NYSE : JKS
JinkoSolar Holding Co., Ltd. — Financial statements
Technology · Solar · China
Last price 8.23 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 431.01M
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Financial statements
JinkoSolar Holding Co., Ltd. (JKS) reported revenue of 55.73B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 55.73B | 65.50B | 92.26B | 118.68B | 83.13B | 40.83B |
| Cost of Revenue | 52.47B | 64.09B | 82.20B | 99.63B | 70.85B | 34.17B |
| Gross Profit | 3.26B | 1.41B | 10.06B | 19.05B | 12.28B | 6.66B |
| Selling, General & Admin | 6.60B | 7.76B | 11.24B | 11.40B | 10.75B | 4.82B |
| Research & Development | 929.86M | 896.90M | 920.54M | 911.87M | 724.77M | 461.59M |
| Operating Expenses | 7.53B | 8.65B | 12.16B | 12.32B | 11.48B | 5.28B |
| Operating Income | -4.27B | -7.24B | -2.10B | 6.73B | 802.98M | 1.38B |
| Interest Expense | -1.45B | -1.36B | -1.14B | -1.17B | -1.08B | -838.32M |
| Interest & Investment Income | 420.71M | 504.11M | 414.69M | 553.53M | 588.71M | 214.29M |
| Earnings From Equity Investments | -177.64M | -147.86M | -177.01M | 222.67M | 193.71M | 59.81M |
| Currency Exchange Gain (Loss) | -1.42B | -89.62M | 601.02M | 623.23M | 857.37M | -47.81M |
| Other Non Operating Income (Expenses) | 167.47M | -219.95M | 308.02M | 26.13M | 1.09B | 1.91M |
| EBT Excluding Unusual Items | -6.72B | -8.56B | -2.10B | 6.99B | 2.45B | 766.10M |
| Gain (Loss) on Sale of Investments | 303.54M | 33.17M | 163.49M | 221.47M | 101.87M | |
| Gain (Loss) on Sale of Assets | 236.59M | 71.99M | 1.15B | |||
| Asset Writedown | -1.09B | -1.66B | -1.24B | -640.00M | -373.73M | -273.71M |
| Other Unusual Items | 781.98M | 781.98M | 2.12B | 1.14B | -12.08M | 657.33M |
| Pretax Income | -6.49B | -9.33B | 82.93M | 7.71B | 2.17B | 1.15B |
| Income Tax Expense | -1.70B | -2.22B | 69.44M | 1.26B | 605.28M | 194.14M |
| Earnings From Continuing Operations | -4.79B | -7.11B | 13.49M | 6.45B | 1.57B | 955.57M |
| Net Income to Company | -4.79B | -7.11B | 13.49M | 6.45B | 1.57B | 955.57M |
| Minority Interest in Earnings | 1.96B | 2.67B | 41.05M | -3.01B | -944.63M | -234.55M |
| Net Income | -2.83B | -4.45B | 54.54M | 3.45B | 620.51M | 721.02M |
| Net Income to Common | -2.83B | -4.45B | 54.54M | 3.45B | 620.51M | 721.02M |
| Shares Outstanding (Basic) | 52.55M | 52.10M | 52.15M | 51.93M | 49.50M | 47.67M |
| Shares Outstanding (Diluted) | 52.55M | 52.10M | 52.50M | 56.53M | 50.10M | 51.43M |
| EPS (Basic) | -53.87 | -85.31 | 1.05 | 66.39 | 12.54 | 15.13 |
| EPS (Diluted) | -53.88 | -85.32 | -5.06 | 60.89 | 12.40 | 8.02 |
| Free Cash Flow | -2.10B | 7.76B | -1.83B | -18.05B | -8.22B | |
