Tearsheet

Tron (TRON)

Market Price (3/30/2026): $2.16 | Market Cap: $564.4 Mil
Sector: Consumer Discretionary | Industry: Leisure Facilities

Tron (TRON)

Market Price (3/30/2026): $2.16
Market Cap: $564.4 Mil
Sector: Consumer Discretionary
Industry: Leisure Facilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Megatrend and thematic drivers Megatrends include Crypto & Blockchain, and Fintech & Digital Payments. Themes include Blockchain Enterprise Solutions, and Digital Payments.	Weak multi-year price returns 2Y Excs Rtn is -88%, 3Y Excs Rtn is -128%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -2.5 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -53%
1		Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.53	Expensive valuation multiples P/SPrice/Sales ratio is 120x
2			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -30%
3			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 151%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.1%
5			High stock price volatility Vol 12M is 143%
6			Key risks TRON key risks include [1] regulatory scrutiny highlighted by SEC charges against its founder, Show more.

0	Megatrend and thematic drivers Megatrends include Crypto & Blockchain, and Fintech & Digital Payments. Themes include Blockchain Enterprise Solutions, and Digital Payments.
1	Weak multi-year price returns 2Y Excs Rtn is -88%, 3Y Excs Rtn is -128%
2	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.53
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -2.5 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -53%
4	Expensive valuation multiples P/SPrice/Sales ratio is 120x
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -30%
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 151%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.1%
8	High stock price volatility Vol 12M is 143%
9	Key risks TRON key risks include [1] regulatory scrutiny highlighted by SEC charges against its founder, Show more.

Valuation, Metrics & Events

	3/30/26	2025	2024	2023	2022
Share Price CYE	$2.16	$1.24	�	�	�
Market Cap CYE ($ Mil)	564.4	324.0	-	-	-
Total Debt ($ Mil)	0.7	0.7	0.5	0.0	1.5
Total Cash ($ Mil)	10.5	10.5	1.4	3.0	0.5
Enterprise Value ($ Mil)	554.7	324.7
Valuation Ratios
P/S TTM	119.1	68.4	-	-	-
P/EBIT TTM	-33.6	-19.3	-	-	-
P/E TTM	-33.6	-19.3	-	-	-
P/FCF TTM	-391.0	-224.5	-	-	-
Sector Ratios
P/S TTM (Sector)	0.8	0.9	0.9	0.9	0.9
P/EBIT TTM (Sector)	7.6	7.9	8.4	7.7	6.2
P/E TTM (Sector)	10.9	11.4	11.6	10.6	8.1
P/FCF TTM (Sector)	9.4	10.9	12.1	9.7	6.7

	3/30/26	2025	2024
Share Price CYE	$2.16	$1.24	�
Market Cap CYE ($ Mil)	564.4	324.0	-
Total Debt ($ Mil)	0.7	0.7	0.5
Total Cash ($ Mil)	10.5	10.5	1.4
Enterprise Value ($ Mil)	554.7	324.7
Valuation Ratios
P/S TTM	119.1	68.4	-
P/EBIT TTM	-33.6	-19.3	-
P/E TTM	-33.6	-19.3	-
P/FCF TTM	-391.0	-224.5	-
Sector Ratios
P/S TTM (Sector)	0.8	0.9	0.9
P/EBIT TTM (Sector)	7.6	7.9	8.4
P/E TTM (Sector)	10.9	11.4	11.6
P/FCF TTM (Sector)	9.4	10.9	12.1

	TRON	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.0
Rev Chg Q	30.7%	7.3%
Rev Chg LTM	10.0%	6.7%
Rev Chg 3Y Avg	-7.6%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-53.1%	18.6%
CFO/Rev LTM	-30.4%	20.7%
Net Inc Mgn	-354.6%	12.8%
VALUATION	VERY HIGH
P/S	119.1	3.1
P/CFO	-391.0	14.8
P/FCF	-391.0	19.4
P/E	-33.6	23.7
STABILITY	GOOD
Debt/Equity	0.00	0.22
Cash/Assets	0.05	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
TRX Token Holdings	over 365 million	7282025	Link

