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TOYO Co Ltd (TOYO) AI Stock Analysis
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TOYO Co Ltd
(NASDAQ:TOYO)
The score is driven primarily by strong underlying financial performance (profitability and improving leverage), supported by an attractive valuation (very low P/E). Offsetting these positives are weaker cash-flow conversion and volatility, near-term uncertainty from regulatory/trade issues and unreaffirmed guidance on the latest call, and technical signals that suggest only a short-term rebound within a weaker longer-term trend.
TOYO Co Ltd Key Performance Indicators (KPIs)
Operating Income by SegmentShows how much profit each business unit generates after core operating costs, revealing which segments drive overall profitability, where margins are expanding or shrinking, and whether the company’s growth is translating into sustainable earnings. For investors this highlights operational strength, margin risks, and which divisions may deserve more capital or warrant concern if they lag.
Tires and Automotive Parts both spike through mid‑2025 then hit a simultaneous zero quarter and resume at much lower levels in Q1‑2026—this pattern points less to pure seasonality than to a reporting reclassification, discontinued‑operation or one‑time accounting event that inflated mid‑2025 results. If the mid‑2025 strength was non‑recurring, expect normalized, lower segment profitability and higher earnings volatility; investors should verify management disclosures on the zeroed quarter and any structural changes to segment reporting.
The FlyTOYO Co Ltd (TOYO) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $193.52M
- Dividend Yield
- ―
- Average Volume (3M)
- 628.45K
- Price to Earnings (P/E)
- 1.9
- Beta (1Y)
- 0.96
- Revenue Growth
- 141.52%
- EPS Growth
- -1.46%
- Country
- US
- Employees
- 2,552
- Sector
- Technology
- Sector Strength
- 61
- Industry
- Solar
TOYO Co Ltd Business Overview & Revenue Model
Company Description
TOYO Co., Ltd. participates across the full solar energy supply chain. Its operations encompass the initial upstream stages of wafer and silicon manufacturing, the midstream production of solar cells, and the final downstream assembly of photovoltaic...
TOYO Co Ltd Earnings Call Summary
The call presented strong operational and financial progress: very large year-over-year revenue growth (+87.6% H1), materially higher margins (gross margin doubled to 32.5%), sharply improved profitability (H1 net income rose to $45.8M from $2.5M), improved cash and working capital, and a clear strategic push into U.S. manufacturing (HJT facility, domestic polysilicon). Against these positives, near-term regulatory and trade uncertainties (CBP detentions, Commerce anti-circumvention inquiry) have caused timing disruptions to shipments and prevented management from reaffirming 2026 guidance, and operating expenses have risen as U.S. operations scale. Overall, the company appears fundamentally stronger with significant upside from U.S. onshoring programs, but the second-half outlook is dependent on resolution of regulatory reviews and the detailed implementation of Section 232 benefits.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Management did not reaffirm full‑year 2026 guidance, citing near‑term uncertainty from CBP detention reviews and the still‑evolving Section 232 onshoring framework, and said it will update guidance once detentions are resolved and Commerce finalizes company‑specific offsets; in the meantime the call highlighted key metrics: Q2 revenue $118.2M (+35% YoY from $87.6M) with Q2 gross margin 31.3% (vs 20.9%) and Q2 net income ~$17.4M (EPS $0.46 basic/$0.45 diluted vs $0.16); first‑half revenue $261.0M (+87.6% YoY from $139.1M), gross profit $84.7M (gross margin 32.5% vs 16.6%), H1 net income $45.8M (EPS $1.21/$1.20), non‑GAAP EBITDA $82.1M (adjusted EBITDA $82.3M), adjusted net income $46.0M; balance sheet and cash metrics included cash & restricted cash $123.4M (6/30/26), working capital +$29.8M (vs -$123.9M 12/31/25), cash from operations $61.4M, H1 capex $27.8M and ~$52.6M net proceeds raised; operational and strategic metrics cited were a planned $357M HJT cell investment for ~1.5 GW capacity (pilot late‑2027/early‑2028, ~400 direct jobs), Houston module capacity ~2 GW by September, Ethiopia facility ~1,800 employees and current polysilicon mix ~70% U.S./30% OCI (target 100% U.S. by Q4), while Section 232 (effective Dec 4, 2026) could allow duty offsets that improve unit economics depending on Commerce approval.
TOYO Co Ltd Financial Statement Overview
Summary
Income statement strength (82) shows solid profitability and continued growth, and the balance sheet (74) reflects meaningfully improved leverage and expanding equity. The key offset is cash flow quality/consistency (63): free-cash-flow conversion is weaker and free cash flow declined sharply versus the prior year, suggesting higher reinvestment and/or working-capital drag.
Income Statement
82Very PositiveBalance Sheet
74PositiveCash Flow
63Positive| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 549.24M | 427.38M | 176.96M | 62.38M | 0 | 0 |
| Gross Profit | 157.98M | 96.34M | 21.90M | 16.64M | 0 | 0 |
| EBITDA | 146.74M | 95.44M | 68.07M | 15.87M | -185.76K | -246.89K |
| Net Income | 82.01M | 39.66M | 40.50M | 9.89M | -186.84K | -246.89K |
Balance Sheet | ||||||
| Total Assets | 537.57M | 441.43M | 239.80M | 238.28M | 10.92M | 93.86M |
| Cash, Cash Equivalents and Short-Term Investments | 110.04M | 51.63M | 13.65M | 18.04M | 2.07M | 276.28K |
| Total Debt | 63.24M | 73.46M | 73.57M | 104.24M | 198.72K | 0 |
| Total Liabilities | 327.79M | 330.18M | 180.36M | 181.39M | 3.08M | 3.30M |
| Stockholders Equity | 209.79M | 111.26M | 59.24M | 56.90M | 7.85M | 90.56M |
Cash Flow | ||||||
| Free Cash Flow | 81.98M | 41.24M | 2.46M | -126.77M | -778.98K | -182.13K |
| Operating Cash Flow | 154.38M | 132.99M | 46.51M | -12.53M | -778.98K | -182.13K |
| Investing Cash Flow | -78.99M | -98.40M | -44.04M | -114.24M | 26.04M | -92.92M |
| Financing Cash Flow | 13.61M | 9.10M | -2.09M | 146.15M | -25.53M | 93.38M |
TOYO Co Ltd Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TOYO, the sentiment is Neutral. The current price of 4.53 is above the 20-day moving average (MA) of 4.17, above the 50-day MA of 4.30, and below the 200-day MA of 7.96, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 58.37 is Neutral, neither overbought nor oversold. The STOCH value of 67.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TOYO.
TOYO Co Ltd Peers Comparison
Overall Rating
- TOYO71Outperform
TYGO45Neutral
FTCI44Neutral
SPWR41Neutral
ZEO41Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TOYO | 71Outperform | $193.52M | 1.91 | 57.34% | ― | 141.52% | -1.46% |
| Sector * | 61Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
| TYGO | 45Neutral | $67.79M | 6.18 | 31.88% | ― | 49.51% | ― |
| FTCI | 44Neutral | $25.22M | -0.22 | 230.63% | ― | 59.53% | 5.67% |
| SPWR | 41Neutral | $73.67M | -0.76 | 26.07% | ― | 13.88% | 68.31% |
| ZEO | 41Neutral | $16.45M | -0.61 | -166.89% | ― | 10.17% | 50.41% |
* Technology Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TOYO | Toyo Co., Ltd | 4.53 | -2.69 | -37.26% | |
| FTCI | Ftc Solar, Inc. | 1.38 | -6.99 | -83.51% | |
| SPWR | Sunpower Inc. | 0.23 | -1.52 | -86.86% | |
| TYGO | Tigo Energy, Inc. | 0.88 | -1.48 | -62.58% | |
| ZEO | Zeo Energy Corp. Class A | 0.24 | -1.40 | -85.15% |
TOYO Co Ltd Corporate Events
TOYO Co., Ltd Adjusts Audit Committee and Adopts Cayman Governance Exemptions
TOYO Co., Ltd reported that director and audit committee member Anders Karlsson resigned on September 18, 2026, effective November 1, 2026, with the company clarifying that his departure stemmed from no disagreements over operations, policies or prac...
TOYO Secures CBP Clearance for Ethiopia-Made Solar Cells
On October 29, 2026, TOYO Co., Ltd. announced that U.S. Customs and Border Protection released shipments of solar cells produced at its Ethiopian facility after reviewing detailed supply chain documentation. The company provided full traceability for...
TOYO Co., Ltd Inaugurates 2 GW Humble, Texas Solar Module Plant and Showcases U.S. Expansion Plan
TOYO Solar, the renewable energy arm of TOYO Co., Ltd, is positioning itself as a major non-FEOC solar manufacturing platform by combining overseas cell production with expanding U.S. module and future HJT cell capacity. With $261 million in first-ha...
TOYO Co., Ltd. Flags Policy-Driven Uncertainty but Expects Positive EBITDA in Second Half 2026
TOYO Co., Ltd., a Cayman Islands–incorporated solar manufacturer based in Tokyo, filed a Form 6-K for September 2026 to furnish press releases dated September 28, 2026. The filings highlight the firm’s focus on vertically integrated solar...
Toyo Extends VSUN Trademark License to 2028 While Excluding U.S. Rights
Toyo Co., Ltd. has disclosed that on September 4, 2025, it and its subsidiary Toyo Solar acquired the “VSUN” trademarks, registered in 12 jurisdictions including the U.S., Canada, Vietnam and Europe, from Vietnam Sunergy’s VSUN Grou...
TOYO Co., Ltd Strengthens Balance Sheet in Q2 2026 Form 6‑K Filing
On August 19, 2026, TOYO Co., Ltd filed a Form 6‑K with the U.S. Securities and Exchange Commission, furnishing unaudited interim consolidated financial statements for the quarter and six months ended June 30, 2026. The filing also accompanied...
TOYO Co., Ltd. Backs U.S. Section 232 Solar Policy as It Expands American Manufacturing
TOYO Co., Ltd., a vertically integrated solar manufacturer with operations spanning upstream polysilicon and wafers to downstream photovoltaic modules, is expanding its American presence through a 2GW module facility in Houston and a $357 million het...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Oct 30, 2026