# 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 2026-08-04. Not investment advice.

## Bottom line

Solar has outperformed S&P 500 by 32.9% over 52 weeks and 20.5% over 13 weeks. 1 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 10 beat the sector itself. Canadian Solar Inc. leads with revenue of $5,476 million, based on 6 of 10 comparable companies through Mar 2026.

## Sector relative strength

Solar has outperformed S&P 500 by 32.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 20.5%. 1 of 10 covered companies currently beats the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. SolarEdge Technologies, Inc. is the strongest against the sector itself at +20.8%.

13-week sector return versus NIFTY 500: -21%
52-week sector return versus NIFTY 500: 33%
Stocks leading NIFTY: 1/10
Stocks leading sector: 4/10

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: ₹56.2K 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): 61/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 19.5/35 | Capital efficiency 16.1/25 | Valuation 10.8/20 | Relative strength 14.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 19.5 + 16.1 + 10.8 + 14.4 = 60.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Shoals Technologies Group, Inc. (SHLS): 57/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 18.5/35 | Capital efficiency 11.8/25 | Valuation 12.0/20 | Relative strength 14.5/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 18.5 + 11.8 + 12 + 14.5 = 56.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Enphase Energy, Inc. (ENPH): 56/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 17.5/35 | Capital efficiency 12.3/25 | Valuation 9.5/20 | Relative strength 16.3/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 17.5 + 12.3 + 9.5 + 16.3 = 55.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. SolarEdge Technologies, Inc. (SEDG): 52/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 19.0/35 | Capital efficiency 6.4/25 | Valuation 8.5/20 | Relative strength 18.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 19 + 6.4 + 8.5 + 18.4 = 52.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Nextpower Inc. (NXT): 49/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 15.2/35 | Capital efficiency 17.5/25 | Valuation 10.2/20 | Relative strength 6.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 15.2 + 17.5 + 10.2 + 6.3 = 49.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Canadian Solar Inc. (CSIQ): 47/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 18.1/35 | Capital efficiency 10.8/25 | Valuation 10.5/20 | Relative strength 7.7/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 18.1 + 10.8 + 10.5 + 7.7 = 47.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Sunrun Inc. (RUN): 40/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 20.1/35 | Capital efficiency 7.3/25 | Valuation 11.2/20 | Relative strength 1.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 20.1 + 7.3 + 11.2 + 1.8 = 40.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. TOYO Co., Ltd. (TOYO): 42/100 — Thin evidence · provisional; evidence 32%
   - Growth & earnings 16.4/35 | Capital efficiency 10.7/25 | Valuation 11.5/20 | Relative strength 3.6/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 16.4 + 10.7 + 11.5 + 3.6 = 42.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Tigo Energy, Inc. (TYGO): 40/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 19.3/35 | Capital efficiency 6.0/25 | Valuation 8.8/20 | Relative strength 6.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 19.3 + 6 + 8.8 + 6 = 40.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Array Technologies, Inc. (ARRY): 38/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 13.5/35 | Capital efficiency 9.9/25 | Valuation 9.2/20 | Relative strength 5.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 13.5 + 9.9 + 9.2 + 5 = 37.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

SolarEdge Technologies, Inc. has the strongest one-year price move in Solar at +95.5%. It also leads on Mansfield relative strength against the S&P 500 at +6.4%. 1 of 10 covered companies is above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. SolarEdge Technologies, Inc. (SEDG): 96%
2. Shoals Technologies Group, Inc. (SHLS): 95%
3. Nextpower Inc. (NXT): 75%
4. Tigo Energy, Inc. (TYGO): 56%
5. Canadian Solar Inc. (CSIQ): 41%

### Strongest relative strength versus NIFTY 500
1. SolarEdge Technologies, Inc. (SEDG): 6.4%
2. Shoals Technologies Group, Inc. (SHLS): -3.6%
3. Enphase Energy, Inc. (ENPH): -4.7%
4. First Solar, Inc. (FSLR): -5.0%
5. Nextpower Inc. (NXT): -13%

## Revenue Scale & Growth Durability

What the numbers say: Canadian Solar Inc. is the scale leader at $5,476 million, 72.5% ahead of Sunrun 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 | 72.5% versus #2 · Sunrun Inc. | 1/8 recent comparable periods | 6/10 companies · 164 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 — older report
2. Sunrun Inc. (RUN): ₹3.2K Cr — older report
3. SolarEdge Technologies, Inc. (SEDG): ₹1.3K Cr — older report
4. Array Technologies, Inc. (ARRY): ₹1.2K Cr — older report
5. Shoals Technologies Group, Inc. (SHLS): ₹536 Cr — older report

### Revenue growth — fastest growers
1. Tigo Energy, Inc. (TYGO): 75% — older report
2. Sunrun Inc. (RUN): 52% — older report
3. Shoals Technologies Group, Inc. (SHLS): 38% — older report
4. SolarEdge Technologies, Inc. (SEDG): 36% — older report
5. Array Technologies, Inc. (ARRY): 13% — older report

### 20-quarter Revenue history
- FSLR: 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 | Jun 2026 — | Sep 2026 —
- NXT: 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 | Jun 2026 — | Sep 2026 —
- ENPH: 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 | Jun 2026 — | Sep 2026 —
- SEDG: 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 | Jun 2026 — | Sep 2026 —
- RUN: 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 | Jun 2026 — | Sep 2026 —
- SHLS: 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 | Jun 2026 — | Sep 2026 —
- CSIQ: 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 | Jun 2026 — | Sep 2026 —
- ARRY: 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 | Jun 2026 — | Sep 2026 —
- TOYO: 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 — | Jun 2026 — | Sep 2026 —
- TYGO: 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 | Jun 2026 — | Sep 2026 —

### 20-quarter Revenue growth history
- FSLR: 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% | Jun 2026 — | Sep 2026 —
- NXT: 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% | Jun 2026 — | Sep 2026 —
- ENPH: 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% | Jun 2026 — | Sep 2026 —
- SEDG: 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% | Jun 2026 — | Sep 2026 —
- RUN: 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% | Jun 2026 — | Sep 2026 —
- SHLS: 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% | Jun 2026 — | Sep 2026 —
- CSIQ: 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% | Jun 2026 — | Sep 2026 —
- ARRY: 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% | Jun 2026 — | Sep 2026 —
- TOYO: 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 — | Jun 2026 — | Sep 2026 —
- TYGO: 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% | Jun 2026 — | Sep 2026 —

## 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 · 159 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% — older report
4. Shoals Technologies Group, Inc. (SHLS): 5.5% — older report
5. Array Technologies, Inc. (ARRY): 3.2% — older report

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

### 20-quarter OPM history
- FSLR: 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% | Jun 2026 — | Sep 2026 —
- NXT: 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% | Jun 2026 — | Sep 2026 —
- ENPH: 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% | Jun 2026 — | Sep 2026 —
- SEDG: 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% | Jun 2026 — | Sep 2026 —
- RUN: 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% | Jun 2026 — | Sep 2026 —
- SHLS: 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% | Jun 2026 — | Sep 2026 —
- CSIQ: 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% | Jun 2026 — | Sep 2026 —
- ARRY: 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% | Jun 2026 — | Sep 2026 —
- TYGO: 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% | Jun 2026 — | Sep 2026 —

### 20-quarter Margin change history
- FSLR: 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 | Jun 2026 — | Sep 2026 —
- NXT: 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 | Jun 2026 — | Sep 2026 —
- ENPH: 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 | Jun 2026 — | Sep 2026 —
- SEDG: 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 | Jun 2026 — | Sep 2026 —
- RUN: 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 | Jun 2026 — | Sep 2026 —
- SHLS: 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 | Jun 2026 — | Sep 2026 —
- CSIQ: 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 | Jun 2026 — | Sep 2026 —
- ARRY: 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 | Jun 2026 — | Sep 2026 —
- TYGO: 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 | Jun 2026 — | Sep 2026 —

## Profit Scale & Acceleration

What the numbers say: Shoals Technologies Group, Inc. leads net profit at $34 million; the second comparison lacks enough current evidence.

Investor read: Shoals Technologies Group, 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: Shoals Technologies Group, Inc. · $34 million | 750% versus #2 · Tigo Energy, Inc. | 1/8 recent comparable periods | 6/10 companies · 167 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. Shoals Technologies Group, Inc. (SHLS): ₹34 Cr — older report
2. Tigo Energy, Inc. (TYGO): ₹4 Cr — older report
3. Array Technologies, Inc. (ARRY): ₹-67 Cr — older report
4. Canadian Solar Inc. (CSIQ): ₹-90 Cr — older report
5. SolarEdge Technologies, Inc. (SEDG): ₹-365 Cr — older report

### Profit growth — fastest growers

### 20-quarter Net profit history
- FSLR: 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 | Jun 2026 — | Sep 2026 —
- NXT: 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 | Jun 2026 — | Sep 2026 —
- ENPH: 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 | Jun 2026 — | Sep 2026 —
- SEDG: 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 | Jun 2026 — | Sep 2026 —
- RUN: 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 | Jun 2026 — | Sep 2026 —
- SHLS: 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 | Jun 2026 — | Sep 2026 —
- CSIQ: 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 | Jun 2026 — | Sep 2026 —
- ARRY: 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 | Jun 2026 — | Sep 2026 —
- TOYO: 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 — | Jun 2026 — | Sep 2026 —
- TYGO: 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 | Jun 2026 — | Sep 2026 —

### 20-quarter Profit growth history
- FSLR: 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% | Jun 2026 — | Sep 2026 —
- NXT: 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% | Jun 2026 — | Sep 2026 —
- ENPH: 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% | Jun 2026 — | Sep 2026 —
- SEDG: 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 — | Jun 2026 — | Sep 2026 —
- SHLS: 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 — | Jun 2026 — | Sep 2026 —
- CSIQ: 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 — | Jun 2026 — | Sep 2026 —
- ARRY: 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% | Jun 2026 — | Sep 2026 —
- TOYO: 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 — | Jun 2026 — | Sep 2026 —
- TYGO: 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 — | Jun 2026 — | Sep 2026 —

## Return On Capital Employed

What the numbers say: Nextpower Inc. leads ROCE at 6.9%, 2.7 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. · 6.9% | 64.3% versus #2 · First Solar, Inc. | 0/8 recent comparable periods | 10/10 companies · 175 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): 6.9%
2. First Solar, Inc. (FSLR): 4.2%
3. Enphase Energy, Inc. (ENPH): 2.4%
4. Shoals Technologies Group, Inc. (SHLS): 1.0% — older report
5. Canadian Solar Inc. (CSIQ): 0.8% — older report

### ROCE change — fastest improvers
1. Canadian Solar Inc. (CSIQ): +1.5 pp — older report
2. Enphase Energy, Inc. (ENPH): +0.8 pp
3. First Solar, Inc. (FSLR): +0.4 pp
4. Sunrun Inc. (RUN): +0.4 pp — older report
5. Shoals Technologies Group, Inc. (SHLS): +0.4 pp — older report

### 20-quarter ROCE history
- FSLR: 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% | Jun 2026 4.2% | Sep 2026 —
- NXT: 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% | Jun 2026 — | Sep 2026 6.9%
- ENPH: 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% | Jun 2026 2.4% | Sep 2026 —
- SEDG: 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% | Jun 2026 — | Sep 2026 —
- RUN: 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% | Jun 2026 — | Sep 2026 —
- SHLS: 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% | Jun 2026 — | Sep 2026 —
- CSIQ: 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% | Jun 2026 — | Sep 2026 —
- ARRY: 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% | Jun 2026 — | Sep 2026 —
- TOYO: 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% | Jun 2026 — | Sep 2026 —
- TYGO: 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% | Jun 2026 — | Sep 2026 —

### 20-quarter ROCE change history
- FSLR: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Jun 2026 +0.4 pp | Sep 2026 —
- NXT: 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 | Jun 2026 — | Sep 2026 −1.1 pp
- ENPH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Jun 2026 +0.8 pp | Sep 2026 —
- SEDG: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Jun 2026 — | Sep 2026 —
- RUN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Jun 2026 — | Sep 2026 —
- SHLS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Jun 2026 — | Sep 2026 —
- CSIQ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Jun 2026 — | Sep 2026 —
- ARRY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Jun 2026 — | Sep 2026 —
- TOYO: 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 | Jun 2026 — | Sep 2026 —
- TYGO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Jun 2026 — | Sep 2026 —

## Valuation Against Growth & Quality

What the numbers say: Shoals Technologies Group, Inc. has the lowest comparable PEG at 1.27×. Only 1 of 10 companies have earnings and growth steady enough for the ratio to mean anything, 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: Shoals Technologies Group, Inc. · 1.27× | Not enough peers | 0/8 recent comparable periods | 1/10 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Shoals Technologies Group, Inc. (SHLS): 1.3 — older report

### P/E — lowest P/E
1. TOYO Co., Ltd. (TOYO): 5.2 — older report
2. Sunrun Inc. (RUN): 6.4 — older report
3. First Solar, Inc. (FSLR): 14.5
4. Canadian Solar Inc. (CSIQ): 20.6 — older report
5. Nextpower Inc. (NXT): 29.2

### 20-quarter PEG history
- FSLR: 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 | Jun 2026 — | Sep 2026 —
- NXT: 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 | Jun 2026 — | Sep 2026 —
- ENPH: 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 — | Jun 2026 — | Sep 2026 —
- SEDG: 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 — | Jun 2026 — | Sep 2026 —
- SHLS: 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 — | Jun 2026 — | Sep 2026 —

### 20-quarter P/E history
- FSLR: 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 | Jun 2026 14.6 | Sep 2026 —
- NXT: 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 | Jun 2026 — | Sep 2026 29.2
- ENPH: 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 | Jun 2026 49.2 | Sep 2026 —
- SEDG: 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 — | Jun 2026 — | Sep 2026 —
- RUN: 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 | Jun 2026 — | Sep 2026 —
- SHLS: 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 | Jun 2026 — | Sep 2026 —
- CSIQ: 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 — | Jun 2026 — | Sep 2026 —
- ARRY: 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 — | Jun 2026 — | Sep 2026 —
- TOYO: 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 — | Jun 2026 — | Sep 2026 —
- TYGO: 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 | Jun 2026 — | Sep 2026 —


## 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.
- 7 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- First Solar, Inc. (FSLR) — market value ₹26.2K Cr; latest fundamentals Jun 2026
- Nextpower Inc. (NXT) — market value ₹14.9K Cr; latest fundamentals Sep 2026
- Enphase Energy, Inc. (ENPH) — market value ₹5.5K Cr; latest fundamentals Jun 2026
- SolarEdge Technologies, Inc. (SEDG) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- Sunrun Inc. (RUN) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Shoals Technologies Group, Inc. (SHLS) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Canadian Solar Inc. (CSIQ) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Array Technologies, Inc. (ARRY) — market value ₹924 Cr; latest fundamentals Mar 2026
- TOYO Co., Ltd. (TOYO) — market value ₹233 Cr; latest fundamentals Mar 2026
- Tigo Energy, Inc. (TYGO) — market value ₹155 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Sep 2026; prices through 2026-08-04.
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

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

Solar has outperformed S&P 500 by 32.9% over 52 weeks and 20.5% over 13 weeks. 1 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 4 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 6 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 6 of 10 comparable companies.

### Which Solar company has the strongest 4-Factor Sector Score?

First Solar, Inc. ranks first at 60.8/100 with 55.5% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Solar company has the lowest comparable PEG?

Shoals Technologies Group, Inc. has the lowest comparable PEG at 1.27, among 1 of 10 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Solar comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Sep 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.

### Which Solar company is the biggest?

Canadian Solar Inc. is the largest, with trailing-twelve-month revenue of $5,476 million, ahead of Sunrun Inc. at $3,175 million. That covers 6 of 10 companies with comparable reporting through Mar 2026.

### 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?

Shoals Technologies Group, Inc. earns the most, at $34 million of trailing-twelve-month net profit, from 6 of 10 comparable companies.

### Which Solar company earns the highest return on capital?

Nextpower Inc. leads on return on capital employed at 6.9%, 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 PEG — where a LOWER number is cheaper — Shoals Technologies Group, Inc. screens cheapest at 1.27×. Only 1 of 10 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Solar sector beating the market?

Solar has outperformed S&P 500 by 32.9% over the last 52 weeks and 20.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 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?

SolarEdge Technologies, 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 60.8 out of 100 with 55.5% evidence confidence, from 19.5 points on growth and earnings, 16.1 on capital efficiency, 10.8 on valuation and 14.4 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, ending Sep 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 $56,211 million of combined market value. First Solar, Inc. is the largest at $26,183 million, about 47% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 2026-08-04.

### How is the Solar sector performing?

1 of the 10 covered Solar companies are beating S&P 500 on Mansfield relative strength. The sector itself is 32.9% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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 Sep 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.