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TOYO Co Ltd
(NASDAQ:TOYO)
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Rating:71Outperform
Price Target:
$5.00
▲(14.16% Upside)
Action:Upgraded
Date:10/30/26
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.
Positive Factors
Revenue and Profitability Growth
The sharp expansion in revenue, gross margin, net income and EBITDA indicates stronger demand and improved unit economics across the business. If maintained, this operating scale can support reinvestment, strengthen market positioning and provide a durable earnings base over the next several quarters.
Negative Factors
Weak Free-Cash-Flow Conversion
Positive earnings are not yet translating efficiently into free cash flow after investment and working-capital needs. Persistently weak conversion could limit internally funded expansion, increase reliance on external financing and make reported profitability less resilient during periods of heavier manufacturing investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability Growth
The sharp expansion in revenue, gross margin, net income and EBITDA indicates stronger demand and improved unit economics across the business. If maintained, this operating scale can support reinvestment, strengthen market positioning and provide a durable earnings base over the next several quarters.
Read all positive factors
TOYO Co Ltd Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Shows 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.
Shows 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.
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The Fly
The FlyTOYO Co Ltd (TOYO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$193.52M
Dividend YieldN/A
Average Volume (3M)346.10K
Price to Earnings (P/E)1.9
Beta (1Y)0.96
Revenue Growth141.52%
EPS Growth-1.46%
CountryUS
Employees2,552
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)2.37
Shares Outstanding42,718,950
10 Day Avg. Volume358,778
30 Day Avg. Volume346,103
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)1.59
Price to Sales (P/S)0.41
P/FCF Ratio4.28
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue0.40
Enterprise Value/Gross Profit1.40
Enterprise Value/Ebitda1.51
Forecast
1Y Price Target
$14.00Price Target Upside219.63% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.98
Revenue Forecast (FY)$626.10M
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 photovolt...
TOYO Co Ltd Earnings Call Summary
Earnings Call Date:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 03, 2027
Earnings Call Sentiment Positive
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.Positive Updates
Strong First Half Revenue Growth
Revenue for the first half of 2026 was $261.0 million, up 87.6% year-over-year from $139.1 million in H1 2025, driven by higher solar cell and module sales and the commencement of OEM services.
Negative Updates
Trade Compliance Detentions and Shipment Timing Disruption
CBP detentions and documentation/admissibility reviews affected the pace of some shipments from the Ethiopia facility during Q2, creating timing-related revenue impacts; detentions began in Q2 and timing for full resolution remains uncertain.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong First Half Revenue Growth
Revenue for the first half of 2026 was $261.0 million, up 87.6% year-over-year from $139.1 million in H1 2025, driven by higher solar cell and module sales and the commencement of OEM services.
Read all positive 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
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 549.24M | 427.38M | 176.96M | 62.38M | 0.00 | 0.00 |
| Gross Profit | 157.98M | 96.34M | 21.90M | 16.64M | 0.00 | 0.00 |
| 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 | 0.00 |
| 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
Positive
4.38
Price Trends
4.30
Positive
5.72
Negative
7.96
Negative
Market Momentum
-0.10
Negative
63.92
Neutral
42.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TOYO, the sentiment is Positive. The current price of 4.38 is above the 20-day moving average (MA) of 4.16, above the 50-day MA of 4.30, and below the 200-day MA of 7.96, indicating a neutral trend. The MACD of -0.10 indicates Negative momentum. The RSI at 63.92 is Neutral, neither overbought nor oversold. The STOCH value of 42.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TOYO.
TOYO Co Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $193.52M | 1.91 | 57.34% | ― | 141.52% | -1.46% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $67.79M | 6.18 | 31.88% | ― | 49.51% | ― | |
44 Neutral | $25.22M | -0.22 | 230.63% | ― | 59.53% | 5.67% | |
41 Neutral | $73.67M | -0.76 | 26.07% | ― | 13.88% | 68.31% | |
41 Neutral | $16.45M | -0.61 | -166.89% | ― | 10.17% | 50.41% |
* Technology Sector Average
TOYO
TOYO Co Ltd
4.53
-2.92
-39.19%
FTCI
FTC Solar
1.38
-7.44
-84.35%
SPWR
SunPower Inc
0.23
-1.57
-87.22%
TYGO
Tigo Energy
0.88
-1.21
-57.75%
ZEO
Zeo Energy
0.25
-1.51
-86.00%
TOYO Co Ltd Corporate Events
TOYO Co., Ltd Adjusts Audit Committee and Adopts Cayman Governance Exemptions
Oct 30, 2026
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 p...
TOYO Secures CBP Clearance for Ethiopia-Made Solar Cells
Oct 30, 2026
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 ...
TOYO Co., Ltd Inaugurates 2 GW Humble, Texas Solar Module Plant and Showcases U.S. Expansion Plan
Oct 6, 2026
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...
TOYO Co., Ltd. Flags Policy-Driven Uncertainty but Expects Positive EBITDA in Second Half 2026
Sep 28, 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 so...
Toyo Extends VSUN Trademark License to 2028 While Excluding U.S. Rights
Sep 3, 2026
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 G...
TOYO Co., Ltd Strengthens Balance Sheet in Q2 2026 Form 6‑K Filing
Aug 19, 2026
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 accompani...
TOYO Co., Ltd. Backs U.S. Section 232 Solar Policy as It Expands American Manufacturing
Aug 10, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.