Jinko Holdings Limited - Unsponsored ADR (JKS) vs TOYO Co., Ltd. (TOYO)

Jinko Holdings Limited - Unsponsored ADR and TOYO Co., Ltd. are both Solar companies. Jinko Holdings Limited - Unsponsored ADR is the larger, with a market value of $517.2M against $211.9M — 2.4× the size. Jinko Holdings Limited - Unsponsored ADR 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 −5.87%) and the higher return on invested capital (0.00% vs −15.2%). Across the 11 metrics below, TOYO Co., Ltd. leads on 8 and Jinko Holdings Limited - Unsponsored ADR on 3.

Valuation

Metric JKS TOYO Solar median
P/E n/m 4.26 11.37
P/S 0.06 n/m 0.60
P/B 0.15 0.90 0.90
Price to free cash flow n/m 2.35 15.06
EV/EBITDA n/m 2.41 10.71
EV/Sales 0.10 n/m 0.85
Earnings yield (90.06%) 23.47% (16.54%)
Free cash flow yield (543.15%) 42.47% (1.15%)

Profitability

Metric JKS TOYO Solar median
Gross margin 4.68% — 28.56%
Operating margin (11.51%) — (7.89%)
Net margin (5.87%) 0.00% (7.34%)
Free cash flow margin 0.00% 0.00% (1.48%)
Return on equity 0.00% 31.92% 7.14%
Return on assets (2.91%) 11.05% (3.25%)
Return on invested capital (15.23%) 0.00% (4.96%)

Growth

Metric JKS TOYO Solar median
Revenue growth (TTM) (19.06%) — 10.49%
EPS growth (last fiscal year) (1,668.12%) 3.67% 51.53%
Revenue growth, 5-year CAGR 11.71% — 13.86%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric JKS TOYO Solar median
Debt to equity 1.10 0.28 0.01
Current ratio 1.13 1.12 1.50
Net debt to EBITDA (14.38) 0.19 0.19

Dividend

Metric JKS TOYO Solar median
Dividend yield 14.48% — —
Payout ratio — — —

Size

Metric JKS TOYO Solar median
Market cap 517.18m 211.88m 76.52m

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