undamentalytics Newsletter
Sign in

FTC Solar, Inc. (FTCI) stock

Add to watchlist

Add holding +

NASDAQ: FTCI Nasdaq Electrical Components & Equipment Next results ~November 4, 2026

C Fundamentals grade

FTC Solar, Inc. is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$4.5

Revenue-to-maturity cash-flow model

Base case. Range ~$2.2–$7.4 across our lower- and higher-growth cases (25%–35% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

FTC Solar, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 4 selling9 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds16 adding, 18 cuttingOf 11 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter FTC Solar files

Where FTC Solar stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $102m, up 59.5% on a year earlier, slower than the 73.0% growth a quarter earlier. Free-cash-flow margin rose to -27.9% from -47.8% a year earlier. Operating margin widened to -38.3% from -78.7%. The diluted share count is up 25.5% on a year earlier, which dilutes existing holders. It passes 1 of our 5 financial-health checks. Our revenue-to-maturity cash-flow model value is $4.50 a share, against a share price of $1.36.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

FTC Solar, Inc.'s trailing-twelve-month revenue grew 59.5% year on year, with a free-cash-flow margin of -27.9%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 40 electrical components & equipment companies we cover. Where it lags: days sales outstanding of 174 days ranks 47 of 50 electrical components & equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 6.9% while net income fell 17.1%: a 24pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 59.5% over the last 12 months, against a median of 10.6% for electrical components & equipment companies we cover.
  • Margins widening. Operating margin is up 40.4 points on a year ago.

Things to watch

  • Results due soon. Results are expected around 11 November; the share price can move sharply on the day.
  • Growth slowing. The growth rate is 13.5 points lower than a quarter earlier.
  • Loss-making. Operating margin is -38.3%: costs exceed revenue.
  • Burning cash. Free cash flow was -27.9% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 25.5% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 112% and a beta of 2.5 against the S&P 500.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
-$0.76 against an average estimate of -$0.41: missed by 86.0%
Revenue
$26m, up 30.8% on a year earlier
Share reaction
-10.7% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
revenue $30m to $35m (3Q'26); non-GAAP Gross Profit (Loss) $-0.9m to $1.8m (3Q'26)
Next report
November 4, 2026; average EPS estimate -$0.33

FTC Solar's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+8.7%
  • 1 week+15.4%
  • 1 month-30.2%
  • This year-86.3%
  • 1 year-83.0%
  • 5 years-98.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$102M
Operating margin
-38.3%
Net margin
-53.6%
EPS (TTM, diluted)
$-3.28

Growth

Revenue growth
+59.5%
Change in growth rate
−13.5 pts
Share count change
+25.5%

Cash

Free cash flow (TTM)
-$28.5M
FCF margin
-27.9%
Stock pay % of revenue
9.0%

Earnings

Last results
August 5, 2026
Next results (est.)
November 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Agreement
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

FTC Solar, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value FTC Solar, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.75 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$4.5 ~$2.2–$7.4 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.6 ~$3.8–$29 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.7 ~$0.6–$4.5 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare FTC Solar, Inc. with Electrical Components & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$75.60$26.80$6.93$5.51$10.91$1.50
Market value$650m$272m$80m$70m$153m$25m
+ Net debt (− = net cash)−$102m−$44m−$25m$4m$34m$42m
Enterprise value$548m$227m$55m$74m$187m$67m
Multiples
Price / sales 2.4x2.2x0.6x1.5x1.5x0.2x
Price / earnings ——————
Price / free cash flow ——————
EV / EBITDA ——————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

12 /100

Weak moat

How hard FTC Solar's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -39.6% of total assets over 5 years.

  • Pricing power 0 / 20

    Gross margin has been a median -3.3%, moving by 10.5 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -51.3%; its worst year was -78.7%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 6 years, at a median -39.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $34m and EPS of −$0.33 (range −$0.33 to −$0.33) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.98 +7% $138m +38%
Next −$0.22 +89% $218m +58%

Next year's EPS estimate has moved −920.5% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +78.8% on 90 days ago. In the last 30 days, 1 analyst raised FTC Solar, Inc.'s forecast and 0 cut it.

Consensus EPS forecast FTC Solar, Inc., last 90 days
−$2.00 −$1.00 $0.00 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$1.10 Current fiscal year, 60 days ago: −$1.91 Current fiscal year, 30 days ago: −$1.76 Current fiscal year, 7 days ago: −$1.98 Current fiscal year, Now: −$1.98 −$1.98 Next fiscal year, 90 days ago: $0.03 Next fiscal year, 60 days ago: −$0.23 Next fiscal year, 30 days ago: −$0.27 Next fiscal year, 7 days ago: −$0.22 Next fiscal year, Now: −$0.22 −$0.22

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$1.10$0.03
60 days ago −$1.91−$0.23
30 days ago −$1.76−$0.27
7 days ago −$1.98−$0.22
Now −$1.98−$0.22

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.41 −$0.76 −86.0%
Mar 2026 −$0.42 −$0.67 −59.5%
Dec 2025 −$0.22 −$0.17 +21.7%
Sept 2025 −$0.53 −$0.36 +32.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • full-year revenue growth 2026 about 40% growth Maintained
    “Reaffirm outlook for 40% y/y revenue growth in 2026” source
  • Revenue 3Q'26 $30m to $35m
    “Revenue $22.0 - $26.0 $26.2 $30.0 - $35.0” source
  • third quarter revenue growth relative to second quarter third quarter about 24% growth
    “The company expects third quarter revenue to grow by roughly 24% relative to the second quarter, based on the midpoint of the guidance range.” source
  • Non-GAAP Gross Profit (Loss) 3Q'26 $-0.9m to $1.8m Non-GAAP
    “Non-GAAP Gross Profit (Loss) $(1.4) - $1.0 $(1.3) $(0.9) - $1.8” source
  • Non-GAAP Gross Margin 3Q'26 -3% to 5.1% Non-GAAP
    “Non-GAAP Gross Margin (6.4%) - 4.0% (5.1%) (3.0%) - 5.1%” source
  • Non-GAAP operating expenses 3Q'26 $7.7m to $8.3m Non-GAAP
    “Non-GAAP operating expenses $8.4 - $9.0 $8.5 $7.7 - $8.3” source
Show 1 more item
  • Non-GAAP adjusted EBITDA 3Q'26 $-9.3m to $-6m Non-GAAP
    “Non-GAAP adjusted EBITDA $(10.5) - $(7.4) $(9.8) $(9.3) - $(6.0)” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

3 analysts, Oct 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202633
  2. Sep 202644
  3. Aug 2026314
  4. Jul 2026314

Counts of recommendations published by analysts covering FTC Solar, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.5%
of tradable shares
Days to cover
3.18
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
8%
of shares
Held by insiders
28.1%
of shares
Employees
232
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −83.0%

$8.82 on October 31, 2025 to $1.50

ThenNowEffect
Revenue (last 12 months) $64m $102m +59.5%
P/S multiple 1.8x 0.2x −86.6%
Share count 13m 17m −20.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
FTCI−65%−74%−21%+98%−86%
Industry peers (median)−30%−16%−7%+11%−35%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
FTCI50%58%50%75%27%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
FTCI−76%−89%−71%−63%−90%
S&P 500−25%−10%−8%−19%−9%

Worst fall since April 28, 2021: 99% from April 28, 2021 to October 26, 2026. Getting back needed a 10869% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.30 – $12.50
From 52-week high
−88.0%
vs 50-day average
−26.1%
vs 200-day average
−66.9%
Volatility (1 year)
112%
Beta vs S&P 500
2.46

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 10 down
typical move ±23.6%
After a week
4 up, 8 down
typical move ±23.2%
After a month
5 up, 7 down
typical move ±25.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −10.7% −0.4% −23.7% −18.2%
May 5, 2026 −22.6% +2.2% −18.7% +4.4%
March 5, 2026 −43.9% −1.9% −38.0% −49.4%
November 12, 2025 +48.3% −1.6% +21.0% +28.8%
August 5, 2025 −21.0% +0.3% −27.2% −9.4%
May 1, 2025 −1.9% +2.2% +3.4% +27.6%
March 31, 2025 +10.0% +1.0% +0.4% +27.6%
November 12, 2024 −15.0% −0.3% −23.2% −38.6%
August 8, 2024 −35.5% +2.8% −36.8% −43.9%
May 10, 2024 −9.3% +0.1% −9.3% −11.8%
March 13, 2024 −2.6% −0.4% +19.7% +3.9%
November 8, 2023 −62.2% −0.7% −56.6% −37.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

