# Solar — company-by-company sector analysis

> Solar: Canadian Solar Inc. owns the largest revenue base; Tigo Energy, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Solar has outperformed S&P 500 by 15% over 52 weeks and 27.6% 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.

### Is the Solar sector outperforming S&P 500?

Solar has outperformed S&P 500 by 15% over 52 weeks and 27.6% 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.

### 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 73/100 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.

## Sector relative strength

Solar has outperformed S&P 500 by 15% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 27.6%. 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 +17.1%.

13-week sector return versus NIFTY 500: -28%
52-week sector return versus NIFTY 500: 15%
Stocks leading NIFTY: 0/10
Stocks leading sector: 5/10

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 10
Combined market value: ₹49.2K Cr

## 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.

1. First Solar, Inc. (FSLR): 73/100 — Favorable setup; evidence 86%
   - Growth & earnings 27.1/35 | Capital efficiency 17.6/25 | Valuation 15.8/20 | Relative strength 12.5/20
   - Exact sum: 27.1 + 17.6 + 15.8 + 12.5 = 73
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Shoals Technologies Group, Inc. (SHLS): 61/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 20.3/35 | Capital efficiency 13.5/25 | Valuation 12.0/20 | Relative strength 15.3/20
   - 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.
3. SolarEdge Technologies, Inc. (SEDG): 52/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 21.7/35 | Capital efficiency 6.0/25 | Valuation 8.5/20 | Relative strength 15.7/20
   - 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.
4. Nextpower Inc. (NXT): 51/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 13.2/35 | Capital efficiency 19.1/25 | Valuation 5.2/20 | Relative strength 13.1/20
   - 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.
5. Canadian Solar Inc. (CSIQ): 47/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 18.8/35 | Capital efficiency 10.0/25 | Valuation 10.5/20 | Relative strength 7.7/20
   - 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.
6. Enphase Energy, Inc. (ENPH): 45/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 5.2/35 | Capital efficiency 9.8/25 | Valuation 14.4/20 | Relative strength 15.2/20
   - 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.
7. Tigo Energy, Inc. (TYGO): 43/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 21.3/35 | Capital efficiency 7.9/25 | Valuation 8.8/20 | Relative strength 5.3/20
   - Exact sum: 21.3 + 7.9 + 8.8 + 5.3 = 43.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Sunrun Inc. (RUN): 42/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 22.8/35 | Capital efficiency 5.1/25 | Valuation 11.2/20 | Relative strength 2.6/20
   - Exact sum: 22.8 + 5.1 + 11.2 + 2.6 = 41.7
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -30.5% and the one-year return is -2.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
9. Array Technologies, Inc. (ARRY): 34/100 — Adverse evidence; evidence 62%
   - Growth & earnings 11.6/35 | Capital efficiency 7.8/25 | Valuation 9.2/20 | Relative strength 5.4/20
   - Exact sum: 11.6 + 7.8 + 9.2 + 5.4 = 34
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. TOYO Co., Ltd. (TOYO): 42/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 15.6/35 | Capital efficiency 11.2/25 | Valuation 11.5/20 | Relative strength 3.6/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Canadian Solar Inc. · $5,476 million | 1.1% versus #2 · First Solar, Inc. | 1/8 recent comparable periods | 9/10 companies · 179 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Canadian Solar Inc. (CSIQ): ₹5.5K Cr
2. First Solar, Inc. (FSLR): ₹5.4K Cr
3. Nextpower Inc. (NXT): ₹3.6K Cr
4. Sunrun Inc. (RUN): ₹3.2K Cr
5. Enphase Energy, Inc. (ENPH): ₹1.4K Cr

### Revenue growth — fastest growers
1. Tigo Energy, Inc. (TYGO): 75%
2. Sunrun Inc. (RUN): 52%
3. Shoals Technologies Group, Inc. (SHLS): 38%
4. SolarEdge Technologies, Inc. (SEDG): 36%
5. First Solar, Inc. (FSLR): 27%

### 20-quarter Revenue history
- FSLR: Jun 2021 ₹629 Cr | Sep 2021 ₹584 Cr | Dec 2021 ₹907 Cr | Mar 2022 ₹367 Cr | Jun 2022 ₹621 Cr | Sep 2022 ₹629 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹548 Cr | Jun 2023 ₹811 Cr | Sep 2023 ₹801 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹794 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹888 Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹845 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.0K Cr
- NXT: Jun 2021 — | Sep 2021 ₹341 Cr | Dec 2021 ₹339 Cr | Mar 2022 ₹440 Cr | Jun 2022 — | Sep 2022 ₹403 Cr | Dec 2022 ₹513 Cr | Mar 2023 ₹518 Cr | Jun 2023 ₹480 Cr | Sep 2023 ₹573 Cr | Dec 2023 ₹710 Cr | Mar 2024 ₹737 Cr | Jun 2024 ₹720 Cr | Sep 2024 ₹636 Cr | Dec 2024 ₹679 Cr | Mar 2025 ₹924 Cr | Jun 2025 ₹864 Cr | Sep 2025 ₹905 Cr | Dec 2025 ₹909 Cr | Mar 2026 ₹881 Cr
- ENPH: Jun 2021 ₹316 Cr | Sep 2021 ₹352 Cr | Dec 2021 ₹413 Cr | Mar 2022 ₹441 Cr | Jun 2022 ₹530 Cr | Sep 2022 ₹635 Cr | Dec 2022 ₹725 Cr | Mar 2023 ₹726 Cr | Jun 2023 ₹711 Cr | Sep 2023 ₹551 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹263 Cr | Jun 2024 ₹303 Cr | Sep 2024 ₹381 Cr | Dec 2024 ₹383 Cr | Mar 2025 ₹356 Cr | Jun 2025 ₹363 Cr | Sep 2025 ₹410 Cr | Dec 2025 ₹343 Cr | Mar 2026 ₹283 Cr
- SEDG: Jun 2021 ₹480 Cr | Sep 2021 ₹526 Cr | Dec 2021 ₹552 Cr | Mar 2022 ₹655 Cr | Jun 2022 ₹728 Cr | Sep 2022 ₹837 Cr | Dec 2022 ₹891 Cr | Mar 2023 ₹944 Cr | Jun 2023 ₹991 Cr | Sep 2023 ₹725 Cr | Dec 2023 ₹316 Cr | Mar 2024 ₹204 Cr | Jun 2024 ₹265 Cr | Sep 2024 ₹261 Cr | Dec 2024 ₹196 Cr | Mar 2025 ₹219 Cr | Jun 2025 ₹289 Cr | Sep 2025 ₹340 Cr | Dec 2025 ₹335 Cr | Mar 2026 ₹311 Cr
- RUN: Jun 2021 ₹401 Cr | Sep 2021 ₹439 Cr | Dec 2021 ₹435 Cr | Mar 2022 ₹496 Cr | Jun 2022 ₹585 Cr | Sep 2022 ₹632 Cr | Dec 2022 ₹609 Cr | Mar 2023 ₹590 Cr | Jun 2023 ₹590 Cr | Sep 2023 ₹563 Cr | Dec 2023 ₹517 Cr | Mar 2024 ₹458 Cr | Jun 2024 ₹524 Cr | Sep 2024 ₹537 Cr | Dec 2024 ₹518 Cr | Mar 2025 ₹504 Cr | Jun 2025 ₹569 Cr | Sep 2025 ₹725 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹722 Cr
- SHLS: Jun 2021 ₹60 Cr | Sep 2021 ₹60 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹134 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹107 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹148 Cr | Mar 2026 ₹141 Cr
- CSIQ: Jun 2021 ₹1.4K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr
- ARRY: Jun 2021 ₹197 Cr | Sep 2021 ₹189 Cr | Dec 2021 ₹220 Cr | Mar 2022 ₹301 Cr | Jun 2022 ₹420 Cr | Sep 2022 ₹515 Cr | Dec 2022 ₹402 Cr | Mar 2023 ₹377 Cr | Jun 2023 ₹508 Cr | Sep 2023 ₹350 Cr | Dec 2023 ₹342 Cr | Mar 2024 ₹153 Cr | Jun 2024 ₹256 Cr | Sep 2024 ₹231 Cr | Dec 2024 ₹275 Cr | Mar 2025 ₹302 Cr | Jun 2025 ₹362 Cr | Sep 2025 ₹393 Cr | Dec 2025 ₹226 Cr | Mar 2026 ₹223 Cr
- TOYO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹62 Cr | Mar 2024 — | Jun 2024 ₹138 Cr | Sep 2024 — | Dec 2024 ₹39 Cr | Mar 2025 — | Jun 2025 ₹139 Cr | Sep 2025 — | Dec 2025 ₹288 Cr | Mar 2026 —
- TYGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹18 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹25 Cr

