JinkoSolar Holding Co., Ltd. ADR (JKS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.7	-$0.49	+30.0%	—	$12.4B	—
Q1 26	-$0.89	-$4.2	-371.9%	—	$12.2B	—
Q3 25	-$2.01	-$2.01	0.0%	—	$16.2B	—
Q1 25	-$1.31	-$2.64	-101.5%	—	$13.8B	—
Q4 24	-$0.01	-$1.02	-10100.0%	—	$20.7B	—
Q3 24	$0.7	$0.29	-58.6%	—	$24.5B	—
Q2 24	$0.8	$0.99	+23.7%	—	$3.4B	—
Q1 24	$0.31	$1.16	+274.2%	—	$23B	—
Q4 23	$2.51	$0.08	-96.8%	—	$32.8B	—
Q3 23	$0.92	$3.31	+259.8%	—	$31.8B	—
Q2 23	$1.26	$3.52	+179.4%	—	$30.7B	—
Q1 23	$0.51	$2.31	+352.9%	—	$23.3B	—
Q4 22	$1.33	$0.83	-37.6%	—	$30B	—
Q3 22	$0.71	$0.7	-1.4%	—	$19.5B	—
Q2 22	$0.73	$1.11	+52.1%	—	$18.8B	—
Q1 22	$0.49	$0.31	-36.7%	—	$14.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$85.3	—	—	$65.5B	—
FY24	—	$1.12	—	—	$92.3B	—
FY23	—	$66.4	—	—	$118.7B	—
FY22	—	$13.4	—	—	$83.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$21.4B	$26.5B	$25B	$29.7B	$35.1B	$40.8B	$83.1B	$118.7B	$92.3B	$65.5B
YoY change	+38.5%	+23.7%	-5.4%	+18.8%	+18.1%	+16.2%	+103.6%	+42.8%	-22.3%	-29%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	21.4B	26.5B	25B	29.7B	35.1B	40.8B	83.1B	118.7B	92.3B	65.5B
Cost of revenue	17.5B	23.5B	21.5B	24.3B	29B	34.2B	70.8B	99.6B	82.2B	64.1B
Gross profit	3.9B	3B	3.5B	5.4B	6.2B	6.7B	12.3B	19B	10.1B	1.4B
Gross margin	18.1%	11.3%	14%	18.3%	17.6%	16.3%	14.8%	16%	10.9%	2.15%
Research & development	181.1M	294.1M	366.6M	324.4M	389.2M	461.6M	724.8M	911.9M	920.5M	896.9M
Selling, general & administrative	2.2B	2.4B	2.5B	3.3B	3.9B	4.8B	10.8B	11.4B	11.2B	7.8B
Operating expenses	2.2B	2.5B	2.8B	3.6B	4.1B	4.8B	10.4B	11.1B	9.7B	7.5B
Operating income	1.6B	473.2M	711.7M	1.9B	2.1B	1.8B	1.9B	7.9B	346.2M	-6.1B
Operating margin	7.68%	1.79%	2.84%	6.26%	5.95%	4.51%	2.28%	6.66%	0.38%	-9.31%
Non-operating income, net	-36.3M	-78.8M	-8.6M	-199.5M	-1.1B	-128M	575M	199.6M	642.1M	-2.2B
Pretax income	1.2B	148.9M	407.4M	1.3B	566.4M	1.1B	2B	7.5B	259.9M	-9.2B
