Nextpower (NXT)


Market Price (11/8/2026): $104.59 | Market Cap: $15.7 BilSector: Industrials | Industry: Electrical Components & Equipment

Nextpower (NXT)


Market Price (11/8/2026): $104.59
Market Cap: $15.7 Bil
Sector: Industrials
Industry: Electrical Components & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, and Renewable Energy Equipment.

Key risks
NXT key risks include [1] its challenging expansion into the competitive inverter and power conversion market where failures could damage its brand and [2] a heavy revenue concentration in the U.S. Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
1 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, and Renewable Energy Equipment.
2 Key risks
NXT key risks include [1] its challenging expansion into the competitive inverter and power conversion market where failures could damage its brand and [2] a heavy revenue concentration in the U.S. Show more.

NXT in ETFs

Weight = NXT's share of each fund

VTI0.02%
ITOT0.02%
IWB0.02%
IJH0.35%
VB0.14%
ICLN8.0%
FXN2.2%
NUSC1.1%
+23 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/6/2026

Nextpower (NXT) stock has gained about 15% since 7/31/2026 because of the following key factors:

1. Nextpower delivered strong financial results, consistently beating analyst expectations for earnings and revenue, and significantly raising its fiscal year 2027 guidance.

For fiscal Q1 2027 (ended June 30, 2026), the company reported adjusted diluted EPS of $1.20, surpassing the consensus estimate of $1.05. This was followed by a robust performance in fiscal Q2 2027 (ended September 30, 2026), where adjusted EPS of $1.31 beat analyst estimates of $1.10 by 19.2%, and revenue of $1.11 billion exceeded estimates of $1.07 billion by 4%. Concurrently, Nextpower raised its full-year fiscal 2027 revenue guidance to a midpoint of $4.33 billion and adjusted EPS guidance to a midpoint of $4.74, signaling continued positive momentum. This consistent outperformance and optimistic outlook fueled investor confidence.

2. The company expanded its market presence and diversified its product portfolio through strategic acquisitions and significant product developments.

Nextpower completed the acquisition of Prevalon Energy on July 20, 2026, thereby launching an advanced energy storage business and broadening its offerings. On July 30, 2026, the acquisition of power conversion assets was completed, accelerating its U.S. manufacturing capabilities. Furthermore, Nextpower was awarded a U.S. Patent for its NX PowerMerge Solar Trunk Bus Technology and expanded its backlog for this technology to over 2 GW, as announced on August 20, 2026. These initiatives positioned Nextpower as a more comprehensive energy technology platform, growing its non-tracker segments and contributing to demand momentum.

Show more
Updated on 11/6/2026

Nextpower (NXT) stock has gained about 15% since 7/31/2026 because of the following key factors:

1. Nextpower delivered strong financial results, consistently beating analyst expectations for earnings and revenue, and significantly raising its fiscal year 2027 guidance.

For fiscal Q1 2027 (ended June 30, 2026), the company reported adjusted diluted EPS of $1.20, surpassing the consensus estimate of $1.05. This was followed by a robust performance in fiscal Q2 2027 (ended September 30, 2026), where adjusted EPS of $1.31 beat analyst estimates of $1.10 by 19.2%, and revenue of $1.11 billion exceeded estimates of $1.07 billion by 4%. Concurrently, Nextpower raised its full-year fiscal 2027 revenue guidance to a midpoint of $4.33 billion and adjusted EPS guidance to a midpoint of $4.74, signaling continued positive momentum. This consistent outperformance and optimistic outlook fueled investor confidence.

2. The company expanded its market presence and diversified its product portfolio through strategic acquisitions and significant product developments.

Nextpower completed the acquisition of Prevalon Energy on July 20, 2026, thereby launching an advanced energy storage business and broadening its offerings. On July 30, 2026, the acquisition of power conversion assets was completed, accelerating its U.S. manufacturing capabilities. Furthermore, Nextpower was awarded a U.S. Patent for its NX PowerMerge Solar Trunk Bus Technology and expanded its backlog for this technology to over 2 GW, as announced on August 20, 2026. These initiatives positioned Nextpower as a more comprehensive energy technology platform, growing its non-tracker segments and contributing to demand momentum.

3. Positive analyst sentiment and multiple price target upgrades bolstered investor confidence and contributed to the stock's upward trend.

Several analyst firms maintained a bullish outlook on Nextpower, with GLJ Research notably raising its price target from $149 to $158 on November 4, 2026, while reiterating a "Buy" rating. On November 3, 2026, Zacks Research upgraded Nextpower to a "Buy" (Zacks Rank #2), reflecting a favorable trend in earnings estimate revisions. The overall analyst consensus for Nextpower remained a "Moderate Buy," with an average price target ranging from $135.58 to $146.12, indicating substantial potential upside from current trading levels.

