# JinkoSolar Holding Company (JKS.US)

Canonical: https://gigainvestors.com/s/JKS

Analysis as of: 2026-10-16T07:29:31.230Z. Financial observations: FY2007–FY2025.

Listing currency: USD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $8.36 per share; close as of 2026-10-15.

Estimated value: low $43.37 per share, central $44.46 per share, high $45.90 per share. Buy at or below the central value $44.46 per share. Valuation as of 2026-10-16T07:29:31.230Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 2.82×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.01×

- FY2018: 0.03×

- FY2019: 0.06×

- FY2020: 0.05×

- FY2021: 0.03×

- FY2022: 0.01×

- FY2023: 0.05×

- FY2024: -0.04×

- FY2025: -0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 13.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.7%

- ROIC, second-lowest year: -5.2%

- Typical minus recent gross margin: 13.3 pp

- Typical gross margin (annual median): 15.4%

- Recent gross margin (lower of latest and 3-year median): 2.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.1%

- ROIC including acquisitions, ten-year median: -0.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.1%

- FY2017: 1.8%

- FY2018: 3.1%

- FY2019: 5.6%

- FY2020: 3.9%

- FY2021: 2.3%

- FY2022: 0.6%

- FY2023: 8.5%

- FY2024: -5.2%

- FY2025: -12.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -2.58×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -1.0B

- Net income, five-year total: CNY 398M

- Return on incremental invested capital: -11.7%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -5.7 pp

- Working capital / revenue, final three-year average: 27.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -5.39×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: -27.43×

- FY2025: -0.06×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.1% vs -5.2%

- Per-share earnings: 5.35 to 0.26 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.0%

- Ordinary dilution, 5-year annual growth: 4.0%

- Market cap gain: CNY 23B

- Cumulative retained earnings: CNY 488M

- Diluted shares, 10-year annual growth: 5.0%

- Diluted shares, 5-year annual growth: 4.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -31.5%

- Per-share value change: CNY -5.09

- Per-share value, starting three-year median: CNY 5.35

- Per-share value, ending three-year median: CNY 0.26

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.7%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 230M

- Cumulative net income, 10 years: CNY 3.9B

- ROIC, first three-year median: 3.1%

- ROIC, last three-year median: -5.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 13.99

- FY2017: CNY 1.08

- FY2018: CNY 2.63

- FY2019: CNY 5.40

- FY2020: CNY 1.34

- FY2021: CNY 3.50

- FY2022: CNY 3.10

- FY2023: CNY 15.25

- FY2024: CNY 0.26

- FY2025: CNY -21.33

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 1.16×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 20.9%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 13.9%

- FY2017: 1.1%

- FY2018: -0.6%

- FY2019: -1.1%

- FY2020: -0.7%

- FY2021: 0.4%

- FY2022: 5.9%

- FY2023: -7.6%

- FY2024: -13.4%

- FY2025: -4.6%

## Holders

## Price story

Down 88% since Jun 2022 · "JinkoSolar sinks over 16% as Q4 adjusted net loss nearly doubles Y/Y" (seekingalpha.com, Apr 2026) · sales -29%

Story as of 2026-10-16T09:58:59.635Z; price observation 2026-10-15.

- 2025-11-17: JinkoSolar (JKS) Is Down 8.8% After Posting Q3 Net Loss and Revenue Decline ([finance.yahoo.com](https://finance.yahoo.com/news/jinkosolar-jks-down-8-8-160608042.html))

- 2026-04-16: JinkoSolar sinks over 16% as Q4 adjusted net loss nearly doubles Y/Y ([seekingalpha.com](https://seekingalpha.com/news/4575781-jinkosolar-sinks-over-16-as-q4-adjusted-net-loss-nearly-doubles-yy?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales -29%; source https://www.sec.gov/Archives/edgar/data/1481513/000110465926050737/jks-20251231x20f.htm; observed 2026-04-29.

- FY2016: CNY 21B 

- FY2017: CNY 26B 

- FY2018: CNY 25B 

- FY2019: CNY 30B 

- FY2020: CNY 35B 

- FY2021: CNY 41B 

- FY2022: CNY 83B 

- FY2023: CNY 119B 

- FY2024: CNY 92B 

- FY2025: CNY 65B 

### Gross margin · FY2025

gross margin 2.2%; source https://www.sec.gov/Archives/edgar/data/1481513/000110465926050737/jks-20251231x20f.htm; observed 2026-04-29.

- FY2016: 18.1% 

- FY2017: 11.3% 

- FY2018: 14.0% 

- FY2019: 18.3% 

- FY2020: 17.6% 

- FY2021: 16.3% 

- FY2022: 14.8% 

- FY2023: 16.0% 

- FY2024: 10.9% 

- FY2025: 2.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in solar; annual sales are CNY 65.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1481513/000110465926050737/jks-20251231x20f.htm (filed 2026-04-29); FY2025: revenue 65497646000; grossProfit 1410604000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); JKS.US: JinkoSolar Holding Co., Ltd., together with its subsidiaries, engages in the design, development, production, and marketing of photovoltaic products. The company provides solar modules, silicon wafers, solar cells, recovered silicon materials, and silicon ingots. It offers solar system integration services; solar power generation and solar system EPC services; and energy storage system, as well as undertakes solar power projects. The company sells its products to distributors, project developers, system integrators, and manufacturers of solar power products under the JinkoSolar brand. As of December 31, 2025, it had an integrated annual capacity of 120 gigawatts (GW) for mono wafers; 95 GW for solar cells; and 130 GW for solar modules. It operates in China, the United States, India, Saudi Arabia, Australia, Pakistan, Brazil, Poland, Japan, Spain, and Germany. The company was founded in 2006 and is headquartered in Guangxin, the People's Republic of China.

### Why customers stay

Margins ranged from 2.2% to 16% during 2023–25; it earns 2.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 16%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 10.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1481513/000110465926050737/jks-20251231x20f.htm (filed 2026-04-29); FY2025: grossProfit / revenue = 2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.07076792492240816],[2017,0.017635562164481144],[2018,0.031101676853903658],[2019,0.05620102446087039],[2020,0.039419335983241814],[2021,0.022881255214826104],[2022,0.005728898256315253],[2023,0.08514051024129281],[2024,-0.052053625050307334],[2025,-0.12676857075202172]]; median 0.02699146603436488. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 15% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1481513/000110465926050737/jks-20251231x20f.htm (filed 2026-04-29); Gross margin observations: [[2021,0.16307622684773948],[2022,0.14770494880526366],[2023,0.16049765033020993]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back CNY 4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2016: growth capex 3230482100.2933955; upkeep 863330863.7066045; cash acquisitions 69606835; owner earnings 1751769295.2933955. Growth capex plus acquisitions / owner earnings = 1.8838604741845755.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 1948717928; upkeep 616053698; cash acquisitions 0; owner earnings 141705689. Growth capex plus acquisitions / owner earnings = 13.751867986048183.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 9491784000; upkeep 2759564000; cash acquisitions 91334000; owner earnings 620506000. Growth capex plus acquisitions / owner earnings = 15.444037608016684.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 7661334000; upkeep 8189280000; cash acquisitions 0; owner earnings 3447443000. Growth capex plus acquisitions / owner earnings = 2.2223236178234127.

- Source: https://www.sec.gov/Archives/edgar/data/1481513/000110465926050737/jks-20251231x20f.htm (filed 2026-04-29); FY2025: growth capex 0; upkeep 3300316000; cash acquisitions 0; owner earnings 285018000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,15597932000],[2021,23212799000],[2022,0],[2023,559599000],[2024,547686000],[2025,486826000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1481513/000110465926050737/jks-20251231x20f.htm (filed 2026-04-29); FY2025: cash repurchases 3970000 CNY.

### Are managers owners

Insiders own 44.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); JKS.US SharesStats.PercentInsiders = 44.684000000000005 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Closing price 8.36 USD; reporting-to-trading FX 0.14944; FY2025 annual sales per share 314.26991632543445; price multiple 0.17800680640474045. FY2025 cash earnings/share 1.3675695003029982. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $15.41 per share

