The company maintains a capital-intensive manufacturing footprint with $249.6M in net property, plant, and equipment, though liquidity remains tight with a 0.68 current ratio.
| Total Current Assets | 207.63M | 171.85M | 55.39M | 82.75M | 2.07M | 310.23K |
| Cash & Short-Term Investments | 58.81M | 51.63M | 13.65M | 18.04M | 2.07M | 276.28K |
| Cash Only | 58.81M | 51.63M | 13.65M | 18.04M | 2.07M | 276.28K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 17.94M | 11.75M | 18.75M | 0 | 0 | 0 |
| Days Sales Outstanding | 21.17 | 10.03 | 38.68 | - | - | - |
| Inventory | 114.47M | 79.99M | 19.98M | 40M | 0 | 0 |
| Days Inventory Outstanding | 99.73 | 88.19 | 47.04 | 319.19 | - | - |
| Other Current Assets | 3.55M | 3M | 2.6M | 167.9K | 0 | 0 |
| Total Non-Current Assets | 270.65M | 269.59M | 184.41M | 155.53M | 8.86M | 93.55M |
| Property, Plant & Equipment | 249.56M | 255M | 165.67M | 143.32M | 711.34K | 0 |
| Fixed Asset Turnover | 1.46x | 1.68x | 1.07x | 0.44x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 14.99M | 0 | 1.62M | 42.4M | 0 | 93.55M |
| Other Non-Current Assets | 7.29M | 14.41M | 17.13M | -30.19M | 8.15M | 0 |
| Total Assets | 478.28M | 441.43M | 239.8M | 238.28M | 10.92M | 93.86M |
| Asset Turnover | 0.85x | 0.97x | 0.74x | 0.26x | - | - |
| Asset Growth % | 803.24% | 84.08% | 0.64% | 2081.12% | -88.36% | - |
| Total Current Liabilities | 304.73M | 295.7M | 125.03M | 169.19M | 2.88M | 82.73K |
| Accounts Payable | 50.84M | 55.65M | 17.63M | 37.22M | 1.08M | 0 |
| Days Payables Outstanding | 69.92 | 61.35 | 41.5 | 297.01 | - | - |
| Short-Term Debt | 34.53M | 36.12M | 16.13M | 91.9M | 0 | 0 |
| Deferred Revenue (Current) | 157.16M | 107.94M | 23.73M | 29.35M | 0 | 0 |
| Other Current Liabilities | 64.79M | 0 | 0 | 10.58M | 0 | 82.73K |
| Current Ratio | 0.68x | 0.58x | 0.44x | 0.49x | 0.72x | 3.75x |
| Quick Ratio | 0.31x | 0.31x | 0.28x | 0.25x | 0.72x | 3.75x |
| Cash Conversion Cycle | 50.99 | 36.87 | 44.23 | - | - | - |
| Total Non-Current Liabilities | 33.76M | 34.47M | 55.33M | 12.19M | 198.72K | 3.22M |
| Long-Term Debt | 0 | 0 | 21M | 11.82M | 0 | 0 |
| Capital Lease Obligations | 136.33M | 34.47M | 34.33M | 372.73K | 198.72K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 3.22M |
| Total Liabilities | 338.49M | 330.18M | 180.36M | 181.39M | 3.08M | 3.3M |
| Total Debt | 68.29M | 73.46M | 73.57M | 104.24M | 198.72K | 0 |
| Net Debt | 9.47M | 21.83M | 59.92M | 86.21M | -1.87M | -276.28K |
| Debt / Equity | 0.49x | 0.66x | 1.24x | 1.83x | 0.03x | - |
| Debt / EBITDA | 0.98x | 0.74x | 2.29x | 7.14x | - | - |
| Net Debt / EBITDA | 0.14x | 0.22x | 1.87x | 5.91x | - | - |
| Interest Coverage | 11.82x | 17.79x | 2.71x | 3.68x | - | - |
| Total Equity | 139.79M | 111.26M | 59.44M | 56.9M | 7.85M | 90.56M |
| Equity Growth % | 189.62% | 87.17% | 4.47% | 624.97% | -91.33% | - |
| Book Value per Share | 3.71 | 3.67 | 1.93 | 1.39 | 0.66 | 7.57 |
| Total Shareholders' Equity | 139.79M | 111.26M | 59.24M | 56.9M | 7.85M | 90.56M |
| Common Stock | 3.78K | 3.67K | 3.36K | 4.1K | 4.1K | 93.05M |
| Retained Earnings | 118.39M | 89.98M | 50.32M | 9.7M | -186.84K | -2.49M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -7.53M | -7.5M | -5.49M | -2.81M | 395.66K | 0 |
| Minority Interest | 0 | 0 | 199.45K | 0 | 0 | 0 |
Geopolitical Trade Policy Exposure
According to the latest quarterly financial data, TOYO's total assets have surged to $478.3M in 2026Q1, reflecting a significant scaling of the balance sheet as the company aggressively expands its manufacturing footprint to support its rapid revenue growth trajectory in the competitive solar module market.
The expansion of the asset base appears to be driven by the successful commissioning of new production capacity, which has transitioned the company from a startup phase to a more established industrial player. Investors should monitor whether this rapid asset accumulation continues to yield proportional returns on invested capital as the company matures.
As reported in recent financial statements, TOYO's net property, plant, and equipment reached $249.6M in 2026Q1, indicating that the company has successfully transitioned into an asset-heavy manufacturing model to secure its vertical integration strategy within the Vietnam-Japan corridor.
This heavy investment in PPE suggests that the company is prioritizing control over its production processes to mitigate supply chain risks. However, the concentration of assets in a single geographic region warrants further investigation regarding potential impairment risks should trade regulations or local operational conditions shift unexpectedly.
Based on the company's reported figures, the current ratio stood at 0.68 in 2026Q1, which suggests that TOYO maintains a relatively lean liquidity buffer relative to its short-term obligations as it continues to prioritize capital deployment into long-term production assets over cash preservation.
While the current ratio has improved from the extremely low levels seen in 2024, the persistent sub-1.0 ratio indicates that the company relies heavily on the continuous conversion of inventory and receivables to meet its immediate liabilities. This liquidity profile appears adequate for current operations but may leave little room for error during periods of market volatility.
Data from recent filings indicates that TOYO's deferred revenue reached $133.4M in 2026Q1, a significant balance that may potentially obscure the underlying volatility of actual product delivery and the associated risks of inventory obsolescence in a rapidly evolving solar technology landscape.
The presence of such a large deferred revenue balance suggests that the company is successfully securing pre-orders, yet it also introduces a risk that future revenue recognition could be delayed or impacted by project-specific bottlenecks. Analysts should carefully scrutinize the aging of this balance to ensure it reflects genuine, executable demand rather than accounting timing differences.
Quick answers to the most common questions about buying TOYO stock.
As of 2025, TOYO Co., Ltd. (TOYO) had total assets of $441.4M including $171.8M in current assets.
TOYO Co., Ltd. (TOYO) carries total debt of $73.5M, offset by $51.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TOYO Co., Ltd. (TOYO) has total shareholders' equity (book value) of $111.3M ($3.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TOYO Co., Ltd. (TOYO) reported a current ratio of 0.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.