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Stock Movement Drivers

Fundamental Drivers

The 16.7% change in NXT stock from 7/31/2026 to 11/7/2026 was primarily driven by a 13.9% change in the company's P/E Multiple.
(LTM values as of)731202611072026Change
Stock Price ($)89.87104.9116.7%
Change Contribution By: 
Total Revenues ($ Mil)3,5593,8347.7%
Net Income Margin (%)16.5%16.0%-2.9%
P/E Multiple22.825.913.9%
Shares Outstanding (Mil)148151-2.0%
Cumulative Contribution16.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/7/2026
ReturnCorrelation
NXT16.7% 
Market (SPY)-1.6%55.5%
Sector (XLI)-9.5%49.1%

Fundamental Drivers

The -11.9% change in NXT stock from 4/30/2026 to 11/7/2026 was primarily driven by a -13.1% change in the company's P/E Multiple.
(LTM values as of)430202611072026Change
Stock Price ($)119.13104.91-11.9%
Change Contribution By: 
Total Revenues ($ Mil)3,6033,8346.4%
Net Income Margin (%)16.4%16.0%-2.8%
P/E Multiple29.925.9-13.1%
Shares Outstanding (Mil)148151-2.0%
Cumulative Contribution-11.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/7/2026
ReturnCorrelation
NXT-11.9% 
Market (SPY)2.6%56.2%
Sector (XLI)-6.6%43.9%

Fundamental Drivers

The 3.6% change in NXT stock from 10/31/2025 to 11/7/2026 was primarily driven by a 13.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511072026Change
Stock Price ($)101.22104.913.6%
Change Contribution By: 
Total Revenues ($ Mil)3,3733,83413.7%
Net Income Margin (%)17.1%16.0%-6.4%
P/E Multiple26.025.9-0.3%
Shares Outstanding (Mil)148151-2.3%
Cumulative Contribution3.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/7/2026
ReturnCorrelation
NXT3.6% 
Market (SPY)8.7%51.3%
Sector (XLI)5.8%45.0%

Fundamental Drivers

The 201.8% change in NXT stock from 10/31/2023 to 11/7/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)1031202311072026Change
Stock Price ($)34.76104.91201.8%
Change Contribution By: 
Total Revenues ($ Mil)�3,8340.0%
Net Income Margin (%)�16.0%0.0%
P/E Multiple�25.90.0%
Shares Outstanding (Mil)42151-72.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/7/2026
ReturnCorrelation
NXT201.8% 
Market (SPY)81.9%34.6%
Sector (XLI)72.0%34.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NXT Return--54%-22%138%20%244%
Peers Return-28%15%-32%-39%40%-28%-65%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
NXT Win Rate--55%42%50%45% 
Peers Win Rate38%57%45%42%55%38% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
NXT Max Drawdown----49%-27%-51% 
Peers Max Drawdown-52%-53%-61%-63%-54%-65% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARRY, FSLR, SHLS, FTCI, ENPH.
[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] 2026 data is for the year up to 11/6/2026 (YTD)

How Low Can It Go

EventNXTS&P 500
2025 US Tariff Shock
  % Loss-23.9%-18.8%
  % Gain to Breakeven31.4%23.1%
  Time to Breakeven34 days79 days
2024 Yen Carry Trade Unwind
  % Loss-21.1%-7.8%
  % Gain to Breakeven26.8%8.5%
  Time to Breakeven168 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-14.3%-9.5%
  % Gain to Breakeven16.6%10.5%
  Time to Breakeven43 days24 days

Compare to ARRY, FSLR, SHLS, FTCI, ENPH

In The Past

Nextpower's stock fell -23.9% during the 2025 US Tariff Shock. Such a loss loss requires a 31.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventNXTS&P 500
2025 US Tariff Shock
  % Loss-23.9%-18.8%
  % Gain to Breakeven31.4%23.1%
  Time to Breakeven34 days79 days
2024 Yen Carry Trade Unwind
  % Loss-21.1%-7.8%
  % Gain to Breakeven26.8%8.5%
  Time to Breakeven168 days18 days

Compare to ARRY, FSLR, SHLS, FTCI, ENPH

In The Past

Nextpower's stock fell -23.9% during the 2025 US Tariff Shock. Such a loss loss requires a 31.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Nextpower (NXT)

Nextpower (NXT) is a leading provider of intelligent, integrated solar tracker and software solutions designed for utility-scale and ground-mounted solar projects worldwide. The company's core technology enables solar panels to precisely follow the sun's movement across the sky, significantly optimizing energy production by up to 25% compared to fixed-tilt systems. This sophisticated tracking, coupled with proprietary independent row technology and advanced AI-driven software, also helps lower operating costs and enhances the overall reliability of solar power plants.

Operating within the rapidly expanding global utility-scale solar market, Nextpower capitalizes on the decreasing cost of solar energy and increasing worldwide demand for renewable power and decarbonization efforts. Its solutions are widely adopted by major large-scale solar projects in mature markets and are increasingly gaining traction in developing regions. Nextpower serves a customer base primarily consisting of Engineering, Procurement, and Construction (EPC) firms, alongside solar project developers and owners across six continents. With approximately 70 GW of its systems shipped and a strong market leadership position, NXT demonstrates robust growth with firm orders totaling $2.1 billion as of December 2022.

AI Analysis | Feedback

Analogies for Nextpower (NXT):

  • Intel for utility-scale solar farms
  • NVIDIA for solar energy optimization

AI Analysis | Feedback

  • Intelligent Independent Row Solar Trackers: Physical systems that enable individual rows of solar panels to move independently, following the sun's movement to optimize energy production in utility-scale solar projects.
  • Integrated Software Solutions: Advanced algorithms and artificial intelligence technologies that further optimize the performance and capabilities of their solar tracker products.

AI Analysis | Feedback

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Nextpower (NXT) primarily sells its intelligent, integrated solar tracker and software solutions to other companies.

Its major customers fall into the following categories:

  • Engineering, Procurement and Construction firms (EPCs)
  • Solar project developers
  • Solar project owners

The provided background information does not name specific customer companies.

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Flex Ltd. (FLEX)

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Dan Shugar, Chief Executive Officer and Founder

Dan Shugar founded Nextpower (originally Nextracker) in July 2013 and has served as its Chief Executive Officer since then. His career in the solar industry began in 1988, holding senior leadership positions across multiple solar companies. Prior to Nextpower, he was Chief Executive Officer of Solaria Corporation, a solar panel manufacturing company, from January 2010 to June 2013. Shugar co-founded PowerLight Corporation in 1996, which was later acquired by SunPower Corporation for $332 million in 2007. He also served as President of SunPower Corporation from 2007 to 2009. Nextracker was acquired by Flex Ltd. in 2015 for $330 million before its IPO in 2023.

Chuck Boynton, Chief Financial Officer

Chuck Boynton was appointed Chief Financial Officer of Nextpower in March 2024, with his role becoming effective in May 2024. Before joining Nextpower as CFO, he served on the company's Board of Directors from February 2023 to March 2024. Boynton previously held the CFO position at Logitech International S.A. and served as Executive Vice President and CFO of Plantronics, Inc.

Howard Wenger, President

Howard Wenger has served as President of Nextpower since February 2022. He began his career in the solar industry in 1984 and has held numerous leadership and board positions. Wenger also served as President of Solaria Corporation from May 2020 to October 2021.

Marco Miller, COO and Co-founder

Marco Miller is the Chief Operating Officer and a Co-founder of Nextpower.

Bruce Ledesma, Chief Legal & Compliance Officer

Bruce Ledesma has served as Nextpower's Chief Legal & Compliance Officer since January 1, 2025. He previously held various President titles from May 2019 through December 2024. Ledesma was also the co-founder and Chief Operating Officer of Roble Capital, LLC, a private investment fund, from June 2013 to July 2014.

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Key Risks to Nextpower (NXT)

  1. Dependency on Flex Ltd.: Nextpower was acquired by Flex Ltd. in 2015 and heavily relies on Flex for crucial aspects of its operations, including "design, manufacturing and supply chain services" through Flex’s global network. Additionally, Flex provides "strong financial backing" that has supported Nextpower's market penetration and optimized supply chain. Any change in Flex's strategic priorities, financial health, or its willingness/ability to continue providing these essential services could significantly impact Nextpower's operations and financial stability.

  2. Intense Competition and the Need to Maintain Technological Leadership: Nextpower operates in a competitive market and prides itself on its "proprietary technology" and "next generation" intelligent independent row tracking system. The company's ability to maintain its leading position and capture market share is dependent on the continued superiority of its technology compared to "linked row, other independent tracker products and fixed-tilt systems." A failure to innovate, or the emergence of more advanced or cost-effective solutions from competitors, could erode its market advantage.

  3. Reliance on Continued Growth and Favorable Market Conditions in the Utility-Scale Solar Sector: Nextpower's business is directly tied to the growth of the utility-scale solar market. This growth is driven by factors such as the declining cost of solar energy, increasing demand for renewable energy, and aggressive decarbonization targets globally. While the background describes a positive outlook, a significant slowdown, reversal, or disruption in these market trends, or changes in governmental policies and incentives supporting solar energy, could adversely affect the demand for Nextpower's solar tracker solutions.

AI Analysis | Feedback

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The addressable market for Nextpower's main products, solar trackers, is estimated to be a $71 billion cumulative opportunity from 2020 to 2030, representing approximately 682 GW of solar capacity installed over that time period. This market size is for the global solar tracking market, excluding China.

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AI Analysis | Feedback

Nextpower (NXT) is poised for future revenue growth over the next 2-3 years, driven by several key factors in the expanding global solar energy market:

  • Strong and Expanding Backlog: Nextpower has a robust and growing backlog of orders, which stood at over $4.5 billion as of Q2 fiscal year 2025 and subsequently grew to greater than $5 billion by Q3 fiscal year 2026. A significant portion of this backlog is anticipated to convert into revenue within the next eight quarters, providing a solid foundation for future sales.
  • Robust Demand in the Utility-Scale Solar Market: The company is benefiting from the increasing global demand for utility-scale solar projects, fueled by solar energy's position as the lowest-cost and most scalable power generation technology. Nextpower is experiencing strong demand in both its established U.S. market, which accounts for approximately two-thirds of its business, and international markets such as the Middle East and Africa.
  • Diversification through New Products and Services: Nextpower is actively expanding its offerings beyond core solar trackers into new business lines, including frames, foundations, electrical components, and advanced software solutions. The company is already securing customer orders for new products like NX Horizon, NXTR 1.5, NX Horizon Low Carbon Tracker, NX Hail Pro-75, and NX Foundation technologies. Approximately one-third of its 2030 revenue is expected to be generated by these new products and services, including its recently launched agrivoltaics solution.
  • Differentiated Competitive Positioning and Innovation: Nextpower's intelligent independent row tracking systems, coupled with integrated software leveraging advanced algorithms and artificial intelligence, offer superior energy production and reduced operating costs. The company's focus on innovation, including solutions for extreme weather resilience (such as patented hail and wind technologies), enhances its competitive edge and drives customer adoption due to a "flight to quality."
  • Strategic International Expansion: Nextpower is actively expanding its global footprint, notably through ventures like Nextpower Arabia, which is set to supply 2.25 GW of systems to a major Saudi project and aims for up to 12 GW of annual local capacity. The adoption of its solar tracker technology is increasing in developing solar markets, contributing to revenue growth from its operations across the United States, Mexico, Spain, Europe, India, Australia, the Middle East, Africa, and Brazil.

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Capital Allocation Decisions (2023-2026)

Share Repurchases

  • Nextpower's Board of Directors approved a share repurchase program on January 27, 2026, authorizing the company to buy back up to $500 million of its Class A common stock over a three-year period.

Share Issuance

  • Nextpower completed its Initial Public Offering (IPO) in February 2023, issuing 26.6 million shares of Class A common stock at $24 per share, which raised $638 million.

Outbound Investments

  • Nextpower made an aggregate cash consideration of approximately $116.6 million (net of cash acquired) for business acquisitions, including Origami and Fracsun, as reported in its Q3 FY26 results (ended December 31, 2025).
  • The company acquired Bentek Corporation for $78 million in May 2023.
  • In January 2026, Nextpower completed the formation of Nextpower Arabia, a joint venture with Abunayyan Holding, contributing $2.7 million in cash to establish the new entity in the quarter ended December 31, 2025, to accelerate solar plant deployment in the Middle East and North Africa region.

Capital Expenditures

  • Nextpower's capital expenditures for fiscal year 2025 amounted to $33.9 million, representing a 450.67% increase from $6.2 million in fiscal year 2024.
  • For the trailing twelve months ending September 26, 2025, capital expenditures were approximately $45.75 million.
  • Expected capital expenditures for the upcoming fiscal year (FY2027) are forecasted to be $65.85 million, primarily focused on increasing capacity, replacing equipment, supporting new product development, improving information systems, and expanding the manufacturing footprint.

