Tongwei - Public Comps and Valuation Multiples

Tongwei Overview

About Tongwei

Tongwei is the world's largest polysilicon producer and a leading solar cell and module supplier. The solar business contributed more than 60% of revenue in 2024. In addition, Tongwei runs a feed and food business, which made up 35% of revenue in 2024.

Founded

1995

HQ

Employees

5.3K+

Website

tongwei.cn

Sectors

Agriculture
AgriTech
ClimateTech
EnergyTech

Financials

LTM Revenue $12.8B

LTM EBITDA $718M

EV

$23.0B

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Tongwei Financials

As of September 2025, Tongwei reported last 12-month revenue of $12.8B and EBITDA of $718M.

In the same period, Tongwei generated $553M in LTM gross profit and -$896M in net income.

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Tongwei P&L

In the most recent fiscal year, Tongwei reported revenue of $12.9B and EBITDA of $77.4M.

Tongwei expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$12.8B	XXX	$12.9B	XXX	XXX	XXX
Gross Profit	$553M	XXX	$824M	XXX	XXX	XXX
Gross Margin	4%	XXX	6%	XXX	XXX	XXX
EBITDA	$718M	XXX	$77.4M	XXX	XXX	XXX
EBITDA Margin	6%	XXX	1%	XXX	XXX	XXX
EBIT	-$888M	XXX	-$201M	XXX	XXX	XXX
EBIT Margin	-7%	XXX	-2%	XXX	XXX	XXX
Net Profit	-$896M	XXX	-$987M	XXX	XXX	XXX
Net Margin	-7%	XXX	-8%	XXX	XXX	XXX
Net Debt	XXX	XXX	$7.3B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Tongwei including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $12.8B. EBITDA for the last twelve months was $718M. In the most recent fiscal year, Tongwei achieved $12.9B in revenue and $77.4M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$12.8B	Analyst estimates available to subscribers	$12.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$553M	Analyst estimates available to subscribers	$824M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	4.3% gross margin	Analyst estimates available to subscribers	6.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$718M	Analyst estimates available to subscribers	$77.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	5.6% EBITDA margin	Analyst estimates available to subscribers	0.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$888M	Analyst estimates available to subscribers	-$201M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-6.9% EBIT margin	Analyst estimates available to subscribers	-1.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$896M	Analyst estimates available to subscribers	-$987M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-7.0% net profit margin	Analyst estimates available to subscribers	-7.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$7.3B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Tongwei

This financial data table provides comprehensive performance metrics for Tongwei, a company based in China. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Tongwei generated $12.8B in revenue over the last twelve months.
The company achieved $718M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $553M.
Net income over the last twelve months reached -$896M.

Fiscal Year Performance

In the most recent fiscal year, Tongwei reported $12.9B in total revenue.
Fiscal year EBITDA was $77.4M.
The company maintained a gross profit margin of 6.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 0.6%.
Net profit margin reached -7.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Tongwei. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Tongwei Stock Performance

Tongwei has current market cap of CNY 110B (or $15.4B), and EV of CNY 164B (or $23.0B).

Market Cap Evolution

Tongwei Stock Data

As of October 16, 2025, Tongwei's stock price is CNY 24 (or $3).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$23.0B	$15.4B	XXX	XXX	XXX	XXX	$-0.20

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Tongwei Valuation Multiples

Tongwei's trades at 1.8x EV/Revenue multiple, and 297.2x EV/EBITDA.

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Tongwei Financial Valuation Multiples

As of October 16, 2025, Tongwei has market cap of $15.4B and EV of $23.0B.

Equity research analysts estimate Tongwei's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Tongwei has a P/E ratio of -17.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$15.4B	XXX	$15.4B	XXX	XXX	XXX
EV (current)	$23.0B	XXX	$23.0B	XXX	XXX	XXX
EV/Revenue	1.8x	XXX	1.8x	XXX	XXX	XXX
EV/EBITDA	32.0x	XXX	297.2x	XXX	XXX	XXX
EV/EBIT	-25.9x	XXX	-114.4x	XXX	XXX	XXX
EV/Gross Profit	41.6x	XXX	n/a	XXX	XXX	XXX
P/E	-17.2x	XXX	-15.6x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-6.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Tongwei Margins & Growth Rates

Tongwei's last 12 month revenue growth is 17%

Tongwei's revenue per employee in the last FY averaged $2.4M, while opex per employee averaged $0.2M for the same period.

Tongwei's rule of 40 is 37% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Tongwei's rule of X is 47% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Tongwei Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	17%	XXX	10%	XXX	XXX	XXX
EBITDA Margin	6%	XXX	1%	XXX	XXX	XXX
EBITDA Growth	144%	XXX	-56%	XXX	XXX	XXX
Rule of 40	37%	XXX	17%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	47%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	8%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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