At a glance
Nextracker Inc. is worth $12.36B, about 21 times its fiscal 2026 earnings. Revenue grew 20.3% to $3.56B in fiscal 2026, with 16.5% kept as profit; over 5 years it has grown 24.4% a year. It pays no dividend; it spent $694.2M buying back its shares over FY2022–FY2026. The stock returned −15.4% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Nextpower Inc., formerly Nextracker, makes equipment for utility-scale solar power plants: large solar farms that feed the grid. Its core product is the solar tracker, a motorized steel frame that tilts rows of panels to follow the sun. The company says trackers can produce up to 25% more energy than fixed panels. Dan Shugar, the CEO, founded the company in 2013. It says it has led the global tracker market for ten consecutive years, measured by gigawatts (GW) of capacity shipped. It had shipped more than 160 GW to six continents as of March 31, 2026.
Customers include EPCs (engineering, procurement and construction firms that build power plants) and solar project developers and owners. The flagship NX Horizon tracker lets each row move independently, powered by its own small solar panel. Nextpower also supplies foundations, steel frames and electrical balance of systems (eBOS, the wiring and electrical gear that carries power from the panels). It also offers TrueCapture software, which helps recover energy lost to real-world site conditions, and AI and robotics services.
In the fiscal year ended March 31, 2026, revenue rose 20.3% to $3.56 billion and net income reached $586 million. No clean revenue split by product, segment or region is available, so the share from trackers versus newer products can't be shown.
Price history
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NXT -15.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2027 (ended Oct 2, 2026), revenue was $1.11B, up 22.5% from a year earlier, and net income was $165.5M (+12.7%).
- For fiscal 2026, revenue was $3.56B (+20.3% year over year; +24.4% a year from FY2021 to FY2026) with a 16.5% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +24.4% good |
|---|---|
| Operating margin | 19.6% good |
| Free cash flow margin | 14.4% good |
| Return on equity (FY2026) | 25.1% good |
| Return on assets (FY2026) | 14.4% good |
| Cash and investments | $1.03B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.20B | $0.00 | $91.8M |
| FY2022 | $1.46B | $0.00 | $-153.0M |
| FY2023 | $1.90B | $1.1M | $104.5M |
| FY2024 | $2.50B | $306.2M | $422.8M |
| FY2025 | $2.96B | $509.2M | $621.9M |
| FY2026 | $3.56B | $585.9M | $513.6M |
Valuation snapshot
| Market value | $12.36B |
|---|---|
| P/E ratio | 21.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Nextracker’s market value went from $4.99B at the end of 2024 to $12.36B on Oct 28, 2026, about 2.5 times as much; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $12.36B | +3.9% |
| 2025 | $11.89B | +138.5% |
| 2024 | $4.99B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NXT price data to Oct 28, 2026 | -5.8% | -15.4% | +33.3% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -5.8% |
| 2025 | +138.5% |
| 2024 | -22.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 11 sales ($14.2M), 7 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 10, 2026 | Daniel S Shugar Chief Executive Officer, Director | sell (plan) | $5.3M |
| May 29, 2026 | Nicholas Marco Miller Chief Operating Officer | sell (plan) | $3.5M |
| Aug 10, 2026 | Daniel S Shugar Chief Executive Officer, Director | sell (plan) | $1.5M |
| Aug 11, 2026 | Howard Wenger President, Director | sell (plan) | $1.2M |
| Jun 1, 2026 | Charles D Boynton Chief Financial Officer | sell (plan) | $683K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 12.4% | Jun 30, 2026 |
| BlackRock, Inc. | 11.9% | Jun 30, 2026 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
| PRIMECAP MANAGEMENT CO/CA/ | 4.68% | Dec 31, 2025 |
ETFs with the most weight in NXT
| TAN Invesco Solar ETF | 9.77% |
| CTEC Global X CleanTech ETF | 6.16% |
| ACES ALPS Clean Energy ETF | 5.05% |
| CTEX ProShares S&P Kensho Cleantech ETF | 4.93% |
| IPO Renaissance IPO ETF | 4.91% |
| CNRG SPDR S&P Kensho Clean Power ETF | 4.34% |
| QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 3.88% |
| ICLN iShares Global Clean Energy ETF | 3.44% |
What could go wrong
- A few big customers drive sales. Nextpower depends on a relatively small number of customers, such as large solar builders and developers. Losing one, or one failing to perform or pay, could hurt revenue, profits and cash flow.
- Project delays can stall backlog revenue. Solar plants face permitting, grid-connection and construction delays. Signed orders waiting to be delivered (backlog) can be delayed, canceled or never turn into revenue, making quarterly results uneven.
- Solar incentives could be cut or expire. Government incentives such as tax credits support demand for solar plants in the U.S. and abroad. If incentives are reduced, eliminated or expire, fewer projects may get built, shrinking demand for trackers.
- Tariffs and trade limits could raise costs. Nextpower relies heavily on outside suppliers. New tariffs, import duties or trade restrictions could raise its costs, disrupt supply and change the amount or timing of its revenue and cash flow.
- Higher interest rates can squeeze project financing. Developers often fund solar plants with project loans and tax equity (investors who provide money in exchange for tax benefits). Higher rates or scarcer financing make projects costlier and could reduce demand.
- Rivals or new technology could erode its lead. Competing tracker makers could pressure prices. Advances in solar components or alternative technologies could also make Nextpower's systems uncompetitive or obsolete, and cheaper energy sources could draw projects away from solar.
Recent events
- Quarterly results released; Executive or board change
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Unregistered sale of shares; Investor presentation or announcement
- Unregistered sale of shares; Investor presentation or announcement
- Quarterly results released; Executive or board change
- Executive or board change
- Quarterly results released; Other company announcement
- Bylaws or fiscal year changed; Investor presentation or announcement
For income and retirement investors
Nextpower pays no dividend, and its 10-K says it does not intend to pay cash dividends in the near term. For an income investor, the shares provide no regular cash payments, and any return depends on the share price rising. Share repurchases (buybacks) totaled about $694 million from fiscal 2022 through fiscal 2026, but nearly all came in fiscal 2023. Fiscal 2026 repurchases were just $395,000.
Price history covers only about 3.7 years as of October 28, 2026, so there is no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. The record that exists shows big swings: a 22.0% loss in 2024, a 138.5% gain in 2025 and a 51.1% peak-to-trough drop within the past year. Over that year, the stock tended to move about 2.65 times as much as the broad market. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Nextpower make money?
Nextpower makes money by supplying equipment and software for utility-scale solar power plants. Its main product is the solar tracker, which tilts rows of panels to follow the sun. The company says trackers can produce up to 25% more energy than fixed panels. It also supplies foundations, electrical systems, TrueCapture yield software, and AI and robotics services. Customers include engineering and construction firms, solar developers and plant owners. Revenue was $3.56 billion in the fiscal year ended March 31, 2026.
Is Nextpower the same company as Nextracker?
Yes. Nextpower Inc. was formerly called Nextracker Inc., and before that Nextracker LLC. The shares trade on Nasdaq under the ticker NXT. Solar trackers remain the core of the business. The company also describes itself as a multi-product platform offering electrical systems, power conversion technology, software, and AI and robotics services across the life of a solar plant, from design and construction to operations.
Does Nextpower (NXT) pay a dividend?
No. Nextpower paid no dividends from fiscal 2022 through fiscal 2026, and its 10-K says it does not intend to pay cash dividends in the near term. Any gain for shareholders would have to come from a rising share price. The company did repurchase about $694 million of stock over the same period, but nearly all of it in fiscal 2023. Investors who rely on portfolio income would receive no cash payments from this stock.
Is Nextpower's revenue still growing?
Yes, though growth slowed in the quarter ended July 3, 2026. Revenue rose from $1.20 billion in fiscal 2021 to $3.56 billion in fiscal 2026, which ended March 31, 2026. That is a compound annual growth rate (the average yearly pace) of 24.4%. Fiscal 2026 revenue grew 20.3%, and net income grew 15.1% to $586 million. In the July quarter, revenue rose 8.2% from a year earlier to $935 million, and net income rose 5.2% to $165 million.
What is Nextpower's P/E ratio?
About 21.4 as of October 28, 2026. The price-to-earnings (P/E) ratio compares the share price with yearly profit per share. This figure uses diluted earnings of $3.84 per share for the fiscal year ended March 31, 2026. On October 28, the company's total stock market value was about $12.5 billion. Nextpower held $1.21 billion in cash and investments as of July 3, 2026. A P/E alone doesn't show whether a stock is fairly priced, because growth and risk matter too.