Recent
3/25/2026	Earnings Release	Rev: $1.0 Mil (A) vs. $null (E) EPS: -0.25 (A) vs. $- (E)
Upcoming
5/14/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Tron (TRON) stock has gained about 15% since 11/30/2025 because of the following key factors:

1. TRON expanded its AI Fund tenfold to $1 billion on March 25, 2026, demonstrating a significant strategic pivot towards building infrastructure for autonomous AI agents on its network. This substantial capital commitment aligns TRON with the burgeoning AI market, attracting increased investor interest in AI-driven blockchain solutions.

2. Resolution of regulatory pressure on Tron's founder, Justin Sun, and enhanced institutional acceptance boosted confidence. Reports in early March 2026 indicated a settlement with the U.S. SEC regarding legal disputes, which positively impacted institutional investor confidence and removed a valuation burden from TRX. Concurrently, on March 26, 2026, Anchorage Digital became the first federally chartered US firm to support TRON custody and staking, integrating TRON within a regulated financial framework.

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Stock Movement Drivers

Fundamental Drivers

The 17.3% change in TRON stock from 11/30/2025 to 3/29/2026 was primarily driven by a 161.9% change in the company's P/S Multiple.

(LTM values as of)	11302025	3292026	Change
Stock Price ($)	1.85	2.17	17.3%
Change Contribution By:
Total Revenues ($ Mil)	4	5	6.3%
P/S Multiple	45.7	119.6	161.9%
Shares Outstanding (Mil)	110	261	-57.9%
Cumulative Contribution			17.3%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/29/2026

	Return	Correlation
TRON	17.3%
Market (SPY)	-5.3%	42.3%
Sector (XLY)	-10.4%	35.8%

Fundamental Drivers

The -49.4% change in TRON stock from 8/31/2025 to 3/29/2026 was primarily driven by a -91.7% change in the company's Shares Outstanding (Mil).

(LTM values as of)	8312025	3292026	Change
Stock Price ($)	4.29	2.17	-49.4%
Change Contribution By:
Total Revenues ($ Mil)	4	5	12.1%
P/S Multiple	21.9	119.6	446.7%
Shares Outstanding (Mil)	22	261	-91.7%
Cumulative Contribution			-49.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/29/2026

	Return	Correlation
TRON	-49.4%
Market (SPY)	0.6%	36.4%
Sector (XLY)	-8.5%	31.2%

Fundamental Drivers

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Market Drivers

2/28/2025 to 3/29/2026

	Return	Correlation
TRON
Market (SPY)	9.8%	34.5%
Sector (XLY)	-1.3%	29.2%

Fundamental Drivers

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Market Drivers

2/28/2023 to 3/29/2026

	Return	Correlation
TRON
Market (SPY)	69.4%	34.5%
Sector (XLY)	49.0%	29.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
TRON Return	-	-	-	-	-81%	77%	-66%
Peers Return	7%	-22%	9%	36%	-1%	-8%	13%
S&P 500 Return	27%	-19%	24%	23%	16%	-5%	72%
Monthly Win Rates [3]
TRON Win Rate	-	-	-	-	33%	100%
Peers Win Rate	42%	38%	46%	57%	42%	27%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
TRON Max Drawdown	-	-	-	-	-81%	-9%
Peers Max Drawdown	-10%	-42%	-25%	-28%	-27%	-15%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-5%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: FUN, CALY, AS, PLNT, LTH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)

How Low Can It Go

TRON has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.

Unique Key	Event	XLY	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	67.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	680 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-33.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	51.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	82 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-21.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	28.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	105 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-60.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	150.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	779 days	1,480 days

Compare to FUN, CALY, AS, PLNT, LTH

In The Past

SPDR Select Sector Fund's stock fell -40.3% during the 2022 Inflation Shock from a high on 11/19/2021. A -40.3% loss requires a 67.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Tron (TRON)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Corner Growth Acquisition Corp. 2 is a blank check company. The company was incorporated in 2021 and is based in Palo Alto, California.

