Jinko Holdings Limited JKS

Information TechnologyRenewable EnergyChina

Last close 10.16 USD on Nov 3, 2026, −57.3% year to date

Quant rating

Quant rating D Rank 141 of 200 in Information Technology

Growth B 77 of 200
Valuation C 103 of 200
Quality C 121 of 200
Revisions C 121 of 200
Momentum D 177 of 200

Wall Street consensus Hold (2.86)Average target 16.10 USD +58.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 532M
Enterprise value: 7.0B
52-week range: 7.83 – 31.88
3-year range: 7.83 – 37.70
Dividend yield: 15.94%
Beta (5 years): 0.31
Shares outstanding: 209M
Next earnings: Mar 26, 2027

About the company

Jinko Holdings Limited, formerly JinkoSolar Holding Co., Ltd., is a holding company principally engaged in photovoltaic (PV) industry. The Company builds a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar cells and solar modules. The Company sells most solar modules under the JinkoSolar brand, with a small portion of solar modules sold on an original equipment manufacturer (OEM) basis. The Company is also engaged in energy storage business and offered products to a diverse global customer base, including utility-scale developers, engineering procurement construction (EPC) contractors and distributed generation customers. The Company's products are mainly exported to overseas markets such as the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, the Netherlands and Vietnam, as well as the Chinese market.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	9,366	12,639	16,720	12,052	6,427	–
Revenue growth	−25.9%	−24.4%	38.7%	87.5%	19.4%	11.7%
EPS (basic, normalized)	−8.38	1.49	10.15	4.15	1.84	–
EPS growth	–	−85.3%	144.6%	125.5%	–	–
Gross margin	2.2%	10.9%	16.0%	14.8%	16.3%	12.0%
Net margin	−6.8%	0.1%	2.9%	0.7%	1.8%	−0.3%
ROE	−25.0%	0.3%	18.9%	4.5%	6.9%	1.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,320
Current ratio	1.12x
Long-term debt (mil)	3,378
Net debt (mil)	6,407
Total equity (mil)	2,146
Net debt / equity	2.99x
Net debt / EBITDA	24.33x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	9,366	−25.9%	0.7x	263	−68.0%	26.5x	−8.38	−662.2%	−1.2x
2026	9,351	−0.2%	0.7x	146	−44.7%	47.9x	−5.00	+40.3%	−2.0x
2027	12,114	+29.6%	0.6x	733	+403.4%	9.5x	0.23	+104.6%	43.9x
2028	13,173	+8.7%	0.5x	798	+8.9%	8.7x	1.83	+689.1%	5.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	9,351	−1.7%	−14.2%	−13.8%	−5.00	0.0%	−20.1%	−35.6%
2027	12,114	−0.7%	−3.3%	−3.3%	0.23	+5.5%	−72.2%	−70.7%
2028	13,173	−3.6%	−4.5%	−4.1%	1.83	+4.0%	−12.4%	+1.4%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,192	3,310	3,492	2,829	1,908	2,487	2,270	2,470	1,776	1,821
Sales mean (mil)	3,249	3,913	3,200	3,231	1,886	2,432	2,561	2,833	1,682	2,114
Surprise	−1.8%	−15.4%	+9.1%	−12.4%	+1.2%	+2.3%	−11.4%	−12.8%	+5.6%	−13.9%
EPS reported	0.57	0.99	0.09	1.02	−2.08	−2.27	−1.00	−2.26	−1.52	−1.79
EPS mean	−0.76	0.17	−0.29	−0.42	−1.38	−1.91	−1.87	−1.19	−1.47	−0.70
Surprise	−175.0%	+494.0%	−132.4%	−343.8%	−50.7%	−19.0%	+46.8%	−89.7%	−3.2%	−155.7%

Peer comparison Renewable Energy

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
JKS Jinko Holdings Limited	532M	24.33x	−6.8%	0.25x	−2.0x	43.9x	47.9x	9.5x
300274 Sungrow Power Supply Co Ltd	23.6B	−1.44x	15.1%	3.17x	13.4x	11.0x	9.5x	8.1x
601012 LONGi Green Energy Technology Co., Ltd.	13.4B	–	−9.1%	1.91x	−19.1x	86.6x	23.5x	9.9x
FSLR First Solar, Inc.	20.0B	−0.70x	29.3%	1.84x	10.6x	8.1x	7.0x	5.7x
NXT Nextpower Inc	14.6B	−1.21x	16.5%	5.47x	20.1x	16.7x	14.6x	12.0x
ENPH Enphase Energy, Inc.	4.0B	−0.75x	11.7%	3.24x	18.6x	20.0x	13.5x	16.8x
Mean		4.05x	9.4%	2.65x	6.9x	31.0x	19.3x	10.3x
Median		−0.75x	13.4%	2.54x	12.0x	18.4x	14.1x	9.7x

Technical analysis

1M+11.0%
3M−35.5%
1Y−57.0%
3Y−62.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Jinko Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	9,366	12,639	16,720	12,052	6,427	5,384
Cost of revenue	9,164	11,261	14,037	10,272	5,379	4,438
Gross profit	202	1,378	2,684	1,780	1,048	946
Selling, general & administrative expenses	1,109	1,540	1,607	1,559	759	595
Research & development	128	126	128	105	72.7	59.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	242	13.3	90.2	52.1	43.1	17.5
Other operating expenses	0	0	0	0	0	0
Operating income	−1,277	−301	858	64.3	174	274
Net interest income (expense)	−130	49.3	27.6	66.2	−75.6	−217
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	94.1	288	169	156	73.6	29.8
Net income before taxes	−1,313	35.6	1,055	287	172	86.8
Provision for taxes	−318	9.5	178	87.8	30.6	27.3
Minority interest	381	5.6	−423	−137	−36.9	−16.1
Equity in affiliates	−21.1	−24.3	31.4	28.1	9.4	−8.1
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−636	7.5	486	90.0	114	35.3
Extraordinary items	–	–	–	–	–	–
Net income	−636	7.5	486	90.0	114	35.3
EBIT, normalized	−1,031	−288	966	152	272	357
EBITDA, normalized	111	778	2,114	549	553	567
Basic EPS, normalized	−8.38	1.49	10.15	4.15	1.84	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Jinko Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,460	3,560	2,407	1,485	1,334	1,234
Receivables	2,974	2,759	4,142	3,627	1,484	1,057
Total inventory	2,071	1,714	2,566	2,530	2,086	1,284
Prepaid expenses	365	575	763	560	299	251
Other current assets	971	827	1,808	1,705	1,964	1,336
Total current assets	9,840	9,434	11,686	9,907	7,167	5,162
Property, plant & equipment	5,757	6,199	5,919	4,820	3,312	2,183
Goodwill	–	–	–	–	–	–
Intangibles	370	315	337	219	180	122
Long-term investments	206	256	298	248	99.8	29.8
Note receivable	–	–	–	0	4.3	4.0
Other long-term assets	1,132	904	897	561	727	657
Total assets	17,306	17,109	19,137	15,755	11,490	8,158
Liabilities
Accounts payable	1,960	1,512	2,180	1,505	1,073	682
Payable/accrued	–	–	–	–	–	–
Accrued expenses	490	521	575	438	306	249
Short-term debt	1,639	1,933	5,265	4,486	3,785	2,589
Current portion of long-term debt	1,314	550	384	329	247	427
Other current liabilities	2,467	2,948	3,016	2,657	1,746	837
Total current liabilities	7,871	7,464	11,421	9,415	7,157	4,784
Long-term debt	4,599	4,007	2,258	2,053	1,768	1,167
Minority interest	1,694	1,964	1,885	1,547	510	460
Other liabilities	893	947	734	371	316	216
Total liabilities	15,057	14,382	16,297	13,386	9,750	6,628
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	1,692	1,541	1,513	1,437	884	805
Retained earnings (accumulated deficit)	531	1,184	1,287	906	886	752
Treasury stock	−0.6	−29.7	−11.2	−6.3	−6.8	−6.6
Other equity	26.1	30.8	50.7	31.5	−24.3	−19.7
Total equity	2,249	2,726	2,840	2,369	1,740	1,531
Total liabilities & shareholders' equity	17,306	17,109	19,137	15,755	11,490	8,158

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Jinko Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−1,017	1.8	909	227	150	51.4
Depreciation, depletion & amortization	1,143	1,066	1,148	396	281	210
Deferred taxes	−283	−195	−119	−46.5	−41.3	14.4
Non-cash items	878	575	555	355	276	294
Changes in working capital	−566	862	−545	−1,773	−598	−480
Cash from operations	155	2,308	1,948	−841	67.8	90.6
Investing activities
Capital expenditures	−472	−1,284	–	−1,782	−1,367	−635
Other investing cash flows	−297	886	–	3.1	−413	−118
Cash from investing	−769	−398	–	−1,779	−1,780	−754
Financing activities
Financing cash flow items	−499	490	–	−18.9	−0.7	564
Cash dividends paid	−69.6	−75.0	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	460	−1,274	–	2,921	1,893	401
Cash from financing	−108	−859	–	2,902	1,892	965
Foreign exchange effects	36.4	86.4	–	33.1	−18.4	−25.9
Net change in cash	−686	1,139	1,948	315	161	276
Free cash flow	−317	1,025	1,948	−2,623	−1,300	−545

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.