Income tax	257.5M	4.6M	4.4M	278M	178.4M	194.1M	605.3M	1.3B	69.4M	-2.2B
Net income	2B	142.2M	405.6M	924.4M	335.3M	955.6M	1.6B	6.5B	13.5M	-7.1B
Net margin	9.31%	0.54%	1.62%	3.11%	0.95%	2.34%	1.88%	5.44%	0.01%	-10.9%
EBITDA	2.5B	1.2B	1.6B	3B	3.7B	3.9B	5.2B	16.7B	8.9B	2.3B
EPS	58	4.4	10.6	21.2	5.16	15.1	13.4	66.4	1.12	-85.3
Diluted EPS	53.4	4.32	10.5	19.4	-5.44	8.04	13.3	60.9	-5	-85.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	30.7B	31.8B	32.8B	23B	3.4B	24.5B	20.7B	13.8B	16.2B	17.5B	12.2B	12.4B
Cost of revenue	25.9B	25.7B	28.7B	20.3B	3B	20.7B	19.9B	14.2B	15B	17.5B	11.2B	11.8B
Gross profit	4.8B	6.1B	4.1B	2.7B	376.6M	3.9B	789.7M	-352.9M	1.2B	55.1M	1B	513.1M
Gross margin	15.6%	19.3%	12.5%	11.9%	11.1%	15.7%	3.82%	-2.55%	7.31%	0.31%	8.32%	4.15%
Research & development	225.6M	218.1M	279.6M	240.4M	30.3M	208.7M	256.1M	151.8M	255.7M	237.8M	228.5M	231.4M
Selling, general & administrative	2.5B	2.9B	3.4B	2.8B	413.5M	3.3B	2.1B	2.4B	1.8B	2B	1.4B	1.7B
Operating expenses	2.4B	3.1B	3.1B	2.8B	319.2M	3.1B	1.5B	2B	1.7B	2B	1.3B	1.7B
Operating income	2.4B	3.1B	966.4M	-107.8M	57.4M	730.9M	-684.8M	-2.3B	-490.7M	-1.9B	-256.2M	-1.2B
Operating margin	7.77%	9.68%	2.94%	-0.47%	1.7%	2.98%	-3.32%	-16.8%	-3.04%	-11%	-2.09%	-9.9%
Non-operating income, net	514.6M	-183.6M	-239.8M	1.7B	-46.4M	-371.1M	-375.5M	-143.8M	-615M	-1.4B	-678.2M	198.1M
Pretax income	2.7B	2.8B	521M	1.4B	-3.8M	157.6M	-1.3B	-2.7B	-1.3B	-3.5B	-1.2B	-1.3B
Income tax	341.1M	403.3M	200.8M	476.7M	3.5M	148.5M	-580.5M	-699.5M	-191.6M	-1B	-379.3M	-163.7M
Net income	2.4B	2.3B	322.6M	960.4M	-16.8M	5.8M	-833.2M	-2.1B	-1.1B	-2.5B	-880.4M	-1.2B
Net margin	7.86%	7.3%	0.98%	4.17%	-0.5%	0.02%	-4.03%	-14.9%	-6.89%	-14.5%	-7.19%	-9.82%
EBITDA	2.7B	3.5B	1.5B	1.6B	96.5M	903.3M	-2.2B	-2.4B	-486.8M	-1.4B	-111.5M	-1.1B
EPS	25.6	25.7	0.56	11.3	-1.92	0.44	-9.24	-25.6	-14.3	-28.6	-8.84	-13.2
Diluted EPS	22.2	18.4	0.56	5.36	-2.12	0.44	-9.24	-25.6	-14.3	-28.6	-8.84	-13.2

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.5B	5.6B	—	—	20.1B	15.9B	14.7B	13.9B	—	1.3B	1.3B
Enterprise value	12.1B	16.8B	—	—	39.6B	44.7B	52.1B	53.7B	—	30.3B	30.3B
Shares outstanding	228.1M	233.7M	278.8M	307M	324.3M	345.6M	358.9M	377.5M	52.2M	52.1M	52.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	1.74	39.5	—	—	59.9	16.6	9.37	2.16	—	—	—
P/S	0.16	0.21	—	—	0.57	0.39	0.18	0.12	—	0.02	0.02
P/B	0.54	0.84	—	—	1.54	1.11	0.54	0.42	—	0.05	0.05
EV/EBITDA	4.88	13.9	—	—	10.7	11.6	9.97	3.22	—	13	13
EV/Sales	0.57	0.63	—	—	1.13	1.09	0.63	0.45	—	0.46	0.46
Earnings yield	57.3%	2.53%	—	—	1.67%	6.02%	10.7%	46.3%	—	—	—
FCF yield	-173%	-49.5%	—	—	-17.7%	-52%	-123.6%	-14.5%	—	-165%	-165%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	18.1%	11.3%	14%	18.3%	17.6%	16.3%	14.8%	16%	10.9%	2.15%	2.15%
Operating margin	7.68%	1.79%	2.84%	6.26%	5.95%	4.51%	2.28%	6.66%	0.38%	-9.31%	-9.31%
Net margin	9.31%	0.54%	1.62%	3.11%	0.95%	2.34%	1.88%	5.44%	0.01%	-10.9%	-10.9%
ROE	30.8%	2.13%	4.8%	7.43%	2.58%	6.69%	5.8%	19.2%	0.04%	-25.8%	-25.8%
ROA	7.63%	0.5%	1.13%	1.93%	0.63%	1.31%	1.44%	4.75%	0.01%	-5.88%	-5.88%
ROIC	8.65%	2.57%	3.33%	5.4%	4.4%	3.51%	2.04%	8.98%	0.45%	-10.8%	-10.8%
Return on tangible assets	7.92%	0.51%	1.17%	1.98%	0.65%	1.35%	1.48%	4.92%	0.01%	-6.14%	-6.14%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.07	0.98	0.95	1.01	1.08	1	1.05	1.02	1.26	1.25	1.25
Quick ratio	0.83	0.77	0.71	0.83	0.81	0.71	0.78	0.8	1.03	0.99	0.99
Debt / equity	1.73	1.96	1.87	1.61	2.13	2.61	1.77	1.69	1.4	1.93	1.93
Debt / assets	0.43	0.46	0.44	0.42	0.52	0.51	0.44	0.42	0.38	0.44	0.44
Net debt / EBITDA	3.48	9.26	7.74	4.77	5.3	7.46	7.16	2.38	2.47	12.4	12.4
Interest coverage	4.12	1.49	2.08	3.23	1.84	2.3	2.83	7.4	1.23	-5.75	-5.75
Effective tax rate	20.6%	3.11%	1.08%	22.2%	31.5%	17.8%	30.6%	16.8%	26.7%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	93.8	113.3	89.8	96.9	108.3	118.1	231.6	314.4	1.8K	1.3K	1.3K
EPS (basic)	58	4.4	10.6	21.2	5.16	15.1	13.4	66.4	1.12	-85.3	-85.3
EPS (diluted)	53.4	4.32	10.5	19.4	-5.44	8.04	13.3	60.9	-5	-85.3	-85.3
Book value per share	28.3	28.6	30.3	40.5	40.1	41.3	75.2	88.8	656.5	529.2	529.2
FCF per share	-26.3	-11.9	-7.1	-7.51	-11	-23.9	-50.5	-5.36	143.5	-42.6	-42.6
Cash per share	11.3	8.26	11.1	18.4	24.8	24.5	28.8	45.3	498.2	464.3	464.3
Capex per share	17.9	10.8	8.3	11.3	12.5	25	32.3	40.2	168.2	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	19.1%	9.5%	9.24%	11.7%	11.5%	21.1%	13.9%	12.8%	9.51%	—	—
Capex / operating cash flow	-295.9%	1.5K%	488.9%	131.7%	-301.2%	-587.6%	-143.6%	141.8%	78.6%	—	—
Payout ratio	—	—	—	—	—	0%	0%	8.67%	4.1K%	-6.85%	-6.85%
Dividend yield	—	—	—	—	—	0%	0%	4.01%	—	36.2%	36.2%