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Analogy 1: Think of it as a publicly traded 'blank check' investment fund, whose only purpose is to acquire a private company and take it public.

Analogy 2: Like a publicly traded 'IPO vehicle' or 'fast track' for a private company to debut on the stock market.

Analogy 3: Essentially a publicly traded 'shell company' that's been pre-funded by investors, waiting to find a suitable private company to merge with and bring to the public market.

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As a blank check company, Corner Growth Acquisition Corp. 2 (symbol: TRON) does not have major customers in the traditional sense of selling products or services. Its primary purpose is to raise capital through an initial public offering (IPO) and then use that capital to acquire an existing private operating company.

Therefore, it does not generate revenue from the sale of goods or services to other companies or individuals, and consequently, it does not have customer categories to list.

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Here is the management team for Corner Growth Acquisition Corp. 2:

Xixuan Hei, Chief Executive Officer and Chief Financial Officer

Xixuan Hei, 31, has a background in finance, digital innovation, and legal-tech solutions. She founded Herr Gallery, a WebVR NFT platform, and holds advanced degrees in finance and business intelligence.

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Here are the key risks to Corner Growth Acquisition Corp. 2 (symbol: TRON):

Failure to Complete a Business Combination: As a blank check company, Corner Growth Acquisition Corp. 2's primary objective is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company faces a significant risk if it fails to complete such a business combination within its stipulated timeframe, which could lead to its liquidation and the return of funds to shareholders, albeit without the potential for investment gains. The company has focused on completing a business combination by December 31, 2025, with failure resulting in cessation of operations and liquidation of the Trust Account to redeem public shares.
Delisting from Nasdaq and Non-Compliance with Listing Requirements: Corner Growth Acquisition Corp. 2 has encountered difficulties in maintaining compliance with Nasdaq listing requirements. These issues have included the minimum public holders and publicly held shares requirements, which ultimately led to its delisting from Nasdaq in August 2024. Such delisting can significantly impair the company's ability to raise capital and maintain liquidity for its shares.
Shareholder Redemptions and Reduced Available Funds: The company has experienced significant shareholder redemptions of its Class A ordinary shares in the past, which has directly impacted the number of shares outstanding and the funds available in its Trust Account. High redemption rates can limit the capital available for a potential business combination, making it more challenging to secure a desirable target and complete a merger.

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One clear emerging threat for Corner Growth Acquisition Corp. 2 (TRON) is the **intensified regulatory environment and potential for new rules impacting SPACs**. The U.S. Securities and Exchange Commission (SEC) has proposed new regulations specifically for SPACs, aiming to increase investor protection, enhance disclosures, and potentially increase liability for sponsors. If these or similar rules are enacted, they could significantly increase the cost and complexity of launching and operating a SPAC, make the structure less attractive to private companies seeking to go public, and raise the bar for securing investor capital, thereby hindering Corner Growth Acquisition Corp. 2's ability to identify and complete a suitable merger.

Another clear emerging threat is the **deterioration of investor sentiment and market conditions for de-SPAC transactions**. Following a surge in SPAC activity, many companies that went public via SPAC mergers have experienced significant post-merger stock price declines. This trend has led to increased redemption rates by public shareholders and difficulty in securing Private Investment in Public Equity (PIPE) financing for new deals. This cooling of investor enthusiasm and challenging market conditions make it harder for Corner Growth Acquisition Corp. 2 to successfully complete a merger on favorable terms, as it reduces available capital and makes the SPAC route less appealing to high-quality private companies.

