Jinkosolar Holding Co., Ltd. key statistics and ratios

In fiscal 2025, Jinkosolar Holding Co., Ltd. had return on equity of -24.9%, an operating margin of -13.6%, debt equal to 135.1% of equity and a current ratio of 1.25. 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.

Jinkosolar Holding Co., Ltd.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	14.7%	29.2%	15.6%	4.8%	20.3%	21.5%	19.0%	18.1%	11.3%	14.0%	18.3%	17.6%	16.3%	14.8%	16.0%	10.9%	2.2%
Operating margin	7.8%	21.3%	4.3%	−25.7%	9.1%	8.7%	7.3%	6.3%	1.2%	2.6%	5.8%	5.1%	2.7%	0.5%	5.1%	−3.6%	−13.6%
Net margin	5.4%	18.9%	3.7%	−32.2%	2.7%	6.9%	4.4%	8.5%	0.5%	1.6%	3.0%	0.7%	1.8%	0.7%	2.9%	0.1%	−6.8%
Free-cash-flow margin	−20.4%	−23.1%	−35.7%	9.9%	2.3%	−3.1%	3.1%	−17.7%	−8.9%	−7.2%	−6.3%	−9.9%	−20.1%	−21.7%	−1.5%	8.4%	−3.2%
Return on equity	18.3%	55.2%	9.8%	−72.0%	11.1%	24.3%	17.7%	34.5%	2.1%	5.7%	10.5%	2.3%	6.8%	4.5%	18.7%	0.3%	−24.9%
Return on assets	—	14.6%	3.6%	−17.5%	2.0%	4.5%	3.0%	6.9%	0.5%	1.3%	2.2%	0.4%	1.1%	0.7%	2.8%	0.0%	−3.6%
Asset turnover	—	0.77	0.97	0.54	0.74	0.65	0.68	0.81	0.96	0.79	0.71	0.68	0.65	0.91	0.96	0.71	0.53
Current ratio	—	1.09	0.82	0.64	0.74	0.99	1.21	1.07	0.98	0.95	1.01	1.08	1.00	1.05	1.02	1.26	1.25
Debt to equity	0.0%	31.5%	111.8%	198.9%	167.9%	119.0%	172.9%	95.3%	101.0%	117.9%	120.0%	173.4%	222.7%	216.3%	136.5%	78.1%	135.1%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	3.1x	3.3x	1.0x	1.5x	2.9x	2.6x	1.3x	0.4x	5.2x	n/m	n/m
Effective tax rate	−1.6%	14.2%	22.9%	—	7.9%	−24.1%	11.6%	20.6%	3.1%	1.1%	22.2%	31.5%	17.8%	30.6%	16.8%	26.7%	—
R&D as % of revenue	0.4%	0.7%	0.4%	1.4%	0.9%	1.1%	0.9%	0.8%	1.1%	1.5%	1.1%	1.1%	1.1%	0.9%	0.8%	1.0%	1.4%
Capital spending as % of revenue	15.5%	28.1%	25.3%	5.0%	6.5%	5.0%	5.6%	9.2%	8.2%	9.7%	11.1%	11.5%	21.2%	14.7%	13.2%	9.9%	4.9%
Free cash flow ÷ net income	−373.6%	−122.2%	−965.1%	—	86.1%	−45.0%	70.0%	−206.8%	<−999%	−444.5%	−210.0%	<−999%	<−999%	<−999%	−53.0%	>999%	—
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	11.3%	—

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

3 of 7 checks passed · December 31, 2025

What it owns · $17.3bn

Short-term assets $9.8bnLonger-term assets $7.5bn

What it owes, and who funded it · $15.6bn

Short-term liabilities $7.9bnLonger-term liabilities $5.5bnShareholders' equity $2.2bn

Short-term assets cover short-term liabilities $9.8bn of assets due within a year against $7.9bn of liabilities due within a year.
Short-term assets cover long-term liabilities $9.8bn short-term assets against $5.5bn of longer-dated liabilities.
More cash than debt $2.9bn of cash against $2.1bn of debt.
Debt below 40% of shareholders' equity Debt is 96% of equity.
Debt burden no higher than five years ago Debt to equity moved from 80% to 96% over five years.
A year's operating cash flow covers at least 20% of debt $151m of operating cash flow against $2.1bn of debt.
Operating profit covers interest at least five times over Operating income of −$1.2bn against $189m of interest.

From Jinkosolar Holding Co., Ltd.'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

10 /100

Weak moat

How hard Jinkosolar Holding's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Pricing power 4 / 20

Gross margin has been a median 14.7%, moving by 6.1 percentage points (standard deviation) across 5 years.
Durability 0 / 20

Operating margin has been a median 2.7%; its worst year was -13.6%.
Cash conversion 2 / 20

Free cash flow was positive in 1 of 5 years, at a median -8.9% 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.

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Figures from Jinkosolar Holding Co., Ltd.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Jinkosolar Holding Co., Ltd.