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. In the quarter to June 2026, revenue grew 30.8%, EPS fell 43.2%, free cash flow grew 429.0% and total debt rose 107.8%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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FTC Solar, Inc. (FTCI) Piotroski F-score
FTC Solar, Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, up from 1 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | 2.00 |
| FY2024 | 1 | (4.00) |
| FY2023 | 5 | 2.00 |
| FY2022 | 3 | 1.00 |
| FY2021 | 2 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (78.89%) | (45.64%) | Fail | 0 |
| Positive operating cash flow | (33.44m) | (34.70m) | Fail | 0 |
| Rising return on assets | (78.89%) | (45.64%) | Fail | 0 |
| Cash flow above net income | 46.13m | 13.91m | Pass | 1 |
| Falling long-term leverage | 0.10 | 0.09 | Fail | 0 |
| Rising current ratio | 1.43 | 1.55 | Fail | 0 |
| No new shares issued | 14,012,300 | 12,675,900 | Fail | 0 |
| Rising gross margin | (0.88%) | (26.59%) | Pass | 1 |
| Rising asset turnover | 0.99 | 0.44 | Pass | 1 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| SPRU Spruce Power Holding Corporation compare | 6 |
| SMXT Solarmax Technology, Inc. compare | 6 |
| TYGO Tigo Energy, Inc. compare | 6 |
| SPIEQ SPI Energy Co., Ltd. compare | 5 |
| ASTI Ascent Solar Technologies Inc. compare | 5 |
| ZEO Zeo Energy Corp. compare | 4 |
| FTCI FTC Solar, Inc. | 3 |
| BEEM Beam Global compare | — |
| PN PN Smart Energy Limited compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover