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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. 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.

1.61 0.05 −3.01%
Market cap
$30.3M
P/E
0.0×
Fwd P/E
5.1×
Dividend yield
—
F-score
3/9
Altman Z
−4.59
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.74
Total sells 1.36
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — 1 — — — — 4 — — 4 — —
Sell 1 3 — — — — — — — — — —
Insider Ownership 20.24%

Capital & Financial Ratios $m

Market Cap 30.33
Revenue 102.31
Net Income (54.85)
Free Cash Flow (28.48)
Net Debt 11.57
Current Ratio 0.91 (below 1: weak)
Debt/Equity (0.75) (negative: negative equity)
P/E ratio 0.00
Fwd P/E 5.08
P/S ratio 0.25
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth 69.27% (at or above 15%: strong)
Next Y EPS Growth 57.62% (at or above 15%: strong)
Next Y revenue growth 33.72% (at or above 10%: strong)
Next 5Y EPS Growth 60.63% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, 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 12.00%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 25 11 21 11
Receivables 65 40 56 49
Inventory 4 10 10 10
Other — — — —
109 76 98 83
2023 2024 2025 Q'26
Payables 8 13 13 11
ST’ Debt — — 13 23
Other 8 10 11 11
55 49 68 91

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%

Revenue $m

Mar Jun Sep Dec Year
’26 17 26 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.46 (1.69) — — —
’25 (0.26) (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 0.44 (0.91) (0.42) (1.43) (2.31)
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

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — — 62.20 17.80 2.82 1.76 2.13

Analyst estimates 2026–2028

Powerpack
High — — — — — 154.60 77.50 38.70 7.50 12.00
People
People Employees — — — — 178 223 221 213 202 232
Revenue/emp, $m — — — 0.00 1.05 1.21 0.56 0.60 0.23 0.43
Income, $m
Income, $m Revenue — — — 53 187 271 123 127 47 100
Gross margin, % — — — (3.67) 1.94 (12.03) (22.12) 6.54 (26.59) (0.88)
EBT — — — (14) (16) (106) (99) (51) (48) (79)
EBT margin, % — — — (25.48) (8.54) (39.34) (80.59) (39.86) (102.16) (79.30)
Net income — — — (13) (16) (107) (100) (50) (49) (80)
Depreciation — — — 0 0 1 2 2 2 5
Per share, $
Per share, $ Revenue — — — 8.56 27.23 31.44 12.14 10.99 3.74 7.11
Earnings — — — (2.18) (2.31) (12.40) (9.80) (4.40) (3.83) (5.49)
Cash flow — — — (0.04) 0.09 (15.44) (5.38) (4.56) (2.74) (2.39)
Capex — — — 0.00 (0.04) (0.12) (0.09) (0.07) (0.06) (0.07)
Free cash flow — — — (0.04) 0.05 (15.56) (5.46) (4.63) (2.80) (2.46)
Book value — — — (1.36) 1.08 16.60 6.55 5.41 1.50 (3.07)
Shares, m — — — 6 7 9 10 12 13 14
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S — — — 4.32 4.32 2.40 2.13 0.63 1.47 1.53
P/B — — — 1,922.66 1,922.66 4.55 3.95 1.29 3.67 0.00
EV/Sales — — — 4.31 4.31 2.03 1.78 0.45 1.45 1.55
EV/FCF — — — (47.23) (47.23) (4.11) (3.96) (1.07) (1.94) (4.48)
Cash, $m
Cash, $m Operating cash flow — — — 0 1 (133) (55) (53) (35) (33)
Capex — — — 0 0 (1) (1) (1) (1) (1)
Free cash flow — — — 0 0 (134) (55) (53) (35) (34)
Balance, $m
Balance, $m Working capital — — — (3) 6 143 58 54 27 30
Total debt — — — 8 2 2 1 — 9 23
Net debt — — — 0 (32) (100) (43) (25) (2) 1
Shareholders’ equity — — — (8) 7 143 66 62 19 (43)
Returns, %
Returns, % ROA — — — (25.65) (30.27) (67.80) (52.79) (39.07) (45.64) (78.89)
ROIC — — — 0.00 0.00 (186.60) (267.46) (85.23) (191.36) 0.00
ROE — — — 2,715.29 3,204.02 (141.82) (95.18) (78.02) (119.27) 665.30
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
TYGO Tigo Energy, Inc. $64.2M 5.5× 75.9× +5.62% (above 0%: growing) n/m −81.15% (below 0%: shrinking) 39.35% (6.61%) Compare
PN PN Smart Energy Limited $32.9M — — — — — — — Compare
FTCI FTC Solar, Inc. $30.3M — (loss-making) 5.1× +30.83% (above 0%: growing) n/m +428.99% (above 0%: growing) (8.54%) (52.48%)
SPRU Spruce Power Holding Corporation $28.1M — (loss-making) — (loss-making) −8.75% (below 0%: shrinking) n/m −43.41% (below 0%: shrinking) 67.84% 32.21% Compare
SMXT Solarmax Technology, Inc. $24.5M — (loss-making) — +48.82% (above 0%: growing) n/m −539.19% (below 0%: shrinking) 23.56% (43.53%) Compare
SPIEQ SPI Energy Co., Ltd. $24.2M — (loss-making) — (loss-making) +30.66% (above 0%: growing) n/m +270.79% (above 0%: growing) 13.35% 1.72% Compare
BEEM Beam Global $21.7M — (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. $18.6M — (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. $18.2M — (loss-making) — −10.68% (below 0%: shrinking) n/m +75.65% (above 0%: growing) 47.15% (18.49%) Compare
Median of peers $24.3M — — +21.02% — −43.41% 23.56% (18.49%)

All 26 Solar stocks →

FTC Solar, Inc. (FTCI) key facts

  • Strength: FTC Solar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $99.7 million, up 110.5% from fiscal 2024.
  • FTC Solar, Inc. (FTCI) is a Solar company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, FTCI traded at $1.61, a market capitalization of $30.3 million.
  • Return on equity was 665.3% and debt-to-equity -0.75.
  • Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −4.59 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

FTC Solar, Inc. (FTCI) Latest News

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stockrow.com/FTCI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com