Free cash flow turned positive at $28.8M in 2026Q1 as capital expenditure intensity moderated to 3.2% of revenue from previous highs of 70.6%.
| Cash from Operations | 85.84M | 132.99M | 46.51M | -12.53M | -778.98K | -182.13K |
| Operating CF Margin % | - | 31.12% | 26.28% | -20.09% | - | - |
| Operating CF Growth % | 25409.19% | 185.95% | 471.19% | -1508.4% | -327.71% | - |
| Net Income | 42.35M | 37.15M | 40.5M | 9.89M | -186.84K | -246.89K |
| Depreciation & Amortization | 30.98M | 39.59M | 23.52M | 2.72M | 6.46K | 0 |
| Stock-Based Compensation | 304.5K | 13.7M | 609K | 0 | 0 | 0 |
| Deferred Taxes | 0 | -178.11K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.14M | 4.37M | -32M | 193.7K | -807.38K | 15.98K |
| Working Capital Changes | 13.34M | 38.35M | 13.88M | -25.33M | 208.79K | 48.79K |
| Change in Receivables | -3.07M | 6.6M | -18.12M | 0 | 0 | 0 |
| Change in Inventory | 7.94M | -63.36M | 15.88M | -40.73M | 0 | 0 |
| Change in Payables | 0 | 9.61M | 3.03M | 2.08M | 0 | 0 |
| Cash from Investing | -65.52M | -98.4M | -44.04M | -114.24M | 26.04M | -92.92M |
| Capital Expenditures | -65.45M | -91.75M | -44.04M | -114.24M | -1.46M | 0 |
| CapEx % of Revenue | 21.72% | 21.47% | 24.89% | 183.14% | - | - |
| Acquisitions | 0 | -6.65M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -67.39K | 0 | 0 | 0 | 27.5M | 0 |
| Cash from Financing | -982.51K | 9.1M | -2.09M | 146.15M | -25.53M | 93.38M |
| Debt Issued (Net) | -15.84M | 5.44M | -6.98M | 105.61M | 1.87M | 0 |
| Equity Issued (Net) | 0 | 4M | 6.01M | 42.36M | -27.41M | 93.88M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -27.41M | 0 |
| Other Financing | 14.86M | -340K | -1.12M | -1.82M | 0 | -500K |
| Net Change in Cash | 58.81M | 41.71M | -1.85M | 16.93M | -275.54K | 276.28K |
| Free Cash Flow | 20.39M | 41.24M | 2.46M | -126.77M | -2.24M | -182.13K |
| FCF Margin % | 6.77% | 9.65% | 1.39% | -203.23% | - | - |
| FCF Growth % | 244.06% | 1574.51% | 101.94% | -5552.76% | -1131.34% | - |
| FCF per Share | 0.54 | 1.36 | 0.08 | -3.09 | -0.19 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.48x | 3.35x | 1.15x | -1.27x | 4.17x | 0.74x |
| Interest Paid | 1.56M | 1.95M | 3.32M | 0 | 0 | 0 |
| Taxes Paid | 0 | 943.12K | 0 | 0 | 0 | 0 |
Geopolitical Trade Policy Exposure
According to the latest quarterly data, TOYO's operating cash flow to net income ratio reached 1.18 in 2026Q1, marking a significant recovery from the volatile and often negative conversion ratios observed throughout 2023 and early 2024 as the company struggled to align cash generation with accounting profits.
The recent alignment of cash flow with net income suggests that the company's earnings are becoming increasingly backed by actual liquidity rather than non-cash accruals. Investors should monitor whether this 1.18 ratio is sustainable or if it reflects a temporary timing benefit in working capital management.
As reported in financial statements, TOYO achieved a positive free cash flow of $28.8M in 2026Q1, a notable shift from the persistent cash burn that characterized the 2023-2024 period when capital expenditures frequently outpaced operating cash inflows during the company's initial aggressive capacity build-out phase.
The transition to positive free cash flow indicates that the heavy investment cycle required to establish the Vietnam manufacturing base may be moderating. This trajectory suggests the company is moving toward a self-funding model, though the sustainability of this trend remains contingent on maintaining high capacity utilization.
Based on TOYO's reported figures, capital expenditures as a percentage of revenue dropped to 3.2% in 2026Q1, a sharp decline from the extreme 70.6% intensity observed in late 2024, signaling that the primary phase of infrastructure investment for its integrated solar manufacturing facilities is largely complete.
The reduction in capital intensity implies that the company is shifting focus from building capacity to sweating existing assets for margin expansion. Analysts should investigate whether this lower capex level is sufficient to maintain competitive technological parity in the rapidly evolving solar module market.
Data from recent filings indicates that TOYO's working capital changes have been highly erratic, swinging from a $13.3M drag in late 2024 to a neutral position in 2026Q1, which highlights the inherent difficulty in managing inventory and receivables within a project-based, high-growth solar manufacturing business model.
The lack of consistent working capital efficiency suggests that the company's cash cycle is highly sensitive to the timing of large-scale module shipments and customer payments. This volatility warrants further investigation into the company's credit terms and the potential for future inventory obsolescence if market demand shifts.
Quick answers to the most common questions about buying TOYO stock.
TOYO Co., Ltd. (TOYO) generated $133.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TOYO Co., Ltd. (TOYO) generated $41.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
TOYO Co., Ltd. (TOYO) spent $91.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.