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The public company Tron (symbol: TRON) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

Growth of its Digital Asset Treasury Strategy: Tron Inc.'s strategy involves the strategic holding of TRON (TRX) tokens and Staked TRX (sTRX) as part of its digital asset treasury, aiming for long-term value creation and active participation in the broader TRON blockchain ecosystem.
Expansion of its Entertainment Merchandise Business: The company designs, develops, and manufactures custom merchandise, including toys and souvenirs, for major theme parks and entertainment venues, such as Walt Disney Parks and Resorts, Universal Studios, and SeaWorld. Revenue growth is anticipated through expanding existing partnerships, securing new clients, and launching new product lines.
Strategic Investments and Participation in the Blockchain Ecosystem: Positioned as an innovation leader in blockchain, Tron Inc. makes strategic investments in blockchain ecosystems. These investments are expected to generate returns and contribute to revenue growth.
Leveraging the Broader TRON Blockchain Ecosystem and DeFi Adoption: As the public company with significant holdings of TRON (TRX) tokens, Tron Inc. is poised to benefit from the overall growth and increased adoption of the TRON blockchain, as well as the expansion of decentralized finance (DeFi) principles within that ecosystem.

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Better Bets vs. Tron (TRON)

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Trade Ideas

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Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MBLY_2272026_Dip_Buyer_HighCashEquity_ExInd	02272026	MBLY	Mobileye Global	Dip Buy	DB \| Cash/EquityDip Buyer with High Net Cash % Equity Buying dips for companies with significant net cash as a % of market cap along with meaningful cash flow generation	0.0%	0.0%	0.0%
SAH_2202026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	02202026	SAH	Sonic Automotive	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-5.9%	-5.9%	-6.1%
MAT_2132026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	02132026	MAT	Mattel	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	2.9%	2.9%	0.0%
SONO_2132026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	02132026	SONO	Sonos	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-0.7%	-0.7%	-4.6%
DECK_2062026_Dip_Buyer_ValueBuy	02062026	DECK	Deckers Outdoor	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	1.6%	1.6%	-0.8%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AGX	Argan	7.8	37.9%	81.1%
TBN	Tamboran Resources	0.9	25.6%	59.4%
U	Unity Software	8.3	13.5%	-56.0%
ADMA	ADMA Biologics	2.2	11.6%	-49.3%
METC	Ramaco Resources	1.0	11.4%	-13.6%
MEOH	Methanex	5.0	9.7%	64.8%
PTON	Peloton Interactive	1.9	8.8%	-28.1%
OXM	Oxford Industries	0.5	8.7%	3.0%
REX	REX American Resources	1.6	8.3%	47.7%
SGML	Sigma Lithium	1.2	7.8%	-20.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BUR	Burford Capital	0.9	-47.1%	-53.6%
RCKT	Rocket Pharmaceuticals	0.4	-19.6%	7.4%
ZBIO	Zenas BioPharma	0.8	-17.8%	-49.8%
BKSY	BlackSky Technology	0.8	-17.2%	24.2%
PSNL	Personalis	0.6	-13.4%	-20.4%
SLS	SELLAS Life Sciences	0.5	-11.8%	15.8%
ANAB	AnaptysBio	1.6	-11.7%	18.4%
FLY	Firefly Aerospace	2.2	-11.6%	6.0%
INBX	Inhibrx Biosciences	0.9	-11.2%	-26.1%
YOU	Clear Secure	4.6	-11.2%	36.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BCPC	Balchem	5.4	610.4%	8.9%
KOD	Kodiak Sciences	2.0	66.3%	32.3%
OLPX	Olaplex	1.3	51.9%	50.7%
CAR	Avis Budget	5.2	48.6%	15.7%
TBN	Tamboran Resources	0.9	36.0%	59.4%
ELVN	Enliven Therapeutics	2.4	33.8%	152.1%
TROX	Tronox	1.4	30.1%	120.3%
BORR	Borr Drilling	1.8	28.7%	50.1%
BRZE	Braze	2.5	25.5%	-32.9%
INDI	Indie Semiconductor	0.6	24.6%	-9.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PIPR	Piper Sandler Cos	1.2	-75.2%	-12.4%
BUR	Burford Capital	0.9	-46.2%	-53.6%
WVE	WAVE Life Sciences	1.1	-45.9%	-62.6%
TASK	TaskUs	0.6	-37.8%	-15.9%
MAZE	Maze Therapeutics	1.4	-36.7%	-26.7%
ADMA	ADMA Biologics	2.2	-35.4%	-49.3%
CRCL	Circle Internet	21.5	-25.7%	18.1%
PLAY	Dave & Buster's Entertainment	0.3	-23.5%	-39.5%
EL	Estee Lauder Companies	24.3	-21.8%	-35.6%
NTSK	Netskope	1.9	-18.9%	-55.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	1.8	133.2%	104.5%
DAWN	Day One Biopharmaceuticals	2.2	101.0%	129.7%
VG	Venture Global	42.7	85.4%	157.4%
AAOI	Applied Optoelectronics	6.2	82.9%	181.7%
TNGX	Tango Therapeutics	2.1	68.9%	117.4%
AXTI	AXT	2.7	63.3%	270.8%
BW	Babcock & Wilcox Enterprises	1.5	61.7%	134.4%
PARR	Par Pacific	3.3	61.6%	86.9%
LWLG	Lightwave Logic	0.9	61.5%	123.3%
SM	SM Energy	3.8	56.2%	76.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	1.1	-58.6%	-62.6%
BUR	Burford Capital	0.9	-51.4%	-53.6%
OLMA	Olema Pharmaceuticals	1.2	-44.0%	-45.3%
WING	Wingstop	4.3	-43.1%	-35.2%
FRMI	Fermi	3.7	-43.0%	-22.8%
PAR	PAR Technology	0.5	-43.0%	-64.7%
SES	SES AI	0.3	-42.6%	-45.1%
USAS	Americas Gold And Silver	1.5	-41.9%	7.6%
ITRG	Integra Resources	0.4	-41.0%	-36.2%
VITL	Vital Farms	0.6	-40.6%	-58.9%

