Nextpower
NXT Nasdaq Electrical Components & Equipment Financials FY2023–FY2026
Nextpower's revenue rose 20.3% to $3.6 billion in fiscal 2026. Its operating margin was 19.6%, down from 21.6% a year earlier. Free cash flow was $514 million, down 17.4%. It paid out $0 million in dividends and buybacks, 0% of free cash flow. The diluted share count rose 2.3%.
About these figures. Nextracker listed in February 2023; the earlier years are those of a Flex subsidiary, with no profit for its own shareholders, so the figures shown start in fiscal 2023, whose shareholder profit covers only the time since the listing. Nextracker repaid its last loan in fiscal 2025 and paid no interest in fiscal 2026, so interest coverage is blank for that year.
What Nextpower does
No business description yet.
- Legal name
- Nextpower Inc.
- Fiscal year ends
- March 31, 2026
- Latest annual report
- —
- Accession · CIK
- 0001852131-26-000017
0001852131
Revenue and margins
Nextpower had $3.6B of revenue in fiscal 2026, up 20.3% on the year before.
Net income and earnings per share
From fiscal 2023 to 2026, diluted EPS grew 476.9% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $514M in fiscal 2026, 14.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Nextpower returned $0.4M to shareholders in fiscal 2026, 0% of free cash flow. The diluted share count rose 2.3%.
Value Nextpower yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $1.1B and divides by 152.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 20.4x · peers 34.1x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Nextpower can carry it.
| Fiscal year end | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash and short-term investments | $130M | $474M | $766M | $1.1B |
| Debt incl. finance leases | $147M | $148M | $0.0M | $0.0M |
| Net debt / EBITDA | 0.1x | −0.6x | −1.2x | −1.5x |
| Debt / equity | — | 0.2x | 0.0x | 0.0x |
| Interest coverage | — | 55.1x | 61.9x | — |
| Current ratio | 1.7x | 2.0x | 2.1x | 2.5x |
| Quick ratio | 1.5x | 1.8x | 1.9x | 2.2x |
| Total assets | $1.4B | $2.5B | $3.2B | $4.1B |
| Total liabilities | $935M | $1.5B | $1.6B | $1.7B |
| Shareholders' equity | −$3.1B | $992M | $1.6B | $2.3B |
| Net debt (− = net cash) | $17.1M | −$326M | −$766M | −$1.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$26.3M
7 insiders
Of sales under plans
94%
$24.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Charles D BoyntonChief Financial Officer | Sold plan | 4,500 | $79.98 | $0.4M | Form 4 |
| Aug 24, 2026 | Julia BlundenDirector | Sold | 3,692 | $84.10 | $0.3M | Form 4 |
| Aug 21, 2026 | Julia BlundenDirector | Sold | 3,723 | $88.08 | $0.3M | Form 4 |
| Aug 19, 2026 | Brandi Elizabeth ThomasDirector | Sold | 7,415 | $91.25 | $0.7M | Form 4 |
| Aug 11, 2026 | Howard WengerPresident, Director | Sold plan | 11,176 | $104.78 | $1.2M | Form 4 |
| Aug 10, 2026 | Daniel S ShugarChief Executive Officer, Director | Sold plan | 67,636 | $103.07 | $7.0M | Form 4 |
| Aug 5, 2026 | Julia BlundenDirector | Sold | 2,289 | $97.22 | $0.2M | Form 4 |
| Jun 1, 2026 | Charles D BoyntonChief Financial Officer | Sold plan | 4,500 | $151.79 | $0.7M | Form 4 |
| May 29, 2026 | Nicholas Marco MillerChief Operating Officer | Sold plan | 22,427 | $156.00 | $3.5M | Form 4 |
| May 26, 2026 | Bruce LedesmaChief Legal & Compliance Ofc | Sold plan | 3,248 | $134.72 | $0.4M | Form 4 |
| May 26, 2026 | Daniel S ShugarChief Executive Officer, Director | Sold plan | 26,077 | $134.72 | $3.5M | Form 4 |
| May 26, 2026 | Howard WengerPresident, Director | Sold plan | 62,670 | $130.25 | $8.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | ✓ | ✕ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✕ |
