Tearsheet

Maxeon Solar Technologies (MAXN)

Market Price (12/4/2025): $2.88 | Market Cap: $48.1 Mil
Sector: Information Technology | Industry: Semiconductors

Maxeon Solar Technologies (MAXN)

Market Price (12/4/2025): $2.88
Market Cap: $48.1 Mil
Sector: Information Technology
Industry: Semiconductors

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, and Renewable Energy Equipment.	Weak multi-year price returns 2Y Excs Rtn is -150%, 3Y Excs Rtn is -173%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -460 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -90%
1			Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 553%
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -55%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.5%, Rev Chg QQuarterly Revenue Change % is -79%
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -63%
4			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 2055%
5			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1116%

0	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, and Renewable Energy Equipment.
1	Weak multi-year price returns 2Y Excs Rtn is -150%, 3Y Excs Rtn is -173%
2	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -460 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -90%
3	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 553%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -55%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.5%, Rev Chg QQuarterly Revenue Change % is -79%
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -63%
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 2055%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1116%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$2.88	$7.54	$717.00	$1,606.00	$1,390.00
Market Cap CYE ($ Mil)	48.1	126.0	359.4	657.7	561.8
Total Debt ($ Mil)	311.5	311.5	437.7	449.8	187.3
Total Cash ($ Mil)	28.9	28.9	190.2	303.4	166.5
Enterprise Value ($ Mil)	330.7	437.5	797.1	1,107.5	749.1
Valuation Ratios
P/S TTM	0.1	0.1	0.3	0.6	0.7
P/EBIT TTM	-0.1	-0.1	-1.4	-3.4	-2.5
P/E TTM	-0.1	-0.1	-1.2	-2.5	-2.0
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$2.88	$7.54	$717.00
Market Cap CYE ($ Mil)	48.1	126.0	359.4
Total Debt ($ Mil)	311.5	311.5	437.7
Total Cash ($ Mil)	28.9	28.9	190.2
Enterprise Value ($ Mil)	330.7	437.5	797.1
Valuation Ratios
P/S TTM	0.1	0.1	0.3
P/EBIT TTM	-0.1	-0.1	-1.4
P/E TTM	-0.1	-0.1	-1.2
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	MAXN	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.5
Rev Chg Q	-78.7%	7.1%
Rev Chg LTM	-54.7%	6.1%
Rev Chg 3Y Avg	-4.5%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.5
CFO LTM ($ Bil)	-0.3
Net Inc LTM ($ Bil)	-0.6
Op Mgn LTM	-90.5%	18.8%
CFO/Rev LTM	-53.1%	20.5%
Net Inc Mgn	-111.7%	13.1%
VALUATION	VERY LOW
P/S	0.1	3.2
P/CFO	-0.2	15.8
P/FCF	-0.2	20.5
P/E	-0.1	23.5
STABILITY	POOR
Debt/Equity	6.09	0.20
Cash/Assets	0.08	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of Granted Patents	Over 2,000	8142025	Link
Module Aperture Efficiency (Maxeon 7 Panel)	24.9%	3212024	Link
Shipments (in MW)	153.2	6302025	Link
Number of Customers	More than one million	9092024	Link
Number of Installation Partners and Distributors	More than 1,700	9092024	Link

Upcoming
12/04/2025	Earnings Release	Rev: - EPS: -

MAXN Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

The stock of Maxeon Solar Technologies (MAXN) experienced a significant decline between August 31, 2025, and December 4, 2025, attributed to several key factors. 1. 1. Steep Revenue Decline and U.S. Import Challenges: Maxeon Solar Technologies faced an approximate 89% year-over-year revenue collapse in the first half of 2025, plummeting to around $39 million from approximately $371 million in the first half of 2024. This significant drop was primarily due to U.S. Customs detentions of Maxeon's solar modules under the Uyghur Forced Labor Prevention Act, which severely disrupted its access to the U.S. market. 2. 2. Continued Impact of U.S. Customs & Border Protection (CBP) Actions: The challenges from U.S. Customs & Border Protection's (CBP) exclusion of Maxeon's solar panels from U.S. import, which began in July 2024, continued to significantly impact the company's financial results in the first half of 2025. In April 2025, CBP denied Maxeon's protests regarding these module detentions, indicating an uphill battle for the company's litigation to overturn these restrictions. 3. 3. Suspension of Financial Guidance and Restructuring Efforts: Amid these operational and legal challenges, Maxeon restructured its operations and indefinitely suspended revenue and earnings guidance, signaling ongoing uncertainty about its financial outlook. The company also committed to a business transformation, focusing exclusively on the U.S. market, streamlining operations, and reducing costs. 4. 4. Negative Analyst Sentiment and High-Risk Perception: Maxeon Solar Technologies held several negative signals and was in a very wide and falling trend as of December 3, 2025, leading to a negative evaluation from analysts who believed it would continue to perform weakly. The stock was viewed as high risk, with significant downside potential. 5. 5. Overall Market Underperformance and Volatility: MAXN underperformed both the US Semiconductor industry and the broader US Market over the preceding year. The stock exhibited high volatility, with daily average volatility of 4.83% in the week leading up to December 3, 2025, and was considered "high risk" due to a large prediction interval from the Bollinger Band.

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Stock Movement Drivers

Fundamental Drivers

The -21.5% change in MAXN stock from 9/3/2025 to 12/3/2025 was primarily driven by a -21.5% change in the company's P/S Multiple.

	9032025	12032025	Change
Stock Price ($)	3.67	2.88	-21.53%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	509.05	509.05	0.00%
P/S Multiple	0.12	0.09	-21.53%
Shares Outstanding (Mil)	16.71	16.71	0.00%
Cumulative Contribution			-21.53%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
MAXN	-21.5%
Market (SPY)	6.2%	53.1%
Sector (XLK)	11.0%	48.8%

Fundamental Drivers

The -4.6% change in MAXN stock from 6/4/2025 to 12/3/2025 was primarily driven by a -4.6% change in the company's P/S Multiple.

	6042025	12032025	Change
Stock Price ($)	3.02	2.88	-4.64%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	509.05	509.05	0.00%
P/S Multiple	0.10	0.09	-4.64%
Shares Outstanding (Mil)	16.71	16.71	0.00%
Cumulative Contribution			-4.64%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
MAXN	-4.6%
Market (SPY)	15.1%	35.4%
Sector (XLK)	22.7%	33.9%

Fundamental Drivers

The -65.0% change in MAXN stock from 12/3/2024 to 12/3/2025 was primarily driven by a -3164.0% change in the company's Shares Outstanding (Mil).

	12032024	12032025	Change
Stock Price ($)	8.22	2.88	-64.96%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	828.08	509.05	-38.53%
P/S Multiple	0.01	0.09	1760.32%
Shares Outstanding (Mil)	0.51	16.71	-3164.02%
Cumulative Contribution			-35139.99%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
MAXN	-65.0%
Market (SPY)	14.3%	34.2%
Sector (XLK)	23.1%	38.3%

Fundamental Drivers

The -99.9% change in MAXN stock from 12/4/2022 to 12/3/2025 was primarily driven by a -3980.8% change in the company's Shares Outstanding (Mil).

	12042022	12032025	Change
Stock Price ($)	2268.00	2.88	-99.87%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	958.09	509.05	-46.87%
P/S Multiple	0.97	0.09	-90.25%
Shares Outstanding (Mil)	0.41	16.71	-3980.76%
Cumulative Contribution			-301.10%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
MAXN	-99.4%
Market (SPY)	53.2%	20.7%
Sector (XLK)	60.2%	20.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MAXN Return	-	-51%	16%	-55%	-99%	-61%	-100%
Peers Return	46%	17%	-5%	13%	-4%	5%	85%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
MAXN Win Rate	50%	42%	58%	42%	0%	40%
Peers Win Rate	52%	42%	32%	42%	35%	47%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
MAXN Max Drawdown	-	-51%	-42%	-75%	-99%	-66%
Peers Max Drawdown	-27%	-12%	-30%	-12%	-16%	-26%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: QCOM, FSLR, SLAB, POWI, AMBQ.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	MAXN	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-92.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	1264.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-42.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	72.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	63 days	148 days

Compare to QCOM, FSLR, SLAB, POWI, AMBQ

In The Past

Maxeon Solar Technologies's stock fell -92.7% during the 2022 Inflation Shock from a high on 2/9/2021. A -92.7% loss requires a 1264.9% gain to breakeven.

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About Maxeon Solar Technologies (MAXN)

Maxeon Solar Technologies, Ltd. designs, manufactures, markets, and sells solar panels and related solar system components worldwide. The company provides interdigitated back contact and shingled solar cells and panels under the SunPower brand. It offers its products to dealers, project developers, system integrators, distributors, resellers, and residential and small-scale commercial customers. Maxeon Solar Technologies, Ltd. was incorporated in 2019 and is headquartered in Singapore.

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1. The Mercedes-Benz of solar panels.

2. The Tesla of solar panels.

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Maxeon Line Solar Panels: These are premium, high-efficiency solar panels utilizing proprietary Interdigitated Back Contact (IBC) cell technology for superior performance and durability.
Performance Line Solar Panels: These panels employ a shingled-cell design to deliver high power density and reliability at a competitive cost for a broader market segment.

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Maxeon Solar Technologies (symbol: MAXN) primarily sells its solar panels and related products to other companies (B2B). Here are its major customers:

SunPower Corporation (Symbol: SPWR): SunPower is Maxeon's largest customer and a strategic partner. Maxeon supplies premium solar panels to SunPower for the residential and light commercial markets in the U.S. and Canada under an exclusive supply agreement. Sales to SunPower represented 14% of Maxeon's total net revenue in 2023.

While Maxeon's public filings indicate that its top ten customers account for a significant portion of its revenue, the names of other specific major customers are not individually disclosed due to confidentiality. These typically fall into the following categories of companies:

Solar Distributors and Wholesalers: Maxeon sells to a global network of distributors and wholesalers who then supply solar installers and smaller project developers in various regions, including Europe, Australia, Mexico, and other international markets.
Large-scale Project Developers and EPC (Engineering, Procurement, Construction) Firms: For utility-scale solar power plants and significant commercial & industrial rooftop projects, Maxeon supplies panels directly to the developers or the companies responsible for designing and building these projects.

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TCL Zhonghuan Renewable Energy Technology Co., Ltd. (002129.SZ)

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Bill Mulligan, Chief Executive Officer

Bill Mulligan was appointed CEO of Maxeon Solar Technologies effective January 23, 2023. Prior to joining Maxeon, he served as Chief Operating Officer at Sila Nanotechnologies, a privately held Silicon Valley company focused on battery materials. He also held the position of CEO at SolarBridge, a microinverter company whose technology was subsequently acquired by Enphase. Additionally, Mr. Mulligan served as Executive Vice President of Global Operations for SunPower Corporation, where he played a key role in the development and commercialization of the solar industry's first mass-produced Interdigitated Back Contact (IBC) high-efficiency solar cells. He has nearly 25 years of experience leading teams in developing and scaling high-performance solar panels, contributing to SunPower's transformation into a global PV technology leader.

Kai Strohbecke, Chief Financial Officer

Kai Strohbecke joined Maxeon Solar Technologies as Chief Financial Officer on March 15, 2021. He brings over 26 years of experience in the semiconductor industry across Europe, the U.S., and Asia. Before Maxeon, Mr. Strohbecke was the Vice President Finance and Global Operations Controller for Micron Technology. For a decade, he served as CFO at Inotera Memories, a memory semiconductor manufacturing company in Taiwan, which he helped list on the Taiwan Stock Exchange in 2006. His career also includes various management roles with increasing responsibility at Infineon and Siemens Semiconductor Group before 2003.

Matt Dawson, Chief Technology Officer

Matt Dawson assumed the role of Chief Technology Officer at Maxeon Solar Technologies on March 20, 2023. With over 15 years of experience in developing and deploying products across the solar energy value chain, he has a track record of scaling innovation from R&D to volume manufacturing. Prior to Maxeon, Mr. Dawson was the Vice President of Technology at Sila Nanotechnologies, a privately held battery materials company. He also held various leadership positions at SunPower Corporation, becoming Vice President of Research and Development in 2019, where he was responsible for technology strategy, cell and module product development, and the company's R&D lab infrastructure.

Lindsey Wiedmann, Chief Legal & Sustainability Officer

Lindsey Wiedmann was appointed Chief Legal Officer of Maxeon Solar Technologies in September 2020 and also serves as the Global Environment, Social, Governance (ESG) Executive Leader. She previously served as General Counsel, Global Projects, Transactions and Operations at SunPower Corporation, where she supported global solar residential, commercial, and large-scale power plant business units. Ms. Wiedmann was also the lead SunPower attorney for 8point3 Energy Partners LP's initial public offering in 2015.

Tiffany See, Chief Human Resources Officer

Tiffany See joined Maxeon Solar Technologies in August 2020 as Chief Human Resources Officer. She has extensive experience as an HR leader, having previously worked at BHP, a global resources company. Before her time at BHP, Ms. See spent 17 years at Dell Technologies, where she was the Executive Director, Human Resources (Asia).

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The rapid scaling and cost reduction potential of Heterojunction Technology (HJT) solar cells by competitors represents a clear emerging threat. HJT modules offer very high efficiencies, excellent performance in varying temperatures, and superior bifaciality, directly challenging the premium, high-efficiency segment where Maxeon Solar Technologies operates with its IBC and shingled cell technologies. Several manufacturers are making significant investments to scale HJT production, which could erode Maxeon's technological advantage and pricing power if HJT achieves widespread cost-competitive adoption.

AI Generated Analysis | Feedback

Maxeon Solar Technologies (NASDAQ: MAXN) operates in the solar photovoltaic (PV) market, primarily designing and manufacturing high-efficiency solar panels for residential, commercial, and utility-scale customers. The company recently announced a strategic shift to focus exclusively on the U.S. market, with plans to divest its sales and marketing operations in EMEA, APAC, and LATAM regions to TCL Group. Maxeon will continue to use the SunPower brand in global markets outside of the U.S., Canada, and Japan, where it will use the Maxeon brand. The addressable markets for Maxeon Solar Technologies' main products and services are significant across its target segments:

Residential Solar Market

Globally, the residential solar PV market was valued at USD 94.2 billion in 2024 and is projected to reach USD 198.9 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 7.9% from 2025 to 2034.
In the U.S. specifically, the residential solar PV market was estimated at USD 7.45 billion in 2023 and is anticipated to grow at a CAGR of 14.4% from 2024 to 2030, reaching USD 17.68 billion by 2030. In 2024, the U.S. residential solar PV market amounted to USD 6.3 billion.

Commercial Solar Market

The global commercial & industrial solar PV market was valued at USD 63.2 billion in 2024 and is expected to reach USD 164.1 billion by 2034, growing at a CAGR of 10.1% from 2025 to 2034. Another estimate places the global commercial solar panels market at USD 36.1 billion in 2024, projected to reach approximately USD 100.7 billion by 2034, with a CAGR of 10.8% from 2025 to 2034.
For the U.S. market, the commercial & industrial solar PV market amounted to USD 2.9 billion in 2024.

Utility-Scale Solar Market

The global utility solar PV Engineering, Procurement, and Construction (EPC) market is estimated to be valued at USD 89.3 billion in 2025 and is projected to reach USD 151.1 billion by 2035, with a CAGR of 5.4% over the forecast period.
In the U.S., utility-scale solar farms have a total capacity of 100 GW nationwide. The U.S. utility-scale segment installed 9.0 GWdc in Q1 2025.

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Expected Drivers of Future Revenue Growth for Maxeon Solar Technologies (MAXN)

Over the next two to three years, Maxeon Solar Technologies (NASDAQ: MAXN) anticipates several key drivers to contribute to its future revenue growth, primarily stemming from strategic shifts and technological advancements, despite current market headwinds and restructuring efforts. 1. Renewed Focus and Expansion in the U.S. Market with Local Manufacturing: Maxeon intends to re-establish itself as a leader in solar, focusing exclusively on the United States. This strategy includes planned local manufacturing, which the company believes will create a strong platform for future growth and profitability. This strategic focus aims to capitalize on market presence and mitigate challenges faced in other regions. 2. Introduction and Ramp-up of Next-Generation Maxeon Technology (Maxeon 7 and 8): The company is investing in upgrading its manufacturing capacity to Maxeon 7 technology and developing Maxeon 8 technology. The Maxeon 7 technology is being introduced for the U.S. utility-scale market, and the company is upgrading its Maxeon 3 line to Maxeon 7 technology. These advanced, high-efficiency solar panels are expected to offer superior performance and a 40-year warranty, providing a differentiated product offering to capture market share. 3. Growth in the U.S. Utility-Scale Business with Higher Priced Backlog: Maxeon has a contracted backlog of 3.3 gigawatts for delivery through 2025, with additional supply allocated for 2025, 2026, and 2027. Pricing for these utility-scale orders is expected to increase in 2024, transitioning to shipments from orders booked in 2022, which are anticipated to contribute material margin in 2024. 4. Expansion of the U.S. Distributed Generation (DG) Dealer Channel: Maxeon is actively working to rebuild its U.S. distributed generation channel and has signed over 100 new U.S. dealers, incremental to its existing partnerships. This expansion aims to capture demand in segments of the U.S. residential market where Maxeon's premium modules, like the Maxeon 3 with its industry-leading efficiency and 40-year warranty, are gaining traction, especially following a competitor's exit.

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Capital Allocation Decisions for Maxeon Solar Technologies (MAXN)

Share Repurchases

In September 2020, Maxeon entered into a prepaid forward transaction and a physical delivery forward transaction related to ordinary shares, to be repurchased using a portion of the net proceeds from an offering of convertible notes. The aggregate limit for repurchases under Singapore law is no more than 20% of the total number of ordinary shares.
These transactions were associated with hedging investments in the 2020 Convertible Notes.
As of August 2023, there had been no new purchases or acquisitions of shares under the Physical Delivery Forward Transaction since August 31, 2022.

Share Issuance

On July 17, 2020, Maxeon issued $200.0 million in aggregate principal amount of 6.50% green convertible senior notes due 2025.
In September 2020, the company completed a registered offering of ordinary shares, raising approximately $58.5 million from the sale of around 3.8 million shares.
In June 2024, through private exchange transactions, Maxeon issued approximately $139.0 million principal amount of new Tranche A Convertible Senior Secured Notes due 2028, approximately $65.1 million principal amount of new Tranche B Convertible Senior Secured Notes due 2028, and 9,925,000 warrants, in exchange for $198.5 million of existing 2025 notes and accrued interest. No cash proceeds were received from this issuance.

Inbound Investments

In August 2020, Tianjin Zhonghuan Semiconductor (TZS) invested $298.0 million in Maxeon, acquiring 8,915,692 shares, representing approximately 29.5% of the outstanding shares after the spin-off from SunPower.
In August 2022, TCL Zhonghuan announced a US$200 million investment in Maxeon Solar Technologies in the form of 5-year convertible bonds.
TZS has agreed to invest $97.5 million into Maxeon via a debt instrument and has committed to an additional $100 million equity investment, both subject to regulatory approval, which is expected to result in TZE owning at least 50.1% of shares outstanding.

