JinkoSolar Holding Co., Ltd. JKS

Technology SIC 3674 - Semiconductors & Related Devices NAICS Manufacturing › Computer and Electronic Product Manufacturing › Semiconductor and Other Electronic Component Manufacturing › Semiconductor and Related Device Manufacturing derived NYSE

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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.

Valuation FY2025 figures against the last close

P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-3.05

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $9.37B$12.64B$16.72B$12.05B$6.41B$5.38B$4.27B$3.64B$4.07B$3.08B
Cost of revenue $9.16B$11.26B$14.03B$10.27B$5.36B$4.44B$3.49B$3.13B$3.61B$2.53B
Gross profit $201.7M$1.38B$2.68B$1.78B$1.04B$945.8M$780.2M$511.1M$459.8M$557.3M
R&D $128.3M$126.1M$128.4M$105.1M$72.4M$59.6M$46.6M$53.3M$45.2M$26.1M
SG&A $472.6M$629.9M$645.6M$508.7M$308.1M$216.0M$152.1M$113.4M$72.4M$112.2M
Total operating expenses $1.48B$1.84B$1.82B$1.72B$871.8M$672.3M$531.8M$417.3M$409.8M$363.0M
Operating income -$1.27B-$458.2M$858.1M$62.2M$173.0M$273.6M$248.4M$93.8M$50.0M$194.3M
Interest expense $194.5M$156.6M$165.0M$156.5M——————
Pre-tax income -$1.31B$35.6M$1.05B$286.6M$171.0M$86.8M$179.7M$59.3M$22.9M$179.7M
Income tax $317.6M$9.5M$177.5M$87.8M$30.5M$27.3M$39.9M$641.3K$711.3K$37.1M
Net income -$635.6M$7.5M$485.6M$90.0M$113.1M$35.3M$129.1M$59.1M$21.8M$263.1M
EPS, basic -3.050.042.340.450.590.200.76———
EPS, diluted -3.05-0.172.150.450.31-0.210.70———
Shares, diluted (wtd. avg.) 208.4M210.0M226.1M200.4M205.7M171.4M166.6M154.7M131.7M130.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.86B$3.97B$2.66B$1.59B$1.32B$1.27B$961.5M$500.2M$401.6M$384.5M
Short-term investments $598.5M$127.2M$144.2M$0$23.5M$87.4M——$412.6K$10.3M
Receivables ———$2.42B$1.17B$695.0M$756.5M$790.7M$691.3M$684.7M
Inventory $2.07B$1.71B$2.57B$2.53B$2.08B$1.28B$835.8M$835.3M$656.9M$644.3M
Total current assets $9.84B$9.43B$11.68B$9.91B$7.14B$5.16B$4.55B$3.32B$3.01B$2.84B
Property, plant and equipment ——$5.81B$4.68B$3.13B$1.91B$1.47B$1.20B$1.03B$682.5M
Other intangibles $63.8M$63.3M$80.2M$11.5M$8.7M$5.5M$5.2M$5.1M$4.0M$2.9M
Total assets $17.31B$17.11B$19.13B$15.75B$11.45B$8.16B$6.87B$5.21B$4.40B$3.76B
Accounts payable ———$1.50B$1.07B$679.9M$711.4M$774.8M$716.0M$617.9M
Short-term debt ———————$1.5M$1.6M—
Total current liabilities $7.87B$7.46B$11.42B$9.41B$7.13B$4.78B$4.49B$3.51B$3.07B$2.64B
Long-term debt ———————$284.3M$58.4M$70.4M
Total liabilities $13.36B$12.42B$14.41B$11.84B$9.21B$6.17B$5.09B$3.99B$3.37B$2.83B
Total equity $2.25B$2.73B$2.84B$2.37B$1.73B$1.53B$1.34B$1.14B$1.03B$930.5M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $154.7M$2.31B$1.95B-$841.0M$67.6M$90.6M$202.6M$89.4M-$27.2M-$259.7M
Depreciation and amortisation $1.11B$1.03B$1.11B$374.8M$251.7M$177.9M$105.9M$116.6M$92.3M$64.7M
Stock-based compensation $32.3M$50.1M$121.5M$145.1M$1.6M$141.4K$657.6K$4.3M$10.0M$29.3M
Capital expenditure $455.6M$1.25B$2.15B$1.78B$1.36B$621.5M$473.7M$352.2M$334.8M$284.5M
Investing cash flow -$769.0M-$397.6M-$2.14B-$1.78B-$1.77B-$753.8M-$865.5M-$572.3M-$374.0M-$995.1M
Financing cash flow -$108.5M-$858.8M$1.22B$2.90B$1.89B$965.1M$1.06B$577.8M$324.3M$1.07B

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050737.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -5B 0 5B 10B 15B 20B Revenue, FY2016: 3.1B Gross profit, FY2016: 557.3M Net income, FY2016: 263.1M Revenue, FY2017: 4.1B Gross profit, FY2017: 459.8M Net income, FY2017: 21.8M Revenue, FY2018: 3.6B Gross profit, FY2018: 511.1M Net income, FY2018: 59.1M Revenue, FY2019: 4.3B Gross profit, FY2019: 780.2M Net income, FY2019: 129.1M Revenue, FY2020: 5.4B Gross profit, FY2020: 945.8M Net income, FY2020: 35.3M Revenue, FY2021: 6.4B Gross profit, FY2021: 1B Net income, FY2021: 113.1M Revenue, FY2022: 12.1B Gross profit, FY2022: 1.8B Net income, FY2022: 90M Revenue, FY2023: 16.7B Gross profit, FY2023: 2.7B Net income, FY2023: 485.6M Revenue, FY2024: 12.6B Gross profit, FY2024: 1.4B Net income, FY2024: 7.5M Revenue, FY2025: 9.4B Gross profit, FY2025: 201.7M Net income, FY2025: -635.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.08B $4.07B $3.64B $4.27B $5.38B $6.41B $12.05B $16.72B $12.64B $9.37B
Gross profit $557.3M $459.8M $511.1M $780.2M $945.8M $1.04B $1.78B $2.68B $1.38B $201.7M
Net income $263.1M $21.8M $59.1M $129.1M $35.3M $113.1M $90.0M $485.6M $7.5M -$635.6M

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