Is the Solar sector outperforming S&P 500?
Solar has outperformed S&P 500 by 15.6% over 52 weeks and 27.3% over 13 weeks. 0 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 10 beat the sector itself.
20-quarter listed-company comparison
Solar Stocks
Solar: Canadian Solar Inc. owns the largest revenue base; Tigo Energy, Inc. has the fastest current growth.
The industry itself · before any single company
How has Solar moved against S&P 500?
The line below covers 5.2 years. Over the most recent two of them this industry is 14% behind S&P 500. Earnings across its companies grew 6% on average over the last four reported quarters — close to flat.
ASLEEP · 1y +20.1%✓Moving with the index2 of 10 companies ahead of S&P 500 by 5% or more over three months
RS — · 2/10 >200d (−2) · 2/10 lead (+0) · EPS 7/10↑
Solar, equal-weighted, based at 200
S&P 500, same base, same start
trailing 12-month earnings per share rising
falling
Strength anatomy
NarrowHow much of the industry is participating, how recently, and whether the movers score well.
Together2 of 10 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score +4 vs the industry average
Down the cap ladder — bar is now, tick is four weeks ago
Large
0/20
Mid
2/40
Small
0/40
Participation is not spreading downward this month; the larger companies are still carrying most of it.
Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 10 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.
Sector relative strength · before individual stocks
Is Solar outperforming S&P 500?
Solar has outperformed S&P 500 by 15.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 27.3%. 0 of 10 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Shoals Technologies Group, Inc. is the strongest against the sector itself at +16.5%.
-27.3%Sector vs S&P 500 · 13 weeks
+15.6%Sector vs S&P 500 · 52 weeks
0/10Stocks leading S&P 500
5/10Stocks leading sector
Sector metric: — as of latest available · unclassified · direction unavailable.
The central tension: the companies with the most scale are not necessarily the companies creating the most change.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
Solar has outperformed S&P 500 by 15.6% over 52 weeks and 27.3% over 13 weeks. 0 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 10 beat the sector itself. Canadian Solar Inc. leads with revenue of $5,476 million, based on 9 of 10 comparable companies through Mar 2026.
Which Solar company is largest by revenue?
Canadian Solar Inc. leads with revenue of $5,476 million, based on 9 of 10 comparable companies through Mar 2026.
Which Solar company is growing fastest?
Tigo Energy, Inc. has the fastest current revenue growth at 74.6%, across 9 of 10 comparable companies.
Which Solar company has the strongest 4-Factor Sector Score?
First Solar, Inc. ranks first at 72.8/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Solar company reports the most CAPEX?
Sunrun Inc. reports the largest latest CAPEX at $425 million, with 10 of 10 companies comparable.
Which Solar company has the least gross debt?
Nextpower Inc. has the lowest comparable gross debt at $0 million. Sunrun Inc. has the highest at $14,850 million.
Which Solar company has the lowest comparable PEG?
First Solar, Inc. has the lowest comparable Guarded PEG at 0.4, among 4 of 10 companies that pass the metric’s comparability rules.
How much history does this Solar comparison include?
The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.
How is the 4-Factor Sector Score calculated?
The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.
Companies
10
complete canonical membership
Combined market value
$49.2B
First Solar, Inc.
Revenue growing
7/9
positive TTM year-on-year growth
Beating S&P 500
0/10
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit
4-Factor Sector Score
An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
First Solar, Inc. has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 86.2% evidence confidence.
Enphase Energy, Inc. looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
Nextpower Inc. has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.
1. First Solar, Inc. · FSLR
72.8/100 · Favorable setup · 86% evidence
Exact sum: 27.1 + 17.6 + 15.8 + 12.3 = 72.8
Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
27.1/35Growth & earnings
Revenue 27.3% · PAT 31.7% · OPM change 6.9 pp
95% evidence
17.6/25Capital efficiency
ROCE 3.3% · debt/equity 0.04×
80% evidence
15.8/20Valuation
P/E 12.7× · PEG 0.4
65% evidence
12.3/20Relative strength
RS sector 1.6% · RS bench -17.5% · 1Y 10.1%
100% evidence
2. Shoals Technologies Group, Inc. · SHLS
61.1/100 · Mixed-positive evidence · 72% evidence
Exact sum: 20.3 + 13.5 + 12 + 15.3 = 61.1
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20.3/35Growth & earnings
Revenue 38.1% · PAT 70% · OPM change 0.1 pp
71% evidence
13.5/25Capital efficiency
ROCE 1% · debt/equity 0.36×
80% evidence
12.0/20Valuation
P/E 32.9× · PEG 1.27
65% evidence
15.3/20Relative strength
RS sector 16.5% · RS bench -6.3% · 1Y 65.5%
70% evidence
3. SolarEdge Technologies, Inc. · SEDG
51.9/100 · Mixed-positive evidence · 68% evidence
Exact sum: 21.7 + 6 + 8.5 + 15.7 = 51.9
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21.7/35Growth & earnings
Revenue 35.5% · PAT — · OPM change 29.1 pp
71% evidence
6.0/25Capital efficiency
ROCE -3.8% · debt/equity 0.95×
80% evidence
8.5/20Valuation
P/E 156× · PEG —
15% evidence
15.7/20Relative strength
RS sector 14.9% · RS bench -8.2% · 1Y 56.8%
100% evidence
4. Nextpower Inc. · NXT
50.6/100 · Mixed-positive evidence · 86% evidence
Exact sum: 13.2 + 19.1 + 5.2 + 13.1 = 50.6
Decision use: Price leads the evidence: RS versus the benchmark is -12.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13.2/35Growth & earnings
Revenue 20.3% · PAT 13.3% · OPM change -3.7 pp
95% evidence
19.1/25Capital efficiency
ROCE 6.1% · debt/equity 0×
80% evidence
5.2/20Valuation
P/E 31.4× · PEG 3.03
65% evidence
13.1/20Relative strength
RS sector 10.6% · RS bench -12.1% · 1Y 68.6%
100% evidence
5. Canadian Solar Inc. · CSIQ
47.0/100 · Mixed-negative evidence · 68% evidence
Exact sum: 18.8 + 10 + 10.5 + 7.7 = 47
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18.8/35Growth & earnings
Revenue -6.6% · PAT — · OPM change 11.4 pp
71% evidence
10.0/25Capital efficiency
ROCE 0.8% · debt/equity 1.82×
80% evidence
10.5/20Valuation
P/E 20.6× · PEG —
15% evidence
7.7/20Relative strength
RS sector -9.4% · RS bench -27.1% · 1Y 20.6%
100% evidence
6. Enphase Energy, Inc. · ENPH
44.6/100 · Mixed-negative evidence · 86% evidence
Exact sum: 5.2 + 9.8 + 14.4 + 15.2 = 44.6
Decision use: Price leads the evidence: RS versus the benchmark is -13.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5.2/35Growth & earnings
Revenue -1.7% · PAT -8.7% · OPM change -19.5 pp
95% evidence
9.8/25Capital efficiency
ROCE -1.4% · debt/equity 0.52×
80% evidence
14.4/20Valuation
P/E 37.4× · PEG 0.76
65% evidence
15.2/20Relative strength
RS sector 7.4% · RS bench -13.6% · 1Y 15.6%
100% evidence
7. Tigo Energy, Inc. · TYGO
44.0/100 · Mixed-negative evidence · 62% evidence
Exact sum: 21.3 + 7.9 + 8.8 + 6 = 44
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21.3/35Growth & earnings
Revenue 74.6% · PAT — · OPM change 11.5 pp
71% evidence
7.9/25Capital efficiency
ROCE -7.4% · debt/equity 0.05×
80% evidence
8.8/20Valuation
P/E 94× · PEG —
15% evidence
6.0/20Relative strength
RS sector -24.4% · RS bench -41% · 1Y 28.2%
70% evidence
8. Sunrun Inc. · RUN
41.3/100 · Mixed-negative evidence · 68% evidence
Exact sum: 22.8 + 5.1 + 11.2 + 2.2 = 41.3
Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -30.9% and the one-year return is -2.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
22.8/35Growth & earnings
Revenue 52.4% · PAT — · OPM change 16.8 pp
71% evidence
5.1/25Capital efficiency
ROCE -0.2% · debt/equity 3×
80% evidence
11.2/20Valuation
P/E 6.4× · PEG —
15% evidence
2.2/20Relative strength
RS sector -30.9% · RS bench -43.6% · 1Y -2.2%
100% evidence
9. Array Technologies, Inc. · ARRY
33.6/100 · Adverse evidence · 62% evidence
Exact sum: 11.6 + 7.8 + 9.2 + 5 = 33.6
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11.6/35Growth & earnings
Revenue 13.2% · PAT — · OPM change -5.8 pp
71% evidence
7.8/25Capital efficiency
ROCE 0.7% · debt/equity 2.85×
80% evidence
9.2/20Valuation
P/E 85.5× · PEG —
15% evidence
5.0/20Relative strength
RS sector -29.2% · RS bench -42.7% · 1Y -15.8%
70% evidence
10. TOYO Co., Ltd. · TOYO
41.9/100 · Thin evidence · provisional · 34% evidence
Exact sum: 15.6 + 11.2 + 11.5 + 3.6 = 41.9
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15.6/35Growth & earnings
Revenue — · PAT — · OPM change —
16% evidence
11.2/25Capital efficiency
ROCE 0% · debt/equity —
46% evidence
11.5/20Valuation
P/E 5.2× · PEG —
15% evidence
3.6/20Relative strength
RS sector -30.7% · RS bench -45.5% · 1Y -24.1%
70% evidence
01 · compare level, then change
Revenue Scale & Growth Durability
Canadian Solar Inc. has the highest Revenue among the 10 Solar companies compared here, at $5,476 million. First Solar, Inc. is next at $5,419 million. Tigo Energy, Inc. has the highest Revenue growth at 74.6%, so level and change sit with different companies. 9 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Canadian Solar Inc. is the scale leader at $5,476 million, 1.1% ahead of First Solar, Inc.. Tigo Energy, Inc.'s growth is 74.6% from a $110 million base, with 16 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderCanadian Solar Inc. · $5,476 million
Gap1.1% versus #2 · First Solar, Inc.
Persistence1/8 recent comparable periods
Coverage9/10 companies · 179 observations
Investor read: Canadian Solar Inc. is the scale benchmark; Tigo Energy, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Canadian Solar Inc.'s growth falls below Tigo Energy, Inc.'s for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Canadian Solar Inc. CSIQ$5.5B
2First Solar, Inc. FSLR$5.4B
3Nextpower Inc. NXT$3.6B
4Sunrun Inc. RUN$3.2B
5Enphase Energy, Inc. ENPH$1.4B
Revenue growthfastest growers
1Tigo Energy, Inc. TYGO75%
2Sunrun Inc. RUN52%
3Shoals Technologies Group, Inc. SHLS38%
4SolarEdge Technologies, Inc. SEDG36%
5First Solar, Inc. FSLR27%
Revenue · company comparison
9/10 level · 9/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Canadian Solar Inc. CSIQ | $1.1B | -9.9% | Mar 2026 |
| First Solar, Inc. FSLR | $1.0B | 24% | Mar 2026 |
| Nextpower Inc. NXT | $881M | -4.7% | Mar 2026 |
| Sunrun Inc. RUN | $722M | 43% | Mar 2026 |
| SolarEdge Technologies, Inc. SEDG | $311M | 42% | Mar 2026 |
| TOYO Co., Ltd. TOYO | $288M | 638% | Mar 2026 |
| Enphase Energy, Inc. ENPH | $283M | -21% | Mar 2026 |
| Array Technologies, Inc. ARRY | $223M | -26% | Mar 2026 |
| Shoals Technologies Group, Inc. SHLS | $141M | 76% | Mar 2026 |
| Tigo Energy, Inc. TYGO | $25M | 32% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Array Technologies, Inc. · ARRY
$197M
$189M
$220M
$301M
$420M
$515M
$402M
$377M
$508M
$350M
$342M
$153M
$256M
$231M
$275M
$302M
$362M
$393M
$226M
$223M
Canadian Solar Inc. · CSIQ
$1.4B
$1.2B
$1.5B
$1.3B
$2.3B
$1.9B
$2.0B
$1.7B
$2.4B
$1.8B
$1.7B
$1.3B
$1.6B
$1.5B
$1.5B
$1.2B
$1.7B
$1.5B
$1.2B
$1.1B
Enphase Energy, Inc. · ENPH
$316M
$352M
$413M
$441M
$530M
$635M
$725M
$726M
$711M
$551M
$303M
$263M
$303M
$381M
$383M
$356M
$363M
$410M
$343M
$283M
First Solar, Inc. · FSLR
$629M
$584M
$907M
$367M
$621M
$629M
$1.0B
$548M
$811M
$801M
$1.2B
$794M
$1.0B
$888M
$1.5B
$845M
$1.1B
$1.6B
$1.7B
$1.0B
Nextpower Inc. · NXT
—
$341M
$339M
$440M
—
$403M
$513M
$518M
$480M
$573M
$710M
$737M
$720M
$636M
$679M
$924M
$864M
$905M
$909M
$881M
Shoals Technologies Group, Inc. · SHLS
$60M
$60M
$48M
$68M
$73M
$91M
$95M
$105M
$119M
$134M
$130M
$91M
$99M
$102M
$107M
$80M
$111M
$136M
$148M
$141M
SolarEdge Technologies, Inc. · SEDG
$480M
$526M
$552M
$655M
$728M
$837M
$891M
$944M
$991M
$725M
$316M
$204M
$265M
$261M
$196M
$219M
$289M
$340M
$335M
$311M
Sunrun Inc. · RUN
$401M
$439M
$435M
$496M
$585M
$632M
$609M
$590M
$590M
$563M
$517M
$458M
$524M
$537M
$518M
$504M
$569M
$725M
$1.2B
$722M
Tigo Energy, Inc. · TYGO
—
—
—
—
$18M
$23M
$31M
$50M
$69M
$17M
$9M
$10M
$13M
$14M
$17M
$19M
$24M
$31M
$30M
$25M
TOYO Co., Ltd. · TOYO
—
—
—
—
—
—
—
—
—
—
$62M
—
$138M
—
$39M
—
$139M
—
$288M
—
Revenue growth · reported quarter history
Array Technologies, Inc. · ARRY
—
—
—
—
113%
172%
83%
25%
21%
-32%
-15%
-59%
-50%
-34%
-20%
97%
41%
70%
-18%
-26%
Canadian Solar Inc. · CSIQ
—
—
—
—
62%
57%
29%
36%
2.2%
-4.5%
-14%
-22%
-31%
-18%
-11%
-9.9%
3.6%
-1.4%
-20%
-9.9%
Enphase Energy, Inc. · ENPH
—
—
—
—
68%
80%
76%
65%
34%
-13%
-58%
-64%
-57%
-31%
26%
35%
20%
7.6%
-10%
-21%
First Solar, Inc. · FSLR
—
—
—
—
-1.3%
7.7%
10%
49%
31%
27%
16%
45%
25%
11%
31%
6.4%
8.6%
80%
11%
24%
Nextpower Inc. · NXT
—
—
—
—
—
18%
51%
18%
—
42%
38%
42%
50%
11%
-4.4%
25%
20%
42%
34%
-4.7%
Shoals Technologies Group, Inc. · SHLS
—
—
—
—
22%
52%
98%
54%
63%
47%
37%
-13%
-17%
-24%
-18%
-12%
12%
33%
38%
76%
SolarEdge Technologies, Inc. · SEDG
—
—
—
—
52%
59%
61%
44%
36%
-13%
-65%
-78%
-73%
-64%
-38%
7.4%
9.1%
30%
71%
42%
Sunrun Inc. · RUN
—
—
—
—
46%
44%
40%
19%
0.9%
-11%
-15%
-22%
-11%
-4.6%
0.2%
10%
8.6%
35%
124%
43%
Tigo Energy, Inc. · TYGO
—
—
—
—
—
—
—
—
283%
-26%
-71%
-80%
-81%
-18%
89%
90%
85%
121%
76%
32%
TOYO Co., Ltd. · TOYO
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-37%
—
0.7%
—
638%
—
02 · compare level, then change
Operating Economics & Margin Trend
First Solar, Inc. has the highest OPM among the 10 Solar companies compared here, at 33.1%. Nextpower Inc. is next at 17.4%. SolarEdge Technologies, Inc. has the highest Margin change at +29.1 percentage points, so level and change sit with different companies. 9 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: First Solar, Inc. leads opm at 33.1%; SolarEdge Technologies, Inc. leads margin change at +29.1 percentage points.
LeaderFirst Solar, Inc. · 33.1%
Gap90.2% versus #2 · Nextpower Inc.
