Spruce Power Holding Corporation (SPRU) vs TOYO Co., Ltd. (TOYO)

Spruce Power Holding Corporation and TOYO Co., Ltd. are both Solar companies. TOYO Co., Ltd. is the larger, with a market value of $188.0M against $38.1M — 4.9× the size. Spruce Power Holding Corporation 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 −6.76%) and the lower return on invested capital (0.00% vs 2.16%). Across the 14 metrics below, TOYO Co., Ltd. leads on 10 and Spruce Power Holding Corporation on 4.

Valuation

Metric SPRU TOYO Solar median
P/E n/m 3.85 10.93
P/S 0.33 n/m 0.54
P/B 0.29 0.81 1.44
Price to free cash flow 4.56 2.13 9.91
EV/EBITDA 10.39 2.09 9.90
EV/Sales 5.69 n/m 0.74
Earnings yield (22.16%) 26.00% 0.00%
Free cash flow yield 21.93% 47.04% 0.00%

Profitability

Metric SPRU TOYO Solar median
Gross margin 66.41% — 31.92%
Operating margin 22.47% — (9.70%)
Net margin (6.76%) 0.00% (8.48%)
Free cash flow margin 7.30% 0.00% (2.95%)
Return on equity (5.86%) 31.92% 5.34%
Return on assets (0.87%) 15.99% (5.36%)
Return on invested capital 2.16% 0.00% (5.27%)

Growth

Metric SPRU TOYO Solar median
Revenue growth (TTM) 10.22% — 16.97%
EPS growth (last fiscal year) 62.30% (10.09%) —
Revenue growth, 5-year CAGR 40.62% — 14.00%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric SPRU TOYO Solar median
Debt to equity 5.39 0.28 0.09
Current ratio 0.40 1.12 1.33
Net debt to EBITDA 11.36 0.19 0.03

Dividend

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

Size

Metric SPRU TOYO Solar median
Market cap 38.12m 187.97m 43.46m

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