One-glance verdict
Undervalued
$598.13 our estimate vs market $10.14
Wall Street consensus: $15.60 (-97.4% lower than our fair-value estimate)
98% below our estimate, below the bear case
Fundamentals snapshot
Jinko Holdings Limited
JKS · NYQ · Technology · Solar
Current price
$10.14
52-week range
$7.83 - $31.88
Market cap
$531.03M
Balance sheet
Distressed
-4.48x Concerning
Net debt $3.94B. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
2 Risks
2 rewards · 2 risks
- Reward Free cash flow was positive in 1/10 years.
- Reward Dividend yield is 14.8% with 4-year payout history.
- Risk Return on equity was -16.3% last year — the company lost money on shareholders' equity.
- Risk Operating margin compressed from 2.3% to -7.7% over 3 years.
What this company does
Jinko Holdings Limited
Jinko Holdings Limited makes and sells solar power products like solar panels and the parts that go into them. Their money mainly comes from selling these solar products to companies that build solar farms or install solar systems, and they operate in many countries around the world. This business matters because it's all about clean energy and meeting the growing global demand for solar power.
How the company got here
Jinko Holdings Limited, formerly known as JinkoSolar Holding Co., Ltd., was founded in 2006. [5] It started as a solar module manufacturer and has since grown into a global leader in the renewable energy sector. [9, 10] The company went public on the New York Stock Exchange (NYSE) in 2010. [9, 10] In October 2026, it officially changed its name to Jinko Holdings Limited to reflect its evolution into a holding company with diversified interests beyond its core solar business. [2, 8] This name change signifies a strategic shift to operate through two main engines of value creation: industrial holdings and strategic investments. [2, 6]
What it actually does
Jinko Holdings Limited is primarily involved in the clean energy industry, with a strong foundation in solar power. [13] The company designs, develops, produces, and markets photovoltaic (PV) products, which are components that convert sunlight into electricity. [1] This includes a vertically integrated value chain, meaning they handle the manufacturing process from raw silicon materials to finished solar modules. [5, 9] They also offer solar system integration services and engage in solar power generation and engineering, procurement, and construction (EPC) services. [1]
Jinko Solar Co., Ltd. (Solar and Energy Storage Operations)
This is the core industrial business of Jinko Holdings Limited, representing its primary revenue generator. [2, 6] Jinko Solar Co., Ltd. manufactures a range of solar products, including silicon wafers (the base material for solar cells), solar cells (which convert sunlight into electricity), and solar modules (the panels you see on rooftops and in solar farms). [1, 5, 9] The company sells these products globally under the JinkoSolar brand to distributors, project developers, and system integrators. [1] In addition to manufacturing, this segment also provides energy storage solutions, which are systems designed to store electricity generated from solar power for later use, and offers EPC services for solar power projects. [1, 9] This segment is the "industrial foundation" of the holding company. [8, 13]
Strategic Investments
This is the newer, second engine of value creation for Jinko Holdings Limited. [2, 6] Through this segment, the company makes minority investments in high-growth sectors that are expected to benefit from technological innovation and the global energy transition. [2, 4, 6] These focus areas include artificial intelligence (AI), advanced materials, commercial space, and other emerging technologies. [2, 3, 4] The company leverages its experience in the energy sector to identify and support these promising new ventures, aiming to create long-term value for shareholders. [2, 3] Examples of companies they have invested in include those in AI foundation models and robotics. [3, 7]
What management is betting on now
Jinko Holdings Limited's management is focused on a dual strategy: strengthening its core solar and energy storage business while simultaneously expanding its strategic investment portfolio. [2, 6, 8] They believe that technology is increasingly reshaping the energy landscape, particularly with the growth of AI, which is bringing energy and computing infrastructure closer together. [8] By anchoring the company in clean energy and investing in frontier technologies, management aims to capitalize on new opportunities arising from this convergence. [8] This involves disciplined capital allocation and active management of their investments to support portfolio companies and generate sustainable long-term value for shareholders. [2, 3]
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$1.06B
FY2025 Q4
$-300.85M
Revenue
—
Net income
$-635.64M
Diluted EPS
-3.05
Operating cash flow
$154.71M
Free cash flow
$-300.85M
Fetching…
Sources
Revenue
—
Net income
$7.47M
Diluted EPS
-0.17
Operating cash flow
$2.31B
Free cash flow
$1.06B
Fetching…
Sources
Is it cheap or expensive?
Fair value $598.13 vs current price $10.14
Wall Street consensus is the average analyst price target: $15.60 (-97.4% lower than our fair-value estimate).
Our most-likely fair value is $598.13 a share — about 5,798.7% above today's price of $10.14, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $3.9B. Interest coverage -4.5x.
Net debt
$3.94B
Interest coverage
-4.48x
Jinko Holdings Limited's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
JKS
BASELINE
Jinko Holdings Limited
Total debt $6.28B Interest coverage -4.48x This is the baseline the peer rows are being compared against.
Total debt $7.31B Interest coverage 0.24x This peer still has a real interest-payment cushion, while JKS does not.
Total debt $759.38M Interest coverage 2.70x This peer still has a real interest-payment cushion, while JKS does not.
Total debt $324.97M Interest coverage 36.18x This peer still has a real interest-payment cushion, while JKS does not.
Total debt $200.14M Interest coverage 5.64x This peer still has a real interest-payment cushion, while JKS does not.
Total debt $138.18M Interest coverage -1.07x Neither company has much profit cushion over interest right now.
What you should know
The case for and against JKS
2 Rewards
2 Risks
Rewards
-
Free cash flow was positive in 1/10 years.
-
Dividend yield is 14.8% with 4-year payout history.
Risks
-
Return on equity was -16.3% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from 2.3% to -7.7% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
43.90x
P/B
0.25x
P/S
0.01x
EV/EBITDA
10.65x
PEG ratio
0.14x
Profitability
How much profit each dollar creates
Gross margin
5.8%
Operating margin
-7.7%
Net margin
-5.1%
ROE
-16.3%
ROA
-2.3%
Health
Liquidity and balance-sheet strength
Debt / equity
1.46x
Current ratio
1.12x
Quick ratio
0.55x
Total debt
$6.28B
Total cash
$2.34B
Growth
How the business has been compounding
Revenue TTM
$13.28B
Revenue 5Y CAGR
22.7%
EPS TTM
-7.83
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$3.57B
Free CF TTM
$-300.85M
FCF margin
-2.3%
Dividend
Shareholder payout
Yield
14.8%
Payout ratio
390.3%
Last ex-div date
2026-06-22