Persistence4/8 recent comparable periods
Coverage9/10 companies · 174 observations
Investor read: First Solar, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current margin change signal.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1First Solar, Inc. FSLR33%
2Nextpower Inc. NXT17%
3Canadian Solar Inc. CSIQ6.8%
4Shoals Technologies Group, Inc. SHLS5.5%
5Array Technologies, Inc. ARRY3.2%
Margin changefastest expanders
1SolarEdge Technologies, Inc. SEDG+29.1 pp
2Sunrun Inc. RUN+16.8 pp
3Tigo Energy, Inc. TYGO+11.5 pp
4Canadian Solar Inc. CSIQ+11.4 pp
5First Solar, Inc. FSLR+6.9 pp
Operating margin · company comparison
9/10 level · 9/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| First Solar, Inc. FSLR | 33% | +6.9 pp | Mar 2026 |
| Nextpower Inc. NXT | 17% | −3.7 pp | Mar 2026 |
| Canadian Solar Inc. CSIQ | 6.8% | +11.4 pp | Mar 2026 |
| Shoals Technologies Group, Inc. SHLS | 5.5% | +0.1 pp | Mar 2026 |
| Array Technologies, Inc. ARRY | 3.2% | −5.8 pp | Mar 2026 |
| Sunrun Inc. RUN | -6.0% | +16.8 pp | Mar 2026 |
| Tigo Energy, Inc. TYGO | -9.6% | +11.5 pp | Mar 2026 |
| Enphase Energy, Inc. ENPH | -11% | −19.5 pp | Mar 2026 |
| SolarEdge Technologies, Inc. SEDG | -18% | +29.1 pp | Mar 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Array Technologies, Inc. · ARRY
-0.3%
-10%
-15%
-13%
-3.2%
3.3%
4.1%
13%
19%
12%
8.8%
5.5%
16%
-57%
-18%
9.0%
13%
12%
-66%
3.2%
Canadian Solar Inc. · CSIQ
1.8%
4.3%
4.4%
1.2%
5.0%
4.6%
6.9%
8.6%
9.5%
4.5%
0.0%
3.7%
2.9%
0.0%
-8.4%
-4.6%
7.5%
2.3%
-5.3%
6.8%
Enphase Energy, Inc. · ENPH
19%
11%
14%
14%
18%
21%
22%
23%
24%
21%
-3.4%
-11%
0.6%
13%
14%
9.0%
10%
16%
6.5%
-11%
First Solar, Inc. · FSLR
18%
8.7%
19%
-16%
23%
-11%
-4.6%
3.3%
21%
34%
34%
31%
37%
36%
30%
26%
33%
29%
33%
33%
Nextpower Inc. · NXT
—
6.2%
5.9%
1.7%
—
7.4%
11%
7.8%
15%
16%
21%
37%
22%
21%
22%
21%
22%
20%
19%
17%
Shoals Technologies Group, Inc. · SHLS
24%
16%
5.6%
15%
18%
22%
25%
25%
27%
-7.9%
24%
13%
19%
4.4%
15%
5.4%
14%
14%
12%
5.5%
SolarEdge Technologies, Inc. · SEDG
12%
13%
7.4%
7.8%
4.9%
10%
-0.6%
15%
15%
-2.3%
-75%
-85%
-60%
-416%
-134%
-47%
-40%
-10%
-14%
-18%
Sunrun Inc. · RUN
-35%
-31%
-48%
-37%
-27%
-22%
-31%
-39%
-35%
-239%
-38%
-40%
-24%
-24%
-628%
-23%
-20%
0.5%
8.4%
-6.0%
Tigo Energy, Inc. · TYGO
—
—
—
—
3.5%
-9.2%
7.0%
16%
13%
-66%
-147%
-93%
-66%
-73%
-140%
-21%
-6.3%
2.1%
1.1%
-9.6%
Margin change · reported quarter history
Array Technologies, Inc. · ARRY
—
—
—
—
−2.9 pp
+13.6 pp
+19.1 pp
+25.4 pp
+22.2 pp
+8.2 pp
+4.7 pp
−7.1 pp
−3.5 pp
−68.8 pp
−27.1 pp
+3.5 pp
−2.7 pp
+68.9 pp
−47.2 pp
−5.8 pp
Canadian Solar Inc. · CSIQ
—
—
—
—
+3.2 pp
+0.3 pp
+2.5 pp
+7.4 pp
+4.5 pp
−0.1 pp
−6.9 pp
−4.9 pp
−6.6 pp
−4.5 pp
−8.4 pp
−8.3 pp
+4.6 pp
+2.3 pp
+3.1 pp
+11.4 pp
Enphase Energy, Inc. · ENPH
—
—
—
—
−1.1 pp
+10.7 pp
+7.7 pp
+9.1 pp
+6.3 pp
+0.1 pp
−25.1 pp
−34.2 pp
−23.4 pp
−8.3 pp
+17.7 pp
+20.1 pp
+9.6 pp
+3.0 pp
−7.8 pp
−19.5 pp
First Solar, Inc. · FSLR
—
—
—
—
+5.8 pp
−19.6 pp
−23.7 pp
+19.0 pp
−2.5 pp
+45.0 pp
+38.9 pp
+27.3 pp
+16.1 pp
+2.2 pp
−4.1 pp
−4.4 pp
−3.9 pp
−7.1 pp
+2.4 pp
+6.9 pp
Nextpower Inc. · NXT
—
—
—
—
—
+1.2 pp
+5.5 pp
+6.1 pp
—
+9.0 pp
+9.5 pp
+29.0 pp
+6.8 pp
+4.6 pp
+1.2 pp
−15.7 pp
−0.7 pp
−1.0 pp
−2.7 pp
−3.7 pp
Shoals Technologies Group, Inc. · SHLS
—
—
—
—
−5.9 pp
+6.0 pp
+19.1 pp
+10.1 pp
+8.8 pp
−29.9 pp
−0.3 pp
−12.0 pp
−7.8 pp
+12.3 pp
−9.0 pp
−7.4 pp
−4.3 pp
+9.3 pp
−3.7 pp
+0.1 pp
SolarEdge Technologies, Inc. · SEDG
—
—
—
—
−6.7 pp
−2.5 pp
−8.0 pp
+7.5 pp
+10.3 pp
−12.4 pp
−74.6 pp
−100.3 pp
−75.6 pp
−413.7 pp
−59.2 pp
+38.2 pp
+20.5 pp
+405.7 pp
+120.0 pp
+29.1 pp
Sunrun Inc. · RUN
—
—
—
—
+8.7 pp
+9.8 pp
+16.7 pp
−2.0 pp
−8.3 pp
−217.7 pp
−7.1 pp
−1.4 pp
+10.5 pp
+215.5 pp
−589.8 pp
+17.2 pp
+4.7 pp
+24.3 pp
+636.4 pp
+16.8 pp
Tigo Energy, Inc. · TYGO
—
—
—
—
—
—
—
—
+9.1 pp
−56.4 pp
−153.5 pp
−108.3 pp
−78.8 pp
−7.6 pp
+7.0 pp
+71.6 pp
+59.9 pp
+75.3 pp
+140.6 pp
+11.5 pp
03 · compare level, then change
Profit Scale & Acceleration
First Solar, Inc. has the highest Net profit among the 10 Solar companies compared here, at $1,666 million. Nextpower Inc. is next at $586 million. The same company also holds the highest Profit growth, at 31.7%. 9 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: First Solar, Inc. leads with $1,666 million of TTM profit, 184.3% above Nextpower Inc.. First Solar, Inc. shows 31.7% growth from a $1,666 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderFirst Solar, Inc. · $1,666 million
Gap184.3% versus #2 · Nextpower Inc.
Persistence6/8 recent comparable periods
Coverage9/10 companies · 184 observations
Investor read: First Solar, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.
Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1First Solar, Inc. FSLR$1.7B
2Nextpower Inc. NXT$586M
3Enphase Energy, Inc. ENPH$136M
4Shoals Technologies Group, Inc. SHLS$34M
5Tigo Energy, Inc. TYGO$4M
Profit growthfastest growers
1First Solar, Inc. FSLR32%
2Nextpower Inc. NXT13%
3Enphase Energy, Inc. ENPH-8.7%
Net profit · company comparison
9/10 level · 3/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| First Solar, Inc. FSLR | $347M | 65% | Mar 2026 |
| Nextpower Inc. NXT | $151M | -4.4% | Mar 2026 |
| TOYO Co., Ltd. TOYO | $35M | 67% | Mar 2026 |
| Array Technologies, Inc. ARRY | $2M | -88% | Mar 2026 |
| Shoals Technologies Group, Inc. SHLS | $0M | 0.0% | Mar 2026 |
| Tigo Energy, Inc. TYGO | $-2M | -145% | Mar 2026 |
| Enphase Energy, Inc. ENPH | $-7M | -123% | Mar 2026 |
| Canadian Solar Inc. CSIQ | $-8M | 34% | Mar 2026 |
| SolarEdge Technologies, Inc. SEDG | $-57M | -209% | Mar 2026 |
| Sunrun Inc. RUN | $-297M | — | Mar 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Array Technologies, Inc. · ARRY
$-6M
$-28M
$-22M
$-26M
$-5M
$41M
$9M
$30M
$65M
$23M
$19M
$2M
$26M
$-141M
$-127M
$17M
$43M
$34M
$-146M
$2M
Canadian Solar Inc. · CSIQ
$18M
$34M
$38M
$7M
$86M
$99M
$90M
$100M
$193M
$67M
$-10M
$35M
$35M
$-1M
$-136M
$-73M
$47M
$-15M
$-114M
$-8M
Enphase Energy, Inc. · ENPH
$39M
$22M
$53M
$52M
$77M
$115M
$154M
$147M
$157M
$114M
$21M
$-16M
$11M
$46M
$62M
$30M
$37M
$67M
$39M
$-7M
First Solar, Inc. · FSLR
$82M
$45M
$131M
$-43M
$56M
$-49M
$-8M
$43M
$171M
$268M
$349M
$237M
$349M
$313M
$393M
$210M
$342M
$456M
$521M
$347M
Nextpower Inc. · NXT
—
$17M
$16M
$6M
—
$24M
$43M
$28M
$64M
$81M
$128M
$223M
$125M
$117M
$117M
$158M
$157M
$147M
$131M
$151M
Shoals Technologies Group, Inc. · SHLS
$9M
$5M
$-2M
$5M
$7M
$13M
$118M
$17M
$19M
$-10M
$17M
$5M
$12M
$0M
$8M
$0M
$14M
$12M
$8M
$0M
SolarEdge Technologies, Inc. · SEDG
$45M
$53M
$41M
$33M
$15M
$25M
$21M
$138M
$120M
$-61M
$-162M
$-157M
$-131M
$-1.2B
$-265M
$-99M
$-125M
$-50M
$-133M
$-57M
Sunrun Inc. · RUN
$-213M
$-241M
$-321M
$-156M
$-210M
$-156M
$-328M
$-336M
$-341M
$-1.5B
$-535M
$-283M
$-260M
$-412M
$-3.4B
$-277M
$-279M
$-278M
$-175M
$-297M
Tigo Energy, Inc. · TYGO
$0M
$0M
$0M
$0M
$0M
$-2M
$1M
$7M
$-22M
$29M
$-15M
$-12M
$-11M
$-13M
$-27M
$-7M
$-4M
$-2M
$12M
$-2M
TOYO Co., Ltd. · TOYO
—
—
—
—
—
—
—
—
$-2M
—
$12M
—
$20M
—
$21M
—
$3M
—
$35M
—
Profit growth · reported quarter history
Array Technologies, Inc. · ARRY
—
—
—
—
—
—
—
—
—
-44%
111%
-93%
-60%
-713%
-768%
750%
65%
—
—
-88%
Canadian Solar Inc. · CSIQ
—
—
—
—
378%
191%
137%
1,329%
124%
-32%
-111%
-65%
-82%
-101%
—
-309%
34%
—
—
—
Enphase Energy, Inc. · ENPH
—
—
—
—
97%
423%
191%
183%
104%
-0.9%
-86%
-111%
-93%
-60%
195%
—
236%
46%
-37%
-123%
First Solar, Inc. · FSLR
—
—
—
—
-32%
-209%
-106%
—
205%
—
—
451%
104%
17%
13%
-11%
-2.0%
46%
33%
65%
Nextpower Inc. · NXT
—
—
—
—
—
41%
169%
367%
—
238%
198%
696%
95%
44%
-8.6%
-29%
26%
26%
12%
-4.4%
Shoals Technologies Group, Inc. · SHLS
—
—
—
—
-22%
160%
—
240%
171%
-177%
-86%
-71%
-37%
—
-53%
-100%
17%
—
0.0%
—
SolarEdge Technologies, Inc. · SEDG
—
—
—
—
-67%
-53%
-49%
318%
700%
-344%
-871%
-214%
-209%
—
—
—
—
—
—
—
Tigo Energy, Inc. · TYGO
—
—
—
—
—
—
—
—
—
—
-1,600%
-271%
—
-145%
—
—
—
—
—
—
TOYO Co., Ltd. · TOYO
—
—
—
—
—
—
—
—
—
—
—
—
—
—
75%
—
-85%
—
67%
—
04 · compare level, then change
Capacity Spending & Returns On It
Sunrun Inc. has the highest CAPEX among the 10 Solar companies compared here, at $425 million. Canadian Solar Inc. is next at $173 million. The same company also holds the highest CAPEX intensity, at 58.9%. 10 of 10 companies report a comparable reading, the latest through Mar 2026. Its CAPEX series carries 20 reported observations across the 20-quarter window.
What the numbers say: Sunrun Inc. reports $425 million of CAPEX; Sunrun Inc. has the highest covered intensity at 58.9%. Coverage is only 10 of 10 companies and 169 reported observations, so this is partial evidence—not a complete sector rank.
LeaderSunrun Inc. · $425 million
Gap145.7% versus #2 · Canadian Solar Inc.
Persistence8/8 recent comparable periods
Coverage10/10 companies · 169 observations
Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.
This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.
CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1Sunrun Inc. RUN$425M
2Canadian Solar Inc. CSIQ$173M
3First Solar, Inc. FSLR$119M
4TOYO Co., Ltd. TOYO$45M
5Enphase Energy, Inc. ENPH$20M
CAPEX intensityhighest reinvestment intensity
1Sunrun Inc. RUN59%
2Canadian Solar Inc. CSIQ16%
3TOYO Co., Ltd. TOYO16%
4First Solar, Inc. FSLR11%
5Enphase Energy, Inc. ENPH7.1%
Capital expenditure · company comparison
10/10 level · 10/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | CAPEX | CAPEX intensity | Reported |
|---|---|---|---|
| Sunrun Inc. RUN | $425M | 59% | Mar 2026 |
| Canadian Solar Inc. CSIQ | $173M | 16% | Mar 2026 |
| First Solar, Inc. FSLR | $119M | 11% | Mar 2026 |
| TOYO Co., Ltd. TOYO | $45M | 16% | Mar 2026 |
| Enphase Energy, Inc. ENPH | $20M | 7.1% | Mar 2026 |
| Nextpower Inc. NXT | $18M | 2.0% | Mar 2026 |
| Shoals Technologies Group, Inc. SHLS | $8M | 5.7% | Mar 2026 |
| Array Technologies, Inc. ARRY | $8M | 3.6% | Mar 2026 |
| SolarEdge Technologies, Inc. SEDG | $4M | 1.3% | Mar 2026 |
| Tigo Energy, Inc. TYGO | $0M | 0.0% | Mar 2026 |
Full 20-quarter history · every available company
CAPEX · reported quarter history
Array Technologies, Inc. · ARRY
$1M
$1M
$1M
$2M
$2M
$3M
$4M
$4M
$6M
$2M
$5M
$2M
$2M
$1M
$2M
$2M
$7M
$6M
$7M
$8M
Canadian Solar Inc. · CSIQ
—
—
—
$88M
$148M
$127M
$264M
$233M
$283M
$305M
$295M
$270M
$390M
$238M
$212M
$256M
$173M
$267M
$266M
$173M
Enphase Energy, Inc. · ENPH
$16M
$13M
$13M
$12M
$9M
$9M
$16M
$22M
$44M
$24M
$20M
$7M
$10M
$9M
$8M
$15M
$8M
$8M
$10M
$20M
First Solar, Inc. · FSLR
$91M
$165M
$195M
$155M
$199M
$223M
$327M
$371M
$383M
$286M
$347M
$413M
$365M
$434M
$314M
$206M
$288M
$204M
$172M
$119M
Nextpower Inc. · NXT
—
$1M
$3M
$1M
—
$0M
$1M
$1M
$1M
$1M
$2M
$2M
$3M
$12M
$9M
$10M
$11M
$15M
$5M
$18M
Shoals Technologies Group, Inc. · SHLS
$1M
$1M
$2M
$1M
$1M
$0M
$1M
$2M
$2M
$3M
$3M
$2M
$2M
$2M
$2M
$3M
$12M
$10M
$7M
$8M
SolarEdge Technologies, Inc. · SEDG
—
$29M
$55M
$43M
$49M
—
—
$38M
—
—
—
$26M
—
$47M
$12M
$10M
$1M
$3M
$9M
$4M
Sunrun Inc. · RUN
$400M
$441M
$488M
$427M
$518M
$547M
$519M
$510M
$700M
$741M
$656M
$535M
$609M
$764M
$792M
$655M
$693M
$744M
$409M
$425M
Tigo Energy, Inc. · TYGO
—
—
—
—
$0M
$0M
$0M
$0M
$1M
$0M
$0M
$0M
$0M
$0M
$1M
—
$0M
$0M
$0M
$0M
TOYO Co., Ltd. · TOYO
—
—
—
—
—
—
—
—
$84M
—
$30M
—
$17M
—
$26M
—
$47M
—
$45M
—
CAPEX intensity · reported quarter history
Array Technologies, Inc. · ARRY
0.5%
0.5%
0.5%
0.7%
0.5%
0.6%
1.0%
1.1%
1.2%
0.6%
1.5%
1.3%
0.8%
0.4%
0.7%
0.7%
1.9%
1.5%
3.1%
3.6%
Canadian Solar Inc. · CSIQ
—
—
—
7.0%
6.4%
6.6%
13%
14%
12%
17%
17%
20%
24%
16%
14%
21%
10%
18%
22%
16%
Enphase Energy, Inc. · ENPH
5.1%
3.7%
3.1%
2.7%
1.7%
1.4%
2.2%
3.0%
6.2%
4.4%
6.6%
2.7%
3.3%
2.4%
2.1%
4.2%
2.2%
2.0%
2.9%
7.1%
First Solar, Inc. · FSLR
15%
28%
22%
42%
32%
36%
33%
68%
47%
36%
30%
52%
36%
49%
21%
24%
26%
13%
10%
11%
Nextpower Inc. · NXT
—
0.3%
0.9%
0.2%
—
0.0%
0.2%
0.2%
0.2%
0.2%
0.3%
0.3%
0.4%
1.9%
1.3%
1.1%
1.3%
1.7%
0.6%
2.0%
Shoals Technologies Group, Inc. · SHLS
1.7%
1.7%
4.2%
1.5%
1.4%
0.0%
1.1%
1.9%
1.7%
2.2%
2.3%
2.2%
2.0%
2.0%
1.9%
3.8%
11%
7.4%
4.7%
5.7%
SolarEdge Technologies, Inc. · SEDG
—
5.5%
10%
6.6%
6.7%
—
—
4.0%
—
—
—
13%
—
18%
6.1%
4.6%
0.3%
0.9%
2.7%
1.3%
Sunrun Inc. · RUN
100%
101%
112%
86%
89%
87%
85%
86%
119%
132%
127%
117%
116%
142%
153%
130%
122%
103%
35%
59%
Tigo Energy, Inc. · TYGO
—
—
—
—
0.0%
0.0%
0.0%
0.0%
1.4%
0.0%
0.0%
0.0%
0.0%
0.0%
5.9%
—
0.0%
0.0%
0.0%
0.0%
TOYO Co., Ltd. · TOYO
—
—
—
—
—
—
—
—
—
—
48%
—
12%
—
67%
—
34%
—
16%
—
Annual capital allocation · 5-year view
10/10 capacity base · 10/10 OCF · 10/10 CAPEX · 10/10 FCF
Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.
Full annual capacity base, operating cash flow, CAPEX and free cash flow history
Capacity base · net fixed assets + CWIP · fiscal-year history
Array Technologies, Inc. · ARRY
$11M
$23M
$28M
$43M
$155M
Canadian Solar Inc. · CSIQ
$1.6B
$2.3B
$4.3B
$5.5B
$5.9B
Enphase Energy, Inc. · ENPH
$97M
$133M
$188M
$148M
$137M
First Solar, Inc. · FSLR
$2.9B
$3.5B
$4.4B
$5.4B
$5.7B
Nextpower Inc. · NXT
$7M
$7M
$9M
$60M
$78M
Shoals Technologies Group, Inc. · SHLS
$16M
$17M
$25M
$30M
$99M
SolarEdge Technologies, Inc. · SEDG
$458M
$607M
$679M
$385M
$318M
Sunrun Inc. · RUN
$9.5B
$11.1B
$13.2B
$15.2B
$16.9B
Tigo Energy, Inc. · TYGO
—
$3M
$6M
$4M
$5M
TOYO Co., Ltd. · TOYO
—
—
$143M
$166M
$255M
Operating cash flow · fiscal-year history
Array Technologies, Inc. · ARRY
$-263M
$141M
$232M
$154M
$102M
Canadian Solar Inc. · CSIQ
$-408M
$917M
$685M
$-885M
$-253M
Enphase Energy, Inc. · ENPH
$352M
$745M
$697M
$514M
$137M
First Solar, Inc. · FSLR
$238M
$873M
$602M
$1.2B
$2.1B
Nextpower Inc. · NXT
$-147M
$108M
$429M
$656M
$563M
Shoals Technologies Group, Inc. · SHLS
$-4M
$39M
$92M
$80M
$17M
SolarEdge Technologies, Inc. · SEDG
$214M
$31M
$-180M
$-313M
$104M
Sunrun Inc. · RUN
$-817M
$-849M
$-821M
$-766M
$-421M
Tigo Energy, Inc. · TYGO
$0M
$-16M
$-37M
$-12M
$10M
TOYO Co., Ltd. · TOYO
—
—
$-13M
$47M
$133M
CAPEX · reported cash flow · fiscal-year history
Array Technologies, Inc. · ARRY
$3M
$11M
$17M
$7M
$22M
Canadian Solar Inc. · CSIQ
$429M
$627M
$1.1B
$1.1B
$962M
Enphase Energy, Inc. · ENPH
$52M
$46M
$110M
$34M
$41M
First Solar, Inc. · FSLR
$540M
$904M
$1.4B
$1.5B
$870M
Nextpower Inc. · NXT
$6M
$3M
$6M
$34M
$49M
Shoals Technologies Group, Inc. · SHLS
$4M
$3M
$11M
$8M
$33M
SolarEdge Technologies, Inc. · SEDG
$149M
$169M
$171M
$108M
$23M
Sunrun Inc. · RUN
$1.7B
$2.0B
$2.6B
$2.7B
$2.5B
Tigo Energy, Inc. · TYGO
—
$1M
$2M
$1M
$1M
TOYO Co., Ltd. · TOYO
—
—
$114M
$44M
$92M
Free cash flow · fiscal-year history
Array Technologies, Inc. · ARRY
$-267M
$131M
$215M
$147M
$80M
Canadian Solar Inc. · CSIQ
$-837M
$290M
$-432M
$-2.0B
$-1.2B
Enphase Energy, Inc. · ENPH
$300M
$698M
$586M
$480M
$96M
First Solar, Inc. · FSLR
$-303M
$-30M
$-785M
$-308M
$1.2B
Nextpower Inc. · NXT
$-153M
$104M
$423M
$622M
$514M
Shoals Technologies Group, Inc. · SHLS
$-8M
$36M
$81M
$72M
$-16M
SolarEdge Technologies, Inc. · SEDG
$65M
$-138M
$-351M
$-421M
$81M
Sunrun Inc. · RUN
$-2.5B
$-2.9B
$-3.4B
$-3.5B
$-2.9B
Tigo Energy, Inc. · TYGO
$0M
$-18M
$-39M
$-14M
$10M
TOYO Co., Ltd. · TOYO
—
—
$-127M
$2M
$41M
05 · compare level, then change
Debt Load & Balance-Sheet Headroom
Nextpower Inc. has the lowest Gross debt among the 10 Solar companies compared here, at $0 million. Tigo Energy, Inc. is next at $2 million. First Solar, Inc. has the lowest Net debt at $2,001 million net cash, so level and change sit with different companies. 9 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: First Solar, Inc. has the clearest covered balance-sheet capacity with $2,001 million net cash and gross debt of $426 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.
LeaderNextpower Inc. · $0 million
Gap100% versus #2 · Tigo Energy, Inc.
Persistence8/8 recent comparable periods
Coverage9/10 companies · 178 observations
Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.
This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.
Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Nextpower Inc. NXT$0M
2Tigo Energy, Inc. TYGO$2M
3Shoals Technologies Group, Inc. SHLS$220M
4SolarEdge Technologies, Inc. SEDG$390M
5First Solar, Inc. FSLR$426M
Net debtlowest net debt
1First Solar, Inc. FSLR$-2.0B
2Nextpower Inc. NXT$-1.1B
3Enphase Energy, Inc. ENPH$-358M
4SolarEdge Technologies, Inc. SEDG$-152M
5Tigo Energy, Inc. TYGO$-10M
Debt and balance-sheet capacity · company comparison
9/10 level · 9/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Gross debt | Net debt | Reported |
|---|---|---|---|
| Sunrun Inc. RUN | $14.9B | $13.8B | Mar 2026 |
| Canadian Solar Inc. CSIQ | $7.8B | $6.4B | Mar 2026 |
| Array Technologies, Inc. ARRY | $763M | $562M | Mar 2026 |
| Enphase Energy, Inc. ENPH | $573M | $-358M | Mar 2026 |
| First Solar, Inc. FSLR | $426M | $-2.0B | Mar 2026 |
| SolarEdge Technologies, Inc. SEDG | $390M | $-152M | Mar 2026 |
| Shoals Technologies Group, Inc. SHLS | $220M | $218M | Mar 2026 |
| Tigo Energy, Inc. TYGO | $2M | $-10M | Mar 2026 |
| Nextpower Inc. NXT | $0M | $-1.1B | Mar 2026 |
Full 20-quarter history · every available company
Gross debt · reported quarter history
Array Technologies, Inc. · ARRY
$498M
$304M
$715M
$826M
$845M
$773M
$759M
$740M
$740M
$698M
$682M
$680M
$681M
$676M
$698M
$679M
$694M
$681M
$766M
$763M
Canadian Solar Inc. · CSIQ
$3.0B
$3.1B
$2.4B
$4.0B
$4.0B
$4.0B
$2.6B
$4.6B
$4.9B
$4.5B
$4.5B
$4.3B
$4.9B
$6.0B
$5.9B
$6.5B
$7.1B
$7.4B
$7.7B
$7.8B
Enphase Energy, Inc. · ENPH
$1.0B
$1.0B
$1.0B
$1.3B
$1.3B
$1.3B
$1.3B
$1.3B
$1.3B
$1.3B
$1.3B
$1.3B
$1.3B
$1.3B
$1.3B
$1.2B
$1.2B
$1.2B
$1.2B
$573M
First Solar, Inc. · FSLR
$279M
$279M
$240M
$252M
$175M
$260M
$184M
$320M
$437M
$499M
$560M
$620M
$559M
$582M
$610M
$525M
$578M
$555M
$499M
$426M
Nextpower Inc. · NXT
—
$0M
$0M
$0M
—
$0M
$0M
$147M
$147M
$146M
$145M
$148M
$147M
$146M
$145M
$0M
$0M
$0M
$0M
$0M
Shoals Technologies Group, Inc. · SHLS
$241M
$252M
$247M
$282M
