NEXTracker, Inc. Class A (NXT) AI Stock Analysis

• Market Cap: $14.81B
• Dividend Yield: N/A
• Average Volume (3M): 2.44M
• Price to Earnings (P/E): 29.1
• Beta (1Y): 1.43
• Revenue Growth: 20.37%
• EPS Growth: 3.46%
• Country: US
• Employees: 1,300
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): 1.19
• Shares Outstanding: 148,386,780
• 10 Day Avg. Volume: 2,868,415
• 30 Day Avg. Volume: 2,438,929
• PEG Ratio: -1.12
• Price to Book (P/B): 3.72
• Price to Sales (P/S): 2.04
• P/FCF Ratio: 9.73
• Enterprise Value/Market Cap: 0.70
• Enterprise Value/Revenue: 3.06
• Enterprise Value/Gross Profit: 9.19
• Enterprise Value/Ebitda: 14.07
• 1Y Price Target: $101.44
• Price Target Upside: -4.79% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 20
• EPS Forecast (FY): 4.27
• Revenue Forecast (FY): $3.44B

• Rating: 80 Outperform
• Price Target: $129.00 ▲(21.08% Upside)

NEXTracker, Inc. Class A is well-positioned in the solar industry with strong financial performance and positive earnings call highlights. The stock shows strong technical momentum, though overbought conditions suggest caution. Valuation is on the higher side, reflecting growth potential but also indicating a premium price.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust demand for NEXTracker's products, enhancing its market position and supporting long-term financial stability.

International Expansion

Expanding into the Middle East and North Africa strengthens NEXTracker's global footprint, diversifying revenue streams and reducing geographic risk.

Strong Financial Position

A strong cash position and no debt provide financial flexibility, enabling NEXTracker to invest in growth opportunities and weather economic downturns.

Negative Factors

Tariff-Related Challenges

Tariff-related challenges can compress margins and impact profitability, posing a risk to financial performance if not managed effectively.

Section 232 Tariffs Impact

Section 232 tariffs could lead to higher costs, affecting margins and potentially reducing competitiveness in international markets.

Free Cash Flow Decline

A decline in free cash flow growth may limit NEXTracker's ability to fund new projects and investments, impacting long-term growth prospects.

NEXTracker, Inc. Class A Business Overview & Revenue Model

Company Description

NEXTracker, Inc. Class A (NXT) is a leading provider of advanced solar tracking solutions, specializing in the design and manufacture of innovative solar panel tracking systems that enhance the efficiency of solar energy generation. The company operates within the renewable energy sector, focusing on utility-scale solar projects. NEXTracker's core products include single-axis solar trackers, which allow solar panels to follow the sun's trajectory throughout the day, optimizing energy capture and improving overall system performance.

How the Company Makes Money

NEXTracker generates revenue primarily through the sale and leasing of its solar tracking systems to utility-scale solar developers and operators. The company's revenue model is structured around direct sales of its products, which include both hardware and software components necessary for the installation and operation of solar tracking systems. Key revenue streams include one-time sales from the sale of trackers, ongoing service and maintenance contracts, and potentially recurring revenue from software solutions that monitor and optimize solar energy production. Additionally, NEXTracker benefits from strategic partnerships with key players in the renewable energy sector, which can enhance its market reach and facilitate larger project deployments, contributing to its overall earnings.

NEXTracker, Inc. Class A Financial Statement Overview

Summary

NEXTracker, Inc. Class A demonstrates strong financial performance with consistent revenue growth and robust profitability margins. The balance sheet is solid with low leverage and high return on equity, although historical financial instability is noted. Cash flow metrics are generally positive, supporting the company's operational and strategic initiatives.

Income Statement

NEXTracker, Inc. Class A demonstrates strong revenue growth with a TTM revenue increase of 4.88% and a consistent upward trajectory over the past few years. The company maintains healthy profitability margins, with a TTM gross profit margin of 33.24% and a net profit margin of 17.08%. EBIT and EBITDA margins are also robust at 21.27% and 21.94% respectively, indicating efficient operational management. The consistent improvement in these metrics reflects a solid financial performance in the solar industry.

Balance Sheet

The balance sheet shows a strong equity position with a TTM return on equity of 33.75%, indicating effective use of shareholder funds. The debt-to-equity ratio is low at 0.01, suggesting minimal leverage and financial risk. The equity ratio stands at 53.31%, reflecting a stable capital structure. However, past negative equity and high leverage ratios in earlier years highlight potential historical financial instability.

