TON Strategy Company
TONX Technology Software Application
In the quarter to June 2026, revenue grew 607.4%, EPS grew 173.7% and free cash flow fell 646.4%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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TON Strategy Company (TONX) Altman Z-score
TON Strategy Company's Altman Z-score for fiscal 2025 is 4.99, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.99 | 18.29 |
| FY2024 | −13.30 | 13.76 |
| FY2023 | −27.06 | (15.63) |
| FY2022 | −11.43 | (5.50) |
| FY2021 | −5.93 | (1.37) |
| FY2020 | −4.56 | (0.98) |
| FY2019 | −3.58 | 89.39 |
| FY2018 | −92.97 | 584.99 |
| FY2017 | −677.96 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.09 | — | 0.11 | |
| Retained earnings / total assets | (0.82) | — | −1.15 | |
| EBIT / total assets | (0.09) | — | −0.29 | |
| Market value of equity / total liabilities | 10.48 | — | 6.29 | |
| Sales / total assets | 0.03 | — | 0.03 | |
| Altman Z-score | Safe zone | 4.99 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 86.81 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TRAK ReposiTrak Inc. compare | 12.6× |
| DUOT Duos Technologies Group, Inc. compare | 5.2× |
| TONX TON Strategy Company | 5.0× |
| TIOG Tingo Group, Inc. compare | 0.3× |
| EGAN eGain Corporation compare | 0.1× |
| DMRC Digimarc Corporation compare | −4.6× |
| HUCK Huckleberry.ai, Inc. compare | −8.6× |
| MRT MARTI TECH INC compare | −9.2× |
| LAIX LAIX Inc. Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets