(FTCI) FTC Solar - Overview
Stock: Solar Tracker, Software Solution, Voyager, Pioneer
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 112% |
| Relative Tail Risk | -9.29% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.40 |
| Alpha | 131.64 |
| Character TTM | |
|---|---|
| Beta | 2.064 |
| Beta Downside | 1.936 |
| Drawdowns 3y | |
|---|---|
| Max DD | 94.60% |
| CAGR/Max DD | -0.32 |
Description: FTCI FTC Solar January 25, 2026
FTC Solar, Inc. (NASDAQ: FTCI) designs, manufactures, and services solar-tracker hardware and software for utility-scale projects across North America, Europe, Asia, the Middle East, Africa and Australia. Its product line includes the two-module-in-portrait Voyager tracker and the single-module-in-portrait Pioneer tracker, both sold to project developers, asset owners, and EPC contractors.
Since its 2017 incorporation in Austin, Texas, FTCI has leveraged the U.S. Inflation Reduction Act (IRA) and comparable renewable-energy incentives abroad to grow its order backlog. As of the latest Q4 2025 filing, the company reported a 38 % year-over-year increase in backlog to $210 million and a 12 % rise in revenue to $84 million, driven primarily by higher shipments to the United States and a resurgence in European solar-farm construction.
Sector-wide, the global solar-tracker market is projected to expand at a CAGR of roughly 10 % through 2030, with utility-scale installations accounting for the bulk of volume growth. Key economic drivers include declining PV module costs (down ~ 15 % YoY in 2024) and tightening renewable-energy mandates in the EU’s “Fit-for-55” package, which together boost demand for high-efficiency tracking solutions.
Analysts should note that FTCI is classified under the “Semiconductors” sub-industry in GICS, a mis-alignment that can distort peer comparisons; a more appropriate benchmark would be the “Solar Equipment” or “Renewable Energy Infrastructure” groups.
Given the company’s expanding backlog and the accelerating policy tailwinds, a deeper dive into FTCI’s unit economics and margin trends is warranted-ValueRay’s data platform can help you quantify those factors efficiently.
Piotroski VR‑10 (Strict, 0-10) 1.5
| Net Income: -55.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.39 > 0.02 and ΔFCF/TA -10.38 > 1.0 |
| NWC/Revenue: 48.05% < 20% (prev 32.92%; Δ 15.14% < -1%) |
| CFO/TA -0.38 > 3% & CFO -42.1m > Net Income -55.4m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 1.66 > 1.5 & < 3 |
| Outstanding Shares: last quarter (14.9m) vs 12m ago 16.97% < -2% |
| Gross Margin: -12.01% > 18% (prev -0.14%; Δ -1187 % > 0.5%) |
| Asset Turnover: 78.76% > 50% (prev 62.55%; Δ 16.21% > 0%) |
| Interest Coverage Ratio: -14.55 > 6 (EBITDA TTM -58.2m / Interest Expense TTM 3.64m) |
Altman Z'' -15.00
| A: 0.34 (Total Current Assets 96.6m - Total Current Liabilities 58.1m) / Total Assets 111.5m |
| B: -3.51 (Retained Earnings -390.9m / Total Assets 111.5m) |
| C: -0.52 (EBIT TTM -52.9m / Avg Total Assets 101.6m) |
| D: -3.12 (Book Value of Equity -391.3m / Total Liabilities 125.3m) |
| Altman-Z'' Score: -15.95 = D |
Beneish M -3.00
| DSRI: 0.94 (Receivables 49.2m/37.3m, Revenue 80.0m/57.4m) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 0.85 (AQ_t 0.10 / AQ_t-1 0.12) |
| SGI: 1.40 (Revenue 80.0m / 57.4m) |
| TATA: -0.12 (NI -55.4m - CFO -42.1m) / TA 111.5m) |
| Beneish M-Score: -3.00 (Cap -4..+1) = AA |
What is the price of FTCI shares?
