Maxeon Solar Technologies (MAXN) AI Stock Analysis

• Market Cap: $41.90M
• Dividend Yield: N/A
• Average Volume (3M): 49.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.55
• Revenue Growth: -54.68%
• EPS Growth: 63.56%
• Country: US
• Employees: 1,591
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): N/A
• Shares Outstanding: 16,896,729
• 10 Day Avg. Volume: 49,940
• 30 Day Avg. Volume: 49,729
• PEG Ratio: <0.01
• Price to Book (P/B): -0.21
• Price to Sales (P/S): 0.12
• P/FCF Ratio: -0.19
• Enterprise Value/Market Cap: 8.27
• Enterprise Value/Revenue: 1.96
• Enterprise Value/Gross Profit: -1.43
• Enterprise Value/Ebitda: -0.69
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $3.00 ▼(-3.23% Downside)
• Action: Upgraded Date: 02/04/26
• Date: Action: Upgraded 02/04/26

The score is driven primarily by very weak financial performance (declining revenue, sustained losses, negative cash flow, and negative equity). Technical signals are mixed and do not offset the fundamental risk, while valuation provides limited support because earnings are negative and no dividend yield is available.

Positive Factors

Proceeds from Malaysian divestiture

A planned sale that can generate up to ~$51M (subject to adjustments) is a structural liquidity event. Proceeds can shore working capital, pay down secured obligations, and reduce operating scale and litigation exposure, improving solvency and giving management time to restructure operations.

Debt covenant amendments improve flexibility

Amendments to note indentures to allow the Malaysian sale and automatic release of security interests materially reduce the risk of covenant default from asset dispositions. This structural relief improves capital structure flexibility, creditor alignment, and the company's ability to pursue asset optimization.

Established SunPower brand and diversified channels

Maxeon's SunPower technology and multichannel revenue model (direct, distribution, installer partnerships, long-term contracts) provide durable demand exposure across residential, commercial and utility markets. Brand and contractual relationships support long-term sales recovery when operational and balance sheet issues are addressed.

Negative Factors

Severe revenue deterioration

A near-50% TTM revenue decline is a structural red flag: it reduces operating leverage, weakens supplier and partner relationships, and makes fixed-cost absorption and margin recovery difficult. Sustained top-line weakness will impede cash generation and prolong restructuring needs even after asset sales.

Negative stockholders' equity

Negative equity indicates liabilities exceed assets and signals elevated insolvency risk. This structural capital shortfall constrains access to unsecured financing, risks covenant breaches, and may force dilutive recapitalizations or asset sales, limiting the company's ability to invest in R&D or capacity over the medium term.

Negative operating and free cash flow

Persistent negative operating and free cash flow show the business cannot self-fund operations or capital needs. Over months this increases reliance on asset disposals, creditor concessions, or new financing, raising refinancing and execution risk and constraining the company's ability to stabilize supply chains and grow.

Maxeon Solar Technologies Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Maxeon Solar Technologies generates revenue primarily through the sale of solar panels and related products, including solar energy solutions and services. The company's revenue model is supported by various streams, including direct sales to customers, distribution agreements, and partnerships with installers and other stakeholders in the solar industry. Additionally, Maxeon benefits from government incentives and subsidies aimed at promoting renewable energy adoption, which can enhance its sales volume. The company also engages in long-term contracts and agreements with large-scale customers, contributing to stable revenue flows. Key partnerships with technology providers and financial institutions further bolster its market presence and operational capabilities, aiding in revenue generation.

Maxeon Solar Technologies Financial Statement Overview

Summary

Severe financial stress: sharply declining revenue (TTM down 48.28%), deeply negative profitability (negative gross, EBIT, and EBITDA margins), negative operating and free cash flow, and negative stockholders’ equity indicating elevated solvency risk.

Income Statement

Maxeon Solar Technologies has been experiencing significant challenges in its income statement. The company has consistently reported negative gross profit margins, indicating that production costs exceed revenues. Net profit margins are also deeply negative, reflecting substantial losses. Revenue has been declining, with a notable decrease of 48.28% in the TTM period, highlighting a severe downturn in sales. The EBIT and EBITDA margins are also negative, further emphasizing operational inefficiencies and financial distress.

Balance Sheet

The balance sheet of Maxeon Solar Technologies reveals a precarious financial position. The company has negative stockholders' equity, indicating liabilities exceed assets, which is a significant red flag. The debt-to-equity ratio is negative due to negative equity, suggesting high financial risk. Although the return on equity appears positive, it is misleading due to negative equity. The equity ratio is also negative, underscoring the company's insolvency risk.

Cash Flow

Cash flow analysis shows that Maxeon Solar Technologies is struggling with cash generation. Operating cash flow and free cash flow are both negative, indicating the company is not generating sufficient cash from operations to cover its expenses. The free cash flow to net income ratio is positive, but this is due to negative net income, which is not a positive indicator. The operating cash flow to net income ratio is negative, further highlighting cash flow challenges.

