(JKS) JinkoSolar Holding - Overview
Sector: Technology | Industry: Solar | Exchange: NYSE (USA) | Market Cap: 1.276m USD | Total Return: 31.8% in 12m
Avg Turnover: 15.5M
Qual. Beats: 1
Rev. Trend: -95.6%
Qual. Beats: 0
Warnings
High Debt/EBITDA (11.8) with thin interest coverage (-3.7)
High Debt while negative Cash Flow
Interest Coverage Ratio -3.7 is critical
Altman Z'' 0.63 < 1.0 - financial distress zone
Volatile Below Avwap Earnings
Tailwinds
No distinct edge detected
JinkoSolar Holding Co., Ltd. is a vertically integrated manufacturer of photovoltaic products, managing a supply chain that spans from silicon wafers and solar cells to completed solar modules. Beyond hardware manufacturing, the company provides solar system integration, engineering, procurement, and construction (EPC) services, and energy storage solutions.
The company operates within the capital-intensive semiconductor and renewable energy sectors, where profitability is heavily influenced by global polysilicon pricing and government subsidy transitions. JinkoSolar utilizes a global distribution model, supplying project developers and system integrators across major markets including China, the United States, and the European Union.
As of late 2024, the firm maintained significant industrial scale with an annual capacity of 130 GW for solar modules and 120 GW for mono wafers. You can find more detailed valuation metrics for this stock on ValueRay. This extensive manufacturing footprint supports its position as a primary supplier in the global transition toward decarbonized energy grids.
- Global solar module oversupply and falling average selling prices compress profit margins
- US and EU trade tariffs on Chinese solar products impact export revenue
- N-type TOPCon technology transition determines competitive advantage and market share gains
- Raw material cost volatility for polysilicon directly influences manufacturing profitability
- Debt levels and capital expenditure for capacity expansion affect long-term liquidity and valuation
| Net Income: -3.56b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.02 > 0.02 and ΔFCF/TA -7.89 > 1.0 |
| NWC/Revenue: 23.38% < 20% (prev 19.98%; Δ 3.41% < -1%) |
| CFO/TA 0.01 > 3% & CFO 1.08b > Net Income -3.56b |
| Net Debt (34.0b) to EBITDA (2.88b): 11.80 < 3 |
| Current Ratio: 1.26 > 1.5 & < 3 |
| Outstanding Shares: last quarter (13.1m) vs 12m ago 1.57% < -2% |
| Gross Margin: 4.37% > 18% (prev 0.08%; Δ 428.9% > 0.5%) |
| Asset Turnover: 51.25% > 50% (prev 67.94%; Δ -16.69% > 0%) |
| Interest Coverage Ratio: -3.70 > 6 (EBITDA TTM 2.88b / Interest Expense TTM 1.39b) |
| A: 0.12 (Total Current Assets 72.7b - Total Current Liabilities 57.8b) / Total Assets 126b |
| B: 0.03 (Retained Earnings 3.71b / Total Assets 126b) |
| C: -0.04 (EBIT TTM -5.15b / Avg Total Assets 124b) |
| D: 0.04 (Book Value of Equity 3.71b / Total Liabilities 95.4b) |
| Altman-Z'' = 0.63 = B |
| DSRI: 1.37 (Receivables 16.6b/15.9b, Revenue 63.5b/83.1b) |
| GMI: 1.92 (GM 4.37% / 8.39%) |
| AQI: 1.18 (AQ_t 0.10 / AQ_t-1 0.09) |
| SGI: 0.76 (Revenue 63.5b / 83.1b) |
| TATA: -0.04 (NI -3.56b - CFO 1.08b) / TA 126b) |
| Beneish M = -1.99 (Cap -4..+1) = B |
As of May 23, 2026, the stock is trading at USD 22.43 with a total of 1,811,441 shares traded.
Over the past week, the price has changed by -7.03%,
over one month by +0.79%,
over three months by -12.81% and
over the past year by +31.76%.