$277M
$277M
$239M
$236M
$211M
$190M
$181M
$169M
$147M
$142M
$143M
$142M
$132M
$166M
$175M
$220M
SolarEdge Technologies, Inc. · SEDG
$677M
$678M
$701M
$724M
$714M
$717M
$716M
$721M
$716M
$715M
$714M
$711M
$716M
$746M
$745M
$743M
$745M
$402M
$387M
$390M
Sunrun Inc. · RUN
$5.6B
$6.2B
$6.5B
$7.2B
$7.6B
$8.0B
$8.4B
$9.0B
$9.7B
$10.3B
$10.8B
$11.2B
$12.1B
$12.6B
$13.0B
$13.6B
$14.1B
$14.7B
$14.8B
$14.9B
Tigo Energy, Inc. · TYGO
$0M
$0M
$0M
$0M
$0M
$0M
$22M
$0M
$30M
$32M
$34M
$36M
$38M
$40M
$42M
$44M
$48M
$50M
$3M
$2M
Net debt · reported quarter history
Array Technologies, Inc. · ARRY
$480M
$188M
$347M
$777M
$794M
$710M
$625M
$592M
$584M
$524M
$433M
$392M
$399M
$344M
$335M
$331M
$317M
$459M
$522M
$562M
Canadian Solar Inc. · CSIQ
$2.2B
$2.3B
$1.6B
$3.2B
$3.0B
$2.9B
$1.6B
$3.7B
$2.9B
$2.6B
$2.5B
$2.2B
$3.3B
$3.8B
$4.2B
$4.9B
$5.3B
$5.6B
$6.3B
$6.4B
Enphase Energy, Inc. · ENPH
$-298M
$-368M
$21M
$221M
$38M
$-129M
$-323M
$-486M
$-505M
$-492M
$-401M
$-334M
$-348M
$-467M
$-321M
$-265M
$-327M
$-274M
$-309M
$-358M
First Solar, Inc. · FSLR
$-1.5B
$-1.6B
$-1.6B
$-1.3B
$-1.7B
$-1.7B
$-2.4B
$-2.0B
$-1.4B
$-1.3B
$-1.5B
$-1.4B
$-1.2B
$-688M
$-1.2B
$-366M
$-576M
$-1.5B
$-2.4B
$-2.0B
Nextpower Inc. · NXT
—
$-191M
$-130M
$-29M
—
$-31M
$-100M
$17M
$-208M
$-227M
$-223M
$-326M
$-325M
$-416M
$-549M
$-766M
$-743M
$-845M
$-953M
$-1.1B
Shoals Technologies Group, Inc. · SHLS
$228M
$238M
$242M
$279M
$267M
$266M
$230M
$230M
$205M
$181M
$158M
$154M
$144M
$131M
$119M
$106M
$127M
$157M
$168M
$218M
SolarEdge Technologies, Inc. · SEDG
$-6M
$-4M
$3M
$-437M
$-182M
$-164M
$-308M
$-418M
$-335M
$-313M
$-146M
$30M
$26M
$67M
$159M
$91M
$-13M
$-97M
$-106M
$-152M
Sunrun Inc. · RUN
$4.8B
$5.2B
$5.7B
$6.3B
$6.8B
$7.1B
$7.5B
$8.1B
$8.7B
$9.4B
$9.8B
$10.5B
$11.0B
$11.5B
$12.0B
$12.7B
$13.1B
$13.5B
$13.5B
$13.8B
Tigo Energy, Inc. · TYGO
$0M
$-1M
$-1M
$-1M
$0M
$0M
$-14M
$0M
$-26M
$-5M
$3M
$14M
$18M
$20M
$22M
$24M
$20M
$10M
$-5M
$-10M
06 · compare level, then change
Return On Capital Employed
Nextpower Inc. has the highest ROCE among the 10 Solar companies compared here, at 6.1%. First Solar, Inc. is next at 3.3%. Canadian Solar Inc. has the highest ROCE change at +1.5 percentage points, so level and change sit with different companies. 10 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Nextpower Inc. leads ROCE at 6.1%, 2.8 percentage points above First Solar, Inc.. Canadian Solar Inc. has the strongest latest improvement at +1.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.
LeaderNextpower Inc. · 6.1%
Gap84.8% versus #2 · First Solar, Inc.
Persistence1/8 recent comparable periods
Coverage10/10 companies · 180 observations
Investor read: Nextpower Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Nextpower Inc. NXT6.1%
2First Solar, Inc. FSLR3.3%
3Shoals Technologies Group, Inc. SHLS1.0%
4Canadian Solar Inc. CSIQ0.8%
5Array Technologies, Inc. ARRY0.7%
ROCE changefastest improvers
1Canadian Solar Inc. CSIQ+1.5 pp
2First Solar, Inc. FSLR+0.9 pp
3Sunrun Inc. RUN+0.4 pp
4Shoals Technologies Group, Inc. SHLS+0.4 pp
5SolarEdge Technologies, Inc. SEDG+0.3 pp
Return on capital · company comparison
10/10 level · 10/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Nextpower Inc. NXT | 6.1% | −4.2 pp | Mar 2026 |
| First Solar, Inc. FSLR | 3.3% | +0.9 pp | Mar 2026 |
| Shoals Technologies Group, Inc. SHLS | 1.0% | +0.4 pp | Mar 2026 |
| Canadian Solar Inc. CSIQ | 0.8% | +1.5 pp | Mar 2026 |
| Array Technologies, Inc. ARRY | 0.7% | −1.6 pp | Mar 2026 |
| TOYO Co., Ltd. TOYO | 0.0% | −4.8 pp | Mar 2026 |
| Sunrun Inc. RUN | -0.2% | +0.4 pp | Mar 2026 |
| Enphase Energy, Inc. ENPH | -1.4% | −2.8 pp | Mar 2026 |
| SolarEdge Technologies, Inc. SEDG | -3.8% | +0.3 pp | Mar 2026 |
| Tigo Energy, Inc. TYGO | -7.4% | 0.0 pp | Mar 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Array Technologies, Inc. · ARRY
—
-4.0%
-5.2%
-4.7%
-1.6%
2.0%
1.5%
3.6%
7.2%
3.2%
2.3%
0.6%
2.9%
-10%
-4.3%
2.3%
3.9%
3.9%
-14%
0.7%
Canadian Solar Inc. · CSIQ
—
1.7%
2.1%
0.5%
3.4%
2.5%
3.8%
3.8%
5.1%
1.8%
0.0%
0.9%
0.8%
0.0%
-1.8%
-0.7%
1.6%
0.4%
-0.7%
0.8%
Enphase Energy, Inc. · ENPH
—
2.8%
5.0%
3.4%
5.1%
6.8%
7.7%
7.5%
7.3%
4.8%
-0.4%
-1.1%
0.1%
1.8%
2.0%
1.4%
1.6%
2.7%
0.9%
-1.4%
First Solar, Inc. · FSLR
—
0.8%
2.7%
-0.9%
2.2%
-1.0%
-0.7%
0.3%
2.3%
3.6%
4.9%
3.0%
4.3%
3.6%
4.8%
2.4%
3.8%
4.7%
5.2%
3.3%
Nextpower Inc. · NXT
—
—
7.9%
1.5%
—
5.3%
9.8%
5.6%
9.5%
9.9%
15%
21%
11%
8.3%
8.8%
10%
8.9%
8.0%
7.3%
6.1%
Shoals Technologies Group, Inc. · SHLS
—
3.7%
0.9%
3.0%
3.8%
5.0%
5.0%
4.4%
5.3%
-1.7%
4.9%
1.6%
2.6%
0.6%
2.3%
0.6%
2.2%
2.5%
2.3%
1.0%
SolarEdge Technologies, Inc. · SEDG
—
3.2%
1.9%
2.0%
1.4%
3.1%
-0.2%
4.3%
4.3%
-0.5%
-6.7%
-4.9%
-4.5%
-38%
-10%
-4.1%
-4.8%
-2.1%
-3.3%
-3.8%
Sunrun Inc. · RUN
—
-1.3%
-1.4%
-1.2%
-1.0%
-0.8%
-1.1%
-1.3%
-1.1%
-7.5%
-1.1%
-1.0%
-0.6%
-0.6%
-17%
-0.6%
-0.6%
0.0%
0.5%
-0.2%
Tigo Energy, Inc. · TYGO
—
0.0%
0.0%
0.0%
1.0%
-1.8%
2.6%
11%
7.0%
-9.7%
-18%
-15%
-7.8%
-11%
-31%
-7.4%
-3.0%
1.3%
0.7%
-7.4%
TOYO Co., Ltd. · TOYO
—
—
—
—
—
—
—
—
—
9.9%
9.9%
23%
23%
-7.4%
-7.4%
4.8%
4.8%
19%
19%
0.0%
ROCE change · reported quarter history
Array Technologies, Inc. · ARRY
—
—
—
—
—
+6.0 pp
+6.7 pp
+8.3 pp
+8.8 pp
+1.2 pp
+0.8 pp
−3.0 pp
−4.3 pp
−13.5 pp
−6.6 pp
+1.7 pp
+1.0 pp
