Latest Ratios: P/E Ratio -9.6x · EV/EBITDA N/A · ROE -15.6%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $734M | $127M | $7M | $12M | — | — | — | — |
| Enterprise Value | $724M | $117M | $6M | $9M | — | — | — | — |
| P/E Ratio → | -9.63 | — | — | — | — | — | — | — |
| P/S Ratio | 154.78 | 26.85 | 1.70 | 2.07 | — | — | — | — |
| P/B Ratio | 0.75 | 0.61 | 1.38 | 2.89 | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 24.79 | 1.50 | 1.55 | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.3% | 25.3% | 19.8% | 22.9% | 20.3% | 20.8% | 27.2% | 24.5% |
| Operating Margin | -53.1% | -53.1% | -100.5% | -35.4% | 5.9% | -1.1% | -19.8% | -26.0% |
| Net Profit Margin | -354.6% | -354.6% | -100.6% | -35.7% | 5.4% | -1.1% | -19.8% | -26.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -15.6% | -15.6% | -92.2% | -99.7% | — | — | — | — |
| ROA | -15.4% | -15.4% | -80.0% | -62.0% | 16.9% | -2.6% | -39.3% | -72.7% |
| ROIC | -1.8% | -1.8% | -116.5% | -140.3% | 31.8% | -15.7% | — | — |
| ROCE | -2.3% | -2.3% | -92.1% | -72.7% | 62.3% | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.09 | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | 4.14 | — | — | — |
| Net Debt / Equity | — | -0.05 | -0.16 | -0.72 | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | 2.88 | — | — | — |
| Debt / FCF | — | — | — | — | — | 2.22 | — | — |
| Interest Coverage | -83.62 | -83.62 | -133.89 | -35.78 | 11.94 | — | — | — |
Net cash position: cash ($10M) exceeds total debt ($684306)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 19.01 | 19.01 | 3.41 | 10.74 | 3.45 | 0.84 | 0.60 | 0.87 |
| Quick Ratio | 17.93 | 17.93 | 2.64 | 10.00 | 2.97 | 0.84 | 0.60 | 0.86 |
| Cash Ratio | 16.02 | 16.02 | 1.33 | 7.12 | 0.76 | 0.24 | 0.09 | 0.07 |
| Asset Turnover | — | 0.02 | 0.68 | 1.27 | 2.92 | 1.47 | 6.51 | 2.80 |
| Inventory Turnover | 5.03 | 5.03 | 4.41 | 14.47 | 16.70 | — | — | 196.47 |
| Days Sales Outstanding | — | 51.72 | 67.23 | 44.80 | 37.31 | 90.57 | 29.80 | 40.93 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.3% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.3% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $103M | $12M | $8M | $8M | $23M | $2M | $2M |
Structural Operating Margin Deficit
Based on reported figures, TRON's P/S ratio of 154.28 appears significantly detached from its underlying revenue base, suggesting that the market is currently pricing the entity as a speculative vehicle rather than a traditional consumer goods manufacturer with established earnings power or predictable growth trajectories.
The absence of a meaningful P/E ratio and the extreme P/S multiple indicate that investors are likely valuing the company based on its cash-rich balance sheet rather than its operational performance. This valuation gap warrants caution, as the current price levels may not be supported by the company's ability to generate sustainable free cash flow in the near term.
As reported in financial statements, TRON's gross margin of 25.26% remains insufficient to absorb the company's substantial fixed G&A overhead, resulting in a persistent negative operating margin that has reached as low as -170.4% in previous quarters, highlighting a fundamental lack of operational scalability.
The thin gross margin profile suggests that TRON functions more as a low-margin contract manufacturer than a high-margin IP owner. Without a significant increase in revenue volume to amortize fixed costs, the company appears structurally challenged to achieve consistent unit profitability.
According to recent SEC filings, TRON's cash conversion cycle has fluctuated significantly, peaking at 125 days in 2025Q1, which indicates that the company struggles to efficiently manage its inventory and receivables in alignment with the highly seasonal nature of theme park souvenir demand.
The volatility in the CCC suggests that the company may be carrying excess inventory tied to specific media franchises that risk rapid obsolescence. Investors should monitor whether the recent improvements in DSO are sustainable or merely a temporary byproduct of shifting sales mix.
Based on the provided balance sheet data, TRON maintains a robust liquidity position with a current ratio of 30.90 as of 2026Q1, providing a substantial cash runway that effectively insulates the firm from immediate insolvency despite its ongoing, structural cash burn from core operations.
While the high cash-to-revenue ratio provides a safety net, it also raises questions regarding the efficiency of capital allocation. The company's ability to maintain such liquidity without debt is a positive, yet it does not compensate for the lack of a clear path toward positive operating cash flow.
The market commonly misapplies traditional toy industry P/E multiples to TRON, which obscures the fact that the company's current valuation is driven by its cash-heavy balance sheet and 'approved vendor' status rather than its ability to generate earnings from its core product sales.
Analysts should prioritize liquidation value and cash-burn metrics over P/E ratios, as the latter are currently distorted by non-operating accounting adjustments. Focusing on the company's ability to retain its theme park vendor status is a more accurate proxy for long-term viability than standard valuation multiples.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying TRON stock.
Tron Inc.'s current P/E ratio is -9.6x. This places it at the 50th percentile of its historical range.
Tron Inc.'s return on equity (ROE) is -15.6%. The historical average is -69.1%.
Based on historical data, Tron Inc. is trading at a P/E of -9.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tron Inc. has 25.3% gross margin and -53.1% operating margin.