Nextpower Inc.
- Open
- 117.11
- Day high
- 118.95
- Day low
- 114.25
- Prev close
- 119.14
- Volume
- 486K
- Mkt cap
- $17.0B
- P/E (TTM)
- 29.1
- EPS (TTM)
- $3.94
- P/B
- 7.3
- P/S
- 4.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$22.6M over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions accumulating (13F)
Nextpower Inc. (NXT) is a Technology company listed on NASDAQ. The stock is up 107% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4).
Nextpower Inc. (NXT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 16 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NXT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $0.89 | $1.05 | +18.0% | $881M | +6.6% |
| Jan 27, 2026 | $0.93 | $1.10 | +18.3% | $909M | +9.4% |
| Oct 23, 2025 | $1.06 | $1.19 | +12.3% | $905M | +5.6% |
| Jul 29, 2025 | $1.03 | $1.16 | +12.6% | $864M | +2.8% |
| Jan 28, 2025 | $0.59 | $1.03 | +74.6% | $679M | -18.0% |
| Oct 30, 2024 | $0.61 | $0.97 | +59.0% | $636M | +3.6% |
| Aug 1, 2024 | $0.65 | $0.93 | +43.1% | $720M | +16.6% |
| Jan 31, 2024 | $0.49 | $0.96 | +95.9% | $710M | +14.7% |
| Oct 25, 2023 | $0.36 | $0.65 | +80.6% | $573M | +5.6% |
| Jul 26, 2023 | $0.29 | $0.48 | +65.5% | $480M | +1.2% |
| Feb 10, 2023 | — | $0.93 | — | $513M | — |
| Jun 30, 2022 | — | $0.58 | — | $403M | — |
NXT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | Wenger Howarddirector, officer: President | Option | 30,488 | — |
| Jun 23, 2026 | LEDESMA BRUCEofficer: Chief Legal & Compliance Ofc | Option | 20,326 | — |
| Jun 23, 2026 | SHUGAR DANIEL Sdirector, officer: Chief Executive Officer | Option | 57,165 | — |
| Jun 23, 2026 | Bennett David Pofficer: Chief Accounting Officer | Option | 25,407 | — |
| Jun 16, 2026 | Vinje Robertofficer: Chief Operating Officer | Grant | 15,262 | — |
| Jun 5, 2026 | SHUGAR DANIEL Sdirector, officer: Chief Executive Officer | Option | 21,402 | $21.00 |
| Jun 2, 2026 | SHUGAR DANIEL Sdirector, officer: Chief Executive Officer | Option | 55,000 | $21.00 |
| Jun 2, 2026 | BOYNTON CHARLES Dofficer: Chief Financial Officer | Sell | 4,500 | $151.79 |
| Jun 1, 2026 | Miller Nicholas Marcoofficer: Chief Operating Officer | Sell | 22,427 | $156.00 |
| May 28, 2026 | SHUGAR DANIEL Sdirector, officer: Chief Executive Officer | Option | 55,000 | $21.00 |
| May 27, 2026 | Wenger Howarddirector, officer: President | Sell | 7,690 | $128.91 |
| May 27, 2026 | Wenger Howarddirector, officer: President | Sell | 22,466 | $130.78 |
| May 27, 2026 | Wenger Howarddirector, officer: President | Sell | 23,355 | $129.66 |
| May 27, 2026 | Wenger Howarddirector, officer: President | Sell | 7,840 | $131.39 |
| May 27, 2026 | Wenger Howarddirector, officer: President | Sell | 1,319 | $132.59 |
Source: NXT SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full NXT insider & 13F page →Nextpower Inc. company profile
Overview
Nextracker Inc. (NASDAQ:NXT) is a leading solar tracker technology company founded in 2013 and headquartered in Fremont, California. The company went public in February 2023 and operates as a subsidiary of Flex Ltd. Nextracker has established itself as the global market leader in solar tracking systems for nine consecutive years, having shipped over 100 gigawatts of solar tracking solutions worldwide. The company has evolved from a pure solar tracker manufacturer into a comprehensive solar power technology platform, with strategic acquisitions and expanded product offerings designed to capture a larger share of the solar energy value chain.
Business
Nextracker operates in the solar energy infrastructure sector, specifically designing and manufacturing solar tracking systems that optimize the performance of photovoltaic (PV) solar installations. Solar trackers are mechanical systems that automatically orient solar panels to follow the sun's path throughout the day, maximizing energy capture by up to 25% compared to fixed-tilt installations. The company's core products include several tracker models designed for different applications and terrains. The NX Horizon is their flagship single-axis tracker designed for utility-scale solar power plants, while the NX Gemini is a two-in-portrait configuration that optimizes performance for bifacial solar modules. The NX Horizon XTR is an all-terrain tracker capable of following ground contours on challenging topography. Recently, the company introduced specialized products like the Hail Pro trackers with enhanced weather resistance. Beyond hardware, Nextracker provides intelligent software solutions. TrueCapture is their proprietary tracker control system that uses algorithms and sensors to optimize panel positioning based on weather conditions, shading, and other factors. NX Navigator serves as operational control software for risk mitigation and performance monitoring across solar installations. The company has recently expanded beyond pure tracking solutions through strategic acquisitions. The acquisition of Bentek Corporation brought electrical balance of system (eBOS) capabilities, while purchases of Ojjo and Solar Pile International added foundation and geotechnical expertise. This expansion represents Nextracker's evolution toward becoming a comprehensive solar technology platform. Revenue is geographically distributed with approximately 69% from the United States market and 31% from international markets including Latin America, Europe, Australia, and Asia. The company maintains over 20 manufacturing facilities globally with more than 30 gigawatts of annual production capacity.
Revenue model
Nextracker generates revenue primarily through product sales of solar tracking systems and related hardware to utility-scale solar project developers, independent power producers, and engineering, procurement, and construction (EPC) companies. The business model centers on manufacturing and selling complete tracker systems that include mechanical components, motors, controllers, and installation hardware. The company's customers are primarily solar project developers and EPC contractors who integrate Nextracker's systems into large-scale solar installations. Approximately 80% of revenue comes from repeat customers, indicating strong customer loyalty and satisfaction. The sales process typically involves long-term contracts with delivery schedules spanning multiple quarters, creating a substantial backlog that provides revenue visibility. Revenue streams include hardware sales from tracker systems, software licensing for TrueCapture and NX Navigator solutions, and increasingly, electrical balance of system components through the Bentek acquisition. The company also benefits from U.S. manufacturing tax credits under the 45X provision, which provides additional margin enhancement for domestically manufactured components. Several factors influence Nextracker's profitability margins. Positive margin drivers include the company's market leadership position allowing for premium pricing, operational scale efficiencies across manufacturing facilities, and the 45X tax credit benefits for domestic content. The company's differentiated technology and strong customer relationships support pricing power in competitive situations. Margin pressures come from commodity steel and aluminum price fluctuations, international shipping costs, and foreign exchange rate movements for international sales. Tariffs on imported components, particularly anti-dumping and countervailing duties, can impact input costs. Geographic revenue mix also affects margins, with international sales typically carrying lower margins than domestic U.S. business due to competitive dynamics and local market conditions.
Competitive moat
Nextracker's competitive moat stems from several interconnected advantages that create barriers to entry and customer switching costs. The company's technological leadership is evidenced by its extensive patent portfolio of 1,220 patents (646 issued, 574 pending), which protects key innovations in tracker design, control systems, and optimization algorithms. The TrueCapture software platform represents a significant differentiator, using machine learning and advanced algorithms to optimize tracker performance in real-time. Scale and manufacturing advantages provide cost efficiencies that smaller competitors cannot match. With over 30 gigawatts of annual manufacturing capacity across 20+ facilities globally, Nextracker can offer competitive pricing while maintaining quality standards. The company's established supply chain relationships and procurement scale create additional cost advantages. Customer relationships and switching costs form another layer of protection. With 80% revenue from repeat customers and a track record of successful project deliveries, customers face significant risks in switching to unproven alternatives. The complexity of utility-scale solar installations means performance and reliability are paramount, favoring established players with proven track records. However, the moat faces potential challenges. The solar tracker market is experiencing increased competition from both established industrial companies and new entrants, particularly in international markets. Commoditization risks exist as tracker technology matures, though Nextracker's software differentiation and system integration capabilities help mitigate this threat. Additionally, vertical integration by large solar developers or panel manufacturers could reduce demand for third-party tracker solutions. The company's expansion into adjacent markets like eBOS and foundations represents an attempt to strengthen its moat by becoming a more comprehensive solution provider, though this also introduces execution risks in new market segments where competitive dynamics may differ.
Risks & safety
Nextracker demonstrates a strong financial position with substantial cash reserves and minimal debt burden, providing significant margin of safety for investors. • Liquidity and Cash Position: $766 million in cash and short-term investments as of Q4 2025, with strong free cash flow generation of $622 million for fiscal year 2025 • Debt Level: Minimal debt with debt-to-equity ratio of 0.0% as of latest quarter, indicating very low financial leverage • Solvency: Current ratio of 2.09 and quick ratio of 1.89 demonstrate strong ability to meet short-term obligations • Cash Flow: Positive operating cash flow of $656 million for fiscal 2025, indicating strong cash generation from operations • Valuation Metrics: Trading at P/E ratio of 9.7x based on recent earnings, EV/EBITDA of 6.8x, suggesting reasonable valuation relative to growth prospects • Profitability: Return on equity of 31.3% for fiscal 2025 demonstrates efficient capital utilization • Growth Trajectory: Revenue growth of 18% year-over-year with expanding margins and strong backlog visibility • Risk Considerations: Exposure to solar industry cyclicality, potential policy changes affecting renewable energy incentives, and commodity price volatility for steel and aluminum inputs
Recent development
Over the past few years, Nextracker has executed a strategic transformation from a pure solar tracker manufacturer to a comprehensive solar technology platform. The most significant development has been the company's expansion beyond trackers through strategic acquisitions, with a stated goal of achieving one-third of revenues from non-tracker sources within five years. Key strategic moves include the acquisition of Bentek Corporation in 2025, which brought electrical balance of system (eBOS) capabilities, allowing customers to source both tracker systems and electrical components from a single supplier. Earlier acquisitions of Ojjo and Solar Pile International added foundation and geotechnical expertise, addressing the 20-30% of solar sites that require specialized foundation solutions. The company has significantly expanded its domestic manufacturing capabilities, becoming the first to offer 100% U.S. domestic content tracker solutions. This positioning allows Nextracker to capitalize on the 45X manufacturing tax credits and meet growing demand for domestic content in U.S. solar projects. The company has established over 20 manufacturing facilities with 30+ gigawatts of annual capacity. Innovation investments have accelerated, with R&D spending doubling over two years and the establishment of design facilities in the U.S., Brazil, and India. The company has expanded its patent portfolio to over 1,200 patents and introduced new products like the NX Horizon XTR all-terrain tracker and Hail Pro weather-resistant systems. Software and digital capabilities have been enhanced through continued development of TrueCapture and NX Navigator platforms, with software revenues becoming an increasingly important margin contributor. The company has also invested in workforce development through PowerworX training academies and partnerships with institutions like UC Berkeley for solar energy research.
NXT company profile · for informational purposes only — not investment advice.
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