TOYO Co.

TOYO

Solar · Energy

Price

$5.22

+0.00 (+0.00%)

Market Cap

$191.6M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+153.5% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 12.0M (2022) → 30.3M (2025)

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 manufactures solar PV modules. The company was founded in 2022 and is based in Tokyo, Japan.

Winston Score History

Score breakdown

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Quality

Gross Margin

16.6%

Thin — 16.6% gross margin

Operating Margin

7.0%

Modest — 7.0% operating margin

ROCE

3.3%

Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-11.2%

Shrinking sales (-11.2% YoY)

EPS YoY

-28.7%

Earnings shrinking (-28.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

265%

Turns 265% of profit into real cash

FCF Margin

-5.5%

Burning cash (-5.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.32

Conservative — low debt load (0.32)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

9.6x

Attractive valuation — P/E 9.6

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+4.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (9.6 → 5.1)

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Dividends

Not applicable for this business.

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