NASDAQ : TOYO
TOYO Co., Ltd. — Financial statements
Technology · Solar · Japan
Last price 4.53 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 193.52M
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Financial statements
TOYO Co., Ltd. (TOYO) reported revenue of 549.23M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | 549.23M | 427.38M | 176.96M | 62.38M | |
| Cost of Revenue | 391.26M | 331.05M | 155.06M | 45.74M | |
| Gross Profit | 157.98M | 96.34M | 21.90M | 16.64M | |
| Selling, General & Admin | 49.79M | 37.30M | 13.04M | 4.65M | 1.12M |
| Operating Expenses | 49.79M | 37.30M | 13.04M | 4.65M | 1.12M |
| Operating Income | 108.19M | 59.04M | 8.86M | 11.99M | -1.12M |
| Interest Expense | -2.05M | -3.32M | -3.26M | -3.26M | |
| Interest & Investment Income | 3.50K | ||||
| Other Non Operating Income (Expenses) | -4.03M | -1.85M | 586.17K | 1.16M | |
| EBT Excluding Unusual Items | 102.11M | 53.86M | 6.18M | 9.89M | -1.12M |
| Other Unusual Items | -1.34M | 35.10M | |||
| Pretax Income | 102.11M | 52.52M | 41.28M | 9.89M | -1.12M |
| Income Tax Expense | 21.64M | 15.37M | 781.24K | ||
| Earnings From Continuing Operations | 80.47M | 37.15M | 40.50M | 9.89M | -1.12M |
| Minority Interest in Earnings | 1.54M | 2.51M | 113.85K | ||
| Net Income | 82.01M | 39.66M | 40.61M | 9.89M | -1.12M |
| Preferred Dividends & Other Adjustments | 4.66M | 5.43M | 7.09M | ||
| Net Income to Common | 77.35M | 34.23M | 33.53M | 9.89M | -1.12M |
| Shares Outstanding (Basic) | 32.05M | 30.10M | 30.75M | 41.00M | 41.00M |
| Shares Outstanding (Diluted) | 32.37M | 30.33M | 30.75M | 41.00M | 41.00M |
| EPS (Basic) | 2.41 | 1.14 | 1.09 | 0.24 | |
| EPS (Diluted) | 2.39 | 1.13 | 1.09 | 0.24 | |
| Free Cash Flow | 81.98M | 41.24M | 2.46M | -126.77M | -35.00M |
| Free Cash Flow Per Share | 2.53 | 1.36 | 0.08 | -3.09 | -0.85 |
| Gross Margin | 28.76% | 22.54% | 12.38% | 26.67% | |
| Operating Margin | 19.70% | 13.81% | 5.01% | 19.22% | |
| Profit Margin | 14.08% | 8.01% | 18.95% | 15.85% | |
| Free Cash Flow Margin | 14.93% | 9.65% | 1.39% | -203.23% | |
| EBITDA | 155.46M | 95.59M | 32.10M | 14.59M | -1.12M |
| EBITDA Margin | 28.31% | 22.37% | 18.14% | 23.40% | |
| D&A For EBITDA | 47.27M | 36.55M | 23.24M | 2.61M | 96.00 |
| EBIT | 108.19M | 59.04M | 8.86M | 11.99M | -1.12M |
| EBIT Margin | 19.70% | 13.81% | 5.01% | 19.22% | |
| Effective Tax Rate | 21.19% | 29.26% | 1.89% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 103.47M | 51.63M | 13.65M | 18.04M | 2.07M |
| Cash & Short-Term Investments | 103.47M | 51.63M | 13.65M | 18.04M | 2.07M |
| Receivables | 15.41M | 11.75M | 18.75M | ||
| Inventory | 132.13M | 80.06M | 19.98M | 64.40M | |
| Prepaid Expenses | 10.08M | 25.41M | 392.25K | 149.30K | |
| Restricted Cash | 6.58M | 714.25K | 1.88M | 82.19K | |
| Other Current Assets | 4.57M | 2.28M | 725.13K | 85.70K | |
| Total Current Assets | 272.22M | 171.85M | 55.39M | 82.75M | 2.07M |
| Property, Plant & Equipment | 240.54M | 255.00M | 165.67M | 143.32M | 711.34K |
| Long-Term Deferred Tax Assets | 36.04K | 178.11K | |||
| Long-Term Deferred Charges | 2.08M | ||||
| Other Long-Term Assets | 24.77M | 14.41M | 18.74M | 10.13M | 8.15M |
