TOYO on Nasdaq

TOYO Co., Ltd

TOYO Co., Ltd is a semiconductors and related devices company based in Tokyo, Cayman Islands.2

Price unavailable

Last updated Oct 20, 2026.

Overview

$427.4MRevenue, fiscal 20253
$39.7MNet income, fiscal 20253

Compare with POWER INTEGRATIONS INC, Applied Optoelectronics or Ambarella Inc., or pick any stock.

  • TickerTOYO on Nasdaq2
  • IndustrySemiconductors & Related Devices2
  • HeadquartersGeorge Town, Cayman Islands2
  • Incorporated inCayman Islands4
  • Business addressTennoz First Tower, F16, 2-2-4, Higashi-Shinagawa, Shinagawa-Ku, Tokyo, 140-00024
  • Filer categoryNon-accelerated filer, Emerging growth company4
  • Legal formCorporation2
  • LEI529900ZX8ECS9XMYQW322
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o ASCENTIUM (CAYMAN) LIMITED, P. O. Box 10240, 4th Floor, Harbour Place, 103 South Church Street, KY1-1002 George Town, Cayman Islands2
  • Registered withGeneral Registry, 4002572

See how the biggest companies compare on our leaderboards

TOYO CHINA CO., LTD. (“TOYO China”) was incorporated on November 20, 2023 in China, as a wholly owned subsidiary of TOYO Solar. TOYO China’s principal business is sales of solar cells and solar modules and related businesses.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

22.5%Gross margin3
13.8%Operating margin3
9.3%Net margin3
141.5%Revenue growth, 20253
35.6%Return on equity3
$41.2MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Revenues From Third Parties brought in 60% of the revenue TOYO Co., Ltd broke down this way in fiscal 2025.

  1. Revenues From Third Parties$256.3M360%up 416% from 2024
  2. Revenues From Related Parties$171.1M340%up 34% from 2024
Products and services by year
Products and services202320242025
Revenues From Third Parties$872.7K$49.7M$256.3M
Revenues From Related Parties$61.5M$127.3M$171.1M

Regions

USDMember brought in 80% of the revenue TOYO Co., Ltd broke down this way in fiscal 2025.

  1. USDMember$341.4M380%up 6401% from 2024
  2. Other Areas$85.9M320%down 50% from 2024
Regions by year
Regions202320242025
USDMember$5.3M$341.4M
Other Areas$62.4M$171.7M$85.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue77¢$331.0M
  • Other costs10¢$41.3M
  • Income tax4¢$15.4M
  • Profit9¢$39.7M

Out of $427.4M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Capital spending69¢$91.8M
  • Kept or used elsewhere31¢$41.2M

Out of $133.0M of cash from operations.3

Financial statements

Revenue3$427.4M in 2025+585% since 2023
0$200.0M$400.0M$600.0M2023: $62.4M$62.4M20232024: $177.0M$177.0M2024+184%2025: $427.4M$427.4M2025+142%
Gross profit3$96.3M in 2025+479% since 2023
0$25.0M$50.0M$75.0M$100.0M2023: $16.6M$16.6M20232024: $21.9M$21.9M2024+32%2025: $96.3M$96.3M2025+340%
Operating income3$59.0M in 2025+393% since 2023
0$20.0M$40.0M$60.0M2023: $12.0M$12.0M20232024: $8.9M$8.9M2024−26%2025: $59.0M$59.0M2025+566%
Net income3$39.7M in 2025+301% since 2023
0$20.0M$40.0M$60.0M2023: $9.9M$9.9M20232024: $40.6M$40.6M2024+311%2025: $39.7M$39.7M2025−2%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Revenues$427.4M$177.0M$62.4M
Cost of revenues related parties-$131.1M-$95.9M-$35.9M
Cost of revenues third parties-$199.9M-$59.2M-$9.8M
Cost of revenues-$331.0M-$155.1M-$45.7M
Gross profit$96.3M$21.9M$16.6M
Selling and marketing expenses-$5.9M-$1.6M-$17.6K
General and administrative expenses-$31.4M-$11.4M-$4.6M
Total operating expenses-$37.3M-$13.0M-$4.6M
Income from operations$59.0M$8.9M$12.0M
Interest expenses, net-$3.3M-$3.3M-$3.3M
Other (expenses) income, net-$1.9M$586.2K$1.2M
Changes in fair value of contingent consideration payable-$1.3M$35.1M
Total other (expenses) income, net-$6.5M$32.4M-$2.1M
Income before income taxes$52.5M$41.3M$9.9M
Income tax expenses-$15.4M-$781.2K
Net income$37.2M$40.5M$9.9M
Less: net loss attributable to noncontrolling interests-$2.5M-$113.9K
Net income attributable to TOYO Co., Ltd.s shareholders$39.7M$40.6M$9.9M
Foreign currency translation adjustment-$2.0M-$2.7M-$3.2M
Comprehensive income$35.1M$37.8M$6.7M
Less: net loss attributable to noncontrolling interests-$2.5M-$113.9K
Comprehensive income attributable to TOYO Co., Ltd.s shareholders$37.7M$37.9M$6.7M
Weighted average number of ordinary share outstanding basic (in Shares)30.1M shares30.8M shares41.0M shares
Earnings per share basic (in Dollars per share)$1.14$1.09$0.24
Weighted average number of ordinary share outstanding diluted (in Shares)30.3M shares30.8M shares41.0M shares
Earnings per share diluted (in Dollars per share)$1.13$1.09$0.24

