TOYO

MKT CAP:$424M

TOYO Co., Ltd.

Market Cap

$424M

Energy·Solar·🇯🇵 Japan·NASDAQ

Energy·Solar·🇯🇵·NASDAQ

Stock Price

$13.33+$7.37 (+123.74%)

Apr 17, 2026

Company Details

TOYO Co., Ltd. engages in the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic (PV) modules, and other stages of the solar power supply chain. Additionally, the company also...

CEO

Takahiko Onozuka

IPO Date

Mar 17, 2022

Website

www.toyo-solar.com

Key Metrics TTM

Revenue

$178M

+157.8% YoY

Net Income

$24M

EPS (Diluted)

$0.78

Free Cash Flow

-$10M

Revenue / Share

$5.23

Gross Margin

10.3%

Operating Margin

-2.2%

Net Margin

13.7%

FCF Margin

-5.5%

P/S

2.4x

P/E

17.4x

Earnings Reports

Q2 2025

Sep 11, 2025

$70M+0.7%EPS $0.05

Q1 2025

May 20, 2025

$70MEPS $0.05

FY 2024

May 12, 2025

$177M+183.7%EPS $1.09

Q4 2024

May 12, 2025

$19MEPS $0.34

Q3 2024

Sep 30, 2024

$19MEPS $0.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$0	$0	-$7.5K
Q4 21	$0	$0	-$12.3K
Q1 22	$0	$0	-$272.5K
Q2 22	$0	$0	-$89.0K
Q3 22	$0	$0	-$171.1K
Q4 22	$0	$0	-$345.6K
Q2 24	$69M	$13M	$11M
Q3 24	$19M	-$2M	-$7M
Q4 24	$19M	-$2M	-$7M
Q1 25	$70M	$12M	$5M
Q2 25	$70M	$12M	$5M

Valuation

Quarter	P/S	P/E
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	31280.9x
Q4 22	—	605.7x
Q2 24	2.5x	16.6x
Q3 24	1.3x	5.3x
Q4 24	1.3x	4.5x
Q1 25	0.7x	3.7x
Q2 25	0.9x	6.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$115.9K	-$115.9K
Q2 22	-$46.4K	-$46.4K
Q3 22	-$161.7K	-$161.7K
Q4 22	-$312.4K	-$312.4K
Q2 24	$11M	$3M
Q3 24	$12M	-$1M
Q4 24	$12M	-$1M
Q1 25	$20M	-$4M
Q2 25	$20M	-$4M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q2 24	$8M
Q3 24	$14M
Q4 24	$14M
Q1 25	$24M
Q2 25	$24M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	—	+2179.3%
Q4 22	—	+2704.0%
Q2 24	—	+21115.6%
Q3 24	—	+29387.2%
Q4 24	—	+15236.2%
Q1 25	—	+18622.7%
Q2 25	+0.7%	+11.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$0	—
Q2 24	$0	0.0%
Q3 24	$304.5K	1.6%
Q4 24	$304.5K	1.6%
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q3 21	$7.5K
Q4 21	$12.3K
Q1 22	$272.5K
Q2 22	$89.0K
Q3 22	$171.1K
Q4 22	$345.6K
Q2 24	$2M
Q3 24	$4M
Q4 24	$4M
Q1 25	$7M
Q2 25	$7M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$322.6K	$0	$322.6K
Q2 22	$276.3K	$0	$276.3K
Q3 22	$114.6K	$0	$114.6K
Q4 22	$52.1K	$0	$52.1K
Q1 23	$4.7K	$0	$4.7K
Q2 23	$1M	$0	$1M
Q3 23	$50.5K	$0	$50.5K
Q4 23	$18M	$0	$18M
Q1 24	$3.0K	$0	$3.0K
Q2 24	$42M	$0	$42M
Q3 24	$14M	$0	$14M
Q4 24	$14M	$0	$14M
Q1 25	$28M	$0	$28M
Q2 25	$28M	$0	$28M
Q4 25	$52M	$0	$52M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	12M	—	—
Q4 21	12M	0.0%	—
Q1 22	12M	0.0%	—
Q2 22	12M	0.0%	—
Q3 22	12M	0.0%	0.0%
Q4 22	12M	0.0%	0.0%
Q2 24	41M	+242.7%	+242.7%
Q3 24	21M	-50.0%	+71.4%
Q4 24	21M	0.0%	+71.4%
Q1 25	34M	+66.0%	+184.5%
Q2 25	34M	0.0%	-17.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$36.8K	528
Q1 25	$131.7K	528
Q2 25	$131.7K	528

Revenue / Employee