Loading…
Makes solar tracker systems and software that tilt panels toward the sun at utility-scale solar farms.
Makes solar tracker systems and software that tilt panels toward the sun at utility-scale solar farms.
Sells tracker hardware and control software for each solar project, paid on delivery to developers and contractors, with software and services adding to the sale. Spun out of Flex, it separated fully in 2023 and has widened into foundations and electrical parts for solar plants.
Moat: narrow (scale, installed base, distribution). Large installed base and developer relationships give it scale and service advantages over smaller rivals.
Headquarters: Fremont, California, US · Founded: 2013 · Employees: 1,993
Size NXT (NXT) is a United States Industrials company (Electronic Equipment/Instruments) with a market value of $15.8B, the 579th largest of 3,117 United States companies the cockpit tracks. Shares closed at $104.91 on 6 Nov 2026.
Performance Over six months the shares fell 16.7%, against -12.5% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 12 in its peer set.
Growth Revenue grew 13.7% over the last twelve months (peer median +5.7%); the operating margin is 19.3% (peer median 15.1%).
Valuation It trades at 20.9× forward earnings against a peer median of 19.2× (5th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 20.7 points above its cost of capital (14.5% WACC).
Backlog Backlog (remaining performance obligations) was $515M at 2 Oct 2026, up 9% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 6.4% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.83B | $3.56B | $2.96B | $2.50B | $1.90B |
| Revenue growth | — | +20% | +18% | +31% | — |
| Gross profit | $1.25B | $1.14B | $998M | $813M | $286M |
| EBITDA | $780M | $738M | $658M | $591M | $173M |
| Net income | $613M | $586M | $509M | $306M | $1.14M |
| Free cash flow | $512M | $512M | $616M | $423M | $104M |
| Capital expenditure | $61.6M | $49.3M | $33.9M | $6.66M | $3.18M |
| Total debt | $44.5M | $52.9M | $34.1M | $169M | $151M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NXT NXT | $15.8B | -17% | +14% | 19% | 20.9× | 22.0% |
| Array Technologies ARRY | $902M | -32% | -16% | 0% | 6.5× | 57.9% |
| Arctech Solar 688408.SS | $820M | -38% | -19% | -1% | 34.8× | n/a |
| Soltec Power SOL.MC | n/a | -52% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NXT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +23.0% | -7.9% | highest of 12 |
| 6-month return | -16.7% | -12.5% | 5th lowest of 12 |
| Distance from 52-week high | -35.7% | -26.8% | 4th lowest of 12 |
| Revenue growth (TTM) | +13.7% | +5.7% | 4th highest of 12 |
| Operating margin | 19.3% | 15.1% | 3rd highest of 12 |
| Forward P/E | 20.9× | 19.2× | 5th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 22.0% | 8.3% | 3rd most demanding of 10 |
| Growth delivered (Del g) | +24.4% | +4.1% | highest of 10 |
| Hurdle (Req g minus delivered) | -2.4 pp | +1.6 pp | 3rd least demanding of 10 |
| ROIC minus cost of capital | +20.7 pp | +2.4 pp | highest of 12 |
| EV / EBITDA | 19.0× | 17.2× | 4th most expensive of 10 |
| Net debt / EBITDA | -1.3× | 0.2× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NXT NXT | United States | $15.8B | -17% | +14% | 19% | 20.9× | 22.0% | +24.4% |
| Hitachi Energy India POWERINDIA.NS | India | $13.1B | -20% | +40% | 15% | 79.8× | 50.3% | +19.0% |
| Fortive FTV | United States | $19.5B | +8% | -22% | 20% | 20.0× | 17.2% | -2.1% |
| Posco Future M 003670.KS | South Korea | $10.6B | -36% | -9% | 2% | 282.1× | n/a | n/a |
| Ralliant RAL | United States | $7.49B | +43% | -4% | 15% | 19.2× | 20.5% | -0.3% |
| China Railway Signal & Communication 3969.HK | Hong Kong | $7.40B | -15% | +6% | 12% | 7.4× | -6.9% | -3.6% |
| ESCO Technologies ESE | United States | $7.14B | -24% | +17% | 16% | 25.8× | 25.5% | +8.4% |
| MSA Safety MSA | United States | $6.55B | 0% | +8% | 22% | 17.5× | 8.3% | +6.8% |
| APAR Industries APARINDS.NS | India | $6.25B | +10% | +23% | 9% | 34.6× | n/a | n/a |
| Yokogawa Electric 6841.T | Japan | $6.24B | -30% | +7% | 13% | 15.5× | 6.8% | +10.1% |
| Sensata Technologies ST | United States | $5.72B | -13% | +4% | 16% | 9.9× | 5.2% | +4.1% |
| Azbil 6845.T | Japan | $4.63B | -2% | +1% | 15% | 18.7× | 5.5% | +3.9% |
NXT reported $515M of remaining performance obligations at 2 Oct 2026, up 9% from a year earlier and up 19% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.07.