JinkoSolar Holding Co., Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data JinkoSolar Holding Co., Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,082	4,069	3,642	4,273	5,384	6,407	12,052	16,716	12,639	9,366
Cost of revenue	2,525	3,609	3,131	3,493	4,438	5,362	10,272	14,033	11,261	9,164
Gross profit	557	460	511	780	946	1,045	1,780	2,683	1,378	202
Research and development	26.1	45.2	53.3	46.6	59.6	72.4	105	128	126	128
Selling and marketing	207	292	248	323	379	448	1,050	960	910	637
General and administrative	112	72.4	113	152	216	308	509	646	630	473
Operating expenses	363	410	417	532	672	872	1,718	1,825	1,836	1,475
Operating income	194	50	93.8	248	274	173	62.2	858	-458	-1,273
Interest expense							157	165	157	194
Interest income							85.4	78	56.8	72.1
Pre-tax income	180	22.9	59.3	180	86.8	171	287	1,055	35.6	-1,313
Income tax	37.1	0.71	0.64	39.9	27.3	30.5	87.8	178	9.51	-318
Net income to minority interests				3.69	16.1	-36.8	137	423
Net income	263	21.8	59.1	129	35.3	113	90	486	7.47	-636
EBITDA	259	142	210	354	451	425	437	1,965	575	-164
EPS, basic				0.76	0.20	0.59	0.45	2.34	0.04	-3.05
EPS, diluted				0.70	-0.21	0.31	0.45	2.15	-0.17	-3.05
Shares, basic (weighted)	126	129	154	169	179	191	198	208	209	208
Shares, diluted (weighted)	131	132	155	167	171	206	200	226	210	208

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	384	296	452	812	1,147	1,306	1,485	2,262	3,432	2,861
Short-term investments	10.3	0.41			87.4	23.5	0	144	127	599
Receivables	685	691	791	756	695	1,172	2,418
Inventory	644	657	835	836	1,284	2,080	2,530	2,566	1,714	2,071
Other current assets	110	262	249	226	463	382	477	479	611	701
Total current assets	2,837	3,014	3,324	4,552	5,162	7,144	9,907	11,683	9,434	9,840
Property, plant and equipment	683	1,027	1,204	1,466	1,909	3,134	4,682	5,812
Lease right-of-use assets				45.7	48.5	68.8	57.6	93	61.5
Intangible assets	2.92	3.96	5.14	5.23	5.49	8.71	11.5	80.2	63.3	63.8
Long-term investments							248	14.7	20.7	34.1
Other non-current assets	89	110	133	211	272	430	206
Total assets	3,758	4,401	5,215	6,872	8,158	11,453	15,755	19,132	17,109	17,306
Accounts payable	618	716	775	711	680	1,067	1,505
Accrued liabilities	83.9	111	118	126	152	195	295	394	381	378
Deferred revenue			348	625	376	31.4	0
Short-term debt		1.58	1.5
Total current liabilities	2,645	3,068	3,511	4,493	4,784	7,134	9,415	11,417	7,464	7,871
Long-term debt	70.4	58.4	284		0.01	89.2	87.2	335	601	625
Lease liabilities				40.2	42.5	60.5	49.3	78.5	45.3
Total liabilities	2,827	3,373	3,985	5,085	6,167	9,211	11,839	14,408	12,418	13,364
Total debt	70.4	59.9	75.2
Paid-in capital	453	509	583	658	805	882	1,437	1,512	1,541	1,692
Treasury stock	-2	-2.13	-2.02	-1.99	-6.62	-6.77	-6.26	-11.2	-29.7	-0.57
Other comprehensive income	15.1	3.58	10.2	9.04	-19.7	-24.2	31.5	50.6	30.8	26.1
Shareholders' equity	931	1,028	1,140	1,336	1,531	1,734	2,369	2,839	2,726	2,249
Minority interests	-0.07	-0	89.3	451	460	508	1,547	1,884	1,754	1,473
Total equity	930	1,028	1,230	1,787	1,991	2,242	3,915	4,723	4,480	3,722
Total liabilities and equity	3,758	4,401	5,215	6,872	8,158	11,453	15,755	19,132	17,109	17,306
Shares outstanding	127	157	157	179	187	191	201	209	206	209

