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) Beneish M-score
TON Strategy Company's Beneish M-score for fiscal 2025 is 7.50; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 7.50 | (728.12) |
| FY2022 | 735.62 | 738.91 |
| FY2021 | −3.29 | 0.87 |
| FY2020 | −4.15 | (257.11) |
| FY2019 | 252.95 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.03 | — | 0.03 | |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 14.28 | — | 12.74 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.25 | — | −0.04 | |
| Total accruals to total assets | (0.31) | — | −1.45 | |
| Leverage index | 0.05 | — | −0.02 | |
| Beneish M-score | Flagged by the model | 7.50 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MRT MARTI TECH INC compare | −5.3× |
| DMRC Digimarc Corporation compare | −4.2× |
| HUCK Huckleberry.ai, Inc. compare | −3.6× |
| EGAN eGain Corporation compare | −3.1× |
| TRAK ReposiTrak Inc. compare | −2.5× |
| TIOG Tingo Group, Inc. compare | −0.3× |
| LAIX LAIX Inc. Sponsored ADR compare | 2.7× |
| DUOT Duos Technologies Group, Inc. compare | 3.1× |
| TONX TON Strategy Company | 7.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI