TOYO Co., Ltd. (TOYO) 10-Year Financial Performance & Capital Metrics

TOYO • • Industrial / General

EnergySolarSolar Module ManufacturingSolar Cell & Wafer Producers

AboutTOYO 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.Show more

Revenue $177M +183.8%
EBITDA $32M +122.2%
Net Income $41M +313.6%
EPS (Diluted) 1.00 +316.7%
Gross Margin 12.37% -53.6%
EBITDA Margin 18.32% -21.7%
Operating Margin 5.2% -73.0%
Net Margin 23.11% +45.8%
ROE 70.31% +334.6%
ROIC 5.26% -39.0%
Debt/Equity 1.24 -32.4%
Interest Coverage 2.82 -23.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 29.8%
✓Momentum leader: RS Rating 82 (top 18%)
✓Healthy 5Y average net margin of 19.5%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM-11.21%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM129.8%

EPS CAGR

10Y-

5Y-

3Y-

TTM114.54%

ROCE

10Y Avg6.47%

5Y Avg6.47%

3Y Avg8.76%

Latest10.01%

Peer Comparison

Solar Cell & Wafer Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TOYOTOYO Co., Ltd.	233.07M	6.17	6.17	183.76%	13.72%	34.76%	1.06%	1.24

Profit & Loss

	Jun 2022	Jun 2023	Dec 2023	Dec 2024
Sales/Revenue+	0	0	62.38M	177M
Revenue Growth %	-	-	-	1.84%
Cost of Goods Sold+	0	0	45.75M	155.1M
COGS % of Revenue	-	-	0.73%	0.88%
Gross Profit+	0	0	16.63M	21.9M
Gross Margin %	-	-	0.27%	0.12%
Gross Profit Growth %	-	-	-	0.32%
Operating Expenses+	381.31K	987.77K	4.64M	13.04M
OpEx % of Revenue	-	-	0.07%	0.07%
Selling, General & Admin	381.31K	987.77K	4.65M	12.7M
SG&A % of Revenue	-	-	0.07%	0.07%
Research & Development	0	0	0	0
R&D % of Revenue	-	-	-	-
Other Operating Expenses	0	0	-6K	337.88K
Operating Income+	-381.3K	-987.77K	11.99M	9.2M
Operating Margin %	-	-	0.19%	0.05%
Operating Income Growth %	-	-1.59%	13.14%	-0.23%
EBITDA+	-246.89K	-987.67K	14.59M	32.44M
EBITDA Margin %	-	-	0.23%	0.18%
EBITDA Growth %	-	-3%	15.78%	1.22%
D&A (Non-Cash Add-back)	0	96	2.61M	23.24M
EBIT	-246.89K	-1.12M	11.99M	9.2M
Net Interest Income+	134.41K	9	-3.26M	-3.26M
Interest Income	134.41K	9	0	0
Interest Expense	0	0	3.26M	3.26M
Other Income/Expense	134.41K	3.17M	-2.1M	32.42M
Pretax Income+	-246.89K	2.18M	9.89M	41.28M
Pretax Margin %	-	-	0.16%	0.23%
Income Tax+	0	0	0	781.24K
Effective Tax Rate %	1%	1%	1%	0.99%
Net Income+	-246.89K	2.18M	9.89M	40.9M
Net Margin %	-	-	0.16%	0.23%
Net Income Growth %	-	9.84%	3.53%	3.14%
Net Income (Continuing)	-246.89K	2.18M	9.89M	40.5M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	199.45K
EPS (Diluted)+	-0.02	0.19	0.24	1.00
EPS Growth %	-	10.22%	0.26%	3.17%
EPS (Basic)	-0.02	0.19	0.24	1.09
Diluted Shares Outstanding	11.96M	11.54M	41M	41M
Basic Shares Outstanding	11.96M	11.54M	41M	41M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Jun 2022	Jun 2023	Dec 2023	Dec 2024
Total Current Assets+	310.23K	36.61K	82.75M	55.39M
Cash & Short-Term Investments	276.28K	746	18.04M	13.65M
Cash Only	276.28K	746	18.04M	13.65M
Short-Term Investments	0	0	0	0
Accounts Receivable	0	0	0	18.75M
Days Sales Outstanding	-	-	-	38.67
Inventory	0	0	40M	19.98M
Days Inventory Outstanding	-	-	319.15	47.03
Other Current Assets	0	0	167.9K	2.6M
Total Non-Current Assets+	93.55M	70.69M	155.53M	184.41M
Property, Plant & Equipment	0	711.34K	143.32M	165.67M
Fixed Asset Turnover	-	-	0.44x	1.07x
Goodwill	0	0	0	0
Intangible Assets	0	0	0	0
Long-Term Investments	93.55M	70.69M	42.4M	1.62M
Other Non-Current Assets	0	-711.34K	-30.19M	17.13M
Total Assets+	93.86M	70.72M	238.28M	239.8M
Asset Turnover	-	-	0.26x	0.74x
Asset Growth %	-	-0.25%	2.37%	0.01%
Total Current Liabilities+	82.73K	2.88M	169.19M	125.03M
Accounts Payable	0	1.08M	37.22M	17.63M
Days Payables Outstanding	-	-	296.98	41.49
Short-Term Debt	0	1.87M	91.9M	16.13M
Deferred Revenue (Current)	0	0	1000K	1000K
Other Current Liabilities	82.73K	-78.64K	10.58M	0
Current Ratio	3.75x	0.01x	0.49x	0.44x
Quick Ratio	3.75x	0.01x	0.25x	0.28x
Cash Conversion Cycle	-	-	-	44.22
Total Non-Current Liabilities+	3.22M	198.72K	12.19M	55.33M
Long-Term Debt	0	0	11.82M	21M
Capital Lease Obligations	0	198.72K	372.73K	34.33M
Deferred Tax Liabilities	0	0	0	0
Other Non-Current Liabilities	3.22M	0	0	0
Total Liabilities	3.3M	5.39M	181.39M	180.36M
Total Debt+	0	198.72K	104.24M	73.57M
Net Debt	-276.28K	1.87M	86.21M	59.92M
Debt / Equity	-	0.00x	1.83x	1.24x
Debt / EBITDA	-	-	7.14x	2.27x
Net Debt / EBITDA	-	-	5.91x	1.85x
Interest Coverage	-	-	3.68x	2.82x
Total Equity+	90.56M	65.34M	56.9M	59.44M
Equity Growth %	-	-0.28%	-0.13%	0.04%
Book Value per Share	7.57	5.66	1.39	1.45
Total Shareholders' Equity	90.56M	7.85M	56.9M	59.24M
Common Stock	93.05M	4.1K	4.1K	3.36K
Retained Earnings	-2.49M	-186.84K	9.7M	50.32M
Treasury Stock	0	0	0	0
Accumulated OCI	0	395.66K	-2.81M	-5.49M
Minority Interest	0	0	0	199.45K

Cash Flow

	Jun 2022	Jun 2023	Dec 2023	Dec 2024
Cash from Operations+	-182.13K	-778.98K	-12.53M	46.51M
Operating CF Margin %	-	-	-0.2%	0.26%
Operating CF Growth %	-	-3.28%	-15.08%	4.71%
Net Income	-246.89K	-186.84K	9.89M	40.5M
Depreciation & Amortization	0	6.46K	2.72M	23.52M
Stock-Based Compensation	0	0	0	609K
Deferred Taxes	0	0	0	0
Other Non-Cash Items	15.98K	-807.38K	193.7K	-32M
Working Capital Changes	48.79K	208.79K	-25.33M	13.88M
Change in Receivables	0	0	0	-18.12M
Change in Inventory	0	0	-40.73M	15.88M
Change in Payables	0	0	2.08M	3.03M
Cash from Investing+	-92.92M	26.04M	-114.24M	-44.04M
Capital Expenditures	0	-1.46M	-114.24M	-44.04M
CapEx % of Revenue	-	-	1.83%	0.25%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	0	27.5M	0	0
Cash from Financing+	93.38M	-25.53M	146.15M	-2.09M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	0
Share Repurchases	-	-	-	-
Other Financing	-500K	0	-1.82M	-1.12M
Net Change in Cash	-	-	-	-
Free Cash Flow+	-182.13K	-2.24M	-126.77M	2.46M
FCF Margin %	-	-	-2.03%	0.01%
FCF Growth %	-	-11.31%	-55.53%	1.02%
FCF per Share	-0.02	-0.19	-3.09	0.06
FCF Conversion (FCF/Net Income)	0.74x	-0.36x	-1.27x	1.14x
Interest Paid	0	0	0	3.32M
Taxes Paid	0	0	0	0

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	-0.27%	2.8%	16.18%	70.31%
Return on Invested Capital (ROIC)	-	-0.95%	8.62%	5.26%
Gross Margin	-	-	26.66%	12.37%
Net Margin	-	-	15.85%	23.11%
Debt / Equity	-	0.00x	1.83x	1.24x
Interest Coverage	-	-	3.68x	2.82x
FCF Conversion	0.74x	-0.36x	-1.27x	1.14x
Revenue Growth	-	-	-	183.76%

Revenue by Geography

	2024
Asia	171.71M
Asia Growth	-
United States of America, Dollars	37.91M
United States of America, Dollars Growth	-

Frequently Asked Questions

Valuation & Price

TOYO Co., Ltd. (TOYO) has a price-to-earnings (P/E) ratio of 6.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

TOYO Co., Ltd. (TOYO) reported $178.0M in revenue for fiscal year 2024.

TOYO Co., Ltd. (TOYO) grew revenue by 183.8% over the past year. This is strong growth.

Yes, TOYO Co., Ltd. (TOYO) is profitable, generating $24.4M in net income for fiscal year 2024 (23.1% net margin).

Dividend & Returns

TOYO Co., Ltd. (TOYO) has a return on equity (ROE) of 70.3%. This is excellent, indicating efficient use of shareholder capital.

TOYO Co., Ltd. (TOYO) had negative free cash flow of $9.8M in fiscal year 2024, likely due to heavy capital investments.

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