% | -62.5% | -33.3% | — |
| Operating Margin | -260.7% | -260.7% | -1301.0% | -21896.8% | -235925.0% | -320.3% | -248.2% | -174.0% | -24350.0% | -78416.7% | — |
| Net Profit Margin | -1161.9% | -1161.9% | -1154.1% | -34911.1% | -467962.5% | -327.7% | -250.4% | -174.9% | -37896.9% | -121100.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -70.3% | -70.3% | -107.9% | -530.6% | -405.0% | -286.6% | -224.9% | -498.2% | — | — | — |
| ROA | -68.8% | -68.8% | -65.6% | -124.5% | -127.1% | -103.0% | -82.0% | -108.8% | -2452.9% | -7452.1% | -2484.8% |
| ROIC | -11.8% | -11.8% | -79.4% | -105.4% | -90.6% | -149.0% | -108.6% | -166.4% | — | — | — |
| ROCE | -15.8% | -15.8% | -116.5% | -237.6% | -154.3% | -209.6% | -150.8% | -240.8% | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.03 | 0.76 | 1.73 | 0.29 | 0.57 | 0.51 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.10 | -0.45 | -0.63 | 1.26 | 0.22 | 0.40 | 0.43 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -148624.00 | -148624.00 | -44.58 | -5.61 | -10.32 | -12.39 | -37.63 | -7.63 | -5.19 | -6.47 | -4.78 |
Net cash position: cash ($39M) exceeds total debt ($209000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.23 | 9.23 | 3.84 | 0.65 | 0.25 | 0.18 | 0.22 | 0.23 | 0.15 | 0.01 | 0.01 |
| Quick Ratio | 9.23 | 9.23 | 3.84 | 0.65 | 0.25 | 0.18 | 0.22 | 0.23 | 0.15 | 0.01 | 0.01 |
| Cash Ratio | 8.61 | 8.61 | 1.77 | 0.61 | 0.15 | 0.05 | 0.11 | 0.09 | 0.13 | 0.00 | 0.00 |
| Asset Turnover | — | 0.03 | 0.04 | 0.01 | 0.00 | 0.31 | 0.31 | 0.32 | 0.04 | 0.07 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 1.4% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 1.4% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $251M | $592478 | $33995 | $12135 | $7915 | $4501 | $2523 | $1233 | $992 | $132670 |
Regulatory and asset volatility
According to recent market data, TONX trades at a price-to-sales multiple of 116.61, which suggests that investors are assigning a significant premium to the company's regulatory wrapper rather than its current, highly volatile earnings power or underlying cash flow generation capabilities.
The elevated P/S ratio indicates that the market is pricing the firm as a high-growth proxy for the TON ecosystem rather than a traditional asset manager. This valuation appears to hinge on the scarcity of regulated exposure to the asset, implying that any expansion of direct investment vehicles could lead to significant multiple compression.
As reported in financial statements, TONX maintains a gross margin of 69.53%, yet the company's operating margin of -260.67% reveals a structural inability to cover fixed administrative and regulatory costs despite the explosive revenue growth observed over the past year.
The wide gap between gross and operating margins suggests that the business model is currently burdened by high fixed overheads that do not scale linearly with staking rewards. Investors should monitor whether management can rationalize these expenses as the asset base grows, or if the current cost structure is permanently misaligned with revenue potential.
Based on the company's historical financial data, ROIC has remained consistently negative, reaching -57.5% in 2023Q4, which indicates that the firm is currently destroying rather than compounding value on its invested capital while it attempts to scale its validator operations.
The persistent negative return on capital suggests that the company's treasury strategy has not yet achieved the efficiency required to outperform its cost of capital. This trend warrants further investigation into whether the current deployment of assets is optimized for yield or if it is primarily focused on speculative accumulation.
As evidenced by the most recent quarterly filings, TONX maintains a current ratio of 7.42, providing a substantial liquidity cushion that appears designed to mitigate the risks associated with its high-burn business model and the inherent price volatility of its digital asset holdings.
The strong liquidity position provides the company with significant runway to navigate periods of market stress without immediate recourse to dilutive financing. However, this liquidity is heavily dependent on the market value of the underlying assets, meaning that a severe downturn could rapidly erode the current ratio.
Based on the provided financial figures, the P/E ratio of -0.43 is a fundamentally flawed metric for evaluating TONX, as it fails to account for the non-cash fair value adjustments required by accounting standards that mask the underlying cash-generating economics of the staking business.
Using P/E to value this entity obscures the reality that the company is an asset-heavy treasury vehicle rather than a traditional earnings-driven service provider. Analysts should instead focus on the net asset value (NAV) and the yield generated from staking activities to better assess the true economic performance of the firm.
Includes 30+ ratios · 14 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TONX stock.
TON Strategy Co.'s current P/E ratio is -0.6x. This places it at the 50th percentile of its historical range.
TON Strategy Co.'s return on equity (ROE) is -70.3%. The historical average is -265.5%.
Based on historical data, TON Strategy Co. is trading at a P/E of -0.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TON Strategy Co. has 69.5% gross margin and -260.7% operating margin.