TOYO Co., Ltd (TOYO) Balance Sheet
TOYO balance sheet, 2025
December 31, 2025 · U.S. dollars$441.4M assets = $330.2M liabilities + $111.3M equity
Both columns are drawn to the same scale: what TOYO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TOYO financial health
Descriptive bands, not a rating. Fiscal 2025.
TOYO balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $93.9M2021 | $441.4M2025 | +47.3%/yr | |
| Total liabilities | $3.3M2021 | $330.2M2025 | +216.2%/yr | |
| Shareholders’ equity | $90.6M2021 | $111.3M2025 | +5.3%/yr | |
| Cash & short-term investments | $276,2842021 | $51.6M2025 | +269.7%/yr | |
| Total debt | $198,7182022 | $73.5M2025 | +617.7%/yr | |
| Net cash (debt) | $1.9M2022 | −$21.8M2025 | −$23.7M | |
| Working capital | $227,4962021 | −$123.9M2025 | −$124.1M | |
| Book value per share | $7.572021 | $3.672025 | −16.6%/yr | |
| Current ratio | 3.752021 | 0.582025 | −3.17 | |
| Debt / equity | 0.032022 | 0.662025 | +0.63 | |
| Shares outstanding | 12.0M2021 | 30.3M2025 | +26.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TOYO assets
TOYO liabilities and equity
TOYO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TOYO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $51.6M | $13.7M | $18.0M | $2.1M | $276,284 |
| Cash & equivalents | $51.6M | $13.7M | $18.0M | $2.1M | $276,284 |
| Receivables | $11.7M | $18.8M | $24.6M | $0 | $0 |
| Inventory | $80.0M | $20.0M | $40.0M | $0 | $0 |
| Other current assets | $28.5M | $3.0M | $85,702 | $0 | $33,946 |
| Total current assets | $171.8M | $55.4M | $82.8M | $2.1M | $310,230 |
| Property, plant & equipment (net) | $255.0M | $165.7M | $143.3M | $711,339 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $14.6M | $18.7M | $12.2M | $8.1M | $93.6M |
| Total assets | $441.4M | $239.8M | $238.3M | $10.9M | $93.9M |
| Liabilities | |||||
| Accounts payable | $55.6M | $17.6M | $37.2M | $1.1M | — |
| Short-term debt | $39.0M | $18.2M | $92.0M | $1.9M | — |
| Deferred revenue | $107.9M | $23.7M | $29.3M | −$1.1M | — |
| Total current liabilities | $295.7M | $125.0M | $169.2M | $2.9M | $82,734 |
| Long-term debt | $0 | $21.0M | $11.8M | $0 | $0 |
| Lease obligations | $37.3M | $36.4M | $523,985 | $198,718 | — |
| Other long-term liabilities | $34.5M | $34.3M | $372,725 | $198,718 | $3.2M |
| Total liabilities | $330.2M | $180.4M | $181.4M | $3.1M | $3.3M |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $3,671 | $3,359 | $4,100 | $4,100 | $93.1M |
| Retained earnings (deficit) | $90.0M | $50.3M | $9.7M | −$186,839 | −$2.5M |
| Accumulated other comprehensive income | −$7.5M | −$5.5M | −$2.8M | $395,658 | — |
| Minority interest | $0 | $199,449 | $0 | — | — |
| Total shareholders' equity | $111.3M | $59.2M | $56.9M | $7.8M | $90.6M |
| Key figures | |||||
| Total debt | $73.5M | $73.6M | $104.2M | $198,718 | — |
| Net cash (debt) | −$21.8M | −$59.9M | −$86.2M | $1.9M | — |
| Working capital | −$123.9M | −$69.6M | −$86.4M | −$812,403 | $227,496 |
