TOYO Co., Ltd
TOYOdata completeness 100%3 fiscal years on fileTOYO Co., Ltd earns about 36% on invested capital, far above its ~9% cost of capital, and has bought back 26% of its shares over 3 years — the marks of a durable business run for its owners. The estimate methods put fair value between $3.09 and $13.55 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $62.4M1 | $177M1 | $427.4M1 |
| Net income | $9.89M2 | $40.6M2 | $39.7M2 |
| Operating cash flow | −$12.5M3 | $46.5M3 | $133M3 |
| Capital expenditure | $114.1M4 | $42.5M4 | $91.8M4 |
| Free cash flow (derived) | −$126.6M3 | $4.01M3 | $41.2M3 |
| Total debt | $11.8M5 | $37.1M6 | $36.1M7 |
| Cash & equivalents | $18M8 | $13.7M8 | $58.9M9 |
| Diluted shares | 41.0M | 30.8M | 30.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $36.68 of net worth that earned you $13.07 and generated $13.59 of cash last year, against $11.91 of debt.
It earned about 36% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 26% over 3 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 206% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $3.09 and $13.55 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$4.01M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$4.01M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$39.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.64 |
| Base | 5.0% | $3.09 |
| Bull | 10.0% | $3.64 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2023-12-31 · accession 0001213900-26-037921 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-037921 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-037921 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-037921 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001213900-25-042062 (LongTermDebtNoncurrent)
- 20-F · period ending 2024-12-31 · accession 0001213900-26-037921 (LongTermDebtNoncurrent)
- 20-F · period ending 2025-12-31 · accession 0001213900-26-037921 (LongTermDebtCurrent)
- 20-F · period ending 2023-12-31 · accession 0001213900-25-042062 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2025-12-31 · accession 0001213900-26-037921 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)