Yield

—

trailing twelve months

Frequency

Annual

Last dividend

$1.50

ex-dividend Jun 22, 2026

Payout ratio

-7%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 22, 2026	$1.50
Jul 2, 2025	$1.30
Aug 15, 2024	$1.50
Nov 22, 2023	$1.50

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$30.7B	$31.8B	$32.8B	$23B	$3.4B	$24.5B	$20.7B	$13.8B	$16.2B	$17.5B	$12.2B	$12.4B
YoY change	+62.9%	+63.1%	+9.43%	-1.22%	-89%	-23%	-37.1%	-39.9%	-34.1%	-15.2%	-11.5%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.6B	1.9B	3.1B	5.7B	8.1B	8.5B	10.3B	17.1B	26B	24.2B
Receivables	6.2B	6.6B	6.1B	5.8B	4.9B	7.5B	16.8B	23B	14.1B	13.6B
Inventory	4.5B	4.3B	5.7B	5.8B	8.4B	13.3B	17.5B	18.2B	12.5B	14.5B
Total current assets	19.7B	19.6B	22.9B	31.7B	33.7B	45.5B	68.3B	82.9B	68.9B	68.8B
Property, plant & equipment	4.4B	6.3B	9.8B	9.6B	10.7B	16B	21.8B	27.4B	25.7B	22.4B
Goodwill & intangibles	942.5M	990M	1.2B	1.3B	1.6B	2.3B	3B	4.8B	4.6B	5.2B
Total assets	26.1B	28.6B	35.9B	47.8B	53.2B	73B	108.7B	135.8B	124.9B	121B
Accounts payable	4.3B	4.7B	5.3B	5B	4.5B	6.8B	10.4B	15.5B	11B	13.7B
Short-term debt	10.7B	11.9B	13.2B	16.8B	19.7B	25.7B	33.3B	40.2B	18.3B	20.8B
Total current liabilities	18.4B	20B	24.1B	31.3B	31.2B	45.5B	64.9B	81.1B	54.5B	55B
Long-term debt	488.5M	1.2B	2.6B	3.2B	7.9B	11.6B	14.5B	16.6B	29.6B	32.4B
Total liabilities	19.6B	21.9B	27.4B	35.4B	40.2B	58.7B	81.7B	102.3B	90.6B	93.5B
Shareholders' equity	6.5B	6.7B	8.5B	12.4B	13B	14.3B	27B	33.5B	34.2B	27.6B
Total debt	11.2B	13.1B	15.8B	20B	27.6B	37.3B	47.8B	56.8B	47.8B	53.1B
Net debt	8.7B	11.2B	12.7B	14.4B	20.1B	29B	37.5B	40.7B	22.8B	33.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	14.8B	13.6B	17.1B	17.6B	2B	22.4B	26B	27.4B	23.4B	24.2B	22.8B	25.7B
Receivables	21.6B	25.9B	23B	19.8B	2.6B	19.7B	14.1B	12.8B	15B	13.6B	13.8B	12.6B
Inventory	20.1B	19.2B	18.2B	20.1B	2.7B	15.2B	12.5B	13.3B	14.9B	14.5B	17.7B	16.5B
Total current assets	80.8B	80.8B	82.9B	82.2B	10.2B	74.3B	68.9B	67.3B	70B	68.8B	72.7B	63.7B
Property, plant & equipment	34.8B	36.7B	27.4B	44.1B	6.5B	46.2B	25.7B	44.3B	40B	22.4B	39.9B	39.4B
Goodwill & intangibles	3.3B	3.6B	4.8B	4.4B	623.2M	4.3B	4.6B	4.6B	4.6B	5.2B	5.1B	4.8B
Total assets	125.1B	127.3B	135.8B	137.1B	18.1B	130.2B	124.9B	122.3B	120.8B	121B	125.5B	118.5B
Accounts payable	11.7B	14.2B	15.5B	15B	2B	11.6B	11B	11.4B	14.1B	13.7B	14.1B	13.4B
Short-term debt	38.5B	35.9B	40.2B	36.4B	3.7B	22.3B	18.3B	15.2B	18.6B	20.8B	21.6B	21.9B
Total current liabilities	72.8B	73.3B	81.1B	80.2B	9.5B	61B	54.5B	50.7B	53.9B	55B	57.8B	56.3B
