A Business at a Glance
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Unless the context requires otherwise, references in this Annual Report on Form 10-K to “Nextracker,” the “Company,” “we,” “us” and “our” mean Nextracker Inc. and its consolidated subsidiaries. Our vision We envision a world powered by renewable energy where clean, affordable power is available to all. Our mission Our mission is to be the most trusted and valued renewable energy company by delivering intelligent, reliable, and productive solar power. We are a leading solar technology platform provider used in power plants around the world. Our products enable solar power plants to follow the sun’s movement across the sky and optimize performance. With products operating in more than forty countries worldwide, Nextracker offers solar tracker technologies and innovative solutions that accelerate solar power plant construction, increase performance, and enhance long-term reliability. We are the global market leader based on gigawatts (“GW”) shipped for nine consecutive years.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.6B | 3.0B | 2.5B | 1.9B | 1.5B | 1.2B |
| Net Income | 592M | 509M | 306M | 1.1M | - | - |
| EPS | $3.93 | $3.47 | $3.37 | $0.01 | - | - |
| Free Cash Flow | 587M | 622M | 423M | 104M | -153M | 92M |
| ROIC | 48.6% | 68.3% | 24.3% | 8.5% | - | - |
| Gross Margin | 32.4% | 34.1% | 32.5% | 15.1% | 10.1% | 19.4% |
| Debt/Equity | 0.00 | 0.00 | 0.15 | -0.05 | - | - |
| Dividends/Share | $0.00 | - | - | $0.19 | - | - |
| Operating Income | 739M | 639M | 587M | 168M | 66M | 159M |
| Operating Margin | 20.5% | 21.6% | 23.5% | 8.9% | 4.5% | 13.3% |
| ROE | 27.5% | 39.3% | -29.0% | -0.0% | - | - |
| Shares Outstanding | 152M | 147M | 91M | 114M | - | - |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 1.2B | 1.5B | 1.9B | 2.5B | 3.0B | 3.6B |
| Gross Margin | 19.4% | 10.1% | 15.1% | 32.5% | 34.1% | 32.4% |
| R&D | 13M | 14M | 22M | 42M | 79M | 101M |
| SG&A | 60M | 67M | 97M | 184M | 290M | 328M |
| EBIT | 159M | 66M | 168M | 587M | 639M | 739M |
| Op. Margin | 13.3% | 4.5% | 8.9% | 23.5% | 21.6% | 20.5% |
| Net Income | N/A | N/A | 1.1M | 306M | 509M | 592M |
| Net Margin | N/A | N/A | 0.1% | 12.3% | 17.2% | 16.4% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | N/A | N/A | 8.5% | 24.3% | 68.3% | 48.6% |
| ROE | N/A | N/A | -0.0% | -29.0% | 39.3% | 27.5% |
| ROA | N/A | N/A | 0.1% | 15.6% | 17.8% | 15.6% |
| Cash Flow | ||||||
| Op. Cash Flow | 94M | -147M | 108M | 429M | 656M | 629M |
| Free Cash Flow | 92M | -153M | 104M | 423M | 622M | 587M |
| Owner Earnings | 73M | -161M | 71M | 368M | 524M | 485M |
| CapEx | 2.5M | 5.9M | 3.2M | 6.2M | 34M | 42M |
| Maint. CapEx | 17M | 11M | 4.6M | 4.4M | 13M | 27M |
| Growth CapEx | 0 | 0 | 0 | 1.8M | 21M | 15M |
| D&A | 17M | 11M | 4.6M | 4.4M | 13M | 27M |
| CapEx/OCF | N/A | N/A | 3.0% | 1.4% | 5.2% | 6.6% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 4.0M | 21M | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | 0.6% | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 694M | 552M | 0 | 0 |
| Buyback Yield | N/A | N/A | 37.3% | 10.8% | N/A | 0.0% |
| Stock-Based Comp | 4.3M | 3.0M | 32M | 57M | 119M | 117M |
| Debt Repayment | 0 | 0 | 20M | 0 | 150M | 150M |
| Balance Sheet | ||||||
| Net Debt | N/A | N/A | 17M | -330M | -766M | -953M |
| Cash & Equiv. | 191M | N/A | 130M | 474M | 766M | 953M |
| Long-Term Debt | N/A | N/A | 147M | 144M | 0 | N/A |
| Debt/Equity | N/A | N/A | -0.05 | 0.15 | 0.00 | 0.00 |