| Free Cash Flow Per Share | -40.38 | 147.77 | -32.30 | -360.31 | -159.89 | |
| Dividend Per Share | 9.90 | 9.09 | 10.95 | 10.64 | ||
| Gross Margin | 5.85% | 2.15% | 10.90% | 16.05% | 14.77% | 16.31% |
| Operating Margin | -7.66% | -11.06% | -2.28% | 5.67% | 0.97% | 3.37% |
| Profit Margin | -5.08% | -6.79% | 0.06% | 2.90% | 0.75% | 1.77% |
| Free Cash Flow Margin | -3.21% | 8.41% | -1.54% | -21.72% | -20.14% | |
| EBITDA | 3.84B | 680.57M | 5.57B | 14.75B | 3.43B | 3.04B |
| EBITDA Margin | 6.90% | 1.04% | 6.04% | 12.43% | 4.13% | 7.45% |
| D&A For EBITDA | 8.11B | 7.92B | 7.67B | 8.02B | 2.63B | 1.67B |
| EBIT | -4.27B | -7.24B | -2.10B | 6.73B | 802.98M | 1.38B |
| EBIT Margin | -7.66% | -11.06% | -2.28% | 5.67% | 0.97% | 3.37% |
| Effective Tax Rate | 83.74% | 16.34% | 27.89% | 16.89% | ||
| Revenue as Reported | 65.50B | 65.50B | 92.26B | 118.68B | 83.13B | 40.83B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 15.56B | 20.01B | 25.05B | 16.06B | 10.24B | 8.32B |
| Short-Term Investments | 4.19B | 928.32M | 1.02B | 104.50M | 150.00M | |
| Cash & Short-Term Investments | 15.56B | 24.19B | 25.98B | 17.08B | 10.35B | 8.47B |
| Accounts Receivable | 14.67B | 17.26B | 17.40B | 27.05B | 23.79B | 9.19B |
| Other Receivables | 928.45M | 864.08M | 279.22M | 1.19B | 222.86M | |
| Receivables | 14.67B | 18.31B | 18.33B | 27.35B | 25.01B | 9.41B |
| Inventory | 19.28B | 15.81B | 15.16B | 22.78B | 20.78B | 14.79B |
| Prepaid Expenses | 160.99M | 306.84M | 237.06M | 205.97M | 98.32M | |
| Restricted Cash | 2.93B | 2.68B | 3.01B | 1.03B | 602.04M | |
| Other Current Assets | 12.58B | 7.40B | 6.40B | 12.48B | 10.96B | 12.15B |
| Total Current Assets | 62.09B | 68.81B | 68.87B | 82.95B | 68.33B | 45.52B |
| Property, Plant & Equipment | 38.65B | 40.26B | 45.25B | 42.01B | 33.25B | 21.04B |
| Long-Term Investments | 4.88B | 1.68B | 2.02B | 2.22B | 1.71B | 633.87M |
| Other Intangible Assets | 2.38B | 2.59B | 2.30B | 2.39B | 1.51B | 1.15B |
| Long-Term Deferred Tax Assets | 4.42B | 4.58B | 2.64B | 1.29B | 704.24M | 371.77M |
| Other Long-Term Assets | 3.48B | 3.05B | 3.80B | 4.98B | 3.16B | 4.27B |
| Total Assets | 115.90B | 121.02B | 124.88B | 135.83B | 108.66B | 72.98B |
| Accounts Payable | 19.59B | 23.70B | 22.23B | 41.17B | 31.00B | 6.82B |
| Accrued Expenses | 1.83B | 4.81B | 5.08B | 5.43B | 4.57B | 2.83B |
| Short-Term Debt | 15.28B | 1.46B | 2.92B | 10.90B | 10.32B | 24.04B |
| Current Portion of Long-Term Debt | 9.19B | 4.01B | 3.47B | 2.10B | 1.37B | |
| Current Portion of Leases | 40.19M | 118.36M | 145.66M | 155.93M | 233.87M | 257.45M |
| Current Income Taxes Payable | 267.94M | 177.58M | 703.50M | 1.02B | 737.74M | 214.86M |
| Current Unearned Revenue | 7.01B | 5.32B | 5.09B | 6.97B | 9.22B | 6.11B |
| Other Current Liabilities | 11.24B | 10.26B | 14.30B | 11.96B | 6.75B | 3.81B |
| Total Current Liabilities | 55.25B | 55.04B | 54.48B | 81.06B | 64.94B | 45.46B |
| Long-Term Debt | 22.64B | 28.80B | 29.25B | 16.02B | 14.09B | 11.00B |
| Long-Term Leases | 3.83B | 3.55B | 330.74M | 557.14M | 409.77M | 621.79M |
| Long-Term Deferred Tax Liabilities | 57.27M | 29.97M | 56.72M | 131.51M | 194.81M | 183.00M |
| Other Long-Term Liabilities | 5.57B | 6.03B | 6.52B | 4.52B | 2.02B | 1.44B |
| Total Liabilities | 87.35B | 93.45B | 90.64B | 102.30B | 81.66B | 58.70B |
| Common Stock | 14.39B | 29.00K | 29.00K | 29.00K | 28.00K | 26.00K |
| Additional Paid-In Capital | 11.83B | 11.25B | 10.74B | 9.91B | 5.62B | |
| Retained Earnings | 3.71B | 8.64B | 9.14B | 6.25B | 5.63B | |
| Treasury Stock | -3.97M | -216.51M | -79.28M | -43.17M | -43.17M | |
| Comprehensive Income & Other | 182.84M | 225.14M | 359.58M | 217.56M | -154.38M | |
| Total Common Equity | 14.39B | 15.73B | 19.90B | 20.16B | 16.34B | 11.05B |
| Minority Interest | 14.17B | 11.84B | 14.34B | 13.38B | 10.67B | 3.24B |
| Shareholders' Equity | 28.55B | 27.57B | 34.24B | 33.53B | 27.00B | 14.29B |
| Total Liabilities & Equity | 115.90B | 121.02B | 124.88B | 135.83B | 108.66B | 72.98B |
| Total Debt | 41.79B | 43.13B | 36.66B | 31.10B | 27.16B | 37.29B |
| Net Cash (Debt) | -26.24B | -18.93B | -10.68B | -14.02B | -16.81B | -28.81B |
| Net Cash Per Share | -499.24 | -363.36 | -203.39 | -248.01 | -335.48 | -560.27 |
| Filing Date Shares Outstanding | 53.10M | 52.37M | 51.65M | 53.15M | 50.30M | 47.71M |
| Total Common Shares Outstanding | 53.10M | 52.36M | 51.38M | 52.14M | 50.30M | 47.71M |
| Working Capital | 6.84B | 13.77B | 14.38B | 1.88B | 3.39B | 64.61M |
| Book Value Per Share | 270.91 | 300.36 | 387.31 | 386.58 | 324.81 | 231.62 |
| Tangible Book Value | 12.00B | 13.14B | 17.60B | 17.77B | 14.83B | 9.90B |
| Tangible Book Value Per Share | 226.06 | 250.95 | 342.54 | 340.74 | 294.77 | 207.61 |
| Buildings | 18.99B | 20.39B | 17.20B | 12.66B | 6.88B | |
| Machinery | 32.96B | 36.16B | 31.74B | 24.55B | 15.68B | |
| Construction In Progress | 848.93M | 2.95B | 3.89B | 1.55B | 2.65B |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -4.45B | 54.54M | 3.45B | 620.51M | 721.02M | |
| Depreciation & Amortization | 8.03B | 7.82B | 8.19B | 2.76B | 1.80B | |
| Loss (Gain) From Sale of Assets | -38.68M | -707.41M | 121.73M | 234.27M | 363.76M | |
| Asset Writedown & Restructuring Costs | 1.66B | 1.24B | 640.00M | 373.73M | 273.71M | |
| Loss (Gain) From Sale of Investments | 218.16M | -220.76M | -219.56M | -101.87M | ||
| Loss (Gain) on Equity Investments | 147.86M | 177.01M | -222.67M | -193.71M | -59.81M | |
| Stock-Based Compensation | 225.73M | 365.75M | 862.64M | 1.00B | 9.88M | |
| Provision & Write-off of Bad Debts | 261.98M | 138.81M | 182.78M | 285.39M | 82.43M | |
| Other Operating Activities | -1.03B | 1.69B | 3.97B | 1.45B | 1.04B | |
| Change in Accounts Receivable | 86.39M | 8.26B | -6.97B | -8.73B | -3.30B | |
| Change in Inventory | -4.17B | 4.41B | -5.56B | -7.82B | -6.56B | |
| Change in Accounts Payable | 2.86B | -4.48B | 5.56B | 3.57B | 2.65B | |
| Change in Unearned Revenue | -3.41M | -417.00K | 3.29B | 3.73B | ||
| Change in Income Taxes | -525.92M | -312.54M | 343.85M | 522.88M | 141.14M | |
| Change in Other Net Operating Assets | -2.21B | -1.57B | 3.48B | -3.07B | -464.45M | |
| Operating Cash Flow | 1.08B | 16.85B | 13.83B | -5.80B | 430.65M | |
| Capital Expenditures | -3.19B | -9.09B | -15.65B | -12.25B | -8.65B | |
| Sale of Property, Plant & Equipment | 195.96M | 322.60M | 471.57M | 714.18M | 20.46M | |
| Cash Acquisitions | -36.60M | 36.40M | ||||
| Divestitures | 226.59M | 1.16B | -91.33M | |||
| Sale (Purchase) of Intangibles | -114.58M | -275.82M | -198.68M | -42.41M | -32.26M | |
| Investment in Securities | -3.17B | 165.44M | -1.25B | -720.67M | 10.00M | |
| Other Investing Activities | 739.52M | 4.83B | 1.43B | 142.66M | -2.65B | |
| Investing Cash Flow | -5.38B | -2.90B | -15.16B | -12.27B | -11.31B | |
| Short-Term Debt Issued | 103.27M | 5.21B | 8.55B | 2.74B | ||
| Long-Term Debt Issued | 16.69B | 31.26B | 25.96B | 29.66B | 32.58B | |
| Total Debt Issued | 16.69B | 31.36B | 31.17B | 38.22B | 35.32B | |
| Short-Term Debt Repaid | -1.19B | -14.60B | -142.50M | |||
| Long-Term Debt Repaid | -16.54B | -22.79B | -21.14B | -27.84B | -24.57B | |
| Total Debt Repaid | -17.73B | -37.39B | -21.28B | -27.84B | -24.57B | |
| Net Debt Issued (Repaid) | -1.04B | -6.03B | 9.89B | 10.37B | 10.75B | |
| Issuance of Common Stock | 3.69M | 45.29M | 5.02M | 651.25M | ||
| Repurchase of Common Stock | -3.97M | -874.96M | -79.28M | |||
| Common Dividends Paid | -486.83M | -547.69M | -559.60M | |||
| Other Financing Activities | 771.40M | 1.18B | -658.07M | 9.64B | 616.80M | |
| Financing Cash Flow | -758.71M | -6.27B | 8.64B | 20.02B | 12.02B | |
| Foreign Exchange Rate Adjustments | 254.61M | 630.89M | 848.97M | 227.96M | -116.79M | |
| Net Cash Flow | -4.80B | 8.31B | 8.16B | 2.17B | 1.02B | |
| Free Cash Flow | -2.10B | 7.76B | -1.83B | -18.05B | -8.22B | |
| Free Cash Flow Margin | -3.21% | 8.41% | -1.54% | -21.72% | -20.14% | |
| Free Cash Flow Per Share | -40.38 | 147.77 | -32.30 | -360.31 | -159.89 | |
| Levered Free Cash Flow | -5.29B | 630.87M | 3.05B | 2.86B | -9.66B | |
| Unlevered Free Cash Flow | -4.44B | 1.35B | 3.78B | 3.53B | -9.14B | |
| Cash Interest Paid | 1.58B | 827.10M | 1.12B | 1.07B | 801.87M | |
| Cash Income Tax Paid | 1.04B | 1.69B | 1.78B | 400.34M | 157.37M | |
| Change in Working Capital | -3.96B | 6.29B | -3.14B | -12.23B | -3.80B |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 491.23M | 1.33B | 1.32B | 1.91B | 2.05B | 2.19B |
| Enterprise Value | 4.40B | 5.72B | 5.47B | 9.20B | 9.57B | 6.75B |
| Last Close Price | 8.63 | 23.84 | 21.64 | 29.73 | 31.48 | 35.40 |
| PE Ratio | 177.13 | 3.92 | 22.78 | 19.31 | ||
| Forward PE | 75.47 | 5.46 | 3.25 | 8.39 | 15.75 | |
| PS Ratio | 0.06 | 0.14 | 0.10 | 0.11 | 0.17 | 0.34 |
| PB Ratio | 0.21 | 0.34 | 0.28 | 0.40 | 0.52 | 0.97 |
| P/TBV Ratio | 0.26 | 0.71 | 0.55 | 0.76 | 0.95 | 1.41 |
| P/FCF Ratio | 1.25 | |||||
| P/OCF Ratio | 8.62 | 0.57 | 0.98 | 32.33 | ||
| PEG Ratio | 0.04 | 0.04 | 0.58 | 0.58 | 0.58 | |
| EV/Sales Ratio | 0.53 | 0.61 | 0.43 | 0.55 | 0.79 | 1.05 |
| EV/EBITDA Ratio | 7.65 | 58.78 | 7.17 | 4.42 | 19.22 | 14.10 |
| EV/EBIT Ratio | 9.69 | 82.17 | 31.16 | |||
| EV/FCF Ratio | 5.15 | |||||
| Debt / Equity Ratio | 1.46 | 1.56 | 1.07 | 0.93 | 1.01 | 2.61 |
| Debt / EBITDA Ratio | 10.63 | 57.42 | 6.53 | 2.10 | 7.85 | 12.18 |
| Debt / FCF Ratio | 4.73 | |||||
| Net Debt / Equity Ratio | 0.92 | 0.69 | 0.31 | 0.42 | 0.62 | 2.02 |
| Net Debt / EBITDA Ratio | 6.82 | 27.82 | 1.92 | 0.95 | 4.90 | 9.47 |
| Net Debt / FCF Ratio | -9.00 | 1.38 | -7.68 | -0.93 | -3.50 | |
| Asset Turnover | 0.47 | 0.53 | 0.71 | 0.97 | 0.92 | 0.65 |
| Inventory Turnover | 2.94 | 4.14 | 4.33 | 4.57 | 3.98 | 2.83 |
| Quick Ratio | 0.55 | 0.77 | 0.81 | 0.55 | 0.54 | 0.39 |
| Current Ratio | 1.12 | 1.25 | 1.26 | 1.02 | 1.05 | 1.00 |
| Return on Equity (ROE) | -16.32% | -23.01% | 0.04% | 21.32% | 7.58% | 7.01% |
| Return on Assets (ROA) | -2.25% | -3.68% | -1.01% | 3.44% | 0.55% | 1.36% |
| Return on Invested Capital (ROIC) | -7.89% | -15.85% | -0.74% | 12.33% | 1.33% | 3.02% |
| Return on Capital Employed (ROCE) | -7.00% | -11.00% | -3.00% | 12.30% | 1.80% | 5.00% |
| Earnings Yield | -85.63% | -47.67% | 0.56% | 25.52% | 4.39% | 5.18% |
| FCF Yield | -67.03% | -22.56% | 80.30% | -13.52% | -127.73% | -59.06% |
| Dividend Yield | 16.03% | 5.11% | 5.82% | 4.11% | ||
| Payout Ratio | 1,004.19% | 16.23% | ||||
| Buyback Yield / Dilution | -1.25% | 0.75% | 7.13% | -12.83% | 2.58% | -14.97% |
| Total Shareholder Return | 15.40% | 5.85% | 12.96% | -8.72% | 2.58% | -14.97% |