+14.2 pp
−10.1 pp
−1.6 pp
Canadian Solar Inc. · CSIQ
—
—
—
—
—
+0.8 pp
+1.7 pp
+3.3 pp
+1.7 pp
−0.7 pp
−3.8 pp
−2.9 pp
−4.3 pp
−1.8 pp
−1.8 pp
−1.6 pp
+0.8 pp
+0.4 pp
+1.1 pp
+1.5 pp
Enphase Energy, Inc. · ENPH
—
—
—
—
—
+4.0 pp
+2.7 pp
+4.1 pp
+2.2 pp
−2.0 pp
−8.1 pp
−8.6 pp
−7.2 pp
−3.0 pp
+2.4 pp
+2.5 pp
+1.5 pp
+0.9 pp
−1.1 pp
−2.8 pp
First Solar, Inc. · FSLR
—
—
—
—
—
−1.8 pp
−3.4 pp
+1.2 pp
+0.1 pp
+4.6 pp
+5.6 pp
+2.7 pp
+2.0 pp
0.0 pp
−0.1 pp
−0.6 pp
−0.5 pp
+1.1 pp
+0.4 pp
+0.9 pp
Nextpower Inc. · NXT
—
—
—
—
—
—
+1.9 pp
+4.1 pp
—
+4.6 pp
+5.1 pp
+15.7 pp
+1.9 pp
−1.6 pp
−6.1 pp
−11.0 pp
−2.5 pp
−0.3 pp
−1.5 pp
−4.2 pp
Shoals Technologies Group, Inc. · SHLS
—
—
—
—
—
+1.3 pp
+4.1 pp
+1.4 pp
+1.5 pp
−6.7 pp
−0.1 pp
−2.8 pp
−2.7 pp
+2.3 pp
−2.6 pp
−1.0 pp
−0.4 pp
+1.9 pp
0.0 pp
+0.4 pp
SolarEdge Technologies, Inc. · SEDG
—
—
—
—
—
−0.1 pp
−2.1 pp
+2.3 pp
+2.9 pp
−3.6 pp
−6.5 pp
−9.2 pp
−8.8 pp
−37.7 pp
−3.3 pp
+0.8 pp
−0.3 pp
+36.1 pp
+6.7 pp
+0.3 pp
Sunrun Inc. · RUN
—
—
—
—
—
+0.5 pp
+0.3 pp
−0.1 pp
−0.1 pp
−6.7 pp
0.0 pp
+0.3 pp
+0.5 pp
+6.9 pp
−16.3 pp
+0.4 pp
0.0 pp
+0.6 pp
+17.9 pp
+0.4 pp
Tigo Energy, Inc. · TYGO
—
—
—
—
—
−1.8 pp
+2.6 pp
+11.1 pp
+6.0 pp
−7.9 pp
−20.7 pp
−26.4 pp
−14.8 pp
−1.2 pp
−12.6 pp
+7.9 pp
+4.8 pp
+12.2 pp
+31.4 pp
0.0 pp
TOYO Co., Ltd. · TOYO
—
—
—
—
—
—
—
—
—
—
—
—
—
−17.3 pp
−17.3 pp
−18.6 pp
−18.6 pp
+26.3 pp
+26.3 pp
−4.8 pp
07 · compare level, then change
Valuation Against Growth & Quality
First Solar, Inc. has the lowest Guarded PEG among the 10 Solar companies compared here, at 0.4×. Enphase Energy, Inc. is next at 0.76×. TOYO Co., Ltd. has the lowest P/E at 5.19×, so level and change sit with different companies. 4 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: First Solar, Inc. has the lowest comparable Guarded PEG at 0.4×, 47.4% below Enphase Energy, Inc.. Only 4 of 10 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderFirst Solar, Inc. · 0.4×
Gap47.4% versus #2 · Enphase Energy, Inc.
Persistence0/8 recent comparable periods
Coverage4/10 companies · 10 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1First Solar, Inc. FSLR0.4
2Enphase Energy, Inc. ENPH0.8
3Shoals Technologies Group, Inc. SHLS1.3
4Nextpower Inc. NXT3.0
P/Elowest P/E
1TOYO Co., Ltd. TOYO5.2
2Sunrun Inc. RUN6.4
3First Solar, Inc. FSLR12.7
4Canadian Solar Inc. CSIQ20.6
5Nextpower Inc. NXT31.4
Valuation · company comparison
4/10 level · 10/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Guarded PEG | P/E | Reported |
|---|---|---|---|
| SolarEdge Technologies, Inc. SEDG | 10.0 | 156.0 | Mar 2026 |
| Nextpower Inc. NXT | 3.0 | 31.4 | Mar 2026 |
| Shoals Technologies Group, Inc. SHLS | 1.3 | 32.9 | Mar 2026 |
| Enphase Energy, Inc. ENPH | 0.8 | 37.4 | Mar 2026 |
| First Solar, Inc. FSLR | 0.4 | 12.7 | Mar 2026 |
| Sunrun Inc. RUN | — | 6.4 | Mar 2026 |
| Canadian Solar Inc. CSIQ | — | 20.6 | Mar 2026 |
| Array Technologies, Inc. ARRY | — | 85.5 | Mar 2026 |
| TOYO Co., Ltd. TOYO | — | 5.2 | Mar 2026 |
| Tigo Energy, Inc. TYGO | — | 94.0 | Mar 2026 |
Full 20-quarter history · every available company
Guarded PEG · reported quarter history
Enphase Energy, Inc. · ENPH
—
—
—
—
—
—
—
—
—
—
4.1
—
—
—
—
—
0.8
—
—
—
First Solar, Inc. · FSLR
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0.3
0.5
—
1.4
1.0
0.4
Nextpower Inc. · NXT
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3.0
Shoals Technologies Group, Inc. · SHLS
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1.3
—
SolarEdge Technologies, Inc. · SEDG
—
—
—
—
—
—
—
10.0
—
—
—
—
—
—
—
—
—
—
—
—
P/E · reported quarter history
Array Technologies, Inc. · ARRY
—
—
—
—
—
—
—
273.5
42.6
54.1
30.0
39.2
85.5
—
—
—
—
—
—
—
Canadian Solar Inc. · CSIQ
—
29.6
21.4
28.8
14.7
13.7
9.0
8.9
6.7
4.9
6.8
6.9
28.9
—
20.6
—
—
—
—
—
Enphase Energy, Inc. · ENPH
—
130.4
179.4
172.5
136.5
133.4
95.7
61.5
42.2
30.3
42.9
63.0
109.6
256.9
91.6
57.5
31.0
24.4
24.8
37.4
First Solar, Inc. · FSLR
—
22.6
19.9
41.7
38.7
150.3
—
557.7
130.2
36.6
22.3
17.7
20.1
21.5
14.7
10.8
14.2
16.9
18.4
12.7
Nextpower Inc. · NXT
—
—
—
—
—
—
—
1,813.0
34.2
32.3
26.5
16.7
12.8
10.2
9.3
12.1
15.9
19.0
22.3
31.4
Shoals Technologies Group, Inc. · SHLS
—
697.0
—
243.4
274.7
195.9
29.0
25.0
26.1
21.5
64.8
62.1
44.6
28.1
39.5
27.7
32.7
37.1
42.5
32.9
SolarEdge Technologies, Inc. · SEDG
—
99.7
91.7
103.3
106.9
114.0
171.7
89.4
52.0
35.4
156.0
—
—
—
—
—
—
—
—
—
Sunrun Inc. · RUN
—
—
—
—
—
95.1
30.0
287.9
47.0
—
—
—
—
—
—
—
—
—
10.8
6.4
Tigo Energy, Inc. · TYGO
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
94.0
TOYO Co., Ltd. · TOYO
—
—
—
—
—
—
—
—
—
—
—
—
11.3
2.9
3.1
3.3
5.2
6.3
5.2
—
08 · compare level, then change
Enterprise Value & Book Value
TOYO Co., Ltd. has the lowest EV/EBITDA among the 10 Solar companies compared here, at 2.4×. First Solar, Inc. is next at 8.45×. Canadian Solar Inc. has the lowest P/BV at 0.33×, so level and change sit with different companies. 10 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: TOYO Co., Ltd. leads ev/ebitda at 2.4×; Canadian Solar Inc. leads p/bv at 0.33×.
LeaderTOYO Co., Ltd. · 2.4×
Gap71.6% versus #2 · First Solar, Inc.
Persistence0/8 recent comparable periods
Coverage10/10 companies · 122 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.
EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1TOYO Co., Ltd. TOYO2.4
2First Solar, Inc. FSLR8.5
3Shoals Technologies Group, Inc. SHLS17.8
4Array Technologies, Inc. ARRY20.2
5Nextpower Inc. NXT23.2
P/BVlowest P/BV
1Canadian Solar Inc. CSIQ0.3
2Sunrun Inc. RUN1.0
3Shoals Technologies Group, Inc. SHLS1.8
4TOYO Co., Ltd. TOYO2.0
5First Solar, Inc. FSLR2.2
Enterprise and book valuation · company comparison
10/10 level · 9/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | EV/EBITDA | P/BV | Reported |
|---|---|---|---|
| SolarEdge Technologies, Inc. SEDG | 53.4 | 7.6 | Mar 2026 |
| Canadian Solar Inc. CSIQ | 51.4 | 0.3 | Mar 2026 |
| Tigo Energy, Inc. TYGO | 48.5 | 7.0 | Mar 2026 |
| Sunrun Inc. RUN | 26.9 | 1.0 | Mar 2026 |
| Enphase Energy, Inc. ENPH | 26.1 | 4.5 | Mar 2026 |
| Nextpower Inc. NXT | 23.2 | 7.7 | Mar 2026 |
| Array Technologies, Inc. ARRY | 20.2 | -5.2 | Mar 2026 |
| Shoals Technologies Group, Inc. SHLS | 17.8 | 1.8 | Mar 2026 |
| First Solar, Inc. FSLR | 8.5 | 2.2 | Mar 2026 |
| TOYO Co., Ltd. TOYO | 2.4 | 2.0 | Mar 2026 |
Full 20-quarter history · every available company
EV/EBITDA · reported quarter history
Array Technologies, Inc. · ARRY
—
150.7
2,243.8
—
—
—
46.2
30.1
18.4
15.8
12.4
13.2
13.6
10.8
—
8.9
9.6
19.1
131.0
20.2
Canadian Solar Inc. · CSIQ
—
37.1
8.2
35.5
20.9
19.5
6.7
13.7
10.8
9.1
7.1
13.1
30.5
64.1
13.3
—
—
—
15.7
51.4
Enphase Energy, Inc. · ENPH
—
75.2
99.4
106.7
88.8
93.3
70.7
46.0
32.0
23.3
33.7
49.3
81.5
157.8
55.3
35.9
19.1
16.1
16.3
26.1
First Solar, Inc. · FSLR
—
11.7
9.1
14.2
9.8
27.3
56.0
66.1
53.8
22.7
14.5
11.8
14.0
15.1
9.7
7.2
9.3
11.0
12.1
8.5
Nextpower Inc. · NXT
—
—
—
—
—
—
—
30.3
25.1
20.6
18.2
12.9
9.5
7.2
6.5
8.2
11.5
13.6
15.6
23.2
Shoals Technologies Group, Inc. · SHLS
—
62.1
63.8
46.8
46.1
48.1
47.4
44.2
40.9
40.7
31.3
27.3
18.9
13.6
16.3
11.6
15.4
20.3
22.7
17.8
SolarEdge Technologies, Inc. · SEDG
—
63.9
55.7
77.8
73.6
60.2
72.3
64.4
39.8
25.8
53.4
—
—
—
—
—
—
—
—
—
Sunrun Inc. · RUN
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
32.8
26.9
Tigo Energy, Inc. · TYGO
—
—
—
—
—
—
—
9.2
60.4
48.5
—
—
—
—
—
—
—
—
—
—
TOYO Co., Ltd. · TOYO
—
—
—
—
—
—
—
—
—
—
—
—
9.6
8.2
5.4
45.4
—
8.2
2.4
—
P/BV · reported quarter history
Array Technologies, Inc. · ARRY
—
342.9
-30.6
15.6
25.9
40.3
23.4
15.9
11.9
12.0
9.8
9.8
7.8
15.6
-7.8
-7.6
-12.7
-26.7
-6.8
-5.2
Canadian Solar Inc. · CSIQ
—
1.2
1.1
1.3
1.1
1.3
1.0
1.3
1.0
0.6
0.7
0.5
0.4
0.4
0.3
0.2
0.3
0.3
0.6
0.3
Enphase Energy, Inc. · ENPH
—
31.2
56.9
82.3
58.6
61.8
43.8
29.7
23.4
16.2
18.2
17.8
15.3
16.4
10.9
10.0
5.9
4.7
3.9
4.5
First Solar, Inc. · FSLR
—
1.7
1.6
1.5
1.2
2.4
2.7
4.0
3.4
2.7
2.8
2.6
3.3
3.5
2.4
1.7
2.1
2.6
2.9
2.2
Nextpower Inc. · NXT
—
—
—
—
—
—
—
-0.5
-0.5
-0.9
-0.9
8.2
6.0
4.4
3.7
3.8
4.8
5.5
6.0
7.7
Shoals Technologies Group, Inc. · SHLS
—
3,397.1
1,066.5
242.8
122.5
92.6
11.7
7.7
8.2
5.9
4.9
3.4
1.9
1.7
1.7
1.0
1.2
2.1
2.4
1.8
SolarEdge Technologies, Inc. · SEDG
—
11.2
11.3
8.9
7.5
6.3
7.3
7.3
6.0
3.0
2.2
1.8
0.7
1.4
1.2
1.6
2.4
4.6
4.1
7.6
Sunrun Inc. · RUN
—
1.5
1.1
1.0
0.8
0.9
0.8
0.7
0.6
0.5
0.8
0.6
0.5
0.8
0.8
0.5
0.6
1.3
1.4
1.0
Tigo Energy, Inc. · TYGO
—
28.9
38.3
64.6
68.1
0.2
-2.7
0.7
35.4
5.4
2.0
1.2
2.1
3.1
7.1
13.8
47.0
14.4
3.5
7.0
TOYO Co., Ltd. · TOYO
—
—
—
—
—
—
—
—
—
—
—
—
4.9
2.1
1.9
1.5
2.0
1.8
1.9
2.0
09 · let price answer last
Market action
Nextpower Inc. has the strongest one-year price move in Solar at +68.6%. Shoals Technologies Group, Inc. leads on Mansfield relative strength against the S&P 500 at -6.3%. 0 of 10 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.
Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength
Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.
Before the conclusion · check the blind spots
What can make this comparison misleading?
This Solar comparison names 4 specific ways its own evidence can mislead, all listed below. All 10 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still be a low-base artefact.
Keep these limits visible
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
10 · the complete set
Which companies are included?
All 10 companies in the canonical Solar membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.
AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.
| Company | Market value | Price | Priced to | Latest fundamentals |
|---|---|---|---|---|
| First Solar, Inc. FSLR | $21.8B | $203 | 2026-07-28 | Mar 2026 |
| Nextpower Inc. NXT | $14.5B | $95.4 | 2026-07-28 | Mar 2026 |
| Enphase Energy, Inc. ENPHAHEAD20/26 WEEKS | $4.8B | $36.3 | 2026-07-28 | Mar 2026 |
| SolarEdge Technologies, Inc. SEDG18/26 WEEKS | $2.4B | $40.1 | 2026-07-28 | Mar 2026 |
| Sunrun Inc. RUN | $2.3B | $9.6 | 2026-07-28 | Mar 2026 |
| Shoals Technologies Group, Inc. SHLSAHEAD | $1.4B | $8.5 | 2026-07-28 | Mar 2026 |
| Canadian Solar Inc. CSIQ | $926M | $13.7 | 2026-07-28 | Mar 2026 |
| Array Technologies, Inc. ARRY | $785M | $5.1 | 2026-07-28 | Mar 2026 |
| TOYO Co., Ltd. TOYO20/26 WEEKS | $198M | $4.6 | 2026-07-28 | Mar 2026 |
| Tigo Energy, Inc. TYGO | $128M | $1.7 | 2026-07-28 | Mar 2026 |
Evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 10 Solar companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Mar 2026 and market data through 2026-07-28. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Mar 2026 · up to 20 quarters per company
Market dataThrough 2026-07-28 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Questions investors ask · short, speakable answers
Solar company comparison FAQs
These 18 answers restate the Solar comparison above in question form. Every one is computed from the same 10 companies and the same reported filings as the rankings and charts, current through Mar 2026. Price and relative-strength answers run through 2026-07-28. Nothing here is estimated, and none of it is a recommendation.
Which Solar company is the biggest?
Canadian Solar Inc. is the largest, with trailing-twelve-month revenue of $5,476 million, ahead of First Solar, Inc. at $5,419 million. That covers 9 of 10 companies with comparable reporting through Mar 2026.
Which Solar company is growing fastest?
Tigo Energy, Inc. has the fastest revenue growth at 74.6% year on year, across 9 of 10 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.
Which Solar company has the best profit margins?
First Solar, Inc. has the highest operating margin at 33.1%, from 9 of 10 comparable companies. SolarEdge Technologies, Inc. shows the biggest recent improvement, at +29.1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Solar company makes the most profit?
First Solar, Inc. earns the most, at $1,666 million of trailing-twelve-month net profit, from 9 of 10 comparable companies. First Solar, Inc. has the fastest profit growth at 31.7%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Solar company earns the highest return on capital?
Nextpower Inc. leads on return on capital employed at 6.1%, across 10 of 10 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.
Which Solar stock is the cheapest?
On guarded PEG — where a LOWER number is cheaper — First Solar, Inc. screens cheapest at 0.4×. Only 4 of 10 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.
Which Solar company has the strongest balance sheet?
Nextpower Inc. carries the lowest comparable gross debt at $0 million, from 9 of 10 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.
Which Solar company is investing most in new capacity?
Sunrun Inc. reports the largest capital spending at $425 million, across 10 of 10 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.
Is the Solar sector beating the market?
Solar has outperformed S&P 500 by 15.6% over the last 52 weeks and 27.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 10 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.
Which Solar stock has the strongest price momentum?
Shoals Technologies Group, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.
Which Solar company scores highest for research priority?
First Solar, Inc. scores 72.8 out of 100 with 86.2% evidence confidence, from 27.1 points on growth and earnings, 17.6 on capital efficiency, 15.8 on valuation and 12.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.
How many Solar companies does this comparison cover, and over what period?
It compares 10 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.
What is the total market cap of the Solar sector?
The 10 Solar companies on this page carry $49,220 million of combined market value. First Solar, Inc. is the largest at $21,769 million, about 44% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.
What is the Solar sector's P/E ratio?
The median price-to-earnings ratio across the 10 Solar companies on this page is 32.9×, measured on the 10 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.
How is the Solar sector performing?
0 of the 10 covered Solar companies are beating S&P 500 on Mansfield relative strength. The sector itself is 15.6% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.
How many Solar stocks are listed in the US?
This comparison covers 10 listed Solar companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.
Why are some values on this page blank?
A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.
Is this investment advice?
No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.