Latest Ratios: P/E Ratio -0.3x · EV/EBITDA 16.3x · ROE -14.4%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $207M | $336M | $327M | $522M | $512M | $591M | $692M | $238M | $96M | $198M | $131M |
| Enterprise Value | $4.7B | $30.5B | $23.1B | $41.3B | $38.0B | $29.6B | $20.8B | $14.6B | $12.8B | $11.4B | $8.8B |
| P/E Ratio → | -0.32 | — | — | 0.15 | 0.82 | 0.82 | 3.00 | 0.26 | 0.24 | 1.39 | 0.07 |
| P/S Ratio | 0.02 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 0.02 | 0.01 | 0.00 | 0.01 | 0.01 |
| P/B Ratio | 0.05 | 0.01 | 0.01 | 0.02 | 0.02 | 0.04 | 0.05 | 0.02 | 0.01 | 0.03 | 0.02 |
| P/FCF | — | — | 0.04 | — | — | — | — | — | — | — | — |
| P/OCF | 1.30 | 0.31 | 0.02 | 0.04 | — | 1.37 | 1.17 | 0.17 | 0.16 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.47 | 0.25 | 0.35 | 0.46 | 0.72 | 0.59 | 0.49 | 0.51 | 0.43 | 0.41 |
| EV / EBITDA | 16.34 | 15.79 | 5.17 | 2.89 | 11.93 | 10.18 | 6.57 | 5.39 | 8.73 | 12.08 | 4.13 |
| EV / EBIT | — | — | 16.48 | 4.76 | 12.45 | 15.33 | 16.77 | 8.05 | 16.26 | 25.12 | 5.36 |
| EV / FCF | — | — | 3.09 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 2.2% | 2.2% | 10.9% | 16.0% | 14.8% | 16.3% | 17.6% | 18.3% | 14.0% | 11.3% | 18.1% |
| Operating Margin | -9.3% | -9.3% | -3.6% | 5.1% | 0.5% | 2.7% | 5.1% | 5.8% | 2.6% | 1.2% | 6.3% |
| Net Profit Margin | -6.8% | -6.8% | 0.1% | 2.9% | 0.7% | 1.8% | 0.7% | 3.0% | 1.6% | 0.5% | 8.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -14.4% | -14.4% | 0.2% | 11.4% | 3.0% | 5.3% | 1.8% | 8.6% | 5.4% | 2.2% | 33.8% |
| ROA | -3.6% | -3.6% | 0.0% | 2.8% | 0.7% | 1.1% | 0.5% | 2.1% | 1.3% | 0.5% | 6.9% |
| ROIC | -8.0% | -8.0% | -3.8% | 6.6% | 0.6% | 2.2% | 4.5% | 5.4% | 2.5% | 1.5% | 8.0% |
| ROCE | -8.9% | -8.9% | -5.3% | 12.4% | 1.2% | 4.5% | 9.3% | 12.2% | 6.3% | 4.0% | 16.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.93 | 1.93 | 1.40 | 1.69 | 1.77 | 2.61 | 2.13 | 1.61 | 1.87 | 1.96 | 1.73 |
| Debt / EBITDA | 27.48 | 27.48 | 10.70 | 3.98 | 14.98 | 12.84 | 8.72 | 7.39 | 10.79 | 13.92 | 5.24 |
| Net Debt / Equity | — | 1.09 | 0.67 | 1.21 | 1.39 | 2.03 | 1.55 | 1.15 | 1.50 | 1.67 | 1.35 |
| Net Debt / EBITDA | 15.62 | 15.62 | 5.10 | 2.85 | 11.77 | 9.97 | 6.36 | 5.30 | 8.67 | 11.87 | 4.07 |
| Debt / FCF | — | — | 3.05 | — | — | — | — | — | — | — | — |
| Interest Coverage | -5.91 | -5.91 | 1.21 | 7.40 | 2.78 | 2.33 | 1.94 | 3.23 | 1.99 | 1.89 | 4.39 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.25 | 1.25 | 1.26 | 1.02 | 1.05 | 1.00 | 1.08 | 1.01 | 0.95 | 0.98 | 1.07 |
| Quick Ratio | 0.96 | 0.96 | 1.03 | 0.80 | 0.78 | 0.71 | 0.81 | 0.83 | 0.71 | 0.77 | 0.83 |
| Cash Ratio | 0.55 | 0.55 | 0.48 | 0.21 | 0.16 | 0.19 | 0.26 | 0.18 | 0.13 | 0.10 | 0.14 |
| Asset Turnover | — | 0.54 | 0.74 | 0.87 | 0.77 | 0.56 | 0.66 | 0.62 | 0.70 | 0.92 | 0.82 |
| Inventory Turnover | 4.05 | 4.05 | 6.57 | 5.47 | 4.06 | 2.58 | 3.46 | 4.18 | 3.75 | 5.49 | 3.92 |
| Days Sales Outstanding | — | 96.60 | 83.13 | 90.74 | 105.11 | 100.15 | 86.35 | 102.49 | 124.22 | 116.16 | 141.12 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 34.7% | 100.0% | 100.0% | 100.0% | — | 100.0% | 100.0% | — | — | — | — |
| Payout Ratio | — | — | 1004.2% | 16.2% | — | 3219.4% | 6770.4% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 659.7% | 121.3% | 122.0% | 33.3% | 377.4% | 425.5% | 71.9% | 1402.5% |
| FCF Yield | — | — | 2289.4% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.3% | 1.2% | 100.0% | 15.2% | 0.0% | 0.0% | 4.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 35.0% | 100.0% | 100.0% | 100.0% | 0.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $13M | $13M | $14M | $13M | $13M | $11M | $11M | $10M | $8M | $9M |
Cyclical overcapacity and liquidity
As reported in recent financial data, JKS trades at a P/S ratio of 0.02, which suggests that the market is pricing the company as a distressed entity rather than a growth-oriented manufacturer, reflecting deep skepticism regarding its ability to return to historical profitability levels in the near term.
The negative P/E ratio and depressed P/B of 0.05 indicate that investors are heavily discounting the company's asset base due to persistent margin compression. This valuation implies that the market expects further impairment of manufacturing assets rather than a recovery in earnings power.
Based on the company's reported figures, ROIC has deteriorated from a positive 3.1% in 2023Q3 to -1.9% in 2025Q3, illustrating a significant decay in the company's ability to generate returns on its massive capital investments during the current industry-wide supply glut.
The shift from positive to negative returns on invested capital suggests that the aggressive capacity expansion strategy has failed to yield competitive advantages in the current pricing environment. This trend warrants concern, as it indicates that capital is being consumed rather than compounded, likely necessitating a strategic pivot toward asset rationalization.
According to recent quarterly filings, the cash conversion cycle has expanded to 105 days as of 2025Q3, driven by elevated days sales outstanding of 96 days, which suggests that JKS is facing increasing difficulty in collecting payments from customers in a softening global solar market.
The persistent length of the cash conversion cycle indicates that working capital is being tied up in receivables and inventory for extended periods, further straining liquidity. Investors should monitor whether these metrics improve, as a failure to shorten the cycle may indicate deteriorating credit quality among the company's customer base.
As indicated by the latest financial statements, the current ratio of 1.30 and quick ratio of 1.02 reveal a narrow liquidity buffer, which may leave the company vulnerable to sudden shifts in credit availability or unexpected requirements for collateral to support its ongoing operations.
While the ratios appear superficially adequate, the reliance on inventory turnover to meet short-term obligations is risky in a deflationary pricing environment. The company's liquidity position appears highly sensitive to the timing of cash inflows, which may be disrupted by the ongoing cyclical downturn in the solar sector.
The price-to-book ratio is frequently misapplied to JKS, as it obscures the potential for significant asset impairments in a falling-price environment, where the book value of manufacturing equipment may vastly exceed its current market utility or liquidation value in an oversupplied global market.
Investors should instead focus on tangible asset turnover and the delta between replacement cost and current market pricing for modules. Relying on book value may lead to an overestimation of the company's floor valuation, as the accounting value of its N-type capacity may not reflect the reality of current industry-wide margin destruction.
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Quick answers to the most common questions about buying JKS stock.
JinkoSolar Holding Co., Ltd.'s current P/E ratio is -0.3x. The historical average is 0.7x.
JinkoSolar Holding Co., Ltd.'s current EV/EBITDA is 16.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.0x.
JinkoSolar Holding Co., Ltd.'s return on equity (ROE) is -14.4%. The historical average is 13.2%.
Based on historical data, JinkoSolar Holding Co., Ltd. is trading at a P/E of -0.3x. Compare with industry peers and growth rates for a complete picture.
JinkoSolar Holding Co., Ltd.'s current dividend yield is 34.74%.
JinkoSolar Holding Co., Ltd. has 2.2% gross margin and -9.3% operating margin.
JinkoSolar Holding Co., Ltd.'s Debt/EBITDA ratio is 27.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.