FTC Solar, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) FTC Solar, Inc.
$0 $50M $100M $150M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $130M Revenue (TTM), FY23 Q4: $127M Revenue (TTM), FY24 Q1: $98.7M Revenue (TTM), FY24 Q2: $77.8M Revenue (TTM), FY24 Q3: $57.4M Revenue (TTM), FY24 Q4: $47.4M Revenue (TTM), FY25 Q1: $55.6M Revenue (TTM), FY25 Q2: $64.1M Revenue (TTM), FY25 Q3: $80M Revenue (TTM), FY25 Q4: $99.7M Revenue (TTM), FY26 Q1: $96.1M Revenue (TTM), FY26 Q2: $102.3M $102.3M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $130M
FY23 Q4 $127M
FY24 Q1 $98.7M
FY24 Q2 $77.8M
FY24 Q3 $57.4M
FY24 Q4 $47.4M
FY25 Q1 $55.6M
FY25 Q2 $64.1M
FY25 Q3 $80M
FY25 Q4 $99.7M
FY26 Q1 $96.1M
FY26 Q2 $102.3M
Revenue growth, TTM YoY FTC Solar, Inc.
-100% -50% 0% 50% 100% 150% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -34.5% Revenue growth, TTM YoY, FY23 Q4: 3.2% Revenue growth, TTM YoY, FY24 Q1: -13.7% Revenue growth, TTM YoY, FY24 Q2: -33.0% Revenue growth, TTM YoY, FY24 Q3: -55.9% Revenue growth, TTM YoY, FY24 Q4: -62.7% Revenue growth, TTM YoY, FY25 Q1: -43.7% Revenue growth, TTM YoY, FY25 Q2: -17.5% Revenue growth, TTM YoY, FY25 Q3: 39.5% Revenue growth, TTM YoY, FY25 Q4: 110.5% Revenue growth, TTM YoY, FY26 Q1: 73.0% Revenue growth, TTM YoY, FY26 Q2: 59.5% 59.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -34.5%
FY23 Q4 3.2%
FY24 Q1 -13.7%
FY24 Q2 -33.0%
FY24 Q3 -55.9%
FY24 Q4 -62.7%
FY25 Q1 -43.7%
FY25 Q2 -17.5%
FY25 Q3 39.5%
FY25 Q4 110.5%
FY26 Q1 73.0%
FY26 Q2 59.5%
Operating margin (TTM) FTC Solar, Inc.
-150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -45.3% Operating margin (TTM), FY23 Q4: -40.0% Operating margin (TTM), FY24 Q1: -51.6% Operating margin (TTM), FY24 Q2: -67.4% Operating margin (TTM), FY24 Q3: -89.2% Operating margin (TTM), FY24 Q4: -111.6% Operating margin (TTM), FY25 Q1: -91.6% Operating margin (TTM), FY25 Q2: -78.7% Operating margin (TTM), FY25 Q3: -54.0% Operating margin (TTM), FY25 Q4: -35.5% Operating margin (TTM), FY26 Q1: -38.4% Operating margin (TTM), FY26 Q2: -38.3% -38.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -45.3%
FY23 Q4 -40.0%
FY24 Q1 -51.6%
FY24 Q2 -67.4%
FY24 Q3 -89.2%
FY24 Q4 -111.6%
FY25 Q1 -91.6%
FY25 Q2 -78.7%
FY25 Q3 -54.0%
FY25 Q4 -35.5%
FY26 Q1 -38.4%
FY26 Q2 -38.3%
FCF margin (TTM) FTC Solar, Inc.
-80% -60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -40.3% FCF margin (TTM), FY23 Q4: -42.1% FCF margin (TTM), FY24 Q1: -58.2% FCF margin (TTM), FY24 Q2: -50.5% FCF margin (TTM), FY24 Q3: -45.3% FCF margin (TTM), FY24 Q4: -76.7% FCF margin (TTM), FY25 Q1: -58.7% FCF margin (TTM), FY25 Q2: -47.8% FCF margin (TTM), FY25 Q3: -53.9% FCF margin (TTM), FY25 Q4: -34.6% FCF margin (TTM), FY26 Q1: -40.5% FCF margin (TTM), FY26 Q2: -27.9% -27.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -40.3%
FY23 Q4 -42.1%
FY24 Q1 -58.2%
FY24 Q2 -50.5%
FY24 Q3 -45.3%
FY24 Q4 -76.7%
FY25 Q1 -58.7%
FY25 Q2 -47.8%
FY25 Q3 -53.9%
FY25 Q4 -34.6%
FY26 Q1 -40.5%
FY26 Q2 -27.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 53 187 271 123 127 47 100 102
Gross profit −2 4 −33 −27 8 −13 −1 3
EBITDA −12 −17 −127 −99 −49 −51 −34 −38
Operating income −12 −17 −127 −100 −51 −53 −35 −39
Net income −13 −16 −107 −100 −50 −49 −80 −55
Diluted EPS −$2.20 −$2.30 −$12.40 −$9.80 −$4.35 −$3.83 −$5.68 −$3.28
Growth (year on year)
Revenue — +252.7% +44.4% −54.5% +3.2% −62.7% +110.5% +59.5%
Margins
Gross margin −3.7% 1.9% −12.0% −22.1% 6.5% −26.6% −0.9% 3.0%
EBITDA margin −22.5% −9.0% −46.8% −80.2% −38.9% −108.0% −34.3% −36.8%
Operating margin −23.3% −9.0% −46.9% −80.9% −40.0% −111.6% −35.5% −38.3%
Net margin −25.4% −8.5% −39.4% −80.9% −39.6% −102.6% −79.8% −53.6%
Free-cash-flow margin −0.5% 0.2% −49.5% −45.1% −42.1% −76.7% −34.7% −27.9%
Cash flow
Cash from operations −0 1 −133 −55 −53 −35 −33 −27
Capital spending 0 0 1 1 1 2 1 1
Free cash flow −0 0 −134 −55 −53 −36 −35 −29
Stock-based pay 1 2 62 20 8 5 5 9
Free cash flow after stock pay −1 −1 −196 −76 −62 −42 −40 −38
Balance sheet
Cash 7 32 102 44 25 11 21 10
Total debt 0 2 0 0 0 15 55 52
Net debt (negative = net cash) −7 −31 −102 −44 −25 4 34 42
Diluted shares 6m 7m 9m 10m 12m 13m 14m 17m
Returned to shareholders
Buybacks 0 0 54 0 0 — — —
Total returned 0 0 54 0 0 — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · June 30, 2026
What it owns · $98m
Short-term assets $83mLonger-term assets $15m
What it owes, and who funded it · $128m
Short-term liabilities $91mLonger-term liabilities $37mShareholders' equity $-30m
  • Short-term assets cover short-term liabilities $83m of assets due within a year against $91m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $83m short-term assets against $37m of longer-dated liabilities.
  • More cash than debt $10m of cash against $23m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$27m of operating cash flow against $23m of debt.
  • Operating profit covers interest at least five times over Operating income of −$39m against $15m of interest.

From FTC Solar, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+25.5%
year over year
R&D spending
4.6%
of revenue
Days sales outstanding
174 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electrical components & equipment
Last 12 months unless stated FTCI BLDP BLNK SKYX AMPX TYGO Median
Revenue, last 12 months $102m $99m $97m $96m $109m $111m $154m
Revenue growth, last 12 months 59.5% 42.5% −7.9% 8.1% 143.6% 49.5% 10.6%
Revenue growth, 3-year average −4.1% — 0.8% 85.7% 203.2% −13.6% 9.2%
Revenue growth, latest quarter 30.8% — −24.4% 9.6% 125.9% 5.6% 10.2%
Gross margin 3.0% 5.5% 29.7% 30.2% 22.3% 42.4% 29.3%
Operating margin −38.3% −104.1% −53.0% −30.3% −37.7% −2.8% −17.7%
Operating margin, 3-year average −61.5% −64.1% −122.0% −35.4% −155.0% −47.7% −32.6%
Net margin −53.6% −91.5% −52.2% −34.3% −33.4% 9.0% −23.4%
Cash from operations / revenue −26.5% −56.5% −5.9% −17.3% −48.4% −6.5% −6.5%
Free-cash-flow margin −27.9% −66.4% −13.3% −17.3% −53.5% −7.3% −11.0%
Free-cash-flow margin, 3-year average −42.0% −55.5% −36.4% −17.7% −180.5% — −6.8%
Stock pay / revenue 9.0% 6.4% 3.1% 13.0% 7.6% 6.3% 2.5%
Change in share count 25.5% 0.3% 25.6% 17.6% 17.2% 17.9% 10.0%

Median of all 57 companies we cover in electrical components & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 electrical components & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 59.5% 10.6% 8 of 57
Change in growth rate Growth -13.5pp +0.0pp 42 of 57
Gross margin Profitability 3.0% 29.3% 46 of 54
Operating margin Profitability -38.3% -20.0% 34 of 53
Net margin Profitability -53.6% -23.4% 39 of 57
Free-cash-flow margin Cash generation -27.9% -8.8% 35 of 56
Stock pay as % of revenue Cash generation 9.0% 2.8% 38 of 50
Long-term debt as % of assets Balance sheet 0.0% 17.8% 1 of 40
Change in share count Balance sheet 25.5% 10.0% 35 of 46
Days sales outstanding Balance sheet 174 days 72 days 47 of 50

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $80.3M 80.6% ▲ 114.0%
Services $19.4M 19.4% ▲ 97.0%
Geography
Region Revenue Share YoY
United States $98.2M 98.5% ▲ 132.5%
Australia $1.4M 1.5% ▼ 66.8%
All Other $0 0.0% ▼ 100.0%

