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FTC Solar, Inc. key statistics and ratios

In fiscal 2025, FTC Solar, Inc. had a net margin of -79.8%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin−25.4%−8.5%−39.4%−80.9%−39.6%−102.6%−79.8%−53.6%
Return on equity——−141.8%−95.2%−78.0%−119.3%——
Return on assets—−22.3%−67.8%−52.8%−39.1%−45.6%−78.9%−52.3%
R&D as % of revenue7.5%2.8%4.3%8.1%5.6%12.5%4.4%4.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: BLDP vs FTCIBLNK vs FTCIFTCI vs SKYXAMPX vs FTCI

More: Electrical Components & Equipment stocks compared, Industrials sector, rankings of US companies

Figures from FTC Solar, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to FTC Solar, Inc.