Peer Comparisons

Peers to compare with:

Financials

	TRON	FUN	CALY	AS	PLNT	LTH	Median
Name	Tron	Six Flag.	Callaway.	Amer Spo.	Planet F.	Life Time
Mkt Price	2.17	16.60	13.50	31.43	73.80	25.94	21.27
Mkt Cap	0.6	1.7	-	17.5	6.1	5.7	5.7
Rev LTM	5	3,100	2,060	6,566	1,324	2,995	2,528
Op Inc LTM	-3	185	128	714	395	481	290
FCF LTM	-1	-152	122	-	255	-21	-1
FCF 3Y Avg	-2	2	29	-	213	-68	2
CFO LTM	-1	327	334	-	418	871	334
CFO 3Y Avg	-2	342	360	-	364	636	360

Growth & Margins

	TRON	FUN	CALY	AS	PLNT	LTH	Median
Name	Tron	Six Flag.	Callaway.	Amer Spo.	Planet F.	Life Time
Rev Chg LTM	10.0%	14.4%	-0.8%	26.7%	12.1%	14.3%	13.2%
Rev Chg 3Y Avg	-	21.3%	-16.7%	-	12.2%	18.0%	15.1%
Rev Chg Q	30.7%	-5.4%	13.0%	28.5%	10.5%	12.3%	12.7%
QoQ Delta Rev Chg LTM	6.3%	-1.2%	8.4%	7.6%	2.8%	2.8%	4.6%
Op Mgn LTM	-53.1%	6.0%	6.2%	10.9%	29.8%	16.1%	8.5%
Op Mgn 3Y Avg	-63.0%	12.6%	7.6%	9.0%	27.6%	13.3%	10.8%
QoQ Delta Op Mgn LTM	14.4%	-1.9%	-1.4%	-0.2%	0.4%	1.0%	0.1%
CFO/Rev LTM	-30.4%	10.6%	16.2%	-	31.6%	29.1%	16.2%
CFO/Rev 3Y Avg	-36.7%	14.2%	17.2%	-	30.5%	24.0%	17.2%
FCF/Rev LTM	-30.4%	-4.9%	5.9%	-	19.2%	-0.7%	-0.7%
FCF/Rev 3Y Avg	-39.2%	1.0%	1.5%	-	17.8%	-3.1%	1.0%

Valuation

	TRON	FUN	CALY	AS	PLNT	LTH	Median
Name	Tron	Six Flag.	Callaway.	Amer Spo.	Planet F.	Life Time
Mkt Cap	0.6	1.7	-	17.5	6.1	5.7	5.7
P/S	119.6	0.5	-	2.7	4.6	1.9	2.7
P/EBIT	-33.8	-1.2	-	24.2	14.6	11.9	11.9
P/E	-33.7	-1.1	-	40.9	27.8	15.3	15.3
P/CFO	-392.9	5.1	-	-	14.6	6.6	5.8
Total Yield	-3.0%	-92.4%	-	2.4%	3.6%	6.5%	2.4%
Dividend Yield	0.0%	0.0%	-	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	-	-	-	2.7%	-2.4%	0.2%
D/E	0.0	3.2	-	0.1	0.5	0.7	0.5
Net D/E	-0.0	3.2	-	0.1	0.4	0.7	0.4

Returns

	TRON	FUN	CALY	AS	PLNT	LTH	Median
Name	Tron	Six Flag.	Callaway.	Amer Spo.	Planet F.	Life Time
1M Rtn	59.6%	-2.5%	-4.0%	-17.2%	-10.2%	-3.9%	-4.0%
3M Rtn	50.7%	11.5%	-10.8%	-18.1%	-32.3%	-3.1%	-6.9%
6M Rtn	0.0%	-24.2%	-10.8%	-8.8%	-28.8%	-7.3%	-9.8%
12M Rtn	-66.5%	-53.1%	-10.8%	18.4%	-23.3%	-15.0%	-19.1%
3Y Rtn	-66.5%	-69.8%	-10.8%	96.9%	-3.8%	68.0%	-7.3%
1M Excs Rtn	67.4%	4.4%	4.3%	-10.9%	-4.1%	1.6%	2.9%
3M Excs Rtn	52.8%	23.8%	-2.7%	-8.8%	-24.8%	5.3%	1.3%
6M Excs Rtn	0.9%	-17.6%	-7.3%	-4.7%	-25.0%	-2.7%	-6.0%
12M Excs Rtn	-78.0%	-67.0%	-22.3%	0.8%	-38.1%	-29.7%	-33.9%
3Y Excs Rtn	-128.3%	-131.5%	-72.6%	35.2%	-63.9%	7.9%	-68.2%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022
Filing Date	3/25/2026	3/25/2026	3/31/2025	4/1/2024	5/26/2023
Key Financials
Total Revenue	5	5	4	6	6
EBITDA	-16	-16	-4	-2	0
Operating Income	-3	-3	-4	-2	0
Net Income	-17	-17	-4	-2	0
EPS	0.03	-0.16	-0.37	-0.27	0.19
Growth Rates
Total Revenue Growth	10.0%	10.0%	-25.2%	-5.2%	-
EBITDA Growth	-291.2%	-292.4%	-110.4%	-651.5%	-
Operating Income Growth	41.9%	41.9%	-112.8%	-669.0%	-
Net Income Growth	-287.4%	-287.4%	-111.3%	-724.8%	-
Margins
EBITDA Margin	-345.8%	-346.9%	-97.2%	-34.6%	5.9%
Operating Income Margin	-53.1%	-53.1%	-100.5%	-35.4%	5.9%
Net Income Margin	-354.6%	-354.6%	-100.6%	-35.7%	5.4%
Cash & Debt
Total Cash	10	10	1	3	0
Total Debt	1	1	0	0	1
Net Debt / (Cash)	-10	-10	-1	-3	1
Cash Flows
Net Cash from Operations	-1	-1	-3	-1	-0
Free Cash from Operations	-1	-2	-3	-1	-0
Returns to Shareholders
Dividends	0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	3/25/2026	11/10/2025	8/8/2025	5/9/2025	3/31/2025	11/13/2024	8/12/2024	5/10/2024	4/1/2024	11/13/2023	10/3/2023	5/26/2023
Key Financials Quarterly
Total Revenue	1	1	1	1	1	1	2	1	1	1	2	1
Ebitda	-33	16	2	-1	-1	-1	-1	-2	-1	-1	0	-0
Operating Income	-0	-1	-1	-1	-1	-1	-1	-2	-1	-1	0	-0
Net Income	-30	12	1	-1	-1	-1	-1	-2	-1	-1	0	-0
EPS	-0.11	0.11	0.07	-0.04	-0.05	-0.11	-0.05	-0.17	-0.08	-0.19	0.02	-0.02
Key Financials TTM
Total Revenue TTM	5	4	4	4	4	5	5	6	6	5	6	3
Ebitda TTM	-16	16	-1	-3	-4	-4	-4	-4	-2	-1	0	0
Operating Income TTM	-3	-3	-3	-3	-4	-4	-5	-4	-2	-1	0	0
Net Income TTM	-17	12	-1	-3	-4	-4	-4	-4	-2	-2	0	-0
Growth Rates Quarterly
Total Revenue Growth	30.7%	26.0%	-10.9%	8.3%	-23.5%	-22.3%	-35.6%	-7.4%	37.4%	-25.7%	-	-
EBITDA Growth	-3679.1%	1540.7%	400.3%	66.2%	-16.1%	25.9%	-306.4%	-14128.3%	-333.0%	-706.7%	18314.1%	-
Operating Income Growth	51.2%	42.0%	-41.4%	62.3%	-22.8%	23.9%	-310.6%	-10780.6%	-345.9%	-713.0%	18291.3%	-
Net Income Growth	-2943.1%	1178.4%	381.8%	62.2%	-29.4%	24.1%	-328.5%	-4399.8%	-269.7%	-712.3%	16695.5%	-
Margins Quarterly
EBITDA Margin	-2748.8%	1423.4%	115.5%	-52.9%	-95.1%	-124.5%	-34.3%	-169.6%	-62.7%	-130.6%	10.7%	-1.1%
Operating Income Margin	-39.0%	-59.5%	-55.4%	-59.4%	-104.4%	-129.2%	-34.9%	-170.4%	-65.0%	-131.9%	10.7%	-1.5%
Net Income Margin	-2476.3%	1102.4%	109.3%	-59.3%	-106.4%	-128.8%	-34.5%	-169.9%	-62.9%	-131.8%	9.7%	-3.5%
Cash & Debt
Total Cash	10	11	5	1	1	1	1	2	3	3	0	0
Total Debt	1	1	0	0	0	2	0	0	0	0	0	1
Net Debt / (Cash)	-10	-10	-5	-1	-1	0	-1	-2	-3	-3	0	1
Cash Flows Quarterly
FCF from Operations	-0	-1	0	-0	-1	-0	-0	-1	-0	-1	1	-0
Cash Flows TTM
FCF from Operations TTM	-1	-2	-2	-2	-3	-2	-3	-2	-1	-1	0	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-0.8%	-0.9%	-2.7%	-24.2%	-36.1%	-53.5%	-40.6%	-146.1%	-125.2%	-346.2%	842.4%	-5.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-1.1%	-1.4%	-3.1%	-30.6%	-40.8%	-49.1%	-86.9%	-79.6%	-81.4%	-83.1%	254.0%	4.1%

Segment Financials

Revenue by Segment

$ Mil	2025	2024
Design, manufacture, and sale of toys to premier theme parks	6
Single Segment		6
Total	6	6

	1M	2M	3M	6M	1Y	3Y
Beta	4.69	5.03	4.07	4.27	-0.80	1.18
Up Beta	10.57	9.43	8.76	6.33	-0.73	2.76
Down Beta	5.27	5.03	4.20	4.17	1.62	-0.41
Up Capture	261%	410%	167%	167%	100%	12%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	8	15	23	46	57	57
Down Capture	280%	321%	303%	308%	164%	105%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	11	24	36	75	99	99

