TON Strategy Co (TONX)
NASDAQInformation TechnologySoftware - ApplicationSnapshot 2026-09-04
$3.32-2.92%
Close 2026-09-04 · 1-day change
NASDAQInformation TechnologySoftware - ApplicationSnapshot 2026-09-04
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Put TONX beside peers and holdings, graph the same metric, and keep your notes with the evidence.
Daily closes. Earnings/event dots are placed inline.
Industries move in repeating boom-and-bust cycles. This shows where this stock’s industry sits in that cycle, stage by stage (recovery → expansion → supercycle → steady → deceleration → contraction), from its fundamentals (orders, revenue, capital spending), not the stock’s price.
A booming industry is a tailwind for the names in it; a contracting one is a headwind. Companies in the same industry tend to rise and fall together with the cycle, the way a tide lifts and lowers every boat in the harbor at once, so a large part of a stock’s swing can come from where its industry sits rather than from the company itself. It’s context for reading the company’s results, not a buy/sell call. Full explanation →
Application Software is in steady. Describes the industry's cycle state, not a call on this stock.
The stage band shows the industry’s cycle over the chart’s timeline (each color a stage); a ▼ marks a quarter its growth inflected down — amber is an unconfirmed watch, red is confirmed the next quarter. Use “Overlay cycle on chart” to tint the price chart by stage. The industry’s fundamentals, not a signal on this stock.
Primary pillar broken — Reduce operating losses toward -$3.9M or better in 2026-Q1: metric not reported.
View ThesisMiddle-of-the-pack management execution.
View ManagementExpectations look high — what the market is pricing in runs ahead of what analysts forecast.
View ValuationThis stock is highly volatile — it swings about 4% on a typical day and fell roughly 83% in its worst 12-month stretch.
View RiskTONX must reduce operating losses to justify its current price. The company has a plan to cut operating expenses by $4 million to $5 million. Revenue growth has been steady, but the latest earnings report missed expectations. It trades at 6.6 times price-to-sales, above the peer median of 3.8 times. The market is pricing in more growth than we forecast. The primary risk is the need to reduce losses toward -$3.9 million. Peer multiples imply a price about 28% above where it trades. This read is provisional.
Trailing returns as of 2026-09-04. TONX is total return (includes dividends); the S&P 500 benchmark is price return (the index excludes dividends).
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Compare TONX with peers and holdings, graph the same reported metric, keep your questions beside the evidence, and return when the facts change.
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| Compare | Company | Living FV | P/E | Revenue % | Quality |
|---|---|---|---|---|---|
| TONX Selected company | Graph | Compare | Trend | Review | |
| Peer Add a competitor | Graph | Compare | Trend | Review | |
| Holding Compare a holding | Graph | Compare | Trend | Review |
Selected metric trend
Quarterly · checked companies · value or % of revenue
A consensus fair price across 2 valuation methods, at three horizons. As of 2026-09-04. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
Today's peer multiple on trailing earnings, with no growth credited. This is the headline read.
Adds projected growth, so it leans optimistic by design. Read it as upside context, not a base case.
A price-focused, side-by-side fair-value read versus Application Software — fair value, gap to price, and forward P/E.
Our valuation methods disagree too much on this name right now. Rather than print a number we don't believe, we're holding it back until they converge.
Compare the value case
Put TONX next to peers and holdings, compare Living FV and multiples, then graph the driver behind the difference.
Advances: Address negative operating income and net losses
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
End-of-day figures as of 2026-09-04. EPS is implied from price ÷ P/E. Not investment advice.
A long-thesis check that carries the widest uncertainty of the three horizons.
Around the middle on quality vs scored peers
Direction of the business behind the multiple. Bands are backend reads; trailing-12-month basis.
TTM earnings are negative. P/E-based methods drop out and the estimate leans on sales- and cash-flow-based methods. A data condition, not a forward call.
OpEx reduction directly addresses negative operating income.
Earnings transcript provides insights into future performance and guidance.
Advances: Maintain strong balance sheet with liquidity and no debt
CFO stock purchase indicates confidence in financial health.