Cash Flow

The cash flow statement reveals a slight decline in free cash flow growth at -7.70% TTM, but the company maintains a strong free cash flow to net income ratio of 92.95%, indicating good cash conversion. The operating cash flow to net income ratio is 57.99%, showing adequate cash generation from operations. Despite recent declines, the overall cash flow position remains healthy, supporting ongoing operations and growth.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.37B	2.96B	2.50B	1.90B	1.46B	1.20B
Gross Profit	1.12B	1.01B	691.64M	286.97M	147.03M	231.98M
EBITDA	732.84M	652.52M	591.48M	174.55M	90.00M	175.34M
Net Income	576.12M	509.17M	306.24M	118.89M	50.91M	124.35M
Balance Sheet
Total Assets	3.67B	3.19B	2.52B	1.42B	1.02B	880.97M
Cash, Cash Equivalents and Short-Term Investments	845.34M	766.10M	474.05M	130.01M	38.37M	217.99M
Total Debt	0.00	34.10M	147.72M	147.15M	4.50M	4.50M
Total Liabilities	1.68B	1.56B	1.53B	934.82M	1.02B	424.92M
Stockholders Equity	1.99B	1.63B	961.01M	-3.08B	-3.04M	456.05M
Cash Flow
Free Cash Flow	603.62M	621.87M	422.31M	104.49M	-153.03M	91.31M
Operating Cash Flow	649.37M	655.79M	428.97M	107.67M	-147.11M	94.27M
Investing Cash Flow	-169.04M	-186.10M	-6.66M	-3.16M	-5.75M	-2.96M
Financing Cash Flow	-196.87M	-177.65M	-78.27M	-3.57M	-8.66M	96.33M

NEXTracker, Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 106.54
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NXT, the sentiment is Positive. The current price of 106.54 is above the 20-day moving average (MA) of 94.87, above the 50-day MA of 80.99, and above the 200-day MA of 59.01, indicating a bullish trend. The MACD of 7.38 indicates Negative momentum. The RSI at 66.90 is Neutral, neither overbought nor oversold. The STOCH value of 74.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NXT.

NEXTracker, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NXT	80 Outperform	$14.81B	29.06	35.44%	―	20.37%	3.46%
SHLS	73 Outperform	$1.55B	47.07	5.86%	―	2.68%	2.90%
ENPH	62 Neutral	$3.80B	22.28	20.31%	―	20.97%	226.98%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
CSIQ	51 Neutral	$1.47B	―	-0.25%	―	-9.11%	-118.62%
ARRY	51 Neutral	$1.27B	―	-7.75%	―	35.75%	37.97%
SEDG	49 Neutral	$1.89B	―	-78.09%	―	-0.14%	―

NEXTracker, Inc. Class A Corporate Events

NEXTracker, Inc. Reports Strong Growth and Positive Outlook

NEXTracker, Inc. Earnings Call Highlights Strong Growth and Positive Outlook

NEXTracker, Inc. Reports Strong Q2 FY26 Growth

NEXTracker, Inc. is a leading provider of solar technology platforms, specializing in integrated tracker, electrical, and mechanical solutions for utility-scale and distributed generation projects worldwide.

NEXTracker Enters New Credit Agreement with PNC Bank

On September 8, 2025, Nextracker Inc. and its subsidiary Nextracker LLC entered into a new credit agreement with PNC Bank, replacing their existing credit agreement with JPMorgan Chase Bank. The previous agreement, which provided a $500 million revolving credit facility, was voluntarily terminated without any penalties, and no funds were drawn from it as of the termination date.

The most recent analyst rating on (NXT) stock is a Buy with a $82.00 price target. To see the full list of analyst forecasts on NEXTracker, Inc. Class A stock, see the NXT Stock Forecast page.

NEXTracker, Inc. Holds Virtual Annual Stockholders Meeting

On August 18, 2025, NEXTracker, Inc. held its annual meeting of stockholders virtually, where three key proposals were voted on. The election of directors saw Jeffrey Guldner, Monica Karuturi, and Brandi Thomas elected as Class III directors until 2028. Additionally, Deloitte & Touche LLP was ratified as the independent registered accounting firm for the fiscal year ending March 31, 2026, and the executive compensation for fiscal year 2025 was approved on an advisory basis. These decisions reflect the company’s ongoing governance and operational strategies.

The most recent analyst rating on (NXT) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on NEXTracker, Inc. Class A stock, see the NXT Stock Forecast page.