CSLM Acquisition Corp. (SPWR) vs Tigo Energy, Inc. (TYGO)

CSLM Acquisition Corp. and Tigo Energy, Inc. are both Solar companies. CSLM Acquisition Corp. is the larger, with a market value of $99.3M against $73.0M — 1.4× the size. CSLM Acquisition Corp. has negative trailing earnings, so its P/E is not meaningful; Tigo Energy, Inc. trades at 5.7×. Tigo Energy, Inc. grew revenue faster over the last twelve months: 49.5% against 18.6%. Tigo Energy, Inc. has the higher net margin (8.97% vs −3.77%) and the higher return on invested capital (−6.09% vs −38.2%). Across the 16 metrics below, Tigo Energy, Inc. leads on 11 and CSLM Acquisition Corp. on 5.

Valuation

Metric SPWR TYGO Solar median
P/E n/m 5.73 10.93
P/S 0.16 0.59 0.54
P/B n/m 1.47 1.44
Price to free cash flow n/m 7.09 9.91
EV/EBITDA n/m n/m 9.90
EV/Sales 0.59 0.90 0.74
Earnings yield (61.97%) 17.44% 0.00%
Free cash flow yield (133.02%) 14.10% 0.00%

Profitability

Metric SPWR TYGO Solar median
Gross margin 52.17% 42.43% 31.92%
Operating margin (20.11%) (2.79%) (9.70%)
Net margin (3.77%) 8.97% (8.48%)
Free cash flow margin (21.35%) 8.32% (2.95%)
Return on equity 15.27% 43.06% 5.34%
Return on assets (5.36%) 12.59% (5.36%)
Return on invested capital (38.19%) (6.09%) (5.27%)

Growth

Metric SPWR TYGO Solar median
Revenue growth (TTM) 18.59% 49.51% 16.97%
EPS growth (last fiscal year) 30.18% 97.12% —
Revenue growth, 5-year CAGR — — 14.00%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric SPWR TYGO Solar median
Debt to equity (4.70) 0.09 0.09
Current ratio 0.82 3.04 1.33
Net debt to EBITDA (60.25) 2.37 0.03

Dividend

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

Size

Metric SPWR TYGO Solar median
Market cap 99.26m 73.02m 43.46m

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