| Total Assets | 537.57M | 441.43M | 239.80M | 238.28M | 10.92M |
| Accounts Payable | 66.13M | 55.65M | 17.63M | 37.22M | 1.08M |
| Accrued Expenses | 11.09K | 2.80M | 1.57M | 4.89M | 1.73M |
| Short-Term Debt | 25.67M | 90.18M | 71.19M | 91.90M | |
| Current Portion of Long-Term Debt | 5.47M | ||||
| Current Portion of Leases | 3.53M | 2.87M | 2.12M | 151.26K | |
| Current Income Taxes Payable | 24.78M | 15.39M | 781.24K | ||
| Current Unearned Revenue | 114.04M | 107.94M | 23.73M | 29.35M | |
| Other Current Liabilities | 8.22M | 15.42M | 8.01M | 5.69M | 67.58K |
| Total Current Liabilities | 242.40M | 295.70M | 125.03M | 169.19M | 2.88M |
| Long-Term Debt | 51.36M | 21.00M | 11.82M | ||
| Long-Term Leases | 34.03M | 34.47M | 34.33M | 372.73K | 198.72K |
| Total Liabilities | 327.79M | 330.18M | 180.36M | 181.39M | 3.08M |
| Common Stock | 4.27K | 3.67K | 3.36K | 4.10K | 4.10K |
| Additional Paid-In Capital | 81.53M | 28.78M | 14.41M | 50.00M | 7.64M |
| Retained Earnings | 135.80M | 89.98M | 50.32M | 9.70M | -186.84K |
| Comprehensive Income & Other | -7.55M | -7.50M | -5.49M | -2.81M | 395.66K |
| Total Common Equity | 209.79M | 111.26M | 59.24M | 56.90M | 7.85M |
| Minority Interest | 199.45K | ||||
| Shareholders' Equity | 209.79M | 111.26M | 59.44M | 56.90M | 7.85M |
| Total Liabilities & Equity | 537.57M | 441.43M | 239.80M | 238.28M | 10.92M |
| Total Debt | 114.60M | 132.99M | 128.63M | 104.24M | 198.72K |
| Net Cash (Debt) | -11.13M | -81.36M | -114.98M | -86.21M | 1.87M |
| Net Cash Per Share | -0.34 | -2.68 | -3.74 | -2.10 | 0.05 |
| Filing Date Shares Outstanding | 42.72M | 37.76M | 46.60M | 41.00M | 41.00M |
| Total Common Shares Outstanding | 42.72M | 37.76M | 46.60M | 41.00M | 41.00M |
| Working Capital | 29.83M | -123.86M | -69.64M | -86.44M | -812.40K |
| Book Value Per Share | 4.91 | 2.95 | 1.27 | 1.39 | 0.19 |
| Tangible Book Value | 209.79M | 111.26M | 59.24M | 56.90M | 7.85M |
| Tangible Book Value Per Share | 4.91 | 2.95 | 1.27 | 1.39 | 0.19 |
| Buildings | 85.96M | 83.34M | 18.40M | 15.00M | |
| Machinery | 186.36M | 177.29M | 120.31M | 86.21M | 355.00 |
| Construction In Progress | 7.03M | 8.39M | 10.32M | 44.14M | 516.07K |
| Leasehold Improvements | 6.06M | 6.06M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | 82.01M | 39.66M | 40.61M | 9.89M | -1.12M |
| Depreciation & Amortization | 50.32M | 39.59M | 23.52M | 2.72M | 6.46K |
| Other Amortization | 165.17K | 165.17K | 171.42K | 180.19K | 177.44K |
| Loss (Gain) From Sale of Assets | 13.51K | ||||
| Stock-Based Compensation | 13.70M | 13.70M | 609.00K | ||
| Other Operating Activities | 46.54M | 1.52M | -32.29M | ||
| Change in Accounts Receivable | 2.40M | 6.60M | -18.12M | ||
| Change in Inventory | -83.76M | -63.36M | 15.88M | -40.73M | |
| Change in Accounts Payable | 11.11M | 9.61M | 3.03M | 2.08M | 4.79M |
| Change in Unearned Revenue | 24.29M | 84.29M | -4.63M | 29.88M | |
| Change in Income Taxes | 14.61M | 14.61M | 781.24K | ||
| Change in Other Net Operating Assets | -7.00M | -13.40M | 16.93M | -16.57M | -37.39M |
| Operating Cash Flow | 154.38M | 132.99M | 46.51M | -12.53M | -33.53M |