Outbound Investments

In late 2024, Maxeon began divesting its non-US assets to concentrate solely on the US market. Its sales and marketing operations in Europe, the Middle East, Africa, Asia-Pacific, and Latin America are to be acquired by TCL Group.
The TCL Group is also set to acquire Maxeon's manufacturing operations in the Philippines.
In January 2025, a Sale and Purchase Agreement was executed for the sale of Maxeon's approximately 39.99% equity ownership in SMPL Land Inc. (Philippines) to Lumetech PTE Ltd., a subsidiary of TZS.

Capital Expenditures

Capital expenditures totaled $67 million in 2023, up from $63 million in 2022, with a significant portion in 2023 directed towards the Performance line capacity ramp.
Capital expenditures for Q1 2024 were $19 million, reflecting a sequential increase due to the upgrade of the Maxeon 3 line to its seventh-generation IBC technology.
Expected capital expenditures for Q2 2024 are projected to be between $15 million and $25 million, allocated to various projects including Maxeon 7, and future investments are planned for next-generation Maxeon 8 technology and a new multi-GW factory in the United States (Albuquerque, New Mexico) by early 2026.

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Better Bets than Maxeon Solar Technologies (MAXN)

	MAXN	Better Performance than MAXN
Metric	Value	INDUSTRY: Semiconductors
Rev Chg LTM	-54.7%	NVDA (71.6%), MU (48.9%), AMD (31.8%), AVGO (28.0%), INTC (-1.5%)
Rev Chg 3Y Avg	-4.5%	NVDA (92.0%), AVGO (24.0%), MU (20.3%), AMD (12.9%), QCOM (1.2%)
Op Mgn LTM	-90.5%	NVDA (58.1%), AVGO (39.0%), MU (26.2%), AMD (9.4%), INTC (-0.2%)
CFO/Rev LTM	-53.1%	MU (46.9%), NVDA (46.6%), AVGO (42.4%), AMD (20.0%), INTC (16.0%)
FCF/Rev LTM	-63.3%	NVDA (43.6%), AVGO (41.6%), AMD (17.0%), MU (4.5%), INTC (-15.8%)
Total Yield	-1111.6%	MU (4.8%), NVDA (2.3%), AVGO (1.5%), AMD (1.3%), INTC (0.1%)
P/S	0.1	SUNE (0.1)
P/Op Inc	-0.1

	MAXN	Better Performance than MAXN
Metric	Value	SECTOR: Information Technology
Rev Chg LTM	-54.7%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), ORCL (9.7%), AAPL (6.0%)
Rev Chg 3Y Avg	-4.5%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), ORCL (10.2%), AAPL (1.8%)
Op Mgn LTM	-90.5%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), AAPL (31.9%), ORCL (31.6%)
CFO/Rev LTM	-53.1%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), ORCL (36.5%), AAPL (26.6%)
FCF/Rev LTM	-63.3%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), ORCL (-10.0%)
Total Yield	-1111.6%	MSFT (3.4%), AAPL (3.0%), ORCL (2.8%), NVDA (2.3%), AVGO (1.5%)
P/S	0.1	LPSN (0.0), BKKT (0.0), KTCC (0.1), TTEC (0.1), INGM (0.1)
P/Op Inc	-0.1

	MAXN	Better Performance than MAXN
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-54.7%	META (21.3%), GOOGL (13.4%), AMZN (10.9%), TSLA (-1.6%), BRK-B (-11.6%)
Rev Chg 3Y Avg	-4.5%	BRK-B (19.8%), META (17.3%), AMZN (11.3%), GOOGL (11.0%), TSLA (9.3%)
Op Mgn LTM	-90.5%	META (43.2%), LLY (43.0%), GOOGL (32.2%), AMZN (11.4%), TSLA (5.1%)
CFO/Rev LTM	-53.1%	META (56.8%), GOOGL (39.3%), AMZN (18.1%), TSLA (16.5%), BRK-B (9.8%)
FCF/Rev LTM	-63.3%	META (23.7%), GOOGL (19.1%), TSLA (7.1%), BRK-B (4.8%), AMZN (2.0%)
Total Yield	-1111.6%	BRK-B (6.2%), GOOGL (4.6%), META (3.5%), AMZN (3.0%), TSLA (0.4%)
P/S	0.1	SNEX (0.0), KSS (0.1), UNFI (0.1), PAGP (0.1), CNC (0.1)
P/Op Inc	-0.1

		Best Bets In Information Technology Sector
	MAXN
What You Pay
P/E	-0.1
P/EBIT	-0.1
What You Get
Rev Chg Q	-78.7%
Rev Chg LTM	-54.7%
Rev Chg 3Y Avg	-4.5%
FCF/Rev 3Y Avg	-32.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Is Maxeon Solar Technologies Stock Built to Withstand More Downside?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to MAXN. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Maxeon Solar Technologies

Peers to compare with:

Financials

	MAXN	QCOM	FSLR	SLAB	POWI	AMBQ	Median
Name	Maxeon S.	Qualcomm	First So.	Silicon .	Power In.	Ambiq Mi.
Mkt Price	2.88	174.18	256.06	137.68	36.19	27.53	86.94
Mkt Cap	0.0	187.8	27.5	4.5	2.0	-	4.5
Rev LTM	509	44,284	4,343	743	446	69	626
Op Inc LTM	-460	12,394	1,362	-96	5	-38	-16
FCF LTM	-322	12,820	-943	74	80	-21	27
FCF 3Y Avg	-235	11,277	-557	-1	65	-	-1
CFO LTM	-270	14,012	299	97	100	-16	99
CFO 3Y Avg	-174	12,504	762	19	85	-	85

Growth & Margins

	MAXN	QCOM	FSLR	SLAB	POWI	AMBQ	Median
Name	Maxeon S.	Qualcomm	First So.	Silicon .	Power In.	Ambiq Mi.
Rev Chg LTM	-54.7%	13.7%	15.4%	47.1%	10.5%	-	13.7%
Rev Chg 3Y Avg	-4.5%	1.2%	20.6%	-0.7%	-12.3%	-	-0.7%
Rev Chg Q	-78.7%	10.0%	8.6%	23.8%	2.7%	-	8.6%
QoQ Delta Rev Chg LTM	-26.1%	2.4%	2.0%	5.6%	0.7%	-	2.0%
Op Mgn LTM	-90.5%	28.0%	31.3%	-12.9%	1.2%	-54.6%	-5.9%
Op Mgn 3Y Avg	-39.2%	25.9%	22.9%	-15.6%	5.4%	-	5.4%
QoQ Delta Op Mgn LTM	-28.1%	-0.2%	-0.9%	3.2%	-3.5%	-	-0.9%
CFO/Rev LTM	-53.1%	31.6%	6.9%	13.1%	22.5%	-22.6%	10.0%
CFO/Rev 3Y Avg	-25.1%	31.5%	21.7%	2.8%	19.4%	-	19.4%
FCF/Rev LTM	-63.3%	28.9%	-21.7%	9.9%	17.9%	-29.7%	-5.9%
FCF/Rev 3Y Avg	-32.5%	28.4%	-14.8%	0.1%	14.8%	-	0.1%

Valuation

	MAXN	QCOM	FSLR	SLAB	POWI	AMBQ	Median
Name	Maxeon S.	Qualcomm	First So.	Silicon .	Power In.	Ambiq Mi.
Mkt Cap	0.0	187.8	27.5	4.5	2.0	-	4.5
P/S	0.1	4.0	5.4	5.8	5.0	-	5.0
P/EBIT	-0.1	13.5	17.1	-52.3	420.2	-	13.5
P/E	-0.1	32.4	18.8	-50.0	125.0	-	18.8
P/CFO	-0.2	12.8	79.1	44.2	22.4	-	22.4
Total Yield	-1,111.6%	5.2%	5.3%	-2.0%	2.9%	-	2.9%
Dividend Yield	0.0%	2.1%	0.0%	0.0%	2.1%	-	0.0%
FCF Yield 3Y Avg	-462.8%	7.0%	-2.6%	-0.1%	2.2%	-	-0.1%
D/E	6.1	0.1	0.0	0.0	0.0	-	0.0
Net D/E	5.5	0.0	-0.0	-0.1	-0.1	-	-0.0

