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TOYO Co Ltd (TOYO)
NASDAQ:TOYO
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TOYO Co Ltd
(NASDAQ:TOYO)
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Rating:51Neutral
Price Target:―
TOYO Co Ltd's overall stock score is influenced by strong profitability but hindered by cash flow challenges and recent negative market sentiment following earnings. Technical indicators suggest potential for recovery, though valuation is only moderate. The absence of dividend yield and guidance adds uncertainty, impacting the overall score.
TOYO Co Ltd (TOYO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$204.26M
Dividend YieldN/A
Average Volume (3M)40.57K
Price to Earnings (P/E)7.9
Beta (1Y)-0.33
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees528
SectorFinancial
Sector Strength70
IndustrySolar
Share Statistics
EPS (TTM)0.10
Shares Outstanding35,308,040
10 Day Avg. Volume47,818
30 Day Avg. Volume40,568
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)2.34
Price to Sales (P/S)0.78
P/FCF Ratio56.27
Enterprise Value/Market Cap0.84
Enterprise Value/Revenue1.31
Enterprise Value/Gross Profit5.74
Enterprise Value/Ebitda9.60
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
TOYO Co Ltd Business Overview & Revenue Model
Company DescriptionTOYO 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 manufactures solar PV modules. The company was founded in 2022 and is based in Tokyo, Japan.
How the Company Makes Money
TOYO Co Ltd Earnings Call Summary
Earnings Call Date:Sep 08, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Neutral
The earnings call highlights several strategic advancements, including the acquisition of the VSUN brand and expansion of solar manufacturing capacity, which position TOYO for future growth. However, these are offset by significant financial challenges such as decreased gross profit margins, increased operating expenses, and a decline in net income. The sentiment is balanced with positive strategic moves and negative financial impacts.Q2-2025 Updates
Positive Updates
Acquisition of VSUN Brand
TOYO Co., Ltd. acquired the VSUN brand from Vietnam Sun Energy, aiming to streamline operations and accelerate growth. This acquisition is expected to reinforce market credibility and customer confidence.
Expansion of Solar Manufacturing Capacity
The new solar cell manufacturing facility in Ethiopia is operating at full 2 gigawatt capacity, with plans to double to 4 gigawatts by October 2025. This expansion provides a compelling cost structure and access to green power.
Increase in Solar Cell Shipments
Solar cell shipments increased to 1.6 gigawatts in the first half of 2025, up from 985 megawatts in the same period last year.
Cash Position Improvement
The company had approximately $30 million in cash and current restricted cash as of June 2025, compared to $15.1 million as of December 2024.
Negative Updates
Decline in Gross Profit Margin
Gross profit margin decreased to 16.6% in the first half of 2025, compared to 19.3% in the same period last year, due to increased unit costs of raw materials.
Increase in Operating Expenses
Total operating expenses rose by 219.9% to approximately $30 million for the first half of 2025, from $4.2 million in the same period last year, primarily due to expenses related to new facilities and being a public company.
Decrease in Net Income
Net income attributable to shareholders was approximately $4 million for the first half of 2025, compared to $19.6 million for the same period last year.
Reduced Non-GAAP Adjusted EBITDA
Non-GAAP adjusted EBITDA decreased to approximately $23 million for the first half of 2025, compared to $33 million in the same period last year, reflecting increased operating expenses and reduced sales volume to the U.S. market.
Company Guidance
During the call, TOYO Co., Ltd. provided guidance indicating a strategic focus on expanding solar cell production, projecting shipments of approximately 4.2 to 4.4 gigawatts for the full year 2025. This expansion is expected to drive revenue to a range of $375 million to $400 million, with net income anticipated between $39 million and $45 million. The company highlighted the integration of the VSUN brand to streamline operations and enhance market presence. Despite a slight decline in gross profit margin to 16.6% in the first half of 2025, compared to 19.3% in the previous year, TOYO expects margins to improve as new facilities in Ethiopia and Houston reach full capacity. The company remains committed to leveraging its manufacturing capabilities and strategic partnerships to navigate tariff-related challenges and capitalize on high-growth markets.TOYO Co Ltd Financial Statement Overview
Summary
TOYO Co Ltd shows strong profitability metrics with solid net and gross profit margins. However, the company faces challenges in cash flow management, indicated by negative free cash flow and operating cash flow to net income ratio. The balance sheet shows low leverage, which is a positive aspect for financial stability.Income Statement
TOYO Co Ltd has shown a significant improvement in profitability, with a net profit margin of 15.84% and a gross profit margin of 26.65% in the latest period. However, the lack of prior period revenue figures limits the analysis of revenue growth. The company has achieved positive EBIT and EBITDA margins at 21.07% and 25.73% respectively, indicating an effective cost management strategy.48
Neutral
Balance Sheet
The balance sheet indicates a moderate debt-to-equity ratio of 0.22, suggesting relatively low leverage, which is positive for financial stability. With an equity ratio of 23.87%, the company maintains a healthy level of equity financing. However, the return on equity stands at 17.37%, showing an overall decent return on shareholders' investments.53
Neutral
Cash Flow
Cash flow analysis reveals a challenging situation with negative free cash flow. Operating cash flow to net income ratio is negative, indicating that the core operations are not generating sufficient cash. While the company has a considerable financing inflow, the free cash flow to net income ratio is negative, highlighting cash flow strain.35
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2021 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 131.42M | 177.00M | 62.38M | 0.00 |
| Gross Profit | 29.96M | 21.90M | 16.63M | 0.00 |
| EBITDA | 17.90M | 9.20M | 14.59M | -246.89K |
| Net Income | 10.63M | 40.90M | 9.89M | -246.89K |
Balance Sheet | ||||
| Total Assets | 241.44M | 239.80M | 238.28M | 93.86M |
| Cash, Cash Equivalents and Short-Term Investments | 41.67M | 13.65M | 18.04M | 276.28K |
| Total Debt | 121.85M | 73.57M | 12.34M | 0.00 |
| Total Liabilities | 168.03M | 180.36M | 181.39M | 3.30M |
| Stockholders Equity | 73.41M | 59.24M | 56.90M | 90.56M |
Cash Flow | ||||
| Free Cash Flow | -28.28M | 2.46M | -126.77M | -182.13K |
| Operating Cash Flow | 10.11M | 46.51M | -12.53M | -182.13K |
| Investing Cash Flow | 20.53M | -44.04M | -114.24M | -92.92M |
| Financing Cash Flow | -17.29M | -2.09M | 146.15M | 93.38M |
TOYO Co Ltd Technical Analysis
Positive
5.77
Price Trends
5.27
Positive
4.41
Positive
3.75
Positive
Market Momentum
0.18
Positive
55.47
Neutral
26.80
Neutral
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 5.77 is above the 20-day moving average (MA) of 5.75, above the 50-day MA of 5.27, and above the 200-day MA of 3.75, indicating a bullish trend. The MACD of 0.18 indicates Positive momentum. The RSI at 55.47 is Neutral, neither overbought nor oversold. The STOCH value of 26.80 is Neutral, 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 (68)
TOYO
TOYO Co Ltd
5.86
3.06
109.29%
SOL
Emeren Group
1.88
-0.95
-33.57%
MAXN
Maxeon Solar Technologies
3.58
-4.85
-57.53%
SPWR
Complete Solaria
1.83
-0.65
-26.21%
ZEO
Zeo Energy
1.28
-0.38
-22.89%
SMXT
SolarMax Technology, Inc.
1.03
0.39
60.94%
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.