Better Bets vs. Nextpower (NXT)

Peer Outperformance in Electrical Components & Equipment

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Share of Electrical Components & Equipment constituents that NXT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
59%
of 46 industry peers · 0.3% return
3Y
86%
of 44 industry peers · 195.7% return
5Y
—
insufficient peer history
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Median price return by industry across the Industrials sector, ranked by 5Y. Electrical Components & Equipment is NXT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Marine Transportation 5 28.7%33.1%105.5% MATX 153% · KEX 106%
Construction & Engineering 28 -21.4%94.6%93.8% FIX 949% · STRL 830% · AGX 565%
Construction Machinery & Heavy Transportation Equipment 14 9.1%66.9%93.0% ALSN 256% · WAB 210% · CAT 195%
Aerospace & Defense 54 -2.0%55.8%55.7% ATI 891% · FTAI 850% · HWM 525%
Trading Companies & Distributors 19 11.5%30.9%31.6% DXPE 298% · AIT 187% · URI 180%
Industrial Machinery & Supplies & Components 71 1.0%48.0%28.8% CRS 795% · MLI 302% · SYM 266%
Rail Transportation 7 33.7%68.7%25.2% CSX 48% · UNP 36% · NSC 25%
Diversified Support Services 34 15.7%38.0%15.8% CXW 200% · OPLN 134% · CACI 113%
Building Products 34 -7.3%6.0%12.8% MOD 760% · GFF 339% · TT 132%
Cargo Ground Transportation 16 27.7%11.3%2.2% XPO 270% · R 245% · ARCB 19%
Industrial Conglomerates 17 14.5%6.5%-0.6% CSW 99% · CSL 70% · DD 67%
Office Services & Supplies 10 19.6%22.1%-2.5% PBI 157% · HNI 37% · MSA 18%
Electrical Components & Equipment ← 39 -7.8%57.6%-5.3% POWL 1454% · VRT 565% · BE 441%
Data Processing & Outsourced Services 6 -10.2%1.5%-13.8% EXLS 57% · BR 20% · G -10%
Research & Consulting Services 13 0.5%-16.2%-24.2% HURN 210% · FCN 36% · BAH 9%
Agricultural & Farm Machinery 16 14.8%-3.9%-25.5% DE 102% · TTC 15% · AGCO 3%
Environmental & Facilities Services 29 -22.8%26.6%-27.0% GEO 191% · CLH 168% · RSG 98%
Security & Alarm Services 9 -47.2%31.9%-27.5% BCO 65%
Passenger Airlines 11 4.0%69.0%-34.4% LTM 3140% · UAL 114% · DAL 105%
Air Freight & Logistics 12 -31.2%-9.4%-40.2% FDX 75% · EXPD 56% · CHRW 50%
Human Resource & Employment Services 22 22.1%-13.7%-42.8% ADP 48% · FA 24% · PAYX 10%
Passenger Ground Transportation 3 -22.5%38.6%-58.0% UBER 45% · CAR -58% · LYFT -68%
Airport Services 4 -42.8%-66.1%-87.0% JOBY -40%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NXTARRYFSLRSHLSFTCIENPHMedian
NameNextpowerArray Te.First So.Shoals T.FTC SolarEnphase . 
Mkt Price104.595.84201.5710.001.6228.5519.28
Mkt Cap15.80.921.71.70.03.82.7
Rev LTM3,8341,1855,0146481091,2111,198
Op Inc LTM728421,89073-405564
FCF LTM512135233-35-8135135
FCF 3Y Avg5161508519-26230118
CFO LTM574163839-10-7191177
CFO 3Y Avg5581711,14439-24276224

Growth & Margins

NXTARRYFSLRSHLSFTCIENPHMedian
NameNextpowerArray Te.First So.Shoals T.FTC SolarEnphase . 
Rev Chg LTM13.7%1.2%-0.7%49.2%36.3%-19.9%7.4%
Rev Chg 3Y Avg22.8%-10.4%17.4%15.1%6.7%-17.6%10.9%
Rev Chg Q22.5%-5.6%-22.8%43.8%26.1%-28.5%8.5%
QoQ Delta Rev Chg LTM5.6%-1.7%-6.8%10.1%6.6%-8.8%2.0%
Op Inc Chg LTM1.5%-67.1%25.5%31.3%7.4%-73.5%4.5%
Op Inc Chg 3Y Avg59.3%-31.5%78.3%3.0%12.0%134.4%35.7%
Op Mgn LTM19.0%3.5%37.7%11.2%-36.7%4.5%7.9%
Op Mgn 3Y Avg22.1%8.4%34.0%13.3%-59.9%6.9%10.8%
QoQ Delta Op Mgn LTM-0.3%-0.7%4.0%0.6%1.6%-4.2%0.1%
CFO/Rev LTM15.0%13.7%16.7%-1.5%-6.4%15.8%14.4%
CFO/Rev 3Y Avg16.8%14.9%24.7%9.5%-33.8%21.1%15.9%
FCF/Rev LTM13.4%11.4%4.6%-5.3%-7.5%11.2%7.9%
FCF/Rev 3Y Avg15.5%13.1%0.5%5.4%-35.6%17.5%9.2%

Valuation

NXTARRYFSLRSHLSFTCIENPHMedian
NameNextpowerArray Te.First So.Shoals T.FTC SolarEnphase . 
Mkt Cap15.80.921.71.70.03.82.7
P/S4.10.84.32.60.33.12.9
P/Op Inc21.821.511.523.1-0.768.821.6
P/EBIT21.0-17.411.125.7-4.544.316.0
P/E25.9-10.511.644.5-1.141.618.8
P/CFO27.65.525.8-170.5-4.019.812.6
Total Yield3.9%-9.5%8.6%2.2%-90.8%2.4%2.3%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg6.0%17.0%0.5%2.3%-31.1%3.3%2.8%
D/E0.00.80.00.11.00.20.1
Net D/E-0.10.5-0.10.10.8-0.10.0

Returns

NXTARRYFSLRSHLSFTCIENPHMedian
NameNextpowerArray Te.First So.Shoals T.FTC SolarEnphase . 
1M Rtn22.7%55.7%12.7%18.8%-16.1%-13.2%15.7%
3M Rtn1.3%5.2%-19.4%12.0%-40.4%-31.8%-9.1%
6M Rtn-16.9%-31.9%-8.4%13.1%-63.1%-21.7%-19.3%
12M Rtn-0.0%-31.6%-24.7%10.1%-80.4%-5.5%-15.1%
3Y Rtn194.8%-61.1%46.2%-31.5%-61.7%-62.9%-46.3%
1M Excs Rtn27.7%60.7%17.7%23.7%-10.9%-8.2%20.7%
3M Excs Rtn6.5%14.6%-10.9%21.6%-37.7%-25.4%-2.2%
6M Excs Rtn-16.6%-31.6%-8.1%13.4%-62.8%-21.4%-19.0%
12M Excs Rtn-15.0%-38.3%-35.9%-1.3%-89.9%-19.9%-27.9%
3Y Excs Rtn136.5%-139.0%-33.1%-104.3%-161.5%-137.1%-120.7%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Single Segment3,5592,9592,5001,9021,458
Total3,5592,9592,5001,9021,458


Net Income by Segment
$ Mil202620252024
Single Segment586517496
Total586517496


Price Behavior

Price Behavior
Market Price$104.91 
Market Cap ($ Bil)15.9 
First Trading Date02/09/2023 
Distance from 52W High-32.9% 
   50 Days200 Days
DMA Price$83.73$106.88
DMA Trenddownindeterminate
Distance from DMA25.3%-1.9%
 3M1YR
Volatility63.8%68.1%
Downside Capture237.96285.45
Upside Capture323.96252.98
Correlation (S&P 500)52.1%51.3%
NXT Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta2.862.653.043.262.711.40
Up Beta0.492.282.862.692.311.25
Down Beta2.731.902.142.692.751.24
Up Capture372%331%350%443%536%497%
Bmk +ve Days12182862130427
Stock +ve Days10192958124367
Down Capture258%256%310%266%175%110%
Bmk -ve Days10253664121325
Stock -ve Days12243568127381

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NXT
NXT-6.2%68.1%0.18-
Sector ETF (XLI)7.1%17.8%0.2245.3%
Equity (SPY)9.5%13.6%0.4051.7%
Gold (GLD)1.6%28.7%0.0535.7%
Commodities (DBC)38.4%21.2%1.42-15.1%
Real Estate (VNQ)11.3%14.2%0.516.6%
Bitcoin (BTCUSD)-27.2%43.6%-0.6122.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NXT
NXT28.1%61.3%0.77-
Sector ETF (XLI)10.9%17.7%0.4535.6%
Equity (SPY)11.3%17.3%0.4834.5%
Gold (GLD)17.5%19.1%0.7417.1%
Commodities (DBC)8.1%19.6%0.303.4%
Real Estate (VNQ)1.3%18.9%-0.0418.0%
Bitcoin (BTCUSD)4.0%51.6%0.2614.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NXT
NXT13.2%61.3%0.77-
Sector ETF (XLI)13.0%20.1%0.5635.6%
Equity (SPY)15.0%18.0%0.7034.5%
Gold (GLD)11.9%16.5%0.5917.1%
Commodities (DBC)7.5%18.1%0.333.4%
Real Estate (VNQ)5.9%20.7%0.2418.0%
Bitcoin (BTCUSD)60.0%66.3%1.0014.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity9.7 Mil
Short Interest: % Change Since 93020260.4%
Average Daily Volume2.1 Mil
Days-to-Cover Short Interest4.7 days
Basic Shares Quantity151.5 Mil
Short % of Basic Shares6.4%

