Want to see TOYO full AI Analyst Report?
Top Page
TOYO Co Ltd
(NASDAQ:TOYO)
Select Model
Select Model
Rating:65Neutral
Price Target:
$6.50
▼(-49.30% Downside)
Action:Reiterated
Date:06/25/26
The score is driven primarily by improved financial momentum (strong 2025 revenue/profit growth and much better operating cash flow) and constructive earnings-call signals (reaffirmed 2026 guidance and expanding U.S. capacity). These positives are tempered by weak technicals (price below all major moving averages with negative MACD) and some fundamental risk flags (cash-flow volatility history, prior higher leverage, and execution/funding needs for planned expansion).
Positive Factors
Improved 2025 Profitability and Cash Flow
The company delivered material 2025 scaling with strong operating cash flow and positive free cash flow, demonstrating capacity to self-fund near-term growth. These durable improvements reduce reliance on external financing and support multi-year expansion plans and working capital needs.
Negative Factors
History of Elevated Leverage
Past periods of materially higher leverage indicate the company has needed significant external financing, which can limit flexibility and raise refinancing risk during aggressive expansion. Even with 2025 improvement, the credit profile and covenant exposure remain relevant for multi-year plant financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved 2025 Profitability and Cash Flow
The company delivered material 2025 scaling with strong operating cash flow and positive free cash flow, demonstrating capacity to self-fund near-term growth. These durable improvements reduce reliance on external financing and support multi-year expansion plans and working capital needs.
Read all positive factors
TOYO Co Ltd Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Shows how much profit each business unit generates after core operating costs, revealing which segments drive overall profitability, where margins are expanding or shrinking, and whether the company’s growth is translating into sustainable earnings. For investors this highlights operational strength, margin risks, and which divisions may deserve more capital or warrant concern if they lag.
Shows how much profit each business unit generates after core operating costs, revealing which segments drive overall profitability, where margins are expanding or shrinking, and whether the company’s growth is translating into sustainable earnings. For investors this highlights operational strength, margin risks, and which divisions may deserve more capital or warrant concern if they lag.
Data provided by:
The Fly
The FlyTOYO Co Ltd (TOYO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$260.16M
Dividend YieldN/A
Average Volume (3M)983.67K
Price to Earnings (P/E)6.7
Beta (1Y)0.44
Revenue Growth141.52%
EPS Growth-1.46%
CountryUS
Employees2,552
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)0.80
Shares Outstanding42,718,950
10 Day Avg. Volume778,175
30 Day Avg. Volume983,672
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$16.50Price Target Upside28.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.37
Revenue Forecast (FY)$809.62M
TOYO Co Ltd Business Overview & Revenue Model
Company Description
TOYO Co., Ltd. participates across the full solar energy supply chain. Its operations encompass the initial upstream stages of wafer and silicon manufacturing, the midstream production of solar cells, and the final downstream assembly of photovolt...
TOYO Co Ltd Earnings Call Summary
Earnings Call Date:May 18, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call conveyed a strong, positive operational and financial inflection: record revenue, major YoY improvements in gross profit, EBITDA and net income, and clear capacity expansion plans (Houston module ramp to 2 GW and planned 1.5 GW cell facility). Management reiterated full-year guidance and noted robust U.S. demand while maintaining conservative assumptions (excluding 45X credits). Key risks include materially higher operating and cost-of-revenue levels (driven by scale), multi-year CapEx needs (with most cell CapEx deferred to 2027), and concentration of revenue in the U.S. Overall, the positive results and on-track expansion materially outweigh the manageable execution and funding risks.Positive Updates
Record Quarterly Financial Performance
Revenue of $142.8M in Q1 2026, up 177% year-over-year from $51.5M; gross profit of $47.8M, up 894.8% YoY; net income of $28.4M versus a net loss of $3.7M in Q1 2025; diluted EPS of $0.75 versus a loss per share of $0.10.
Negative Updates
Rising Operating Expenses
Total operating expenses increased to $11.5M in Q1 2026, up 89.4% from $6.1M a year earlier; selling & marketing rose to $2.0M (from $0.5M) and G&A to $9.5M (up 69.1%), reflecting higher scale-related costs.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Financial Performance
Revenue of $142.8M in Q1 2026, up 177% year-over-year from $51.5M; gross profit of $47.8M, up 894.8% YoY; net income of $28.4M versus a net loss of $3.7M in Q1 2025; diluted EPS of $0.75 versus a loss per share of $0.10.