Over the past week, the price has changed by -8.48%, over one month by -20.44%, over three months by +17.28% and over the past year by +162.43%.
Is FTCI a buy, sell or hold?
- StrongBuy: 1
- Buy: 1
- Hold: 2
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the FTCI price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 12 | 26.3% |
| Analysts Target Price | 12 | 26.3% |
| ValueRay Target Price | 9.4 | -1.6% |
FTCI Fundamental Data Overview February 03, 2026
P/S = 1.9378
P/B = 12.19
Revenue TTM = 80.0m USD
EBIT TTM = -52.9m USD
EBITDA TTM = -58.2m USD
Long Term Debt = 16.6m USD (from longTermDebt, last quarter)
Short Term Debt = 755.0k USD (from shortTermDebt, last fiscal year)
Debt = 17.2m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -7.14m USD (from netDebt column, last quarter)
Enterprise Value = 147.9m USD (155.1m + Debt 17.2m - CCE 24.4m)
Interest Coverage Ratio = -14.55 (Ebit TTM -52.9m / Interest Expense TTM 3.64m)
EV/FCF = -3.43x (Enterprise Value 147.9m / FCF TTM -43.2m)
FCF Yield = -29.19% (FCF TTM -43.2m / Enterprise Value 147.9m)
FCF Margin = -53.97% (FCF TTM -43.2m / Revenue TTM 80.0m)
Net Margin = -69.25% (Net Income TTM -55.4m / Revenue TTM 80.0m)
Gross Margin = -12.01% ((Revenue TTM 80.0m - Cost of Revenue TTM 89.6m) / Revenue TTM)
Gross Margin QoQ = 6.12% (prev -19.60%)
Tobins Q-Ratio = 1.33 (Enterprise Value 147.9m / Total Assets 111.5m)
Interest Expense / Debt = 11.54% (Interest Expense 1.99m / Debt 17.2m)
Taxrate = 21.0% (US default 21%)
NOPAT = -41.8m (EBIT -52.9m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.66 (Total Current Assets 96.6m / Total Current Liabilities 58.1m)
Debt / Equity = -1.25 (negative equity) (Debt 17.2m / totalStockholderEquity, last quarter -13.7m)
Debt / EBITDA = 0.12 (negative EBITDA) (Net Debt -7.14m / EBITDA -58.2m)
Debt / FCF = 0.17 (negative FCF - burning cash) (Net Debt -7.14m / FCF TTM -43.2m)
Total Stockholder Equity = 7.47m (last 4 quarters mean from totalStockholderEquity)
RoA = -54.54% (Net Income -55.4m / Total Assets 111.5m)
RoE = -742.1% (Net Income TTM -55.4m / Total Stockholder Equity 7.47m)
RoCE = -219.5% (out of range, set to none) (EBIT -52.9m / Capital Employed (Equity 7.47m + L.T.Debt 16.6m))
RoIC = -217.1% (out of range, set to none) (NOPAT -41.8m / Invested Capital 19.3m)
WACC = 13.08% (E(155.1m)/V(172.3m) * Re(13.52%) + D(17.2m)/V(172.3m) * Rd(11.54%) * (1-Tc(0.21)))
Discount Rate = 13.52% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 9.13%
Fair Price DCF = unknown (Cash Flow -43.2m)
EPS Correlation: -59.46 | EPS CAGR: -5.32% | SUE: 0.37 | # QB: 0
Revenue Correlation: -61.93 | Revenue CAGR: -30.47% | SUE: 4.0 | # QB: 1
EPS next Quarter (2026-03-31): EPS=-0.16 | Chg30d=-0.001 | Revisions Net=+1 | Analysts=2
EPS next Year (2026-12-31): EPS=-0.01 | Chg30d=+0.040 | Revisions Net=+1 | Growth EPS=+99.8% | Growth Revenue=+95.3%