JinkoSolar Holding has received a consensus analysts rating of 3.14. Therefore, it is recommended to hold JKS.
- StrongBuy: 2
- Buy: 0
- Hold: 3
- Sell: 1
- StrongSell: 1
| Analysts Target Price | 30.9 | 37.8% |
P/E Forward = 53.1915
P/S = 0.02
P/B = 0.5518
P/EG = 0.1441
Revenue TTM = 63.5b CNY
EBIT TTM = -5.15b CNY
EBITDA TTM = 2.88b CNY
Long Term Debt = 27.9b CNY (from longTermDebt, last quarter)
Short Term Debt = 21.6b CNY (from shortTermDebt, last quarter)
Debt = 56.8b CNY (from shortLongTermDebtTotal, last quarter) + Leases 3.69b
Net Debt = 34.0b CNY (calculated: Debt 56.8b - CCE 22.8b)
Enterprise Value = 42.7b CNY (8.68b + Debt 56.8b - CCE 22.8b)
Interest Coverage Ratio = -3.70 (Ebit TTM -5.15b / Interest Expense TTM 1.39b)
EV/FCF = -19.25x (Enterprise Value 42.7b / FCF TTM -2.22b)
FCF Yield = -5.20% (FCF TTM -2.22b / Enterprise Value 42.7b)
FCF Margin = -3.49% (FCF TTM -2.22b / Revenue TTM 63.5b)
Net Margin = -5.61% (Net Income TTM -3.56b / Revenue TTM 63.5b)
Gross Margin = 4.37% ((Revenue TTM 63.5b - Cost of Revenue TTM 60.7b) / Revenue TTM)
Gross Margin QoQ = 8.32% (prev 0.31%)
Tobins Q-Ratio = 0.34 (Enterprise Value 42.7b / Total Assets 126b)
Interest Expense / Debt = 2.45% (Interest Expense 1.39b / Debt 56.8b)
Taxrate = 21.0% (US default 21%)
NOPAT = -4.07b (EBIT -5.15b * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.26 (Total Current Assets 72.7b / Total Current Liabilities 57.8b)
Debt / Equity = 3.58 (Debt 56.8b / totalStockholderEquity, last quarter 15.9b)
Debt / EBITDA = 11.80 (Net Debt 34.0b / EBITDA 2.88b)
Debt / FCF = -15.34 (negative FCF - burning cash) (Net Debt 34.0b / FCF TTM -2.22b)
Total Stockholder Equity = 16.5b (last 4 quarters mean from totalStockholderEquity)
RoA = -2.87% (Net Income -3.56b / Total Assets 126b)
RoE = -21.64% (Net Income TTM -3.56b / Total Stockholder Equity 16.5b)
RoCE = -11.60% (EBIT -5.15b / Capital Employed (Equity 16.5b + L.T.Debt 27.9b))
RoIC = -4.56% (negative operating profit) (NOPAT -4.07b / Invested Capital 89.2b)
WACC = 2.96% (E(8.68b)/V(65.5b) * Re(9.70%) + D(56.8b)/V(65.5b) * Rd(2.45%) * (1-Tc(0.21)))
Discount Rate = 9.70% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -17.98 | Cagr: -47.54%
[DCF] Fair Price = unknown (Cash Flow -2.22b)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.95 | # QB: 1
Revenue Correlation: -95.58 | Revenue CAGR: -20.34% | SUE: 0.43 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.93 | Chg30d=-207.01% | Revisions=-20% | Analysts=3
EPS next Quarter (2026-09-30): EPS=-0.60 | Chg30d=-166.34% | Revisions=-20% | Analysts=3
EPS current Year (2026-12-31): EPS=-3.44 | Chg30d=-1189.72% | Revisions=-20% | GrowthEPS=+61.0% | GrowthRev=+10.4%
EPS next Year (2027-12-31): EPS=0.75 | Chg30d=+90.46% | Revisions=-20% | GrowthEPS=+121.7% | GrowthRev=+19.1%
[Analyst] Revisions Ratio: -20%