TOYO Co., Ltd. engages in the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic (PV) modules, and other stages of the solar power supply chain in Asia and the United States. The company designs, manufactures, and sells solar cells and modules, and related products. TOYO Co., Ltd. is headquartered in Tokyo, Japan.
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Competitive advantage assessment
Key strengths
Margins Stable Across CyclesOperating margin volatility is low (stability score 0.87), demonstrating pricing resilience across cycles.
ROIC Sustainably Above PeersROIC at 85.7th percentile exceeds peers and WACC, demonstrating superior capital allocation.
Key risks
Liquidity ConcernsLiquidity is concerning (score 0.09), raising questions about short-term obligations.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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TOYO Co., Ltd ranks #4 of 28
scored companies in Solar by moat score — the top 14%.
The widest moat in the group is First Solar, Inc. (FSLR)
at 89/100.
Moat scores for companies ranked near TOYO in Solar
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 91
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 94
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 76
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 60
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 62
· 15% of the moat score
Scale matters only when it converts into economics.
TOYO Co., Ltd (TOYO) scores 74 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #4 of 28 scored companies in Solar, the top 14%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 27 companies in Solar. Its strongest defense is Customer Stickiness (94/100) and its weakest is Resilience (60/100).
How does TOYO Co., Ltd compare with other Solar companies?
TOYO Co., Ltd ranks #4 of 28 scored companies in Solar by moat score. The widest moat in Solar is First Solar, Inc. (FSLR) at 89/100. The companies ranked closest are Enphase Energy, Inc. (ENPH) at 74 just above it and Shoals Technologies Group, Inc. (SHLS) at 71 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 27 companies in Solar. The defenses are then weighted to produce the overall score out of 100.
Why is TOYO Co., Ltd scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for TOYO Co., Ltd?
The Corporate Default template measures 6 defenses, and TOYO scores: Pricing Power (76), Cost Advantage (91), Customer Stickiness (94), Capital Efficiency (76), Resilience (60), Scale & Market Position (62). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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