What is TOYO CO LTD's earnings per share (EPS)?

TOYO CO LTD (TOYO) reported diluted earnings per share of $1.13 for fiscal year 2025. This represents a 3.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

TOYO CO LTD Financials

TOYO

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows TOYO CO LTD (TOYO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TOYO FY2025 2026-04-22

TOYO’s recent scale-up is shifting from a capital-hungry buildout toward cash-producing operations, even as short-term funding stays central.

In FY2023, accounting profit did not become cash: net income of $9.9M sat beside free cash flow of -$126.6M, so the business was still in buildout mode. By FY2025, operating cash flow reached $133.0M and free cash flow turned to $41.2M, indicating the larger asset base is now generating cash instead of just consuming it.

That improvement does not mean balance-sheet liquidity is loose. The current ratio stayed below 1.0x throughout the period, and FY2025 current liabilities exceeded current assets by $123.9M, which implies day-to-day funding still leans heavily on short-term obligations rather than on excess working capital.

The margin profile suggests FY2024 was not the stable earnings shape: gross margin rebounded from 12.4% to 22.5% as revenue scaled, and operating margin recovered too. Between FY2024 and FY2025, inventory rose by $60.0M while receivables increased by only $4.3M, so growth appears to require stocking product before sales are collected.

Financial Health Signals

Financial Profile 49/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of TOYO CO LTD's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

TOYO CO LTD has an operating margin of 13.8%, meaning the company retains $14 of operating profit per $100 of revenue. This results in a moderate score of 49/100, indicating healthy but not exceptional operating efficiency. This is up from 5.0% the prior year.

Growth

100

TOYO CO LTD's revenue surged 141.5% year-over-year to $427.4M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

TOYO CO LTD has a moderate D/E ratio of 2.97. This balance of debt and equity financing earns a leverage score of 41/100.

Liquidity

TOYO CO LTD's current ratio of 0.58 is below the typical benchmark, resulting in a score of 6/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

TOYO CO LTD's free cash flow margin of 9.7% results in a low score of 0/100. Capital expenditures of $91.8M absorb a large share of operating cash flow.

Returns

100

TOYO CO LTD earns a strong 35.6% return on equity (ROE), meaning it generates $36 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 68.6% the prior year.

Altman Z-Score Grey Zone

2.23

TOYO CO LTD scores 2.23, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Strong

8/9

TOYO CO LTD passes 8 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

3.35x

For every $1 of reported earnings, TOYO CO LTD generates $3.35 in operating cash flow ($133.0M OCF vs $39.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

80.0x

TOYO CO LTD earns $80.0 in operating income for every $1 of interest expense ($59.0M vs $738K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$427.4M

YoY+141.5%

TOYO CO LTD generated $427.4M in revenue in fiscal year 2025. This represents an increase of 141.5% from the prior year.

EBITDA

$95.6M

YoY+197.8%

TOYO CO LTD's EBITDA was $95.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 197.8% from the prior year.

Net Income

$39.7M

YoY-2.3%

TOYO CO LTD reported $39.7M in net income in fiscal year 2025. This represents a decrease of 2.3% from the prior year.

EPS (Diluted)

$1.13

YoY+3.7%

TOYO CO LTD earned $1.13 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$41.2M

YoY+929.5%

TOYO CO LTD generated $41.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 929.5% from the prior year.

Cash & Debt

$58.9M

YoY+331.1%

TOYO CO LTD held $58.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

38M

YoY-19.0%

TOYO CO LTD had 38M shares outstanding in fiscal year 2025. This represents a decrease of 19.0% from the prior year.

Margins & Returns

Gross Margin

22.5%

YoY+10.2pp

TOYO CO LTD's gross margin was 22.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 10.2 percentage points from the prior year.

Operating Margin

13.8%

YoY+8.8pp

TOYO CO LTD's operating margin was 13.8% in fiscal year 2025, reflecting core business profitability. This is up 8.8 percentage points from the prior year.

Net Margin

9.3%

YoY-13.7pp

TOYO CO LTD's net profit margin was 9.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 13.7 percentage points from the prior year.

Return on Equity

35.6%

YoY-32.9pp

TOYO CO LTD's ROE was 35.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 32.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$91.8M

YoY+115.9%

TOYO CO LTD invested $91.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 115.9% from the prior year.

TOYO Income Statement

Metric	FY25	FY24	FY23
Revenue	$427.4M+141.5%	$177.0M+183.7%	$62.4M
Cost of Revenue	$331.0M+113.5%	$155.1M+239.0%	$45.7M
Gross Profit	$96.3M+339.9%	$21.9M+31.6%	$16.6M
R&D Expenses	N/A	N/A	N/A
SG&A Expenses	$31.4M+174.9%	$11.4M+146.4%	$4.6M
Operating Income	$59.0M+566.3%	$8.9M-26.1%	$12.0M
Interest Expense	$738K+4.1%	$709K+234.3%	$212K
Income Tax	$15.4M+1867.4%	$781K	N/A
Net Income	$39.7M-2.3%	$40.6M+310.7%	$9.9M
EPS (Diluted)	$1.13+3.7%	$1.09+354.2%	$0.24

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	$187K
Operating Income	N/A	N/A	N/A	N/A	N/A	-$187K
Interest Expense	N/A	N/A	N/A	N/A	N/A	-$583
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	-$187K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	$0.00

TOYO Balance Sheet

Metric	FY25	FY24	FY23
Total Assets	$441.4M+84.1%	$239.8M+0.6%	$238.3M
Current Assets	$171.8M+210.3%	$55.4M-33.1%	$82.8M
Cash & Equivalents	$58.9M+331.1%	$13.7M-24.3%	$18.0M
Inventory	$80.0M+300.2%	$20.0M-50.0%	$40.0M
Accounts Receivable	$11.3M+62.8%	$6.9M	N/A
Goodwill	N/A	N/A	N/A
Total Liabilities	$330.2M+83.1%	$180.4M-0.6%	$181.4M
Current Liabilities	$295.7M+136.5%	$125.0M-26.1%	$169.2M
Long-Term Debt	N/A	$21.0M+77.7%	$11.8M
Total Equity	$111.3M+87.8%	$59.2M+4.1%	$56.9M
Retained Earnings	$90.0M+78.8%	$50.3M+418.6%	$9.7M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22
Total Assets	$441.4M+24.8%	$353.6M+47.5%	$239.8M-0.7%	$241.4M+1.3%	$238.3M	N/A
Current Assets	$171.8M+45.8%	$117.9M+112.8%	$55.4M-42.6%	$96.6M+16.7%	$82.8M	N/A
Cash & Equivalents	$58.9M+60.5%	$36.7M+168.5%	$13.7M-69.2%	$44.4M+146.1%	$18.0M+773.2%	$2.1M
Inventory	$80.0M+49.4%	$53.5M+168.0%	$20.0M-26.5%	$27.2M-32.0%	$40.0M	N/A
Accounts Receivable	$11.3M-7.4%	$12.2M+75.8%	$6.9M	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$330.2M+16.5%	$283.4M+57.1%	$180.4M+7.3%	$168.0M-7.4%	$181.4M	N/A
Current Liabilities	$295.7M+18.6%	$249.3M+99.4%	$125.0M-14.0%	$145.4M-14.1%	$169.2M	N/A
Long-Term Debt	N/A	$13.7M-34.8%	$21.0M-6.3%	$22.4M+89.6%	$11.8M	N/A
Total Equity	$111.3M+66.0%	$67.0M+13.1%	$59.2M-19.3%	$73.4M+29.0%	$56.9M+625.0%	$7.8M
Retained Earnings	$90.0M+67.3%	$53.8M+6.9%	$50.3M+72.0%	$29.3M+201.5%	$9.7M	N/A

TOYO Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	$133.0M+186.0%	$46.5M+471.2%	-$12.5M
Capital Expenditures	$91.8M+115.9%	$42.5M-62.8%	$114.1M
Free Cash Flow	$41.2M+929.5%	$4.0M+103.2%	-$126.6M
Investing Cash Flow	-$98.4M-123.4%	-$44.0M+61.4%	-$114.2M
Financing Cash Flow	$9.1M+535.4%	-$2.1M-101.4%	$146.1M
Dividends Paid	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	-$5.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$244K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$5.8M
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$244K
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	$7.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