Returns

	MAXN	QCOM	FSLR	SLAB	POWI	AMBQ	Median
Name	Maxeon S.	Qualcomm	First So.	Silicon .	Power In.	Ambiq Mi.
1M Rtn	-20.4%	-3.6%	-3.6%	7.6%	-12.5%	-6.0%	-4.8%
3M Rtn	-21.5%	10.7%	27.1%	5.1%	-17.1%	-28.3%	-6.0%
6M Rtn	-4.6%	18.2%	60.2%	9.9%	-32.9%	-	9.9%
12M Rtn	-65.0%	9.5%	23.4%	22.7%	-44.2%	-	9.5%
3Y Rtn	-99.9%	47.6%	52.1%	-2.8%	-52.4%	-	-2.8%
1M Excs Rtn	-20.4%	-3.6%	-3.6%	7.6%	-12.5%	-6.0%	-4.8%
3M Excs Rtn	-26.7%	3.7%	21.5%	-3.3%	-23.9%	-37.5%	-13.6%
6M Excs Rtn	-19.4%	3.5%	45.5%	-4.9%	-47.7%	-	-4.9%
12M Excs Rtn	-78.0%	-1.2%	14.9%	10.9%	-57.3%	-	-1.2%
3Y Excs Rtn	-172.7%	-16.6%	-18.2%	-72.8%	-123.3%	-	-72.8%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	12/31/2024	12/31/2024	12/31/2023	1/1/2023	1/2/2022	1/3/2021	12/29/2019
Filing Date	4/30/2025	4/30/2025	5/30/2024	3/7/2023	3/24/2022	4/6/2021	7/31/2020
Key Financials
Total Revenue	509	509	1,123	1,060	783	845	1,198
EBITDA	-466	-508	-175	-139	-169	-46	-84
Operating Income	-460	-460	-94	-198	-164	-130	-136
Net Income	-568	-614	-276	-267	-255	-143	-183
EPS	-189.60	-96.00	-594.46	-653.85	-679.00	-582.00	-617.21
Growth Rates
Total Revenue Growth	-54.7%	-54.7%	5.9%	35.3%	-7.3%	-29.5%	31.3%
EBITDA Growth	-165.9%	-189.8%	-26.2%	17.7%	-262.8%	44.7%	82.9%
Operating Income Growth	-391.2%	-391.2%	52.7%	-20.6%	-26.3%	4.4%	76.6%
Net Income Growth	-106.1%	-122.7%	-3.1%	-5.1%	-78.4%	22.1%	69.7%
Margins
EBITDA Margin	-91.5%	-99.8%	-15.6%	-13.1%	-21.5%	-5.5%	-7.0%
Operating Income Margin	-90.5%	-90.5%	-8.3%	-18.7%	-21.0%	-15.4%	-11.4%
Net Income Margin	-111.7%	-120.7%	-24.6%	-25.2%	-32.5%	-16.9%	-15.3%
Cash & Debt
Total Cash	29	29	190	303	167	207	121
Total Debt	311	311	438	450	187	199	83
Net Debt / (Cash)	283	283	247	146	21	-8	-38
Cash Flows
Net Cash from Operations	-270	-270	-254	3	-5	-189	-26
Free Cash from Operations	-322	-322	-322	-60	-160	-217	-68
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	134	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Period End	12/31/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	10/1/2023	7/2/2023	4/2/2023	1/1/2023	10/2/2022	7/3/2022	4/3/2022
Filing Date	4/30/2025	12/5/2024	9/3/2024	5/30/2024	5/30/2024	11/15/2023	8/10/2023	5/16/2023	3/7/2023	11/10/2022	8/18/2022	5/26/2022
Key Financials Quarterly
Total Revenue	49	89	184	187	229	228	348	318	324	275	238	223
Ebitda	-96	-347	35	-59	-174	-83	30	52	-24	-16	-62	-38
Operating Income	-104	-226	-70	-60	-73	-41	9	12	-17	-57	-73	-51
Net Income	-106	-394	12	-80	-186	-108	-2	20	-76	-45	-88	-59
EPS	-6.60	-47.00	23.00	-159.00	-396.46	-221.00	-3.00	49.00	-184.00	-109.00	-215.00	-145.00
Key Financials TTM
Total Revenue TTM	509	689	828	992	1,123	1,218	1,266	1,155	1,060	958	903	841
Ebitda TTM	-466	-544	-281	-286	-175	-25	42	-49	-139	-159	-192	-189
Operating Income TTM	-460	-430	-244	-166	-94	-38	-54	-136	-198	-226	-217	-180
Net Income TTM	-568	-649	-363	-376	-276	-165	-102	-188	-267	-265	-286	-275
Growth Rates Quarterly
Total Revenue Growth	-78.7%	-61.1%	-47.1%	-41.1%	-29.3%	-17.4%	46.3%	42.7%	46.1%	24.9%	35.4%	34.9%
EBITDA Growth	44.9%	-315.2%	19.5%	-212.4%	-621.0%	-428.9%	148.2%	239.6%	45.5%	67.8%	-6.2%	-115.5%
Operating Income Growth	-42.0%	-456.6%	-897.4%	-625.0%	-320.2%	28.5%	111.9%	122.8%	61.7%	-18.9%	-105.1%	-43.4%
Net Income Growth	43.1%	-263.9%	873.0%	-495.4%	-146.1%	-142.2%	98.3%	134.3%	-3.2%	31.6%	-14.2%	-52.3%
Margins Quarterly
EBITDA Margin	-196.4%	-391.4%	19.3%	-31.4%	-76.0%	-36.7%	8.5%	16.5%	-7.5%	-5.7%	-25.9%	-16.8%
Operating Income Margin	-213.3%	-255.6%	-37.7%	-32.3%	-32.1%	-17.9%	2.5%	3.6%	-5.4%	-20.6%	-30.8%	-22.7%
Net Income Margin	-217.1%	-444.8%	6.3%	-42.8%	-81.4%	-47.6%	-0.4%	6.4%	-23.4%	-16.2%	-36.9%	-26.5%
Cash & Debt
Total Cash	29	51	81	98	190	268	435	279	303	275	138	177
Total Debt	311	319	397	446	438	435	446	457	450	448	257	253
Net Debt / (Cash)	283	267	316	347	247	167	11	178	146	173	119	77
Cash Flows Quarterly
FCF from Operations	-7	-116	-74	-73	-76	-152	-3	-23	40	-40	-11	15
Cash Flows TTM
FCF from Operations TTM	-270	-340	-375	-304	-254	-138	-27	-35	3	-13	17	61
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-28.3%	-66.5%	-18.7%	-21.0%	-26.7%	-16.8%	4.5%	4.8%	-9.8%	-30.6%	-43.0%	-31.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-32.9%	-31.6%	-20.7%	-14.2%	-9.0%	-4.0%	-6.9%	-18.2%	-27.9%	-30.5%	-31.9%	-28.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	1,123	1,060	783	845	1,198
Total	1,123	1,060	783	845	1,198