### 20-quarter Revenue growth history
- FSLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.3% | Sep 2022 7.7% | Dec 2022 10% | Mar 2023 49% | Jun 2023 31% | Sep 2023 27% | Dec 2023 16% | Mar 2024 45% | Jun 2024 25% | Sep 2024 11% | Dec 2024 31% | Mar 2025 6.4% | Jun 2025 8.6% | Sep 2025 80% | Dec 2025 11% | Mar 2026 24%
- NXT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 51% | Mar 2023 18% | Jun 2023 — | Sep 2023 42% | Dec 2023 38% | Mar 2024 42% | Jun 2024 50% | Sep 2024 11% | Dec 2024 -4.4% | Mar 2025 25% | Jun 2025 20% | Sep 2025 42% | Dec 2025 34% | Mar 2026 -4.7%
- ENPH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 68% | Sep 2022 80% | Dec 2022 76% | Mar 2023 65% | Jun 2023 34% | Sep 2023 -13% | Dec 2023 -58% | Mar 2024 -64% | Jun 2024 -57% | Sep 2024 -31% | Dec 2024 26% | Mar 2025 35% | Jun 2025 20% | Sep 2025 7.6% | Dec 2025 -10% | Mar 2026 -21%
- SEDG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 59% | Dec 2022 61% | Mar 2023 44% | Jun 2023 36% | Sep 2023 -13% | Dec 2023 -65% | Mar 2024 -78% | Jun 2024 -73% | Sep 2024 -64% | Dec 2024 -38% | Mar 2025 7.4% | Jun 2025 9.1% | Sep 2025 30% | Dec 2025 71% | Mar 2026 42%
- RUN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 44% | Dec 2022 40% | Mar 2023 19% | Jun 2023 0.9% | Sep 2023 -11% | Dec 2023 -15% | Mar 2024 -22% | Jun 2024 -11% | Sep 2024 -4.6% | Dec 2024 0.2% | Mar 2025 10% | Jun 2025 8.6% | Sep 2025 35% | Dec 2025 124% | Mar 2026 43%
- SHLS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 52% | Dec 2022 98% | Mar 2023 54% | Jun 2023 63% | Sep 2023 47% | Dec 2023 37% | Mar 2024 -13% | Jun 2024 -17% | Sep 2024 -24% | Dec 2024 -18% | Mar 2025 -12% | Jun 2025 12% | Sep 2025 33% | Dec 2025 38% | Mar 2026 76%
- CSIQ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 62% | Sep 2022 57% | Dec 2022 29% | Mar 2023 36% | Jun 2023 2.2% | Sep 2023 -4.5% | Dec 2023 -14% | Mar 2024 -22% | Jun 2024 -31% | Sep 2024 -18% | Dec 2024 -11% | Mar 2025 -9.9% | Jun 2025 3.6% | Sep 2025 -1.4% | Dec 2025 -20% | Mar 2026 -9.9%
- ARRY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 113% | Sep 2022 172% | Dec 2022 83% | Mar 2023 25% | Jun 2023 21% | Sep 2023 -32% | Dec 2023 -15% | Mar 2024 -59% | Jun 2024 -50% | Sep 2024 -34% | Dec 2024 -20% | Mar 2025 97% | Jun 2025 41% | Sep 2025 70% | Dec 2025 -18% | Mar 2026 -26%
- TOYO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -37% | Mar 2025 — | Jun 2025 0.7% | Sep 2025 — | Dec 2025 638% | Mar 2026 —
- TYGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 283% | Sep 2023 -26% | Dec 2023 -71% | Mar 2024 -80% | Jun 2024 -81% | Sep 2024 -18% | Dec 2024 89% | Mar 2025 90% | Jun 2025 85% | Sep 2025 121% | Dec 2025 76% | Mar 2026 32%

## Operating Economics & Margin Trend

What the numbers say: First Solar, Inc. leads opm at 33.1%; SolarEdge Technologies, Inc. leads margin change at +29.1 percentage points.

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.

Evidence: First Solar, Inc. · 33.1% | 90.2% versus #2 · Nextpower Inc. | 4/8 recent comparable periods | 9/10 companies · 174 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. First Solar, Inc. (FSLR): 33%
2. Nextpower Inc. (NXT): 17%
3. Canadian Solar Inc. (CSIQ): 6.8%
4. Shoals Technologies Group, Inc. (SHLS): 5.5%
5. Array Technologies, Inc. (ARRY): 3.2%

### Margin change — fastest expanders
1. SolarEdge Technologies, Inc. (SEDG): +29.1 pp
2. Sunrun Inc. (RUN): +16.8 pp
3. Tigo Energy, Inc. (TYGO): +11.5 pp
4. Canadian Solar Inc. (CSIQ): +11.4 pp
5. First Solar, Inc. (FSLR): +6.9 pp

### 20-quarter OPM history
- FSLR: Jun 2021 18% | Sep 2021 8.7% | Dec 2021 19% | Mar 2022 -16% | Jun 2022 23% | Sep 2022 -11% | Dec 2022 -4.6% | Mar 2023 3.3% | Jun 2023 21% | Sep 2023 34% | Dec 2023 34% | Mar 2024 31% | Jun 2024 37% | Sep 2024 36% | Dec 2024 30% | Mar 2025 26% | Jun 2025 33% | Sep 2025 29% | Dec 2025 33% | Mar 2026 33%
- NXT: Jun 2021 — | Sep 2021 6.2% | Dec 2021 5.9% | Mar 2022 1.7% | Jun 2022 — | Sep 2022 7.4% | Dec 2022 11% | Mar 2023 7.8% | Jun 2023 15% | Sep 2023 16% | Dec 2023 21% | Mar 2024 37% | Jun 2024 22% | Sep 2024 21% | Dec 2024 22% | Mar 2025 21% | Jun 2025 22% | Sep 2025 20% | Dec 2025 19% | Mar 2026 17%
- ENPH: Jun 2021 19% | Sep 2021 11% | Dec 2021 14% | Mar 2022 14% | Jun 2022 18% | Sep 2022 21% | Dec 2022 22% | Mar 2023 23% | Jun 2023 24% | Sep 2023 21% | Dec 2023 -3.4% | Mar 2024 -11% | Jun 2024 0.6% | Sep 2024 13% | Dec 2024 14% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 16% | Dec 2025 6.5% | Mar 2026 -11%
- SEDG: Jun 2021 12% | Sep 2021 13% | Dec 2021 7.4% | Mar 2022 7.8% | Jun 2022 4.9% | Sep 2022 10% | Dec 2022 -0.6% | Mar 2023 15% | Jun 2023 15% | Sep 2023 -2.3% | Dec 2023 -75% | Mar 2024 -85% | Jun 2024 -60% | Sep 2024 -416% | Dec 2024 -134% | Mar 2025 -47% | Jun 2025 -40% | Sep 2025 -10% | Dec 2025 -14% | Mar 2026 -18%
- RUN: Jun 2021 -35% | Sep 2021 -31% | Dec 2021 -48% | Mar 2022 -37% | Jun 2022 -27% | Sep 2022 -22% | Dec 2022 -31% | Mar 2023 -39% | Jun 2023 -35% | Sep 2023 -239% | Dec 2023 -38% | Mar 2024 -40% | Jun 2024 -24% | Sep 2024 -24% | Dec 2024 -628% | Mar 2025 -23% | Jun 2025 -20% | Sep 2025 0.5% | Dec 2025 8.4% | Mar 2026 -6.0%
- SHLS: Jun 2021 24% | Sep 2021 16% | Dec 2021 5.6% | Mar 2022 15% | Jun 2022 18% | Sep 2022 22% | Dec 2022 25% | Mar 2023 25% | Jun 2023 27% | Sep 2023 -7.9% | Dec 2023 24% | Mar 2024 13% | Jun 2024 19% | Sep 2024 4.4% | Dec 2024 15% | Mar 2025 5.4% | Jun 2025 14% | Sep 2025 14% | Dec 2025 12% | Mar 2026 5.5%
- CSIQ: Jun 2021 1.8% | Sep 2021 4.3% | Dec 2021 4.4% | Mar 2022 1.2% | Jun 2022 5.0% | Sep 2022 4.6% | Dec 2022 6.9% | Mar 2023 8.6% | Jun 2023 9.5% | Sep 2023 4.5% | Dec 2023 0.0% | Mar 2024 3.7% | Jun 2024 2.9% | Sep 2024 0.0% | Dec 2024 -8.4% | Mar 2025 -4.6% | Jun 2025 7.5% | Sep 2025 2.3% | Dec 2025 -5.3% | Mar 2026 6.8%
- ARRY: Jun 2021 -0.3% | Sep 2021 -10% | Dec 2021 -15% | Mar 2022 -13% | Jun 2022 -3.2% | Sep 2022 3.3% | Dec 2022 4.1% | Mar 2023 13% | Jun 2023 19% | Sep 2023 12% | Dec 2023 8.8% | Mar 2024 5.5% | Jun 2024 16% | Sep 2024 -57% | Dec 2024 -18% | Mar 2025 9.0% | Jun 2025 13% | Sep 2025 12% | Dec 2025 -66% | Mar 2026 3.2%
- TYGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.5% | Sep 2022 -9.2% | Dec 2022 7.0% | Mar 2023 16% | Jun 2023 13% | Sep 2023 -66% | Dec 2023 -147% | Mar 2024 -93% | Jun 2024 -66% | Sep 2024 -73% | Dec 2024 -140% | Mar 2025 -21% | Jun 2025 -6.3% | Sep 2025 2.1% | Dec 2025 1.1% | Mar 2026 -9.6%

### 20-quarter Margin change history
- FSLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.8 pp | Sep 2022 −19.6 pp | Dec 2022 −23.7 pp | Mar 2023 +19.0 pp | Jun 2023 −2.5 pp | Sep 2023 +45.0 pp | Dec 2023 +38.9 pp | Mar 2024 +27.3 pp | Jun 2024 +16.1 pp | Sep 2024 +2.2 pp | Dec 2024 −4.1 pp | Mar 2025 −4.4 pp | Jun 2025 −3.9 pp | Sep 2025 −7.1 pp | Dec 2025 +2.4 pp | Mar 2026 +6.9 pp
- NXT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +5.5 pp | Mar 2023 +6.1 pp | Jun 2023 — | Sep 2023 +9.0 pp | Dec 2023 +9.5 pp | Mar 2024 +29.0 pp | Jun 2024 +6.8 pp | Sep 2024 +4.6 pp | Dec 2024 +1.2 pp | Mar 2025 −15.7 pp | Jun 2025 −0.7 pp | Sep 2025 −1.0 pp | Dec 2025 −2.7 pp | Mar 2026 −3.7 pp
- ENPH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 +10.7 pp | Dec 2022 +7.7 pp | Mar 2023 +9.1 pp | Jun 2023 +6.3 pp | Sep 2023 +0.1 pp | Dec 2023 −25.1 pp | Mar 2024 −34.2 pp | Jun 2024 −23.4 pp | Sep 2024 −8.3 pp | Dec 2024 +17.7 pp | Mar 2025 +20.1 pp | Jun 2025 +9.6 pp | Sep 2025 +3.0 pp | Dec 2025 −7.8 pp | Mar 2026 −19.5 pp
- SEDG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.7 pp | Sep 2022 −2.5 pp | Dec 2022 −8.0 pp | Mar 2023 +7.5 pp | Jun 2023 +10.3 pp | Sep 2023 −12.4 pp | Dec 2023 −74.6 pp | Mar 2024 −100.3 pp | Jun 2024 −75.6 pp | Sep 2024 −413.7 pp | Dec 2024 −59.2 pp | Mar 2025 +38.2 pp | Jun 2025 +20.5 pp | Sep 2025 +405.7 pp | Dec 2025 +120.0 pp | Mar 2026 +29.1 pp
- RUN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +8.7 pp | Sep 2022 +9.8 pp | Dec 2022 +16.7 pp | Mar 2023 −2.0 pp | Jun 2023 −8.3 pp | Sep 2023 −217.7 pp | Dec 2023 −7.1 pp | Mar 2024 −1.4 pp | Jun 2024 +10.5 pp | Sep 2024 +215.5 pp | Dec 2024 −589.8 pp | Mar 2025 +17.2 pp | Jun 2025 +4.7 pp | Sep 2025 +24.3 pp | Dec 2025 +636.4 pp | Mar 2026 +16.8 pp
- SHLS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.9 pp | Sep 2022 +6.0 pp | Dec 2022 +19.1 pp | Mar 2023 +10.1 pp | Jun 2023 +8.8 pp | Sep 2023 −29.9 pp | Dec 2023 −0.3 pp | Mar 2024 −12.0 pp | Jun 2024 −7.8 pp | Sep 2024 +12.3 pp | Dec 2024 −9.0 pp | Mar 2025 −7.4 pp | Jun 2025 −4.3 pp | Sep 2025 +9.3 pp | Dec 2025 −3.7 pp | Mar 2026 +0.1 pp
- CSIQ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.2 pp | Sep 2022 +0.3 pp | Dec 2022 +2.5 pp | Mar 2023 +7.4 pp | Jun 2023 +4.5 pp | Sep 2023 −0.1 pp | Dec 2023 −6.9 pp | Mar 2024 −4.9 pp | Jun 2024 −6.6 pp | Sep 2024 −4.5 pp | Dec 2024 −8.4 pp | Mar 2025 −8.3 pp | Jun 2025 +4.6 pp | Sep 2025 +2.3 pp | Dec 2025 +3.1 pp | Mar 2026 +11.4 pp
- ARRY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.9 pp | Sep 2022 +13.6 pp | Dec 2022 +19.1 pp | Mar 2023 +25.4 pp | Jun 2023 +22.2 pp | Sep 2023 +8.2 pp | Dec 2023 +4.7 pp | Mar 2024 −7.1 pp | Jun 2024 −3.5 pp | Sep 2024 −68.8 pp | Dec 2024 −27.1 pp | Mar 2025 +3.5 pp | Jun 2025 −2.7 pp | Sep 2025 +68.9 pp | Dec 2025 −47.2 pp | Mar 2026 −5.8 pp
- TYGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +9.1 pp | Sep 2023 −56.4 pp | Dec 2023 −153.5 pp | Mar 2024 −108.3 pp | Jun 2024 −78.8 pp | Sep 2024 −7.6 pp | Dec 2024 +7.0 pp | Mar 2025 +71.6 pp | Jun 2025 +59.9 pp | Sep 2025 +75.3 pp | Dec 2025 +140.6 pp | Mar 2026 +11.5 pp

## Profit Scale & Acceleration

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.

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.

Evidence: First Solar, Inc. · $1,666 million | 184.3% versus #2 · Nextpower Inc. | 6/8 recent comparable periods | 9/10 companies · 184 observations

Definition: 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 profit — largest
1. First Solar, Inc. (FSLR): ₹1.7K Cr
2. Nextpower Inc. (NXT): ₹586 Cr
3. Enphase Energy, Inc. (ENPH): ₹136 Cr
4. Shoals Technologies Group, Inc. (SHLS): ₹34 Cr
5. Tigo Energy, Inc. (TYGO): ₹4 Cr

### Profit growth — fastest growers
1. First Solar, Inc. (FSLR): 32%
2. Nextpower Inc. (NXT): 13%
3. Enphase Energy, Inc. (ENPH): -8.7%

### 20-quarter Net profit history
- FSLR: Jun 2021 ₹82 Cr | Sep 2021 ₹45 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹-43 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹-49 Cr | Dec 2022 ₹-8 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹268 Cr | Dec 2023 ₹349 Cr | Mar 2024 ₹237 Cr | Jun 2024 ₹349 Cr | Sep 2024 ₹313 Cr | Dec 2024 ₹393 Cr | Mar 2025 ₹210 Cr | Jun 2025 ₹342 Cr | Sep 2025 ₹456 Cr | Dec 2025 ₹521 Cr | Mar 2026 ₹347 Cr
- NXT: Jun 2021 — | Sep 2021 ₹17 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹6 Cr | Jun 2022 — | Sep 2022 ₹24 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹151 Cr
- ENPH: Jun 2021 ₹39 Cr | Sep 2021 ₹22 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹77 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹154 Cr | Mar 2023 ₹147 Cr | Jun 2023 ₹157 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹-7 Cr
- SEDG: Jun 2021 ₹45 Cr | Sep 2021 ₹53 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹-61 Cr | Dec 2023 ₹-162 Cr | Mar 2024 ₹-157 Cr | Jun 2024 ₹-131 Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹-265 Cr | Mar 2025 ₹-99 Cr | Jun 2025 ₹-125 Cr | Sep 2025 ₹-50 Cr | Dec 2025 ₹-133 Cr | Mar 2026 ₹-57 Cr
- RUN: Jun 2021 ₹-213 Cr | Sep 2021 ₹-241 Cr | Dec 2021 ₹-321 Cr | Mar 2022 ₹-156 Cr | Jun 2022 ₹-210 Cr | Sep 2022 ₹-156 Cr | Dec 2022 ₹-328 Cr | Mar 2023 ₹-336 Cr | Jun 2023 ₹-341 Cr | Sep 2023 ₹-1.5K Cr | Dec 2023 ₹-535 Cr | Mar 2024 ₹-283 Cr | Jun 2024 ₹-260 Cr | Sep 2024 ₹-412 Cr | Dec 2024 ₹-3.4K Cr | Mar 2025 ₹-277 Cr | Jun 2025 ₹-279 Cr | Sep 2025 ₹-278 Cr | Dec 2025 ₹-175 Cr | Mar 2026 ₹-297 Cr
- SHLS: Jun 2021 ₹9 Cr | Sep 2021 ₹5 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹-10 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹0 Cr
- CSIQ: Jun 2021 ₹18 Cr | Sep 2021 ₹34 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹99 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹193 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-136 Cr | Mar 2025 ₹-73 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-114 Cr | Mar 2026 ₹-8 Cr
- ARRY: Jun 2021 ₹-6 Cr | Sep 2021 ₹-28 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹-26 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹-141 Cr | Dec 2024 ₹-127 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹-146 Cr | Mar 2026 ₹2 Cr
- TOYO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-2 Cr | Sep 2023 — | Dec 2023 ₹12 Cr | Mar 2024 — | Jun 2024 ₹20 Cr | Sep 2024 — | Dec 2024 ₹21 Cr | Mar 2025 — | Jun 2025 ₹3 Cr | Sep 2025 — | Dec 2025 ₹35 Cr | Mar 2026 —
- TYGO: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹-22 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-27 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹-2 Cr

