NXT

Nextpower (rebranded from Nextracker in November 2025) is the global market leader in solar tracking systems, having shipped over 160 GW across six continents. The financial trajectory is exceptional: revenue grew 20.3% to $3.56B in FY2026, the latest leg of a steep ramp from $1.46B in FY2022, while net income reached $586M (up 15.1%) at a 16.5% net margin and a 25.1% ROE. Crucially the company carries zero long-term debt and $1.09B of cash (up 42.9%), and equity jumped 43.4% to $2.33B. This is a rare combination of hypergrowth and a pristine, self-funded balance sheet.

Valuation is undemanding for the quality on offer. At $125.90 the stock trades at 32.8x trailing EPS of $3.84 — reasonable given 20% top-line growth, 19.6% operating margins and the structural tailwind of solar being 'the leading source of annual new energy buildout' per the MD&A. The strategic evolution from a pure-play tracker supplier into an end-to-end solar platform (structural, electrical and digital solutions across the plant lifecycle), plus the newly-operational Nextpower Arabia JV with Abunayyan, broadens the addressable market and deepens customer ROI.