FTC Solar, Inc. (FTCI) begins deliveries on the 80+MW Sybella Project in Australia. 80+MW Australian project deliveries support revenue growth and market expansion for FTCI.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | 1 | — | — | — | — | 4 | — | — | 4 | — |
| Sell | — | 1 | 3 | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2025 | ‡‡‡ |
|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 25.24 | 11.25 | 21.11 | 11.08 |
| Receivables | 65.28 | 39.71 | 55.74 | 48.67 |
| Inventory | 3.91 | 10.14 | 9.63 | 9.99 |
| Other | — | — | — | — |
| 108.51 | 76.13 | 97.77 | 83.32 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 7.98 | 13.00 | 13.25 | 11.44 |
| ST’ Debt | — | — | 12.68 | 22.64 |
| Other | 8.14 | 10.31 | 10.73 | 11.32 |
| 54.67 | 49.07 | 68.23 | 91.23 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡ | ‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡ | ‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 17.27 | 26.16 | — | — |
—
|
| ’25 | 20.80 | 19.99 | 26.03 | 32.86 |
99.69
|
| ’24 | 12.59 | 11.43 | 10.14 | 13.20 |
47.36
|
| ’23 | 40.89 | 32.36 | 30.55 | 23.20 |
127.00
|
| ’22 | 49.55 | 30.72 | 16.57 | 26.22 |
123.07
|
| ’21 | 65.71 | 50.11 | 52.99 | 101.72 |
270.53
|
| ’20 | 32.38 | 51.16 | 59.64 | 44.18 |
187.35
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (12.77) | 8.29 | — | — |
—
|
| ’25 | (8.48) | (2.30) | (14.64) | (8.03) |
(33.44)
|
| ’24 | (11.86) | (3.78) | (2.37) | (16.69) |
(34.70)
|
| ’23 | (8.32) | (22.49) | (15.57) | (6.27) |
(52.66)
|
| ’22 | (53.11) | 16.71 | (12.69) | (5.42) |
(54.51)
|
| ’21 | (25.90) | (58.39) | (8.12) | (40.44) |
(132.85)
|
| ’20 | (6.30) | (16.61) | 8.28 | 14.13 |
0.63
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (13.05) | 8.00 | — | — |
—
|
| ’25 | (8.56) | (2.43) | (15.07) | (8.36) |
(34.43)
|
| ’24 | (12.29) | (4.48) | (2.60) | (16.08) |
(35.44)
|
| ’23 | (8.34) | (22.66) | (15.84) | (6.63) |
(53.47)
|
| ’22 | (53.63) | 16.60 | (12.78) | (5.60) |
(55.41)
|
| ’21 | (25.99) | (58.60) | (8.60) | (40.69) |
(133.88)
|
| ’20 | (6.30) | (16.61) | 8.28 | 13.87 |
0.37
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.72) | (1.69) | — | — |
—
|
| ’25 | (0.58) | (1.18) | (1.61) | (2.23) |
(5.49)
|
| ’24 | (0.70) | (1.00) | (1.20) | (0.96) |
(3.83)
|
| ’23 | (1.10) | (0.90) | (1.40) | (0.90) |
(4.40)
|
| ’22 | (2.80) | (2.60) | (2.50) | (2.00) |
(9.80)
|
| ’21 | (1.10) | (7.00) | (2.40) | (2.50) |
(12.40)
|
| ’20 | 0.04 | (0.08) | (0.03) | — |
(0.19)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | — | ‡‡‡‡ | 17.80 | 2.82 | 1.76 | 2.13 | — | — | — |
Low Price
|
| — | — | — | — | — | ‡‡‡‡‡ | 77.50 | 38.70 | 7.50 | 12.00 | — | — | — |
High Price
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 221 | 213 | 202 | 232 | — | — | — |
Employees
|
| — | — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.56 | 0.60 | 0.23 | 0.43 | — | — | — |
Revenue/Emp
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 123.07 | 127.00 | 47.36 | 99.69 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (22.12%) | 6.54% | (26.59%) | (0.88%) | — | — | — |
Gross Margin
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (99.18) | (50.63) | (48.38) | (79.05) | ‡‡‡‡‡ | — | — |
EBT
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (80.59%) | (39.86%) | (102.16%) | (79.30%) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (99.61) | (50.29) | (48.61) | (79.58) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.60 | 2.08 | 1.97 | 5.08 | — | — | — |
Depreciation
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.14 | 10.99 | 3.74 | 7.11 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (9.80) | (4.40) | (3.83) | (5.49) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.38) | (4.56) | (2.74) | (2.39) | ‡‡‡‡‡ | — | — |
Cash Flow/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.09) | (0.07) | (0.06) | (0.07) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.46) | (4.63) | (2.80) | (2.46) | — | — | — |
Free CF/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.55 | 5.41 | 1.50 | (3.07) | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.14 | 11.55 | 12.68 | 14.01 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
PE Ratio
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.13 | 0.63 | 1.47 | 1.53 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.95 | 1.29 | 3.67 | 0.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.78 | 0.45 | 1.45 | 1.55 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ |
EV/Sales
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.96) | (1.07) | (1.94) | (4.48) | — | — | — |
EV/FCF
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (54.51) | (52.66) | (34.70) | (33.44) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.90) | (0.82) | (0.74) | (0.98) | ‡‡‡‡‡ | — | — |
Capex
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (55.41) | (53.47) | (35.44) | (34.43) | ‡‡‡‡‡ | — | — |
FCF
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 58.35 | 53.84 | 27.06 | 29.54 | — | — | — |
Working Cap'
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.20 | — | 9.47 | 22.60 | — | — | — |
Total Debt
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (43.18) | (25.23) | (1.78) | 1.50 | — | — | — |
Net Debt
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 66.45 | 62.47 | 19.04 | (42.96) | — | — | — |
Sh' Equity
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (52.79%) | (39.07%) | (45.64%) | (78.89%) | ‡‡‡‡‡ | — | — |
ROA
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (267.46%) | (85.23%) | (191.36%) | 0.00% | — | — | — |
ROIC
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (95.18%) | (78.02%) | (119.27%) | 665.30% | ‡‡‡‡‡ | — | — |
ROE
|
FTCI’s stock has mirrored the solar industry’s wild swings: a 2021 SPAC-fueled surge to absurd highs, followed by a 98% wipeout amid overcapacity, rising rates, and margin collapse, with revenue plunging 82% from $270 million to $47 million. While consensus analysts forecast a dramatic rebound—revenue tripling to $269 million by 2027, profitability by then, and price targets implying 5% to 111% upside—this contrarian analysis flags persistent dangers: gross margins at -27%, insider selling dwarfing buys, and shareholders’ equity eroded 70% to a precarious $19 million.
Revenue efficiency peaked in 2021 but halved per employee by 2024, with projections hinging on IRA incentives and U.S. manufacturing tailwinds for FTCI’s trackers. Profitability remains elusive, with EBT margins at -102% and negative free cash flow, though analysts eye breakeven soon—assuming unlikely margin repair against China’s dominance. The balance sheet shows low debt but dilution risks, trading at a discounted PS ratio that tempts bargain hunters yet echoes past solar busts like SunEdison.
Is FTCI a coiled spring or value trap? Backlog hype could drive re-rating, but expiring tariffs, competition, and execution gaps loom large. Contrarians urge caution until profits materialize, sparking debate on whether this beaten-down solar play shines or fades further.
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