From FTC Solar, Inc.'s 10-K filed March 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.2M
Institutions reporting
34
Shares held vs prior quarter
▼ 10.1%
Positions opened / closed
7 / 11

Top buyers and sellers, Q2 2026: 16 institutions bought and 18 sold ; the biggest buyer was Gilder Gagnon Howe & Co LLC (+251K shares) and the biggest seller Renaissance Technologies LLC (−93K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $2.3M 449K 31.6% ▲ 1.0%
Gilder Gagnon Howe & Co LLC $1.3M 251K 17.6% New
Geode Capital Management, LLC $616,345 121K 8.5% ▼ 1.5%
Blackrock, Inc. $580,883 114K 8.0% ▲ 12.1%
Vanguard Fiduciary Trust Co $362,682 71K 5.0% ▲ 20.2%
Cerity Partners LLC $249,077 49K 3.4% 0.0%
Marshall Wace, LLP $245,267 48K 3.4% ▼ 53.4%
Gsa Capital Partners LLP $236,000 46K 3.3% ▼ 6.3%
State Street Corp $230,993 45K 3.2% 0.0%
Morgan Stanley $210,617 41K 2.9% ▲ 162.7%
Bridgeway Capital Management, LLC $147,493 29K 2.0% ▼ 25.6%
Squarepoint Ops LLC $142,306 28K 2.0% ▼ 70.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not FTC Solar, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $736,073 9 trades by 3 insiders, last 12 months Insider sales History → $1.4M 5 trades by 4 insiders · 66% under pre-set plans
Net ▼ $624,696 net selling
Insider Date Trade Shares Price Value
Sadasivam Shaker Director August 28, 2026 Buy 101,083 $2.69 $271,913
Sadasivam Shaker Director August 27, 2026 Buy 39,583 $2.35 $93,020
Sadasivam Shaker Director August 26, 2026 Buy 33,290 $2.19 $72,905
Carroll Anthony Chief Executive Officer August 25, 2026 Buy 24,745 $2.08 $51,470
Alvarez Antonio R Director May 7, 2026 Buy 2,500 $4.23 $10,575
Sadasivam Shaker Director May 6, 2026 Buy 27,025 $3.70 $99,992
Carroll Anthony Chief Executive Officer May 6, 2026 Buy 7,250 $3.43 $24,868
Alvarez Antonio R Director May 6, 2026 Buy 2,500 $3.98 $9,950
Brandt Yann Chief Executive Officer December 30, 2025 Sell 325 $11.67 $3,793
Brandt Yann Chief Executive Officer December 30, 2025 Sell 37,450 $10.83 $405,584
Aminpour Sasan Chief Operating Officer December 30, 2025 Sell 3,239 $10.93 $35,402
Behnen Cathy CHIEF FINANCIAL OFFICER December 30, 2025 Sell 1,646 $10.93 $17,991

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 5, 2026
  • March 5, 2026
  • November 12, 2025
  • August 5, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on FTC Solar, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

FTC Solar, Inc. in brief

What does FTC Solar, Inc. do?
FTC Solar, Inc. is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.
What is FTC Solar, Inc.'s stock ticker?
FTC Solar, Inc. trades under the ticker FTCI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is FTC Solar, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, FTC Solar, Inc. reported revenue of $102M, 59.5% higher than a year earlier, according to its SEC filings.
What is FTC Solar, Inc.'s free cash flow?
FTC Solar, Inc.'s free-cash-flow margin is -27.9% of revenue over the trailing twelve months, ranking 35 of the 56 electrical components & equipment companies we cover.
Who are FTC Solar, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Gilder Gagnon Howe & Co LLC and Geode Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is FTC Solar, Inc.'s market cap?
On November 2, 2026, FTC Solar, Inc.'s market capitalisation was about $25.1M and net debt of $42M. Market figures come from third-party market data and may be delayed.
Who are FTC Solar, Inc.'s competitors?
In our Electrical Components & Equipment peer group, the companies closest to FTC Solar, Inc. are Ballard Power Systems Inc., Blink Charging Co., Skyx Platforms Corp., Amprius Technologies, Inc. and Tigo Energy, Inc. The side-by-side comparison below sets their revenue, margins and growth against FTC Solar, Inc.'s.
Are insiders buying or selling FTC Solar, Inc. stock?
Over the last 12 months, FTC Solar, Inc.'s directors and officers reported 9 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is FTC Solar, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — FTC Solar, Inc. announces its own schedule.