FTC Solar, Inc. (FTCI) vs TOYO Co., Ltd. (TOYO)

FTC Solar, Inc. and TOYO Co., Ltd. are both Solar companies. TOYO Co., Ltd. is the larger, with a market value of $188.0M against $45.6M — 4.1× the size. FTC Solar, Inc. has negative trailing earnings, so its P/E is not meaningful; TOYO Co., Ltd. trades at 3.8×. TOYO Co., Ltd. has the higher net margin (0.00% vs −53.6%) and the higher return on invested capital (0.00% vs 0.00%). Across the 10 metrics below, TOYO Co., Ltd. leads on 7 and FTC Solar, Inc. on 3.

Valuation

Metric FTCI TOYO Solar median
P/E n/m 3.85 10.93
P/S 0.42 n/m 0.54
P/B n/m 0.81 1.44
Price to free cash flow n/m 2.13 9.91
EV/EBITDA n/m 2.09 9.90
EV/Sales 0.66 n/m 0.74
Earnings yield (129.32%) 26.00% 0.00%
Free cash flow yield (66.71%) 47.04% 0.00%

Profitability

Metric FTCI TOYO Solar median
Gross margin 2.96% — 31.92%
Operating margin (38.26%) — (9.70%)
Net margin (53.61%) 0.00% (8.48%)
Free cash flow margin (27.84%) 0.00% (2.95%)
Return on equity 514.95% 31.92% 5.34%
Return on assets (60.61%) 15.99% (5.36%)
Return on invested capital 0.00% 0.00% (5.27%)

Growth

Metric FTCI TOYO Solar median
Revenue growth (TTM) 59.53% — 16.97%
EPS growth (last fiscal year) (43.34%) (10.09%) —
Revenue growth, 5-year CAGR (11.86%) — 14.00%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric FTCI TOYO Solar median
Debt to equity (0.75) 0.28 0.09
Current ratio 0.91 1.12 1.33
Net debt to EBITDA (0.05) 0.19 0.03

Dividend

Metric FTCI TOYO Solar median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric FTCI TOYO Solar median
Market cap 45.60m 187.97m 43.46m

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