Breakdown	TTM	Mar 2025	Dec 2023	Dec 2022	Dec 2021	Mar 2021
Income Statement
Total Revenue	176.41M	509.05M	1.12B	1.06B	783.28M	844.84M
Gross Profit	-242.06M	-249.41M	78.11M	-47.95M	-29.01M	-9.78M
EBITDA	-504.08M	-507.79M	-175.21M	-141.33M	-169.00M	-46.50M
Net Income	-565.38M	-614.30M	-275.83M	-267.42M	-254.52M	-142.63M
Balance Sheet
Total Assets	186.31M	376.27M	1.00B	1.26B	1.06B	980.34M
Cash, Cash Equivalents and Short-Term Investments	17.23M	28.89M	190.17M	303.44M	166.54M	206.74M
Total Debt	319.48M	311.49M	437.66M	449.80M	187.27M	198.98M
Total Liabilities	507.96M	664.64M	997.37M	1.21B	701.67M	541.06M
Stockholders Equity	-327.46M	-293.84M	-1.11M	42.44M	349.46M	432.64M
Cash Flow
Free Cash Flow	-234.74M	-322.31M	-321.89M	-60.04M	-159.54M	-216.85M
Operating Cash Flow	-218.25M	-270.16M	-254.29M	3.44M	-4.87M	-189.16M
Investing Cash Flow	69.48M	-25.24M	13.93M	-139.30M	-154.45M	-45.49M
Financing Cash Flow	92.61M	141.23M	167.95M	211.47M	141.81M	320.35M

Maxeon Solar Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAXN, the sentiment is Negative. The current price of 3.1 is above the 20-day moving average (MA) of 2.87, above the 50-day MA of 3.02, and below the 200-day MA of 3.41, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 43.02 is Neutral, neither overbought nor oversold. The STOCH value of 8.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MAXN.

Maxeon Solar Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ENPH	62 Neutral	$6.04B	34.28	17.93%	―	20.97%	226.98%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
JKS	61 Neutral	$1.35B	-2.87	-17.96%	10.19%	-34.29%	-732.90%
ARRY	61 Neutral	$1.79B	-17.94	-7.75%	―	35.75%	37.97%
SEDG	60 Neutral	$2.10B	-5.08	-74.68%	―	-0.14%	66.71%
CSIQ	45 Neutral	$1.33B	82.98	0.56%	―	-4.46%	1645.26%
MAXN	42 Neutral	$41.90M	-0.01	―	―	-54.68%	63.56%

Maxeon Solar Technologies Corporate Events

Maxeon Solar to Sell Malaysian Manufacturing Subsidiary for Up to US$51 Million

On January 23, 2026, Maxeon Solar Technologies announced that its Cayman Islands subsidiary, SunPower Technology Ltd., entered into a share sale and purchase agreement to divest all the issued shares of SunPower Malaysia Manufacturing Sdn. Bhd., a solar power products manufacturing unit in Malaysia, to Singapore-based MFS Technology (S) Pte Ltd. The transaction values the shares at a base consideration of US$51 million, reduced by a US$10 million uncertain tax liability and subject to locked-box and leakage adjustments, with an initial US$8.2 million deposit and the balance payable at closing no later than a longstop date of February 27, 2026, subject to possible extension. The deal structure includes detailed mechanisms to handle existing debt, a seven-year framework to resolve a Malaysian tax incentive exposure, settlement of ongoing litigation with Air Products Malaysia, and conditions that require board approvals and confirmation of no material adverse effect before completion. Post-closing, Maxeon remains responsible for the target’s 2025 tax liabilities, must execute a capital reduction to clean up a large intercompany deficit, and has agreed to non-solicitation covenants regarding the target’s employees, signaling a full operational exit from this manufacturing subsidiary while seeking to limit residual financial and legal exposure.

The most recent analyst rating on (MAXN) stock is a Sell with a $3.00 price target. To see the full list of analyst forecasts on Maxeon Solar Technologies stock, see the MAXN Stock Forecast page.

Maxeon Solar Clears Debt Covenants for Planned Sale of Malaysian Manufacturing Unit

On January 23, 2026, Maxeon Solar Technologies amended the indentures governing its 9.00% Convertible First Lien Senior Secured Notes due 2029, its Variable-Rate Convertible First Lien Senior Secured Notes due 2029, and its Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028 to facilitate the planned sale of its SunPower Malaysia Manufacturing Sdn Bhd subsidiary to an independent third party. The supplemental indentures permit the proposed disposition of 100% of the shares of SunPower Malaysia and provide that, once the transaction is consummated, the security interests over those shares will be automatically released under the company’s super senior, senior and junior note structures. Maxeon indicated it expects to sign a definitive agreement for the Malaysian divestment around the report date and plans to disclose further details in separate filings, signaling an ongoing reshaping of its manufacturing asset base and capital structure with potential implications for creditors and the operational footprint of its Asian production platform.

The most recent analyst rating on (MAXN) stock is a Sell with a $3.00 price target. To see the full list of analyst forecasts on Maxeon Solar Technologies stock, see the MAXN Stock Forecast page.