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Friday 6 November 2026
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TOYO Co., Ltd.
TOYO Technology Solar
TOYO Co., Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $427.4 million, up 141.5% from fiscal 2024.
- EPS
- +666.7%
- Free cash flow
- +139.1%
- Total debt
- −16.4%
Quarter to June 2026, against a year earlier
5.11
0.15
+3.02%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 62 | 177 | 427 | — | +161.8% | 569 | 1,027 | 952 | +30.6% | |
| Gross margin, % | — | — | — | — | — | — | — | 26.67 | 12.37 | 22.54 | — | (4.1) pt | ||||||
| EBT | — | — | — | — | — | — | 0 | 10 | 41 | 53 | 53 | n/m | ||||||
| EBT margin, % | — | — | — | — | — | — | 0.00 | 15.85 | 23.33 | 12.29 | 0.00 | +12.3 pt | ||||||
| Net income | — | 0 | — | — | — | — | 0 | 10 | 41 | 37 | 37 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 0.00 | 1.52 | 5.75 | 14.24 | 0.00 | n/m | |||||
| Earnings | — | — | — | — | — | — | 0.00 | 0.24 | 1.09 | 1.14 | 1.16 | n/m | ||||||
| Cash flow | — | — | — | — | — | — | 0.00 | (0.31) | 1.51 | 4.43 | 6.04 | n/m | ||||||
| Capex | — | — | — | — | — | — | 0.00 | (2.79) | (1.43) | (3.06) | (3.94) | n/m | ||||||
| Free cash flow | — | — | — | — | — | — | 0.00 | (3.09) | 0.08 | 1.37 | 2.10 | n/m | ||||||
| Book value | — | — | — | — | — | — | 0.00 | 1.39 | 1.93 | 3.71 | 5.49 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | 12 | 41 | 31 | 30 | 29 | +35.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 47.91 | 14.70 | 73.80 | 4.26 | 45.5 | |||||
| P/S | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | ||||||
| P/B | — | — | — | — | — | — | — | 1.38 | 0.40 | 1.77 | 0.90 | 1.2 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | ||||||
| EV/FCF | — | — | — | — | — | — | — | (5.60) | (0.67) | 5.87 | 1.73 | (0.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | 0 | (13) | 47 | 133 | 231 | n/m | |||||
| Capex | — | — | — | — | — | — | 0 | (114) | (44) | (92) | (151) | n/m | ||||||
| Free cash flow | — | — | — | — | — | — | 0 | (127) | 2 | 41 | 80 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | (1) | (86) | (70) | (124) | 30 | +434.2% | |||||
| Net debt | — | — | — | — | — | — | (2) | (6) | 56 | 18 | (50) | n/m | ||||||
| Shareholders’ equity | — | — | — | — | — | — | 8 | 57 | 59 | 111 | 210 | +142.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | 7.94 | 14.03 | 10.05 | 11.05 | +10.1 pt | |||||
| ROIC | — | — | — | — | — | — | 0.00 | 14.70 | 4.80 | 28.49 | 0.00 | +28.5 pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | 30.55 | 57.64 | 40.11 | 31.92 | +40.1 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 814 | 528 | 2,552 | — | +77.1% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.08 | 0.34 | 0.17 | — | +47.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
TOYO Co., Ltd. vs peers in Solar (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SHLS Shoals Technologies Group, Inc. | $1.5B | 40.0× | 28.7× | +43.82% (above 0%: growing) | +51.57% (above 0%: growing) | +190.08% (above 0%: growing) | 31.95% | 14.83% | Compare |
| ARRY Array Technologies, Inc. | $816.2M | — (loss-making) | 18.1× | −5.57% (below 0%: shrinking) | −73.68% (below 0%: shrinking) | +205.42% (above 0%: growing) | 29.12% | 10.16% | Compare |
| DQ DAQO New Energy Corp. | $803.9M | — (loss-making) | — (loss-making) | −20.62% (below 0%: shrinking) | n/m | +35.96% (above 0%: growing) | (31.20%) | (40.50%) | Compare |
| JKS Jinko Holdings Limited - Unsponsored ADR | $517.2M | — (loss-making) | — (loss-making) | −27.48% (below 0%: shrinking) | n/m | +78.73% (above 0%: growing) | 4.15% | (11.62%) | Compare |
| TOYO TOYO Co., Ltd. | $211.9M | 4.3× | 2.4× | — | +666.67% (above 0%: growing) | +139.07% (above 0%: growing) | 31.28% | 19.08% | |
| SPWR CSLM Acquisition Corp. | $78.6M | — (loss-making) | — (loss-making) | −17.03% (below 0%: shrinking) | n/m | −499.66% (below 0%: shrinking) | 45.50% | (42.76%) | Compare |
| TYGO Tigo Energy, Inc. | $55.4M | 4.9× | — (loss-making) | −21.47% (below 0%: shrinking) | n/m | +28.01% (above 0%: growing) | 46.16% | (0.32%) | Compare |
| PN PN Smart Energy Limited | $35.1M | — | — | — | — | — | — | — | Compare |
| SPRU Spruce Power Holding Corporation | $24.5M | — (loss-making) | — (loss-making) | −8.75% (below 0%: shrinking) | n/m | −43.41% (below 0%: shrinking) | 67.84% | 32.21% | Compare |
| Median of peers | $297.9M | — | — | −17.03% | — | +35.96% | 31.95% | (0.32%) |