### 20-quarter Profit growth history
- FSLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -32% | Sep 2022 -209% | Dec 2022 -106% | Mar 2023 — | Jun 2023 205% | Sep 2023 — | Dec 2023 — | Mar 2024 451% | Jun 2024 104% | Sep 2024 17% | Dec 2024 13% | Mar 2025 -11% | Jun 2025 -2.0% | Sep 2025 46% | Dec 2025 33% | Mar 2026 65%
- NXT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 41% | Dec 2022 169% | Mar 2023 367% | Jun 2023 — | Sep 2023 238% | Dec 2023 198% | Mar 2024 696% | Jun 2024 95% | Sep 2024 44% | Dec 2024 -8.6% | Mar 2025 -29% | Jun 2025 26% | Sep 2025 26% | Dec 2025 12% | Mar 2026 -4.4%
- ENPH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 97% | Sep 2022 423% | Dec 2022 191% | Mar 2023 183% | Jun 2023 104% | Sep 2023 -0.9% | Dec 2023 -86% | Mar 2024 -111% | Jun 2024 -93% | Sep 2024 -60% | Dec 2024 195% | Mar 2025 — | Jun 2025 236% | Sep 2025 46% | Dec 2025 -37% | Mar 2026 -123%
- SEDG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -67% | Sep 2022 -53% | Dec 2022 -49% | Mar 2023 318% | Jun 2023 700% | Sep 2023 -344% | Dec 2023 -871% | Mar 2024 -214% | Jun 2024 -209% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SHLS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -22% | Sep 2022 160% | Dec 2022 — | Mar 2023 240% | Jun 2023 171% | Sep 2023 -177% | Dec 2023 -86% | Mar 2024 -71% | Jun 2024 -37% | Sep 2024 — | Dec 2024 -53% | Mar 2025 -100% | Jun 2025 17% | Sep 2025 — | Dec 2025 0.0% | Mar 2026 —
- CSIQ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 378% | Sep 2022 191% | Dec 2022 137% | Mar 2023 1,329% | Jun 2023 124% | Sep 2023 -32% | Dec 2023 -111% | Mar 2024 -65% | Jun 2024 -82% | Sep 2024 -101% | Dec 2024 — | Mar 2025 -309% | Jun 2025 34% | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ARRY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -44% | Dec 2023 111% | Mar 2024 -93% | Jun 2024 -60% | Sep 2024 -713% | Dec 2024 -768% | Mar 2025 750% | Jun 2025 65% | Sep 2025 — | Dec 2025 — | Mar 2026 -88%
- TOYO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 75% | Mar 2025 — | Jun 2025 -85% | Sep 2025 — | Dec 2025 67% | Mar 2026 —
- TYGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1,600% | Mar 2024 -271% | Jun 2024 — | Sep 2024 -145% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

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.

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.

Evidence: Sunrun Inc. · $425 million | 145.7% versus #2 · Canadian Solar Inc. | 8/8 recent comparable periods | 10/10 companies · 169 observations

Definition: 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.

### CAPEX — largest spenders
1. Sunrun Inc. (RUN): ₹425 Cr
2. Canadian Solar Inc. (CSIQ): ₹173 Cr
3. First Solar, Inc. (FSLR): ₹119 Cr
4. TOYO Co., Ltd. (TOYO): ₹45 Cr
5. Enphase Energy, Inc. (ENPH): ₹20 Cr

### CAPEX intensity — highest reinvestment intensity
1. Sunrun Inc. (RUN): 59%
2. Canadian Solar Inc. (CSIQ): 16%
3. TOYO Co., Ltd. (TOYO): 16%
4. First Solar, Inc. (FSLR): 11%
5. Enphase Energy, Inc. (ENPH): 7.1%

### 20-quarter CAPEX history
- FSLR: Jun 2021 ₹91 Cr | Sep 2021 ₹165 Cr | Dec 2021 ₹195 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹223 Cr | Dec 2022 ₹327 Cr | Mar 2023 ₹371 Cr | Jun 2023 ₹383 Cr | Sep 2023 ₹286 Cr | Dec 2023 ₹347 Cr | Mar 2024 ₹413 Cr | Jun 2024 ₹365 Cr | Sep 2024 ₹434 Cr | Dec 2024 ₹314 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹288 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹119 Cr
- NXT: Jun 2021 — | Sep 2021 ₹1 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹18 Cr
- ENPH: Jun 2021 ₹16 Cr | Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹20 Cr
- SEDG: Jun 2021 — | Sep 2021 ₹29 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹49 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹38 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹26 Cr | Jun 2024 — | Sep 2024 ₹47 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹4 Cr
- RUN: Jun 2021 ₹400 Cr | Sep 2021 ₹441 Cr | Dec 2021 ₹488 Cr | Mar 2022 ₹427 Cr | Jun 2022 ₹518 Cr | Sep 2022 ₹547 Cr | Dec 2022 ₹519 Cr | Mar 2023 ₹510 Cr | Jun 2023 ₹700 Cr | Sep 2023 ₹741 Cr | Dec 2023 ₹656 Cr | Mar 2024 ₹535 Cr | Jun 2024 ₹609 Cr | Sep 2024 ₹764 Cr | Dec 2024 ₹792 Cr | Mar 2025 ₹655 Cr | Jun 2025 ₹693 Cr | Sep 2025 ₹744 Cr | Dec 2025 ₹409 Cr | Mar 2026 ₹425 Cr
- SHLS: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹8 Cr
- CSIQ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹88 Cr | Jun 2022 ₹148 Cr | Sep 2022 ₹127 Cr | Dec 2022 ₹264 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹283 Cr | Sep 2023 ₹305 Cr | Dec 2023 ₹295 Cr | Mar 2024 ₹270 Cr | Jun 2024 ₹390 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹267 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹173 Cr
- ARRY: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹8 Cr
- TOYO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹84 Cr | Sep 2023 — | Dec 2023 ₹30 Cr | Mar 2024 — | Jun 2024 ₹17 Cr | Sep 2024 — | Dec 2024 ₹26 Cr | Mar 2025 — | Jun 2025 ₹47 Cr | Sep 2025 — | Dec 2025 ₹45 Cr | Mar 2026 —
- TYGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr

### 20-quarter CAPEX intensity history
- FSLR: Jun 2021 15% | Sep 2021 28% | Dec 2021 22% | Mar 2022 42% | Jun 2022 32% | Sep 2022 36% | Dec 2022 33% | Mar 2023 68% | Jun 2023 47% | Sep 2023 36% | Dec 2023 30% | Mar 2024 52% | Jun 2024 36% | Sep 2024 49% | Dec 2024 21% | Mar 2025 24% | Jun 2025 26% | Sep 2025 13% | Dec 2025 10% | Mar 2026 11%
- NXT: Jun 2021 — | Sep 2021 0.3% | Dec 2021 0.9% | Mar 2022 0.2% | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.2% | Mar 2023 0.2% | Jun 2023 0.2% | Sep 2023 0.2% | Dec 2023 0.3% | Mar 2024 0.3% | Jun 2024 0.4% | Sep 2024 1.9% | Dec 2024 1.3% | Mar 2025 1.1% | Jun 2025 1.3% | Sep 2025 1.7% | Dec 2025 0.6% | Mar 2026 2.0%
- ENPH: Jun 2021 5.1% | Sep 2021 3.7% | Dec 2021 3.1% | Mar 2022 2.7% | Jun 2022 1.7% | Sep 2022 1.4% | Dec 2022 2.2% | Mar 2023 3.0% | Jun 2023 6.2% | Sep 2023 4.4% | Dec 2023 6.6% | Mar 2024 2.7% | Jun 2024 3.3% | Sep 2024 2.4% | Dec 2024 2.1% | Mar 2025 4.2% | Jun 2025 2.2% | Sep 2025 2.0% | Dec 2025 2.9% | Mar 2026 7.1%
- SEDG: Jun 2021 — | Sep 2021 5.5% | Dec 2021 10% | Mar 2022 6.6% | Jun 2022 6.7% | Sep 2022 — | Dec 2022 — | Mar 2023 4.0% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 13% | Jun 2024 — | Sep 2024 18% | Dec 2024 6.1% | Mar 2025 4.6% | Jun 2025 0.3% | Sep 2025 0.9% | Dec 2025 2.7% | Mar 2026 1.3%
- RUN: Jun 2021 100% | Sep 2021 101% | Dec 2021 112% | Mar 2022 86% | Jun 2022 89% | Sep 2022 87% | Dec 2022 85% | Mar 2023 86% | Jun 2023 119% | Sep 2023 132% | Dec 2023 127% | Mar 2024 117% | Jun 2024 116% | Sep 2024 142% | Dec 2024 153% | Mar 2025 130% | Jun 2025 122% | Sep 2025 103% | Dec 2025 35% | Mar 2026 59%
- SHLS: Jun 2021 1.7% | Sep 2021 1.7% | Dec 2021 4.2% | Mar 2022 1.5% | Jun 2022 1.4% | Sep 2022 0.0% | Dec 2022 1.1% | Mar 2023 1.9% | Jun 2023 1.7% | Sep 2023 2.2% | Dec 2023 2.3% | Mar 2024 2.2% | Jun 2024 2.0% | Sep 2024 2.0% | Dec 2024 1.9% | Mar 2025 3.8% | Jun 2025 11% | Sep 2025 7.4% | Dec 2025 4.7% | Mar 2026 5.7%
- CSIQ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 7.0% | Jun 2022 6.4% | Sep 2022 6.6% | Dec 2022 13% | Mar 2023 14% | Jun 2023 12% | Sep 2023 17% | Dec 2023 17% | Mar 2024 20% | Jun 2024 24% | Sep 2024 16% | Dec 2024 14% | Mar 2025 21% | Jun 2025 10% | Sep 2025 18% | Dec 2025 22% | Mar 2026 16%
- ARRY: Jun 2021 0.5% | Sep 2021 0.5% | Dec 2021 0.5% | Mar 2022 0.7% | Jun 2022 0.5% | Sep 2022 0.6% | Dec 2022 1.0% | Mar 2023 1.1% | Jun 2023 1.2% | Sep 2023 0.6% | Dec 2023 1.5% | Mar 2024 1.3% | Jun 2024 0.8% | Sep 2024 0.4% | Dec 2024 0.7% | Mar 2025 0.7% | Jun 2025 1.9% | Sep 2025 1.5% | Dec 2025 3.1% | Mar 2026 3.6%
- TOYO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 48% | Mar 2024 — | Jun 2024 12% | Sep 2024 — | Dec 2024 67% | Mar 2025 — | Jun 2025 34% | Sep 2025 — | Dec 2025 16% | Mar 2026 —
- TYGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 1.4% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 5.9% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0%

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: Nextpower Inc. · $0 million | 100% versus #2 · Tigo Energy, Inc. | 8/8 recent comparable periods | 9/10 companies · 178 observations

Definition: 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 debt — lowest gross debt
1. Nextpower Inc. (NXT): ₹0 Cr
2. Tigo Energy, Inc. (TYGO): ₹2 Cr
3. Shoals Technologies Group, Inc. (SHLS): ₹220 Cr
4. SolarEdge Technologies, Inc. (SEDG): ₹390 Cr
5. First Solar, Inc. (FSLR): ₹426 Cr

### Net debt — lowest net debt
1. First Solar, Inc. (FSLR): ₹-2.0K Cr
2. Nextpower Inc. (NXT): ₹-1.1K Cr
3. Enphase Energy, Inc. (ENPH): ₹-358 Cr
4. SolarEdge Technologies, Inc. (SEDG): ₹-152 Cr
5. Tigo Energy, Inc. (TYGO): ₹-10 Cr

### 20-quarter Gross debt history
- FSLR: Jun 2021 ₹279 Cr | Sep 2021 ₹279 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹252 Cr | Jun 2022 ₹175 Cr | Sep 2022 ₹260 Cr | Dec 2022 ₹184 Cr | Mar 2023 ₹320 Cr | Jun 2023 ₹437 Cr | Sep 2023 ₹499 Cr | Dec 2023 ₹560 Cr | Mar 2024 ₹620 Cr | Jun 2024 ₹559 Cr | Sep 2024 ₹582 Cr | Dec 2024 ₹610 Cr | Mar 2025 ₹525 Cr | Jun 2025 ₹578 Cr | Sep 2025 ₹555 Cr | Dec 2025 ₹499 Cr | Mar 2026 ₹426 Cr
- NXT: Jun 2021 — | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹147 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹146 Cr | Dec 2023 ₹145 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- ENPH: Jun 2021 ₹1.0K Cr | Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹573 Cr
- SEDG: Jun 2021 ₹677 Cr | Sep 2021 ₹678 Cr | Dec 2021 ₹701 Cr | Mar 2022 ₹724 Cr | Jun 2022 ₹714 Cr | Sep 2022 ₹717 Cr | Dec 2022 ₹716 Cr | Mar 2023 ₹721 Cr | Jun 2023 ₹716 Cr | Sep 2023 ₹715 Cr | Dec 2023 ₹714 Cr | Mar 2024 ₹711 Cr | Jun 2024 ₹716 Cr | Sep 2024 ₹746 Cr | Dec 2024 ₹745 Cr | Mar 2025 ₹743 Cr | Jun 2025 ₹745 Cr | Sep 2025 ₹402 Cr | Dec 2025 ₹387 Cr | Mar 2026 ₹390 Cr
- RUN: Jun 2021 ₹5.6K Cr | Sep 2021 ₹6.2K Cr | Dec 2021 ₹6.5K Cr | Mar 2022 ₹7.2K Cr | Jun 2022 ₹7.6K Cr | Sep 2022 ₹8.0K Cr | Dec 2022 ₹8.4K Cr | Mar 2023 ₹9.0K Cr | Jun 2023 ₹9.7K Cr | Sep 2023 ₹10.3K Cr | Dec 2023 ₹10.8K Cr | Mar 2024 ₹11.2K Cr | Jun 2024 ₹12.1K Cr | Sep 2024 ₹12.6K Cr | Dec 2024 ₹13.0K Cr | Mar 2025 ₹13.6K Cr | Jun 2025 ₹14.1K Cr | Sep 2025 ₹14.7K Cr | Dec 2025 ₹14.8K Cr | Mar 2026 ₹14.9K Cr
- SHLS: Jun 2021 ₹241 Cr | Sep 2021 ₹252 Cr | Dec 2021 ₹247 Cr | Mar 2022 ₹282 Cr | Jun 2022 ₹277 Cr | Sep 2022 ₹277 Cr | Dec 2022 ₹239 Cr | Mar 2023 ₹236 Cr | Jun 2023 ₹211 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹181 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹142 Cr | Dec 2024 ₹143 Cr | Mar 2025 ₹142 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹175 Cr | Mar 2026 ₹220 Cr
- CSIQ: Jun 2021 ₹3.0K Cr | Sep 2021 ₹3.1K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹5.9K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹7.1K Cr | Sep 2025 ₹7.4K Cr | Dec 2025 ₹7.7K Cr | Mar 2026 ₹7.8K Cr
- ARRY: Jun 2021 ₹498 Cr | Sep 2021 ₹304 Cr | Dec 2021 ₹715 Cr | Mar 2022 ₹826 Cr | Jun 2022 ₹845 Cr | Sep 2022 ₹773 Cr | Dec 2022 ₹759 Cr | Mar 2023 ₹740 Cr | Jun 2023 ₹740 Cr | Sep 2023 ₹698 Cr | Dec 2023 ₹682 Cr | Mar 2024 ₹680 Cr | Jun 2024 ₹681 Cr | Sep 2024 ₹676 Cr | Dec 2024 ₹698 Cr | Mar 2025 ₹679 Cr | Jun 2025 ₹694 Cr | Sep 2025 ₹681 Cr | Dec 2025 ₹766 Cr | Mar 2026 ₹763 Cr
- TYGO: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr

### 20-quarter Net debt history
- FSLR: Jun 2021 ₹-1.5K Cr | Sep 2021 ₹-1.6K Cr | Dec 2021 ₹-1.6K Cr | Mar 2022 ₹-1.3K Cr | Jun 2022 ₹-1.7K Cr | Sep 2022 ₹-1.7K Cr | Dec 2022 ₹-2.4K Cr | Mar 2023 ₹-2.0K Cr | Jun 2023 ₹-1.4K Cr | Sep 2023 ₹-1.3K Cr | Dec 2023 ₹-1.5K Cr | Mar 2024 ₹-1.4K Cr | Jun 2024 ₹-1.2K Cr | Sep 2024 ₹-688 Cr | Dec 2024 ₹-1.2K Cr | Mar 2025 ₹-366 Cr | Jun 2025 ₹-576 Cr | Sep 2025 ₹-1.5K Cr | Dec 2025 ₹-2.4K Cr | Mar 2026 ₹-2.0K Cr
- NXT: Jun 2021 — | Sep 2021 ₹-191 Cr | Dec 2021 ₹-130 Cr | Mar 2022 ₹-29 Cr | Jun 2022 — | Sep 2022 ₹-31 Cr | Dec 2022 ₹-100 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹-208 Cr | Sep 2023 ₹-227 Cr | Dec 2023 ₹-223 Cr | Mar 2024 ₹-326 Cr | Jun 2024 ₹-325 Cr | Sep 2024 ₹-416 Cr | Dec 2024 ₹-549 Cr | Mar 2025 ₹-766 Cr | Jun 2025 ₹-743 Cr | Sep 2025 ₹-845 Cr | Dec 2025 ₹-953 Cr | Mar 2026 ₹-1.1K Cr
- ENPH: Jun 2021 ₹-298 Cr | Sep 2021 ₹-368 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹221 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹-129 Cr | Dec 2022 ₹-323 Cr | Mar 2023 ₹-486 Cr | Jun 2023 ₹-505 Cr | Sep 2023 ₹-492 Cr | Dec 2023 ₹-401 Cr | Mar 2024 ₹-334 Cr | Jun 2024 ₹-348 Cr | Sep 2024 ₹-467 Cr | Dec 2024 ₹-321 Cr | Mar 2025 ₹-265 Cr | Jun 2025 ₹-327 Cr | Sep 2025 ₹-274 Cr | Dec 2025 ₹-309 Cr | Mar 2026 ₹-358 Cr
- SEDG: Jun 2021 ₹-6 Cr | Sep 2021 ₹-4 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹-437 Cr | Jun 2022 ₹-182 Cr | Sep 2022 ₹-164 Cr | Dec 2022 ₹-308 Cr | Mar 2023 ₹-418 Cr | Jun 2023 ₹-335 Cr | Sep 2023 ₹-313 Cr | Dec 2023 ₹-146 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹-13 Cr | Sep 2025 ₹-97 Cr | Dec 2025 ₹-106 Cr | Mar 2026 ₹-152 Cr
- RUN: Jun 2021 ₹4.8K Cr | Sep 2021 ₹5.2K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹7.1K Cr | Dec 2022 ₹7.5K Cr | Mar 2023 ₹8.1K Cr | Jun 2023 ₹8.7K Cr | Sep 2023 ₹9.4K Cr | Dec 2023 ₹9.8K Cr | Mar 2024 ₹10.5K Cr | Jun 2024 ₹11.0K Cr | Sep 2024 ₹11.5K Cr | Dec 2024 ₹12.0K Cr | Mar 2025 ₹12.7K Cr | Jun 2025 ₹13.1K Cr | Sep 2025 ₹13.5K Cr | Dec 2025 ₹13.5K Cr | Mar 2026 ₹13.8K Cr
- SHLS: Jun 2021 ₹228 Cr | Sep 2021 ₹238 Cr | Dec 2021 ₹242 Cr | Mar 2022 ₹279 Cr | Jun 2022 ₹267 Cr | Sep 2022 ₹266 Cr | Dec 2022 ₹230 Cr | Mar 2023 ₹230 Cr | Jun 2023 ₹205 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹158 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹127 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹218 Cr
- CSIQ: Jun 2021 ₹2.2K Cr | Sep 2021 ₹2.3K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹6.4K Cr
- ARRY: Jun 2021 ₹480 Cr | Sep 2021 ₹188 Cr | Dec 2021 ₹347 Cr | Mar 2022 ₹777 Cr | Jun 2022 ₹794 Cr | Sep 2022 ₹710 Cr | Dec 2022 ₹625 Cr | Mar 2023 ₹592 Cr | Jun 2023 ₹584 Cr | Sep 2023 ₹524 Cr | Dec 2023 ₹433 Cr | Mar 2024 ₹392 Cr | Jun 2024 ₹399 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹335 Cr | Mar 2025 ₹331 Cr | Jun 2025 ₹317 Cr | Sep 2025 ₹459 Cr | Dec 2025 ₹522 Cr | Mar 2026 ₹562 Cr
- TYGO: Jun 2021 ₹0 Cr | Sep 2021 ₹-1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-14 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹-10 Cr

## Return On Capital Employed

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.

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.

Evidence: Nextpower Inc. · 6.1% | 84.8% versus #2 · First Solar, Inc. | 1/8 recent comparable periods | 10/10 companies · 180 observations

Definition: 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.

### ROCE — highest
1. Nextpower Inc. (NXT): 6.1%
2. First Solar, Inc. (FSLR): 3.3%
3. Shoals Technologies Group, Inc. (SHLS): 1.0%
4. Canadian Solar Inc. (CSIQ): 0.8%
5. Array Technologies, Inc. (ARRY): 0.7%

### ROCE change — fastest improvers
1. Canadian Solar Inc. (CSIQ): +1.5 pp
2. First Solar, Inc. (FSLR): +0.9 pp
3. Sunrun Inc. (RUN): +0.4 pp
4. Shoals Technologies Group, Inc. (SHLS): +0.4 pp
5. SolarEdge Technologies, Inc. (SEDG): +0.3 pp

### 20-quarter ROCE history
- FSLR: Jun 2021 — | Sep 2021 0.8% | Dec 2021 2.7% | Mar 2022 -0.9% | Jun 2022 2.2% | Sep 2022 -1.0% | Dec 2022 -0.7% | Mar 2023 0.3% | Jun 2023 2.3% | Sep 2023 3.6% | Dec 2023 4.9% | Mar 2024 3.0% | Jun 2024 4.3% | Sep 2024 3.6% | Dec 2024 4.8% | Mar 2025 2.4% | Jun 2025 3.8% | Sep 2025 4.7% | Dec 2025 5.2% | Mar 2026 3.3%
- NXT: Jun 2021 — | Sep 2021 — | Dec 2021 7.9% | Mar 2022 1.5% | Jun 2022 — | Sep 2022 5.3% | Dec 2022 9.8% | Mar 2023 5.6% | Jun 2023 9.5% | Sep 2023 9.9% | Dec 2023 15% | Mar 2024 21% | Jun 2024 11% | Sep 2024 8.3% | Dec 2024 8.8% | Mar 2025 10% | Jun 2025 8.9% | Sep 2025 8.0% | Dec 2025 7.3% | Mar 2026 6.1%
- ENPH: Jun 2021 — | Sep 2021 2.8% | Dec 2021 5.0% | Mar 2022 3.4% | Jun 2022 5.1% | Sep 2022 6.8% | Dec 2022 7.7% | Mar 2023 7.5% | Jun 2023 7.3% | Sep 2023 4.8% | Dec 2023 -0.4% | Mar 2024 -1.1% | Jun 2024 0.1% | Sep 2024 1.8% | Dec 2024 2.0% | Mar 2025 1.4% | Jun 2025 1.6% | Sep 2025 2.7% | Dec 2025 0.9% | Mar 2026 -1.4%
- SEDG: Jun 2021 — | Sep 2021 3.2% | Dec 2021 1.9% | Mar 2022 2.0% | Jun 2022 1.4% | Sep 2022 3.1% | Dec 2022 -0.2% | Mar 2023 4.3% | Jun 2023 4.3% | Sep 2023 -0.5% | Dec 2023 -6.7% | Mar 2024 -4.9% | Jun 2024 -4.5% | Sep 2024 -38% | Dec 2024 -10% | Mar 2025 -4.1% | Jun 2025 -4.8% | Sep 2025 -2.1% | Dec 2025 -3.3% | Mar 2026 -3.8%
- RUN: Jun 2021 — | Sep 2021 -1.3% | Dec 2021 -1.4% | Mar 2022 -1.2% | Jun 2022 -1.0% | Sep 2022 -0.8% | Dec 2022 -1.1% | Mar 2023 -1.3% | Jun 2023 -1.1% | Sep 2023 -7.5% | Dec 2023 -1.1% | Mar 2024 -1.0% | Jun 2024 -0.6% | Sep 2024 -0.6% | Dec 2024 -17% | Mar 2025 -0.6% | Jun 2025 -0.6% | Sep 2025 0.0% | Dec 2025 0.5% | Mar 2026 -0.2%
- SHLS: Jun 2021 — | Sep 2021 3.7% | Dec 2021 0.9% | Mar 2022 3.0% | Jun 2022 3.8% | Sep 2022 5.0% | Dec 2022 5.0% | Mar 2023 4.4% | Jun 2023 5.3% | Sep 2023 -1.7% | Dec 2023 4.9% | Mar 2024 1.6% | Jun 2024 2.6% | Sep 2024 0.6% | Dec 2024 2.3% | Mar 2025 0.6% | Jun 2025 2.2% | Sep 2025 2.5% | Dec 2025 2.3% | Mar 2026 1.0%
- CSIQ: Jun 2021 — | Sep 2021 1.7% | Dec 2021 2.1% | Mar 2022 0.5% | Jun 2022 3.4% | Sep 2022 2.5% | Dec 2022 3.8% | Mar 2023 3.8% | Jun 2023 5.1% | Sep 2023 1.8% | Dec 2023 0.0% | Mar 2024 0.9% | Jun 2024 0.8% | Sep 2024 0.0% | Dec 2024 -1.8% | Mar 2025 -0.7% | Jun 2025 1.6% | Sep 2025 0.4% | Dec 2025 -0.7% | Mar 2026 0.8%
- ARRY: Jun 2021 — | Sep 2021 -4.0% | Dec 2021 -5.2% | Mar 2022 -4.7% | Jun 2022 -1.6% | Sep 2022 2.0% | Dec 2022 1.5% | Mar 2023 3.6% | Jun 2023 7.2% | Sep 2023 3.2% | Dec 2023 2.3% | Mar 2024 0.6% | Jun 2024 2.9% | Sep 2024 -10% | Dec 2024 -4.3% | Mar 2025 2.3% | Jun 2025 3.9% | Sep 2025 3.9% | Dec 2025 -14% | Mar 2026 0.7%
- TOYO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 9.9% | Dec 2023 9.9% | Mar 2024 23% | Jun 2024 23% | Sep 2024 -7.4% | Dec 2024 -7.4% | Mar 2025 4.8% | Jun 2025 4.8% | Sep 2025 19% | Dec 2025 19% | Mar 2026 0.0%
- TYGO: Jun 2021 — | Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 1.0% | Sep 2022 -1.8% | Dec 2022 2.6% | Mar 2023 11% | Jun 2023 7.0% | Sep 2023 -9.7% | Dec 2023 -18% | Mar 2024 -15% | Jun 2024 -7.8% | Sep 2024 -11% | Dec 2024 -31% | Mar 2025 -7.4% | Jun 2025 -3.0% | Sep 2025 1.3% | Dec 2025 0.7% | Mar 2026 -7.4%

### 20-quarter ROCE change history
- FSLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 −3.4 pp | Mar 2023 +1.2 pp | Jun 2023 +0.1 pp | Sep 2023 +4.6 pp | Dec 2023 +5.6 pp | Mar 2024 +2.7 pp | Jun 2024 +2.0 pp | Sep 2024 0.0 pp | Dec 2024 −0.1 pp | Mar 2025 −0.6 pp | Jun 2025 −0.5 pp | Sep 2025 +1.1 pp | Dec 2025 +0.4 pp | Mar 2026 +0.9 pp
- NXT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.9 pp | Mar 2023 +4.1 pp | Jun 2023 — | Sep 2023 +4.6 pp | Dec 2023 +5.1 pp | Mar 2024 +15.7 pp | Jun 2024 +1.9 pp | Sep 2024 −1.6 pp | Dec 2024 −6.1 pp | Mar 2025 −11.0 pp | Jun 2025 −2.5 pp | Sep 2025 −0.3 pp | Dec 2025 −1.5 pp | Mar 2026 −4.2 pp
- ENPH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.0 pp | Dec 2022 +2.7 pp | Mar 2023 +4.1 pp | Jun 2023 +2.2 pp | Sep 2023 −2.0 pp | Dec 2023 −8.1 pp | Mar 2024 −8.6 pp | Jun 2024 −7.2 pp | Sep 2024 −3.0 pp | Dec 2024 +2.4 pp | Mar 2025 +2.5 pp | Jun 2025 +1.5 pp | Sep 2025 +0.9 pp | Dec 2025 −1.1 pp | Mar 2026 −2.8 pp
- SEDG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −2.1 pp | Mar 2023 +2.3 pp | Jun 2023 +2.9 pp | Sep 2023 −3.6 pp | Dec 2023 −6.5 pp | Mar 2024 −9.2 pp | Jun 2024 −8.8 pp | Sep 2024 −37.7 pp | Dec 2024 −3.3 pp | Mar 2025 +0.8 pp | Jun 2025 −0.3 pp | Sep 2025 +36.1 pp | Dec 2025 +6.7 pp | Mar 2026 +0.3 pp
- RUN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.3 pp | Mar 2023 −0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −6.7 pp | Dec 2023 0.0 pp | Mar 2024 +0.3 pp | Jun 2024 +0.5 pp | Sep 2024 +6.9 pp | Dec 2024 −16.3 pp | Mar 2025 +0.4 pp | Jun 2025 0.0 pp | Sep 2025 +0.6 pp | Dec 2025 +17.9 pp | Mar 2026 +0.4 pp
- SHLS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +4.1 pp | Mar 2023 +1.4 pp | Jun 2023 +1.5 pp | Sep 2023 −6.7 pp | Dec 2023 −0.1 pp | Mar 2024 −2.8 pp | Jun 2024 −2.7 pp | Sep 2024 +2.3 pp | Dec 2024 −2.6 pp | Mar 2025 −1.0 pp | Jun 2025 −0.4 pp | Sep 2025 +1.9 pp | Dec 2025 0.0 pp | Mar 2026 +0.4 pp
- CSIQ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +1.7 pp | Mar 2023 +3.3 pp | Jun 2023 +1.7 pp | Sep 2023 −0.7 pp | Dec 2023 −3.8 pp | Mar 2024 −2.9 pp | Jun 2024 −4.3 pp | Sep 2024 −1.8 pp | Dec 2024 −1.8 pp | Mar 2025 −1.6 pp | Jun 2025 +0.8 pp | Sep 2025 +0.4 pp | Dec 2025 +1.1 pp | Mar 2026 +1.5 pp
- ARRY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.0 pp | Dec 2022 +6.7 pp | Mar 2023 +8.3 pp | Jun 2023 +8.8 pp | Sep 2023 +1.2 pp | Dec 2023 +0.8 pp | Mar 2024 −3.0 pp | Jun 2024 −4.3 pp | Sep 2024 −13.5 pp | Dec 2024 −6.6 pp | Mar 2025 +1.7 pp | Jun 2025 +1.0 pp | Sep 2025 +14.2 pp | Dec 2025 −10.1 pp | Mar 2026 −1.6 pp
- TOYO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −17.3 pp | Dec 2024 −17.3 pp | Mar 2025 −18.6 pp | Jun 2025 −18.6 pp | Sep 2025 +26.3 pp | Dec 2025 +26.3 pp | Mar 2026 −4.8 pp
- TYGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 +2.6 pp | Mar 2023 +11.1 pp | Jun 2023 +6.0 pp | Sep 2023 −7.9 pp | Dec 2023 −20.7 pp | Mar 2024 −26.4 pp | Jun 2024 −14.8 pp | Sep 2024 −1.2 pp | Dec 2024 −12.6 pp | Mar 2025 +7.9 pp | Jun 2025 +4.8 pp | Sep 2025 +12.2 pp | Dec 2025 +31.4 pp | Mar 2026 0.0 pp

## Valuation Against Growth & Quality

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.

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.

Evidence: First Solar, Inc. · 0.4× | 47.4% versus #2 · Enphase Energy, Inc. | 0/8 recent comparable periods | 4/10 companies · 10 observations

Definition: 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 PEG — lowest PEG
1. First Solar, Inc. (FSLR): 0.4
2. Enphase Energy, Inc. (ENPH): 0.8
3. Shoals Technologies Group, Inc. (SHLS): 1.3
4. Nextpower Inc. (NXT): 3.0

### P/E — lowest P/E
1. TOYO Co., Ltd. (TOYO): 5.2
2. Sunrun Inc. (RUN): 6.4
3. First Solar, Inc. (FSLR): 12.7
4. Canadian Solar Inc. (CSIQ): 20.6
5. Nextpower Inc. (NXT): 31.4

### 20-quarter Guarded PEG history
- FSLR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.3 | Mar 2025 0.5 | Jun 2025 — | Sep 2025 1.4 | Dec 2025 1.0 | Mar 2026 0.4
- NXT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.0
- ENPH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.8 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SEDG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 10.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SHLS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.3 | Mar 2026 —

### 20-quarter P/E history
- FSLR: Jun 2021 — | Sep 2021 22.6 | Dec 2021 19.9 | Mar 2022 41.7 | Jun 2022 38.7 | Sep 2022 150.3 | Dec 2022 — | Mar 2023 557.7 | Jun 2023 130.2 | Sep 2023 36.6 | Dec 2023 22.3 | Mar 2024 17.7 | Jun 2024 20.1 | Sep 2024 21.5 | Dec 2024 14.7 | Mar 2025 10.8 | Jun 2025 14.2 | Sep 2025 16.9 | Dec 2025 18.4 | Mar 2026 12.7
- NXT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1,813.0 | Jun 2023 34.2 | Sep 2023 32.3 | Dec 2023 26.5 | Mar 2024 16.7 | Jun 2024 12.8 | Sep 2024 10.2 | Dec 2024 9.3 | Mar 2025 12.1 | Jun 2025 15.9 | Sep 2025 19.0 | Dec 2025 22.3 | Mar 2026 31.4
- ENPH: Jun 2021 — | Sep 2021 130.4 | Dec 2021 179.4 | Mar 2022 172.5 | Jun 2022 136.5 | Sep 2022 133.4 | Dec 2022 95.7 | Mar 2023 61.5 | Jun 2023 42.2 | Sep 2023 30.3 | Dec 2023 42.9 | Mar 2024 63.0 | Jun 2024 109.6 | Sep 2024 256.9 | Dec 2024 91.6 | Mar 2025 57.5 | Jun 2025 31.0 | Sep 2025 24.4 | Dec 2025 24.8 | Mar 2026 37.4
- SEDG: Jun 2021 — | Sep 2021 99.7 | Dec 2021 91.7 | Mar 2022 103.3 | Jun 2022 106.9 | Sep 2022 114.0 | Dec 2022 171.7 | Mar 2023 89.4 | Jun 2023 52.0 | Sep 2023 35.4 | Dec 2023 156.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- RUN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 95.1 | Dec 2022 30.0 | Mar 2023 287.9 | Jun 2023 47.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 10.8 | Mar 2026 6.4
- SHLS: Jun 2021 — | Sep 2021 697.0 | Dec 2021 — | Mar 2022 243.4 | Jun 2022 274.7 | Sep 2022 195.9 | Dec 2022 29.0 | Mar 2023 25.0 | Jun 2023 26.1 | Sep 2023 21.5 | Dec 2023 64.8 | Mar 2024 62.1 | Jun 2024 44.6 | Sep 2024 28.1 | Dec 2024 39.5 | Mar 2025 27.7 | Jun 2025 32.7 | Sep 2025 37.1 | Dec 2025 42.5 | Mar 2026 32.9
- CSIQ: Jun 2021 — | Sep 2021 29.6 | Dec 2021 21.4 | Mar 2022 28.8 | Jun 2022 14.7 | Sep 2022 13.7 | Dec 2022 9.0 | Mar 2023 8.9 | Jun 2023 6.7 | Sep 2023 4.9 | Dec 2023 6.8 | Mar 2024 6.9 | Jun 2024 28.9 | Sep 2024 — | Dec 2024 20.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ARRY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 273.5 | Jun 2023 42.6 | Sep 2023 54.1 | Dec 2023 30.0 | Mar 2024 39.2 | Jun 2024 85.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- TOYO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 11.3 | Sep 2024 2.9 | Dec 2024 3.1 | Mar 2025 3.3 | Jun 2025 5.2 | Sep 2025 6.3 | Dec 2025 5.2 | Mar 2026 —
- TYGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 94.0

## Enterprise Value & Book Value

What the numbers say: TOYO Co., Ltd. leads ev/ebitda at 2.4×; Canadian Solar Inc. leads p/bv at 0.33×.

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.

Evidence: TOYO Co., Ltd. · 2.4× | 71.6% versus #2 · First Solar, Inc. | 0/8 recent comparable periods | 10/10 companies · 122 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. TOYO Co., Ltd. (TOYO): 2.4
2. First Solar, Inc. (FSLR): 8.5
3. Shoals Technologies Group, Inc. (SHLS): 17.8
4. Array Technologies, Inc. (ARRY): 20.2
5. Nextpower Inc. (NXT): 23.2

### P/BV — lowest P/BV
1. Canadian Solar Inc. (CSIQ): 0.3
2. Sunrun Inc. (RUN): 1.0
3. Shoals Technologies Group, Inc. (SHLS): 1.8
4. TOYO Co., Ltd. (TOYO): 2.0
5. First Solar, Inc. (FSLR): 2.2

