Toyo Co., Ltd is a US-listed company in the semiconductors industry. Its financial year ends in December.
Stock price today
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Third-party market data · may be delayed
Model estimate per share
~$8.1
Valuation models combined (2)
Base case. Range ~$7.9–$8.6. Weighted average of 2 models (price-to-earnings vs peers, justified price-to-book), the price-to-earnings vs peers counting double.
Price vs value
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Toyo Co., Ltd valuation: adjust assumptions and compare models →
The Fundamentalytics view
Toyo Co., Ltd's trailing-twelve-month revenue grew 141.5% year on year, with a free-cash-flow margin of 9.6%. Where it stands out: days sales outstanding of 10 days ranks 1 of 62 semiconductor companies we cover. Where it lags: change in growth rate of -42.2pp ranks 73 of 75 semiconductor companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 929.5% while net income fell 2.3%: a 932pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
- Fast growth. Revenue grew 141.5% over the last 12 months, against a median of 13.7% for semiconductor companies we cover.
- Margins widening. Operating margin is up 8.8 points on a year ago.
- Shrinking share count. Diluted shares fell 1.4% in a year, so each share owns more of the business.
- Net cash. Cash exceeds long-term debt by $0.1bn.
Things to watch
- Growth slowing. The growth rate is 42.2 points lower than a quarter earlier.
- Volatile shares. Over the past year the shares showed annualised volatility of 93% and a beta of 1.3 against the S&P 500.
- Below peers: gross margin. Gross margin of 22.5% ranks 63 of 73 semiconductor companies we cover (median 48.3%).
Latest results
- Earnings per share
- $0.45 against an average estimate of $0.52: missed by 13.5%
- Next report
- November 16, 2026
Price chart
- 1 day+4.2%
- 1 week+22.9%
- 1 month+8.0%
- This year-19.5%
- 1 year-36.6%
- S&P 500 this year+11.2%
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Third-party market data · may be delayed
At a glance
Profitability
- Revenue (TTM)
- $427M
- Operating margin
- 13.8%
- Net margin
- 9.3%
- EPS (TTM, diluted)
- $1.31
Growth
- Revenue growth
- +141.5%
- Change in growth rate
- −42.2 pts
- Share count change
- −1.4%
Cash
- Free cash flow (TTM)
- $41.2M
- FCF margin
- 9.6%
- Stock pay % of revenue
- 2.1%
News & updates
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for TOYO from the sources we follow. See filings →
Valuation models
We value Toyo Co., Ltd as an operating company, with every model that fits that kind of business. Cost of equity 10.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.26 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$7.9 ~$18–$39 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$8.6 ~$7.6–$9.9 | Included |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$62 ~$52–$75 | Left out: out of range vs price (13.20x) |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — | Does not apply: earnings are positive: price-to-earnings is the better measure |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$8.1 ~$7.9–$8.6 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Toyo Co., Ltd with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Valuation multiples over time Market data may be delayed
| At fiscal year end | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share price | $11.02 | $3.38 | $5.86 |
| Market value | $452m | $104m | $178m |
| + Net debt (− = net cash) | −$6m | $23m | −$59m |
| Enterprise value | $446m | $127m | $119m |
| Multiples | |||
| Price / sales | 7.2x | 0.6x | 0.4x |
| Price / earnings | 45.7x | 2.6x | 4.5x |
| Price / free cash flow | — | 26.0x | 4.3x |
| EV / EBITDA | 30.5x | 4.0x | 1.2x |
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Forecasts and guidance
Next results: November 16, 2026, before the open. Analysts expect revenue of $141m for the quarter.
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.90 | +68% | $569m | +33% |
| Next | $3.35 | +76% | $1.0bn | +81% |
Next year's EPS estimate has moved +0.6% in 90 days, across 2 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is −17.2% on 90 days ago. In the last 30 days, 0 analysts raised Toyo Co., Ltd's forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $2.29 | $3.33 |
| 60 days ago | $2.29 | $3.33 |
| 30 days ago | $1.90 | $3.35 |
| 7 days ago | $1.90 | $3.35 |
| Now | $1.90 | $3.35 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.52 | $0.45 | −13.5% |
| Mar 2026 | $0.72 | $0.75 | +4.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- 9.7% of tradable shares
- Days to cover
- 12.32 at average volume
- Short interest, 1 month
- −4% to October 15, 2026
- Held by institutions
- 12% of shares
- Held by insiders
- 76.4% of shares
- Employees
- 2,552 full time
Share-price performance
Market data may be delayedReturn and risk by year
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| TOYO | +8% | −69% | +73% | −20% |
| Industry peers (median) | +16% | −9% | +16% | +17% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| TOYO | 75% | 50% | 42% | 64% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| TOYO | −2% | −86% | −31% | −78% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since March 17, 2022: 86% from May 21, 2024 to July 9, 2024. Getting back needed a 629% gain, reached on April 10, 2026, 640 days after the low.
