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MARKETS / NASDAQ / TOYO
NASDAQ · SEMICONDUCTORS & RELATED DEVICES · SMALL CAP

Toyo Co. Ltd. TOYO

3 fiscal years on record · USD · FY2025 reported · SEC filings only
$427.4M
▲ 141.5% YoY
$39.7M
▼ 2.3% YoY
$41.2M
▲ 929.5% YoY
In brief

What this company does

Its solar cell plant in Ethiopia commenced production in April 2025 with 2GW of production capacity and expanded the capacity to 4GW in August 2025. It completed construction of the first 1GW of capacity and commenced production in October 2025 at its Texas plant. As of December 31, 2025, it had 2,552 full-time employees. For the year ended December 31, 2025, it derived approximately $154.7 million in revenue from sales of solar cells to VSUN. The Company was incorporated as an exempted company limited by shares under the laws of the Cayman Islands on May 16, 2023.

Written from the business description in TOYO Co., Ltd's annual report to the U.S. Securities and Exchange Commission, filed 1 April 2026. Every sentence was checked against that document before publication.

Growth
USD 427.4M
Revenue, FY2025 · full 3-year series below
Revenue $M Net income $M
FY2025 · Revenue 427.4 · Net income 39.7
200M400M202320242025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
9 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 13.8% · Net 8.7%
10%20%202320242025
ROE
FY2025 · ROE 46.5%
20%40%60%202320242025

Each USD of equity produced 47 cents of profit this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 41.2
20M40M-50M-100M202320242025

Total assetsUSD 441.4M
EquityUSD 111.3M
CashUSD 58.9M
Gross debtUSD 5.5M
Net debtUSD -53.4M
Current ratio0.58×

The company holds more cash than debt.

The 3-year record
3 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 202520242023
Revenue $B0.40.20.1
Operating income $B0.10.00.0
EBITDA $B0.10.00.0
Income tax $B0.00.0·
Net income $B0.00.00.0
Free cash flow $B0.00.0−0.1
EPS, diluted $1.131.090.24
Dividend / sh $···
Payout %···
ROE %46.569.917.4
Shares out B0.040.030.04

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 15 reconciliationsAUDITED

Reconciled in 3 of 19 fiscal years. 80 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivitySemiconductors & Related Devices
Listed onNASDAQ
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2023

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