Price Behavior

Price Behavior

Market Price	$2.88
Market Cap ($ Bil)	0.0
First Trading Date	08/27/2020
Distance from 52W High	-66.9%
	50 Days	200 Days
DMA Price	$3.40	$3.54
DMA Trend	down	down
Distance from DMA	-15.2%	-18.6%
	3M	1YR
Volatility	64.1%	95.5%
Downside Capture	411.06	305.18
Upside Capture	186.45	163.62
Correlation (SPY)	53.5%	34.1%

MAXN Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	3.47	2.94	2.78	2.59	1.65	1.94
Up Beta	3.10	2.22	2.43	1.77	1.49	1.18
Down Beta	1.79	2.44	2.56	1.87	0.92	1.54
Up Capture	283%	303%	222%	352%	227%	68%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	8	19	27	59	108	313
Down Capture	398%	326%	313%	279%	158%	112%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	21	34	63	135	430

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of MAXN With Other Asset Classes (Last 1Y)
	MAXN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-67.3%	25.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	95.6%	27.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.74	0.81	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		37.9%	33.8%	-0.5%	7.4%	15.6%	22.1%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of MAXN With Other Asset Classes (Last 5Y)
	MAXN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-73.5%	19.9%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	119.4%	24.6%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	-0.52	0.73	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		26.2%	25.9%	5.2%	6.2%	23.4%	14.3%

Based On 10-Year Data

		Comparison of MAXN With Other Asset Classes (Last 10Y)
	MAXN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-71.0%	22.2%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	118.7%	24.2%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	-0.45	0.84	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		25.7%	25.6%	5.3%	6.5%	22.8%	14.2%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	493,544
Short Interest: % Change Since 10312025	-17.7%
Average Daily Volume	72,688
Days-to-Cover Short Interest	6.79
Basic Shares Quantity	16,711,109
Short % of Basic Shares	3.0%

Returns Analyses

	Title
0	Is Maxeon Solar Technologies Stock Built to Withstand More Downside?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	8142025	6-K 6/30/2025
12312024	4302025	20-F 12/31/2024
9302024	12052024	6-K 9/29/2024
6302024	9032024	6-K 6/30/2024
3312024	5302024	6-K 3/31/2024
12312023	5302024	20-F 12/31/2023
9302023	11152023	6-K 10/1/2023
6302023	8102023	6-K 7/2/2023
3312023	5162023	6-K 4/2/2023
12312022	3072023	20-F 1/1/2023
9302022	11102022	6-K 10/2/2022
6302022	8182022	6-K 7/3/2022
3312022	5262022	6-K 4/3/2022
12312021	3242022	20-F 1/2/2022
9302021	11172021	6-K 10/3/2021
6302021	8122021	6-K 7/4/2021

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Maxeon Solar Technologies (MAXN)

Market Price (12/4/2025): $2.88 | Market Cap: $48.1 MilSector: Information Technology | Industry: Semiconductors

Maxeon Solar Technologies (MAXN)

Market Price (12/4/2025): $2.88Market Cap: $48.1 MilSector: Information TechnologyIndustry: Semiconductors

Valuation, Metrics & Events

MAXN Stock

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About Maxeon Solar Technologies (MAXN)

Residential Solar Market

Commercial Solar Market

Utility-Scale Solar Market

Expected Drivers of Future Revenue Growth for Maxeon Solar Technologies (MAXN)

Capital Allocation Decisions for Maxeon Solar Technologies (MAXN)

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Market Price (12/4/2025): $2.88 | Market Cap: $48.1 Mil
Sector: Information Technology | Industry: Semiconductors

Market Price (12/4/2025): $2.88
Market Cap: $48.1 Mil
Sector: Information Technology
Industry: Semiconductors