JinkoSolar Holding Co., Ltd. JKS
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Market cap
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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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -3.05 | 0.04 | 2.34 | 0.45 | 0.59 | 0.20 | 0.76 | — | — | — |
| EPS, diluted | -3.05 | -0.17 | 2.15 | 0.45 | 0.31 | -0.21 | 0.70 | — | — | — |
| Shares, diluted (wtd. avg.) | $208.4M | $210.0M | $226.1M | $200.4M | $205.7M | $171.4M | $166.6M | $154.7M | $131.7M | $130.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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