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Strong institutional accumulation: ownership increased +3.99% quarter-over-quarter.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.8M 100.0% | $895K 100.0% | $63K 100.0% | $8K 100.0% | $10.5M 100.0% | $10.0M 100.0% | $9.1M 100.0% | $32K 100.0% | $6K 100.0% | — |
| Cost of Revenue | $3.9M 30.5% | $224K 25.0% | $19K 30.2% | $3.3M 41387.5% | $4.5M 42.8% | $4.8M 48.2% | $4.9M 53.5% | $52K 162.5% | $8K 133.3% | — |
| Gross Profit | — | — | — | $6.1M 76550.0% | $6.0M 57.2% | $5.2M 51.8% | $4.2M 46.5% | -$20K -62.5% | — | — |
| Research & Development | — | — | — | $5.2M 64850.0% | $12.3M 117.3% | $7.9M 79.6% | $4.3M 47.4% | $980K 3062.5% | $375K 6250.0% | $258K |
| Selling, General & Admin | $40.9M 320.0% | $11.2M 1255.6% | $11.5M 18266.7% | $17.8M 222137.5% | $25.7M 244.3% | $1.0M 10.4% | $14.7M 161.6% | $6.8M 21162.5% | $4.3M 72133.3% | $2.9M |
| Total Operating Expenses | $49.2M 385.2% | $12.5M 1401.0% | $13.9M 21996.8% | $18.9M 236025.0% | $39.7M 377.5% | $29.9M 300.1% | $20.1M 220.5% | $7.8M 24287.5% | -$4.7M -78516.7% | -$3.1M |
| Operating Income | -$36.4M -285.2% | -$11.6M -1301.0% | -$13.8M -21896.8% | -$18.9M -235925.0% | -$33.7M -320.3% | -$24.7M -248.2% | -$15.8M -174.0% | -$7.8M -24350.0% | -$4.7M -78416.7% | -$3.1M |
| Interest Expense | $1K 0.0% | $237K 26.5% | $1.2M 1893.7% | $1.4M 17625.0% | $2.6M 24.5% | $894K 9.0% | $186K 2.0% | $362K 1131.3% | $555K 9250.0% | $341K |
| Interest & Investment Income | $1.0M 8.1% | $692K 77.3% | — | — | — | — | — | — | — | — |
| Other Income (Expense), net | -$112.2M -877.9% | $1.1M 126.7% | -$1.0M -1665.1% | $2.9M 36450.0% | -$774K -7.4% | -$218K -2.2% | -$82K -0.9% | -$4.3M -13543.8% | -$2.6M -42650.0% | -$1.1M |
| Pretax Income | -$148.6M -1163.0% | -$10.5M -1174.3% | — | — | -$34.5M -327.7% | -$25.0M -250.4% | -$15.9M -174.9% | — | — | — |
| Income Tax Expense | -$234K -1.8% | — | — | — | $1K 0.0% | $1K 0.0% | $2K 0.0% | -$1K -3.1% | $2K 33.3% | $866 |
| Net Income | -$148.5M -1161.9% | -$10.3M -1154.1% | -$22.0M -34911.1% | -$37.4M -467962.5% | -$34.5M -327.7% | -$25.0M -250.4% | -$15.9M -174.9% | -$12.1M -37896.9% | -$7.3M -121100.0% | -$4.3M |
| Per Share | ||||||||||
| EPS (Basic) | $-5.96 | $-19.36 | $-441.48 | $-6.68 | $-0.55 | — | — | — | — | — |
| EPS (Diluted) | $-5.96 | $-19.36 | $-441.48 | $-6.68 | — | — | — | — | — | — |
| Weighted Avg Shares (Basic) | 25.1M | 592K | 34K | 2.4M | 63.3M | — | — | — | — | — |
| Weighted Avg Shares (Diluted) | 25.1M | 592K | 34K | 2.4M | — | — | — | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $21M buybacks = $21M returned on -$21M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -37%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
Where each multiple sits in its own 12-yr range · 24th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 162.5 | 53.5 | 48.2 | 42.8 | 41387.5 | 30.2 | 25.0 | 30.5 |
