TOYO Co Ltd (TOYO)
NASDAQ:TOYO
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TOYO Co Ltd
(NASDAQ:TOYO)
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Rating:72Outperform
Price Target:
$14.00
▲(9.20% Upside)
Action:UpgradedDate:04/10/26
The score is driven primarily by improved financial momentum (rapid 2025 growth and much stronger operating cash flow) and bullish technical trend signals. Earnings-call guidance is constructive with clear 2026 targets, but execution/cost and utilization risks temper the outlook. Valuation contributes negatively because the provided P/E is not meaningful and no dividend yield is available.
Positive Factors
Rapid Revenue Scale-up
A 142% revenue jump to $427M demonstrates TOYO's ability to scale shipments and win customers at higher ASPs. Durable demand and larger revenue base support long-term operating leverage and investment capacity, making future margin expansion and reinvestment more sustainable if execution holds.
Negative Factors
Margin Sustainability Risk
Although gross profit rose, mix shifts and higher operating costs have compressed margins versus the prior year. If pricing, mix or rising SG&A (including share‑based comp) persist, margin volatility could undermine long-term profitability and make earnings less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue Scale-up
A 142% revenue jump to $427M demonstrates TOYO's ability to scale shipments and win customers at higher ASPs. Durable demand and larger revenue base support long-term operating leverage and investment capacity, making future margin expansion and reinvestment more sustainable if execution holds.
Read all positive factors
TOYO Co Ltd (TOYO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$466.61M
Dividend YieldN/A
Average Volume (3M)18.98K
Price to Earnings (P/E)―
Beta (1Y)0.10
Revenue Growth141.52%
EPS Growth-1.46%
CountryUS
Employees528
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)0.54
Shares Outstanding36,712,040
10 Day Avg. Volume23,807
30 Day Avg. Volume18,979
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)1.59
Price to Sales (P/S)0.41
P/FCF Ratio4.28
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue2.74
Enterprise Value/Gross Profit26.64
Enterprise Value/Ebitda24.45
Forecast
1Y Price Target
$16.50Price Target Upside28.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.41
Revenue Forecast (FY)$806.38M
TOYO Co Ltd Business Overview & Revenue Model
Company Description
TOYO Co., Ltd. engages in the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic (PV) modules, and other stages of the solar power supply chain. Additionally, the company also manufa...
TOYO Co Ltd Key Performance Indicators (KPIs)
TOYO Co Ltd Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and financial improvement in FY2025 with substantial revenue growth (+142%), large gross profit and adjusted EBITDA expansion, successful ramp of a 4 GW Ethiopia cell facility, launch of a Houston module plant and aggressive 2026 shipment and adjusted net income targets. These positives are tempered by GAAP net income and EPS declines, higher operating and G&A costs (notably noncash share comp), and near-term uncertainties around Houston utilization, timing of additional U.S. capacity, and exclusion of certain U.S. credits from guidance. On balance, the positives (revenue, margin expansion, cash generation, scale-up and clear 2026 targets) materially outweigh the negatives.Positive Updates
Record Revenue Growth
Revenue of $427 million for FY2025, a 142% increase year-over-year versus FY2024, driven primarily by strong solar cell shipments and higher average selling prices to U.S. end customers.
Negative Updates
Reported Net Income and EPS Decline (GAAP)
Net income was $37.2 million in 2025 versus $40.5 million in 2024 (decline). GAAP basic and diluted EPS fell to $0.98 from $1.09 in the prior year.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue Growth
Revenue of $427 million for FY2025, a 142% increase year-over-year versus FY2024, driven primarily by strong solar cell shipments and higher average selling prices to U.S. end customers.
Read all positive updates
Company Guidance
Management guided full-year 2026 shipments of 5.5–5.8 GW of solar cells and 1.0–1.3 GW of solar modules, while targeting adjusted net income of approximately $90–$100 million despite increased R&D and tech investments; the plan assumes Ethiopia’s 4 GW cell facility operating at full nameplate capacity (on track to deliver 4 GW) and Houston’s newly operational 1 GW module plant (targeting expansion to 2 GW by 2026 with an additional 1 GW in progress and pilot production expected in Q3–Q4, though that incremental GW is not included in guidance), with Houston utilization hoped to reach 60–70%; for context, FY2025 shipments included 2.3 GW from Ethiopia to U.S. customers, 1.9 GW of cells from Vietnam to international markets, and 249 MW of modules, and the company notes that guidance and historical numbers are presented pre the referenced “45X” (~$0.07) U.S. credit.TOYO Co Ltd Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
67
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 177.98M | 427.38M | 176.96M | 62.38M | 0.00 | 0.00 |
| Gross Profit | 18.34M | 96.34M | 21.90M | 16.64M | 0.00 | 0.00 |
| EBITDA | 19.98M | 98.63M | 32.10M | 14.59M | -186.35K | -246.89K |
| Net Income | 24.42M | 39.66M | 40.50M | 9.89M | -186.84K | -246.89K |
Balance Sheet | ||||||
| Total Assets | 353.62M | 441.43M | 239.80M | 238.28M | 10.92M | 93.86M |
| Cash, Cash Equivalents and Short-Term Investments | 28.19M | 51.63M | 13.65M | 18.04M | 2.07M | 276.28K |
| Total Debt | 149.35M | 73.46M | 73.57M | 104.24M | 198.72K | 0.00 |
| Total Liabilities | 283.38M | 330.18M | 180.36M | 181.39M | 3.08M | 3.30M |
| Stockholders Equity | 67.01M | 111.26M | 59.24M | 56.90M | 7.85M | 90.56M |
Cash Flow | ||||||
| Free Cash Flow | -9.83M | 41.24M | 2.46M | -126.77M | -2.24M | -182.13K |
| Operating Cash Flow | 64.75M | 132.99M | 46.51M | -12.53M | -778.98K | -182.13K |
| Investing Cash Flow | -74.65M | -98.40M | -44.04M | -114.24M | 26.04M | -92.92M |
| Financing Cash Flow | 3.07M | 9.10M | -2.09M | 146.15M | -25.53M | 93.38M |
TOYO Co Ltd Technical Analysis
Positive
12.82
Price Trends
8.84
Positive
7.72
Positive
6.70
Positive
Market Momentum
1.13
Negative
76.93
Negative
82.18
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TOYO, the sentiment is Positive. The current price of 12.82 is above the 20-day moving average (MA) of 9.73, above the 50-day MA of 8.84, and above the 200-day MA of 6.70, indicating a bullish trend. The MACD of 1.13 indicates Negative momentum. The RSI at 76.93 is Negative, neither overbought nor oversold. The STOCH value of 82.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TOYO.
TOYO Co Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $466.61M | ― | 18.31% | ― | 141.52% | -1.46% | |
64 Neutral | $364.89M | -47.72 | -16.66% | ― | 91.68% | 95.09% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
46 Neutral | $78.74M | -1.99 | 1044.27% | ― | 110.51% | -38.57% | |
45 Neutral | $115.99M | -30.65 | 32.43% | ― | 175.88% | 37.18% | |
40 Underperform | $53.34M | -3.39 | 71.01% | ― | -5.32% | 55.14% |
* Technology Sector Average
TOYO
TOYO Co Ltd
12.71
9.67
318.09%
FTCI
FTC Solar
4.93
1.92
63.79%
SPWR
SunPower Inc
0.92
-0.84
-47.71%
TYGO
Tigo Energy
4.81
3.98
479.52%
ZEO
Zeo Energy
0.92
-0.79
-46.20%
TOYO Co Ltd Corporate Events
TOYO Co., Ltd Launches US$30 Million At-the-Market Equity Program
Apr 23, 2026
On April 22, 2026, TOYO Co., Ltd entered into a sales agreement with Roth Capital Partners and H.C. Wainwright to conduct an at-the-market equity offering of up to US$30 million of its ordinary shares under an effective F-3 shelf registration. The...
TOYO Co., Ltd Details 2025 Results and U.S.-Focused Solar Expansion in Latest SEC Filing
Apr 6, 2026
On April 6, 2026, TOYO Co., Ltd filed a Form 6-K in the United States reporting that it had held a conference call on March 31, 2026 to discuss its second-half 2025 and full-year 2025 financial results. The company furnished an investor presentati...
TOYO Names Solar Veteran Rhone Resch Chief Strategy Officer to Drive Global and U.S. Expansion
Apr 2, 2026
On March 29, 2026, TOYO Co., Ltd.’s board appointed U.S. solar industry veteran Rhone Resch as the company’s part-time Chief Strategy Officer, with his employment and indemnification agreements aligning with TOYO’s standard execu...
TOYO Co., Ltd. Names Veteran Energy Financier Takahiko Onozuka as New CEO and Chairman
Mar 25, 2026
TOYO Co., Ltd., a vertically integrated solar solutions provider, reported a leadership change effective March 18, 2026, as founder-CEO Junsei Ryu retired from his roles as chief executive and chairman. Ryu, who led the company’s 2024 Nasdaq...
TOYO Files Form 6-K After Showcasing Growth Strategy at March 2026 ROTH Conference
Mar 24, 2026
TOYO Co., Ltd, a Nasdaq-listed solar manufacturer, reported that it furnished an investor presentation and a March 18, 2026 press release to the U.S. Securities and Exchange Commission via a Form 6-K filed on March 24, 2026. The materials were use...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.