Sunrun Inc. (RUN) vs TOYO Co., Ltd. (TOYO)

Sunrun Inc. and TOYO Co., Ltd. are both Solar companies. Sunrun Inc. is the larger, with a market value of $1.8B against $186.3M — 9.8× the size. TOYO Co., Ltd. trades at the lower P/E: 3.8× against 4.5×. Sunrun Inc. has the higher net margin (11.6% vs 0.00%) and the higher return on invested capital (0.31% vs 0.00%). Across the 14 metrics below, TOYO Co., Ltd. leads on 9 and Sunrun Inc. on 5.

Valuation

Metric RUN TOYO Solar median
P/E 4.47 3.77 10.94
P/S 0.53 n/m 0.50
P/B 0.42 0.80 1.16
Price to free cash flow n/m 2.08 10.04
EV/EBITDA 18.88 2.03 9.58
EV/Sales 4.57 n/m 0.68
Earnings yield 22.38% 26.53% 0.00%
Free cash flow yield (121.09%) 48.01% 0.00%

Profitability

Metric RUN TOYO Solar median
Gross margin 35.29% — 31.92%
Operating margin 2.66% — (9.70%)
Net margin 11.59% 0.00% (8.48%)
Free cash flow margin (63.62%) 0.00% (2.95%)
Return on equity 9.92% 31.92% 5.34%
Return on assets 1.81% 11.05% (5.36%)
Return on invested capital 0.31% 0.00% (5.27%)

Growth

Metric RUN TOYO Solar median
Revenue growth (TTM) 63.23% — 16.97%
EPS growth (last fiscal year) 113.35% (10.09%) 47.20%
Revenue growth, 5-year CAGR 26.24% — 14.00%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric RUN TOYO Solar median
Debt to equity 3.46 0.28 0.09
Current ratio 1.42 1.12 1.33
Net debt to EBITDA 22.50 0.19 0.03

Dividend

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

Size

Metric RUN TOYO Solar median
Market cap 1.83b 186.26m 33.65m

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