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	287	21.9	59	133	51.4	150	227	909	1.85	-1,017
Depreciation and amortization	64.7	92.3	117	106	178	252	375	1,107	1,034	1,110
Stock-based compensation	29.3	9.97	4.26	0.66	0.14	1.55	145	122	50.1	32.3
Deferred income tax	3.18	-1.15						-119	-195
Change in receivables	-412	34.8	-132	24.2	55.5	-575	-1,248	-959	1,151	-26.7
Change in inventory	-288	-17.6	-246	-30.1	-433	-894	-878	-540	328	-768
Change in payables	127	60	94.8
Cash from operations	-260	-27.2	89.4	203	90.6	67.6	-841	1,947	2,308	155
Capital expenditures	-285	-335	-352	-474	-621	-1,358	-1,776	-2,154	-1,246	-456
Acquisitions	10	0	0				-13.2
Purchases of investments	-24	-29.5	-87.3				-14.5	-9.16	-7.81	-6.96
Sales and maturities of investments								14.9		0
Cash from investing	-995	-374	-572	-865	-754	-1,775	-1,779	-2,135	-398	-769
Debt issued		45.8	0
Debt repaid	-115	0	0
Stock issued	3.13	10.7	96.5	70.2	17.6	101	0.73		0.51	0
Share buybacks					-4.49			-11.2	-120	-0.57
Cash from financing	1,074	324	578	1,060	965	1,886	2,902	1,217	-859	-108
Exchange rate effect	10.8	-11.2	9.94	3.56	-25.9	-18.3
Net change in cash	-170	-88.1	105	401	276	160	315	1,149	1,139	-686
Free cash flow	-544	-362	-263	-271	-531	-1,290	-2,617	-206	1,063	-301
Interest paid	96.6	43.6	53.9	82.7	103	126	156	147	113	226
Income taxes paid	36	29.1	3.98	1.95	54.8	24.7	58	251	231	149

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $9.67 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	2.2%	Gross profit / revenue.
Operating margin	-13.6%	Operating income / revenue.
EBITDA margin	-1.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-14.0%	Pre-tax income / revenue.
Net margin	-6.8%	Net income / revenue.
FCF margin	-3.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.7%	Cash from operations / revenue.
Return on equity (ROE)	-25.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.7%	Net income / average total assets.
R&D / revenue	1.4%	Research and development expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.9%	Capital expenditures / revenue.
D&A / revenue	11.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-25.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-85.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-51.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-26.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-128.4%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-8,606.0%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-93.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	11.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-128.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-17.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.25x	Current assets / current liabilities.
Quick ratio	0.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.44x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	77.2%	Total liabilities / total assets.
Interest coverage	-6.55x	Operating income / interest expense.
Working capital	$1.97B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Inventory turnover	4.84x	Cost of revenue / average inventory.
Days inventory	75 days	365 x average inventory / cost of revenue.
Capex / operating cash flow	294.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$3.05	Net income per basic share, as reported (split-adjusted).
Revenue per share	$44.94	Revenue / diluted weighted shares.
FCF per share	-$1.44	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.74	Cash from operations / diluted weighted shares.
Book value per share	$10.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.43	Tangible book value / shares outstanding.
Cash per share	$16.52	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$506.4M	Share price x shares outstanding.
Enterprise value	-$2.95B	Market cap + total debt - cash - short-term investments.
P/S	0.05x	Market cap / revenue.
P/B	0.23x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.23x	Market cap / tangible book value, when positive.
P/OCF	3.27x	Market cap / cash from operations, when positive.
FCF yield	-59.4%	Free cash flow / market cap.
Earnings yield	-125.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was JinkoSolar Holding Co., Ltd.'s revenue in fiscal 2025?

JinkoSolar Holding Co., Ltd. reported revenue of $9.37B for fiscal 2025, 25.9% lower than the year before.

Was JinkoSolar Holding Co., Ltd. profitable in fiscal 2025?

No. It reported a net loss of $635.6M.

How much free cash flow did JinkoSolar Holding Co., Ltd. generate in fiscal 2025?

Cash from operations of $154.7M minus capital expenditures of $455.6M left free cash flow of -$300.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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