Compare TOYO Co., Ltd with another company

Corporate structure

TOYO Co., Ltd sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of TOYO Co., Ltd

  • HIGHBRIDGE CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on TOYO Co., Ltd, latest Aug 14, 2026
  • N.A.GLOBAL. CO. LTD. Filed SCHEDULE 13G/A on TOYO Co., Ltd, latest Jul 20, 2026 (2 filings since Jun 27, 2025)
  • Junsei Ryu Filed SCHEDULE 13G/A on TOYO Co., Ltd, latest Nov 14, 2025 (3 filings since Nov 14, 2024)
  • TOYO Co., Ltd George Town, Cayman Islands
    • TOPTOYO INVESTMENT PTE. LTD. Subsidiary · 100% · Singapore, Singapore

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What TOYO Co., Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$275.1M3 Dec 31, 2025$149.0M3 Dec 31, 2024+84.6%
Accumulated depreciation$54.4M3 Dec 31, 2025$20.0M3 Dec 31, 2024+172.3%
Property and equipment, net$220.6M3 Dec 31, 2025$129.0M3 Dec 31, 2024+71.0%
Operating-lease assets (leased space)$34.4M3 Dec 31, 2025$36.6M3 Dec 31, 2024−6.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$13.7M6 Dec 31, 2024$18.0M6 Dec 31, 2023−24.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$80.0M3 Dec 31, 2025$20.0M3 Dec 31, 2024+300.2%
Raw materials$37.2M3 Dec 31, 2025$3.3M3 Dec 31, 2024+1022.6%
Finished goods$17.2M3 Dec 31, 2025$16.7M3 Dec 31, 2024+3.5%

Leadership

Who has led TOYO Co., Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Takahiko Onozuka2026–now

Chief financial officer

  1. Taewoo Chung2026
  2. Yasunai Harada2026–now
Board members and other officers (8)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorJunsei Ryu Ryu named Mar 7, 202514
  • DirectorAlfred J Hickey named Mar 7, 202514
  • DirectorAnders J Karlsson named Mar 7, 202514
  • DirectorJune J Han named Mar 7, 202514

Timeline

  1. Apr 2, 2026New chief executive Takahiko Onozuka becomes CEO7
  2. May 16, 2023Founded TOYO Co., Ltd is founded2

Calendar

Coming up

  1. Nov 18, 2026Reports results for the quarter ending Sep/202615

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

117 filings to the SEC since October 2021: 3 annual reports, 10 insider forms, 6 large holders, 1 private raises, 97 other. The latest 20:

  1. Oct 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Sep 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Sep 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. Aug 19, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  5. Aug 14, 2026SCHEDULE 13G EDGAR
  6. Aug 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. Jul 20, 2026SCHEDULE 13G/A EDGAR
  8. Jul 17, 20263 EDGAR
  9. Jul 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  10. Jul 6, 20264 EDGAR
  11. Jun 26, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  12. Jun 25, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
  13. Jun 23, 2026EFFECT EDGAR
  14. Jun 22, 2026EFFECT EDGAR
  15. Jun 22, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  16. Jun 22, 2026POS AM POST-EFFECTIVE AMENDMENT NO. 1 TO FORM F-1 EDGAR
  17. Jun 22, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  18. Jun 17, 2026F-3 REGISTRATION STATEMENT EDGAR
  19. Jun 4, 2026DRS EDGAR
  20. May 18, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR

The 117 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Feb 26, 2025Filed a private offering of securities Form D: $275,000 offered in all Form D

SEC filer profile

How TOYO Co., Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTOYO Co., Ltd1
  • CIK0001985273
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company5
  • Incorporated inCayman Islands5
  • Fiscal year endsDecember 311
  • Industry code (SIC)3674 Semiconductors & Related Devices1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business addressTennoz First Tower, F16, 2-2-4, Higashi-Shinagawa, Shinagawa-Ku, Tokyo, 140-0002, Japan1
  • Phone81 3-6433-27891
  • Shares outstanding37,758,997 shares as of Dec 31, 20255
  • AuditorMarcum Asia CPAs LLP, New York, NY PCAOB ID 5395; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceAug 10, 20231
  • Filings117 in all: 6-K (32), 425 (14), 3 (9), UPLOAD (8), CORRESP (6), 424B3 (5), DRSLTR (5), EFFECT (5)1
    All 28 form types

    20-F (3), DRS (3), DRS/A (3), SCHEDULE 13G/A (3), 424B5 (2), F-3 (2), F-4/A (2), POS AM (2), SCHEDULE 13G (2), 4 (1), 8-A12B (1), CERT (1), D (1), F-1 (1), F-3/A (1), F-4 (1), F-4MEF (1), NT 20-F (1), S-8 (1), SC 13G (1)

  • Latest filingsAnnual report (20-F) Apr 1, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary shares, par value $0.0001 per shareTOYONasdaq

From the cover page of the 20-F filed Apr 1, 2026 (Section 12(b) of the Exchange Act).5

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18