CSLM Acquisition Corp. (SPWR) vs TOYO Co., Ltd. (TOYO)

CSLM Acquisition Corp. and TOYO Co., Ltd. are both Solar companies. TOYO Co., Ltd. is the larger, with a market value of $188.0M against $99.3M — 1.9× the size. CSLM Acquisition Corp. 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 −3.77%) and the higher return on invested capital (0.00% vs −38.2%). Across the 11 metrics below, TOYO Co., Ltd. leads on 8 and CSLM Acquisition Corp. on 3.

Valuation

Metric SPWR TOYO Solar median
P/E n/m 3.85 10.93
P/S 0.16 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 0.59 n/m 0.74
Earnings yield (61.97%) 26.00% 0.00%
Free cash flow yield (133.02%) 47.04% 0.00%

Profitability

Metric SPWR TOYO Solar median
Gross margin 52.17% — 31.92%
Operating margin (20.11%) — (9.70%)
Net margin (3.77%) 0.00% (8.48%)
Free cash flow margin (21.35%) 0.00% (2.95%)
Return on equity 15.27% 31.92% 5.34%
Return on assets (5.36%) 15.99% (5.36%)
Return on invested capital (38.19%) 0.00% (5.27%)

Growth

Metric SPWR TOYO Solar median
Revenue growth (TTM) 18.59% — 16.97%
EPS growth (last fiscal year) 30.18% (10.09%) —
Revenue growth, 5-year CAGR — — 14.00%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric SPWR TOYO Solar median
Debt to equity (4.70) 0.28 0.09
Current ratio 0.82 1.12 1.33
Net debt to EBITDA (60.25) 0.19 0.03

Dividend

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

Size

Metric SPWR TOYO Solar median
Market cap 99.26m 187.97m 43.46m

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