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TRON, Tron Inc.
Tron Inc. is a trusted toy and souvenir designer and developer, selling into the world's largest theme parks and entertainment venues.
Many of the Company's products are based on award winning multi-billion-dollar entertainment franchises that are featured in popular movies and books.
The products are distributed worldwide at Walt Disney Parks and Resorts, Universal Parks and Destinations, United Parks and Resorts SeaWorld, Six Flags and other attractions.
The business
What it sells, where the money comes from, the kind of company it is.
Next report Est. 11/4–11/12 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~41 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on equity has sat below the cost of equity (median -66%, above 12% in only 0 of 4 years). The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2026 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $6M | $6M | $4M | $5M | $5M | RevenueRevenue |
| $30K | $56K | — | — | — | Interest expenseInt. exp. |
| — | — | ($5K) | $135K | $135K | Net interest incomeNet int. |
| — | — | ($4M) | ($17M) | — | Pretax incomePretax |
| $329K | ($2M) | ($4M) | ($17M) | $7M | Net incomeNet inc. |
| Cash flow & returns | |||||
| 15.8% | -45.2% | -68.8% | -8.0% | 2.7% | Return on assetsROA |
| — | -50% | -82% | -8% | 3% | Return on equityROE |
| — | −50% | −82% | −8% | 3% | Retained to equityRetained/eq |
| — | -50% | -174% | -8% | 3% | Return on tangible equityROTCE |
| ($4K) | ($393K) | ($273K) | ($69K) | — | Investing cash flowInv. cash |
| ($28K) | $4M | $2M | $11M | — | Financing cash flowFin. cash |
| ($62K) | $3M | ($2M) | $9M | — | Change in cashΔ cash |
| Balance sheet | |||||
| $2M | $5M | $6M | $211M | $256M | Total assetsAssets |
| $534K | $377K | $396K | $156K | $113K | DepositsDeposits |
| $2M | $419K | $1M | $1M | — | Total liabilitiesTotal liab. |
| ($3K) | $4M | $5M | $210M | $253M | Shareholders’ equityEquity |
| Per share | |||||
| 9.8M | 11.5M | 11.6M | 103M | 375M | Shares out (diluted)Shares |
| $0.03 | $-0.18 | $-0.37 | $-0.16 | $0.02 | EPS (diluted)EPS |
| $-0.00 | $0.36 | $0.46 | $2.05 | $0.67 | Book value / shareBVPS |
| $-0.00 | $0.36 | $0.21 | $2.05 | $0.67 | Tangible book / shareTBVPS |
Share counts before 2024 are restated ×1.5 for a stock split, so per-share figures sit on one basis.
The diluted share count moved ×8.83 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×3.65 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | −58.0%/yr | −58.0%/yr (3-yr) |
| Capital spending / share | +15.1%/yr | +15.1%/yr (3-yr) |
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Return on equity -8%Loss on equityNet income ($17M) ÷ equity $210MIndustry peers: median -14%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- LossNet income ÷ (equity − goodwill $0 − intangibles $0)Industry peers: median -14%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Not enough data
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital (equity / assets) 99.5%Well capitalizedEquity $210M ÷ assets $211M
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Funding —Not enough data
What this means
Deposits or total assets missing.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
The franchise and the credit cycle
- Not enough data
What this means
The deposit mix isn't cleanly tagged in the filings' structured data; the funding read above carries what is.
- Not enough data
What this means
Not derivable from the filings' structured data — some filers carry recoveries only on segment axes, and a gross figure dressed as net would be a wrong number.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Jun 30, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Receivables$1M
- Inventory$479K
- Other current assets$20M
- Accounts payable$153K
- Other current liabilities$635K
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Stock-based compensation$28K
The slice of the business handed to employees in shares in fiscal 2025, 0.6% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Income taxes, Inventory, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Capital Markets & Asset Management
The same industry, side by side on the bank lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | ROEmedian over the record | ROTCEmedian over the record | NII / assetsmedian over the record |
|---|---|---|---|---|
| KEELKeel Infrastructure Corp. | $229M | -17% | -17% | 0.7%2y |
| VELVelocity Financial Inc. | $186M | — | — | 2.5%1y |
| NCTYThe9 Limited American Depository Shares | $16M | -54% | -54% | 0.6%1y |
| TRONTron Inc. | $5M | -50% | -50% | -0.0%2y |
| CDChaince Digital Holdings Inc. | $2M | -15%2y | -15%2y | 0.8%2y |
| MTCMMTec Inc. | $808K | -89% | — | — |
| AUREAurelion Inc. | $143K | 4% | 4% | — |
| XPXP Inc. | as filed: R$7.4B | 22% | 22% | — |
| Group median | — | -17% | -16% | 0.7% |
The price
What a price has to assume.
What the price implies
price / tangible bookA bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Tron Inc.’s record justifies.
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.
Enter a price above to run it.
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $253M on 474M shares, a −50% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.
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