TOYO Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	22.5%+10.2pp	12.4%-14.3pp	26.7%
Operating Margin	13.8%+8.8pp	5.0%-14.2pp	19.2%
Net Margin	9.3%-13.7pp	22.9%+7.1pp	15.8%
Return on Equity	35.6%-32.9pp	68.6%+51.2pp	17.4%
Return on Assets	9.0%-8.0pp	16.9%+12.8pp	4.2%
Current Ratio	0.58+0.1	0.44-0.0	0.49
Debt-to-Equity	2.97+2.6	0.35+0.1	0.21
FCF Margin	9.7%+7.4pp	2.3%+205.3pp	-203.0%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q4'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	-2.4%
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.58+0.1	0.47+0.0	0.44-0.2	0.66+0.2	0.49	N/A
Debt-to-Equity	2.97+2.8	0.20-0.1	0.35+0.0	0.31+0.1	0.21	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.58), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Zeo Energy ZEO

$30.1M

Sunpower Inc. SPWR

$146.9M

Tigo Energy Inc. TYGO

$306.7M

Ftc Solar, Inc. FTCI

$72.0M

Emeren Group SOL

$99.6M

Frequently Asked Questions

What is TOYO CO LTD's annual revenue?

TOYO CO LTD (TOYO) reported $427.4M in total revenue for fiscal year 2025. This represents a 141.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is TOYO CO LTD's revenue growing?

TOYO CO LTD (TOYO) revenue grew by 141.5% year-over-year, from $177.0M to $427.4M in fiscal year 2025.

Is TOYO CO LTD profitable?

Yes, TOYO CO LTD (TOYO) reported a net income of $39.7M in fiscal year 2025, with a net profit margin of 9.3%.

What is TOYO CO LTD's EBITDA?

TOYO CO LTD (TOYO) had EBITDA of $95.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is TOYO CO LTD's gross margin?

TOYO CO LTD (TOYO) had a gross margin of 22.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is TOYO CO LTD's operating margin?

TOYO CO LTD (TOYO) had an operating margin of 13.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is TOYO CO LTD's net profit margin?

TOYO CO LTD (TOYO) had a net profit margin of 9.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is TOYO CO LTD's return on equity (ROE)?

TOYO CO LTD (TOYO) has a return on equity of 35.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is TOYO CO LTD's free cash flow?

TOYO CO LTD (TOYO) generated $41.2M in free cash flow during fiscal year 2025. This represents a 929.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is TOYO CO LTD's operating cash flow?

TOYO CO LTD (TOYO) generated $133.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are TOYO CO LTD's total assets?

TOYO CO LTD (TOYO) had $441.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are TOYO CO LTD's capital expenditures?

TOYO CO LTD (TOYO) invested $91.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does TOYO CO LTD have outstanding?

TOYO CO LTD (TOYO) had 38M shares outstanding as of fiscal year 2025.

What is TOYO CO LTD's current ratio?

TOYO CO LTD (TOYO) had a current ratio of 0.58 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is TOYO CO LTD's debt-to-equity ratio?

TOYO CO LTD (TOYO) had a debt-to-equity ratio of 2.97 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is TOYO CO LTD's return on assets (ROA)?

TOYO CO LTD (TOYO) had a return on assets of 9.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is TOYO CO LTD's Altman Z-Score?

TOYO CO LTD (TOYO) has an Altman Z-Score of 2.23, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is TOYO CO LTD's Piotroski F-Score?

TOYO CO LTD (TOYO) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are TOYO CO LTD's earnings high quality?

TOYO CO LTD (TOYO) has an earnings quality ratio of 3.35x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can TOYO CO LTD cover its interest payments?

TOYO CO LTD (TOYO) has an interest coverage ratio of 80.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is TOYO CO LTD?

TOYO CO LTD (TOYO) scores 49 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.