Estados financieros detallados de TON Strategy Co. (TONX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
TON Strategy Co. registró ingresos de $12.8M en el último ejercicio fiscal, con un CAGR de 5 años del 5.1%.
Márgenes de los últimos 12 meses: margen bruto 83.1%, margen operativo -105.1%, margen neto -5.3%.
Al precio actual de $2.94, TONX presenta beneficios negativos (P/E no significativo) y un ROE del -35.90%. La capitalización bursátil es de $166M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | $6000 | $32000 | $9.1M | $10.0M | $10.5M | $8000 | $63000 | $895000 | $12.8M |
| Coste de Ventas | 0 | $8000 | $52000 | $4.9M | $4.8M | $4.5M | $3000 | $19000 | $224000 | $3.9M |
| Beneficio Bruto | 0 | -$2000 | -$20000 | $4.2M | $5.2M | $6.0M | $5000 | $44000 | $671000 | $8.9M |
| I+D | $257803 | $375000 | $980000 | $4.3M | $7.9M | $12.3M | $5.2M | 0 | 0 | 0 |
| Generales y Administrativos | $2.9M | $4.3M | $6.8M | $14.7M | $20.5M | $25.7M | $17.8M | $11.5M | $11.2M | $40.9M |
| Gastos Operativos | $3.1M | $4.7M | $7.8M | $20.1M | $29.9M | $39.7M | $18.9M | $13.8M | $12.3M | $42.2M |
| Beneficio Operativo | -$3.1M | -$4.7M | -$7.8M | -$15.8M | -$24.7M | -$33.7M | -$18.9M | -$13.8M | -$11.6M | -$33.3M |
| EBITDA | -$3.5M | -$6.3M | -$9.5M | -$12.7M | -$22.3M | -$29.7M | -$13.4M | -$11.3M | -$9.2M | -$147.3M |
| Gastos por Intereses | $739174 | $973000 | $1.8M | $1.8M | $646000 | $2.6M | $1.4M | $2.4M | $237000 | $1000 |
| Beneficio Antes de Impuestos | -$4.3M | -$7.3M | -$12.1M | -$15.9M | -$25.0M | -$34.5M | -$16.0M | -$14.8M | -$10.5M | -$148.6M |
| Impuestos | $866 | $2000 | $1000 | $2000 | $1000 | $1000 | 0 | 0 | 0 | -$234000 |
| Beneficio Neto | -$4.3M | -$7.3M | -$12.1M | -$15.9M | -$25.0M | -$34.5M | -$37.4M | -$22.0M | -$10.3M | -$148.5M |
| BPA | $0.00 | $0.00 | $0.00 | $0.00 | $-6421.60 | $-4400.72 | $-3105.28 | $-651.80 | $-19.36 | $-5.96 |
| BPA Diluido | $0.00 | $0.00 | $0.00 | $0.00 | $-6421.60 | $-4400.72 | $-3105.28 | $-651.80 | $-19.36 | $-5.96 |
| Acciones en Circulación (Diluidas) | 0 | 0 | 0 | 0 | $4501 | $7915 | $12135 | $33994 | $592478 | $25.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $3.6M | $5.7M | $5.3M | $15.0M |
| Beneficio Bruto | $2.7M | $3.7M | $4.0M | $14.3M |
| Beneficio Operativo | -$21.7M | -$6.0M | -$3.9M | $479000 |
| EBITDA | $99.5M | -$242.4M | -$3.9M | $83.5M |
| Beneficio Neto | $84.3M | -$227.9M | -$91.0M | $76.5M |
| BPA | $2.23 | $-3.77 | $-1.56 | $1.32 |
| BPA Diluido | $2.23 | $-3.78 | $-1.56 | $1.31 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $16762 | $10560 | $634000 | $983000 | $1.8M | $937000 | $2.4M | $4.4M | $7.6M | $39.5M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $4.9M | 0 |
| Cuentas por Cobrar | $8468 | 0 | $1000 | $1.3M | $919000 | $1.4M | 0 | 0 | $2.8M | $1.2M |
| Inventario | 0 | 0 | 0 | $103000 | $34000 | $28000 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $36101 | $51469 | $718000 | $2.6M | $3.7M | $3.2M | $4.1M | $4.7M | $16.5M | $42.4M |
| Inmovilizado Material | $52066 | $30554 | $11000 | $4.0M | $3.6M | $2.9M | $8.1M | $261000 | $671000 | $389000 |
| Fondo de Comercio | 0 | 0 | 0 | $16.3M | $20.1M | $19.8M | 0 | 0 | 0 | $5.2M |
| Activos Intangibles | $535158 | 0 | 0 | $5.4M | $5.2M | $8.3M | $83000 | $4.1M | $3.2M | $48000 |
| Activos Totales | $104203 | $90803 | $898000 | $28.4M | $32.5M | $34.4M | $24.5M | $10.8M | $20.6M | $411.2M |
| Cuentas por Pagar | $431650 | $665000 | $1.1M | $4.3M | $2.6M | $3.8M | $4.0M | $1.4M | $731000 | $1.9M |
| Deuda a Corto | $2.8M | $3.1M | $930000 | $844000 | $1.1M | $40000 | $5.8M | $1.8M | $20000 | 0 |
| Pasivos Corrientes | $3.6M | $5.9M | $4.9M | $11.2M | $16.9M | $17.9M | $16.5M | $7.2M | $4.3M | $4.6M |
| Deuda a Largo | 0 | 0 | $1.1M | $1.1M | $1.5M | $875000 | $1.2M | $362000 | $98000 | 0 |
| Pasivos Totales | $3.6M | $5.9M | $6.0M | $16.9M | $21.8M | $21.1M | $19.3M | $7.7M | $4.6M | $4.8M |
| Reservas | -$21.3M | -$28.5M | -$40.7M | -$56.6M | -$81.5M | -$116.0M | -$153.5M | -$175.6M | -$187.1M | -$336.7M |
| Patrimonio Neto | -$3.5M | -$5.8M | -$5.1M | $11.4M | $10.7M | $13.3M | $5.2M | $3.1M | $16.2M | $406.5M |
| Deuda Total | $2.8M | $3.1M | $2.0M | $5.9M | $6.1M | $3.8M | $9.0M | $2.4M | $464000 | $209000 |
| Deuda Neta | $2.8M | $3.1M | $1.4M | $4.9M | $4.3M | $2.9M | $6.5M | -$2.0M | -$12.1M | -$39.3M |
| Capital Circulante | -$3.5M | -$5.8M | -$4.2M | -$8.6M | -$13.2M | -$14.7M | -$12.5M | -$2.5M | $12.2M | $37.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $53.0M | $39.5M | $34.8M | $28.8M |
| Activos Totales | $661.9M | $411.2M | $321.7M | $403.5M |
| Pasivos Totales | $22.4M | $4.8M | $5.1M | $5.0M |
| Patrimonio Neto | $639.1M | $406.4M | $316.6M | $398.8M |
| Deuda Total | $247000 | $209000 | $168000 | $198000 |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$4.3M | -$7.3M | -$12.1M | -$15.9M | -$25.0M | -$34.5M | -$37.4M | -$22.0M | -$10.5M | -$148.4M |
| Amortizaciones | $21301 | $22000 | $20000 | $1.4M | $2.1M | $2.2M | $2.5M | $2.3M | $1.1M | $1.3M |
| Compensación en Acciones | $1.3M | $2.5M | 0 | 0 | $6.1M | $5.7M | $4.5M | $2.5M | $2.1M | $19.1M |
| Cambio en Capital Circulante | $487373 | $784000 | $568000 | $1.1M | $142000 | -$269000 | -$618000 | -$38000 | -$1.7M | -$3.4M |
| Flujo de Caja Operativo | -$1.6M | -$1.7M | -$4.2M | -$8.1M | -$16.3M | -$25.9M | -$19.4M | -$10.6M | -$8.8M | -$20.8M |
| Inversiones (CapEx) | -$2494 | 0 | 0 | -$146000 | -$317000 | -$2.3M | -$4.8M | -$306000 | -$342000 | -$88000 |
| Adquisiciones | 0 | 0 | 0 | -$14.4M | $229000 | $11000 | $3000 | 0 | 0 | 0 |
| Recompra de Acciones | -$166226 | 0 | -$20000 | 0 | 0 | 0 | 0 | 0 | 0 | -$26.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$1.6M | -$1.7M | -$4.2M | -$8.3M | -$16.6M | -$28.2M | -$24.2M | -$10.9M | -$9.1M | -$20.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$9.4M | -$8.0M | -$4.7M | -$7.1M |
| Inversiones (CapEx) | -$22000 | -$6000 | -$9000 | $7000 |
| Flujo de Caja Libre | -$9.4M | -$8.0M | -$4.7M | -$7.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $15.0M | $1.6M | $1.1M | $5.5M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | +433.3% | +28337.5% | +9.5% | +5.6% | -99.9% | +687.5% | +1320.6% | +1327.8% |
| Crecimiento Beneficio Neto (anual) | | -70.0% | -66.9% | -31.3% | -56.8% | -38.2% | -8.6% | +41.3% | +53.0% | -1337.5% |
| Crecimiento BPA (anual) | | | | | | +31.5% | +29.4% | +79.0% | +97.0% | +69.2% |
| Cambio en Acciones (anual) | | | | | | +75.8% | +53.3% | +180.1% | +1642.9% | +4138.0% |
| Crecimiento FCF (anual) | | -4.4% | -147.9% | -98.8% | -101.0% | -69.5% | +14.2% | +54.9% | +16.5% | -129.0% |
| Margen Bruto | | -33.3% | -62.5% | 46.5% | 51.8% | 57.2% | 62.5% | 69.8% | 75.0% | 69.5% |
| Margen Operativo | | -78416.7% | -24350.0% | -174.0% | -248.2% | -320.3% | -235925.0% | -21896.8% | -1301.0% | -260.7% |
| Margen EBITDA | | -104483.3% | -29618.8% | -139.4% | -223.3% | -282.0% | -168000.0% | -17968.3% | -1027.5% | -1152.8% |
| Margen Neto | | -121100.0% | -37896.9% | -174.9% | -250.4% | -327.7% | -467962.5% | -34911.1% | -1154.1% | -1161.9% |
| Margen FCF | | -27950.0% | -12990.6% | -90.8% | -166.7% | -267.5% | -301962.5% | -17306.3% | -1017.5% | -163.2% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.2% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | | | | | $-3690.51 | $-3556.66 | $-1990.69 | $-320.73 | $-15.37 | $-0.83 |
| Dividendo por Acción | | | | | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | 0 | 0 | 0 | 0 | $4501 | $7915 | $12135 | $33994 | $592478 | $25.1M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -35.90% |
| Rentabilidad sobre capital invertido | -7.81% |
| Rentabilidad sobre activos | -39.17% |
| Margen bruto | 83.13% |
| Margen operativo | -105.07% |
| Margen neto | -533.54% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 6.39 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | 0.00 | 0.00 | 0.00 | -2.06 | -2.25 | -0.42 | -0.05 | -0.34 | -0.33 |
| P/VC | 0.00 | 0.00 | 0.00 | 0.00 | 5.53 | 5.89 | 3.08 | 0.37 | 0.24 | 0.12 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 5.96 | 7.46 | 1990.14 | 18.56 | 4.33 | 3.91 |
| Margen Bruto | 0.0% | -33.3% | -62.5% | 46.5% | 51.8% | 57.2% | 62.5% | 69.8% | 75.0% | 69.5% |
| Margen Operativo | 0.0% | -78416.7% | -24350.0% | -174.0% | -248.2% | -320.3% | -235925.0% | -21896.8% | -1301.0% | -260.7% |
| Margen Neto | 0.0% | -121100.0% | -37896.9% | -174.9% | -250.4% | -327.7% | -467962.5% | -34911.1% | -1154.1% | -1161.9% |