- 2016-11: $14.14 per share

- 2016-12: $15.23 per share

- 2017-01: $14.32 per share

- 2017-02: $16.88 per share

- 2017-03: $16.57 per share

- 2017-04: $17.34 per share

- 2017-05: $17.86 per share

- 2017-06: $20.80 per share

- 2017-07: $27.62 per share

- 2017-08: $27.83 per share

- 2017-09: $24.95 per share

- 2017-10: $26.63 per share

- 2017-11: $24.54 per share

- 2017-12: $24.05 per share

- 2018-01: $22.22 per share

- 2018-02: $17.87 per share

- 2018-03: $18.25 per share

- 2018-04: $18.38 per share

- 2018-05: $17.62 per share

- 2018-06: $13.77 per share

- 2018-07: $13.87 per share

- 2018-08: $13.13 per share

- 2018-09: $10.77 per share

- 2018-10: $8.06 per share

- 2018-11: $11.57 per share

- 2018-12: $9.89 per share

- 2019-01: $16.66 per share

- 2019-02: $20.59 per share

- 2019-03: $18.00 per share

- 2019-04: $19.46 per share

- 2019-05: $20.11 per share

- 2019-06: $21.69 per share

- 2019-07: $19.59 per share

- 2019-08: $21.87 per share

- 2019-09: $15.95 per share

- 2019-10: $14.44 per share

- 2019-11: $18.35 per share

- 2019-12: $22.49 per share

- 2020-01: $18.70 per share

- 2020-02: $22.84 per share

- 2020-03: $14.85 per share

- 2020-04: $15.82 per share

- 2020-05: $15.81 per share

- 2020-06: $17.71 per share

- 2020-07: $19.15 per share

- 2020-08: $22.84 per share

- 2020-09: $39.76 per share

- 2020-10: $58.30 per share

- 2020-11: $69.04 per share

- 2020-12: $61.87 per share

- 2021-01: $61.99 per share

- 2021-02: $51.34 per share

- 2021-03: $41.69 per share

- 2021-04: $36.96 per share

- 2021-05: $36.61 per share

- 2021-06: $56.02 per share

- 2021-07: $53.89 per share

- 2021-08: $49.20 per share

- 2021-09: $45.81 per share

- 2021-10: $59.82 per share

- 2021-11: $52.28 per share

- 2021-12: $45.96 per share

- 2022-01: $44.13 per share

- 2022-02: $50.61 per share

- 2022-03: $48.29 per share

- 2022-04: $51.26 per share

- 2022-05: $61.27 per share

- 2022-06: $69.18 per share

- 2022-07: $66.32 per share

- 2022-08: $60.87 per share

- 2022-09: $55.39 per share

- 2022-10: $47.48 per share

- 2022-11: $51.28 per share

- 2022-12: $40.88 per share

- 2023-01: $56.38 per share

- 2023-02: $53.00 per share

- 2023-03: $51.02 per share

- 2023-04: $49.61 per share

- 2023-05: $41.91 per share

- 2023-06: $44.38 per share

- 2023-07: $42.45 per share

- 2023-08: $33.53 per share

- 2023-09: $30.37 per share

- 2023-10: $32.59 per share

- 2023-11: $31.40 per share

- 2023-12: $36.94 per share

- 2024-01: $26.23 per share

- 2024-02: $27.04 per share

- 2024-03: $25.19 per share

- 2024-04: $24.12 per share

- 2024-05: $29.74 per share

- 2024-06: $20.72 per share

- 2024-07: $20.76 per share

- 2024-08: $19.14 per share

- 2024-09: $26.82 per share

- 2024-10: $26.56 per share

- 2024-11: $22.19 per share

- 2024-12: $24.90 per share

- 2025-01: $20.77 per share

- 2025-02: $22.53 per share

- 2025-03: $18.64 per share

- 2025-04: $17.16 per share

- 2025-05: $18.08 per share

- 2025-06: $21.22 per share

- 2025-07: $21.94 per share

- 2025-08: $23.07 per share

- 2025-09: $24.03 per share

- 2025-10: $25.11 per share

- 2025-11: $26.14 per share

- 2025-12: $25.81 per share

- 2026-01: $25.63 per share

- 2026-02: $25.29 per share

- 2026-03: $25.41 per share

- 2026-04: $23.35 per share

- 2026-05: $23.31 per share

- 2026-06: $16.80 per share

- 2026-07: $15.14 per share

- 2026-08: $12.58 per share

- 2026-09: $9.51 per share

- 2026-10: $8.36 per share

## Annual estimated value (USD per share)

- FY2016: low $9.56 per share, central $10.54 per share, high $11.85 per share

- FY2017: low $11.74 per share, central $15.12 per share, high $17.43 per share

- FY2018: low $3.93 per share, central $4.13 per share, high $4.39 per share

- FY2019: low $6.48 per share, central $7.31 per share, high $7.80 per share

- FY2025: low $14.15 per share, central $14.46 per share, high $14.87 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1481513/000110465926050737/jks-20251231x20f.htm); period 2025-12-31, filed 2026-04-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.