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Tron

TRON
31
Leisure · Consumer Cyclical
Price
$2.01
+0.14 (+7.49%)
Market Cap
$953.5M
Exchange
NASDAQ
Winston Score
31
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Good
Valuation
Mixed

Share count rising — dilution

+343.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 23.1M (2021) → 102.6M (2025)

Winston Score History

The full picture

Tron Inc. is a small leisure and entertainment company that designs and manufactures arcade games, redemption machines, and amusement equipment. Its products are sold to arcades, family entertainment centers, bowling alleys, and other venues that offer coin-operated or card-swipe gaming experiences. The company competes in the broader amusement and gaming equipment industry alongside larger players like Raw Thrills and Andamiro.

Tron generates revenue primarily through hardware sales of its arcade cabinets and gaming machines, with customers concentrated in North America and some international markets. With a market cap of around $100 million and a gross margin near 26%, the business has limited pricing power and thin profitability, as reflected in its deeply negative operating margin of roughly -51%. The main risk the company faces is its small scale in a fragmented, competitive industry where larger rivals have stronger distribution networks and more resources to develop new game titles that attract players.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-91.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

89.2%ownership

Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

5+ years

Quarterly Free Cash Flow

→ Burn rate stable

$243M cash & investments at current burn rate

Growth context

Tron is growing revenue at 17% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
18.5%
Thin — 18.5% gross margin
Profit after running costs
Operating Margin
-34.2%
Losing money on operations — -34.2%
Return on the money invested
ROCE
-0.9%
Weak — -0.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+19.7%
Fast-growing sales (+19.7% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
-33%
Weak — only -33% of profit becomes cash
Spare cash per sale
FCF Margin
-45.6%
Burning cash (-45.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
23.7x
Growth-priced — P/E 23.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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