JKSNYSESemiconductors & Related DevicesFiscal year ends December 31
JinkoSolar Holding Co., Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 29, 2026
$8.03−0.09 (-1.11%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
2.2%−15.4 pts over 5 years
Operating margin
-13.6%−18.7 pts over 5 years
Net margin
-6.8%−7.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -29.0% | +481.4% | +13.3% | +15.5% | |
| Gross profit | -86.0% | -51.4% | -25.6% | -7.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 33.9% | 2.4% | -25.0% | |
| Return on assets | 6.9% | 0.5% | -3.6% | |
| Current ratio | 1.07 | 1.08 | 1.25 | |
| Debt to equity | 0.89 | 0.82 | 0.96 | |
| Interest coverage | 3.3× | 2.6× | -6.5× | |
| Inventory turnover | 4.6× | 4.1× | 4.7× | |
| Capex to revenue | 9.2% | 11.5% | 4.9% | |
| Diluted shares | 131M | 171M | 208M |
Where the cash went
Fiscal 2021 to 2025, five years combined
JinkoSolar Holding generated CN¥37.99B from operations and spent CN¥49.79B on capital expenditure, dividends and share buybacks. 98% of that went back into the business.
Generated
CN¥37.99B
Used
CN¥49.79B
Capital expenditureCN¥48.84B98%DividendsCN¥00%Share buybacksCN¥958.22M2%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-6.8%
×Asset turnover0.53×
×Equity multiplier6.90×
=Return on equity, FY2025-25.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -6.8% | 0.53× | 6.90× | -25.0% |
| FY2024 | 0.1% | 0.71× | 6.51× | 0.3% |
| FY2023 | 2.9% | 0.97× | 6.70× | 18.9% |
| FY2022 | 186.2% | 0.00× | 6.63× | 4.5% |
| FY2021 | 1.8% | 0.65× | 6.00× | 6.9% |
| FY2020 | 0.7% | 0.70× | 5.24× | 2.4% |
| FY2019 | 3.0% | 0.71× | 4.88× | 10.5% |
| FY2018 | 1.6% | 0.78× | 4.44× | 5.6% |
| FY2017 | 0.5% | 0.97× | 4.16× | 2.2% |
| FY2016 | 8.5% | 0.80× | 4.94× | 33.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-CN¥4.45B
- Cash generatingOperating cash flow above zeroCN¥1.08B
- Return on assets improvedROA up on the prior year0.0% → -3.6%
- Earnings backed by cashOperating cash flow above net incomeCN¥1.08B vs -CN¥4.45B
- Less leverageLong-term debt to assets fell3.5% → 3.6%
- Better liquidityCurrent ratio rose1.26 → 1.25
- No dilutionShare count did not rise210M → 208M
- Gross margin improvedGross margin up on the prior year10.90% → 2.15%
- More efficientAsset turnover rose0.68 → 0.52