Earnings Returns History

Updated 11/6/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/28/2026-2.7%30.0% 
7/30/2026-7.3%1.6%-11.8%
5/12/20268.8%1.4%-4.5%
1/27/202613.3%13.2%0.9%
10/23/20258.7%9.7%-3.6%
7/29/2025-9.3%-13.7%4.3%
5/14/202511.9%5.1%10.3%
1/28/202524.3%25.6%13.6%
...
SUMMARY STATS   
# Positive10129
# Negative535
Median Positive12.2%11.4%13.6%
Median Negative-7.3%-13.7%-4.5%
Max Positive24.8%30.2%40.7%
Max Negative-10.4%-14.2%-13.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/28/2026-2.7%30.0% 
7/30/2026-7.3%1.6%-11.8%
5/12/20268.8%1.4%-4.5%
1/27/202613.3%13.2%0.9%
10/23/20258.7%9.7%-3.6%
7/29/2025-9.3%-13.7%4.3%
5/14/202511.9%5.1%10.3%
1/28/202524.3%25.6%13.6%
10/30/202424.6%30.2%19.4%
8/1/2024-10.4%-14.2%-13.2%
5/14/20246.9%9.4%40.7%
1/31/202424.8%22.4%26.8%
10/25/2023-1.8%-9.1%4.4%
7/26/202312.4%6.2%-2.5%
5/10/20236.6%17.1%21.2%
SUMMARY STATS   
# Positive10129
# Negative535
Median Positive12.2%11.4%13.6%
Median Negative-7.3%-13.7%-4.5%
Max Positive24.8%30.2%40.7%
Max Negative-10.4%-14.2%-13.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/02/202610-Q
06/30/202608/03/202610-Q
03/31/202605/19/202610-K
12/31/202501/30/202610-Q
09/30/202510/30/202510-Q
06/30/202508/01/202510-Q
03/31/202505/22/202510-K
12/31/202401/31/202510-Q
09/30/202411/01/202410-Q
06/30/202408/06/202410-Q
03/31/202405/28/202410-K
12/31/202302/07/202410-Q
09/30/202311/07/202310-Q
06/30/202308/09/202310-Q
03/31/202306/09/202310-K
12/31/202203/09/202310-Q
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/02/202610-Q
06/30/202608/03/202610-Q
03/31/202605/19/202610-K
12/31/202501/30/202610-Q
09/30/202510/30/202510-Q
06/30/202508/01/202510-Q
03/31/202505/22/202510-K
12/31/202401/31/202510-Q
09/30/202411/01/202410-Q
06/30/202408/06/202410-Q
03/31/202405/28/202410-K
12/31/202302/07/202410-Q
09/30/202311/07/202310-Q
06/30/202308/09/202310-Q
03/31/202306/09/202310-K
12/31/202203/09/202310-Q
09/30/202202/10/2023424B4

Recent Forward Guidance

Updated 11/2/2026

Latest: Q2 2027 Earnings Reported 10/28/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2027 Revenue GrowthReported 10.0%    
Q3 2027 Adjusted EBITDA MarginReported      
2027 RevenueReported4.20 Bil4.33 Bil4.45 Bil1.8% RaisedGuidance: 4.25 Bil for 2027
2027 Adjusted EBITDAReported890.00 Mil915.00 Mil940.00 Mil1.7% RaisedGuidance: 900.00 Mil for 2027
2027 GAAP Net IncomeReported559.00 Mil578.50 Mil598.00 Mil4.0% RaisedGuidance: 556.50 Mil for 2027
2027 GAAP Diluted EPSReported3.623.753.876.1% RaisedGuidance: 3.53 for 2027
2027 Adjusted Diluted EPSReported4.614.744.873.6% RaisedGuidance: 4.58 for 2027


Prior: Q1 2027 Earnings Reported 7/30/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 RevenueReported4.10 Bil4.25 Bil4.40 Bil7.6% RaisedGuidance: 3.95 Bil for 2027
2027 eBOS RevenueReported 100.00 Mil    
2027 Adjusted EBITDAReported870.00 Mil900.00 Mil930.00 Mil4.4% RaisedGuidance: 862.50 Mil for 2027
2027 GAAP Net IncomeReported540.00 Mil556.50 Mil573.00 Mil5.0% RaisedGuidance: 530.00 Mil for 2027
2027 GAAP Diluted EPSReported3.423.533.644.6% RaisedGuidance: 3.38 for 2027
2027 Adjusted Diluted EPSReported4.424.584.734.0% RaisedGuidance: 4.4 for 2027

Q4 2026 Earnings Reported 5/12/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 RevenueReported3.80 Bil3.95 Bil4.10 Bil14.1% Higher NewGuidance: 3.46 Bil for 2026
2027 Adjusted EBITDAReported825.00 Mil862.50 Mil900.00 Mil5.2% Higher NewGuidance: 820.00 Mil for 2026
2027 GAAP Net IncomeReported501.00 Mil530.00 Mil559.00 Mil-0.5% Lower NewGuidance: 532.50 Mil for 2026
2027 GAAP Diluted EPSReported3.193.383.56-3.0% Lower NewGuidance: 3.48 for 2026
2027 Adjusted Diluted EPSReported4.214.44.592.1% Higher NewGuidance: 4.31 for 2026

Q3 2026 Earnings Reported 1/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported3.42 Bil3.46 Bil3.50 Bil2.6% RaisedGuidance: 3.38 Bil for 2026
2026 Adjusted EBITDAReported810.00 Mil820.00 Mil830.00 Mil3.1% RaisedGuidance: 795.00 Mil for 2026
2026 GAAP Net IncomeReported525.00 Mil532.50 Mil540.00 Mil3.6% RaisedGuidance: 514.00 Mil for 2026
2026 GAAP Diluted EPSReported3.433.483.533.6% RaisedGuidance: 3.36 for 2026
2026 Adjusted Diluted EPSReported4.264.314.364.0% RaisedGuidance: 4.15 for 2026

Insider Activity

Updated 11/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Boynton, Charles DChief Financial OfficerDirectSell902202679.984,500359,91028,312,920Form
2Blunden, JuliaDirectSell824202684.103,692310,501230,605Form
3Blunden, JuliaDirectSell824202688.083,723327,922566,707Form
4Thomas, Brandi ElizabethDirectSell820202691.257,415676,619722,152Form
5Shugar, Daniel SChief Executive OfficerDirectSell8112026103.0767,6366,971,02589,784,676Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Boynton, Charles DChief Financial OfficerDirectSell902202679.984,500359,91028,312,920Form
2Blunden, JuliaDirectSell824202684.103,692310,501230,605Form
3Blunden, JuliaDirectSell824202688.083,723327,922566,707Form
4Thomas, Brandi ElizabethDirectSell820202691.257,415676,619722,152Form
5Shugar, Daniel SChief Executive OfficerDirectSell8112026103.0767,6366,971,02589,784,676Form
6Blunden, JuliaDirectSell806202697.222,289222,537720,886Form
7Boynton, Charles DChief Financial OfficerDirectSell6022026151.794,500683,05554,416,715Form
8Miller, Nicholas MarcoChief Operating OfficerDirectSell6012026156.0022,4273,498,61229,046,264Form
9Wenger, HowardPresidentDirectSell5272026130.2562,6708,162,61455,546,286Form
10Shugar, Daniel SChief Executive OfficerDirectSell5272026134.7226,0773,513,093125,480,768Form
11Ledesma, BruceChief Legal & Compliance OfcDirectSell5272026134.723,248437,57133,158,634Form
12Wenger, HowardPresidentDirectSell5262026121.029,0511,095,35260,453,242Form
13Wenger, HowardPresidentDirectSell5222026127.3216,0902,048,57964,752,660Form
14Miller, Nicholas MarcoChief Operating OfficerDirectSell5222026127.3224,5113,120,74128,205,582Form
15Shugar, Daniel SChief Executive OfficerDirectSell3092026105.1759,4566,253,22378,495,433Form
16Shugar, Daniel SChief Executive OfficerDirectSell3062026101.0439,8924,030,68859,107,390Form
17Boynton, Charles DChief Financial OfficerDirectSell3042026100.454,500452,02528,734,627Form
18Watkins, William DDirectSell2022026118.575,000592,8501,396,399Form
19Bennett, David PChief Accounting OfficerDirectSell1212202588.0833,7252,970,49811,535,573Form
20Boynton, Charles DChief Financial OfficerDirectSell1202202589.334,500401,98525,955,635Form
21Watkins, William DDirectSell1119202591.8510,000918,5201,541,001Form
22Shugar, Daniel SChief Executive OfficerDirectSell1118202591.2847,7434,357,84657,037,461Form

Investor Activity (13F)

Updated Nov 8, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
One Fin Capital Management LP$36.2 Mil13.9%19Hold13F
Palo Duro Investment Partners, LP$7.6 Mil1.5%29ADD +29.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Palo Duro Investment Partners, LP$7.6 Mil1.5%29ADD +29.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Wealth High Governance Capital Ltda$21.3 Mil4.0%46Exited13F
Hel Ved Capital Management Ltd$6.2 Mil2.1%49Exited13F
Nishkama Capital, LLC$6.0 Mil0.8%49Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
One Fin Capital Management LP$36.2 Mil13.9%19Hold13F
Palo Duro Investment Partners, LP$7.6 Mil1.5%29ADD +29.1%13F
Core Cache Last Updated: 11/7/2026