TON Strategy
TONX on Nasdaq. Finance services. Market value $198m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -287 cents. Above 10 is good.
What you pay for each dollar of net assets: $0.49.
Profit per $100 you pay: $-80.05.
Quality score: 33 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$3.58 a share, 105% above its 1-year low
Over the past year the price has ranged from $1.75 to $7.05.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $11m | $8,000 | $63,000 | $895,000 | $13m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.12bn | 0.02bn | 0.00bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 5.1% a year
- Buying back its own sharesYes, 53% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $15 million last quarter, up 607% on a year ago.
- Profit: $77 million, after a loss of $2 million a year ago.
- 4161% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $128,000 |
| December 2024 | $723,000 |
| March 2025 | $1m |
| June 2025 | $2m |
| September 2025 | $4m |
| December 2025 | $6m |
| March 2026 | $5m |
| June 2026 | $15m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$2m |
| December 2024 | -$3m |
| March 2025 | -$3m |
| June 2025 | -$2m |
| September 2025 | $84m |
| December 2025 | -$228m |
| March 2026 | -$91m |
| June 2026 | $77m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
None of the long-term investors we follow own it. 40 funds in all.
Largest holders overall
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Manuel Stotzat least 19.9%−0.1 pts(filed with 8 related holders)Since 7 August 2025
What they said
The information set forth or incorporated in Item 3 and Item 6 is hereby incorporated by reference in its entirety into this Item 4. The Funds acquired the Acquired Shares as part of the Transaction described in Item 3 above. The aggregate gross proceeds from the Transaction…
Read the filing - Aristeia Capital, L.L.C.Passive investorat least 8.7%+0.5 pts(filed with 4 related holders)Since 31 March 2026
- Rory J. CutaiaInsider or founderSold down below 5%Since 7 August 2025
- Geiskopf James PSold down below 5%Since 7 August 2025
- Corsair Capital Management, L.P.Passive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Manuel Stotz | at least 19.9%−0.1 pts (filed with 8 related holders) | 7 August 2025 | What they saidThe information set forth or incorporated in Item 3 and Item 6 is hereby incorporated by reference in its entirety into this Item 4. The Funds acquired the Acquired Shares as part of the Transaction described in Item 3 above. The aggregate gross proceeds from the Transaction… Read the filing |
Aristeia Capital, L.L.C. Passive investor | at least 8.7%+0.5 pts (filed with 4 related holders) | 31 March 2026 | |
Rory J. Cutaia Insider or founder | Sold down below 5% | 7 August 2025 | |
Geiskopf James P | Sold down below 5% | 7 August 2025 | |
Corsair Capital Management, L.P. Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $91,670 of shares on the open market. 3 sold $3m.
- Rivard Bill JohnChief Accounting OfficerSold
- Date
- 4 September 2026
- Shares
- 12,500
- Price
- $3.30
- Value
- $41,254
- Olsen Sarah JosephineCFO & COOSold
- Date
- 14 August 2026
- Shares
- 217,450
- Price
- $2.75
- Value
- $598,727
- Wilson Kevin MarkChief Executive OfficerBought
- Date
- 14 August 2026
- Shares
- 3,600
- Price
- $2.67
- Value
- $9,614
- Wilson Kevin MarkChief Executive OfficerBought
- Date
- 13 August 2026
- Shares
- 3,700
- Price
- $2.75
- Value
- $10,194
- Marbach MaryGeneral Counsel/Corp SecretaryBought
- Date
- 15 May 2026
- Shares
- 1,600
- Price
- $3.52
- Value
- $5,632
- Wilson Kevin MarkChief Executive OfficerBought
- Date
- 14 May 2026
- Shares
- 8,020
- Price
- $3.66
- Value
- $29,353
- Sohn EvanDirectorBought
- Date
- 14 May 2026
- Shares
- 2,770
- Price
- $3.59
- Value
- $9,944
- Olsen Sarah JosephineCFO & COOBought
- Date
- 14 May 2026
- Shares
- 7,440
- Price
- $3.62
- Value
- $26,933
- CUTAIA RORY J.DirectorSold
- Date
- 16 December 2025
- Shares
- 54,494
- Price
- $2.53
- Value
- $137,870
- CUTAIA RORY J.DirectorSold
- Date
- 15 December 2025
- Shares
- 34,132
- Price
- $2.63
- Value
- $89,767
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 September 2026 | Rivard Bill John Chief Accounting Officer | Sold | 12,500 | $3.30 | $41,254 |
| 14 August 2026 | Olsen Sarah Josephine CFO & COO | Sold | 217,450 | $2.75 | $598,727 |
| 14 August 2026 | Wilson Kevin Mark Chief Executive Officer | Bought | 3,600 | $2.67 | $9,614 |
| 13 August 2026 | Wilson Kevin Mark Chief Executive Officer | Bought | 3,700 | $2.75 | $10,194 |
| 15 May 2026 | Marbach Mary General Counsel/Corp Secretary | Bought | 1,600 | $3.52 | $5,632 |
| 14 May 2026 | Wilson Kevin Mark Chief Executive Officer | Bought | 8,020 | $3.66 | $29,353 |
| 14 May 2026 | Sohn Evan Director | Bought | 2,770 | $3.59 | $9,944 |
| 14 May 2026 | Olsen Sarah Josephine CFO & COO | Bought | 7,440 | $3.62 | $26,933 |
| 16 December 2025 | CUTAIA RORY J. Director | Sold | 54,494 | $2.53 | $137,870 |
| 15 December 2025 | CUTAIA RORY J. Director | Sold | 34,132 | $2.63 | $89,767 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.