One-glance verdict
Undervalued
$445.65 our estimate vs market $9.67
Wall Street consensus: $20.44 (-95.4% lower than our fair-value estimate)
98% below our estimate, below the bear case
Fundamentals snapshot
JinkoSolar Holding Co., Ltd.
JKS · NYQ · Technology · Solar
Current price
$9.67
52-week range
$9.42 - $31.88
Market cap
$506.42M
Balance sheet
Distressed
-4.48x Concerning
Net debt $3.66B. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
1 Risk
2 rewards · 1 risks
- Reward Free cash flow was positive in 1/10 years.
- Reward Dividend yield is 15.5% with 4-year payout history.
- Risk Operating margin compressed from 2.3% to -11.5% over 3 years.
What this company does
JinkoSolar Holding Co., Ltd.
JinkoSolar is one of the world's largest companies that manufactures and sells solar panels and the core components used to build them. The company primarily makes money by selling in bulk to other businesses that develop large solar power projects across the globe. This means JinkoSolar's success is closely tied to the worldwide growth and demand for renewable energy.
How the company got here
JinkoSolar was founded in China in 2006 and has grown from a regional manufacturer into one of the world's largest solar panel makers. A key turning point was its listing on the New York Stock Exchange in 2010, which provided the money to expand internationally. To be closer to its customers and manage risks in the global supply chain (the network of companies involved in producing and distributing a product), it opened factories in Malaysia, Vietnam, and the United States. The company has focused heavily on developing more efficient solar panel technology, which has helped it become a market leader. JinkoSolar's main Chinese operating subsidiary was also listed on the Shanghai Stock Exchange in 2022, raising more funds for growth.
What it actually does
JinkoSolar designs, makes, and sells products that capture energy from the sun. Think of them as a one-stop-shop for solar power. Their main products are the solar panels you might see on a neighbor's roof or in a large field, which convert sunlight directly into electricity. They control the entire manufacturing process, from the raw silicon material to the finished panels, which helps ensure quality. The company sells these products to distributors, large-scale project developers, and other businesses that install solar systems for homes and companies.
Photovoltaic Products
This is JinkoSolar's core business and makes up the vast majority of its revenue. This segment includes the manufacturing and sale of solar modules (the finished panels), as well as the key components that go inside them, like silicon wafers and solar cells. The main customers are large utility companies building solar farms, commercial businesses putting panels on their buildings, and residential solar installers. JinkoSolar is known for its high-efficiency N-type TOPCon technology, which allows the panels to produce more electricity from the same amount of sunlight.
Energy Storage Solutions
A newer and growing part of the business involves selling energy storage systems, which are essentially large batteries. These systems are often sold alongside their solar panels, allowing customers to store the solar energy created during the day and use it at night or on cloudy days. This helps solve the challenge of solar power being intermittent (not available all the time). JinkoSolar offers these battery solutions for all sizes of customers, from individual homes to large-scale power projects.
Strategic Investments
This is a smaller but increasingly important part of the company's strategy, where it acts as an investment firm. JinkoSolar uses its expertise and money to take minority stakes (buying a small portion of other companies) in businesses working on promising new technologies. These investments are focused on areas like artificial intelligence, advanced materials, and other renewable energy technologies. The goal is to create a second engine of growth for the company beyond its main solar business.
What management is betting on now
Management is focused on expanding beyond just making solar panels into a broader clean energy technology company. A major priority is growing their energy storage business, as they see a rising demand for combining solar generation with battery solutions. They are also making strategic investments in other high-tech fields like artificial intelligence and advanced materials to create future value. To reflect this broader focus, the company has proposed changing its name from JinkoSolar Holding Co., Ltd. to Jinko Holdings Limited.
Price history
How the share price has moved
—
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 $445.65 vs current price $9.67
Wall Street consensus is the average analyst price target: $20.44 (-95.4% lower than our fair-value estimate).
Our most-likely fair value is $445.65 a share — about 4,508.6% above today's price of $9.67, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $3.7B. Interest coverage -4.5x.
Net debt
$3.66B
Interest coverage
-4.48x
JinkoSolar Holding Co., Ltd.'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
JinkoSolar Holding Co., Ltd.
Total debt $6.19B 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 $752.89M Interest coverage 2.70x This peer still has a real interest-payment cushion, while JKS does not.
Total debt $194.01M Interest coverage 36.18x This peer still has a real interest-payment cushion, while JKS does not.
Total debt $233.81M 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
1 Risk
Rewards
-
Free cash flow was positive in 1/10 years.
-
Dividend yield is 15.5% with 4-year payout history.
Risks
-
Operating margin compressed from 2.3% to -11.5% 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
14.11x
P/B
0.23x
P/S
0.01x
EV/EBITDA
13.03x
PEG ratio
0.14x
Profitability
How much profit each dollar creates
Gross margin
4.8%
Operating margin
-11.5%
Net margin
-5.9%
ROE
—
ROA
—
Health
Liquidity and balance-sheet strength
Debt / equity
1.44x
Current ratio
1.13x
Quick ratio
0.56x
Total debt
$6.19B
Total cash
$2.53B
Growth
How the business has been compounding
Revenue TTM
$13.28B
Revenue 5Y CAGR
22.7%
EPS TTM
-9.69
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
15.5%
Payout ratio
388.5%
Last ex-div date
2026-06-22