Nextpower

NXT

Solar · Energy

Price

$103.10

-3.75 (-3.51%)

Market Cap

$15.64B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+232.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 45.9M (2022) → 152.7M (2026)

Nextracker Inc., an energy solutions company, provides solar tracker solutions for PV projects. The company offers solar trackers, such as Bifacial PV modules for large-scale solar; NX Horizon for solar power plants; NX Gemini two-in-portrait solar tracker that optimizes lifetime value and performance of power plants for project developers and asset owners; and NX Horizon XTR, an all-terrain solar tracker. It also provides TrueCapture, an intelligent and self-adjusting tracker control system for

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-27.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$121M/ year

↑ Rising (+52% vs prior year)

3.4% of revenue

3.4x the sector average (1%)

R&D investment increasing — building for the future

Insider Activity

1.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$766M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Nextpower is growing revenue at 26% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

33.1%

Modest — 33.1% gross margin

Operating Margin

21.1%

Excellent — 21.1% operating margin

ROCE

11.9%

Below par — 11.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+30.0%

Fast-growing sales (30.0% YoY)

EPS YoY

+1.3%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

107%

Turns 107% of profit into real cash

FCF Margin

16.4%

Converts sales into free cash efficiently (16.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

159.33x

Comfortably covers interest (159.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

25.7x

Growth-priced — P/E 25.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+9.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (25.7 → 16.5)

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Dividends

Not applicable for this business.

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