TONX (TON Strategy Co) Scaled Net Operating Assets: 0.69 (As of Mar. 2026)


TONX TON Strategy Co TONX
50 GF Score
Price $2.55
GF Value $17.73
Valuation Possible Value Trap
! 4 Warning Signs
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What is TON Strategy Co Scaled Net Operating Assets?

TON Strategy Co TONX +5.35% 50 Scaled Net Operating Assets is 0.69 as of Mar. 2026. GuruFocus rates TONX with a GF Score™ of 50/100 and a GF Value™ of $17.73 (Possible Value Trap). The stock has 4 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

TON Strategy Co's operating assets for the quarter that ended in Mar. 2026 was $286.88 Mil. TON Strategy Co's operating liabilities for the quarter that ended in Mar. 2026 was $4.93 Mil. TON Strategy Co's Total Assets for the quarter that ended in Dec. 2025 was $411.16 Mil. Therefore, TON Strategy Co's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.69.

TON Strategy Co Scaled Net Operating Assets Historical Data

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The historical data trend for TON Strategy Co's Scaled Net Operating Assets can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

TON Strategy Co Scaled Net Operating Assets Chart

TON Strategy Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.50 0.34 0.05 0.37 17.79

TON Strategy Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.17 0.55 24.80 0.56 0.69

TONX vs KLTR, IMMR, SMRT: Scaled Net Operating Assets Comparison

For the Software - Application subindustry, TON Strategy Co's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

TON Strategy Co Scaled Net Operating Assets vs Software Industry

For the Software industry and Technology sector, TON Strategy Co's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where TON Strategy Co's Scaled Net Operating Assets falls into.


TONX
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TON Strategy Co TONX
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TON Strategy Co Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

TON Strategy Co's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(371.671-4.56)/20.635
=17.79

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=411.164 - 39.493
=371.671

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=4.769 - 0.08 - 0.129
=4.56

TON Strategy Co's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(286.88-4.931)/411.164
=0.69

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=321.664 - 34.784
=286.88

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=5.099 - 0.063 - 0.105
=4.931

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.69 mean?
TON Strategy Co (TONX) has a Scaled Net Operating Assets of 0.69 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on TON Strategy Co and its competitors.
Is TON Strategy Co's Scaled Net Operating Assets too high?
TON Strategy Co's current Scaled Net Operating Assets is 0.69. Overall, TON Strategy Co has a GF Score™ of 50/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does TON Strategy Co's Scaled Net Operating Assets compare to KLTR and IMMR?
TON Strategy Co's Scaled Net Operating Assets of 0.69 can be compared against companies in the Software industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Software company?
A good Scaled Net Operating Assets depends on the Software industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on TON Strategy Co and its competitors. TON Strategy Co's current Scaled Net Operating Assets is 0.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TON Strategy Co stock overvalued right now?
Based on GuruFocus' analysis, TON Strategy Co (TONX) is currently considered Possible Value Trap. The stock's GF Value™ is $17.73, compared to a current price of $2.55 — trading 85.6% below its estimated fair value. The current Scaled Net Operating Assets is 0.69. TON Strategy Co's overall GF Score™ is 50/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For TON Strategy Co (TONX), the current Scaled Net Operating Assets is 0.69 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is TON Strategy Co (TONX) Overvalued in 2026?

Based on GuruFocus' analysis, TON Strategy Co stock appears to be undervalued. The current stock price of $2.55 is trading 85.6% below its estimated GF Value™ of $17.73. GuruFocus considers TON Strategy Co to be Possible Value Trap.

Key valuation signals for TONX:

  • Scaled Net Operating Assets: 0.69
  • GF Value™: $17.73 vs. price of $2.55 (85.6% below fair value)
  • GF Score™: 50/100 with 4 warning signs

No single metric tells the full story. See the TONX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

TON Strategy Co Business Description

Other Exchanges 37V:Germany
Address 2300 West Sahara Avenue, Suite 800, Las Vegas, NV, USA, 89102
TON Strategy Co is a digital asset treasury and Web3 ecosystem company focused on supporting The Open Network, a public blockchain integrated with Telegram and designed for fast, scalable transactions and decentralized applications. Its core business is managing its holdings of Toncoin (TON), including staking tokens to support network validation and earn rewards, while adhering to regulatory, accounting, and risk management standards. The company also pursues Web3 initiatives to support the ecosystem's growth and adoption. It operates through MARKET. live, Go Fund Yourself, and TON segments, with MARKET.live generating maximum revenue as a multi-vendor livestream shopping platform that combines e-commerce and entertainment across social and video channels.
50GF Score

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$2.55
Price
$17.73
GF Value