Read all positive updates
Company Guidance
TOYO reaffirmed full‑year 2026 guidance: solar cell shipments of 5.5–5.8 GW, solar module shipments of 1.0–1.3 GW, and adjusted net income of $90–100 million, a stance management says is supported by Q1 results (revenue $142.8M, gross profit $47.8M, gross margin 33.5%, adjusted EBITDA ~$48.3M, net income $28.4M, diluted EPS $0.75 and cash/restricted cash $72.2M). Management expects Houston module capacity to expand from ~1 GW to 2 GW by Q3 2026, plans a U.S. solar‑cell facility designed for ~1.5 GW at its 567,000 sq ft Houston site with execution targeted in H2 2026 (most cell CapEx expected in 2027), has budgeted roughly $30M of 2026 CapEx for the module expansion (fundable by operating cash flow), notes that >75% of 2026 volume is expected to be U.S.‑oriented, and emphasized that 45X tax credits were not included in guidance and would be upside if realized.TOYO Co Ltd Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
67
Positive
Cash Flow
55
Neutral
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 427.38M | 176.96M | 62.38M | 0.00 | 0.00 |
| Gross Profit | 96.34M | 21.90M | 16.64M | 0.00 | 0.00 |
| EBITDA | 95.44M | 67.78M | 15.76M | -185.76K | -246.89K |
| Net Income | 39.66M | 40.50M | 9.89M | -186.84K | -246.89K |
Balance Sheet | |||||
| Total Assets | 441.43M | 239.80M | 238.28M | 10.92M | 93.86M |
| Cash, Cash Equivalents and Short-Term Investments | 51.63M | 13.65M | 18.04M | 2.07M | 276.28K |
| Total Debt | 73.46M | 73.57M | 104.24M | 198.72K | 0.00 |
| Total Liabilities | 330.18M | 180.36M | 181.39M | 3.08M | 3.30M |
| Stockholders Equity | 111.26M | 59.24M | 56.90M | 7.85M | 90.56M |
Cash Flow | |||||
| Free Cash Flow | 41.24M | 2.46M | -126.77M | -2.24M | -182.13K |
| Operating Cash Flow | 132.99M | 46.51M | -12.53M | -778.98K | -182.13K |
| Investing Cash Flow | -98.40M | -44.04M | -114.24M | 26.04M | -92.92M |
| Financing Cash Flow | 9.10M | -2.09M | 146.15M | -25.53M | 93.38M |
TOYO Co Ltd Technical Analysis
Negative
12.82
Price Trends
11.42
Negative
10.50
Negative
8.71
Negative
Market Momentum
-1.78
Positive
28.35
Positive
9.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TOYO, the sentiment is Negative. The current price of 12.82 is above the 20-day moving average (MA) of 8.05, above the 50-day MA of 11.42, and above the 200-day MA of 8.71, indicating a bearish trend. The MACD of -1.78 indicates Positive momentum. The RSI at 28.35 is Positive, neither overbought nor oversold. The STOCH value of 9.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $260.16M | 6.73 | 44.00% | ― | 141.52% | -1.46% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $144.23M | 42.82 | 16.40% | ― | 74.29% | ― | |
50 Neutral | $73.78M | -1.55 | 316.79% | ― | 73.02% | 14.88% | |
44 Neutral | $94.87M | -1.09 | 51.99% | ― | 59.85% | -5.61% | |
40 Underperform | $35.73M | -1.47 | 105.90% | ― | 19.17% | 39.83% |
* Technology Sector Average
TOYO
TOYO Co Ltd
5.73
2.03
54.86%
FTCI
FTC Solar
4.55
-0.50
-9.90%
SPWR
SunPower Inc
0.63
-1.06
-62.78%
TYGO
Tigo Energy
1.79
0.51
39.84%
ZEO
Zeo Energy
0.62
-1.96
-76.12%
TOYO Co Ltd Corporate Events
TOYO Co., Ltd Names Veteran Banker Yasunari Harada as CFO After Raymond Chung Resigns
Jul 6, 2026
On June 30, 2026, TOYO Co., Ltd reported that Chief Financial Officer and director Taewoo “Raymond” Chung resigned, with the company stating his departure did not arise from any disagreement over operations, policies or practices. The ...
TOYO Co., Ltd. Raises $50 Million in Registered Direct Offering to Fund U.S. Solar Cell Plant
Jun 26, 2026
On June 23, 2026, TOYO Co., Ltd. entered into securities purchase agreements with institutional investors for a registered direct offering of 4,545,456 ordinary shares and an equal number of warrants, priced at $11.00 per share and warrant unit fo...
TOYO Co., Ltd. Plans $357 Million HJT Solar Cell Plant in Houston to Expand U.S. Manufacturing Footprint
Jun 22, 2026
TOYO Co., Ltd., a Tokyo-based solar manufacturer listed on Nasdaq, is deepening its U.S. presence with a vertically integrated strategy that spans upstream wafer and silicon production to downstream module assembly. The company is focusing on adva...
TOYO Co., Ltd Posts Strong Q1 2026 Turnaround and Corrects Prior EPS Disclosure
May 18, 2026
TOYO Co., Ltd filed a Form 6-K in May 2026 providing unaudited interim consolidated financial statements for the quarter ended March 31, 2026, along with an investor presentation and earnings materials discussed on May 18, 2026. The filing shows a...
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...
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.