Price behaviour
- 52-week range
- $3.81 – $16.99
- From 52-week high
- −72.2%
- vs 50-day average
- +9.8%
- vs 200-day average
- −40.6%
- Volatility (1 year)
- 93%
- Beta vs S&P 500
- 1.31
Toyo Co., Ltd in five measures
Fundamentals
Where the money goes
Each dollar Toyo took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $427M | |
|---|---|---|
| Cost of revenue | $331M | 77.5% of revenue |
| Gross profit | $96.3M | 22.5% of revenue |
| Selling, general and admin | $37.3M | 8.7% of revenue |
| Operating income | $59M | 13.8% of revenue |
| Income tax | $15.4M | 3.6% of revenue |
| Interest and other | $4M | 0.9% of revenue |
| Net income | $39.7M | 9.3% of revenue |
Financial statements
| Fiscal year | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|
| Income | |||
| Revenue | 62 | 177 | 427 |
| Gross profit | 17 | 22 | 96 |
| EBITDA | 15 | 32 | 96 |
| Operating income | 12 | 9 | 59 |
| Net income | 10 | 41 | 40 |
| Diluted EPS | $0.24 | $1.09 | $1.13 |
| Growth (year on year) | |||
| Revenue | — | +183.7% | +141.5% |
| EBITDA | — | +119.9% | +197.8% |
| Operating income | — | −26.1% | +566.3% |
| Net income | — | +310.7% | −2.3% |
| Diluted EPS | — | +354.2% | +3.7% |
| Margins | |||
| Gross margin | 26.7% | 12.4% | 22.5% |
| EBITDA margin | 23.4% | 18.1% | 22.4% |
| Operating margin | 19.2% | 5.0% | 13.8% |
| Net margin | 15.9% | 23.0% | 9.3% |
| Free-cash-flow margin | −203.0% | 2.3% | 9.6% |
| Cash flow | |||
| Cash from operations | −13 | 47 | 133 |
| Capital spending | 114 | 43 | 92 |
| Free cash flow | −127 | 4 | 41 |
| Stock-based pay | — | 1 | 9 |
| Free cash flow after stock pay | — | 3 | 32 |
| Balance sheet | |||
| Cash | 18 | 14 | 59 |
| Total debt | 12 | 37 | — |
| Net debt (negative = net cash) | −6 | 23 | −59 |
| Diluted shares | 41m | 31m | 30m |
Financial health
- Short-term assets cover short-term liabilities $172m of assets due within a year against $296m of liabilities due within a year.
- Short-term assets cover long-term liabilities $172m short-term assets against $34m of longer-dated liabilities.
- More cash than debt Cash or debt not separately reported. Not assessable.
- Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
- Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
- A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
- Operating profit covers interest at least five times over Operating income of $59m against $3m of interest.
Dividends, buybacks and capital spending
- Diluted share count
- −1.4%
- year over year
- Days sales outstanding
- 10 days
- receivables vs revenue
Competitors: side by side with peers
| Last 12 months unless stated | TOYO | AMBA | POWI | XPER | SITM | LSCC | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $427m | $418m | $449m | $457m | $468m | $651m | $1.1bn |
| Revenue growth, last 12 months | 141.5% | 20.0% | 1.6% | −3.9% | 83.0% | 33.3% | 13.7% |
| Revenue growth, 3-year average | — | 12.9% | −4.4% | −3.7% | 32.7% | −3.4% | 3.9% |
| Revenue growth, latest quarter | — | 13.2% | 2.7% | 8.1% | 126.5% | 62.2% | 20.1% |
| Gross margin | 22.5% | 58.5% | 53.6% | — | 58.7% | 69.0% | 48.3% |
| Operating margin | 13.8% | −14.9% | 3.4% | −2.4% | −3.9% | 7.4% | 4.8% |
| Operating margin, 3-year average | — | −38.5% | 4.2% | −12.6% | −40.3% | 10.3% | 4.8% |
| Net margin | 9.3% | −13.5% | 5.6% | −7.1% | 3.0% | 5.6% | 5.3% |
| Cash from operations / revenue | 31.1% | 6.5% | 21.8% | 1.8% | 27.3% | 37.4% | 17.4% |
| Free-cash-flow margin | 9.6% | 2.3% | 17.6% | 0.6% | 17.9% | 30.6% | 9.6% |
| Free-cash-flow margin, 3-year average | — | 4.0% | 16.5% | −2.1% | 1.1% | 29.2% | 8.5% |
| Stock pay / revenue | 2.1% | 21.9% | 8.6% | 7.2% | 23.3% | 18.7% | 5.8% |
| Change in share count | −1.4% | 3.3% | −1.6% | 4.2% | 12.6% | 0.8% | 0.9% |
Peer comparison
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 141.5% | 13.7% | 5 of 75 |
| Change in growth rate Growth | -42.2pp | +3.7pp | 73 of 75 |
| Gross margin Profitability | 22.5% | 48.3% | 63 of 73 |
| Operating margin Profitability | 13.8% | 4.8% | 25 of 75 |
| Net margin Profitability | 9.3% | 5.3% | 30 of 75 |
| Free-cash-flow margin Cash generation | 9.6% | 9.6% | 38 of 75 |
| Stock pay as % of revenue Cash generation | 2.1% | 6.4% | 19 of 74 |
| Long-term debt as % of assets Balance sheet | 8.8% | 14.0% | 20 of 47 |
| Change in share count Balance sheet | -1.4% | 0.9% | 12 of 72 |
| Days sales outstanding Balance sheet | 10 days | 58 days | 1 of 62 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
Who owns it
- Reported value
- $33.7M
- Institutions reporting
- 48
- Shares held vs prior quarter
- ▲ 1004.6%
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Heights Capital Management, Inc | $6.9M | 989K | 20.4% | New |
| Highbridge Capital Management LLC | $6.5M | 939K | 19.4% | New |
| Invesco Ltd. | $4.6M | 658K | 13.6% | New |
| Sabby Management, LLC | $3.5M | 504K | 10.4% | New |
| Blackrock, Inc. | $3.1M | 443K | 9.1% | New |
| Prescott Group Capital Management, L.L.C. | $2.4M | 343K | 7.1% | New |
| Ameriprise Financial Inc | $1.4M | 205K | 4.2% | New |
| Geode Capital Management, LLC | $1M | 148K | 3.0% | ▲ 302.6% |
| UBS Group AG | $471,349 | 68K | 1.4% | ▲ 1016.0% |
| Vanguard Portfolio Management LLC | $378,462 | 54K | 1.1% | New |
| BNP Paribas Financial Markets | $353,546 | 51K | 1.0% | New |
| Northern Trust Corp | $308,531 | 44K | 0.9% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Toyo Co., Ltd's complete shareholder register. Values are as reported by the filers .
Insider trading activity
Full insider history and chartFrom insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Earnings dates and SEC filings
Results announcements
Recent SEC filings
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
Toyo Co., Ltd in brief
- What does Toyo Co., Ltd do?
- Toyo Co., Ltd is a US-listed company in the semiconductors industry. Its financial year ends in December.
- What is Toyo Co., Ltd's stock ticker?
- Toyo Co., Ltd trades under the ticker TOYO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
- What is Toyo Co., Ltd's revenue, and how fast is it growing?
- Over its most recent trailing twelve months, Toyo Co., Ltd reported revenue of $427M, 141.5% higher than a year earlier, according to its SEC filings.
- What is Toyo Co., Ltd's free cash flow?
- Toyo Co., Ltd's free-cash-flow margin is 9.6% of revenue over the trailing twelve months, ranking 38 of the 75 semiconductor companies we cover.
- Who are Toyo Co., Ltd's largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are Heights Capital Management, Inc, Highbridge Capital Management LLC and Invesco Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- What is Toyo Co., Ltd's market cap?
- On December 31, 2025, Toyo Co., Ltd's market capitalisation was about $178M, with a price-to-earnings ratio of 4.5 and net debt of -$58.9M. Market figures come from third-party market data and may be delayed.
- Who are Toyo Co., Ltd's competitors?
- In our Semiconductors peer group, the companies closest to Toyo Co., Ltd are Ambarella Inc, Power Integrations Inc, Xperi Inc., Sitime Corp and Lattice Semiconductor Corp. The side-by-side comparison below sets their revenue, margins and growth against Toyo Co., Ltd's.
- When is Toyo Co., Ltd's next earnings date?
- Around November 16, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Toyo Co., Ltd announces its own schedule.
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