| Tangible book value | $111.3M | $59.2M | $56.9M | $7.8M | $90.6M |
| Book value per share | $3.67 | $1.93 | $1.39 | $0.66 | $7.57 |
| Shares outstanding | 30.3M | 30.8M | 41.0M | 12.0M | 12.0M |
| Current ratio | 0.58 | 0.44 | 0.49 | 0.72 | 3.75 |
| Quick ratio | 0.21 | 0.26 | 0.25 | 0.72 | 3.34 |
| Debt / equity | 0.66 | 1.24 | 1.83 | 0.03 | — |
| Equity / assets | 25.2% | 24.7% | 23.9% | 71.8% | 96.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $110.0M | $58.8M | $51.6M | $51.6M | $28.2M | $28.2M | $13.7M | $13.7M | $41.7M | $3,036 | $18.0M | $50,517 |
| Cash & equivalents | $110.0M | $58.8M | $51.6M | $51.6M | $28.2M | $28.2M | $13.7M | $13.7M | $41.7M | $3,036 | $18.0M | $50,517 |
| Receivables | $15.4M | $17.9M | $11.7M | $11.7M | $16.6M | $16.6M | $18.8M | $18.8M | $121,118 | $121,118 | −$82.6M | $1 |
| Inventory | $132.1M | $114.5M | $80.0M | $80.1M | $60.0M | $60.0M | $20.0M | $20.0M | $54.2M | $0 | $40.0M | $64.4M |
| Other current assets | $14.6M | $16.4M | $28.5M | $28.4M | $13.1M | $13.1M | $3.0M | $3.0M | $528,632 | $0 | $107.3M | $0 |
| Total current assets | $272.2M | $207.6M | $171.8M | $171.8M | $117.9M | $117.9M | $55.4M | $55.4M | $96.6M | $45,091 | $82.8M | $177,635 |
| Property, plant & equipment (net) | $244.4M | $249.6M | $255.0M | $255.0M | $205.2M | $205.2M | $165.7M | $165.7M | $131.0M | $0 | $143.3M | $143.3M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $21.0M | $21.1M | $14.6M | $14.6M | $30.6M | $30.6M | $18.7M | $18.7M | $13.8M | $43.0M | $12.2M | $0 |
| Total assets | $537.6M | $478.3M | $441.4M | $441.4M | $353.6M | $353.6M | $239.8M | $239.8M | $241.4M | $43.1M | $238.3M | $41.8M |
| Liabilities | ||||||||||||
| Accounts payable | $66.1M | $50.8M | $55.6M | $55.6M | $55.0M | $55.0M | $17.6M | $17.6M | $25.0M | $25.0M | $37.2M | $37.2M |
| Short-term debt | $29.2M | $34.5M | — | $98.5M | $115.2M | $115.2M | — | $73.3M | $99.2M | $2.6M | $92.0M | $2.1M |
| Deferred revenue | $114.0M | $133.4M | — | — | — | $23.7M | — | — | — | — | $29.3M | −$37.2M |
| Total current liabilities | $242.4M | $304.7M | $295.7M | $295.7M | $249.3M | $249.3M | $125.0M | $125.0M | $145.4M | $3.0M | $169.2M | $2.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $21.0M | $0 | $22.4M | $0 | $11.8M | $0 |
| Lease obligations | $37.6M | $37.0M | $37.3M | — | $36.6M | — | $36.4M | — | $261,141 | — | $523,985 | — |
| Other long-term liabilities | $85.4M | $33.8M | $34.5M | $34.5M | $34.1M | $34.1M | $34.3M | $55.3M | $228,240 | $3.2M | $372,725 | $3.2M |
| Total liabilities | $327.8M | $338.5M | $330.2M | $330.2M | $283.4M | $283.4M | $180.4M | $180.4M | $168.0M | $6.2M | $181.4M | $5.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4,272 | $3,776 | — | $3,671 | $3,530 | $3,530 | — | $3,359 | $4,100 | $43.0M | $4,100 | $41.7M |
| Retained earnings (deficit) | $135.7M | $118.4M | $90.0M | $90.0M | $53.8M | $53.8M | $50.3M | $50.3M | $29.3M | −$6.2M | $9.7M | −$5.2M |