| F-score | — / 9 | 6 / 9 | 3 / 9 |
| Accruals ratio | −6.2% | −5.1% | 0.6% |
| Altman Z'' | 0.56 | 2.14 | 3.69 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Nextpower NXT | $12.2B | 20.3% | 19.6% | 14.4% | 54.5% | 20.4x | 3 | |
| Woodward WWD | $18.5B | 7.3% | — | 9.5% | 16.8% | 33.8x | 8 | Compare → |
| Sensata Technologies ST | $5.9B | −5.8% | 6.4% | 13.2% | 2.2% | 67.3x | 6 | Compare → |
| EnerSys ENS | $6.2B | 3.7% | 11.4% | 12.5% | 13.7% | 17.8x | 5 | Compare → |
| nVent Electric NVT | $20.6B | 29.5% | 15.8% | 9.6% | 9.3% | 34.4x | 6 | Compare → |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $1.9B | $2.5B | $3.0B | $3.6B |
| Gross profit | $287M | $813M | $1.0B | $1.2B |
| Research and development | $21.6M | $42.4M | $79.4M | $121M |
| Operating income | $169M | $587M | $639M | $697M |
| Interest expense | $0.0M | $10.7M | $10.3M | $0.0M |
| Pretax income | $169M | $608M | $648M | $714M |
| Income tax | $47.8M | $112M | $131M | $128M |
| Net income | $1.1M | $306M | $509M | $586M |
| Diluted EPS | $0.02 | $3.37 | $3.47 | $3.84 |
| Diluted shares | 0.15B | 0.15B | 0.15B | 0.15B |
| Cash flow | ||||
| Cash from operations | $108M | $429M | $656M | $563M |
| Capital expenditure | $3.2M | $6.2M | $33.9M | $49.3M |
| Free cash flow | $104M | $423M | $622M | $514M |
| Depreciation and amortization | $4.6M | $4.4M | $13.4M | $30.6M |
| Stock-based compensation | $32.0M | $56.8M | $119M | $120M |
| Acquisitions | $0.0M | $0.0M | $145M | $117M |
| Share buybacks | $694M | $0.0M | $0.0M | $0.4M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $694M | $0.0M | $0.0M | $0.4M |
| Balance sheet | ||||
| Cash and short-term investments | $130M | $474M | $766M | $1.1B |
| Total debt | $147M | $148M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $872M | $1.8B | $2.2B | $2.8B |
| Current liabilities | $507M | $892M | $1.0B | $1.2B |
| Inventory | $138M | $202M | $209M | $262M |
| Property and equipment, net | $7.3M | $9.2M | $60.4M | $78.4M |
| Total assets | $1.4B | $2.5B | $3.2B | $4.1B |
| Total liabilities | $935M | $1.5B | $1.6B | $1.7B |
| Shareholders' equity | −$3.1B | $992M | $1.6B | $2.3B |
| Margins | ||||
| Gross margin | 15.1% | 32.5% | 34.1% | 32.6% |
| Operating margin | 8.9% | 23.5% | 21.6% | 19.6% |
| EBITDA margin | 9.1% | 23.7% | 22.1% | 20.5% |
| Net margin | 0.1% | 12.3% | 17.2% | 16.5% |
| FCF margin | 5.5% | 16.9% | 21.0% | 14.4% |
| Returns | ||||
| Return on capital | — | — | 66.8% | 54.5% |
| Return on capital employed | — | 46.2% | 33.8% | 27.5% |
| Return on equity | — | — | 38.9% | 29.6% |
| Return on assets | — | 15.6% | 17.8% | 16.1% |
| Growth | ||||
| Revenue growth | — | 31.4% | 18.4% | 20.3% |
| Net income growth | — | 26,692.7% | 66.3% | 15.1% |
| EPS growth | — | 16,750.0% | 3.0% | 10.7% |
| FCF growth | — | 304.7% | 47.1% | −17.4% |
| Share count change | — | 1.0% | 1.4% | 2.3% |
| Financial health | ||||
| Net debt / EBITDA | 0.1x | −0.6x | −1.2x | −1.5x |
| Debt / equity | — | 0.2x | 0.0x | 0.0x |
| Interest coverage | — | 55.1x | 61.9x | — |
| Current ratio | 1.7x | 2.0x | 2.1x | 2.5x |
| Quick ratio | 1.5x | 1.8x | 1.9x | 2.2x |
| Capital allocation | ||||
| Capex / revenue | 0.2% | 0.3% | 1.2% | 1.4% |
| Stock comp / revenue | 1.7% | 2.3% | 4.0% | 3.4% |
| Payouts / FCF | 664.0% | 0.0% | 0.0% | 0.1% |
| Quality scores | ||||
| Piotroski F-score | — | — | 6.0 | 3.0 |
| Altman Z'' | −8.0 | 0.6 | 2.1 | 3.7 |
| Accruals ratio | — | −6.2% | −5.1% | 0.6% |
Source: SEC EDGAR XBRL filings (CIK 0001852131). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.