| Interest Coverage | N/A | N/A | 1684.8 | 1174.2 | 61.9 | 61.9 |
| Equity | 0 | N/A | -3.1B | 961M | 1.6B | 2.2B |
| Total Assets | N/A | N/A | 1.4B | 2.5B | 3.2B | 3.8B |
| Total Liabilities | N/A | N/A | 935M | 1.5B | 1.6B | 1.6B |
| Intangibles | N/A | N/A | 1.3M | 1.5M | 53M | 81M |
| Retained Earnings | N/A | N/A | -3.1B | -3.1B | -2.6B | -2.1B |
| Working Capital | N/A | N/A | 365M | 877M | 1.1B | 1.5B |
| Current Assets | N/A | N/A | 872M | 1.8B | 2.2B | 2.6B |
| Current Liabilities | N/A | N/A | 507M | 891M | 1.0B | 1.1B |
| Per Share Data | ||||||
| EPS | N/A | N/A | 0.01 | 3.37 | 3.47 | 3.93 |
| Owner EPS | N/A | N/A | 0.62 | 4.05 | 3.57 | 3.19 |
| Book Value | N/A | N/A | -26.91 | 10.58 | 11.10 | 14.14 |
| Cash Flow/Share | N/A | N/A | 0.94 | 4.72 | 4.47 | 4.07 |
| Dividends/Share | N/A | N/A | 0.19 | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | 114.3M | 90.9M | 146.7M | 152.1M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | 16.7 | 12.4 | 29.3 |
| P/FCF | N/A | N/A | 35.6 | 12.1 | 10.2 | 29.8 |
| EV/EBIT | N/A | N/A | 11.1 | 7.4 | 7.5 | 22.4 |
| Price/Book | N/A | N/A | N/A | 5.3 | 3.9 | 8.1 |
| Price/Sales | N/A | N/A | 0.9 | 1.5 | 2.1 | 4.8 |
| FCF Yield | N/A | N/A | 5.6% | 8.3% | 9.8% | 3.4% |
| Market Cap | N/A | N/A | 1.9B | 5.1B | 6.3B | 17.5B |
| Avg. Price | N/A | N/A | 31.37 | 42.21 | 43.14 | 114.92 |
| Year-End Price | N/A | N/A | 32.52 | 56.27 | 43.15 | 114.92 |
Nextpower Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Nextpower Inc. trades at 29.3x trailing earnings, compared to its 15-year median P/E of 14.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 29.1x vs a median of 12.1x. The company's 5-year average ROIC is 33.7% with a gross margin of 22.2%. At current prices, the estimated annualized return to fair value is +5.9%.
Nextpower Inc. (NXT) has a current P/E ratio of 29.3, compared to its historical median P/E of 14.6. The stock is currently considered Expensive based on its historical valuation range.
Nextpower Inc. (NXT) has a 5-year average return on invested capital (ROIC) of 33.7%. This indicates strong capital allocation and a potential competitive advantage.
Nextpower Inc. (NXT) has a market capitalization of $17.5B. It is classified as a large-cap stock.
Nextpower Inc. (NXT) does not currently pay a regular dividend.
Based on historical P/E analysis, Nextpower Inc. (NXT) appears expensive. The current P/E of 29.3 is 101% above its historical median of 14.6. The estimated fair value CAGR (P/E method) is 110.3%.
Nextpower Inc. (NXT) operates in the Search, Detection, Navigation, Guidance, Aeronautical Sys industry, within the Technology sector.
Nextpower Inc. (NXT) reported annual revenue of $3.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Nextpower Inc. (NXT) has a net profit margin of 17.2%. This is a healthy margin.
Nextpower Inc. (NXT) generated $622 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Nextpower Inc. (NXT) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
Nextpower Inc. (NXT) reported earnings per share (EPS) of $3.47 in its most recent fiscal year.
Nextpower Inc. (NXT) has a return on equity (ROE) of 39.3%. This indicates the company generates strong returns for shareholders.
Nextpower Inc. (NXT) has a 5-year average gross margin of 22.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 5 years of financial data for Nextpower Inc. (NXT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Nextpower Inc. (NXT) has a book value per share of $11.10, based on its most recent annual SEC filing.