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TRON
TRON	-66.7%	143.4%	-0.44	-
Sector ETF (XLY)	4.6%	23.6%	0.13	29.2%
Equity (SPY)	14.5%	18.9%	0.59	34.5%
Gold (GLD)	50.2%	27.7%	1.46	6.8%
Commodities (DBC)	17.8%	17.6%	0.85	16.8%
Real Estate (VNQ)	0.4%	16.4%	-0.15	9.7%
Bitcoin (BTCUSD)	-23.7%	44.2%	-0.49	41.9%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TRON
TRON	-19.7%	143.4%	-0.44	-
Sector ETF (XLY)	5.6%	23.7%	0.20	29.2%
Equity (SPY)	11.8%	17.0%	0.54	34.5%
Gold (GLD)	20.7%	17.7%	0.96	6.8%
Commodities (DBC)	11.6%	18.9%	0.50	16.8%
Real Estate (VNQ)	3.0%	18.8%	0.07	9.7%
Bitcoin (BTCUSD)	4.0%	56.6%	0.29	41.9%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TRON
TRON	-10.4%	143.4%	-0.44	-
Sector ETF (XLY)	11.6%	21.9%	0.49	29.2%
Equity (SPY)	14.0%	17.9%	0.67	34.5%
Gold (GLD)	13.3%	15.8%	0.70	6.8%
Commodities (DBC)	8.2%	17.6%	0.39	16.8%
Real Estate (VNQ)	4.7%	20.7%	0.19	9.7%
Bitcoin (BTCUSD)	66.4%	66.8%	1.06	41.9%

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	8.0 Mil
Short Interest: % Change Since 2282026	-4.5%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	13.5 days
Basic Shares Quantity	261.3 Mil
Short % of Basic Shares	3.1%

Returns Analyses

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Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	03/25/2026	10-K
09/30/2025	11/10/2025	10-Q
06/30/2025	08/08/2025	10-Q
03/31/2025	05/09/2025	10-Q
12/31/2024	03/31/2025	10-K
09/30/2024	11/13/2024	10-Q
06/30/2024	08/12/2024	10-Q
03/31/2024	05/10/2024	10-Q
12/31/2023	04/01/2024	10-K
09/30/2023	11/13/2023	10-Q
06/30/2023	10/03/2023	10-Q
03/31/2023	05/26/2023	S-1

Recent Forward Guidance [BETA]

Latest: null Earnings Reported N/A/N/A/N/A | Prior: null Earnings Reported N/A/N/A/N/A

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Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Melton, Christopher		Direct	Sell	8282025	5.06	15,000	75,900	160,999	Form
2	McKinnon, Douglas O	Chief Financial Officer	Direct	Sell	7032025	7.39	122,000	901,380	2,337,589	Form
3	McDaniel-Hand, Deborah Lynn	VP of Production Development	Direct	Sell	6252025	9.41	100,000	941,000	941,000	Form
4	Miller, Richard A	Chief Executive Officer	Direct	Sell	6242025	11.19	100,000	1,119,260	6,715,560	Form
5	Safety, Shot, Inc		Direct	Sell	1102025	0.00	266,200			Form

TRON Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing TRON?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What TRON Makes & Who Pays

TTM figures based on

TRON Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Tron (TRON)

Market Price (3/30/2026): $2.16 | Market Cap: $564.4 MilSector: Consumer Discretionary | Industry: Leisure Facilities

Tron (TRON)

Market Price (3/30/2026): $2.16Market Cap: $564.4 MilSector: Consumer DiscretionaryIndustry: Leisure Facilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

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Asset Allocation

About Tron (TRON)

Interactive Breakdown

Better Bets vs. Tron (TRON)

Latest Trefis Analyses

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FDA Approved Drugs Data

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Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

TRON Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Repricing Catalyst

Industry Resources

External Quote Links

Market Price (3/30/2026): $2.16 | Market Cap: $564.4 Mil
Sector: Consumer Discretionary | Industry: Leisure Facilities

Market Price (3/30/2026): $2.16
Market Cap: $564.4 Mil
Sector: Consumer Discretionary
Industry: Leisure Facilities