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Array Technologies, Inc. (ARRY) vs TOYO Co., Ltd. (TOYO)

Array Technologies, Inc. and TOYO Co., Ltd. are both Solar companies. Array Technologies, Inc. is the larger, with a market value of $816.2M against $211.9M — 3.9× the size. Array Technologies, Inc. has negative trailing earnings, so its P/E is not meaningful; TOYO Co., Ltd. trades at 4.3×. TOYO Co., Ltd. has the higher net margin (0.00% vs −12.5%) and the higher return on invested capital (0.00% vs −25.6%). Across the 13 metrics below, TOYO Co., Ltd. leads on 8 and Array Technologies, Inc. on 5.

Valuation

Metric ARRY TOYO Solar median
P/E n/m 4.26 11.37
P/S 0.68 n/m 0.60
P/B n/m 0.90 0.90
Price to free cash flow 6.02 2.35 15.06
EV/EBITDA 11.24 2.41 10.71
EV/Sales 0.99 n/m 0.85
Earnings yield (18.60%) 23.47% (16.54%)
Free cash flow yield 16.62% 42.47% (1.15%)

Profitability

Metric ARRY TOYO Solar median
Gross margin 24.27% — 28.56%
Operating margin (5.13%) — (7.89%)
Net margin (12.48%) 0.00% (7.34%)
Free cash flow margin 11.37% 0.00% (1.48%)
Return on equity 108.38% 31.92% 7.14%
Return on assets (9.62%) 11.05% (3.25%)
Return on invested capital (25.60%) 0.00% (4.96%)

Growth

Metric ARRY TOYO Solar median
Revenue growth (TTM) 1.18% — 10.49%
EPS growth (last fiscal year) 62.56% 3.67% 51.53%
Revenue growth, 5-year CAGR 8.03% — 13.86%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric ARRY TOYO Solar median
Debt to equity (3.25) 0.28 0.01
Current ratio 2.20 1.12 1.50
Net debt to EBITDA 3.36 0.19 0.19

Dividend

Metric ARRY TOYO Solar median
Dividend yield — — —
Payout ratio — — —

Size

Metric ARRY TOYO Solar median
Market cap 816.24m 211.88m 76.52m

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