### 20-quarter EV/EBITDA history
- FSLR: Jun 2021 — | Sep 2021 11.7 | Dec 2021 9.1 | Mar 2022 14.2 | Jun 2022 9.8 | Sep 2022 27.3 | Dec 2022 56.0 | Mar 2023 66.1 | Jun 2023 53.8 | Sep 2023 22.7 | Dec 2023 14.5 | Mar 2024 11.8 | Jun 2024 14.0 | Sep 2024 15.1 | Dec 2024 9.7 | Mar 2025 7.2 | Jun 2025 9.3 | Sep 2025 11.0 | Dec 2025 12.1 | Mar 2026 8.5
- NXT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 30.3 | Jun 2023 25.1 | Sep 2023 20.6 | Dec 2023 18.2 | Mar 2024 12.9 | Jun 2024 9.5 | Sep 2024 7.2 | Dec 2024 6.5 | Mar 2025 8.2 | Jun 2025 11.5 | Sep 2025 13.6 | Dec 2025 15.6 | Mar 2026 23.2
- ENPH: Jun 2021 — | Sep 2021 75.2 | Dec 2021 99.4 | Mar 2022 106.7 | Jun 2022 88.8 | Sep 2022 93.3 | Dec 2022 70.7 | Mar 2023 46.0 | Jun 2023 32.0 | Sep 2023 23.3 | Dec 2023 33.7 | Mar 2024 49.3 | Jun 2024 81.5 | Sep 2024 157.8 | Dec 2024 55.3 | Mar 2025 35.9 | Jun 2025 19.1 | Sep 2025 16.1 | Dec 2025 16.3 | Mar 2026 26.1
- SEDG: Jun 2021 — | Sep 2021 63.9 | Dec 2021 55.7 | Mar 2022 77.8 | Jun 2022 73.6 | Sep 2022 60.2 | Dec 2022 72.3 | Mar 2023 64.4 | Jun 2023 39.8 | Sep 2023 25.8 | Dec 2023 53.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- RUN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 32.8 | Mar 2026 26.9
- SHLS: Jun 2021 — | Sep 2021 62.1 | Dec 2021 63.8 | Mar 2022 46.8 | Jun 2022 46.1 | Sep 2022 48.1 | Dec 2022 47.4 | Mar 2023 44.2 | Jun 2023 40.9 | Sep 2023 40.7 | Dec 2023 31.3 | Mar 2024 27.3 | Jun 2024 18.9 | Sep 2024 13.6 | Dec 2024 16.3 | Mar 2025 11.6 | Jun 2025 15.4 | Sep 2025 20.3 | Dec 2025 22.7 | Mar 2026 17.8
- CSIQ: Jun 2021 — | Sep 2021 37.1 | Dec 2021 8.2 | Mar 2022 35.5 | Jun 2022 20.9 | Sep 2022 19.5 | Dec 2022 6.7 | Mar 2023 13.7 | Jun 2023 10.8 | Sep 2023 9.1 | Dec 2023 7.1 | Mar 2024 13.1 | Jun 2024 30.5 | Sep 2024 64.1 | Dec 2024 13.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 15.7 | Mar 2026 51.4
- ARRY: Jun 2021 — | Sep 2021 150.7 | Dec 2021 2,243.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 46.2 | Mar 2023 30.1 | Jun 2023 18.4 | Sep 2023 15.8 | Dec 2023 12.4 | Mar 2024 13.2 | Jun 2024 13.6 | Sep 2024 10.8 | Dec 2024 — | Mar 2025 8.9 | Jun 2025 9.6 | Sep 2025 19.1 | Dec 2025 131.0 | Mar 2026 20.2
- TOYO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 9.6 | Sep 2024 8.2 | Dec 2024 5.4 | Mar 2025 45.4 | Jun 2025 — | Sep 2025 8.2 | Dec 2025 2.4 | Mar 2026 —
- TYGO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 9.2 | Jun 2023 60.4 | Sep 2023 48.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/BV history
- FSLR: Jun 2021 — | Sep 2021 1.7 | Dec 2021 1.6 | Mar 2022 1.5 | Jun 2022 1.2 | Sep 2022 2.4 | Dec 2022 2.7 | Mar 2023 4.0 | Jun 2023 3.4 | Sep 2023 2.7 | Dec 2023 2.8 | Mar 2024 2.6 | Jun 2024 3.3 | Sep 2024 3.5 | Dec 2024 2.4 | Mar 2025 1.7 | Jun 2025 2.1 | Sep 2025 2.6 | Dec 2025 2.9 | Mar 2026 2.2
- NXT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -0.5 | Jun 2023 -0.5 | Sep 2023 -0.9 | Dec 2023 -0.9 | Mar 2024 8.2 | Jun 2024 6.0 | Sep 2024 4.4 | Dec 2024 3.7 | Mar 2025 3.8 | Jun 2025 4.8 | Sep 2025 5.5 | Dec 2025 6.0 | Mar 2026 7.7
- ENPH: Jun 2021 — | Sep 2021 31.2 | Dec 2021 56.9 | Mar 2022 82.3 | Jun 2022 58.6 | Sep 2022 61.8 | Dec 2022 43.8 | Mar 2023 29.7 | Jun 2023 23.4 | Sep 2023 16.2 | Dec 2023 18.2 | Mar 2024 17.8 | Jun 2024 15.3 | Sep 2024 16.4 | Dec 2024 10.9 | Mar 2025 10.0 | Jun 2025 5.9 | Sep 2025 4.7 | Dec 2025 3.9 | Mar 2026 4.5
- SEDG: Jun 2021 — | Sep 2021 11.2 | Dec 2021 11.3 | Mar 2022 8.9 | Jun 2022 7.5 | Sep 2022 6.3 | Dec 2022 7.3 | Mar 2023 7.3 | Jun 2023 6.0 | Sep 2023 3.0 | Dec 2023 2.2 | Mar 2024 1.8 | Jun 2024 0.7 | Sep 2024 1.4 | Dec 2024 1.2 | Mar 2025 1.6 | Jun 2025 2.4 | Sep 2025 4.6 | Dec 2025 4.1 | Mar 2026 7.6
- RUN: Jun 2021 — | Sep 2021 1.5 | Dec 2021 1.1 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.6 | Sep 2023 0.5 | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.5 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 1.3 | Dec 2025 1.4 | Mar 2026 1.0
- SHLS: Jun 2021 — | Sep 2021 3,397.1 | Dec 2021 1,066.5 | Mar 2022 242.8 | Jun 2022 122.5 | Sep 2022 92.6 | Dec 2022 11.7 | Mar 2023 7.7 | Jun 2023 8.2 | Sep 2023 5.9 | Dec 2023 4.9 | Mar 2024 3.4 | Jun 2024 1.9 | Sep 2024 1.7 | Dec 2024 1.7 | Mar 2025 1.0 | Jun 2025 1.2 | Sep 2025 2.1 | Dec 2025 2.4 | Mar 2026 1.8
- CSIQ: Jun 2021 — | Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.3 | Dec 2022 1.0 | Mar 2023 1.3 | Jun 2023 1.0 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.6 | Mar 2026 0.3
- ARRY: Jun 2021 — | Sep 2021 342.9 | Dec 2021 -30.6 | Mar 2022 15.6 | Jun 2022 25.9 | Sep 2022 40.3 | Dec 2022 23.4 | Mar 2023 15.9 | Jun 2023 11.9 | Sep 2023 12.0 | Dec 2023 9.8 | Mar 2024 9.8 | Jun 2024 7.8 | Sep 2024 15.6 | Dec 2024 -7.8 | Mar 2025 -7.6 | Jun 2025 -12.7 | Sep 2025 -26.7 | Dec 2025 -6.8 | Mar 2026 -5.2
- TOYO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 4.9 | Sep 2024 2.1 | Dec 2024 1.9 | Mar 2025 1.5 | Jun 2025 2.0 | Sep 2025 1.8 | Dec 2025 1.9 | Mar 2026 2.0
- TYGO: Jun 2021 — | Sep 2021 28.9 | Dec 2021 38.3 | Mar 2022 64.6 | Jun 2022 68.1 | Sep 2022 0.2 | Dec 2022 -2.7 | Mar 2023 0.7 | Jun 2023 35.4 | Sep 2023 5.4 | Dec 2023 2.0 | Mar 2024 1.2 | Jun 2024 2.1 | Sep 2024 3.1 | Dec 2024 7.1 | Mar 2025 13.8 | Jun 2025 47.0 | Sep 2025 14.4 | Dec 2025 3.5 | Mar 2026 7.0

## 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.

### Strongest one-year price performers
1. Nextpower Inc. (NXT): 69%
2. Shoals Technologies Group, Inc. (SHLS): 66%
3. SolarEdge Technologies, Inc. (SEDG): 57%
4. Tigo Energy, Inc. (TYGO): 21%
5. Canadian Solar Inc. (CSIQ): 21%

### Strongest relative strength versus NIFTY 500
1. Shoals Technologies Group, Inc. (SHLS): -6.3%
2. SolarEdge Technologies, Inc. (SEDG): -8.2%
3. Nextpower Inc. (NXT): -12%
4. Enphase Energy, Inc. (ENPH): -14%
5. First Solar, Inc. (FSLR): -18%

## What can make this comparison misleading?
- 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.

## Every company
- First Solar, Inc. (FSLR) — market value ₹21.8K Cr; latest fundamentals Mar 2026
- Nextpower Inc. (NXT) — market value ₹14.5K Cr; latest fundamentals Mar 2026
- Enphase Energy, Inc. (ENPH) — market value ₹4.8K Cr; latest fundamentals Mar 2026
- SolarEdge Technologies, Inc. (SEDG) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Sunrun Inc. (RUN) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- Shoals Technologies Group, Inc. (SHLS) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Canadian Solar Inc. (CSIQ) — market value ₹926 Cr; latest fundamentals Mar 2026
- Array Technologies, Inc. (ARRY) — market value ₹785 Cr; latest fundamentals Mar 2026
- TOYO Co., Ltd. (TOYO) — market value ₹198 Cr; latest fundamentals Mar 2026
- Tigo Energy, Inc. (TYGO) — market value ₹121 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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% over the last 52 weeks and 27.6% 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 73 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 12.5 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 $49,213 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% 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/solar