TOYO Co., Ltd
TOYO, TOYWF · Semiconductors & Related Devices · EDGAR filings ↗
Grade
C56Solar-cell manufacturer (Southeast Asia) — profitable and fast-growing, but with very weak liquidity.
Strengths
- Profitable and fast-growing — operating margin 14% (79th), ROE 36% (88th), revenue +142% (92nd)
- Positive free cash flow — FCF $41M (58th)
Risks
- Very weak liquidity — current ratio 0.58 (5th), quick 0.31 (5th)
- Solar-demand/policy cyclicality — per 10-K
- Customer-concentration risk — per 10-K
Notable findings
- Weak liquidityCurrent ratio 0.58 (<1)
- Customer concentration~36% of revenue from one customer/distributor — For the years ended December 31, 2025 and 2024, we derived 36% and 66% of our revenue from VSUN, respectively
Key metrics
Gross margin
22.5%
Operating margin
13.8%
Net margin
9.3%
Return on equity
35.6%
Return on assets
9.0%
Revenue growth (QoQ)
141.5%
Net-income growth
-2.3%
Current ratio
0.6×
Free cash flow
$41M
Tangible book value
$111M
Stock comp / revenue
2.1%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-01 | 2025-12-31 | 0001213900-26-037921 ↗ |
| 20-F | 2025-05-12 | 2024-12-31 | 0001213900-25-042062 ↗ |
| 20-F | 2024-07-08 | 2024-07-01 | 0001213900-24-059842 ↗ |