TOYO Co Ltd (TOYO)
NASDAQ:TOYO
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TOYO Co Ltd
(NASDAQ:TOYO)
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Rating:55Neutral
Price Target:
$9.50
▲(28.03% Upside)
Action:ReiteratedDate:02/03/26
The score is held back primarily by weakening margins, higher leverage, and negative free cash flow despite strong revenue growth. Technicals are supportive but overextended, while valuation is reasonable on P/E. Earnings call guidance is constructive, but near-term profitability and expense pressures temper confidence.
Positive Factors
Revenue Growth
Sustained TTM revenue growth of 28.9% indicates durable demand and expanding market penetration in solar. Persistent top-line expansion supports scaling manufacturing, funds reinvestment, and underpins long-term competitiveness even as margins are being worked on.
Negative Factors
High Leverage
A D/E of 2.23 represents materially higher leverage, raising refinancing and interest burden risks. Elevated debt limits financial flexibility for capex or price competition during ramp-up phases and increases vulnerability to demand shocks or margin pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained TTM revenue growth of 28.9% indicates durable demand and expanding market penetration in solar. Persistent top-line expansion supports scaling manufacturing, funds reinvestment, and underpins long-term competitiveness even as margins are being worked on.
Read all positive factors
TOYO Co Ltd (TOYO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$261.99M
Dividend YieldN/A
Average Volume (3M)18.98K
Price to Earnings (P/E)18.2
Beta (1Y)-0.25
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees528
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)0.68
Shares Outstanding35,308,040
10 Day Avg. Volume23,807
30 Day Avg. Volume18,979
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 Cap1.45
Enterprise Value/Revenue2.13
Enterprise Value/Gross Profit20.72
Enterprise Value/Ebitda19.02
Forecast
1Y Price Target
$18.00Price Target Upside142.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.13
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...
How the Company Makes Money
TOYO generates revenue through multiple streams including the sale of its core products such as adhesives and coatings to various industries like automotive and electronics. The company also engages in long-term contracts with major manufacturers,...
TOYO Co Ltd Key Performance Indicators (KPIs)
TOYO Co Ltd Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| 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
65
Positive
Balance Sheet
50
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 177.98M | 177.00M | 62.38M | 0.00 | 0.00 |
| Gross Profit | 18.34M | 21.90M | 16.63M | 0.00 | 0.00 |
| EBITDA | 19.98M | 32.44M | 14.59M | -1.12M | -246.89K |
| Net Income | 24.42M | 40.90M | 9.89M | 2.18M | -246.89K |
Balance Sheet | |||||
| Total Assets | 353.62M | 239.80M | 238.28M | 70.72M | 93.86M |
| Cash, Cash Equivalents and Short-Term Investments | 28.19M | 13.65M | 18.04M | 746.00 | 276.28K |
| Total Debt | 149.35M | 73.57M | 104.24M | 198.72K | 0.00 |
| Total Liabilities | 283.38M | 180.36M | 181.39M | 5.39M | 3.30M |
| Stockholders Equity | 67.01M | 59.24M | 56.90M | 7.85M | 90.56M |
Cash Flow | |||||
| Free Cash Flow | -9.83M | 2.46M | -126.77M | -2.24M | -182.13K |
| Operating Cash Flow | 64.75M | 46.51M | -12.53M | -778.98K | -182.13K |
| Investing Cash Flow | -74.65M | -44.04M | -114.24M | 26.04M | -92.92M |
| Financing Cash Flow | 3.07M | -2.09M | 146.15M | -25.53M | 93.38M |
TOYO Co Ltd Technical Analysis
Negative
7.42
Price Trends
8.05
Negative
7.23
Positive
6.25
Positive
Market Momentum
<0.01
Positive
41.13
Neutral
8.58
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 7.42 is below the 20-day moving average (MA) of 8.10, below the 50-day MA of 8.05, and above the 200-day MA of 6.25, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 41.13 is Neutral, neither overbought nor oversold. The STOCH value of 8.58 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $260.83M | -47.72 | -16.66% | ― | 97.41% | 11.83% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $261.99M | 18.16 | 34.94% | ― | ― | ― | |
50 Neutral | $145.84M | -29.89 | ― | ― | 657.27% | ― | |
45 Neutral | $58.91M | -1.99 | 1044.27% | ― | 39.53% | -7.16% | |
45 Neutral | $33.48M | -2.86 | 28.73% | ― | 27.17% | 57.71% |
* Technology Sector Average
TOYO
TOYO Co Ltd
7.33
4.41
151.03%
FTCI
FTC Solar
3.78
1.03
37.45%
SPWR
SunPower Inc
1.27
-0.24
-15.89%
TYGO
Tigo Energy
3.76
2.93
353.01%
ZEO
Zeo Energy
0.57
-0.92
-61.48%
TOYO Co Ltd Corporate Events
TOYO Co., Ltd. Secures U.S. Polysilicon Supply to Bolster American Solar Expansion
Jan 9, 2026
On January 7, 2026, TOYO Co., Ltd. announced it had signed a one-year sales contract with a leading U.S. polysilicon manufacturer to secure domestically produced polysilicon for its solar manufacturing operations. The agreement, which supplements ...
TOYO Co., Ltd Approves Accounting Firm at 2025 AGM
Dec 11, 2025
TOYO Co., Ltd, a Cayman Islands holding company, conducted its 2025 annual general meeting on December 9, 2025. During the meeting, shareholders approved the appointment of Marcum Asia CPAs LLP as the independent registered public accounting firm ...
TOYO Co., Ltd Announces December 2025 Annual General Meeting
Nov 3, 2025
TOYO Co., Ltd, a company incorporated in the Cayman Islands and listed on NASDAQ, has announced its upcoming annual general meeting of shareholders scheduled for December 9, 2025. The meeting will be held virtually, and shareholders will vote on t...
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.