| Accumulated other comprehensive income | −$7.5M | −$7.5M | — | −$7.5M | −$7.2M | −$7.2M | — | −$5.5M | −$5.9M | — | −$2.8M | −$2.8M |
| Minority interest | — | — | $0 | — | $3.2M | — | $199,449 | — | — | — | — | — |
| Total shareholders' equity | $209.8M | $139.8M | $111.3M | $111.3M | $67.0M | $67.0M | $59.2M | $59.2M | $73.4M | $36.9M | $56.9M | $36.4M |
| Key figures | ||||||||||||
| Total debt | $63.2M | $68.3M | — | $133.0M | $149.3M | $149.3M | $21.0M | $128.6M | $121.9M | $2.6M | $104.2M | $2.1M |
| Net cash (debt) | $46.8M | −$9.5M | — | −$81.4M | −$121.2M | −$121.2M | −$7.3M | −$115.0M | −$80.2M | −$2.6M | −$86.2M | −$2.0M |
| Working capital | $29.8M | −$97.1M | −$123.9M | −$123.9M | −$131.4M | −$131.4M | −$69.6M | −$69.6M | −$48.8M | −$2.9M | −$86.4M | −$2.0M |
| Tangible book value | $209.8M | $139.8M | $111.3M | $111.3M | $67.0M | $67.0M | $59.2M | $59.2M | $73.4M | $36.9M | $56.9M | $36.4M |
| Book value per share | $5.44 | $3.71 | $3.03 | $4.18 | $1.97 | $1.97 | $1.27 | $2.89 | $1.79 | $0.90 | $1.39 | $0.89 |
| Shares outstanding | 38.5M | 37.7M | 36.7M | 26.6M | 34.0M | 34.0M | 46.6M | 20.5M | 41.0M | 41.0M | 41.0M | 41.0M |
| Current ratio | 1.12 | 0.68 | 0.58 | 0.58 | 0.47 | 0.47 | 0.44 | 0.44 | 0.66 | 0.02 | 0.49 | 0.08 |
| Quick ratio | 0.52 | 0.25 | 0.21 | 0.21 | 0.18 | 0.18 | 0.26 | 0.26 | 0.29 | 0.04 | −0.38 | 0.02 |
| Debt / equity | 0.30 | 0.49 | — | 1.20 | 2.23 | 2.23 | 0.35 | 2.17 | 1.66 | 0.07 | 1.83 | 0.06 |
| Equity / assets | 39.0% | 29.2% | 25.2% | 25.2% | 18.9% | 18.9% | 24.7% | 24.7% | 30.4% | 85.6% | 23.9% | 87.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 1, 2026); data from EODHD.
TOYO financial position
At the end of fiscal 2025 (December 31, 2025), TOYO had total assets of $441.4 million (up 84.1% from a year earlier), total liabilities of $330.2 million and shareholders' equity of $111.3 million. It held $51.6 million in cash and short-term investments against $73.5 million of debt, net debt of $21.8 million. Its current ratio was 0.58. In the latest quarter (ended June 30, 2026) total assets were $537.6 million and equity $209.8 million.
Related: TOYO income statement, TOYO cash flow statement, TOYO key metrics. See the TOYO stock overview for the latest quote and news.
TOYO balance sheet FAQ
What are TOYO's total assets?
TOYO reported total assets of $441.4 million at the end of fiscal 2025 (December 31, 2025), compared with $239.8 million a year earlier.
How much debt does TOYO have?
TOYO had $73.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.66.
How much cash does TOYO have?
TOYO held $51.6 million in cash and short-term investments at the end of fiscal 2025; with $73.5 million of debt that is net debt of $21.8 million.
What is TOYO's book value?
TOYO's shareholders' equity (book value) was $111.3 million at the end of fiscal 2025, or $3.67 per share.
What is TOYO's current ratio?
TOYO had current assets of $171.8 million and current liabilities of $295.7 million, a current ratio of 0.58 (current liabilities exceed current assets).