| Gross Profit | -62.5 | 46.5 | 51.8 | 57.2 | 76550.0 | — | — | — |
| R&D | 3062.5 | 47.4 | 79.6 | 117.3 | 64850.0 | — | — | — |
| SG&A | 21162.5 | 161.6 | 10.4 | 244.3 | 222137.5 | 18266.7 | 1255.6 | 320.0 |
| Operating Income | -24350.0 | -174.0 | -248.2 | -320.3 | -235925.0 | -21896.8 | -1301.0 | -285.2 |
| Income Tax | -3.1 | 0.0 | 0.0 | 0.0 | — | — | — | -1.8 |
| Net Income | -37896.9 | -174.9 | -250.4 | -327.7 | -467962.5 | -34911.1 | -1154.1 | -1161.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TONX: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 838 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| JPM | $941.8B | 17.4× | — | 5.2× | 2.8% | — | 31.3% | 15.7% | 13.4% | — | 4,823 |
| V | $694.5B | — | — | 17.4× | 11.3% | — | 50.1% | 52.9% | 31.8% | — | 4,229 |
| MA | $512.0B | 34.3× | — | 15.6× | 16.4% | — | 45.6% | 193% | 56.0% | — | 3,430 |
| BAC | $419.6B | 15.3× | — | 3.7× | 6.8% | — | 27.0% | 10.1% | 4.9% | — | 3,337 |
| GS | $282.1B | 18.5× | — | — | — | — | — | 13.7% | 3.6% | — | 2,857 |
| WFC | $268.7B | 13.9× | — | — | — | — | — | 11.8% | 5.7% | — | 2,691 |
| AXP | $213.5B | 20.2× | — | 5.2× | 6.4% | — | 26.2% | 32.4% | 11.9% | — | 2,787 |
| TYFG | $191.9B | 14.2× | — | 11135.5× | 10.2% | — | 79.3% | 8.7% | 8.7% | — | 1 |
| SCHW | $188.8B | 22.5× | — | 7.9× | 22.0% | — | 37.0% | 17.9% | 17.9% | — | 2,225 |
| HDB | $173.4B | 21.8× | — | 6.8× | 15.2% | — | 30.8% | 8.8% | 4.5% | — | 570 |
| UBS | $169.2B | — | — | — | — | — | — | — | — | — | 660 |
| BLK | $163.4B | 29.9× | — | 6.8× | 89.3% | — | 22.9% | 9.9% | 8.1% | — | 2,196 |
| GLD | $134.4B | — | — | — | — | — | — | — | — | — | 3,072 |
| CB | $133.7B | 13.3× | — | 2.3× | 6.5% | — | 17.4% | 14.0% | 11.3% | — | 2,002 |
| PGR | $126.8B | 11.3× | — | 1.4× | 16.3% | — | 12.9% | 37.3% | 37.3% | — | 1,685 |
| SPGI | $120.7B | 27.6× | 17.3× | 7.9× | 7.9% | 70.2% | 29.2% | 14.4% | 10.1% | 1.7× | 2,005 |
| HOOD | $97.6B | 53.6× | — | 21.8× | 51.6% | — | 42.1% | 20.6% | 20.6% | — | 1,230 |
| CME | $97.5B | 24.3× | — | 15.0× | 6.4% | — | 62.5% | 14.2% | 14.2% | — | 1,699 |
| USB | $96.4B | 13.0× | — | 3.4× | 4.4% | — | 26.4% | 11.6% | 9.2% | — | 1,901 |
| BX | $93.9B | 32.4× | — | 6.5× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 2,037 |
| PNC | $91.9B | 14.0× | — | 4.0× | 7.2% | — | 30.3% | 11.5% | 5.9% | — | 1,839 |
| AMUB | $89.8B | — | — | — | — | — | — | — | — | — | 7 |
| KKR | $87.5B | — | — | 4.5× | -11.0% | — | 12.2% | 7.7% | 7.7% | — | 1,216 |
| ICE | $86.9B | 26.6× | 20.6× | 6.9× | 7.5% | — | 26.2% | 11.5% | 6.8% | 3.8× | 1,641 |
| MRSH | $84.7B | 20.7× | 15.4× | 3.1× | 10.3% | — | 15.4% | 27.2% | 11.9% | 3.0× | 1,471 |
| TONX | $175M | — | — | 13.7× | 1328% | 69.5% | -1162% | -36.5% | -36.5% | — | 40 |
Peers = companies sharing TONX's sector (Financial Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.