The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Good Sign:
Altman Z-score of 12.97 is strong.
TON Strategy Co has a Altman Z-Score of 12.01, indicating it is in Safe Zones. This implies the Altman Z-Score is strong.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for TON Strategy Co's Altman Z-Score or its related term are showing as below:
TONX'
s Altman Z-Score Range Over the Past 10 Years
Min: -734.73 Med: -10.89 Max: 12.97
Current: 12.97
During the past 13 years, TON Strategy Co's highest Altman Z-Score was 12.97. The lowest was -734.73. And the median was -10.89.
TON Strategy Co (NAS:TONX) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Altman Z-Score does not apply to financial companies.
TON Strategy Co Altman Z-Score Related Terms
TON Strategy Co Altman Z-Score Historical Data
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The historical data trend for TON Strategy Co's Altman Z-Score 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.
TONX vs KLTR, IMMR, SMRT: Altman Z-Score Comparison
For the Software - Application subindustry, TON Strategy Co's Altman Z-Score, along with its competitors' market caps and Altman Z-Score 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 Altman Z-Score vs Software Industry
For the Software industry and Technology sector, TON Strategy Co's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where TON Strategy Co's Altman Z-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
TON Strategy Co's Altman Z-Score for today is calculated with this formula:
Z
=
1.2
*
X1
+
1.4
*
X2
+
3.3
*
X3
+
0.6
*
X4
+
1.0
*
X5
=
1.2
*
0.1005
+
1.4
*
-1.3298
+
3.3
*
-0.7372
+
0.6
*
26.8847
+
1.0
*
0.052
=
12.01
* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
TON Strategy Co (TONX) has a Altman Z-Score of 12.01 as of Jun. 25, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on TON Strategy Co and its competitors. According to the industry distribution chart, TON Strategy Co ranks #185 out of 2764 companies in the Software industry, placing it in the top 6.7%.
Is TON Strategy Co's Altman Z-Score too high?
TON Strategy Co's current Altman Z-Score is 12.01. The Software industry median Altman Z-Score is 3.14. TON Strategy Co's value of 12.01 is 283.1% above this industry median. Based on the distribution chart, TON Strategy Co ranks #185 out of 2764 companies in the Software industry, which is in the top quartile — a strong position relative to peers. 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 Altman Z-Score compare to KLTR and IMMR?
According to the Software industry distribution chart, TON Strategy Co ranks #185 out of 2764 companies for Altman Z-Score. This places TON Strategy Co in the top 7% of its industry — outperforming the majority of peers. The industry median Altman Z-Score is 3.14. TON Strategy Co's value of 12.01 is 283.1% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z-Score for a Software company?
The median Altman Z-Score among Software companies is 3.14, based on 2,764 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. TON Strategy Co's current Altman Z-Score of 12.01 is 283.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on TON Strategy Co and its competitors. For the Software industry, the median Altman Z-Score is 3.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TON Strategy Co's current Altman Z-Score is 12.01. 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 $17.74, compared to a current price of $2.43 — trading 86.3% below its estimated fair value. The current Altman Z-Score is 12.01 and 283.1% above the Software industry median of 3.14. 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 Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For TON Strategy Co (TONX), the current Altman Z-Score is 12.01 as of Jun. 25, 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 $2.43 is trading 86.3% below its estimated GF Value™ of $17.74.
GuruFocus considers TON Strategy Co to be Possible Value Trap.
Key valuation signals for TONX:
Altman Z-Score: 12.01
GF Value™: $17.74 vs. price of $2.43 (86.3% below fair value)
Industry Position: 283.1% above the Software median (#185 of 2764)
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 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.
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