| Capital Expenditures | -72.40M | -91.75M | -44.04M | -114.24M | -1.46M |
| Cash Acquisitions | -6.65M | -6.65M | |||
| Investing Cash Flow | -78.99M | -98.40M | -44.04M | -114.24M | -1.46M |
| Short-Term Debt Issued | 12.00M | 5.00M | 93.57M | ||
| Long-Term Debt Issued | 56.68M | 65.66M | 12.03M | ||
| Total Debt Issued | 48.84M | 68.68M | 70.66M | 105.61M | |
| Short-Term Debt Repaid | -6.00M | -38.09M | |||
| Long-Term Debt Repaid | -57.24M | -39.55M | |||
| Total Debt Repaid | -87.49M | -63.24M | -77.64M | ||
| Net Debt Issued (Repaid) | -38.65M | 5.44M | -6.98M | 105.61M | |
| Issuance of Common Stock | 52.60M | 4.00M | 6.01M | 42.36M | 45.84M |
| Other Financing Activities | -340.00K | -340.00K | -1.12M | -1.82M | |
| Financing Cash Flow | 13.61M | 9.10M | -2.09M | 146.15M | 45.84M |
| Foreign Exchange Rate Adjustments | -2.25M | -1.97M | -2.22M | -2.45M | 1.55M |
| Net Cash Flow | 86.75M | 41.71M | -1.85M | 16.93M | 12.39M |
| Free Cash Flow | 81.98M | 41.24M | 2.46M | -126.77M | -35.00M |
| Free Cash Flow Margin | 14.93% | 9.65% | 1.39% | -203.23% | |
| Free Cash Flow Per Share | 2.53 | 1.36 | 0.08 | -3.09 | -0.85 |
| Levered Free Cash Flow | 58.34M | 63.52M | -18.67M | -96.34M | |
| Unlevered Free Cash Flow | 59.62M | 65.59M | -16.63M | -94.30M | |
| Cash Interest Paid | 2.88M | 1.95M | 3.32M | ||
| Cash Income Tax Paid | -943.12K | ||||
| Change in Working Capital | -38.35M | 38.35M | 13.88M | -25.33M | -32.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 209.32M | 221.36M | 162.84M | 72.76M | 122.04M |
| Enterprise Value | 220.46M | 345.75M | 243.02M | 116.91M | |
| Last Close Price | 4.53 | 5.86 | 3.38 | 11.02 | 10.20 |
| PE Ratio | 2.05 | 6.47 | 4.86 | 7.36 | |
| PS Ratio | 0.35 | 0.52 | 0.92 | 1.17 | |
| PB Ratio | 0.92 | 1.99 | 2.74 | 1.28 | 15.55 |
| P/TBV Ratio | 0.92 | 1.99 | 2.75 | 1.28 | 15.55 |
| P/FCF Ratio | 2.36 | 5.37 | 66.12 | ||
| P/OCF Ratio | 1.25 | 1.66 | 3.50 | ||
| EV/Sales Ratio | 0.37 | 0.81 | 1.37 | 1.87 | |
| EV/EBITDA Ratio | 1.32 | 3.62 | 7.57 | 8.01 | |
| EV/EBIT Ratio | 1.89 | 5.86 | 27.43 | 9.75 | |
| EV/FCF Ratio | 2.50 | 8.38 | 98.69 | ||
| Debt / Equity Ratio | 0.55 | 1.20 | 2.16 | 1.83 | 0.03 |
| Debt / EBITDA Ratio | 0.73 | 1.38 | 3.91 | 6.97 | |
| Debt / FCF Ratio | 1.40 | 3.23 | 52.23 | ||
| Net Debt / Equity Ratio | 0.05 | 0.73 | 1.93 | 1.51 | -0.24 |
| Net Debt / EBITDA Ratio | 0.07 | 0.85 | 3.58 | 5.91 | 1.66 |
| Net Debt / FCF Ratio | 0.14 | 1.97 | 46.69 | -0.68 | 0.05 |
| Asset Turnover | 1.23 | 1.25 | 0.74 | 0.50 | |
| Inventory Turnover | 4.07 | 6.62 | 3.67 | ||
| Quick Ratio | 0.49 | 0.21 | 0.26 | 0.11 | 0.72 |
| Current Ratio | 1.12 | 0.58 | 0.44 | 0.49 | 0.72 |
| Return on Equity (ROE) | 57.47% | 43.53% | 69.63% | 30.55% | |
| Return on Assets (ROA) | 15.17% | 10.83% | 2.32% | 6.01% | |
| Return on Invested Capital (ROIC) | 40.30% | 22.76% | 5.47% | 16.08% | -18.80% |
| Return on Capital Employed (ROCE) | 36.70% | 40.50% | 7.70% | 17.30% | -14.00% |
| Earnings Yield | 48.73% | 17.92% | 24.94% | 13.59% | -0.92% |
| FCF Yield | 42.36% | 18.63% | 1.51% | -174.24% | -28.68% |
| Buyback Yield / Dilution | -18.70% | 1.36% | 25.00% |