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FTC Solar, Inc.

FTCI Technology Solar

FTC Solar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $99.7 million, up 110.5% from fiscal 2024.

Revenue
+26.1%
EPS
+124.2%
Free cash flow
+136.9%
Total debt
+48.8%

Quarter to September 2026, against a year earlier

1.55 0.27 +21.09%
Market cap
$23.4M
P/E
0.0×
Fwd P/E
−2.0×
Dividend yield
—
F-score
3/9
Altman Z
−4.59
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.74
Sold, $m 0.46
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — 4 — — 4 — — —
Sell 3 — — — — — — — — — — —
Insider Ownership 25.08%

Capital & Financial Ratios $m

Size
Market Cap 23.39
Revenue ttm 109.10
Net income ttm (24.21)
Free cash flow ttm (6.95)
Net debt Q 8.10
Valuation
P/E 0.00
Forward P/E (1.97) (negative: loss-making)
Price / sales 0.20
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.00
Financial health
Current ratio Q 0.86 (below 1: weak)
Debt / equity Q (1.42) (negative: negative equity)
Interest coverage Q (3.17)
Growth
Revenue growth Q +26.06% (above 0%: growing)
Operating income growth Q −10.84% (below 0%: shrinking)
EPS, this year +69.27% (at or above 15%: strong)
EPS, next year A +57.62% (at or above 15%: strong)
Revenue, next year A +38.03% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +60.63% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.4×, against a ten-year median of 1.1×; over the ten years it ranged from 0.3× in 2024 to 4.5× in 2021.
P/S against its own 10 years 0.07%
10-year low 10-year high
EV/Sales against its own 10 years 7.70%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 25 11 21 17
Receivables 65 40 56 58
Inventory 4 10 10 8
Other — — — —
109 76 98 104
2023 2024 2025 Q'26
Payables 8 13 13 16
ST’ Debt — — 13 25
Other 8 10 11 13
55 49 68 120

Compound Annual Growth %

10y 5y 3y
Sales — (11.86%) (6.78%)
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.43 Actual −0.44

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.21 −0.17 Beat by 0.04
Q1 FY26 −0.41 −0.67 Miss by 0.26
Q2 FY26 −0.49 −0.76 Miss by 0.27
Q3 FY26 −0.43 −0.44 Miss by 0.01
Q4 FY26 −0.38 — Reports 4 March 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.72) (1.69) (0.54) — —
’25 (0.58) (1.18) (1.61) (2.40) (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 0.44 (0.91) (0.42) (1.43) (2.31)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 17 26 33 — —
’25 21 20 26 33 100
’24 13 11 10 13 47
’23 41 32 31 23 127
’22 50 31 17 26 123
’21 66 50 53 102 271
’20 32 51 60 44 187
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (13) 8 6 — —
’25 (8) (2) (15) (8) (33)
’24 (12) (4) (2) (17) (35)
’23 (8) (22) (16) (6) (53)
’22 (53) 17 (13) (5) (55)
’21 (26) (58) (8) (40) (133)
’20 (6) (17) 8 14 1
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (13) 8 6 — —
’25 (9) (2) (15) (8) (34)
’24 (12) (4) (3) (16) (35)
’23 (8) (23) (16) (7) (53)
’22 (54) 17 (13) (6) (55)
’21 (26) (59) (9) (41) (134)
’20 (6) (17) 8 14 0
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — 53 187 271 123 127 47 100 109 +11.1% 138 218 340 +50.6%
Gross margin, % — — — (3.67) 1.94 (12.03) (22.12) 6.54 (26.59) (0.88) 3.05 +2.8 pt
EBT — — — (14) (16) (106) (99) (51) (48) (79) (23) +34.2%
EBT margin, % — — — (25.48) (8.54) (39.34) (80.59) (39.86) (102.16) (79.30) (21.45) (53.8) pt
Net income — — — (13) (16) (107) (100) (50) (49) (80) (24) +34.4%
Per share, $
Per share, $ Revenue — — — 8.56 27.23 31.44 12.14 10.99 3.74 7.11 6.39 (3.0%)
Earnings — — — (2.18) (2.31) (12.40) (9.80) (4.40) (3.83) (5.49) (1.44) +16.7%
Cash flow — — — (0.04) 0.09 (15.44) (5.38) (4.56) (2.74) (2.39) (0.41) +96.9%
Capex — — — 0.00 (0.04) (0.12) (0.09) (0.07) (0.06) (0.07) 0.00 +70.1%
Free cash flow — — — (0.04) 0.05 (15.56) (5.46) (4.63) (2.80) (2.46) (0.41) +95.7%
Book value — — — (1.36) 1.08 16.60 6.55 5.41 1.50 (3.07) (1.02) +14.5%
Shares, m — — — 6 7 9 10 12 13 14 16 +14.5%
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — — — 4.32 4.32 2.40 2.13 0.63 1.47 1.53 0.20 2.4
P/B — — — 1,922.66 1,922.66 4.55 3.95 1.29 3.67 0.00 0.00 551.3
EV/Sales — — — 4.31 4.31 2.03 1.78 0.45 1.45 1.55 0.39 2.3
EV/FCF — — — (47.23) (47.23) (4.11) (3.96) (1.07) (1.94) (4.48) (5.15) (15.7)
Cash, $m
Cash, $m Operating cash flow — — — 0 1 (133) (55) (53) (35) (33) (7) +125.6%
Capex — — — 0 0 (1) (1) (1) (1) (1) (1) +94.8%
Free cash flow — — — 0 0 (134) (55) (53) (35) (34) (7) +124.1%
Balance, $m
Balance, $m Working capital — — — (3) 6 143 58 54 27 30 (17) n/m
Net debt — — — 0 (32) (100) (43) (25) (2) 1 8 n/m
Shareholders’ equity — — — (8) 7 143 66 62 19 (43) (17) +31.1%
Returns, %
Returns, % ROA — — — (25.65) (30.27) (67.80) (52.79) (39.07) (45.64) (78.89) (21.00) (53.2) pt
ROIC — — — 0.00 0.00 (186.60) (267.46) (85.23) (191.36) 0.00 0.00 0.0 pt
ROE — — — 2,715.29 3,204.02 (141.82) (95.18) (78.02) (119.27) 665.30 155.48 (2,050.0) pt
People
People Employees — — — — 178 223 221 213 202 232 — +5.4%
Revenue/emp, $m — — — 0.00 1.05 1.21 0.56 0.60 0.23 0.43 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

FTC Solar, Inc. vs peers in Solar (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PN PN Smart Energy Limited $35.1M — — — — — — — Compare
SPRU Spruce Power Holding Corporation $24.5M — (loss-making) — (loss-making) −8.75% (below 0%: shrinking) n/m −43.41% (below 0%: shrinking) 67.84% 32.21% Compare
FTCI FTC Solar, Inc. $23.4M — (loss-making) — (loss-making) +26.06% (above 0%: growing) n/m +136.87% (above 0%: growing) 5.79% (26.03%)
SMXT Solarmax Technology, Inc. $18.0M — (loss-making) — +48.82% (above 0%: growing) n/m −539.19% (below 0%: shrinking) 23.56% (43.53%) Compare
BEEM Beam Global $16.2M — (loss-making) — (loss-making) +21.02% (above 0%: growing) n/m −141.34% (below 0%: shrinking) 17.83% (34.99%) Compare
ASTI Ascent Solar Technologies Inc. $14.5M — (loss-making) — (loss-making) +460.00% (above 0%: growing) n/m +1.36% (above 0%: growing) (68.91%) (2,043.59%) Compare
ZEO Zeo Energy Corp. $14.2M — (loss-making) — −10.68% (below 0%: shrinking) n/m +75.65% (above 0%: growing) 47.15% (18.49%) Compare
SUNE SUNation Energy Inc. $13.0M — (loss-making) — (loss-making) −37.52% (below 0%: shrinking) n/m −692.81% (below 0%: shrinking) 26.09% (39.00%) Compare
MAXNQ Maxeon Solar Technologies, Ltd. $12.9M — (loss-making) — (loss-making) −78.66% (below 0%: shrinking) n/m −4.20% (below 0%: shrinking) (97.63%) (228.07%) Compare
Median of peers $15.3M — — −8.75% — −43.41% 23.56% (39.00%)

All 24 Solar stocks →

Pay and ownership Proxy statement filed 19 October 2026

Ownership

Directors and executive officers, together 19.20%
Shaker Sadasivam 9.50%
South Lake One LLC 8.10%
ARC Family Trust 6.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

FTC Solar, Inc. (FTCI) Latest News

5 Nov

Impact 3 · · Moby
Impact 3 · · The Motley Fool
Impact 3 · · GuruFocus.com

4 Nov

Impact 4 · · GlobeNewswire
Impact 3 · · The Motley Fool transcript
Impact 3 · · Associated Press

5 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · Simply Wall St.

15 Sep

Impact 3 ·

9 Sep

Impact 3 · · energymonitor.ai

8 Sep

Impact 4 ·

12 Aug

Impact 3 · · The Motley Fool transcript

6 Aug

Impact 3 · · Moby transcript

5 Aug

Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·

12 May

Impact 4 · · Simply Wall St.

5 May

Impact 4 · · InvestorsHub
Impact 4 · · GlobeNewswire
Impact 3 · · MarketBeat
Impact 3 · · Zacks

26 Apr

Impact 3 · · Simply Wall St.

24 Mar

Impact 4 · · Insider Monkey

23 Mar

Impact 4 · · MarketBeat

14 Mar

Impact 4 · · Insider Monkey

10 Mar

Impact 4 · · GlobeNewswire

9 Mar

Impact 3 · · Simply Wall St.

6 Mar

Impact 4 ·

5 Mar

Impact 4 · · MarketBeat
Impact 4 · · Moby
stockrow.com/FTCI · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com