TOYO Co Ltd (TOYO) AI Stock Analysis

• Market Cap: $212.55M
• Dividend Yield: N/A
• Average Volume (3M): 18.98K
• Price to Earnings (P/E): 8.3
• Beta (1Y): -0.34
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 528
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): 0.10
• Shares Outstanding: 35,308,040
• 10 Day Avg. Volume: 23,807
• 30 Day Avg. Volume: 18,979
• PEG Ratio: <0.01
• Price to Book (P/B): 2.34
• Price to Sales (P/S): 0.78
• P/FCF Ratio: 56.27
• Enterprise Value/Market Cap: 0.81
• Enterprise Value/Revenue: 0.97
• Enterprise Value/Gross Profit: 9.37
• Enterprise Value/Ebitda: 8.60
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: $6.50 ▲(3.50% Upside)

TOYO Co Ltd's stock score is primarily driven by strong technical indicators, suggesting bullish momentum. However, financial performance challenges, including declining profit margins and increased leverage, weigh down the score. The valuation is reasonable, supporting the stock's potential for growth.

Positive Factors

Top-line Growth

Sustained 28.9% TTM revenue growth shows durable demand for TOYO’s solar products and effective market penetration. Consistent top-line expansion supports scaling benefits, better factory utilization, and the ability to reinvest in capacity and R&D over the next several quarters.

Manufacturing Capacity Expansion

Operational 2GW facility with a roadmap to 4GW delivers structural cost advantages and scale. Increased in-house cell output reduces per‑unit costs, strengthens gross margin potential long-term, and supports volume growth in key markets as new plants reach full utilization.

Supply-chain Diversification

A U.S. polysilicon supply contract and dual-source strategy reduce regulatory and foreign‑entity risk for U.S. manufacturing. Stable, compliant inputs improve ability to serve U.S. customers, de‑risk tariff exposure and support long‑term commercial expansion of U.S. module output.

Negative Factors

High Leverage

Elevated leverage (D/E 2.23) and low equity ratio constrain financial flexibility and increase refinancing risk. High debt burdens can limit capital for capex or working capital, amplify interest expense volatility, and weaken resilience to market or margin shocks over coming quarters.

Weak Cash Generation

Negative free cash flow and OCF/NI of 0.26 indicate limited internal funding for capex and expansion. Continued reliance on external financing or equity issuance raises dilution and funding risk, challenging sustainable investment in capacity and working capital over the medium term.

Margin Compression & Rising OpEx

A sharp 219.9% rise in operating expenses and falling gross margins (noted elsewhere in reports) pressure profitability. Persistent higher SG&A and public‑company costs can erode operating leverage, delaying conversion of capacity growth into durable margin recovery.

TOYO Co Ltd Business Overview & Revenue Model

Company Description

TOYO Co Ltd (TOYO) is a leading company specializing in the manufacturing and distribution of high-quality industrial materials and products. Operating primarily in the sectors of automotive, electronics, and construction, TOYO offers an extensive range of products including adhesives, coatings, and specialty chemicals. The company is known for its commitment to innovation and sustainability, providing solutions that meet the evolving needs of its diverse clientele.

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, ensuring a steady income from consistent orders. Additionally, TOYO benefits from strategic partnerships with key players in the construction and manufacturing sectors, which enhance its market reach and product offerings. Research and development initiatives lead to new product launches, further driving sales and expanding their customer base.

TOYO Co Ltd Financial Statement Overview

Summary

TOYO Co Ltd shows strong revenue growth and positive EBITDA, but faces challenges with declining profit margins and increased leverage. The balance sheet indicates higher financial risk due to increased debt levels, and cash flow metrics highlight cash generation issues despite positive growth in free cash flow.

Income Statement

TOYO Co Ltd shows a strong revenue growth rate of 28.9% in the TTM, indicating robust top-line expansion. However, the gross profit margin has decreased from 12.37% to 10.30%, and the net profit margin has also declined from 23.11% to 13.72%. The negative EBIT margin of -2.20% in the TTM suggests operational challenges, although the EBITDA margin remains positive at 11.22%.

Balance Sheet

The company's debt-to-equity ratio has increased significantly to 2.23 in the TTM, indicating higher leverage and potential financial risk. Return on equity has decreased from 69.04% to 38.68%, reflecting reduced profitability on equity. The equity ratio stands at 18.96%, suggesting moderate equity financing relative to total assets.

Cash Flow

TOYO Co Ltd's free cash flow growth rate is positive at 166.88% in the TTM, but the free cash flow remains negative, indicating cash flow challenges. The operating cash flow to net income ratio is 0.26, showing limited cash generation relative to net income. The free cash flow to net income ratio is negative, highlighting cash flow issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
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

• Technical Analysis Sentiment: Negative
• Last Price: 6.28
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 6.28 is above the 20-day moving average (MA) of 6.12, below the 50-day MA of 6.50, and above the 200-day MA of 4.93, indicating a neutral trend. The MACD of -0.19 indicates Positive momentum. The RSI at 39.99 is Neutral, neither overbought nor oversold. The STOCH value of 55.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TOYO.

TOYO Co Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TOYO	68 Neutral	$212.55M	8.33	34.94%	―	―	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
FTCI	59 Neutral	$177.79M	-3.00	-664.69%	―	39.53%	-7.16%
TYGO	49 Neutral	$112.56M	-2.34	-177.48%	―	97.41%	11.83%
SPWR	47 Neutral	$175.42M	10.01	―	―	657.27%	―
ZEO	45 Neutral	$61.56M	-1.41	―	―	27.17%	57.71%

TOYO Co Ltd Corporate Events

TOYO Co., Ltd. Secures U.S. Polysilicon Supply to Bolster American Solar Expansion

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’s existing non-FEOC overseas supply, establishes a dual-source, diversified supply chain that supports solar cell production in Ethiopia and module manufacturing in the United States, bolstering the company’s ability to meet growing U.S. solar demand and align with U.S. regulatory expectations while underpinning its expansion and positioning as a key solar supplier in the American market.

The most recent analyst rating on (TOYO) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on TOYO Co Ltd stock, see the TOYO Stock Forecast page.

TOYO Co., Ltd Approves Accounting Firm at 2025 AGM

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 for the fiscal years ending December 31, 2024, and December 31, 2025. This decision was made with a quorum of more than one-third of all voting shares present, indicating strong shareholder engagement. The approval of the accounting firm is expected to ensure continued financial transparency and compliance for TOYO Co., Ltd.

The most recent analyst rating on (TOYO) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on TOYO Co Ltd stock, see the TOYO Stock Forecast page.

TOYO Co., Ltd Announces December 2025 Annual General Meeting

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 the ratification of Marcum Asia CPAs LLP as the independent registered public accounting firm for the fiscal years ending December 31, 2024, and December 31, 2025. The board also seeks approval to adjourn the meeting if necessary to gather more votes. The record date for determining shareholder eligibility to vote is October 23, 2025.

The most recent analyst rating on (TOYO) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on TOYO Co Ltd stock, see the TOYO Stock Forecast page.