Latest Ratios: P/E Ratio 5.1x · EV/EBITDA 2.7x · ROE 46.5%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $247M | $178M | $104M | — | — | — |
| Enterprise Value | $269M | $200M | $164M | — | — | — |
| P/E Ratio → | 5.14 | 4.47 | 3.10 | — | — | — |
| P/S Ratio | 0.58 | 0.42 | 0.59 | — | — | — |
| P/B Ratio | 1.83 | 1.60 | 1.75 | — | — | — |
| P/FCF | 5.99 | 4.31 | 42.21 | — | — | — |
| P/OCF | 1.86 | 1.34 | 2.23 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.47 | 0.93 | — | — | — |
| EV / EBITDA | 2.73 | 2.02 | 5.11 | — | — | — |
| EV / EBIT | 4.55 | 3.38 | 18.49 | — | — | — |
| EV / FCF | — | 4.84 | 66.54 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 22.5% | 22.5% | 12.4% | 26.7% | — | — |
| Operating Margin | 13.8% | 13.8% | 5.0% | 19.2% | — | — |
| Net Profit Margin | 9.3% | 9.3% | 22.9% | 15.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 46.5% | 46.5% | 69.6% | 30.5% | -0.4% | -0.3% |
| ROA | 11.6% | 11.6% | 16.9% | 7.9% | -0.4% | -0.3% |
| ROIC | 35.1% | 35.1% | 5.1% | 12.1% | -0.3% | — |
| ROCE | 45.3% | 45.3% | 9.6% | 31.1% | -0.4% | -0.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.66 | 0.66 | 1.24 | 1.83 | 0.03 | — |
| Debt / EBITDA | 0.74 | 0.74 | 2.29 | 7.14 | — | — |
| Net Debt / Equity | — | 0.20 | 1.01 | 1.52 | -0.24 | -0.00 |
| Net Debt / EBITDA | 0.22 | 0.22 | 1.87 | 5.91 | — | — |
| Debt / FCF | — | 0.53 | 24.33 | — | — | — |
| Interest Coverage | 17.79 | 17.79 | 2.71 | 3.68 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.58 | 0.58 | 0.44 | 0.49 | 0.72 | 3.75 |
| Quick Ratio | 0.31 | 0.31 | 0.28 | 0.25 | 0.72 | 3.75 |
| Cash Ratio | 0.17 | 0.17 | 0.11 | 0.11 | 0.72 | 3.34 |
| Asset Turnover | — | 0.97 | 0.74 | 0.26 | — | — |
| Inventory Turnover | 4.14 | 4.14 | 7.76 | 1.14 | — | — |
| Days Sales Outstanding | — | 10.03 | 38.68 | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 19.5% | 22.4% | 32.2% | — | — | — |
| FCF Yield | 16.7% | 23.2% | 2.4% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $30M | $31M | $41M | $12M | $12M |
Geopolitical Trade Policy Exposure
According to recent market data, TOYO trades at a TTM P/E of 5.54 and a forward P/E of 3.06, suggesting that investors are heavily discounting the company's rapid growth due to the significant geopolitical risks inherent in its Vietnam-based manufacturing model and potential future trade policy shifts.
The current valuation multiples appear to price in a permanent impairment of earnings power rather than the company's recent triple-digit growth trajectory. This suggests that the market is applying a 'distressed' label to the stock, likely due to the lack of a long-term operational track record and the sensitivity of its supply chain to U.S. trade enforcement.
As reported in financial statements, TOYO's ROIC reached 16.0% in 2026Q1, a marked improvement from the negative returns observed in 2024, which indicates that the company is successfully transitioning from a capital-intensive build-out phase to a period of meaningful value creation through its vertically integrated manufacturing operations.
The sharp recovery in ROIC suggests that the company's investments in wafer and cell production are beginning to yield operational efficiencies that outweigh the initial capital burden. Investors should monitor whether this return profile can be sustained as the company scales further and faces potential ASP erosion in the broader solar market.
Based on the company's reported figures, the cash conversion cycle fluctuated significantly to 44 days in 2026Q1, reflecting the inherent challenges of managing inventory and receivables within a project-based solar manufacturing business model that is still maturing its supply chain logistics and customer payment terms.
The variability in the CCC suggests that TOYO's working capital management is not yet optimized, which may lead to periodic cash flow pressure during periods of rapid scaling. The reliance on large-scale, project-based revenue streams likely contributes to this lumpiness, warranting further investigation into the company's ability to standardize its operational cycle.
As noted in recent institutional research, the P/E ratio is a frequently misapplied metric for TOYO, as it fails to account for the company's high sensitivity to regulatory trade barriers and the potential for non-recurring earnings spikes during its initial phase of rapid capacity expansion.
Using P/E to value TOYO ignores the underlying volatility of its input costs and the binary nature of its regulatory risk profile. Analysts should instead focus on EV/EBITDA and free cash flow generation, which provide a clearer picture of the company's ability to service its capital requirements and maintain profitability in a commoditized, policy-sensitive industry.
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Quick answers to the most common questions about buying TOYO stock.
TOYO Co., Ltd.'s current P/E ratio is 5.1x. The historical average is 3.8x. This places it at the 100th percentile of its historical range.
TOYO Co., Ltd.'s current EV/EBITDA is 2.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.6x.
TOYO Co., Ltd.'s return on equity (ROE) is 46.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 29.2%.
Based on historical data, TOYO Co., Ltd. is trading at a P/E of 5.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TOYO Co., Ltd. has 22.5% gross margin and 13.8% operating margin. Operating margin between 10-20% is typical for established companies.
TOYO Co., Ltd.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.