Long-term debt	18.2B	17.9B	16.6B	17.1B	3B	27.6B	29.6B	33.5B	30.8B	32.4B	31.5B	27.8B
Total liabilities	93.6B	94.3B	102.3B	102.4B	13.4B	95.4B	90.6B	90.6B	90.7B	93.5B	95.4B	89.7B
Shareholders' equity	31.4B	33.1B	33.5B	34.7B	4.7B	34.9B	34.2B	31.6B	30.1B	27.6B	30.2B	28.8B
Total debt	56.7B	53.8B	56.8B	53.5B	6.7B	50B	47.8B	48.6B	49.4B	53.1B	53.1B	49.7B
Net debt	42B	40.3B	40.7B	35.8B	4.7B	27.6B	22.8B	21.2B	25.9B	33.1B	30.3B	32.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2B	142.2M	405.6M	924.4M	335.3M	955.6M	1.6B	6.5B	13.5M	-7.1B
Depreciation & amortization	788.4M	616.1M	817.3M	978.9M	1.4B	1.8B	2.8B	8.2B	7.8B	8B
Stock-based compensation	203.3M	64.9M	29.3M	4.6M	923K	9.9M	1B	862.6M	365.8M	225.7M
Change in working capital	-4.5B	-601.5M	-680.5M	289.5M	-4.4B	-3.7B	-13.1B	-3.9B	4.7B	-4.4B
Operating cash flow	-1.4B	162.8M	473.2M	2.6B	-1.3B	-1.5B	-8.1B	10.7B	11.2B	1.1B
Capital expenditure	-4.1B	-2.5B	-2.3B	-3.5B	-4B	-8.6B	-11.6B	-15.2B	-8.8B	—
Investing cash flow	-6.9B	-2.4B	-3.8B	-6B	-4.9B	-11.3B	-12.2B	-15.1B	-2.8B	-2.3B
Dividends paid	—	—	—	—	—	0	0	-559.6M	-547.7M	-486.8M
Share repurchases	—	—	0	0	-29.3M	0	0	-79.3M	-875M	-4M
Financing cash flow	7.5B	2B	4.3B	9.2B	6.2B	11.4B	20B	8.6B	-6.3B	-758.7M
Net change in cash	-784.9M	-201.3M	1B	5.9B	-79.3M	-1.4B	-279.4M	4.2B	2.1B	-2B
Free cash flow	-6B	-2.8B	-2B	-2.3B	-3.6B	-8.3B	-18.1B	-2B	7.5B	-2.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 12	Q4 12	Q3 13	Q4 13	Q3 16	Q4 16	Q3 17	Q4 17	Q4 19	Q4 20
Net income	-114.5M	-762.5M	105.4M	164.9M	294.2M	1B	11.2M	23.4M	392.7M	-362.7M
Depreciation & amortization	87.9M	85.4M	106.2M	92.6M	225.3M	146.8M	147.3M	185.1M	356.2M	391.9M
Stock-based compensation	4.6M	2.6M	3.6M	10.2M	29.6M	147.7M	14.6M	19M	-6.6M	56.6K
Change in working capital	233.3M	-109.8M	493.9M	-261.7M	-1.6B	-1.7B	-898.8M	413.5M	373.9M	266.6M
Operating cash flow	219.1M	-710.2M	826.5M	109.4M	-1B	-340.8M	-743.6M	625M	1.6B	1.1B
Capital expenditure	-59.2M	33.3M	-327.5M	-231.4M	-1.4B	-222.7M	-728M	-678.1M	-577.7M	-1.9B
Investing cash flow	-11.9M	-119.8M	-368.3M	-83.1M	-1.2B	-2.1B	-1.5B	117.2M	-928.1M	-2.3B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	0	325
Financing cash flow	-600M	178.3M	-410.3M	-530.2M	2B	2.8B	2.9B	-1B	1.3B	2.2B
Net change in cash	-392.8M	-651.7M	48M	-503.9M	-267.7M	295.5M	673.9M	-264.3M	2B	977.5M
Free cash flow	311.3M	-18.7M	533.8M	-132.4M	-2.2B	-1.8B	-1.6B	224.3K	673.5M	540.5M

JinkoSolar Holding Co., Ltd. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement